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, 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 (i) the Home Loans, all interest accruing thereon and all collections in respect thereof received on or after the Cut-off Date, (ii) property which secured a Home Loan and which has been acquired by foreclosure or deed in lieu of foreclosure, (iii) the interest of the Depositor in any insurance policies in respect of the Home Loans, and (iv) all proceeds of the foregoing. The Depositor will also provide the Trust with the Credit Enhancement Instrument. The parties hereto intend 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 Home Loans. 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 (i) the Home Loans, all interest accruing thereon and all collections in respect thereof received on or after the Cut-off Date, (ii) property which secured a Home Loan and which has been acquired by foreclosure or deed in lieu of foreclosure, (iii) the interest of the Depositor in any insurance policies in respect of the Home Loans, and (iv) all proceeds of the foregoing and 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, sell and assign to the Trust, on behalf of the Holders of the Notes and the Certificates and the Credit EnhancerCertificates, without recourse, all its right, title and interest in and to (i) the Home Loans, all interest accruing thereon and all collections in respect thereof received on or after the Cut-off Date, (ii) property which secured a Home Loan and which has been acquired by foreclosure or deed in lieu of foreclosure, (iii) the interest of the Depositor in any insurance policies in respect of the Home Loans, and (iv) all proceeds of the foregoing. The Depositor will also provide the Trust with the Credit Enhancement Instrument. The parties hereto intend 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 Home Loans. 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 (i) the Home Loans, all interest accruing thereon and all collections in respect thereof received on or after the Cut-off Date, (ii) property which secured a Home Loan and which has been acquired by foreclosure or deed in lieu of foreclosure, (iii) the interest of the Depositor in any insurance policies in respect of the Home Loans, and (iv) all proceeds of the foregoing and all distributions thereon and all proceeds thereof; and this Trust Agreement shall constitute a security agreement under applicable law.