Common use of Termination by FMC Clause in Contracts

Termination by FMC. This Agreement may be terminated at the option of FMC without charge to FMC upon the occurrence of any of the following: (i) Any of the representations or warranties made in or pursuant to this Agreement are not true or erroneous in any material respect; (ii) The Servicer's failure to perform or observe any of the provisions or covenants of this Agreement in any material respect; (iii) If the Servicer shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceedings (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgement, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; In the event of an event of default as set forth in Section 12.2(i) or (ii) above, the Servicer shall have the right to cure any such breach or error to FMC's full satisfaction within one hundred and twenty (120) days of written notice from FMC. In the event FMC fails to cure such default and the Agreement is terminated pursuant to Section 12.2(i), (ii) or (iii), or in the event that this Agreement is terminated pursuant to Section 12.1 as to a given Student Loan when said Student Loan is paid in full, there will be no charge to FMC for Early Termination Fees or Record Return/Deconversion Fees. In the event the Agreement is terminated prior to the end of the initial term for any reason other than stated above, FMC shall be responsible for the payment of Early Termination Fees as detailed in the Fee Schedule.

Termination by FMC. This Agreement may be terminated at the option of FMC without charge to FMC upon the occurrence of any of the following: (i) Any of the representations or warranties made in or pursuant to this Agreement are not true or erroneous in any material respect; (ii) The Servicer's failure to perform or observe any of the provisions or covenants of this Agreement in any material respect; (iii) If the Servicer shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceedings (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgement, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY ALTERNATIVE LOAN SERVICING AGREEMENT FOR THE FIRST MARBLEHEAD CORPORATION its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; In the event of an event of default as set forth in Section 12.2(i) or (ii) above, the Servicer shall have the right to cure any such breach or error to FMC's full satisfaction within one hundred and twenty (120) days of written notice from FMC. In the event FMC fails to cure such default and the Agreement is terminated pursuant to Section 12.2(i), (ii) or (iii), or in the event that this Agreement is terminated pursuant to Section 12.1 as to a given Student Loan when said Student Loan is paid in full, there will be no charge to FMC for Early Termination Fees or Record Return/Deconversion Fees. In the event the Agreement is terminated prior to the end of the initial term for any reason other than stated above, FMC shall be responsible for the payment of Early Termination Fees as detailed in the Fee Schedule.

Termination by FMC. This Agreement may be terminated at the option of FMC without charge to FMC upon the occurrence of any of the following: (i) Any of the representations or warranties made in or pursuant to this Agreement are not true or erroneous in any material respect;respect; (ii) The Servicer's failure to perform or observe any of the provisions or covenants of this Agreement in any material respect;respect; (iii) If the Servicer shall (a) discontinue business, or (b) generally not pay its debts as such debts become due, or (c) make a general assignment for the benefit of creditors, or (d) admit by answer, default or otherwise the material allegations of petitions filed against it in any bankruptcy, reorganization, insolvency or other proceedings (whether federal or state) relating to relief of debtors, or (e) suffer or permit to continue unstayed and in effect for thirty (30) consecutive days, any judgement, decree or order, entered by a court of competent jurisdiction, which approves a petition seeking its reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator for itself or all or a substantial part of its assets, or (f) take or omit any action in order thereby to effect any of the foregoing; foregoing; In the event of an event of default as set forth in Section 12.2(i) or (ii) above, the Servicer shall have the right to cure any such breach or error to FMC's full satisfaction within one hundred and twenty (120) days of written notice from FMC. In the event FMC fails to cure such default and the Agreement is terminated pursuant to Section 12.2(i), (ii) or (iii), or in the event that this Agreement is terminated pursuant to Section 12.1 as to a given Student Loan when said Student Loan is paid in full, there will be no charge to FMC for Early Termination Fees or Record Return/Deconversion Fees. In the event the Agreement is terminated prior to the end of the initial term for any reason other than stated above, FMC shall be responsible for the payment of Early Termination Fees as detailed in the Fee Schedule.