Common use of Custodian to Hold Contracts Clause in Contracts

Custodian to Hold Contracts. The Custodian, as agent (solely for the purpose of perfecting the security interest of the Trustee in the Contracts and the related Custodian Files) and bailee of the Trustee, shall hold each Contract, together with any documents relating thereto that may from time to time be delivered to the Custodian, until such time as such Contract is released from the lien of this Indenture pursuant to the terms hereof. Within 45 days of the Closing Date, the Custodian will review each Custodian File to determine whether or not such file is complete, and it shall file an exception report with the Issuer, the Trustee and the Servicer within such time period. If an exception is not cured within 75 days of the Closing Date, the related Contract must be repurchased by Trendwest within 30 days of the end of such 75-day period. The Trustee shall have no responsibility or liability for the actions or inactions of the Custodian with respect to such review. The Trustee shall be under no duty or obligation to inspect, review or examine the Contracts or the related Custodian Files for any purpose, including, without limitation, to determine that the same are genuine, enforceable or appropriate for the represented purpose or that they have actually been recorded or that they are other than what they purport to be on their face.

Custodian to Hold Contracts. The Custodian, as agent (solely for the purpose of perfecting the security interest of the Trustee in the Contracts and the related Custodian Files) and bailee of the Trustee, shall hold each Contract, together with any documents relating thereto that may from time to time be delivered to the Custodian, until such time as such Contract is released from the lien of this Indenture pursuant to the terms hereof. Within 45 10 days of the Closing Date, the Custodian will review each Custodian File to determine whether or not such file is complete, and it shall file an exception report with the Issuer, the Trustee and Trustee, the Servicer and each Noteholder within such time period. If an exception is not cured within 75 40 days of the Closing Date, the related Contract must be repurchased by Trendwest within 30 days of the end of such 7540-day period. The Trustee shall have no responsibility or liability for the actions or inactions of the Custodian with respect to such reviewCustodian. The Trustee shall be under no duty or obligation to inspect, review or examine the Contracts or the related Custodian Files for any purpose, including, without limitation, to determine that the same are genuine, enforceable or appropriate for the represented purpose or that they have actually been recorded or that they are other than what they purport to be on their face.. -48- 54 ARTICLE EIGHT