Common use of Assignment by Depositor Clause in Contracts

Assignment by Depositor. The Depositor does hereby transfer, assign and otherwise convey unto the Trustee, for the benefit of the Certificateholders and the Certificate Insurer, its right to any recourse to LBAC resulting from the occurrence of a breach of any of their respective representations and warranties contained in Section 3.2 of the Purchase Agreement or from the failure of LBAC to comply with its obligations pursuant to Section 5.5 of the Purchase Agreement. The provisions of this Section 2.5 are intended to grant the Trustee a direct right against LBAC to demand performance under the terms of the Purchase Agreement.

Assignment by Depositor. The Depositor does hereby transfer, assign and otherwise convey unto the Trustee, for the benefit of the Certificateholders [and the Certificate Insurer], its right to any recourse to LBAC resulting from the occurrence of a breach of any of their respective representations and warranties contained in Section 3.2 of the Purchase Agreement or from the failure of LBAC to comply with its obligations pursuant to Section 5.5 of the Purchase Agreement. The provisions of this Section 2.5 are intended to grant the Trustee a direct right against LBAC to demand performance under the terms of the Purchase Agreement.