Recharacterization. The parties hereto intend the conveyance by the Seller to the Company of all of its right, title and interest in and to the Mortgage Loans 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 Seller shall be deemed to have granted to the Company a first priority security interest in all of the Seller's right, title and interest in and to the Mortgage Loans.
Appears in 82 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-4 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-1 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust)
Recharacterization. The parties hereto to this Agreement intend the conveyance by the Seller to the Company Purchaser of all of its right, title and interest in and to the Mortgage Loans 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 Seller shall be deemed to have granted to the Company Purchaser a first priority security interest in all of the Seller's right, title and interest in and to the Mortgage Loans.
Appears in 28 contracts
Sources: Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2005-He2), Mortgage Loan Purchase Agreement (Banc of America Funding Corp), Mortgage Loan Purchase Agreement (Banc of America Funding Corp)
Recharacterization. The parties hereto intend the conveyance by the Seller Depositor to the Company of all of its right, title and interest in and to the Mortgage Loans 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 Seller Depositor shall be deemed to have granted to the Company a first priority security interest in all of the SellerDepositor's right, title and interest in and to the Mortgage Loans.
Appears in 2 contracts
Sources: Mortgage Loan Purchase Agreement (Wells Fargo Mortgage Backed Securities 2006-1 Trust), Mortgage Loan Purchase Agreement (Wells Fargo Mortgage Backed Securities 2006-Ar2 Trust)
Recharacterization. The parties hereto Parties intend the conveyance by the Seller to the Company Trustee of all of its right, title and interest in and to the Mortgage Loans 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 Seller shall be deemed to have granted to the Company Trustee a first priority prior security interest in all of the Seller's right, title and interest in and to the Mortgage Loans.. 105
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Prudential Home Mortgage Securities Company Inc)
Recharacterization. The parties hereto intend the conveyance by the Seller to the Company Purchaser of all of its right, title and interest in and to the Mortgage Loans 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 Seller shall be deemed to have granted to the Company Purchaser a first priority security interest in all of the Seller's right, title and interest in and to the Mortgage Loans.
Appears in 1 contract
Sources: Loan Purchase Agreement