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

Conveyance of the Home Equity Loans. 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 Certificates and the Credit Enhancer, without recourse, all its right, title and interest in and to the Home Equity Loans. The Depositor will also provide the Trust with the Policy. The Depositor, as assignee of Residential Funding under the Purchase Agreement, hereby assigns to the Issuer all of its right, title and interest in respect of the Purchase Agreement applicable to a Home Equity Loan. Insofar as the Purchase Agreement relates to the representations and warranties made by Residential Funding in respect of such Home Equity Loan and any remedies provided thereunder for any breach of such representations and warranties, the Depositor acknowledges that such right, title and interest may be enforced by or on behalf of the Issuer. The parties hereto intend that, for non-tax purposes, 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 Home Equity Loans. In the event that, for non-tax purposes, 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 Trust Agreement shall constitute a security agreement under applicable law.

Conveyance of the Home Equity Loans. 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 Certificates and the Credit Enhancer, without recourse, all its right, title and interest in and to the Home Equity Loans. The Depositor will also provide the Trust with the Group I Policy and the Group II Policy. The Depositor, as assignee of Residential Funding under the Purchase Agreement, hereby assigns to the Issuer all of its right, title and interest in respect of the Purchase Agreement applicable to a Home Equity Loan. Insofar as the Purchase Agreement relates to the representations and warranties made by Residential Funding in respect of such Home Equity Loan and any remedies provided thereunder for any breach of such representations and warranties, the Depositor acknowledges that such right, title and interest may be enforced by or on behalf of the Issuer. The parties hereto intend that, for non-tax purposes, 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 Home Equity Loans. In the event that, for non-tax purposes, 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 Trust Agreement shall constitute a security agreement under applicable law.