Common use of Purchase Termination Clause in Contracts

Purchase Termination. If Universal Bank voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to Universal Bank or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against Universal Bank; or Universal Bank shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a "Dissolution Event"), Universal Bank shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my be (the "Appointment Date"), immediately cease to transfer the Principal Receivables to Citibank (South Dakota) and shall promptly give notice to Citibank (South Dakota) and the Master Trust Trustee of such Dissolution Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) of additional Principal Receivables, Principal Receivables transferred to Citibank (South Dakota) before the occurrence of such Dissolution Event and collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be property of Citibank (South Dakota) available for transfer by Citibank (South Dakota) to the Master Trust pursuant to the Pooling and Servicing Agreement.

Purchase Termination. If Universal Bank the Originator voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling marshaling of assets and liabilities or similar proceeding of or relating to Universal Bank the Originator or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling marshaling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against Universal Bankthe Originator; or Universal Bank the Originator shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a "Dissolution Event"), Universal Bank the Originator shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my may be (the "Appointment Date"), immediately cease to transfer the Principal Receivables Eligible Substitute Mortgage Loans to Citibank (South Dakota) CAAC and shall promptly give notice to Citibank (South Dakota) CAAC and the Master Trust Owner Trustee of such Dissolution Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) CAAC of additional Principal ReceivablesEligible Substitute Mortgage Loans, Principal Receivables Mortgage Loans transferred to Citibank (South Dakota) before CAAC prior to the occurrence of such Dissolution Event and collections Principal Collections and Interest Collections, insurance proceeds and other monies in respect of such Principal Receivables and Finance Charge Receivables Mortgage Loans whenever created, accrued in respect of such Principal Receivablesreceived, shall continue to be property of Citibank (South Dakota) CAAC available for transfer by Citibank (South Dakota) CAAC to the Master Trust pursuant to the Pooling Sale and Servicing Agreement.

Purchase Termination. If Universal Bank voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to Universal Bank or of or relating to all or substantially all its propertyServicing Corp. shall fail generally to, or admit in writing its inability to, pay its debts as they become due; or if a decree or order of proceeding shall have been instituted in a court or agency or supervisory authority having jurisdiction in the premises seeking a decree or order for relief in respect of Servicing Corp. in an involuntary case under any Debtor Relief Law, or for the appointment of a conservatorreceiver, receiver liquidator, assignee, trustee, custodian, sequestrator, conservator or liquidator in other similar official of Servicing Corp. or for any insolvency, readjustment substantial part of debt, marshalling of assets and liabilities or similar proceedingServicing Corp.'s property, or for the winding-up or liquidation of its affairsServicing Corp.'s affairs and, if instituted against Servicing Corp., any such proceeding shall have been entered against Universal Bankcontinue undismissed or unstayed and in effect, for a period of 60 consecutive days or upon entry of any order or decree providing for such relief, or any of the actions sought in such proceeding shall occur; or Universal Bank if Servicing Corp. shall admit commence a voluntary case under any Debtor Relief Law, or if Servicing Corp. shall consent to the entry of an order for relief in writing an involuntary case under any Debtor Relief Law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official of, or for, any substantial part of its inability to pay its debts generally as they become dueproperty, file a petition to take advantage of or any applicable insolvency or reorganization statute, make an general assignment for the benefit of its creditors creditors; or voluntarily suspend payment Servicing Corp. or any subsidiary of its obligations Servicing Corp. shall have taken any corporate action in furtherance of any of the foregoing actions (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a each an "Dissolution Insolvency Event"), Universal Bank ; then Servicing Corp. shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my be (the "Appointment Date"), immediately cease to transfer the Principal Receivables to Citibank (South Dakota) CFC and shall promptly give notice to Citibank (South Dakota) CFC, the Owner Trustee and the Master Trust Indenture Trustee of such Dissolution Insolvency Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) CFC of additional Principal Receivables, Principal Receivables transferred to Citibank (South Dakota) before CFC prior to the occurrence of such Dissolution Insolvency Event and collections Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be property of Citibank (South Dakota) CFC available for transfer by Citibank (South Dakota) CFC to the Master Trust Issuer pursuant to the Pooling Transfer and Servicing Agreement.. [END OF ARTICLE VIII]

Purchase Termination. If Universal Bank voluntarily goes into liquidation the Seller shall fail to consent or consents fail to object to the appointment of a bankruptcy trustee or conservator, receiver receiver, liquidator or liquidator similar official in any bankruptcy proceeding or other insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding proceedings of or relating to Universal Bank the Seller or of or relating to all or substantially all its of the Seller's property, or the commencement of an action seeking a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a bankruptcy trustee or conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedingproceedings, or for the winding-up up, insolvency, bankruptcy, reorganization, conservatorship, receivership or liquidation of its the 16 Seller's affairs, or notwithstanding an objection by the Seller any such action shall have been entered against Universal Bankremained undischarged or unstayed for a period of 60 days or upon entry of any order or decree providing for such relief; or Universal Bank the Seller shall admit in writing its inability to pay its debts generally as they become due, file file, or consent or fail to object (or object without dismissal of any such filing within 30 days of such filing) to the filing of, a petition to take advantage of any applicable bankruptcy, insolvency or reorganization reorganization, receivership or conservatorship or similar statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such voluntary liquidation, appointment, entering of such decree, admission, filing, making act or suspension, a occurrence with respect to the Seller being an "Dissolution Insolvency Event"), Universal Bank the Seller shall on the day of any such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my be Insolvency Event occurs (the "Appointment Date"), immediately cease to transfer the Principal Receivables to Citibank (South Dakota) and shall promptly give notice to Citibank (South Dakota) and the Master Trust Trustee of such Dissolution EventPurchaser. Notwithstanding any cessation of the transfer to Citibank (South Dakota) the Purchaser of additional Principal Receivables, Principal Receivables transferred to Citibank (South Dakota) before the Purchaser prior to the occurrence of such Dissolution Event and collections Insolvency Event, Collections in respect of such Principal Receivables and Finance Charge Receivables (whenever created, ) accrued in respect of such Principal Receivables, Receivables shall continue to be property assets of Citibank (South Dakota) available for transfer by Citibank (South Dakota) to the Master Trust pursuant to the Pooling and Servicing AgreementPurchaser.

Purchase Termination. If Universal Bank voluntarily goes into liquidation or consents Fleet (RI) shall consent to the appointment of a conservator, conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding proceedings of or relating to Universal Bank Fleet (RI) or of or relating to all or substantially of or relating to all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedingproceedings, or for the winding-up or liquidation of its affairs, shall have been entered against Universal BankFleet (RI); or Universal Bank Fleet (RI) shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidationeach, appointment, entering of such decree, admission, filing, making or suspension, a an "Dissolution EventINSOLVENCY EVENT"), Universal Bank ; then Fleet (RI) shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my be (the "Appointment Date"), immediately cease to transfer the sell Principal Receivables to Citibank (South Dakota) FCCF and shall promptly give notice to Citibank (South Dakota) FCCF and the Master Trust Trustee of such Dissolution Insolvency Event. Notwithstanding any cessation of the transfer sale to Citibank (South Dakota) FCCF of additional Principal Receivables, Principal Receivables transferred sold to Citibank (South Dakota) before FCCF prior to the occurrence of such Dissolution Event and collections Insolvency Event, Collections in respect of such Principal Receivables and Receivables, Finance Charge Receivables whenever created, accrued created that accrue in respect of such Principal Receivables, and Collections in respect of such Finance Charge Receivables, shall continue to be property of Citibank (South Dakota) FCCF available for transfer by Citibank (South Dakota) FCCF to the Master Trust Trustee pursuant to the Pooling and Servicing Agreement.. To the extent that it is not clear to Fleet (RI) whether collections relate to a Principal Receivable that was sold to FCCF or to a Principal Receivable that Fleet (RI) has not sold to FCCF, Fleet (RI) agrees that it shall allocate payments on each Account with respect to the principal balance of such Account first to the oldest principal balance of such Account. [END OF ARTICLE VIII]

Purchase Termination. If Universal Bank voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to Universal Bank or of or relating to all or substantially all its propertyTCC shall fail generally to, or admit in writing its inability to, pay its debts as they become due; or if a decree or order of proceeding shall have been instituted in a court or agency or supervisory authority having jurisdiction in the premises seeking a decree or order for relief in respect of TCC in an involuntary case under any Debtor Relief Law, or for the appointment of a conservatorreceiver, receiver liquidator, assignee, trustee, custodian, sequestrator, conservator or liquidator in other similar official of TCC or for any insolvency, readjustment substantial part of debt, marshalling of assets and liabilities or similar proceedingTCC's property, or for the winding-up or liquidation of its affairsTCC's affairs and, if instituted against TCC, any such proceeding shall have been entered against Universal Bankcontinue undismissed or unstayed and in effect, for a period of 60 consecutive days, or any of the actions sought in such proceeding shall occur; or Universal Bank if TCC shall admit commence a voluntary case under any Debtor Relief Law, or if TCC shall consent to the entry of an order for relief in writing an involuntary case under any Debtor Relief Law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official of, or for, any substantial part of its inability to pay its debts generally as they become dueproperty, file a petition to take advantage of or any applicable insolvency or reorganization statute, make an general assignment for the benefit of its creditors creditors; or voluntarily suspend payment TCC or any subsidiary of its obligations TCC shall have taken any corporate action in furtherance of any of the foregoing actions (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a each an "Dissolution Insolvency Event"), Universal Bank ; then TCC shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my be (the "Appointment Date"), immediately cease to transfer the Principal Receivables to Citibank (South Dakota) TRC and shall promptly give notice to Citibank (South Dakota) TRC and the Master Trust Trustee of such Dissolution Insolvency Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) TRC of additional Principal Receivables, Principal Receivables transferred to Citibank (South Dakota) before TRC prior to the occurrence of such Dissolution Insolvency Event and collections Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be property of Citibank (South Dakota) available for transfer TRC transferable by Citibank (South Dakota) TRC to the Master Trust pursuant to the Pooling and Servicing Agreement.

Purchase Termination. If Universal Bank any Seller voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling marshaling of assets and liabilities or similar proceeding of or relating to Universal Bank such Seller or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling marshaling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against Universal Banksuch Seller; or Universal Bank such Seller shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a "“Dissolution Event"”), Universal Bank such Seller shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my may be (the "“Appointment Date"”), immediately cease to transfer new Home Equity Loans or Eligible Substitute Home Equity Loans to the Principal Receivables to Citibank (South Dakota) Depositor and shall promptly give notice to Citibank (South Dakota) the Depositor[, the Trust] and the Master Trust Trustee [Indenture Trustee][Trustee] of such Dissolution Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) the Depositor of additional Principal ReceivablesHome Equity Loans, Principal Receivables Home Equity Loans transferred to Citibank (South Dakota) before the Depositor prior to the occurrence of such Dissolution Event and collections Principal Collections and Interest Collections, insurance proceeds and other monies in respect of such Principal Receivables and Finance Charge Receivables Home Equity Loans whenever created, accrued in respect of such Principal Receivablesreceived, shall continue to be property of Citibank (South Dakota) the Depositor available for transfer by Citibank (South Dakota) the Depositor to the Master Trust [Trust][Trustee] pursuant to the Pooling [Sale and Servicing Agreement][Pooling and Servicing Agreement]. ARTICLE IX MISCELLANEOUS PROVISIONS Section 9.1.

Purchase Termination. If Universal Bank any Seller voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling marshaling of assets and liabilities or similar proceeding of or relating to Universal Bank such Seller or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling marshaling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against Universal Banksuch Seller; or Universal Bank such Seller shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a "“Dissolution Event"”), Universal Bank such Seller shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my may be (the "“Appointment Date"”), immediately cease to transfer new Home Equity Loans or Eligible Substitute Home Equity Loans to the Principal Receivables to Citibank (South Dakota) Depositor and shall promptly give notice to Citibank (South Dakota) the Depositor[, the Trust] and the Master Trust Trustee [Indenture Trustee][Trustee] of such Dissolution Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) the Depositor of additional Principal ReceivablesHome Equity Loans, Principal Receivables Home Equity Loans transferred to Citibank (South Dakota) before the Depositor prior to the occurrence of such Dissolution Event and collections Principal Collections and Interest Collections, insurance proceeds and other monies in respect of such Principal Receivables and Finance Charge Receivables Home Equity Loans whenever created, accrued in respect of such Principal Receivablesreceived, shall continue to be property of Citibank (South Dakota) the Depositor available for transfer by Citibank (South Dakota) the Depositor to the Master Trust [Trust][Trustee] pursuant to the Pooling [Sale and Servicing Agreement][Pooling and Servicing Agreement].

Purchase Termination. If Universal Bank [Short Name of Account Owner] voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to Universal Bank [Short Name of Account Owner] or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding, or for the winding-winding- up or liquidation of its affairs, shall have been entered against Universal Bank[Short Name of Account Owner]; or Universal Bank [Short Name of Account Owner] shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a "Dissolution Event"), Universal Bank [Short Name of Account Owner] shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my be (the "Appointment Date"), immediately cease to transfer the Principal Receivables to Citibank (South Dakota) [Short Name of Receivables Purchaser] and shall promptly give notice to Citibank (South Dakota) [Short Name of Receivables Purchaser] and the Master Trust Trustee of such Dissolution Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) [Short Name of Receivables Purchaser] of additional Principal Receivables, Principal Receivables transferred to Citibank (South Dakota) [Short Name of Receivables Purchaser] before the occurrence of such Dissolution Event and collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be property of Citibank (South Dakota) [Short Name of Receivables Purchaser] available for transfer by Citibank (South Dakota) [Short Name of Receivables Purchaser] to the Master Trust pursuant to the Pooling and Servicing Agreement.

Purchase Termination. If Universal Columbus Bank voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to Universal Columbus Bank or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against Universal Columbus Bank; , or Universal Columbus Bank shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a "“Dissolution Event"”), Universal Columbus Bank shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my may be (the "“Appointment Date"”), immediately cease to transfer the Transferred Interest in Principal Receivables to Citibank (South Dakota) CompuCredit and shall promptly give notice to Citibank (South Dakota) CompuCredit, CFC, the Owner Trustee and the Master Trust Indenture Trustee of such Dissolution Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) CompuCredit of additional Transferred Interests in Principal Receivables, Transferred Interests in Principal Receivables transferred to Citibank (South Dakota) before CompuCredit prior to the occurrence of such Dissolution Event and collections in respect of such Transferred Interests in Principal Receivables and Transferred Interests in Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, shall continue to be property of Citibank (South Dakota) available for transfer by Citibank (South Dakota) to the Master Trust pursuant to the Pooling and Servicing Agreement.CompuCredit. [END OF ARTICLE VI]

Purchase Termination. If Universal the Bank voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to Universal the Bank or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against Universal the Bank; or Universal the Bank shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a "Dissolution Event"), Universal the Bank shall on the day of such appointment, voluntary liquidation, entering of such decree, admission, filing, making or suspension, as the case my may be (the "Appointment Date"), immediately cease to transfer the Principal Receivables to Citibank (South Dakota) Funding and shall promptly give notice to Citibank (South Dakota) Funding and the Master Trust Trustee of such Dissolution Event. Notwithstanding any cessation of the transfer to Citibank (South Dakota) Funding of additional Principal Receivables, Principal Receivables transferred to Citibank (South Dakota) before Funding prior to the occurrence of such Dissolution Event and collections Collections in respect of such Principal Receivables and Finance Charge and Administrative Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be property of Citibank (South Dakota) Funding available for transfer by Citibank (South Dakota) Funding to the Master Trust pursuant to the Pooling and Servicing Agreement.