Common use of Defaulting Initial Purchaser Clause in Contracts

Defaulting Initial Purchaser. (a) If, on the Closing Date, the Initial Purchaser defaults in its obligations to purchase the Notes that it has agreed to purchase under this Agreement, this Agreement shall terminate. Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of Parent, the Issuer, the Guarantors or the Manager, except that the provisions of Section 8 shall not terminate and shall remain in effect. (b) Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to Parent, the Issuer, the Guarantors and the Manager for damages caused by its default.

Defaulting Initial Purchaser. (a) If, on the Series 2022-1 Closing Date, the Initial Purchaser defaults in its obligations to purchase the Notes that it has agreed to purchase under this Agreement, this Agreement shall terminate. Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of Parent, the Issuer, the Guarantors or the Manager, except that the provisions of Section 8 shall not terminate and shall remain in effect. (b) Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to Parent, the Issuer, the Guarantors and the Manager for damages caused by its default.