Common use of Conveyance of Interests Clause in Contracts

Conveyance of Interests. Effective as of the Closing Date, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the Trustee, without recourse, in trust, all the right, title and interest of the Depositor in and to (i) the REMIC I Regular Interests in exchange for the REMIC II Certificates, (ii) the REMIC II Regular Interests in exchange for the REMIC III Certificates (other than the portion of the Class P Certificates representing the right to Excess Interest) and (iii) the right to receive Excess Interest in exchange for the Class P Grantor Trust Interest.