Use of Special Legal Powers. The Receiver may direct usage by the Assuming Institution of any special legal powers of the Receiver, and the Assuming Institution acknowledges and agrees that any special legal powers belong to and are possessed by the Receiver, and not the Assuming Institution. The Assuming Institution shall: (i) comply in all respects with any direction from the Receiver and with any protocols, directives or interpretive memoranda issued from time to time by the Receiver or the Corporation; (ii) upon request of the Receiver, notify the Receiver of the status of any legal action in which any special legal power or right is utilized; and (iii) immediately notify the Receiver of any judgment or significant order in any legal action involving any of such special powers or rights.
Appears in 3 contracts
Sources: Commercial Shared Loss Agreement, Commercial Shared Loss Agreement (First Citizens Bancshares Inc /De/), Single Family Shared Loss Agreement