Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by the Trustee. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee without recourse all the right, title and interest of the Depositor in and to the REMIC I Regular Interests for the benefit of the REMIC II Certificateholders. The Trustee acknowledges receipt of the REMIC I Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future REMIC II Certificateholders. The rights of the REMIC II Certificateholders to receive distributions from the proceeds of REMIC II in respect of the REMIC II Certificates, and all ownership interests of the REMIC II Certificateholders in and to such distributions, shall be as set forth in this Agreement.
Appears in 7 contracts
Samples: Distribution Instructions (Salomon Brothers Mort Sec Vii Inc Asst Back Cert Se 1997-Lb2), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Mort Pas Th Ce Ser 2000-1), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asset Bk Cert Ser 1998-Aq1)
Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by the Trustee. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee without recourse all the right, title and interest of the Depositor in and to the REMIC I Regular Interests for the benefit of the REMIC II CertificateholdersCertificateholders and the Certificate Insurer. The Trustee acknowledges receipt of the REMIC I Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future REMIC II CertificateholdersCertificateholders and the Certificate Insurer. The rights of the REMIC II Certificateholders to receive distributions from the proceeds of REMIC II in respect of the REMIC II Certificates, and all ownership interests of the REMIC II Certificateholders in and to such distributions, shall be as set forth in this Agreement.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1996-Lb1a), Pooling and Servicing Agreement (Salomon Broth Mor Sec Vii Asset Bac Float Rt Cer Se 1997 Lb1), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Asset Bk Fl Rte Ce Se 1996 Lb3)
Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by the Trustee. The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee without recourse all the right, title and interest of the Depositor in and to the REMIC I Regular Interests for the benefit of the REMIC II CertificateholdersCertificateholders and the Certificate Insurer. The Trustee acknowledges receipt of the REMIC I Regular Interests and declares that it holds and will hold the same in trust for the exclusive use and benefit of the Certificate Insurer and all present and future REMIC II Certificateholders. The rights of the REMIC II Certificateholders to receive distributions from the proceeds of REMIC II in respect of the REMIC II Certificates, and all ownership interests of evidenced or constituted by the REMIC II Certificateholders in and to such distributions, Certificates shall be as set forth in this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
