Common use of Termination and Other Remedies Clause in Contracts

Termination and Other Remedies. (a) Remedies for the MPF Bank’s Default. Without limiting the effect of Section 12.1 or Section 12.4, upon the occurrence of an Event of Default caused by any MPF Bank, (i) the MPF Provider shall have the right, subject to the requirements of Section 13.1(b), to terminate this Agreement with respect to such MPF Bank, and (ii) the MPF Bank shall pay to the MPF Provider an amount equal to the MPF Provider’s actual and direct damages arising from and accruing during the continuance of the Event of Default, but the MPF Bank shall have no responsibility for any consequential or punitive damages. (b) Remedies for the MPF Provider’s Default. Without limiting the effect of Section 12.2, upon the occurrence of an Event of Default caused by the MPF Provider, each MPF Bank shall have the right, subject to the requirements of Section 13.1(b), to terminate this Agreement with respect to such MPF Bank. Until the MPF Provider’s obligations to provide the Services terminates as provided in Section 13.1(b), such MPF Bank shall continue to pay the Transaction Services Fee for the Services after a termination in accordance with the provisions of the FHLB Guide at the time of such termination. Further, the MPF Provider shall pay to such MPF Bank an amount equal to the MPF 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.

Termination and Other Remedies. (a) Remedies for the MPF Bank’s DefaultDefault . Without limiting the effect of Section 12.1 or Section 12.4, upon the occurrence of an Event of Default caused by any MPF Bank, (i) the MPF Provider shall have the right, subject to the requirements of Section 13.1(b), to terminate this Agreement with respect to such MPF Bank, and (ii) the MPF Bank shall pay to the MPF Provider an amount equal to the MPF Provider’s actual and direct damages arising from and accruing during the continuance of the Event of Default, but the MPF Bank shall have no responsibility for any consequential or punitive damages. (b) Remedies for the MPF Provider’s DefaultDefault . Without limiting the effect of Section 12.2, upon the occurrence of an Event of Default caused by the MPF Provider, each MPF Bank shall have the right, subject to the requirements of Section 13.1(b), to terminate this Agreement with respect to such MPF Bank. Until the MPF Provider’s obligations to provide the Services terminates as provided in Section 13.1(b), such MPF Bank shall continue to pay the Transaction Services Fee for the Services after a termination in accordance with the provisions of the FHLB Guide at the time of such termination. Further, the MPF Provider shall pay to such MPF Bank an amount equal to the MPF 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.