Common use of Conveyance of Class Clause in Contracts

Conveyance of Class. L3-C Regular Interest . The Company does hereby irrevocably sell, transfer, assign, set over, and otherwise convey to the Trust, without recourse, all the Company’s right, title and interest in and to the Class L3-C Regular Interest. The Trust, as payment of the purchase price of the Class L3-C Regular Interest, shall issue the Class C Certificates and the Class R-4 Residual Interest to the Company on the Closing Date. Pursuant to Section 3818 of the Statutory Trust Statute, the REMIC I Regular Interests, the REMIC II Regular Interests, and the Class L3-C Regular Interest shall not be cancelled and shall be held as treasury interests owned by the Trust. The Class C Certificates and the Class R-4 Residual Interest shall together be a separate series of beneficial interests in the assets of the Trust consisting of the Class L3-C Regular Interest pursuant to Section 3806(b)(2) of the Statutory Trust Statute. It is the express intent of the parties hereto that the conveyance of the Class L3-C Regular Interest to the Trust by the Company as provided in this Section 2.18 be, and be construed as, an absolute sale of the Class L3-C Regular Interest. It is, further, not the intention of the parties that such conveyance be deemed the grant of a security interest in the Class L3-C Regular Interest by the Company to the Trust to secure a debt or other obligation of the Company. However, in the event that, notwithstanding the intent of the parties, the Class L3-C Regular Interest are held to be the property of the Company, or if for any other reason this Agreement is held or deemed to create a security interest in the Class L3-C Regular Interest, then

Conveyance of Class. L3-C Regular Interest . The Company does hereby irrevocably sell, transfer, assign, set over, and otherwise convey to the Trust, without recourse, all the Company’s right, title and interest in and to the Class L3-C Regular Interest. The Trust, as payment of the purchase price of the Class L3-C Regular Interest, shall issue the Class C Certificates and the Class R-4 Residual Interest to the Company on the Closing Date. Pursuant to Section 3818 of the Statutory Trust Statute, the REMIC I Regular Interests, the REMIC II Regular Interests, and the Class L3-C Regular Interest shall not be cancelled and shall be held as treasury interests owned by the Trust. The Class C Certificates and the Class R-4 Residual Interest shall together be a separate series of beneficial interests in the assets of the Trust consisting of the Class L3-C Regular Interest pursuant to Section 3806(b)(2) of the Statutory Trust Statute. It is the express intent of the parties hereto that the conveyance of the Class L3-C Regular Interest to the Trust by the Company as provided in this Section 2.18 be, and be construed as, an absolute sale of the Class L3-C Regular Interest. It is, further, not the intention of the parties that such conveyance be deemed the grant of a security interest in the Class L3-C Regular Interest by the Company to the Trust to secure a debt or other obligation of the Company. However, in the event that, notwithstanding the intent of the parties, the Class L3-C Regular Interest are held to be the property of the Company, or if for any other reason this Agreement is held or deemed to create a security interest in the Class L3-C Regular Interest, then