Common use of Purchase Termination Clause in Contracts

Purchase Termination. If the Purchaser or an Originator shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Purchaser or an Originator (an "Insolvency Event"), the Originators, in the case of an insolvency of the Purchaser, or the insolvent Originator in the case of an insolvency of an Originator shall on the day of such Insolvency Event (the "Purchase Termination Date") immediately cease to transfer Receivables to the Purchaser and shall promptly give notice to the Purchaser of such Insolvency Event.

Purchase Termination. If the Purchaser or an Originator shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Purchaser or an Originator (an "Insolvency Event"), the Originators, in the case of an insolvency of the Purchaser, or the insolvent Originator in the case of an insolvency of an Originator shall on the day of such Insolvency Event (the "Purchase Termination DateAppointment Day") immediately cease to transfer Receivables to the Purchaser and shall promptly give notice to the Purchaser of such Insolvency Event.

Purchase Termination. If the Purchaser Transferor or [an Originator Originator] shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Purchaser or [an Originator Originator] (an "Insolvency Event"), the Originators, in the case of an insolvency of the Purchaser, or the insolvent Originator in the case of an insolvency of an Originator shall on the day of such Insolvency Event (the "Purchase Termination DateAppointment Day") immediately cease to transfer Receivables to the Purchaser and shall promptly give notice to the Purchaser of such Insolvency Event.