Common use of Loans in Litigation Clause in Contracts

Loans in Litigation. (a) With respect to any Loans that, at the Closing Date, are subject to any type of pending litigation that is listed on Schedule 2.01(c) or of which the Company has received written notice of from the Initial Member, the Company shall notify the FDIC’s Regional Counsel, 0000 Xxxxx Xxxxxx, Dallas, Texas 75201, within thirty (30) Business Days after the 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, within thirty (30) Business Days after the 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 Section 4.04(c) and 4.04(d), the Company shall have its attorney file appropriate pleadings and other documents and instruments with the court or other appropriate body within thirty five (35) Business Days after the 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 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 Thrift) to handle litigation with respect to the Loans, provided, that, with respect to litigation referred to in Section 4.04(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. Except as otherwise provided in Section 4.04(b) (and the Company’s compliance with its obligations therein), in the event the Company fails to comply with this Section 4.04(a) within thirty five (35) Business Days after the Closing Date, or within thirty (30) Business Days after receiving the written notice described above, as the case 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 (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 Loans that, at the Closing Date, are Loan subject to of any type of pending litigation that is listed on Schedule 2.01(c) or as of which the Company has received written notice of from the Initial MemberClosing Date, the Company shall notify the FDIC’s Regional Counsel, 0000 Xxxxx Xxxxxx, Dallas, Texas 75201-4586, within thirty fifteen (3015) Business Days after before the Closing Date, or within thirty (30) Business Days after receiving such written notice, as the case may be, 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, within thirty (30) Business Days after before the Closing Servicing Transfer 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 Section 4.04(cSections 4.5(c) and 4.04(d4.5(d), the Company shall have its attorney file appropriate pleadings and other documents and instruments with the court or other appropriate body within thirty five (35) Business Days after before the Closing Servicing Transfer 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 IndyMac Federal (or any predecessor-in-interest) 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 ThriftBank) to handle litigation with respect to the Loans, provided, that, with respect to litigation referred to in Section 4.04(c4.5(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. Except as otherwise provided in Subject to the provisions of Section 4.04(b4.5(b) (and the Company’s compliance with its obligations therein) and Section 4.5(d), in the event the Company fails fails, prior to comply with this Section 4.04(a) within thirty five (35) Business Days after the Closing Servicing Transfer Date, or within thirty (30) Business Days after receiving to remove the written notice described above, Initial Member and the Failed Bank as parties to the litigation and substitute the Company as the case may bereal 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 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 Loans that, at the Closing Date, are Loan subject to of any type of pending litigation that is listed on Schedule 2.01(c) or as of which the Company has received written notice of from the Initial MemberClosing Date, the Company shall notify the FDIC’s Regional Counsel, 0000 Xxxxx Xxxxxx, Dallas, Texas 75201-4586, within thirty fifteen (3015) Business Days after before the Closing Date, or within thirty (30) Business Days after receiving such written notice, as the case may be, 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, within thirty (30) Business Days after before the Closing Servicing Transfer 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 Section 4.04(cSections 4.5(c) and 4.04(d4.5(d), the Company shall have its attorney file appropriate pleadings and other documents and instruments with the court or other appropriate body within thirty five (35) Business Days after before the Closing Servicing Transfer 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 IndyMac Federal (or any predecessor-in-interest) 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 ThriftBank) to handle litigation with respect to the Loans, provided, that, with respect to litigation referred to in Section 4.04(c4.5(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. Except as otherwise provided in Subject to the provisions of Section 4.04(b4.5(b) (and the Company’s compliance with its obligations therein) and Section 4.5(d), in the event the Company fails fails, prior to comply with this Section 4.04(a) within thirty five (35) Business Days after the Closing Servicing Transfer Date, or within thirty (30) Business Days after receiving to remove the written notice described above, Initial Member and the Failed Bank as parties to the litigation and substitute the Company as the case may bereal 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 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.