Common use of Release of Initial Member and Others Clause in Contracts

Release of Initial Member and Others. The Servicer hereby releases and discharges each Prior Servicer 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 Servicer had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the servicing of the Loans or Underlying Collateral prior to the applicable Servicing Transfer Date by the Prior Servicers, in each case other than for acts or omissions constituting gross negligence, violation of law or willful misconduct of such Prior Servicer. Multibank Structured Transaction 2009-1 RES-ADC Servicing Agreement 60797449_19 Multibank Structured Transaction 2009-1 RES-ADC Servicing Agreement FDIC - Servicing Agreement - Multibank 2009 - RES-ADC THIS ELECTRONIC TRACKING AGREEMENT (this “Agreement”) is made and entered into as of February 9, 2010 by and among (a) RL RES 2009-1 Investments, LLC (the “Manager”); (b) Quantum Servicing Corporation (the “Servicer”); (c) MERSCORP, Inc. (the “Electronic Agent”); (d) Mortgage Electronic Registration Systems, Inc. (“MERS”); (e) the Federal Deposit Insurance Corporation (in any capacity, the “FDIC”), as receiver (“Receiver”) for various failed financial institutions (including its successors and assigns thereto), as initial member pursuant to the LLC Operating Agreement referred to below (the “Initial Member”); and (f) the FDIC, as Receiver, as collateral agent pursuant to the Reimbursement, Security and Guaranty Agreement referred to below (including its successors and assigns thereto) (the “Collateral Agent”).

Release of Initial Member and Others. The Servicer hereby releases and discharges each Prior Servicer 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 Servicer had, has or might have in the future, whether known or unknown, which are related in any manner whatsoever to the servicing of the Loans or Underlying Collateral prior to the applicable Servicing Transfer Date by the Prior Servicers, in each case other than for acts or omissions constituting gross negligence, violation of law or willful misconduct of such Prior Servicer. Multibank Structured Transaction 2009-1 RES-ADC Servicing Agreement 60797449_19 Multibank Structured Transaction 2009-1 RES-ADC Servicing Agreement FDIC - Servicing Agreement - Multibank 2009 - RES-ADC THIS ELECTRONIC TRACKING AGREEMENT (this “Agreement”) is made and entered into as of February 9, 2010 by and among (a) RL RES 2009-1 Investments, LLC (the “Manager”); (b) Quantum Servicing Corporation (the “Servicer”); (c) MERSCORP, Inc. (the “Electronic Agent”); (d) Mortgage Electronic Registration Systems, Inc. (“MERS”); (e) the Federal Deposit Insurance Corporation (in any capacity, the “FDIC”), as receiver (“Receiver”) for various failed financial institutions (including its successors and assigns thereto), as initial member pursuant to the LLC Operating Agreement referred to below (the “Initial Member”); and (f) the FDIC, as Receiver, as collateral agent pursuant to the Reimbursement, Security and Guaranty Agreement referred to below (including its successors and assigns thereto) (the “Collateral Agent”).