Common use of Assignment of Loan Clause in Contracts

Assignment of Loan. The Trust Depositor may cause the Lenders to assign the Loan to the Trust Depositor or a third party designated by the Trust Depositor at a price to be calculated by the Agent to be the market value of the Loan as of the date of transfer ("Transfer Date"). If the Trust Depositor elects that the Loan be transferred in the manner described in this paragraph, the Trust Depositor shall furnish notice of such election, including the party to whom the transfer of the Loan is to be made and the proposed Transfer Date, to the Agent no less than 25 days (or such lesser number of days as shall be satisfactory to the Agent) prior to such Transfer Date (and the Lenders shall enter into an Assignment Agreement in the form of Exhibit A pursuant to which such assignee Lender has agreed in writing to assume the rights and obligations of the assignor Lenders (to the extent of such Assignment).