Common use of Requirements Upon Termination Clause in Contracts

Requirements Upon Termination. As of the effective date of termination of this Agreement, FMER shall (i) cease accepting new applications for Loans and (ii) unless otherwise agreed by the Parties in writing, process all Applications received prior to the effective date of termination through disbursement or denial. In addition, upon the termination of this Agreement for any reason: (A) FMC shall make a final Participation Account Deposit in the Participation Account pursuant to Section 7.1.3 and shall thereafter not be required to make further Participation Account Deposits; (B) payments pursuant to Section 6.5.1, Section 7.1.4, Section 7.1.5, and Section 7.1.7 shall continue notwithstanding such termination; (C) releases from the Participation Account pursuant to Section 7.1.6 shall continue notwithstanding such termination.