Common use of Termination and Other Remedies Clause in Contracts

Termination and Other Remedies. Unless otherwise provided herein, this contract may be terminated or suspended by either party upon not less than twenty (20) days written notice, although such termination or suspension by the Authority shall be for cause and in accordance with the Federal Act, regulations promulgated thereunder, and the Authority's policies and procedures, and shall not become final until the Holder is afforded adequate notice and an opportunity for hearing on the merits of the Authority's claims and contentions as provided by the Federal Act and 11 KAR 4:020, the provisions of which regulation shall be deemed to apply to Holders of loans. However, the Authority shall have the power to take emergency action in accordance with 11 KAR 4:020 to suspend operation of this contract, pending the outcome of said hearing, if the Authority determines that such action is necessary to prevent substantial harm to the interest of the Commonwealth, the Authority, the United States Government, or any eligible student. Termination by either party shall not affect the obligations incurred under this contract prior to the effective date of the termination. In the event that the Authority shall have probable cause to believe that any of the assurances or representations made by the Holder are incomplete, inaccurate, or misleading and deceptive, or that there has been a failure by the Holder to comply with the terms and conditions of this contract or applicable laws or regulations, in any material respect, then short of termination or suspension, the Executive Director of the Authority or his designee shall have the right to take any reasonable action necessary including, but not limited to: litigation, withholding of payments, probation, or limitation of participation, or requiring reimbursement of any funds expended or obligated to be expended by the Authority as the result of reliance upon such assurances, representations, or anticipation of compliance. In the event that the Secretary has assumed the Authority's functions, and if the Secretary determines that this contract includes an impermissible transfer of the reserve funds or assets, then the Secretary may terminate this contract upon 30 days notice. Unless otherwise provided, any material noncompliance with the terms and conditions of this contract shall subject the noncomplying party to any and all forms of remedial action, legal and equitable. No choice of remedies shall be required of the injured party.

Termination and Other Remedies. Unless otherwise provided herein, this contract may be terminated or suspended by either party upon not less than twenty (20) days written notice, although such termination or suspension by the Authority shall be for cause and in accordance with the Federal Act, regulations promulgated thereunder, and the Authority's policies and procedures, and shall not become final until the Holder Lender is afforded adequate notice and an opportunity for hearing on the merits of the Authority's claims and contentions as provided by pursuant to the Federal Act and 11 KAR 4:020, the provisions of which regulation shall be deemed to apply to Holders of loans. However, the Authority shall have the power to take emergency action in accordance with 11 KAR 4:020 to suspend operation of this contract, pending the outcome of said hearing, if the Authority determines that such action is necessary to prevent substantial harm to the interest of the Commonwealth, the Authority, the United States Government, or any eligible student. Termination by either party shall not affect the obligations incurred under this contract prior to the effective date of the termination. In the event that the Authority shall have probable cause to believe that any of the assurances or representations made by the Holder Lender are incomplete, inaccurate, or misleading and deceptive, or that there has been a failure by the Holder Lender to comply with the terms and conditions of this contract or applicable laws or regulations, in any material respect, then short of termination or suspension, the Executive Director of the Authority or his designee shall have the right to take any reasonable action necessary including, but not limited to: litigation, withholding of payments, probation, or limitation of participation, or requiring reimbursement of any funds expended or obligated to be expended by the Authority as the result of reliance upon such assurances, representations, or anticipation of compliance. In the event that the Secretary has assumed the Authority's functions, and if the Secretary determines that this contract includes an impermissible transfer of the reserve funds or assets, then the Secretary may terminate this contract upon 30 days notice. Unless otherwise provided, any material noncompliance with the terms and conditions of this contract shall subject the noncomplying party to any and all forms of remedial action, legal and equitable. No choice of remedies shall be required of the injured party.

Termination and Other Remedies. Unless otherwise provided herein, this contract may be terminated or suspended by either party upon not less than twenty (20) days written notice, although such termination or suspension by the Authority shall be for cause and in accordance with the Federal Act, regulations promulgated thereunder, and the Authority's policies and procedures, and shall not become final until the Holder Lender is afforded adequate notice and an opportunity for hearing on the merits of the Authority's claims and contentions as provided by pursuant to the Federal Act and 11 KAR 4:020, the provisions of which regulation shall be deemed to apply to Holders of loans. However, the Authority shall have the power to take emergency action in accordance with 11 KAR 4:020 to suspend operation of this contract, pending the outcome of said hearing, if the Authority determines that such action is necessary to prevent substantial harm to the interest of the Commonwealth, the Authority, the United States Government, or any eligible student. Termination by either party shall not affect the obligations incurred under this contract prior to the effective date of the termination. In the event that the Authority shall have probable cause to believe that any of the assurances or representations made by the Holder Lender are incomplete, inaccurate, or misleading and deceptive, or that there has been a failure by the Holder Lender to comply with the terms and conditions of this contract or applicable laws or regulations, in any material respect, then short of termination or suspension, the Executive Director of the Authority or his designee shall have the right to take any reasonable action necessary including, but not limited to: litigation, withholding of payments, probation, or limitation of participation, or requiring reimbursement of any funds expended or obligated to be expended by the Authority as the result of reliance upon such assurances, representations, or anticipation of compliance. In the event that the Secretary has assumed the Authority's functions, and if the Secretary determines that this contract includes an impermissible transfer of the reserve funds or assets, then the Secretary may terminate this contract upon 30 days notice. 6 Unless otherwise provided, any material noncompliance with the terms and conditions of this contract shall subject the noncomplying party to any and all forms of remedial action, legal and equitable. No choice of remedies shall be required of the injured party.

Termination and Other Remedies. Unless otherwise provided herein, this contract may be terminated or suspended by either party upon not less than twenty (20) days written notice, although such termination or suspension by the Authority shall be for cause and in accordance with the Federal Act, regulations promulgated thereunder, and the Authority's policies and procedures, and shall not become final until the Holder Lender is afforded adequate notice and an opportunity for hearing on the merits of the Authority's claims and contentions as provided by pursuant to the Federal Act and 11 KAR 4:020, the provisions of which regulation shall be deemed to apply to Holders of loans. However, However the Authority shall have the power to take emergency action in accordance with 11 KAR 4:020 to suspend operation of this contract, pending the outcome of said hearing, if the Authority determines that such action is necessary to prevent substantial harm to the interest of the Commonwealth, the Authority, the United States Government, or any eligible student. Termination student termination by either party shall not affect the obligations incurred under this contract prior to the effective date of the termination. In the event that the Authority shall have probable cause to believe that any of the assurances or representations made by the Holder Lender are incomplete, inaccurate, or misleading and deceptive, or that there has been a failure by the Holder lender to comply with the terms and conditions of this contract or applicable laws or regulations, in any material respect, then short of termination or suspension, the Executive Director of the Authority or his designee shall have the right to take any reasonable action necessary including, but not limited to: litigation, withholding of payments, probation, or limitation of participation, or requiring reimbursement of any funds expended or obligated to be expended by the Authority as the result of reliance upon such assurances, representations, or anticipation of compliance. In the event that the Secretary has assumed the Authority's functions, and if the Secretary determines that this contract includes an impermissible transfer of the reserve funds or assets, then the Secretary may terminate this contract upon 30 days notice. Unless otherwise provided, any material noncompliance with the terms and conditions of this contract shall subject the noncomplying party to any and all forms of remedial action, legal and equitable. No choice of remedies shall be required of the injured party.