Common use of Sale Treatment of the Home Equity Loans and Qualified Replacement Mortgages Clause in Contracts

Sale Treatment of the Home Equity Loans and Qualified Replacement Mortgages. (a) The transfer by the Seller and the Conduit Seller to the Depositor and by the Depositor to the Trustee of the Home Equity Loans set forth on the applicable Schedule of Home Equity Loans is absolute and is intended by the Owners and all parties hereto to be treated as a sale by the Seller, the Conduit Seller and the Depositor for bankruptcy law purposes. In the event that any such conveyance is deemed to be a loan, the parties intend that each of the Seller and the Conduit Seller shall be deemed to have granted to the Depositor and the Depositor shall be deemed to have granted to the Trustee a security interest in the Trust Estate, and that this Agreement shall constitute a security agreement under applicable law.

Sale Treatment of the Home Equity Loans and Qualified Replacement Mortgages. (a) The transfer by the Seller and the Conduit Seller to the Depositor and by the Depositor to the Trustee of the Home Equity Loans set forth on the applicable Schedule of Home Equity Loans is absolute and is intended by the Owners and all parties hereto to be treated as a sale by the Seller, the Conduit Seller and the Depositor for bankruptcy law purposesDepositor. In the event that any such conveyance is deemed to be a loan, the parties intend that each of the Seller and the Conduit Seller shall be deemed to have granted to the Depositor and the Depositor shall be deemed to have granted to the Trustee a security interest in the Trust Estate, and that this Agreement shall constitute a security agreement under applicable law.

Sale Treatment of the Home Equity Loans and Qualified Replacement Mortgages. (a) The transfer by the Seller and the Conduit Seller Sellers to the Depositor and by the Depositor to the Trustee of the Home Equity Loans set forth on the applicable Schedule of Home Equity Loans is absolute and is intended by the Owners and all parties hereto to be treated as a sale by the Seller, the Conduit Seller Sellers and the Depositor for bankruptcy law purposesDepositor. In the event that any such conveyance is deemed to be a loan, the parties intend that each of the Seller and the Conduit Seller Sellers shall be deemed to have granted to the Depositor and the Depositor shall be deemed to have granted to the Trustee a security interest in the Trust Estate, and that this Agreement shall constitute a security agreement under applicable law.