Acquisition of Timeshare Loans. The Issuer covenants that it shall only acquire Timeshare Loans in accordance with the provisions of the Sale Agreement and, without limiting the generality of the Granting Clause, upon any such acquisition, such Timeshare Loans shall be deemed to be a part of the Trust Estate.
Acquisition of Timeshare Loans. Acquire any Timeshare Loans directly or indirectly from any Person other than the Seller pursuant to the terms of the Sale and Contribution Agreement.
Acquisition of Timeshare Loans. (a) (i) Initial Timeshare Loans. On the Closing Date, in return for the Timeshare Loan Acquisition Price for each Timeshare Loan to be sold on the Closing Date, to be paid in part in cash and in part as an increase in the value of the Residual Interest Certificate held by the Depositor, the Depositor does hereby transfer, assign, sell and grant to the Issuer, without recourse (except as provided in Section 6 and Section 8 hereof), any and all of the Depositor's right, title and interest in and to (i) the Initial Timeshare Loans listed on Schedule III hereto, (ii) the Receivables in respect of such Timeshare Loans due after the related Cut-Off Date, (iii) the related Timeshare Loan Documents (excluding any rights as developer or declarant under the Timeshare Declaration, the Timeshare Program Consumer Documents or the Timeshare Program Governing Documents), (iv) all Related Security in respect of each Initial Timeshare Loan, (v) the Depositor's rights and remedies under the Transfer Agreement and the Bluegreen Purchase Agreement including, but not limited to, its rights with respect to the representations and warranties of the Club Originator therein, together with all rights of the Depositor with respect to any breach thereof including any right to require the Club Originator to cure, repurchase or substitute any Defective Timeshare Loans in accordance with the provisions of the Transfer Agreement and the Bluegreen Purchase Agreement, and (vi) all income, payments, proceeds and other benefits and rights related to any of the foregoing. Upon such sale and transfer, the ownership of each Initial Timeshare Loan and all collections allocable to principal and interest thereon after the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 2(a)(i) shall immediately vest in the Issuer, its successors and assigns. The Depositor shall not take any action inconsistent with such ownership nor claim any ownership interest in any Initial Timeshare Loan for any purpose whatsoever other than for federal and state income tax reporting, if applicable. The parties to this Agreement hereby acknowledge that the "credit risk" of the Initial Timeshare Loans conveyed hereunder shall be borne by the Issuer and its subsequent assignees.
Acquisition of Timeshare Loans. KL2 3337062.5
Acquisition of Timeshare Loans. 14 SECTION 5.1. Delivery of Timeshare Loan Files and Timeshare Loan Servicing Files. 14 SECTION 5.2. Conditions Precedent. 14 SECTION 5.3. Conveyance of Timeshare Loans. 16 SECTION 5.4. Further Action Evidencing Sale. 17 ARTICLE VI. 18
Acquisition of Timeshare Loans
