Common use of Reassignment of Repurchased Receivables Clause in Contracts

Reassignment of Repurchased Receivables. Upon deposit in the Collection Account of the Repurchase Amount of any Receivable repurchased by the Master Servicer under Section 5.1 hereof, HARC and the Issuer shall take such steps as may be reasonably requested by the Master Servicer in order to assign to the Master Servicer all of HARC's and the Issuer's right, title and interest in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to HARC and the Issuer 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 HARC or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Repurchased Receivable, in any enforcement suit or legal proceeding, it is held that the Master Servicer may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, HARC and the Issuer shall, at the expense of the Master Servicer, take such steps as the Master Servicer deems reasonably necessary to enforce the Receivable, including bringing suit in HARC's or in the Issuer's name.