Common use of Termination by the Servicer Clause in Contracts

Termination by the Servicer. This Agreement may be terminated at the option of the Servicer upon the occurrence of any of the following: (a) Program Administrator’s failure to perform or observe any of the provisions or covenants of this Agreement and its referenced schedules, in any material respect; or (b) If Program Administrator 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 proceeding (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 judgment, 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 8.02(a), Program Administrator shall have the right to cure any such breach or error to Servicer’s full satisfaction within thirty (30) days of written notice from Servicer.