Common use of Purchase Termination Clause in Contracts

Purchase Termination. If an Insolvency Event occurs with respect to either the Seller or the Purchaser, the Seller shall immediately, on the day it receives notice of such Insolvency Event, cease transferring KBUSA Financed Student Loans to the Depositor Eligible Lender Trustee on behalf of the Purchaser, and, in the case of an Insolvency Event of the Seller, shall give prompt notice thereof to the Depositor Eligible Lender Trustee and the Purchaser. The Purchaser shall give prompt notice to the Depositor Eligible Lender Trustee and the Seller of the occurrence of an Insolvency Event of the Purchaser.

Purchase Termination. If an Insolvency Event occurs with respect to either the Seller or the Purchaser, the Seller shall immediately, on the day it receives notice of such Insolvency Event, cease transferring KBUSA Financed Student Loans to the Depositor Eligible Lender Trustee on behalf of the Purchaser, and, in the case of an Insolvency Event of the Seller, shall give prompt notice thereof to the Depositor Eligible Lender Trustee and the Purchaser. The Purchaser shall give prompt notice to the Depositor Eligible Lender Trustee and the Seller of the occurrence of an Insolvency Event of the Purchaser.