Common use of Conveyance of the Contracts Clause in Contracts

Conveyance of the Contracts. The Depositor, concurrently with the execution and delivery hereof, does hereby contribute, transfer, convey and assign to the Trust, on behalf of the Holders of the Notes and the Certificates, without recourse, all its right, title and interest in and to the Contracts, including all interest and principal received on or with respect to the Contracts after the Cut-off Date (other than payments of principal and interest due on the Contracts on or before the Cut-off Date). In addition, the Depositor hereby assigns to the Trust all of its right, title, and interest in, to, and under the Asset Purchase Agreement. Upon assignment to the Depositor of any Eligible Substitute Contract under the Asset Purchase Agreement, the Depositor shall, and hereby does, assign the same to the Issuer.

Conveyance of the Contracts. The Depositor, concurrently with the execution and delivery hereof, does hereby contribute, transfer, convey and assign to the Trust, on behalf of the Holders of the Notes and the CertificatesCertificates and the Note Insurer, without recourse, all its right, title and interest in and to the Contracts, including all interest and principal received on or with respect to the Contracts after the Cut-off Date (other than payments of principal and interest due on the Contracts on or before the Cut-off Date). In addition, the Depositor hereby assigns to the Trust all of its right, title, and interest in, to, and under the Asset Purchase Agreement. Upon assignment to the Depositor of any Eligible Substitute Contract under the Asset Purchase Agreement, the Depositor shall, and hereby does, assign the same to the IssuerIssuing Entity.