RIGHTS OF THIRD PARTIES ON RESALE Sample Clauses

RIGHTS OF THIRD PARTIES ON RESALE. In the event Seller resells to a third party or parties 100% of the ownership interest in any Loan, such third parties shall succeed to all of the rights of the Seller for such Loan (but expressly excluding therefrom any rights of Seller under this Agreement). Seller shall promptly notify the Buyer of such resale by written notice identifying the Loans being resold and the number of the participation certificates representing such resold interests in conjunction with the issuance of such notice, the Seller, as trustee, will be responsible for segregating and for causing notations to be made in the books and records to reflect the resale and, immediately thereafter, for segregating and causing the remittances of sums owed to Buyer from the resale of such Loans and of reports to be made to the Buyer in a manner consonant with the participation ownership interest then outstanding in the Loans which were resold and with the provisions of this Agreement. Nothing contained in this Section 5.02 or elsewhere in this Agreement shall be construed to permit Seller to resell less than 100% of any Loan, to resell its Interest in any Loan subject to the Buyer's Interest in such Loan or to resell or otherwise transfer its rights, interests, duties and obligations, including, without limitation, its duties and obligations as servicer and lead lender, under this Agreement.
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RIGHTS OF THIRD PARTIES ON RESALE. In the event Buyer or any successor or assignee of Buyer resells to a third Party or Parties all or a portion of its Participation Interest, such third Parties shall succeed to all of the rights of Buyer for the portion purchased, and such resale will be evidenced by a new Participation Certificate or Certificates which Buyer or its successor or assignee shall issue in the same form as the Participation Certificate attached hereto and which shall set forth the percentage of the underlying loans being resold. All Secondary Sellers to such resale transactions shall promptly provide to Servicer a copy of the Participation Certificates representing such resold interests. Upon receipt of the copy of the Participation Certificate, Servicer, as trustee, will be responsible for segregating and for causing notations to be made in the books and records to reflect the Participation Interests resulting from such resale and, thereafter, for segregating and causing monthly remittances and reports to be made to the respective owners of such Participation Interests in a manner consonant with the Participation Interests then outstanding and the provisions of this Agreement. Credit Union does not want to service loans for more than the original number of Participants. If a Buyer of a Participation Interest from Credit Union wants to resell all of its Participation Interest to a Secondary Buyer, Credit Union will service the Secondary Buyer directly. If a Buyer of a Participation Interest from Credit Union wants to resell all or part of its Participation Interest to more than one Secondary Buyer, Credit Union will continue to account to the original Buyer/Secondary Seller and the original Buyer/Secondary Seller is obligated to account to its Secondary Buyers, regardless of whether the Buyer/Secondary Seller retains a Participation Interest. Rights of Participants on Resale of a Participant's Interest. Subject to the right of first refusal set forth in this paragraph, it is agreed that a Participant may sell, transfer, encumber, or assign all or any part of its Participation Interest in any of the loans subject to the terms of this Agreement and advances on such loans pursuant to paragraph 3.8 and may pledge, hypothecate, or transfer its respective Participation Interests in such loans to its government regulator. In such events the Participant shall disclose to Credit Union the identity of the Buyer of the Participation Interest and the percentage sold, pledged, or transferr...
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Related to RIGHTS OF THIRD PARTIES ON RESALE

  • Limitations on Rights of Third Parties The provisions of this Agreement are solely for the benefit of the Seller, the Issuer, the Indenture Trustee (for the benefit of the Secured Parties) and the other Persons expressly referred to herein, and such Persons shall have the right to enforce the relevant provisions of this Agreement. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Recovery Property or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

  • Rights of Third Parties A person who is not a Party to this Agreement has no right under the Contracts (Rights of Third Parties) Xxx 0000 to enforce any term of this Agreement. This clause shall not affect any right or remedy of a third party which exists or is available apart from that Act.

  • Contracts (Rights of Third Parties) Xxx 0000 No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Xxx 0000 by a person who is not a party to this Agreement.

  • Registration Rights of Third Parties Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include any such securities in a registration statement to be filed by the Company.

  • Contracts (Rights of Third Parties ACT 1999 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Xxx 0000 to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

  • EXCLUSION OF THIRD PARTY RIGHTS A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Xxx 0000 to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

  • No Violation of Rights of Third Parties Executive warrants that the performance of all the terms of this Agreement does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Executive prior to Executive’s employment with Employer. Executive agrees not to disclose to Employer, or induce Employer to use, any confidential or proprietary information or material belonging to any previous employers or others. Executive warrants that Executive is not a party to any other agreement that will interfere with Executive’s full compliance with this Agreement. Executive further agrees not to enter into any agreement, whether written or oral, in conflict with the provisions of this Agreement while such provisions remain effective.

  • Consent of Third Parties If any provision of this Agreement is dependent on the consent of any third party and such consent is withheld, the Parties hereto shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision in a mutually satisfactory manner.

  • Consents of Third Parties All consents or approvals required to be obtained by the Vendor for the purpose of selling, assigning or transferring the Claims have been obtained, provided that this condition may only be relied upon by the Vendor if the Vendor has diligently exercised its best efforts to procure all such consents or approvals and the Purchaser has not waived the need for all such consents or approvals.

  • No Violation of Third-Party Rights Executive represents, warrants and covenants that he:

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