Common use of Conveyance of the Home Equity Loans Clause in Contracts

Conveyance of the Home Equity Loans. The Seller hereby bargains, sells, conveys, assigns and transfers to the Depositor, in trust, without recourse and for the exclusive benefit of the Owners of the Notes and the Insurer, all of its right, title and interest in and to any and all benefits accruing from (a) the Home Equity Loans, which the Depositor will cause to be delivered to the Custodian on behalf of the Indenture, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Indenture in the Distribution Account and the Cross-Collateralization Reserve Accounts, together with investment earnings on such amounts and such amounts as may be held in the name the Indenture in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer), and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Notes as specified herein. In addition to the foregoing, the Depositor shall cause the Insurer to deliver the three Insurance Policies to the Indenture Trustee for the benefit of the Owners of the Notes of each Class. The Depositor, concurrently with the execution and delivery hereof, hereby sells, transfers, assigns, sets over and otherwise conveys to the Trust, to be included as Xxx-Xxxxx 0, Xxx-Xxxxx 2 or Sub-Trust 3, as specified in the Schedule of Home Equity Loans, without recourse, all the right, title and interest of the Depositor in and to the Trust Estate. The Indenture Trustee acknowledges such sale, accepts the trusts hereunder in accordance with the provisions hereof and the Indenture Trustee agrees to perform the duties herein to the best of its ability to the end that the interests of the Owners may be adequately and effectively protected.

Conveyance of the Home Equity Loans. The Seller hereby bargains, sells, conveys, assigns and transfers to the Depositor, in trust, without recourse and for the exclusive benefit of the Owners of the Notes and the Insurer, all of its right, title and interest in and to any and all benefits accruing from (a) the Home Equity Loans, which the Depositor will cause to be delivered to the Custodian on behalf of the Indenture, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Indenture in the Distribution Account and the Cross-Collateralization Reserve Accounts, together with investment earnings on such amounts and such amounts as may be held in the name the Indenture in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer), and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Notes as specified herein. In addition to the foregoing, the Depositor shall cause the Insurer to deliver the three Insurance Policies to the Indenture Trustee for the benefit of the Owners of the Notes of each Class. The Depositor, concurrently with the execution and delivery hereof, hereby sells, transfers, assigns, sets over and otherwise conveys to the Trust, to be included as Xxx-Xxxxx 0, Xxx-Xxxxx 2 or Sub-Trust 3, as specified in the Schedule of Home Equity Loans, without recourse, all the right, title and interest of the Depositor in and to the Trust Estate. The Indenture Trustee acknowledges such sale, accepts the trusts hereunder in accordance with the provisions hereof and the Indenture Trustee agrees to perform the duties herein to the best of its ability to the end that the interests of the Owners may be adequately and effectively protected.