Common use of Release of Initial Member Clause in Contracts

Release of Initial Member. (a) Except as otherwise specifically provided in Article VI of this Agreement or in the LLC Operating Agreement or any other Ancillary Document, the Company hereby releases and forever discharges the Initial Member, the FDIC, the Failed Banks and all of their respective officers, directors, employees, agents, attorneys, contractors and representatives, and all of their respective successors, assigns (other than the Company) and Affiliates, from any and all claims (including any counterclaim or defensive claim), demands, causes of action, judgments or legal proceedings and remedies of whatever kind or nature that the Company had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the Loans, the servicing of the Loans (before or after the Cut-Off Date) by the Initial Member, the Failed Banks or their predecessors-in-interest, the FDIC or any Person acting on behalf of the Initial Member, the FDIC or the Failed Banks or their predecessors-in-interest, or the acquisition of the Loans (other than gross negligence or willful misconduct); provided, however, that nothing contained in this Section 4.17(a) shall constitute or be interpreted as a waiver of any express right that the Company has under this Agreement or any of the Ancillary Documents. (b) The Company agrees that it will not renew, extend, renegotiate, compromise, settle or release any Note or Loan or any right of the Company founded upon or growing out of this Agreement, except upon payment in full thereof, unless all Borrowers on said Note or Loan shall first release and discharge the FDIC, the Initial Member and the Failed Banks applicable with respect to such Loan, and their respective agents and assigns, other than the Company (the “Released Parties”), from all claims, demands and causes of action that any such Borrower may have against any such Released Party arising out of or resulting from any act or omission occurring prior to the date of such release.

Release of Initial Member. (a) Except as otherwise specifically provided in Article VI of this Agreement or in the LLC Operating Agreement or any other Ancillary Document, the Company hereby releases and forever discharges the Initial Member, the FDIC, the Seller and the Failed Banks Bank and all of their respective officers, directors, employees, agents, attorneys, contractors and representatives, and all of their respective successors, assigns (other than the Company) and Affiliates, from any and all claims (including any counterclaim or defensive claim), demands, causes of action, judgments or legal proceedings and remedies of whatever kind or nature that the Company had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the Loans, the servicing of the Loans (before or after the Cut-Off Date) by the Initial Member, the Failed Banks or their predecessors-in-interest, the FDIC Bank or any Person acting on behalf of the Initial Member, the FDIC Member or the Failed Banks or their predecessors-in-interestBank, or the acquisition of the Loans (other than gross negligence or willful misconduct); provided, however, that nothing contained in this Section 4.17(a4.16(a) shall constitute or be interpreted as a waiver of any express right that the Company has under this Agreement or any of the Ancillary Documents. (b) The Company agrees that it will not renew, extend, renegotiate, compromise, settle or release any Note or Loan or any right of the Company founded upon or growing out of this Agreement, except upon payment in full thereof, unless all Borrowers on said Note or Loan shall first release and discharge the FDIC, the Initial Member and the Failed Banks applicable Bank with respect to such Loan, and their respective agents and assigns, other than the Company (the “Released Parties”), ) from all claims, demands and causes of action that which any such Borrower may have against any such Released Party arising from or growing out of or resulting from any act or omission occurring prior to the date of such release. The provisions of this Section shall not be applicable with respect to Loan modifications effected in accordance with the Guidelines.

Release of Initial Member. (a) Except as otherwise specifically provided in Article VI of this Agreement or in the LLC Operating Agreement or any other Ancillary Document, the Company hereby releases and forever discharges the Initial Member, the FDIC, the Failed Banks and all of their respective officers, directors, employees, agents, attorneys, contractors and representatives, and all of their respective successors, assigns (other than the Company) and Affiliates, from any and all claims (including any counterclaim or defensive claim), demands, causes of action, judgments or legal proceedings and remedies of whatever kind or nature that the Company had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the Loans, the servicing of the Loans (before or after the Cut-Off Date) by the Initial Member, the Failed Banks or their predecessors-in-interest, the FDIC or any Person acting on behalf of the Initial Member, the FDIC or the Failed Banks or their predecessors-in-interest, or the acquisition of the Loans (other than gross negligence or willful misconduct); provided, however, that nothing contained in this Section 4.17(a) shall constitute or be interpreted as a waiver of any express right that the Company has under this Agreement or any of the Ancillary Transaction Documents. (b) The Company agrees that it will not renew, extend, renegotiate, compromise, settle or release any Note or Loan or any right of the Company founded upon or growing out of this Agreement, except upon payment in full thereof, unless all Borrowers on said Note or Loan shall first release and discharge the FDIC, the Initial Member and the Failed Banks applicable with respect to such Loan, and their respective agents and assigns, other than the Company (the “Released Parties”), from all claims, demands and causes of action that any such Borrower may have against any such Released Party arising out of or resulting from any act or omission occurring prior to the date of such release.

Release of Initial Member. (a) Except as otherwise specifically provided in Article VI of this Agreement or in the LLC Operating Participation Agreement or any other Ancillary Document, the Company hereby releases and forever discharges the Initial Member, the Failed Thrift and its predecessors-in- interest, and the FDIC, the Failed Banks and all of their respective officers, directors, employees, agents, attorneys, contractors and representatives, and all of their respective successors, assigns (other than the Company) and Affiliates, from any and all claims (including any counterclaim or defensive claim), demands, causes of action, judgments or legal proceedings and remedies of whatever kind or nature that the Company had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the Loans, the servicing of the Loans (before or after the Cut-Off Date) by the Initial Member, the Failed Banks Thrift or their its predecessors-in-interest, the FDIC or any Person acting on behalf of the Initial Member, the FDIC Failed Thrift or the Failed Banks or their its predecessors-in-interest, or the FDIC, or the acquisition of the Loans (other than gross negligence or willful misconduct); provided, however, that nothing contained in this Section 4.17(a4.13(a) shall constitute or be interpreted as a waiver of any express right that the Company has under this Agreement or any of the Ancillary Documents. (b) The Company agrees that it will not renew, extend, renegotiate, compromise, settle or release any Note or Loan or any right of the Company founded upon or growing out of this Agreement, except upon payment in full thereof, unless all Borrowers on said Note or Loan shall first release and discharge the FDICFailed Thrift, the FDIC and the Initial Member and the Failed Banks applicable with respect to such Loan, Loan and their respective agents and assigns, assigns (other than the Company Company) (the “Released Parties”), ) from all claims, demands and causes of action that which any such Borrower may have against any such Released Party arising from or growing out of or resulting from any act or omission occurring prior to the date of such release.

Release of Initial Member. (a) Except as otherwise specifically provided in Article VI of this Agreement or in the LLC Operating Participation Agreement or any other Ancillary Document, the Company hereby releases and forever discharges the Initial Member, the FDIC, and the Failed Banks Bank and all of their respective officers, directors, employees, agents, attorneys, contractors FNBN RESCON I LLC Loan Contribution and representatives, and all of their Assignment Agreement 12373123.2 respective successors, assigns (other than the Company) and Affiliates, from any and all claims (including any counterclaim or defensive claim), demands, causes of action, judgments or legal proceedings and remedies of whatever kind or nature that the Company had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the Loans, the servicing of the Loans (before or after the Cut-Off Date) by the Initial Member, the Failed Banks Bank or their its predecessors-in-interest, the FDIC or any Person acting on behalf of the Initial Member, the FDIC or the Failed Banks Bank or their its predecessors-in-interest, or the acquisition of the Loans (other than gross negligence or willful misconduct); provided, however, that nothing contained in this Section 4.17(a4.16(a) shall constitute or be interpreted as a waiver of any express right that the Company has under this Agreement or any of the Ancillary Documents. (b) The Company agrees that it will not renew, extend, renegotiate, compromise, settle or release any Note or Loan or any right of the Company founded upon or growing out of this Agreement, except upon payment in full thereof, unless all Borrowers on said Note or Loan shall first release and discharge the FDIC, the Initial Member and the Failed Banks applicable Bank with respect to such Loan, and their respective agents and assigns, other than the Company (the “Released Parties”), ) from all claims, demands and causes of action that which any such Borrower may have against any such Released Party arising from or growing out of or resulting from any act or omission occurring prior to the date of such release. The provisions of this Section shall not be applicable with respect to actions taken in order to comply with the Guidelines.

Release of Initial Member. (a) Except as otherwise specifically provided in Article VI of this Agreement or in the LLC Operating Agreement or any other Ancillary Document, the Company hereby releases and forever discharges the Initial Member, the FDIC, the Failed Banks and all of their respective officers, directors, employees, agents, attorneys, contractors and representatives, and all of their respective successors, assigns (other than the Company) and Affiliates, from any and all claims (including any counterclaim or defensive claim), demands, causes of action, judgments or legal proceedings and remedies of whatever kind or nature that the Company had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the Mortgage Loans, the servicing of the Mortgage Loans (before or after the Cut-Cut- Off Date) by the Initial Member, the Failed Banks or their predecessors-in-interest, the FDIC or any Person acting on behalf of the Initial Member, the FDIC or the Failed Banks or their predecessors-in-interest, or the acquisition of the Mortgage Loans (other than gross negligence or willful misconduct); provided, however, that nothing contained in this Section 4.17(a) shall constitute or be interpreted as a waiver of any express right that the Company has under this Agreement or any of the Ancillary Documents. (b) The Company agrees that it will not renew, extend, renegotiate, compromise, settle or release any Note or Mortgage Loan or any right of the Company founded upon or growing out of this Agreement, except upon payment in full thereof, unless all Borrowers on said Note or Mortgage Loan shall first release and discharge the FDIC, the Initial Member and the applicable Failed Banks applicable with respect to such Mortgage Loan, and their respective agents and assigns, other than the Company (the “Released Parties”), from all claims, demands and causes of action that any such Borrower may have against any such Released Party arising out of or resulting from any act or omission occurring prior to the date of such release.

Release of Initial Member. (a) Except as otherwise specifically provided in Article VI of this Agreement or in the LLC Operating Participation Agreement or any other Ancillary Document, the Company hereby releases and forever discharges the Initial Member, the Failed Thrift and its predecessors-in­ interest, and the FDIC, the Failed Banks and all of their respective officers, directors, employees, agents, attorneys, contractors and representatives, and all of their respective successors, assigns (other than the Company) and Affiliates, from any and all claims (including any counterclaim or defensive claim), demands, causes of action, judgments or legal proceedings and remedies of whatever kind or nature that the Company had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the Loans, the servicing of the Loans (before or after the Cut-Off Date) by the Initial Member, the Failed Banks Thrift or their its predecessors-in-interest, the FDIC or any Person acting on behalf of the Initial Member, the FDIC Failed Thrift or the Failed Banks or their its predecessors-in-interest, or the FDIC, or the acquisition of the Loans (other than gross negligence or willful misconduct); provided, however, that nothing contained in this Section 4.17(a4.13(a) shall constitute or be interpreted as a waiver of any express right that the Company has under this Agreement or any of the Ancillary Documents. (b) The Company agrees that it will not renew, extend, renegotiate, compromise, settle or release any Note or Loan or any right of the Company founded upon or growing out of this Agreement, except upon payment in full thereof, unless all Borrowers on said Note or Loan shall first release and discharge the FDICFailed Thrift, the FDIC and the Initial Member and the Failed Banks applicable with respect to such Loan, Loan and their respective agents and assigns, assigns (other than the Company Company) (the “Released Parties”), ) from all claims, demands and causes of action that which any such Borrower may have against any such Released Party arising from or growing out of or resulting from any act or omission occurring prior to the date of such release.