Common use of CONVEYANCE OF THE GRANTOR TRUST CERTIFICATE Clause in Contracts

CONVEYANCE OF THE GRANTOR TRUST CERTIFICATE. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, convey, sell and assign to the Trust, on behalf of the Holders of the Notes and the Owner Trust Certificate, without recourse, all its right, title and interest in and to the Grantor Trust Certificate. The Depositor intends that the transaction set forth herein be a sale by the Depositor to the Trust of all of its right, title and interest in and to the Grantor Trust Certificate. In the event that the transaction set forth herein is not deemed to be a sale, the Depositor hereby grants to the Trust a security interest in all of its right, title and interest in, to and under the Owner Trust Estate, all distributions thereon and all proceeds thereof; and this Owner Trust Agreement shall constitute a security agreement under applicable law. For income tax purposes the Depositor hereto intends that the transactions set forth herein shall not be a taxable event.