Common use of Purchase and Sale of Initial Mortgage Loans Clause in Contracts

Purchase and Sale of Initial Mortgage Loans. The Depositor does hereby sell, transfer, assign, set over and convey to the Trustee without recourse but subject to the terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Initial Mortgage Loans, and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders and the Certificate Insurer. In connection with such transfer and assignment, and pursuant to Section 2.07 of the Purchase Agreement, the Depositor does hereby also irrevocably transfer, assign, set over and otherwise convey to the Trustee all of its rights under the Purchase Agreement including, without limitation, its right to exercise the remedies created by Sections 2.05 and 3.05 of the Purchase Agreement for defective documentation and for breaches of representations and warranties, agreements and covenants of the Seller and the Originators contained in Sections 3.01, 3.02 and 3.03 of the Purchase Agreement.

Purchase and Sale of Initial Mortgage Loans. The Depositor does hereby sell, transfer, assign, set over and convey to the Trustee without recourse but subject to the terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the related Initial Mortgage Loans, and all other assets included or to be included in the each Trust Fund for the benefit of the related Certificateholders and the Certificate Insurer. In connection with such transfer and assignment, and pursuant to Section 2.07 of the Purchase Agreement, the Depositor does hereby also irrevocably transfer, assign, set over and otherwise convey to the Trustee all of its rights under (but not obligations under) the Purchase Agreement including, without limitation, its right to exercise the remedies created by Sections 2.05 2.06 and 3.05 3.04 of the Purchase Agreement for defective documentation and for breaches of representations and warranties, agreements and covenants of the Seller and the Originators contained in Sections 3.01, 3.01 and 3.02 and 3.03 of the Purchase Agreement.

Purchase and Sale of Initial Mortgage Loans. The Depositor does hereby sell, transfer, assign, set over and convey to the Trustee without recourse but subject to the terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Initial Mortgage Loans, and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders and the Certificate Insurer. In connection with such transfer and assignment, and pursuant to Section 2.07 of the Purchase Agreement, the Depositor does hereby also irrevocably transfer, assign, set over and otherwise convey to the Trustee all of its rights under (but not obligations under) the Purchase Agreement including, without limitation, its right to exercise the remedies created by Sections 2.05 2.06 and 3.05 3.04 of the Purchase Agreement for defective documentation and for breaches of representations and warranties, agreements and covenants of the Seller and the Originators contained in Sections 3.01, 3.01 and 3.02 and 3.03 of the Purchase Agreement.