Common use of Bankruptcies Clause in Contracts

Bankruptcies. If WOFC receives a notice that a Borrower on an Account has filed for relief under the United States Bankruptcy Code, WOFC shall file a proof of claim and notify Company of the bankruptcy filing. In the event that activities outside the scope of routine bankruptcy filings and follow-up are necessary, the Company may, at its option, instruct WOFC to hire the services of a law firm to represent the Company in the Borrower's bankruptcy at the expense of Company. If WOFC must retain the services of an attorney to file a proof of claim, Company agrees to pay all reasonable attorney fees and costs, including all filing fees, relating to the filing of such proof of claim. However, if Company instructs WOFC to retain the services of a specific law firm, Company agrees to pay all attorney fees and costs, including all filing fees, relating to the filing of such proof of claim. The Company agrees that WOFC may deduct any reasonable or all attorney fees and/or costs, as applicable, from the Servicing Account.

Bankruptcies. If WOFC receives a notice that a Borrower on an Account has filed for relief under the United States Bankruptcy Code, WOFC shall file a proof of claim and notify Company of the bankruptcy filing. In the event that activities outside the scope of routine bankruptcy filings and follow-up are necessary, the Company may, at its option, instruct WOFC to hire the services of a law firm to represent the Company in the Borrower's bankruptcy at the expense of Company. If WOFC must retain the services of an attorney to file a proof of claim, Company agrees to pay all reasonable attorney fees and costs, including all filing fees, relating to the filing of such proof of claim. However, if Company instructs WOFC to retain the services of a specific law firm, Company agrees to pay all attorney fees and costs, including all filing fees, relating to the filing of such proof of claim. The Company agrees that WOFC may deduct any reasonable or all attorney Company's Payment of such attorneys fees and/or costsand costs shall be made monthly, as applicableinvoiced by WOFC, from concurrently with payment of the Servicing AccountFees.