Common use of Mortgage Loans in Bankruptcy Clause in Contracts

Mortgage Loans in Bankruptcy. In accordance with Bankruptcy Rules 3001 and 3002, the Purchaser agrees to take all actions necessary to file, within thirty (30) Business Days after the Closing Date, (i) proofs of claims in pending bankruptcy cases involving any Mortgage Loans for which the Seller or IndyMac Federal (or its predecessors-in-interest) have not already filed a proof of claim, and (ii) all documents required by Bankruptcy Rule 3001 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 Assets in order to evidence and assert the Purchaser’s rights. The Purchaser shall prepare and provide to the Seller, within thirty (30) Business Days after the Closing Date, an Affidavit and Assignment of Claim or any similar forms as may be required in any relevant Foreign Jurisdiction and shall be acceptable to the Seller, for each Mortgage Loan where a Mortgagor under such Mortgage Loan is in bankruptcy as of the Closing Date. The Purchaser hereby releases the Seller, IndyMac Federal (or its predecessors-in-interest) and the FDIC from any claim, demand, suit or cause of action the Purchaser may have as a result of any action or inaction on the part of the Seller, IndyMac Federal (or its predecessors-in-interest) or the FDIC with respect to such Mortgage Loan, and the Purchaser further agrees to reimburse the Seller for any cost or expense incurred by the Seller as a result of the Purchaser’s failure to file an Affidavit and Assignment of Claim or similar forms as required herein.

Mortgage Loans in Bankruptcy. In accordance with Bankruptcy Rules 3001 and 3002, the Purchaser agrees to Company shall take all actions necessary to file, within thirty (30) Business Days after prior to the Closing Date, respective Servicing Transfer Dates (i) proofs of claims in pending bankruptcy cases involving any Mortgage Loans for which the Seller Initial Member or IndyMac Federal (or its predecessors-in-interest) the Failed Banks have not already filed a proof of claim, and (ii) all documents required by Bankruptcy Rule 3001 of the Federal Rules of Bankruptcy Procedure and to take all such similar actions as may might be required in any relevant jurisdiction in any pending bankruptcy or insolvency case or proceeding in such jurisdiction involving any Assets Mortgage Loan in order to evidence and assert the PurchaserCompany’s rights. The Purchaser Company shall prepare and provide to the SellerInitial Member, within thirty (30) Business Days after on or prior to the Closing 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 may might be required in any relevant Foreign Jurisdiction and shall be acceptable to the SellerInitial Member, for each Mortgage Loan where a Mortgagor Borrower under such Mortgage Loan is in bankruptcy as of the Closing Date. The Purchaser Company hereby releases the SellerInitial Member, IndyMac Federal (or its predecessors-in-interest) the FDIC and the FDIC Failed Banks from any claim, demand, suit or cause of action the Purchaser may Company might have as a result of any action or inaction on the part of the SellerInitial Member, IndyMac Federal (or its predecessors-in-interest) the FDIC or the FDIC Failed Banks with respect to such Mortgage 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 Purchaser further 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 reimburse the Seller for any cost or expense pay all costs and expenses incurred by the Seller as a result Initial Member in connection therewith (which costs incurred by the Initial Member shall constitute Servicing Expenses for purposes of the PurchaserCustodial and Paying Agency Agreement). The provisions of this Section are subject to the right of the Initial Member to retain claims pursuant to Section 2.7 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 failure 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 related costs to file an Affidavit pursue) claims retained by it pursuant to Section 2.7 and Assignment the Company substituting itself as the real party-in-interest and taking control of Claim or similar forms as required herein(and being responsible for pursuing and bearing the cost of pursuing) the remaining claims in the litigation.