Common use of Release of Lien Clause in Contracts

Release of Lien. (a) The Issuer shall be entitled to obtain a release from the Lien of this Indenture for any Timeshare Loan repurchased or substituted pursuant to Section 4.04 hereof, (i) in the case of any repurchase, after a payment by the Seller of the Repurchase Price of the Timeshare Loan, or (ii) in the case of any substitution, after payment of any applicable Substitution Shortfall Amount and the delivery of the Timeshare Loan Files for the related Qualified Substitute Timeshare Loan to the Custodian. (b) The Issuer shall be entitled to obtain a release from the Lien of the Indenture for any Timeshare Loan which has been paid in full. (c) In connection with (a) and (b) above, the Indenture Trustee will execute and deliver such endorsements and assignments as are provided to it by the Seller, in each case without recourse, representation or warranty, as shall be necessary to vest in the Seller, the legal and beneficial ownership of each repurchased or substituted Timeshare Loan being released pursuant to this Section 4.05. The Servicer shall direct the Custodian to release the related Timeshare Loan Files upon receipt of a Request for Release from the Servicer, as provided for in the Custodial Agreement.

Release of Lien. (a) The Issuer shall be entitled to obtain a release from the Lien of this the Indenture for any Timeshare Loan purchased, repurchased or substituted pursuant to under Section 4.04 4.6 hereof, (i) upon satisfaction of each of the applicable provisions of Section 4.6 hereof, (ii) in the case of any purchase or repurchase, after a payment by the Seller Depositor of the Repurchase Price of the Timeshare Loan, or and (iiiii) in the case of any substitution, after payment by the Depositor of any the applicable Substitution Shortfall Amount and the delivery of the Timeshare Loan Files for the related Qualified Substitute Timeshare Loan Amounts, if any, pursuant to the CustodianSection 4.6 hereof. (b) The Issuer shall be entitled to obtain a release from the Lien of the Indenture for any Timeshare Loan which has been paid in full. (c) In connection with (a) and (b) above, the Issuer and Indenture Trustee will execute and deliver such releases, endorsements and assignments as are provided to it by the SellerDepositor, in each case case, without recourse, representation or warranty, as shall be necessary to vest in the SellerDepositor or its designee, the legal and beneficial ownership of each repurchased or substituted Timeshare Loan being released pursuant to this Section 4.054.7. The Servicer shall direct deliver a Request for Release to the Custodian with respect to release the related Timeshare Loan Files upon receipt of a Request for Release from and Timeshare Loan Servicing Files being released pursuant to this Section 4.7, and such files shall be transferred to the Servicer, as provided for in the Custodial AgreementDepositor or its designee.

Release of Lien. (a) The Issuer shall be entitled to obtain a release from the Lien of this the Indenture for any Timeshare Loan repurchased or substituted pursuant to Section 4.04 hereof, 4.6: (i) in the case of any repurchase, after a payment by the Seller of the Repurchase Price of the Timeshare Loan, or (ii) in the case of any substitution, after payment of any the applicable Substitution Shortfall Amount and the delivery of the Timeshare Loan Files for the related Qualified Substitute Timeshare Loan to the Custodian. (b) The Issuer shall be entitled to obtain a release from the Lien of the Indenture for any Timeshare Loan which has been paid in full. (c) In connection with (a) and (b) above, the Indenture Trustee will execute and deliver as directed in writing such endorsements and assignments as are provided to it by the SellerDepositor or the Issuer, in each case without recourse, representation or warranty, as shall be necessary to vest in the Seller, Depositor the legal and beneficial ownership of each repurchased or substituted Timeshare Loan being released pursuant to this Section 4.054.7. The Servicer Custodian shall direct the Custodian to release the related Timeshare Loan Files upon receipt of a Request for Release from the Servicer, as provided for substantially in the form of Exhibit B to the Custodial Agreement.