Common use of Transfer of Assets and Liabilities Clause in Contracts

Transfer of Assets and Liabilities. The Receiver and the Bridge Bank agree, upon the request of the other Party, to execute, record and deliver, as appropriate any such notices, instruments or documents of conveyance, or undertake any proceedings, as necessary to vest in the appropriate Party its full legal or equitable title in and to the assets, liabilities, obligations, Litigation, and Claims of the Failed Bank as allocated by this Agreement. The Bridge Bank will prepare or obtain any necessary notices, instruments or documents of conveyance (in form and substance satisfactory to the Receiver) necessary to ensure that all Transferred Assets and Assumed Liabilities are transferred to the Bridge Bank in compliance with law and other applicable requirements, and are properly held in the Bridge Bank’s name. The Bridge Bank is responsible for delivering all such notices, recording or filing any instruments or documents of conveyance necessary to meet its obligations under this Section