Common use of Intervening or Missing Assignments Clause in Contracts

Intervening or Missing Assignments. The Company acknowledges and agrees that the Transferor will have no obligation to secure or obtain any missing intervening Mortgage Assignment or other assignment to the Transferor or the Failed Bank that is not contained in the documents or files delivered to the Company or the Custodian pursuant to Section 3.1(b). Neither the absence of any intervening Mortgage Assignment or any Mortgage Assignment to the Transferor, the FDIC or the Failed Bank, nor the existence of any Lien on the Asset or its Collateral, nor any defect in the Lien or priority of the Transferor’s or the Failed Bank’s security interest in the Collateral will give rise to any claim for purchase under Article VI. The Company must bear all responsibility and expense of securing from the appropriate source any intervening Mortgage Assignment or any other assignment to the Transferor, the FDIC or the Failed Bank that may be missing from the documents or files delivered to the Custodian pursuant to Section 3.1(b), but the costs thereof incurred by the Company (or the Manager or the Servicer for the benefit of the Company) will constitute Pre-Approved Charges.

Intervening or Missing Assignments. The Company acknowledges and agrees that the Transferor will shall have no obligation to secure or obtain any missing intervening Mortgage Assignment or other assignment to the Transferor or the any Failed Bank that is not contained in the documents or files delivered to the Company or the Custodian pursuant to Section 3.1(b). Neither the absence of any intervening Mortgage Assignment or any Mortgage Assignment to the Transferor, the FDIC or the any Failed Bank, nor the existence of any Lien on the Asset or its Collateral, nor any defect in the Lien or priority of the Transferor’s or the applicable Failed Bank’s security interest in the Collateral will shall give rise to any claim for purchase under Article VI. The Company must shall bear all responsibility and expense of securing from the appropriate source any intervening Mortgage Assignment or any other assignment to the Transferor, the FDIC or the any Failed Bank that may be missing from the documents or files delivered to the Custodian pursuant to Section 3.1(b), but the costs thereof incurred by the Company (or the Manager or the Servicer for the benefit of the Company) will shall constitute Pre-Pre- Approved Charges.