ASSET LIQUIDITY AND TERMINATION Sample Clauses
ASSET LIQUIDITY AND TERMINATION. 7.1. Liquidity of MPF Program Assets; Purchase by MPF Provider.
Termination and Termination Pay Subject to Section 12 of this Agreement, Executive’s employment under this Agreement may be terminated in the following circumstances:
Termination upon Liquidation or Purchase of the Mortgage Loans Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Master Servicer, and the Trustee created hereby shall terminate upon the earlier of (a) the purchase by the Master Servicer of all Mortgage Loans (and REO Properties) at the price equal to the sum of (i) 100% of the Stated Principal Balance of each Mortgage Loan (other than in respect of a Delinquent Mortgage Loan or REO Property) plus one month's accrued interest thereon at the applicable Adjusted Mortgage Rate less any amounts collected by the Master Servicer representing principal and interest due after the related Due Date, (ii) the lesser of (x) the appraised value of any Delinquent Mortgage Loan or REO Property as determined by the higher of two appraisals completed by two independent appraisers selected by the Master Servicer at the expense of the Master Servicer and (y) the Stated Principal Balance of each such Delinquent Mortgage Loan or Mortgage Loan related to such REO Property, in each case plus accrued and unpaid interest thereon at the applicable Adjusted Net Mortgage Rate and (iii) any costs and damages incurred by the Trust Fund in connection with any violation by each Mortgage Loan of any predatory or abusive lending law and (b) the later of (i) the maturity or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan and the disposition of all REO Property and (ii) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement. In no event shall the trusts created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, the late Ambassador of the United States to the Court of St. James's, living on the date of this Agreement. The right to purchase all Mortgage Loans and REO Properties pursuant to clause (a) above shall be conditioned upon the aggregate Stated Principal Balance of those Mortgage Loans, at the time of any such repurchase, aggregating less than ten percent (10%) of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. The Master Servicer shall effect any such repurchase by depositing the purchase price, as calculated above, as of the month preceding the date on which such purchase price shall be distributed to Certificateholders into the Certificate Account.
Term of Contract and Termination 10.1 This Frame Capacity Contract shall come into force upon signing by both Parties. 10.2 Any modification and/or amendment to this Frame Capacity Contract shall be notified by the TSO to the System User in due time and by written notice. 10.3 After the expiry of a period of four (4) weeks from the written notice, the modification and/or amendment shall become automatically effective together with the respective capacity products either already booked/assigned or booked/assigned afterwards. 10.4 In case of objection within the abovementioned period by the System User, the Frame Capacity Contract shall remain in force and effect with regard only to the capacity products already contracted and until the expiration of such contracted capacity products. 10.5 Further booking/assignment of capacity products executed by the System User after the 4-week-objection period, shall be automatically subject to the provisions of the modified and/or amended Frame Capacity Contract. 10.6 Both parties have the right to terminate this Frame Capacity Contract as set out in the GTC. In addition, the System User has the right to terminate this Frame Capacity Contract under the condition that no Contracted Capacity products or unpaid invoices are in place. Such termination by the System User shall be notified by the System User to the TSO in writing and with a lead time of at least ten-days (10) from receipt of the written notice by ▇▇▇. The termination fails to apply in case, during the lead time period, the System User acquires further capacity products in accordance with Article 2 of this Frame Capacity Contract or by way of an assignment as described in Article 9. In such event it is deemed that the System User revoked its notice of termination. 10.7 This Frame Capacity Contract is set up electronically and shall be signed by the contracting parties either (a) in two (2) original copies, with each of the contracting parties receiving one (1) original copy or (b) by means of a certified digital signature.
Funding Period and Termination 17.1. The Commissioner does not commit to renew or continue financial support to the Recipient after the Funding Period.
Term, Duration and Termination This Agreement shall become effective with respect to each Fund as of the date first written above (the "Effective Date") (or, if a particular Fund is not in existence on such date, on the earlier of the date an amendment to Schedule A to this Agreement relating to that Fund is executed or the Distributor begins providing services under this Agreement with respect to such Fund) and, unless sooner terminated as provided herein, shall continue for a two year period following the Effective Date. Thereafter, if not terminated, this Agreement shall continue with respect to a particular Fund automatically for successive one-year terms, provided that such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Trust's Board of Trustees who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting for the purpose of voting on such approval and (b) by the vote of the Trust's Board of Trustees or the vote of a majority of the outstanding voting securities of such Fund. This Agreement is terminable without penalty with 60 days' prior written notice, by the Trust's Board of Trustees, by vote of a majority of the outstanding voting securities of the Trust, or by the Distributor. This Agreement will also terminate automatically in the event of its assignment. (As used in this Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "