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

Conveyance of the Initial Home Loans. (a) As of the Closing Date, in consideration of the Issuer's delivery of the Notes, Certificates and Residual Interest Instruments to the Seller or its designee, upon the order of the Seller, the Seller, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Seller in and to the Trust Estate. The foregoing sale, transfer, assignment, set over and conveyance does not and is not intended to result in a creation or an assumption by the Issuer of any obligation of the Seller, the Transferor or any other person in connection with the Trust Estate or under any agreement or instrument relating thereto except as specifically set forth herein. (b) As of the Closing Date, the Issuer acknowledges the conveyance to it of the Trust Estate, including from the Seller all right, title and interest of the Seller in and to the Trust Estate, receipt of which is hereby acknowledged by the Issuer. Concurrently with such delivery and in exchange therefor, the Issuer has pledged to the Indenture Trustee the Trust Estate and the Indenture Trustee, pursuant to the written instructions of the Issuer, has executed and caused to be authenticated and delivered the Notes to the Seller or its designee, upon the order of the Issuer. In addition, concurrently with such delivery and in exchange therefor, the Owner Trustee, pursuant to the instructions of the Seller, has executed (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer) and caused to be authenticated and delivered the Certificates and the Residual Interest to the Seller or its designee, upon the order of the Seller.

Conveyance of the Initial Home Loans. (a) As of the ------------------------------------ Closing Date, in consideration of the Issuer's delivery of the Notes, Certificates Notes and the Residual Interest Instruments Certificate to the Seller or its designee, upon the order of the Seller, the Seller, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Seller in and to the Trust Estate. The foregoing sale, transfer, assignment, set over and conveyance does not and is not intended to result in a creation or an assumption by the Issuer of any obligation of the Seller, the Transferor or any other person Person in connection with the Trust Estate or under any agreement or instrument relating thereto except as specifically set forth herein. (b) As of the Closing Date, the Issuer acknowledges the conveyance to it by the Seller of all of the Trust Estate, including from the Seller all Seller's right, title and interest of the Seller in and to the Trust Estate, receipt of which is hereby acknowledged by the Issuer. Concurrently with such delivery and in exchange therefordelivery, the Issuer has pledged to the Indenture Trustee the Trust Estate Estate, and in exchange for the Indenture Trusteeconveyance to it by the Seller of all of the Seller's right, pursuant title and interest in and to the written instructions Trust Estate (i) the Owner Trustee (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer, ) has executed the Notes and (ii) the Issuer has caused the Indenture Trustee to be authenticated authenticate and delivered deliver the Notes to the Seller or its designee, upon the order of the Issuer. In addition, concurrently with such the delivery to the Issuer of all of the Seller's right, title and interest in and to the Trust Estate and in exchange therefor, the Owner Trustee, pursuant to the instructions of the Seller, has executed (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer) and caused to be authenticated and delivered the Certificates and the Residual Interest Certificate to the Seller or its designee, upon the order of the Seller.

Conveyance of the Initial Home Loans. (a) As of the Closing ------------------------------------ Date, in consideration of the Issuer's delivery of the Notes, Certificates Notes and the Residual Interest Instruments Certificate to the Seller or its designee, upon the order of the Seller, the Seller, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Seller in and to the Trust EstateEstate and the Certificate Distribution Account. The foregoing sale, transfer, assignment, set over and conveyance does not and is not intended to result in a creation or an assumption by the Issuer of any obligation of the Seller, the Transferor or any other person Person in connection with the Trust Estate or under any agreement or instrument relating thereto except as specifically set forth herein. (b) As of the Closing Date, the Issuer acknowledges the conveyance to it by the Seller of all of the Trust Estate, including from the Seller all Seller's right, title and interest of the Seller in and to the Trust Estate, receipt of which is hereby acknowledged by the Issuer. Concurrently with such delivery and in exchange therefordelivery, the Issuer has pledged to the Indenture Trustee the Trust Estate Estate, and in exchange for the Indenture Trusteeconveyance to it by the Seller of all of the Seller's right, pursuant title and interest in and to the written instructions Trust Estate (i) the Owner Trustee (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer, ) has executed the Notes and (ii) the Issuer has caused the Indenture Trustee to be authenticated authenticate and delivered deliver the Notes to the Seller or its designee, upon the order of the Issuer. In addition, concurrently with such the delivery to the Issuer of all of the Seller's right, title and interest in and to the Trust Estate and in exchange therefor, the Owner Trustee, pursuant to the instructions of the Seller, has executed (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer) and caused to be authenticated and delivered the Certificates and the Residual Interest Certificate to the Seller or its designee, upon the order of the Seller.

Conveyance of the Initial Home Loans. (a) As of the Closing Date, in consideration of the Issuer's delivery of the Notes, Certificates Notes and the Residual Interest Instruments Certificate to the Seller or its designee, upon the order of the Seller, the Seller, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Seller in and to the Trust EstateEstate and the Certificate Distribution Account. The foregoing sale, transfer, assignment, set over and conveyance does not and is not intended to result in a creation or an assumption by the Issuer of any obligation of the Seller, the Transferor or any other person Person in connection with the Trust Estate or under any agreement or instrument relating thereto except as specifically set forth herein. (b) As of the Closing Date, the Issuer acknowledges the conveyance to it by the Seller of all of the Trust Estate, including from the Seller all Seller's right, title and interest of the Seller in and to the Trust Estate, receipt of which is hereby acknowledged by the Issuer. Concurrently with such delivery and in exchange therefordelivery, the Issuer has pledged to the Indenture Trustee the Trust Estate Estate, and in exchange for the Indenture Trusteeconveyance to it by the Seller of all of the Seller's right, pursuant title and interest in and to the written instructions Trust Estate (i) the Owner Trustee (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer, ) has executed the Notes and (ii) the Issuer has caused the Indenture Trustee to be authenticated authenticate and delivered deliver the Notes to the Seller or its designee, upon the order of the Issuer. In addition, concurrently with such the delivery to the Issuer of all of the Seller's right, title and interest in and to the Trust Estate and in exchange therefor, the Owner Trustee, pursuant to the instructions of the Seller, has executed (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer) and caused to be authenticated and delivered the Certificates and the Residual Interest Certificate to the Seller or its designee, upon the order of the Seller.

Conveyance of the Initial Home Loans. (a) As of the ------------------------------------ Closing Date, in consideration of the Issuer's delivery of the Notes, Certificates and Residual Interest Instruments to the Seller or its designee, upon the order of the Seller, the Seller, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Seller in and to the Trust Estate. The foregoing sale, transfer, assignment, set over and conveyance does not and is not intended to result in a creation or an assumption by the Issuer of any obligation of the Seller, the Transferor or any other person Person in connection with the Trust Estate or under any agreement or instrument relating thereto except as specifically set forth herein. (b) As of the Closing Date, the Issuer acknowledges the conveyance to it by the Seller of all of the Trust Estate, including from the Seller all Seller's right, title and interest of the Seller in and to the Trust Estate, receipt of which is hereby acknowledged by the Issuer. Concurrently with such delivery and in exchange therefordelivery, the Issuer has pledged to the Indenture Trustee the Trust Estate Estate, and in exchange for the Indenture Trusteeconveyance to it by the Seller of all of the Seller's right, pursuant title and interest in and to the written instructions Trust Estate (i) the Owner Trustee (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer, ) has executed the Notes and (ii) the Issuer has caused the Indenture Trustee to be authenticated authenticate and delivered deliver the Notes to the Seller or its designee, upon the order of the Issuer. In addition, concurrently with such the delivery to the Issuer of all of the Seller's right, title and interest in and to the Trust Estate and in exchange therefor, the Owner Trustee, pursuant to the instructions of the Seller, has executed (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer) and caused to be authenticated and delivered the Certificates and the Residual Interest to the Seller or its designee, upon the order of the Seller.

Conveyance of the Initial Home Loans. (a) As of the ------------------------------------ Closing Date, in consideration of the Issuer's delivery of the Notes, Certificates Notes and the Residual Interest Instruments Certificate to the Seller or its designee, upon the order of the Seller, the Seller, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Seller in and to the Trust EstateEstate and the Certificate Distribution Account. The foregoing sale, transfer, assignment, set over and conveyance does not and is not intended to result in a creation or an assumption by the Issuer of any obligation of the Seller, the Transferor or any other person Person in connection with the Trust Estate or under any agreement or instrument relating thereto except as specifically set forth herein. (b) As of the Closing Date, the Issuer acknowledges the conveyance to it by the Seller of all of the Trust Estate, including from the Seller all Seller's right, title and interest of the Seller in and to the Trust Estate, receipt of which is hereby acknowledged by the Issuer. Concurrently with such delivery and in exchange therefordelivery, the Issuer has pledged to the Indenture Trustee the Trust Estate Estate, and in exchange for the Indenture Trusteeconveyance to it by the Seller of all of the Seller's right, pursuant title and interest in and to the written instructions Trust Estate (i) the Owner Trustee (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer, ) has executed the Notes and (ii) the Issuer has caused the Indenture Trustee to be authenticated authenticate and delivered deliver the Notes to the Seller or its designee, upon the order of the Issuer. In addition, concurrently with such the delivery to the Issuer of all of the Seller's right, title and interest in and to the Trust Estate and in exchange therefor, the Owner Trustee, pursuant to the instructions of the Seller, has executed (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer) and caused to be authenticated and delivered the Certificates and the Residual Interest Certificate to the Seller or its designee, upon the order of the Seller.

Conveyance of the Initial Home Loans. (a) As of the Closing Date, in consideration of the Issuer's delivery of the Notes, Certificates and Residual Interest Instruments Notes to the Seller or its designee, upon the order of the Seller, the Seller, as of the Closing Date and concurrently with the execution and delivery hereof, does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, but subject to the other terms and provisions of this Agreement, all of the right, title and interest of the Seller in and to the Trust Estate. The foregoing sale, transfer, assignment, set over and conveyance does not and is not intended to result in a creation or an assumption by the Issuer of any obligation of the Seller, the Transferor Seller or any other person Person in connection with the Trust Estate or under any agreement or instrument relating thereto except as specifically set forth herein. (b) As of the Closing Date, the Issuer acknowledges the conveyance to it of the Trust EstateEstate from the Seller, including from the Seller all right, title and interest of the Seller in and to the Trust Estate, receipt of which is hereby acknowledged by the Issuer. Concurrently with such delivery and in exchange therefor, the Issuer has pledged to the Indenture Trustee the Trust Estate Estate, and the Indenture Trustee, pursuant to the written instructions of the Issuer, Issuer has executed and caused to be authenticated and delivered the Notes to the Seller or its designee, upon the order of the Issuer. In addition, concurrently with such delivery and in exchange therefor, the Owner Trustee, pursuant to the instructions of the Seller, has executed (not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer) and caused to be authenticated and delivered the Certificates and the Residual Interest to the Seller or its designee, upon the order of the Seller.