Common use of Conveyance of the Initial Mortgage Loans Clause in Contracts

Conveyance of the Initial Mortgage Loans. The Company, concurrently with the execution and delivery hereof, does hereby Grant to the Trust, without recourse, all its right, title and interest in and to the Initial Mortgage Loans, including all interest and principal received on or with respect to the Initial Mortgage Loans after the Cut-off Date (other than payments of principal and interest due on the Mortgage Loans on or before the Cut-off Date) the proceeds thereof and all rights under the Related Documents (including the related Mortgage Files). In addition, the Company hereby Grants to the Trust all of its right, title, and interest in, to, and under the Mortgage Loan Purchase Agreement. The conveyance of the Initial Mortgage Loans by the Company to the Trust hereunder is intended to facilitate the simultaneous issuance of the Bonds under the Indenture and issuance of the Certificates hereunder. The parties hereto intend that the conveyance of the Initial Mortgage Loans by the Company to the Trust hereunder constitute a sale by the Company to the Trust of all of the Company's right, title and interest in and to the Initial Mortgage Loans. However, if the transactions contemplated by this Trust Agreement are determined to constitute a financing, the Company hereby Grants to the Trust a security interest in the Owner Trust Estate and all distributions thereon and proceeds thereof, and this Trust Agreement shall constitute a security agreement under applicable law, and in such event, the parties hereto acknowledge that the Indenture Trustee, in addition to holding the Initial Mortgage Loans for the benefit of the Bondholders and the Bond Insurer, holds the Mortgage Loans as designee of the Trust.

Conveyance of the Initial Mortgage Loans. The Company, concurrently with the execution and delivery hereof, does hereby Grant to the Trust, without recourse, all its right, title and interest in and to the Initial Mortgage Loans, including all interest and principal received on or with respect to the Initial Mortgage Loans after the Cut-off Cutoff Date (other than payments of principal and interest due on the Mortgage Loans on or before the Cut-off Cutoff Date) the proceeds thereof and all rights under the Related Documents (including the related Mortgage Files). In addition, the Company hereby Grants to the Trust all of its right, title, and interest in, to, and under the Mortgage Loan Purchase Agreement. The conveyance of the Initial Mortgage Loans by the Company to the Trust hereunder is intended to facilitate the simultaneous issuance of the Bonds under the Indenture and issuance of the Certificates hereunder. The parties hereto intend that the conveyance of the Initial Mortgage Loans by the Company to the Trust hereunder constitute a sale by the Company to the Trust of all of the Company's right, title and interest in and to the Initial Mortgage Loans. However, if the transactions contemplated by this Trust Agreement are determined to constitute a financing, the Company hereby Grants to the Trust a security interest in the Owner Trust Estate and all distributions thereon and proceeds thereof, and this Trust Agreement shall constitute a security agreement under applicable law, and in such event, the parties hereto acknowledge that the Indenture TrusteeBond Administrator, in addition to holding the Initial Mortgage Loans on behalf of the Indenture Trustee for the benefit of the Bondholders and the Bond Insurer, holds the Mortgage Loans as designee of the Trust.

Conveyance of the Initial Mortgage Loans. The Company, concurrently with the execution and delivery hereof, does hereby Grant to the Trust, without recourse, all its right, title and interest in and to the Initial Mortgage LoansLoans (and the related PMI Policies), including all interest and principal received on or with respect to the Initial Mortgage Loans after the Cut-off Date (other than payments of principal and interest due on the Mortgage Loans on or before the Cut-off Date) the proceeds thereof and all rights under the Related Documents (including the related Mortgage Files). In addition, the Company hereby Grants to the Trust all of its right, title, and interest in, to, and under the Mortgage Loan Purchase Agreement. Further, the Company hereby assigns to the Trust all of its right, title and interest in, to and under the PMI Policies and NCFC Demand Note. The conveyance of the Initial Mortgage Loans by the Company to the Trust hereunder is intended to facilitate the simultaneous issuance of the Bonds under the Indenture and issuance of the Certificates hereunder. The parties hereto intend that the conveyance of the Initial Mortgage Loans by the Company to the Trust hereunder constitute a sale by the Company to the Trust of all of the Company's right, title and interest in and to the Initial Mortgage Loans. However, if the transactions contemplated by this Trust Agreement are determined to constitute a financing, the Company hereby Grants to the Trust a security interest in the Owner Trust Estate and all distributions thereon and proceeds thereof, and this Trust Agreement shall constitute a security agreement under applicable law, and in such event, the parties hereto acknowledge that the Indenture Trustee, in addition to holding the Initial Mortgage Loans for the benefit of the Bondholders and the Bond Insurer, holds the Mortgage Loans as designee of the Trust.