Common use of Timeshare Loans Clause in Contracts

Timeshare Loans. On each Funding Date, in return for the Timeshare Loan Acquisition Price for each Timeshare Loan to be sold on such Funding 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) any Timeshare Loans listed on the related Borrowing Notice, (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 such Timeshare Loan, (v) the Depositor’s rights and remedies under the 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 Purchase Agreement and (vi) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the property in clauses (i)-(vi), being the “Assets”). Upon such sale and transfer, the ownership of each 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) 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 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 Timeshare Loans conveyed hereunder shall be borne by the Issuer and its subsequent assignees.

Timeshare Loans. On each Funding the Closing Date, in return for the Timeshare Loan Acquisition Price for each Timeshare Loan to be sold on such Funding 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 DepositorWarehouse Timeshare Loans, the Depositor Seller does hereby transfer, assign, sell and grant to the IssuerSecuritization Depositor, without recourse (except as provided in Section 6 and Section 8 hereof), any and all of the Depositor’s Seller's right, title and interest in and to (i) any the Warehouse Timeshare Loans listed on the related Borrowing NoticeSchedule III hereto, (ii) the Receivables in respect of such Warehouse 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 such Warehouse Timeshare Loan, (v) the Depositor’s Seller's rights and remedies under the Purchase Agreement, Warehouse Sale and Servicing Agreement (including, but not limited to, its repurchase and substitution rights with respect to the breaches of representations and warranties made by Bluegreen therein in respect 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 Warehouse Timeshare Loans in accordance with the provisions of the Purchase Agreement Loans) and (vi) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the property in clauses (i)-(vi), being the “"Assets”"). Upon such sale and transfer, the ownership of each Warehouse Timeshare Loan and all collections allocable to principal and interest thereon after since the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 2(a2(a)(i) shall immediately vest in the IssuerSecuritization Depositor, its successors and assignsassigns (including the Securitization Issuer and the Securitization Indenture Trustee). The Depositor Seller shall not take any action inconsistent with such ownership nor claim any ownership interest in any Warehouse 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 Warehouse Timeshare Loans conveyed hereunder shall be borne by the Securitization Issuer and its subsequent assignees.

Timeshare Loans. On each Funding the Closing Date, in return for the Timeshare Loan Acquisition Price for each Timeshare Loan to be sold on such Funding 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 DepositorWarehouse Timeshare Loans, the Depositor Seller does hereby transfer, assign, sell and grant to the IssuerSecuritization Depositor, without recourse (except as provided in Section 6 and Section 8 hereof), any and all of the Depositor’s Seller's right, title and interest in and to (i) any the Warehouse Timeshare Loans listed on the related Borrowing NoticeSchedule III hereto, (ii) the Receivables in respect of such Warehouse 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 such Warehouse Timeshare Loan, (v) the Depositor’s Seller's rights and remedies under the Purchase Agreement, Warehouse Sale and Servicing Agreement (including, but not limited to, its repurchase and substitution rights with respect to the breaches of representations and warranties made by Bluegreen therein in respect 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 Warehouse Timeshare Loans in accordance with the provisions of the Purchase Agreement Loans) and (vi) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the property in clauses (i)-(vi), being the “Assets”"ASSETS"). Upon such sale and transfer, the ownership of each Warehouse Timeshare Loan and all collections allocable to principal and interest thereon after since the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 2(a2(a)(i) shall immediately vest in the IssuerSecuritization Depositor, its successors and assignsassigns (including the Securitization Issuer and the Securitization Indenture Trustee). The Depositor Seller shall not take any action inconsistent with such ownership nor claim any ownership interest in any Warehouse 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 Warehouse Timeshare Loans conveyed hereunder shall be borne by the Securitization Issuer and its subsequent assignees.

Timeshare Loans. On each Funding Date, in return for the Timeshare Loan Acquisition Acquistion Price for each Timeshare Loan to be sold on such Funding 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 's right, title and interest in and to (i) any Timeshare Loans listed on the related Borrowing Notice, (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 such Timeshare Loan, (v) the Depositor’s 's rights and remedies under the 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 Purchase Agreement and (vi) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the property in clauses (i)-(vi), being the “"Assets”"). Upon such sale and transfer, the ownership of each 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) 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 Timeshare Loan for any purpose whatsoever other than for federal and state income tax reporting, if applicableapplicable and on balance sheet for consolidated financial statement purposes. The parties to this Agreement hereby acknowledge that the “"credit risk” " of the Timeshare Loans conveyed hereunder shall be borne by the Issuer and its subsequent assignees.

Timeshare Loans. On each Funding Date, in return for the Timeshare Loan Acquisition Price for each Timeshare Loan to be sold on such Funding 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 's right, title and interest in and to (i) any Timeshare Loans listed on the related Borrowing Notice, (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 such Timeshare Loan, (v) the Depositor’s 's rights and remedies under the 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 Purchase Agreement Agreemnt and (vi) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the property in clauses (i)-(vi), being the “"Assets”"). Upon such sale and transfer, the ownership of each 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) 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 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 Timeshare Loans conveyed hereunder shall be borne by the Issuer and its subsequent assignees.

Timeshare Loans. On each Funding the Closing Date, by execution of this Agreement and in return for the Timeshare Loan Acquisition Price for each Timeshare Loan to be sold on such Funding 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 DepositorTimeshare Loans, 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 and, all of the Depositor’s 's right, title and interest in and to (i) any the Timeshare Loans listed on the related Borrowing NoticeSchedule III hereto, (ii) the Receivables in respect of such the 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 such Timeshare Loan, (v) the Depositor’s 's rights and remedies under the related Purchase Agreement, Agreement and Transfer Agreements 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, 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 Agreements and Purchase Agreement Agreement, and (vi) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the property in clauses (i)-(vi), being the “"Assets”"). Upon such sale and transfer, the ownership of each Timeshare Loan and all collections allocable to principal and interest thereon after since the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 2(a2(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 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 Timeshare Loans conveyed hereunder shall be borne by the Issuer and its subsequent assignees.