Termination Upon Occurrence of Disqualifier Clause Samples
The 'Termination Upon Occurrence of Disqualifier' clause allows a contract to be ended automatically or at the discretion of a party if a specific disqualifying event occurs. Typically, this clause outlines what constitutes a disqualifier—such as loss of a required license, insolvency, or breach of key obligations—and specifies the process for notifying the other party and the effective date of termination. Its core function is to provide a clear and predictable mechanism for ending the agreement when certain critical conditions are no longer met, thereby protecting parties from being bound to a contract that can no longer be properly performed.
Termination Upon Occurrence of Disqualifier. If any Disqualifier occurs in respect of a Purchased Loan, (i) the Buyers shall reconvey to the Seller or its designee the applicable Purchased Loan, servicing released, and (ii) if and only to the extent of any Margin Deficit that exists as determined in accordance with Section 6.1, the Seller shall immediately pay the Repurchase Price with respect to the applicable Purchased Loan (but only to the extent of the Margin Deficit) in immediately available funds to the account referred to in Section 3.4.
Termination Upon Occurrence of Disqualifier. If any Disqualifier occurs in respect of a Purchased Loan, the Seller shall immediately repurchase such Purchased Loan in accordance with this Section 3.
Termination Upon Occurrence of Disqualifier. If any Disqualifier occurs in respect of a Purchased Loan, the Seller shall immediately repurchase such Purchased Loan in accordance with this Section 3.
(1) How Terminations will be Effected. Termination of every Transaction will be effected by (x) the Buyers’ reconveyance to the Seller or its designee of the Purchased Loans and payment of any Income in respect thereof received by the Administrative Agent and not previously either paid to the Seller or applied as a credit to the Seller’s Obligations, against (y) payment of the Repurchase Price in immediately available funds to the account referred to in Section 3.5 by 1:00 p.m. on the Repurchase Date, so that the Administrative Agent receives the Repurchase Price (for Pro Rata distribution to the Buyers) in immediately available funds on that same Business Day; provided that the portion of the Repurchase Price attributable to accrued and unpaid Price Differential for the Repurchased Loan shall be not be due until two (2) Business Days after the Administrative Agent bills the Seller therefor; provided further that all accrued and unpaid Price Differential shall be due and payable on the Termination Date.