Common use of No Assumption of Liability to Fund Bank of America DTC Loan Notes Clause in Contracts

No Assumption of Liability to Fund Bank of America DTC Loan Notes. By their purchase of Seasoned Loans (and any related Bank of America DTC Notes), neither FMC nor any Purchaser Trust, shall assume any liability, responsibility or obligation with respect to any disbursements or reimbursements that are due and owing, or which are, or may be alleged to be due and owing, by Program Lender to any Seasoned Loan borrower by reason of the Seasoned Loans included in the Pool and evidenced by the Bank of America DTC Notes. Notwithstanding the foregoing, FMC or the Purchaser Trust shall assume from Program Lender any liability to repurchase from XXXX a defaulted Bank of America DTC Loan upon cure of the default, with respect to any such Bank of America DTC Loan that would be a Seasoned Loan but for such default and purchase by XXXX. Such repurchase obligation shall be governed by the Certificate of Guaranty described in Section 3.01(b) (7), above. Such Certificate of Guaranty should be substantially in the form of Exhibit C of the Guaranty Agreement.

No Assumption of Liability to Fund Bank of America DTC Loan Notes. By their purchase of Seasoned Loans (and any related Bank of America DTC Notes), neither FMC nor any Purchaser Trust, shall assume any liability, responsibility or obligation with respect to any disbursements or reimbursements that are due and owing, or which are, or may be alleged to be due and owing, by Program Lender to any Seasoned Loan borrower by reason of the Seasoned Loans included in the Pool and evidenced by the Bank of America DTC Notes. Notwithstanding the foregoing, FMC or the Purchaser Trust shall assume from Program Lender any liability to repurchase from XXXX TXXX a defaulted Bank of America DTC Loan upon cure of the default, with respect to any such Bank of America DTC Loan that would be a Seasoned Loan but for such default and purchase by XXXXTXXX. Such repurchase obligation shall be governed by the Certificate of Guaranty described in Section 3.01(b) (7), above. Such Certificate of Guaranty should be substantially in the form of Exhibit C of the Guaranty Agreement.