Common use of Reassignment of Purchased Loans Clause in Contracts

Reassignment of Purchased Loans. Upon deposit of the Repurchase Price of any Loan repurchased or replaced by CFC under Section 5.1, CFSC shall cause the Trustee to take such steps as may be reasonably requested by CFC in order to assign to CFC all of CFSC's and the Trust's right, title and interest in and to such Loan and all security and documents and all Other Conveyed Property conveyed to CFSC and the Trust directly relating thereto, without recourse, representation or warranty, except as to the absence of liens, charges or encumbrances created by or arising as a result of actions of CFSC or the Trustee. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Loan, in any enforcement suit or legal proceeding, it is held that CFC may not enforce any such Loan on the ground that it shall not be a real party in interest or a holder entitled to enforce the Loan, CFSC and the Trustee shall, at the expense of CFC, take such steps as CFC deems reasonably necessary to enforce the Loan, including bringing suit in CFSC's or the Trustee's name.

Reassignment of Purchased Loans. Upon deposit of the ------------------------------- Repurchase Price of any Loan repurchased or replaced by CFC under Section 5.1, CFSC shall cause the Trustee to take such steps as may be reasonably requested by CFC in order to assign to CFC all of CFSC's and the Trust's right, title and interest in and to such Loan and all security and documents and all Other Conveyed Property conveyed to CFSC and the Trust directly relating thereto, without recourse, representation or warranty, except as to the absence of liens, charges or encumbrances created by or arising as a result of actions of CFSC or the Trustee. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Loan, in any enforcement suit or legal proceeding, it is held that CFC may not enforce any such Loan on the ground that it shall not be a real party in interest or a holder entitled to enforce the Loan, CFSC and the Trustee shall, at the expense of CFC, take such steps as CFC deems reasonably necessary to enforce the Loan, including bringing suit in CFSC's or the Trustee's name.

Reassignment of Purchased Loans. Upon deposit in the Collection Account of the Repurchase Price Purchase Amount of any Loan repurchased or replaced by CFC GTFC under Section 5.1, CFSC and the Owner Trustee shall cause the Trustee to take such steps as may be reasonably requested by CFC GTFC in order to assign to CFC GTFC all of CFSC's and the Trust's right, title and interest in and to such Loan and all security and documents and all Other Conveyed Property conveyed to CFSC and the Trust directly relating thereto, without recourse, representation or warranty, except as to the absence of liens, charges or encumbrances created by or arising as a result of actions of CFSC or the Owner Trustee. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Loan, in any enforcement suit or legal proceeding, it is held that CFC GTFC may not enforce any such Loan on the ground that it shall not be a real party in interest or a holder entitled to enforce the Loan, CFSC and the Owner Trustee shall, at the expense of CFCGTFC, take such steps as CFC GTFC deems reasonably necessary to enforce the Loan, including bringing suit in CFSC's or the Owner Trustee's name.

Reassignment of Purchased Loans. Upon deposit of the Repurchase Price of any Loan repurchased or replaced by CFC Seller under Section 5.1, CFSC shall cause the Owner Trustee and the Indenture Trustee to take such steps as may be reasonably requested by CFC Seller in order to assign to CFC Seller all of CFSC's and the Trust's right, title and interest in and to such Loan and all security and documents and all Other Conveyed Property conveyed to CFSC and the Trust directly relating thereto, without recourse, representation or warranty, except as to the absence of liens, charges or encumbrances created by or arising as a result of actions of CFSC CFSC, the Owner Trustee or the Indenture Trustee. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Loan, in any enforcement suit or legal proceeding, it is held that CFC Seller may not enforce any such Loan on the ground that it shall not be a real party in interest or a holder entitled to enforce the Loan, CFSC and the Owner Trustee shall, at the expense of CFCSeller, take such steps as CFC Seller deems reasonably necessary to enforce the Loan, including bringing suit in CFSC's or the Owner Trustee's name.

Reassignment of Purchased Loans. Upon deposit of the Repurchase Price of any Loan repurchased or replaced by CFC GTFC under Section 5.1, CFSC shall cause the Trustee to take such steps as may be reasonably requested by CFC GTFC in order to assign to CFC GTFC all of CFSC's and the Trust's right, title and interest in and to such Loan and all security and documents and all Other Conveyed Property conveyed to CFSC and the Trust directly relating thereto, without recourse, representation or warranty, except as to the absence of liens, charges or encumbrances created by or arising as a result of actions of CFSC or the Trustee. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Loan, in any enforcement suit or legal proceeding, it is held that CFC GTFC may not enforce any such Loan on the ground that it shall not be a real party in interest or a holder entitled to enforce the Loan, CFSC and the Trustee shall, at the expense of CFCGTFC, take such steps as CFC GTFC deems reasonably necessary to enforce the Loan, including bringing suit in CFSC's or the Trustee's name.