Common use of Timeshare Loans Clause in Contracts

Timeshare Loans. On each Sale Date, in return for the Timeshare Loan Acquisition Price for each Timeshare Loan to be sold on such Sale Date, the Seller does hereby sell, transfer, assign and grant to the Buyer, without recourse (except as provided in Section 7 and Section 10 hereof), all of the Seller’s right, title and interest in and to: (i) each Timeshare Loan listed on the related Sale Notice, (ii) the Receivables in respect of such Timeshare Loans due after the related Cut-Off Date, (iii) the related Timeshare Loan Documents, (iv) all Related Security in respect of each such Timeshare Loan, (v) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the property described in the foregoing clauses (i) through (v) being referred to as the “Conveyed Timeshare Property”). Upon such sale, the ownership of each such Timeshare Loan and all collections allocable to principal and interest thereon due 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 Buyer, its successors and assigns. The Seller shall not take any action inconsistent with such Buyer ownership other than as may be required or permitted for consolidated financial and federal and state income tax reporting.