Common use of Intervening or Missing Assignments Clause in Contracts

Intervening or Missing Assignments. The Company acknowledges and agrees that the Initial Member shall have no obligation to secure or obtain any missing intervening assignment or any assignment to the Initial Member or the Failed Bank that is not contained in the Loan File or among the Collateral Documents. Neither the absence of any intervening assignment or any assignment to the Initial Member or the Failed Bank, nor the existence of any Lien on the Loan or its Collateral, nor any defect in the Lien or priority of the Initial Member’s or the Failed Bank’s security interest in the Collateral shall give rise to any claim for purchase under Article VI. The Company shall bear all responsibility and expense of securing from the appropriate source any intervening assignment or any assignment to the Initial Member or the Failed Bank that may be missing from the Collateral Documents, but the cost thereof shall constitute a Pre-Approved Charge for purposes of the Participation Agreement.