Common use of Conveyance of Subsidiary REMIC Regular Interests and Intermediate REMIC Clause in Contracts

Conveyance of Subsidiary REMIC Regular Interests and Intermediate REMIC. Regular Interests and Acceptance of Master REMIC, Respectively, by the Trustee; Issuance of Certificates. (a) The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse all the right, title and interest of the Depositor in and to the Subsidiary REMIC Regular Interests and Intermediate REMIC Regular Interests for the benefit of the holders of the Certificates. The Trustee acknowledges receipt of the Subsidiary REMIC Regular Interests and Intermediate REMIC Regular Interests (both of which are uncertificated) and declares that it holds and will hold the same in trust for the exclusive use and ultimate benefit of the holders of the Certificates. The interests evidenced by the Master REMIC Residual Interest, together with the Regular Certificates, constitute the entire beneficial ownership interest in the Master REMIC. (b) Concurrently with (i) the assignment and delivery to the Trustee of the Subsidiary REMIC and the Intermediate REMIC (including the Residual Interests therein represented by the Subsidiary REMIC Residual Interest and Intermediate REMIC Residual Interest, respectively) and the acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and Section 2.09(a) and (ii) the assignment and delivery to the Trustee of the Master REMIC (including the Residual Interest therein represented by the Master REMIC Residual Interest) and the acceptance by the Trustee thereof, pursuant to Section 2.09(b), the Trustee, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed, authenticated and delivered to or upon the order of the Depositor, the Class R Certificates in authorized denominations evidencing the Subsidiary REMIC Residual Interest and Intermediate REMIC Residual Interest and the Master REMIC Residual Interest.