Borrower as Buyer Sample Clauses
Borrower as Buyer. In the event that ▇▇▇▇▇ is the Borrower or a Related Party with respect to any Loan in the Pool, then Buyer, on its own behalf and on behalf of any Related Party, agrees that it will, and does, release and discharge and agrees to indemnify, defend, and hold harmless Seller and Seller’s agents, employees, and affiliates from and against all claims, demands, and causes of action arising out of any act or omission related to said Loan. ▇▇▇▇▇ acknowledges and agrees that it will have no repurchase option on any Loan for which Buyer or a Related Party is the Borrower pursuant to Article VII. Seller, at Seller’s option, will either sell and assign (upon preparation of appropriate documentation by Buyer in conformance with Section 3.1) or release and discharge a Loan for which Buyer or a Related Party is the Borrower. In any event, Seller will issue a 1099 to report any discharge of indebtedness in connection with the sale or release of the Loan to the Borrower or a Related Party in accordance with IRS regulations and FDIC policy. Notwithstanding the foregoing, any failure by FDIC to issue a 1099 does not relieve Buyer of its responsibility to report the discharge of indebtedness in accordance with applicable federal tax law.
Borrower as Buyer. In the event that Buyer is the Borrower or a Related Party with respect to any Loan in the Loan Pool, then Buyer, on its own behalf and on behalf of any Related Party, agrees that it shall, and hereby does, release and discharge and agrees to indemnify, defend and hold hannless the Failed Bank(s), Seller and Seller's agents and employees from and against all claims, demands and causes of action arising out of any act or omission related to said Loan. Buyer acknowledges and agrees that it shall have no repurchase option on any Loan for which Buyer or a Related Party is the Borrower pursuant to Article VII of this Agreement. At Buyer's request, and upon preparation of appropriate documentation by Buyer in conformance with Sections 3.I(e) and (g), Seller will release and discharge a Loan for which Buyer is the Borrower in lieu of assigning the same to Buyer. In any event, Seller will issue a 1099 to report any discharge of indebtedness in connection with the sale or release of the Loan to the Borrower or a Related Party in accordance with IRS regulations and FDIC policy. Notwithstanding the foregoing, any failure by the FDIC to issue a 1099 does not relieve the Buyer of its responsibility to report the discharge of indebtedness in accordance with applicable federal tax law. Federal Deposit Insurance Corporation Reliance Bank Loan Sale Agreement White Plains, NY Version 1.4
Borrower as Buyer. In the event that Buyer is the Borrower or a Related Party with respect to any Loan in the Loan Pool, then Buyer, on its own behalf and on behalf of any Related Party, agrees that it shall, and hereby does, release and discharge and agrees to indemnify, defend and hold harmless the Failed Bank(s), Seller and Seller's agents and employees from and against all claims, demands and causes of action arising out of any act or omission related to said Loan. Buyer acknowledges and agrees that it shall have no repurchase option on any Loan for which Buyer or a Related Party is the Borrower pursuant to Article VII of this Agreement. At Buyer's request, and upon preparation of appropriate documentation by Buyer in conformance with Section 3.1, Seller will release and discharge a Loan for which Buyer is the Borrower in lieu of assigning the same to Buyer. In any event, Seller will issue a 1099 to report any discharge of indebtedness in connection with the sale or release of the Loan to the Borrower or a Related Party in accordance with IRS regulations and FDIC policy. Notwithstanding the foregoing, any failure by the FDIC to issue a 1099 does not relieve the Buyer of its responsibility to report the discharge of indebtedness in accordance with applicable federal tax law.