Common use of Duty to Notify Clause in Contracts

Duty to Notify. 1. Unless prohibited by law, Servicer shall notify the Executive Committee in writing within 15 days of the initiation of any official action against Servicer by the Attorney General of any state related to residential mortgage servicing, including but not limited to the issuance of a subpoena or a civil investigatory demand in an investigation relating to Servicer, or within 15 days of settlement agreement or other form of consensual resolution, or entry of judgment in any administrative, civil, or criminal investigation or action by any state or federal authority against Servicer, provided that such violation of law, investigation, or action pertains to Servicer’s residential mortgage servicing. Notwithstanding the foregoing and for avoidance of doubt, Servicer’s receipt of a subpoena or civil investigative demand from a state or federal authority does not constitute a formal regulatory action.

Duty to Notify. 1. Unless prohibited by law, Servicer shall notify the Executive Committee in writing within 15 days of the initiation of any official action against Servicer by the Attorney General of any state related to residential mortgage servicing, including but not limited to the issuance of a subpoena or a civil investigatory demand in an investigation relating to Servicer, or within 15 days of settlement agreement or other form of consensual resolution, or entry of judgment in any administrative, civil, or criminal investigation or action by any state or federal authority against Servicer, provided that such violation of law, investigation, or action pertains to Servicer’s residential mortgage servicing. Notwithstanding the foregoing and for avoidance of doubt, ServicerXxxxxxxx’s receipt of a subpoena or civil investigative demand from a state or federal authority does not constitute a formal regulatory action.

Duty to Notify. 1. Unless prohibited by law, Servicer shall notify the Executive Committee in writing within 15 days of the initiation of any official action against Servicer by the Attorney General of any state related to residential mortgage servicing, including but not limited to the issuance of a subpoena or a civil investigatory demand in an investigation relating to Servicer, or within 15 days of settlement agreement or other form of consensual resolution, or entry of judgment in any administrative, civil, or criminal investigation or action by any state or federal authority against Servicer, provided that such violation of law, investigation, or action pertains to Servicer’s residential mortgage servicing. Notwithstanding the foregoing and for avoidance of doubt, Servicer’s receipt eipt of a subpoena or civil investigative demand from a state or federal authority does not constitute a formal regulatory action.