Recharacterization. The Parties intend the conveyance by the Depositor to the Trustee of all of its right, title and interest in and to the Trust Estate pursuant to this Agreement to constitute a purchase and sale and not a loan. Notwithstanding the foregoing, to the extent that such conveyance is held not to constitute a sale under applicable law, it is intended that this Agreement shall constitute a security agreement under applicable law and that the Depositor shall be deemed to have granted to the Trustee a first priority security interest in all of the Depositor's right, title and interest in and to the Trust Estate. The Master Servicer shall take all actions, including, without limitation, filing any Uniform Commercial Code continuation statements, as shall be necessary to perfect or maintain the perfection of such security interest.
Appears in 32 contracts
Samples: Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2007-1 Trust), Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-4 Trust.), Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-Ar2 Trust)
