Legal Action; Utilization of Special Receivership Powers. The Assuming Institution shall notify the Receiver in writing (such notice to be given in accordance with Article V below and to include all relevant details) prior to utilizing in any legal action any special legal power or right which the Assuming Institution derives as a result of having acquired an asset from the Receiver, and the Assuming Institution shall not utilize any such power unless the Receiver shall have consented in writing to the proposed usage. The Receiver shall have the right to direct such proposed usage by the Assuming Institution and the Assuming Institution shall comply in all respects with such direction. Upon request of the Receiver, the Assuming Institution will advise the Receiver as to the status of any such legal action. The Assuming Institution shall immediately notify the Receiver of any judgment in litigation involving any of the aforesaid special powers or rights.
Appears in 283 contracts
Samples: Purchase and Assumption Agreement, Purchase and Assumption Agreement, Purchase and Assumption Agreement
Legal Action; Utilization of Special Receivership Powers. The Assuming Institution Bank shall notify the Receiver in writing (such notice to be given in accordance with Article V below and to include all relevant details) prior to utilizing in any legal action any special legal power or right which the Assuming Institution Bank derives as a result of having acquired an asset from the Receiver, and the Assuming Institution Bank shall not utilize any such power unless the Receiver shall have consented in writing to the proposed usage. The Receiver shall have the right to direct such proposed usage by the Assuming Institution Bank and the Assuming Institution Bank shall comply in all respects with such direction. Upon request of the Receiver, the Assuming Institution Bank will advise the Receiver as to the status of any such legal action. The Assuming Institution Bank shall immediately notify the Receiver of any judgment in litigation involving any of the aforesaid special powers or rights.
Appears in 209 contracts
Samples: Purchase and Assumption Agreement, Purchase and Assumption Agreement (FCB Financial Holdings, Inc.), Purchase and Assumption Agreement (FCB Financial Holdings, Inc.)
Legal Action; Utilization of Special Receivership Powers. The Assuming Institution shall notify the Receiver in writing (such notice to be given in accordance with Article V IV below and to include all relevant details) prior to utilizing in any legal action any special legal power or right which the Assuming Institution derives as a result of having acquired an asset a Shared-Loss Asset from the Receiver, and the Assuming Institution shall not utilize any such power unless the Receiver shall have consented in writing to the proposed usage. The Receiver shall have the right to direct such proposed usage by the Assuming Institution and the Assuming Institution shall comply in all respects with such direction. Upon request of the Receiver, the Assuming Institution will advise the Receiver as to the status of any such legal action. The Assuming Institution shall immediately notify the Receiver of any judgment in litigation involving any of the aforesaid special powers or rights.
Appears in 52 contracts
Samples: Purchase and Assumption Agreement, Purchase and Assumption Agreement, Purchase and Assumption Agreement (Great Western Bancorp, Inc.)
Legal Action; Utilization of Special Receivership Powers. The Assuming Institution Bank shall notify the Receiver in writing (such notice to be given in accordance with Article V IV below and to include all relevant details) prior to utilizing in any legal action any special legal power or right which the Assuming Institution Bank derives as a result of having acquired an asset a Shared-Loss Asset from the Receiver, and the Assuming Institution Bank shall not utilize any such power unless the Receiver shall have consented in writing to the proposed usage. The Receiver shall have the right to direct such proposed usage by the Assuming Institution Bank and the Assuming Institution Bank shall comply in all respects with such direction. Upon request of the Receiver, the Assuming Institution Bank will advise the Receiver as to the status of any such legal action. The Assuming Institution Bank shall immediately notify the Receiver of any judgment in litigation involving any of the aforesaid special powers or rights.
Appears in 44 contracts
Samples: Purchase and Assumption Agreement (FCB Financial Holdings, Inc.), Purchase and Assumption Agreement (FCB Financial Holdings, Inc.), Purchase and Assumption Agreement (Bbva Compass Bancshares, Inc)
Legal Action; Utilization of Special Receivership Powers. The Assuming Institution Bank shall notify the Receiver in writing (such notice to be given in accordance with Article V IV below and to include all relevant details) prior to utilizing in any legal action any special legal power or right which the Assuming Institution Bank derives as a result of having acquired an asset from the Receiver, and the Assuming Institution Bank shall not utilize any such power unless the Receiver shall have consented in writing to the proposed usage. The Receiver shall have the right to direct such proposed usage by the Assuming Institution Bank and the Assuming Institution Bank shall comply in all respects with such direction. Upon request of the Receiver, the Assuming Institution Bank will advise the Receiver as to the status of any such legal action. The Assuming Institution Bank shall immediately notify the Receiver of any judgment in litigation involving any of the aforesaid special powers or rights.
Appears in 5 contracts
Samples: Purchase and Assumption Agreement (Midland States Bancorp, Inc.), Purchase and Assumption Agreement (Great Southern Bancorp Inc), Purchase and Assumption Agreement (Community Bankers Trust Corp)
Legal Action; Utilization of Special Receivership Powers. The Assuming Institution shall notify the Receiver in writing (such notice to be given in accordance with Article V IV below and to include all relevant details) prior to utilizing in any legal action any special legal power or right which the Assuming Institution derives as a result of having acquired an asset a Shared-Loss Asset from the Receiver, and the Assuming Institution shall not utilize any such power unless the Receiver shall have consented in writing to the proposed usage. The Receiver shall have the right to direct such proposed usage by the Assuming Institution and the Assuming Institution shall comply in all respects with such direction. Upon request of the Receiver, the Assuming Institution will advise the Receiver as to the status of any such legal action. The Assuming Institution shall immediately notify the Receiver of any judgment in litigation involving any of the aforesaid special powers or rights.
Appears in 1 contract
Samples: Purchase and Assumption Agreement (First California Financial Group, Inc.)
Legal Action; Utilization of Special Receivership Powers. The Assuming Institution shall notify the Receiver in writing (such notice to be given in accordance with Article V IV below and to include all relevant details) prior to utilizing in any legal action any special legal power or right which the Assuming Institution derives as a result of having acquired an asset a Shared-Loss Asset from the Receiver, and the Assuming Institution shall not utilize any such power unless the Receiver shall have consented in writing to the proposed usage. The Receiver shall have the right to direct such proposed usage by the Assuming Institution and the Assuming Institution shall comply in all respects with such direction. Upon request of the Receiver, the Assuming Institution will advise the Receiver as to the status of any such legal action. The Assuming Institution shall immediately notify the Receiver of any judgment in litigation involving any of the aforesaid special powers or rights.aforesaid
Appears in 1 contract
Samples: Purchase and Assumption Agreement (Talmer Bancorp, Inc.)
Legal Action; Utilization of Special Receivership Powers. The Assuming Institution shall notify the Receiver in writing (such notice to be given in accordance with Article V IV below and to include all relevant details) prior to utilizing in any legal action any special legal power or right which the Assuming Institution derives as a result of having acquired an asset a Shared-Loss Asset from the Receiver, and the Assuming Institution shall not utilize any such power unless the Receiver shall have consented in writing to the proposed usage. The Receiver shall have the right to direct such proposed usage by the Assuming Institution and the Assuming Institution shall comply in all respects with such direction. Upon request of the Receiver, the Assuming Institution will advise the Receiver as to the status of any such legal action. The Assuming Institution shall immediately notify the Receiver of any judgment in litigation involving any of the aforesaid 129 special powers or rights.
Appears in 1 contract
Samples: Purchase and Assumption Agreement (Umpqua Holdings Corp)
