Common use of Initial Timeshare Loans Clause in Contracts

Initial Timeshare Loans. (i) Effective as of the Closing Date, but subject to the terms and conditions of this Agreement (including, without limitation, subsection (f) below), the Seller hereby sells (“Sells,” “Sale” or “Sold”) and otherwise transfers, assigns, and conveys to the Purchaser, without recourse (except for Defective Timeshare Loans to the extent specifically provided herein), and the Purchaser hereby agrees to purchase and otherwise acquires, all right, title and interest of the Seller in and to the Timeshare Loans included on the schedule delivered to the Purchaser on the Closing Date (as further described in Section 4(i) below), together with the Timeshare Properties, Related Security and other conveyed property related thereto. In connection with the initial transfer, Seller shall transfer or cause the deposit into the Lockbox Account of all amounts received by the Seller on account of such Timeshare Loans, Timeshare Properties, Related Security and other conveyed property related thereto and additional collateral hereunder due on and after the Initial Cut-Off Date within two (2) Business Days of the receipt thereof.

Initial Timeshare Loans. (i) Effective as of the Closing Date, but subject to the terms and conditions of this Agreement (including, without limitation, subsection (f) below), the Seller hereby sells (“Sells,” “Sale” or “Sold”) and otherwise transfers, assigns, and conveys to the Purchaser, without recourse (except for Defective Timeshare Loans to the extent specifically provided herein), and the Purchaser hereby agrees to purchase and otherwise acquires, all right, title and interest of the Seller in and to the Timeshare Loans included on the schedule delivered to the Purchaser on the Closing Date (as further described in Section 4(isubsection (g) below), together with the Timeshare Properties, Related Security and other conveyed property related thereto. In connection with the initial transfer, Seller shall transfer or cause the deposit into the Lockbox Account of all amounts received by the Seller on account of such Timeshare Loans, Timeshare Properties, Related Security and other conveyed property related thereto and additional collateral hereunder due on and after the Initial Cut-Off Date within two (2) Business Days of the receipt thereof. (ii) The Seller hereby acknowledges that each sale and conveyance to the Purchaser hereunder is absolute and irrevocable, without reservation or retention of any interest whatsoever by the Seller.

Initial Timeshare Loans. (i) Effective as of the Closing Date, but subject to the terms and conditions of this Agreement (including, without limitation, subsection (f) below), the Seller hereby sells (“Sells,” “Sale” or “Sold”) and otherwise transfers, assigns, and conveys to the Purchaser, without recourse (except for Defective Timeshare Loans to the extent specifically provided herein), and the Purchaser hereby agrees to purchase and otherwise acquires, all right, title and interest of the Seller in and to the Timeshare Loans included on the schedule delivered to the Purchaser on the Closing Date (as further described in Section 4(isubsection (g) below), together with the Timeshare Properties, Related Security and other conveyed property related thereto. In connection with the initial transfer, Seller shall transfer or cause the deposit into the Lockbox Account of all amounts received by the Seller on account of such Timeshare Loans, Timeshare Properties, Related Security and other conveyed property related thereto and additional collateral hereunder due on and after the Initial Cut-Off Date within two (2) Business Days of the receipt thereof.

Initial Timeshare Loans. (i) Effective as of the Closing Date, but subject to the terms and conditions of this Agreement (including, without limitation, subsection (f) below), the Seller hereby sells (“Sells,” “Sale” or “Sold”) and otherwise transfers, assigns, and conveys to the Purchaser, without recourse (except for Defective Timeshare Loans to the extent specifically provided herein), and the Purchaser hereby agrees to purchase and otherwise acquires, all right, title and interest of the Seller in and to the Timeshare Loans included on the schedule delivered to the Purchaser on the Closing Date (as further described in Section 4(isubsection (g) below), together with the Timeshare Properties, Related Security and other conveyed property related thereto. In connection with the initial transfer, Seller shall transfer or cause the deposit into the Lockbox Account of all amounts received by the Seller on account of such Timeshare Loans, Timeshare Properties, Related Security and other conveyed property related thereto and additional collateral hereunder due on and after the Initial Cut-Off Date within two (2) Business Days of the receipt thereof.