Early Termination of the Cap Contract Clause Samples

Early Termination of the Cap Contract. In the event that the Cap Contract is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Sponsor shall, to the extent a replacement contract is available, direct the Trustee to execute a replacement contract comparable to the Cap Contract which was cancelled or otherwise terminated, providing interest rate protection which is equal to the then-existing protection provided by the Cap Contract, which was cancelled or otherwise terminated provided, however, that the cost of any such replacement contract providing the same interest rate protection provided by such replacement contract may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment. If the Trustee is unable to locate a qualified successor Cap Provider, any early termination payment will be remitted to the Net WAC Reserve Fund for the benefit of the Class A-1 Certificates for distribution by the Securities Administrator to the Class A-1 Certificates in accordance with Section 5.04(a), clause Third, item 3.
View SourceView Similar (4)
Early Termination of the Cap Contract. Upon a Cap Contract early termination other than in connection with the Optional Termination, the Depositor will use reasonable efforts to appoint a successor cap provider to enter into a new cap contract on terms substantially similar to the Cap Contract, with a successor cap provider meeting all applicable eligibility requirements. The Securities Administrator will apply any Cap Contract termination payment received from the original Cap Provider in connection with such Cap Contract early termination to the upfront payment required to appoint the successor cap provider. If the Depositor is unable to appoint a successor cap provider within 30 days of the Cap Contract early termination, then the Securities Administrator shall deposit any Cap Contract termination payment received from the original Cap Provider into a separate, non-interest bearing reserve account and will, on each subsequent Distribution Date, withdraw from the amount then remaining on deposit in such reserve account an amount equal to the payment, if any, that would have been paid to the Securities Administrator by the original Cap Provider calculated in accordance with the terms of the original Cap Contract, and distribute such amount in accordance with the last paragraph of Section 5.05(a).
View Source

Related to Early Termination of the Cap Contract

  • Early Termination In the absence of any material breach of this Agreement, should the Trust elect to terminate this Agreement prior to the end of the term, the Trust agrees to pay the following fees: a. all monthly fees through the life of the contract, including the rebate of any negotiated discounts; b. all fees associated with converting services to successor service provider; c. all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider; d. all out-of-pocket costs associated with a-c above.

  • Early Termination of Agreement This agreement may be terminated at any time upon a thirty (30) day written notice from either party, and without fault or claim for damages by either party.

  • Early Termination of Services Termination at any time upon 90 days’ prior written notice. Following the written notice period and coinciding with the early termination by the Recipient of any Service(s) in this Schedule, Early Termination Fees equal to 75% of the monthly cost of such terminated Services shall be charged to Recipient monthly until the earlier of (i) three (3) months after termination or (ii) the expiration of the Term of this Schedule. Recipient: Mead Johnson Nutrition (Poland) Sp. z.o.o Provider: Bristol-Myers Squibb Sp. z o.o. Point of Contact, Recipient: Leanne Metz Point of Contact, Provider: Alison Hughes Payment Terms: All payments due within thirty (30) days of receipt of invoice by Recipient.

  • Early Termination of Option The Option, to the extent not previously exercised, and all other rights in respect thereof, whether vested and exercisable or not, shall terminate and become null and void prior to the Expiration Date in the event of: • the termination of the Participant’s employment or services as provided in Section 5.6 of the Plan, or • the termination of the Option pursuant to Section 7.3 of the Plan.

  • Vendor’s Termination If TIPS fails to materially perform pursuant to the terms of this Agreement, Vendor shall provide written notice to TIPS specifying the default (“Notice of Default”). If TIPS does not cure such default within thirty (30) days, Vendor may terminate this Agreement, in whole or in part, for cause. If Vendor terminates this Agreement for cause, and it is later determined that the termination for cause was wrongful, the termination shall automatically be converted to and treated as a termination for convenience.