Common use of Loans in Litigation Clause in Contracts

Loans in Litigation. (a) With respect to any Loan subject of any type of pending litigation as of the Closing Date, the Company shall notify the FDIC’s Regional Counsel, 0000 Xxxxx Xxxxxx, Dallas, Texas 75201-4586, within fifteen (15) Business Days before the Servicing Transfer Date of the name of the attorney selected by the Company to represent the Company’s interests in the litigation. The Company shall, before the Servicing Transfer Date, notify the clerk of the court or other appropriate official and all counsel of record that ownership of the Loan was transferred from the Initial Member to the Company. Subject to the provisions of Sections 4.5(c) and 4.5(d), the Company shall have its attorney file appropriate pleadings and other documents and instruments with the court or other appropriate body before the Servicing Transfer Date, substituting the Company’s attorney for the Initial Member’s attorney, removing the Initial Member and the Failed Bank as a party to the litigation and substituting the Company as the real party-in-interest. Nothing contained in this Agreement shall preclude the Company from retaining the same attorney retained by the Initial Member (or the Failed Bank) to handle litigation with respect to the Loans, provided, that, with respect to litigation referred to in Section 4.5(c), the Company shall not retain the same counsel that represents the Initial Member in connection with such litigation unless the FDIC’s Regional Counsel (referred to above) agrees in writing to such dual representation. Subject to the provisions of Section 4.5(b) (and the Company’s compliance with its obligations therein) and Section 4.5(d), in the event the Company fails, prior to the Servicing Transfer Date, to remove the Initial Member and the Failed Bank as parties to the litigation and substitute the Company as the real party-in-interest, (1) the Initial Member may, but shall have no obligation to, continue to pursue or defend such litigation on behalf of the Company and, (2) in the event the Initial Member does continue to pursue or defend such litigation, the Company shall be liable for and hereby agrees to pay all costs and expenses incurred by the Initial Member in connection therewith, which expenses shall constitute Servicing Expenses.

Loans in Litigation. (a) With respect to any Loan Loans that, at the Closing Date, are subject of to any type of pending litigation as that is listed on Schedule 2.01(c) or of which the Closing DateCompany has received written notice of from the Initial Member, the Company shall notify the FDIC’s Regional Counsel, 0000 Xxxxx Xxxxxx, Dallas, Texas 75201-4586, within fifteen thirty (1530) Business Days before after the Servicing Transfer Date Closing Date, or within thirty (30) Business Days after receiving such written notice, as the case may be, of the name of the attorney selected by the Company to represent the Company’s interests in the litigation. The Company shall, before within thirty (30) Business Days after the Servicing Transfer Closing Date, or within thirty (30) Business Days after receiving the written notice described above, as the case may be, notify the clerk of the court or other appropriate official and all counsel of record that ownership of the Loan was transferred from the Initial Member to the Company. Subject to the provisions of Sections 4.5(cSection 4.04(c) and 4.5(d4.04(d), the Company shall have its attorney file appropriate pleadings and other documents and instruments with the court or other appropriate body before within thirty five (35) Business Days after the Servicing Transfer Closing Date, or within thirty (30) Business Days after receiving the written notice described above, as the case may be, substituting the Company’s attorney for the Initial Member’s attorney, removing the Initial Member and the Failed Bank IndyMac Federal (or any predecessor-in-interest) as a party to the litigation and substituting the Company as the real party-in-interest. Nothing contained in this Agreement shall preclude the Company from retaining the same attorney retained by the Initial Member (or the Failed BankThrift) to handle litigation with respect to the Loans, provided, that, with respect to litigation referred to in Section 4.5(c4.04(c), the Company shall not retain the same counsel that represents the Initial Member in connection with such litigation unless the FDIC’s Regional Counsel (referred to above) agrees in writing to such dual representation. Subject to the provisions of Except as otherwise provided in Section 4.5(b4.04(b) (and the Company’s compliance with its obligations therein) and Section 4.5(d), in the event the Company fails, prior fails to comply with this Section 4.04(a) within thirty five (35) Business Days after the Servicing Transfer Closing Date, to remove or within thirty (30) Business Days after receiving the Initial Member and the Failed Bank as parties to the litigation and substitute the Company written notice described above, as the real party-in-interestcase may be, (1) the Initial Member may, but shall have no obligation to, continue to pursue or defend such litigation on behalf of the Company and, and (2) in the event the Initial Member does continue to pursue or defend such litigation, the Company shall be liable for and hereby agrees to pay all costs and expenses incurred by the Initial Member in connection therewith, which expenses shall constitute Servicing Expenses.

Loans in Litigation. (a) With respect to any Loan subject of any type of pending litigation as of the Closing Date, the Company shall notify the FDIC’s Regional Counsel, 0000 Xxxxx Xxxxxx, Dallas, Texas 75201-4586, within fifteen (15) Business Days before the Servicing Transfer Date of the name of the attorney selected by the Company to represent the Company’s interests in the litigation. The Company shall, before the Servicing Transfer Date, notify the clerk of the court or other appropriate official and all counsel of record that ownership of the Loan was transferred from the Initial Member to the Company. Subject to the provisions of Sections 4.5(c) and 4.5(d), the Company shall have its attorney file appropriate pleadings and other documents and instruments with the court or other appropriate body before the Servicing Transfer Date, substituting the Company’s attorney for the Initial Member’s attorney, removing the Initial Member and the Failed Bank as a party to the litigation and substituting the Company as the real party-in-interest. Nothing contained in this Agreement shall preclude the Company from retaining the same attorney retained by the Initial Member (or the Failed Bank) to handle litigation with respect to the Loans, provided, that, with respect to litigation referred to in Section 4.5(c), the Company shall not retain the same counsel that represents the Initial Member in connection with such litigation unless the FDIC’s Regional Counsel (referred to above) agrees in writing to such dual representation. Subject to the provisions of Section 4.5(b) (and the Company’s compliance with its obligations therein) and Section 4.5(d), in the event the Company fails, prior to the Servicing Transfer Date, to remove the Initial Member and the Failed Bank as parties to the litigation and substitute the Company as the real party-in-interest, (1) the Initial Member may, but shall have no obligation to, continue to pursue or defend such litigation on behalf of the Company and, (2) in the event the Initial Member does continue to pursue or defend such litigation, the Company shall be liable for and hereby agrees to pay all costs and expenses incurred by the Initial Member in connection therewith, therewith (which expenses shall constitute Servicing ExpensesBorrower Reimbursable Costs.