Common use of Agreement to Pay Fees and Expenses of Counsel Clause in Contracts

Agreement to Pay Fees and Expenses of Counsel. If the Borrower should default under any of the provisions of this Agreement and prior to the commencement of litigation or other dispute resolution processes, the Issuer, Servicer, Financial Monitor, Significant Bondholder or the Trustee should employ counsel or incur other expenses for the collection of the indebtedness hereunder or the enforcement of performance or observance of any obligation or agreement on the part of the Borrower herein contained, the Borrower agree that they will on demand therefor pay to the Trustee, the Issuer, the Servicer, the Financial Monitor or the Significant Bondholder, if any, or, if so directed by the Issuer, the Trustee, the Servicer, the Financial Monitor or the Significant Bondholder, to their counsel, the reasonable fees of such counsel and all other out-of-pocket expenses incurred by or on behalf of the Issuer, the Trustee, the Servicer, the Financial Monitor or the Significant Bondholder with respect to the period prior to the commencement of litigation or other dispute resolution process. In all litigation or other dispute resolution process and all appeals therefrom the prevailing party in such litigation or other dispute resolution process shall be entitled to recover, in addition to any other relief, it reasonable attorneys’ fees and costs.