Perfected Security Interest. The Issuer shall take such action with respect to each Pledged Loan as is necessary to ensure that the Collateral Agent maintains on behalf of the Trustee, a first priority perfected security interest in such Pledged Loan and the Pledged Assets relating thereto, in each case free and clear of any Liens (other than the Lien created by this Indenture and in the case of any Timeshare Properties, any Permitted Encumbrance).
Appears in 6 contracts
Samples: Indenture and Servicing Agreement (Travel & Leisure Co.), Indenture and Servicing Agreement (Travel & Leisure Co.), Indenture and Servicing Agreement (Wyndham Destinations, Inc.)
