Common use of Rights of Obligors and Release of Contract Files Clause in Contracts

Rights of Obligors and Release of Contract Files. (a) Notwithstanding any other provision contained in this Agreement, including the Lender's remedies pursuant hereto, the rights of any obligor to any Lot or VOI subject to a Pledged Contract shall, so long as such Obligor is not in default thereunder, be superior to those of the Lender hereunder, and the Lender shall not, so long as such Obligor is not in default thereunder, interfere with such Obligor's use and enjoyment of the Lot or VOI subject thereto. (b) If, pursuant to the terms of this Agreement, the Lender shall acquire through foreclosure any portion of the Lot or VOI subject to a Pledged Contract, the Lender hereby specifically agrees to release or cause to be released any Lot or VOI from any lien of the Lender upon the request of the Obligor (including such Obligor's heirs, successors and assigns) to the Pledged Contract, upon completion of all payments and the performance of all the terms and conditions required to be made and performed by such Obligor under such Pledged Contract. (c) At such time as an obligor has paid in full the purchase price or the requisite percentage of the purchase price for deeding pursuant to a Pledged Contract and has otherwise fully discharged all of such obligor's obligations and responsibilities required to be discharged as a condition to deeding, the Servicer shall notify the Agent by a certificate substantially in the form attached hereto as Exhibit H (which certificate shall include a statement to the effect that all amounts received in connection with such payment have been deposited in the Agent's Account) of an officer of the Servicer and shall request delivery to it (i) of the Contract Files (or the portion thereof in the Collateral Trustee's possession) related to a Pledged Contract pursuant to which the Obligor has paid the purchase price in full or (ii) of the deeds of title, and any documents and records maintained in connection therewith related to a Pledged Contract pursuant to which the Obligor has paid the requisite percentage of the purchase price for deeding. Upon receipt of such certificate and request or at such earlier time as is required by applicable law, the Agent (a) shall promptly direct the Collateral Trustee to release the Contract Files (or the portion thereof in the Collateral Trustee's possession) to the Servicer or (b) shall approve the release by the Collateral Trustee of the related deed of title, and any documents and records maintained in connection therewith, as applicable, to the Obligor, provided that title to the VOI or Lot has not already been deeded to the Obligor.

Rights of Obligors and Release of Contract Files. (a) Notwithstanding any other provision contained in this Agreement, including the LenderCollateral Agent's, Trustee's and Noteholders' remedies pursuant heretohereto and pursuant to the Collateral Agency Agreement, the rights of any obligor Obligor to any Lot or VOI subject to a Pledged Contract shall, so long as such Obligor is not in default thereunder, be superior to those of the Lender hereunderCollateral Agent, the Trustee and the Noteholders, and neither shall the Lender shall notCollateral Agent, the Trustee nor the Noteholders, so long as such Obligor is not in default thereunder, interfere with such Obligor's use and enjoyment of the Lot or VOI subject thereto. (b) If, If pursuant to the terms of this Agreement, the Lender Collateral Agent, the Trustee or the Noteholders shall acquire through foreclosure the Issuer's interest in any portion of the Lot or VOI subject to a Pledged Contract, the Lender Collateral Agent, the Trustee and the Noteholders hereby specifically agrees agree to release or cause to be released any Lot or VOI from any lien Lien of the Lender Collateral Agent, the Trustee and the Noteholders upon the request of the Obligor (including such Obligor's heirs, successors and assigns) to the Pledged Contract, upon completion of all payments and the performance of all the terms and conditions required to be made and performed by such Obligor under such Pledged Contract, and each of the Collateral Agent, the Trustee and the Noteholders hereby consent to any such release by, or at the direction of, the Collateral Agent. (c) At such time as an obligor Obligor has paid in full the purchase price or the requisite percentage of the purchase price for deeding pursuant to a Pledged Contract and has otherwise fully discharged all of such obligorObligor's obligations and responsibilities required to be discharged as a condition to deeding, the Servicer shall notify the Collateral Agent by a certificate substantially in the form attached hereto as Exhibit H R (which certificate shall include a statement to the effect that all amounts received in connection with such payment have been deposited in the Agent's Collection Account) of an officer of the Servicer a Servicing Officer and shall request delivery to it (i) from the Custodian of the related Contract Files (or the portion thereof in the Collateral Trustee's possession) related to a Pledged Contract pursuant to which the Obligor has paid the purchase price in full or (ii) of the deeds of title, and any documents and records maintained in connection therewith related to a Pledged Contract pursuant to which the Obligor has paid the requisite percentage of the purchase price for deedingFiles. Upon receipt of such certificate and request or at such earlier time as is required by applicable law, the Collateral Agent (a) shall promptly direct be deemed, without the Collateral Trustee necessity of taking any action, to have approved release by the Custodian of the Contract Files (or the portion thereof in the Collateral Trustee's possession) to the Servicer or (in all cases in accordance with the provisions of the Custodial Agreement), (b) shall be deemed to approve the release by the Collateral Trustee Nominee of the related deed of title, and any documents and records maintained in connection therewith, as applicable, to the ObligorObligor as provided in the Title Clearing Agreement, provided that title to the VOI or Lot has not already been deeded to the Obligor, and/or (c) shall execute such documents and instruments of transfer and assignment and take such other action as is necessary to release its interest in the VOI subject to deeding (in the case of any Pledged Contract which has been paid in full). If a deed has been delivered to an Obligor and such Obligor's obligations and responsibilities are not fully discharged, the Servicer shall cause such Obligor to execute a Mortgage in favor of FCI encumbering the related VOI, each of FCI, FAC and the Issuer shall cause such Mortgage to be promptly collaterally assigned to the Collateral Agent pursuant to one or more Assignments of Mortgage (each such Mortgage constituting additional Collateral granted by the Issuer hereunder), and the Servicer shall, promptly following the execution of each such Assignment of Mortgage cause each such Assignment of Mortgage to be recorded in all proper offices; provided that no such Assignment of Mortgage shall be required to be filed with respect to VOIs located in Developments in the State of Florida. The Servicer shall cause each Contract File or any document therein so released which relates to a Pledged Contract for which the Obligor's obligations have not been fully discharged to be returned to the Custodian for the sole benefit of the Collateral Agent when the need therefor by the Servicer no longer exists.

Rights of Obligors and Release of Contract Files. (a) Notwithstanding any other provision contained in this Credit Agreement, including the LenderCollateral Agent's remedies pursuant heretohereto and pursuant to the Collateral Agency Agreement, the rights of any obligor Obligor to any Lot or VOI subject to a Pledged Contract shall, so long as such Obligor is not in default thereunder, be superior to those of the Collateral Agent and the holder of a Lender Note hereunder, and the Collateral Agent and the holder of a Lender Note shall not, so long as such Obligor is not in default thereunder, interfere with such Obligor's use and enjoyment of the Lot or VOI subject thereto. (b) If, If pursuant to the terms of this Credit Agreement, the Lender Collateral Agent shall acquire through foreclosure the Borrower's interest in any portion of the Lot or VOI subject to a Pledged Contract, the Lender Collateral Agent hereby specifically agrees to release or cause to be released any Lot or VOI from any lien Lien of the Lender Collateral Agent, the Deal Agent, or the Lenders upon the request of the Obligor (including such Obligor's heirs, successors and assigns) to the Pledged Contract, upon completion of all payments and the performance of all the terms and conditions required to be made and performed by such Obligor under such Pledged Contract, and each of the Collateral Agent, the Deal Agent and each of the Lenders hereby consents to any such release by, or at the direction of, the Collateral Agent. (c) At such time as an obligor Obligor has paid in full the purchase price or the requisite percentage of the purchase price for deeding pursuant to a Pledged Contract and has otherwise fully discharged all of such obligorObligor's obligations and responsibilities required to be discharged as a condition to deeding, the Servicer shall notify the Collateral Agent by a certificate substantially in the form attached hereto as Exhibit H I (which certificate shall include a statement --------- to the effect that all amounts received in connection with such payment have been deposited in the Agent's Collection Account) of an officer of the Servicer a Servicing Officer and shall request delivery to it (i) from the Custodian of the related Contract Files (or the portion thereof in the Collateral Trustee's possession) related to a Pledged Contract pursuant to which the Obligor has paid the purchase price in full or (ii) of the deeds of title, and any documents and records maintained in connection therewith related to a Pledged Contract pursuant to which the Obligor has paid the requisite percentage of the purchase price for deedingFiles. Upon receipt of such certificate and request or at such earlier time as is required by applicable law, the Collateral Agent (ai) shall promptly direct be deemed, without the Collateral Trustee necessity of taking any action, to have approved release by the Custodian of the Contract Files (or the portion thereof in the Collateral Trustee's possession) to the Servicer or (bin all cases in accordance with the provisions of the Custodial Agreement), (ii) shall be deemed to approve the release by the Collateral Trustee Nominee of the related deed of title, and any documents and records maintained in connection therewith, as applicable, to the ObligorObligor as provided in the Title Clearing Agreement, provided that title to the VOI or Lot has not already been deeded to the Obligor, and/or (iii) shall execute such documents and instruments of transfer and assignment and take such other action as is necessary to release its interest in the VOI or Lot subject to deeding (in the case of any Pledged Contract which has been paid in full). If a deed has been delivered to an Obligor and such Obligor's obligations and responsibilities are not fully discharged, the Servicer shall cause such Obligor to execute a Mortgage in favor of FCI encumbering the related VOI or Lot, each of FCI, FAC and the Borrower shall cause such Mortgage to be promptly collaterally assigned to the Collateral Agent pursuant to one or more Assignments of Mortgage (each such Mortgage constituting additional Collateral granted by the Borrower hereunder), and the Servicer shall, promptly following the execution of each such Assignment of Mortgage cause each such Assignment of Mortgage to be recorded in all proper offices; provided that no such Assignment of Mortgage shall be required to be filed with respect to VOIs or Lots located in Developments in the State of Florida. The Servicer shall cause each Contract File or any document therein so released which relates to a Pledged Contract for which the Obligor's obligations have not been fully discharged to be returned to the Custodian for the sole benefit of the Collateral Agent when the need therefor by the Servicer no longer exists.

Rights of Obligors and Release of Contract Files. (a) Notwithstanding any other provision contained in this Credit Agreement, including the LenderCollateral Agent's remedies pursuant heretohereto and pursuant to the Collateral Agency Agreement, the rights of any obligor Obligor to any Lot or VOI subject to a Pledged Contract shall, so long as such Obligor is not in default thereunder, be superior to those of the Lender Collateral Agent and the holder of the EagleFunding Note hereunder, and the Lender Collateral Agent and the holder of the EagleFunding Note shall not, so long as such Obligor is not in default thereunder, interfere with such Obligor's use and enjoyment of the Lot or VOI subject thereto. (b) If, If pursuant to the terms of this Credit Agreement, the Lender Collateral Agent shall acquire through foreclosure the Borrower's interest in any portion of the Lot or VOI subject to a Pledged Contract, the Lender Collateral Agent hereby specifically agrees to release or cause to be released any Lot or VOI from any lien Lien of the Lender Collateral Agent, the Deal Agent, or EagleFunding upon the request of the Obligor (including such Obligor's heirs, successors and assigns) to the Pledged Contract, upon completion of all payments and the performance of all the terms and conditions required to be made and performed by such Obligor under such Pledged Contract, and each of the Collateral Agent, the Deal Agent or EagleFunding hereby consents to any such release by, or at the direction of, the Collateral Agent. (c) At such time as an obligor Obligor has paid in full the purchase price or the requisite percentage of the purchase price for deeding pursuant to a Pledged Contract and has otherwise fully discharged all of such obligorObligor's obligations and responsibilities required to be discharged as a condition to deeding, the Servicer shall notify the Collateral Agent by a certificate substantially in the form attached hereto as Exhibit H I (which certificate shall include a statement --------- to the effect that all amounts received in connection with such payment have been deposited in the Agent's Collection Account) of an officer of the Servicer a Servicing Officer and shall request delivery to it (i) from the Custodian of the related Contract Files (or the portion thereof in the Collateral Trustee's possession) related to a Pledged Contract pursuant to which the Obligor has paid the purchase price in full or (ii) of the deeds of title, and any documents and records maintained in connection therewith related to a Pledged Contract pursuant to which the Obligor has paid the requisite percentage of the purchase price for deedingFiles. Upon receipt of such certificate and request or at such earlier time as is required by applicable law, the Collateral Agent (a) shall promptly direct be deemed, without the Collateral Trustee necessity of taking any action, to have approved release by the Custodian of the Contract Files (or the portion thereof in the Collateral Trustee's possession) to the Servicer or (in all cases in accordance with the provisions of the Custodial Agreement), (b) shall be deemed to approve the release by the Collateral Trustee Nominee of the related deed of title, and any documents and records maintained in connection therewith, as applicable, to the ObligorObligor as provided in the Title Clearing Agreement, provided that title to the VOI or Lot has not already been deeded to the Obligor, and/or (c) shall execute such documents and instruments of transfer and assignment and take such other action as is necessary to release its interest in the VOI or Lot subject to deeding (in the case of any Pledged Contract which has been paid in full). If a deed has been delivered to an Obligor and such Obligor's obligations and responsibilities are not fully discharged, the Servicer shall cause such Obligor to execute a Mortgage in favor of FCI encumbering the related VOI or Lot, each of FCI, FAC and the Borrower shall cause such Mortgage to be promptly collaterally assigned to the Collateral Agent pursuant to one or more Assignments of Mortgage (each such Mortgage constituting additional Collateral granted by the Borrower hereunder), and the Servicer shall, promptly following the execution of each such Assignment of Mortgage cause each such Assignment of Mortgage to be recorded in all proper offices; provided that no such Assignment of Mortgage shall be required to be filed with respect to VOIs or Lots located in Developments in the State of Florida. The Servicer shall cause each Contract File or any document therein so released which relates to a Pledged Contract for which the Obligor's obligations have not been fully discharged to be returned to the Custodian for the sole benefit of the Collateral Agent when the need therefor by the Servicer no longer exists.

Rights of Obligors and Release of Contract Files. (a) Notwithstanding any other provision contained in this Agreement, including the LenderPurchaser's remedies pursuant hereto, the rights of any obligor to any Lot or VOI subject to a Pledged Purchased Contract shall, so long as such Obligor is not in default thereunder, be superior to those of the Lender Purchaser hereunder, and the Lender Purchaser shall not, so long as such Obligor obligor is not in default thereunder, interfere with such Obligor's use and enjoyment of the Lot or VOI subject thereto. (b) If, pursuant to the terms of this Agreement, the Lender Purchaser shall acquire through foreclosure any portion of the Lot or VOI subject to a Pledged Purchased Contract, the Lender Purchaser hereby specifically agrees to release or cause to be released any Lot or VOI from any lien of the Lender Purchaser upon the request of the Obligor (including such Obligorobligor's heirs, successors and assigns) to the Pledged Purchased Contract, upon completion of all payments and the performance of all the terms and conditions required to be made and performed by such Obligor under such Pledged Purchased Contract. (c) At such time as an obligor Obligor has paid in full the purchase price or the requisite percentage of the purchase price for deeding pursuant to a Pledged Purchased Contract and has otherwise fully discharged all of such obligor's obligations and responsibilities required to be discharged as a condition to deeding, the Servicer shall notify the Agent by a certificate substantially in the form attached hereto as Exhibit H (which certificate shall include a statement to the effect that all amounts received in connection with such payment have been deposited in the Agent's Account) of an officer of the Servicer and shall request delivery to it (i) of the Contract Files File (or the portion thereof in the Collateral Trustee's possession) related to a Pledged Purchased Contract pursuant to which the Obligor has paid the purchase price in full or or, (ii) of the deeds of title, and any documents and records maintained in connection therewith therewith, related to a Pledged Purchased Contract pursuant to which the Obligor obligor has paid the requisite percentage of the purchase price for deeding. Upon receipt of such certificate and request or at such earlier time as is required by applicable law, the Agent (a) shall promptly direct the Collateral Trustee to release the Contract Files (or the portion thereof in the Collateral Trustee's possession) to the Servicer or (b) shall approve the release by the Collateral Trustee of the related deed of title, and any documents and records maintained in connection therewith, as applicable, to the Obligorobligor, provided that title to the VOI or Lot has not already been deeded to the Obligor.