Remedies for the MPF Sample Clauses
Remedies for the MPF. Provider’s Default or for a Termination Event. Without limiting the effect of Section 6.8., upon the occurrence of an Event of Default caused by the MPF Provider or a Termination Event, (i) the Boston Bank shall have the right to cease issuing new Master Commitments, provided that all other provisions of this Agreement shall remain in full force and effect for the Boston Bank’s outstanding Program Loans (including Program Loans funded or purchased under existing Master Commitments) except (ii) the Transaction Services Fee for support services provided by the MPF Provider shall be at a rate equal to the lesser of (a) the rate described in Section 2.4., or (b) the MPF Provider’s costs of providing such services to the Boston Bank, subject however, to the provisions of Sections 5.11, 6.7. and 7.3., and (iii) the MPF Provider shall pay to the Boston Bank an amount equal to the Boston Bank’s actual and direct damages arising from the Event of Default, but the MPF Provider shall have no responsibility for any consequential or punitive damages. For purposes of this Section 7.2.2., the MPF Provider’s costs in providing support services shall be calculated on a pro rata basis for all Loans in the MPF Program rather than on a marginal basis, and shall include all costs and expenses incurred in improving the MPF System, whether or not such charges are considered capital improvements or chargeable over more than one accounting period.
Remedies for the MPF. Provider’s Default or for a Termination Event. Upon the occurrence of an Event of Default caused by the MPF Provider or a Termination Event, the Pittsburgh Bank shall have the right to cease issuing new Master Commitments, and, at the election of the Pittsburgh Bank:
(i) If the aggregate balance of the Pittsburgh Bank’s outstanding Program Loans is less than or equal to $25 Million:
(A) the MPF Provider shall purchase the Pittsburgh Bank’s Loans at Fair Market Value; and
(B) the MPF Provider shall refund the full amount of the Program Contribution paid by the Pittsburgh Bank;
(ii) If the aggregate balance of the Pittsburgh Bank’s outstanding Program Loans is greater than $25 Million but less than or equal to $100 Million:
(A) (I) subject to the provisions of Section 6.2.3., the MPF Provider shall license the MPF System to the Pittsburgh Bank to operate on its own computer hardware to the Pittsburgh Bank and the Pittsburgh Bank shall engage its own custodian and master servicer and assume responsibility for the oversight of those functions with respect to its outstanding and future Program Loans; or (II) the MPF Provider shall purchase the Pittsburgh Bank’s outstanding Program Loans at Fair Market Value, or (III) the MPF Provider will continue to provide ancillary support services and act as custodian and master servicer for the Pittsburgh Bank’s outstanding Program Loans without charge to the Pittsburgh Bank, or (IV) the Pittsburgh Bank may engage its own custodian and master servicer and assume responsibility for the oversight of those functions with respect to its outstanding Program Loans; and
(B) the MPF Provider shall refund the Program Contribution paid by the Pittsburgh Bank in accordance with the following schedule:
(I) In the first year of the Term, 75% of paid Program Contribution;
(II) In the 2nd year of the Term, 50% of paid Program Contribution; or
(III) After the 2nd year of the Term, 25% of paid Program Contribution.
(iii) If the aggregate balance of the Pittsburgh Bank’s outstanding Program Loans is greater than $100 Million:
(A) (I) subject to the provisions of Section 6.2.3., the MPF Provider shall license the MPF System to the Pittsburgh Bank to operate on its own computer hardware and the Pittsburgh Bank shall engage its own custodian and master servicer and assume responsibility for the oversight of those functions with respect to its outstanding and future Program Loans; or (II) the MPF Provider will continue to provide ancillary supp...