Common use of Conveyance of the Home Loans Clause in Contracts

Conveyance of the Home Loans. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, convey and assign to the Trust, on behalf of the Securityholders and the Credit Enhancer, without recourse, all its right, title and interest in and to the Initial Home Loans, including but not limited to any rights of the Depositor under the Purchase Agreement. The Depositor shall also provide the Indenture Trustee with the Policy. 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 Initial Home 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 Initial Home Loans, all distributions thereon and all proceeds thereof; and this Trust Agreement shall constitute a security agreement under applicable law.

Conveyance of the Home Loans. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, convey and assign to the Trust, on behalf of the Securityholders and the Credit Enhancer, without recourse, all its right, title and interest in and to the Initial Home Loans, including but not limited to any rights of the Depositor under the Purchase Agreement. The Depositor shall also provide the Indenture Trustee with the Policy. 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 Initial Home 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 Initial Home Loans, all distributions thereon and all proceeds thereof; and this Trust Agreement shall constitute a security agreement under applicable law.

Conveyance of the Home Loans. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, convey convey, sell and assign to the Trust, on behalf of the Securityholders Holders of the Notes and the Credit EnhancerCertificates, without recourse, all its right, title and interest in and to the Initial Home Loans, including but not limited the right to any rights enforce the repurchase and indemnification obligations of the Depositor Seller under the Home Loan Purchase Agreement. The Depositor shall also provide , in exchange for consideration consisting of the Indenture Trustee with Notes and the PolicyTrust Certificates issued by the Trust. The parties hereto intend that, for non-tax purposes, 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 Initial Home Loans. In the event that, for non-tax purposes, that the transaction trans action 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 Initial Home LoansOwner Trust Estate, all distributions thereon and all proceeds thereof; and this Trust Agreement shall constitute a security agreement under applicable law.