Loans in Bankruptcy Sample Clauses

Loans in Bankruptcy. In accordance with Bankruptcy Rules 3001 and 3002, the Company shall take all actions necessary to file, prior to the respective Servicing Transfer Dates (i) proofs of claims in pending bankruptcy cases involving any Loans for which the Initial Member or the Failed Banks have not already filed a proof of claim, and (ii) all documents required by Rule 3001 of the Federal Rules of Bankruptcy Procedure and to take all such similar actions as might be required in any relevant jurisdiction in any pending bankruptcy or insolvency case or proceeding in such jurisdiction involving any Loan in order to evidence and assert the Company’s rights. The Company shall prepare and provide to the Initial Member, on or prior to the respective Servicing Transfer Date, an Affidavit and Assignment of Claim in the form attached to this Agreement as Attachment C or any similar forms as might be required in any relevant Foreign Jurisdiction and shall be acceptable to the Initial Member, for each Loan where a Borrower under such Loan is in bankruptcy as of the Closing Date. The Company hereby releases the Initial Member, the FDIC and the Failed Banks from any claim, demand, suit or cause of action the Company might have as a result of any action or inaction on the part of the Initial Member, the FDIC or the Failed Banks with respect to such Loan. In the event the Company fails, prior to the respective Servicing Transfer Date, to take the actions required by this Section 4.6, (a) the Initial Member may, but shall have no obligation to, file proofs of claim or other documents as the Initial Member determines to be necessary or appropriate to evidence and assert the Company’s rights and, (b) in the event the Initial Member does take any such actions, the Company shall be liable for and hereby agrees to pay all costs and expenses incurred by the Initial Member in connection therewith (which costs incurred by the Initial Member shall constitute Servicing Expenses for purposes of the Custodial and Paying Agency Agreement). The provisions of this Section are subject to the right of the Initial Member to retain claims pursuant to Section 2.6 of this Agreement, including any such claims as might have been asserted in litigation pending as of the Closing Date. At the Initial Member’s discretion, litigation involving any such claims shall be bifurcated, with the Initial Member remaining the real party-in-interest and retaining control over (and being responsible for pursuing and bearing the r...
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Loans in Bankruptcy. In accordance with Bankruptcy Rule 3001(e), Buyer agrees to take all actions necessary to file within 30 Business Days of the Loan Sale Closing Date, (i) proofs of claims in pending bankruptcy cases involving any Loans purchased for which Seller has not already filed a proof of claim, and (ii) all documents required by Rule 3001(e)(2) of the Federal Rules of Bankruptcy Procedure and to take all such similar actions as may be required in any relevant jurisdiction in any pending bankruptcy or insolvency case or proceeding in such jurisdiction involving any Loans purchased in order to evidence and assert Buyer’s rights. Buyer agrees to prepare and provide to Seller within 30 Business Days of the Loan Sale Closing Date, an Assignment of Claim or any similar forms as may be required in any relevant jurisdiction and acceptable to Seller, for each Loan purchased pursuant to this Agreement where a Borrower under such Loan is in bankruptcy at Closing. Buyer releases Seller from any claim, demand, suit or cause of action Buyer may have as a result of any action or inaction on the part of the Failed Bank or Seller with respect to such Loan and Buyer further agrees to reimburse Seller for any cost or expense incurred by Seller as a result of Buyer’s failure to file an Assignment of Claim or similar forms as required in this Agreement.
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Loans in Bankruptcy. In accordance with Bankruptcy Rule 3001(e), Seller shall take all actions necessary to file, as soon as reasonably possible after the Servicing Transfer Date (i) proofs of claim in any pending bankruptcy cases involving any Loans for which Seller has not already filed a proof of claim, to the extent that the deadline for filing the proof of claim is within thirty (30) days after the Servicing Transfer Date, and (ii) transfers of any proofs of claim filed with regard to the Loans with the appropriate bankruptcy court in cases in which Seller has filed proofs of claims. Seller shall prepare and provide to Purchaser on the Servicing Transfer Date, an assignment of claim to Purchaser for all Loans that are in bankruptcy as of the Servicing Transfer Date for which Seller has filed proofs of claims. In addition to the above, Seller shall provide Purchaser or its designee with the following information to the extent known by Seller’s bankruptcy counsel: attorney name, address and phone number, foreclosure status, bankruptcy status and bankruptcy case number, filing date and chapter.
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Loans in Bankruptcy. For any Mortgage Loan in bankruptcy Commercial Federal Bank shall provide a status report in accordance with the Reports section above. Hard copy screen prints may be substituted for the electronic reports, but must contain the required information. Commercial Federal Bank shall complete the Bankruptcy Worksheet, Attachment (3) for each loan in bankruptcy, if the required information cannot be provided in an electronic report or system screen prints. Commercial Federal Bank shall provide written notice, in accordance with applicable court procedures, to bankruptcy trustees and debtor attorneys with respect to the assignment of any Bankruptcy Loans. Such notices shall be mailed or delivered to the bankruptcy trustees and debtor attorneys prior to the respective Transfer Date. Copies of all such notices shall be provided to Xxxxx Fargo Home Mortgage within five (5) days of the Transfer Date. Xxxxx Fargo Home Mortgage Attn: Xxxxx Xxxxxxx X7801-02T Bankruptcy Department (708CFB) 0000 Xxxxx Xxxx Xxxx Xxxx Xxxx, XX 00000 (000) 000-0000 LOANS IN FORECLOSURE. For any Mortgage Loan for which foreclosure actions have been initiated Commercial Federal Bank shall provide a status report in accordance with the Reports Section above. Hard copy screen prints may be substituted for the electronic reports, but must contain the required information. Commercial Federal Bank shall refer any loans to foreclosure during the two (2) week period prior to the Transfer Date to an attorney approved by Xxxxx Fargo Home Mortgage. See Attachment (5) for a Preferred Attorney Listing. Commercial Federal Bank shall postpone any foreclosure sales that are set for the two (2) weeks prior to and following the Transfer Date until the fifteenth (15) day after the Transfer Date. Xxxxx Fargo Home Mortgage Attn: Xxxxxxx Xxxxxx X7801-02T (708CFB) Foreclosure Department 0000 Xxxxxxxxx Xxxxxxxxx Xxxx Xxxx, XX 00000 (000) 000-0000
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Loans in Bankruptcy. For any Mortgage Loan in bankruptcy the Prior Servicer shall provide a status report in accordance with the Reports section above. Hard copy screen prints may be substituted for the electronic reports, but must contain the required information. The Prior Servicer shall complete the Bankruptcy Worksheet, Attachment (3) for each loan in bankruptcy.
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Loans in Bankruptcy. In accordance with Bankruptcy Rule 3001(e), Seller shall take all actions necessary to file, on or prior to the Servicing Transfer Date, (i) proofs of claims in pending bankruptcy cases involving any Loans for which Seller has not already filed a proof of claim, and (ii) evidence of the terms of the purchase of the Loans with the appropriate bankruptcy court in cases in which Seller has filed proofs of claims. Seller shall prepare and provide to Purchaser on the Servicing Transfer Date, an affidavit and assignment of claim to Purchaser for all Loans that are in bankruptcy as of the Servicing Transfer Date. In addition to the above, Seller shall provide Purchaser or its designee with the following information to the extent available: attorney name, address and phone number, foreclosure status, bankruptcy status and bankruptcy case number, filing date and chapter.
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Related to Loans in Bankruptcy

  • Rights in Bankruptcy All rights and licenses granted under or pursuant to this Agreement by one Party to the other Party are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy or insolvency laws, licenses of right to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy or insolvency laws. The Parties agree that a Party that is a licensee of such rights under this Agreement will retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy or insolvency laws. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against a Party to this Agreement under the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy or insolvency laws, the other Party will be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, and same, if not already in its possession, will be promptly delivered to it (a) upon any such commencement of a bankruptcy or insolvency proceeding upon its written request therefor, unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement, or (b) if not delivered under (a) above, following the rejection of this Agreement by or on behalf of the bankrupt Party upon written request therefor by the other Party.

  • Claims in Bankruptcy In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive, for application against the Guaranteed Obligations, any such dividend or payment which is otherwise payable to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims, then upon payment to Lender in full of the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims.

  • Status of Claims in Bankruptcy Dealer acknowledges and agrees that this Confirmation is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.

  • Liquidation; Dissolution; Bankruptcy Upon any payment or distribution of the assets of the Company to creditors upon a total or partial liquidation or a total or partial dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property:

  • No Bankruptcy There are no bankruptcy proceedings pending, being contemplated by or, to the knowledge of Seller, threatened against Seller by any third party.

  • Insolvency or Bankruptcy The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against me or any co-signer, endorser, surety or guarantor of this Agreement or any other obligations I have with you.

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