Common use of Assignment of Indemnities Clause in Contracts

Assignment of Indemnities. The Seller acknowledges that, pursuant to the Second Tier Purchase and Sale Agreement, the Purchaser shall assign its rights of indemnity hereunder to the Borrower, and pursuant to the Loan and Servicing Agreement, the Borrower shall assign its rights of indemnity granted hereunder to the Trustee, on behalf of the Secured Parties. Upon such assignment, (a) the Trustee, on behalf of the Secured Parties, shall have all rights of the Purchaser hereunder and may in turn assign such rights, and (b) the obligations of the Seller under this Section 9.2 shall inure to the Trustee, on behalf of the Secured Parties. The Seller agrees that, upon such assignment, the Trustee, on behalf of the Secured Parties, may enforce directly, without joinder of the Purchaser or the Borrower, the indemnities set forth in this Article IX.

Assignment of Indemnities. The Seller acknowledges that, pursuant to the Second Tier Purchase and Sale Agreement, the Purchaser shall assign its rights of indemnity hereunder to the Borrower, and pursuant to the Loan Amended and Restated Sale and Servicing Agreement, the Borrower shall assign its rights of indemnity granted hereunder to the Trustee, on behalf of the Secured Parties. Upon such assignment, (a) the Trustee, on behalf of the Secured Parties, shall have all rights of the Purchaser hereunder and may in turn assign such rights, and (b) the obligations of the Seller under this Section 9.2 shall inure to the Trustee, on behalf of the Secured Parties. The Seller agrees that, upon such assignment, the Trustee, on behalf of the Secured Parties, may enforce directly, without joinder of the Purchaser or the Borrower, the indemnities set forth in this Article IX.

Assignment of Indemnities. The Seller acknowledges that, pursuant to the Second Tier Purchase and Sale Agreement, the Purchaser shall assign its rights of indemnity hereunder to the Borrower, and pursuant to the Loan and Servicing Note Purchase Agreement, the Borrower shall assign its rights of indemnity granted hereunder to the Trustee, on behalf of the Secured Parties. Upon such assignment, (a) the Trustee, on behalf of the Secured Parties, shall have all rights of the Purchaser hereunder and may in turn assign such rights, and (b) the obligations of the Seller under this Section 9.2 shall inure to the Trustee, on behalf of the Secured Parties. The Seller agrees that, upon such assignment, the Trustee, on behalf of the Secured Parties, may enforce directly, without joinder of the Purchaser or the Borrower, the indemnities set forth in this Article IX.