Common use of Payments on the Timeshare Loans Clause in Contracts

Payments on the Timeshare Loans. (a) The Servicer shall in a manner consistent with the Collection Policy (with respect to the initial Servicer, the Collection Policy attached hereto as Exhibit I), direct or otherwise cause the Obligors as to all Timeshare Loans (other than Obligors paying by means of credit cards) to mail or deposit by electronic means all Receivables and other payments due thereunder, or to make or credit such payments pursuant to automated clearing house debit and credit payments or credit card processing payment, remittance and collection agreements, directly to the Servicer’s existing centralized lockbox account (the “Centralized Lockbox Account”), which Centralized Lockbox Account shall consist of one or more accounts maintained by the Servicer at an Approved Financial Institution (each, a “Lockbox Bank”), acting with the consent or at the direction of the Indenture Trustee to a Lockbox Bank maintained by the Indenture Trustee for the benefit of the Noteholders. At all times, the Centralized Lockbox Account shall be subject to the Deposit Account Control Agreement and the Intercreditor Agreement. The Centralized Lockbox Account shall initially be maintained at Xxxxx Fargo Bank, N.A.

Payments on the Timeshare Loans. (ai) The Servicer shall in a manner consistent with the Collection Policy (with respect to the initial Servicer, the Collection Policy attached hereto as Exhibit I), direct or otherwise cause the Obligors as to all Timeshare Loans (other than Obligors paying by means of credit cards) to mail or deposit by electronic means all Receivables and other payments due thereunder, or to make or credit such payments pursuant to automated clearing house debit and credit payments or credit card processing payment, remittance and collection agreements, directly to the Servicer’s existing centralized lockbox account (the “Centralized Lockbox Account”), which Centralized Lockbox Account shall consist of one or more accounts maintained by the Servicer at an Approved Financial Institution (each, a “Lockbox Bank”), acting with the consent or at the direction of the Indenture Trustee to a Lockbox Bank maintained by the Indenture Trustee for the benefit of the Noteholders. At all times, the Centralized Lockbox Account shall be subject to the Deposit Account Control Agreement and the Intercreditor Agreement. The Centralized Lockbox Account shall initially be maintained at Xxxxx Fargo Bank, N.A.

Payments on the Timeshare Loans. (a) The Servicer shall in a manner consistent with the Collection Policy (with respect to the initial Servicer, the Collection Policy attached hereto as Exhibit I), direct or otherwise cause the Obligors as to all Timeshare Loans (other than Obligors paying by means of credit cards) to mail or deposit by electronic means all Receivables and other payments due thereunder, or to make or credit such payments pursuant to automated clearing house debit and credit payments or credit card processing payment, remittance and collection agreements, directly to the Servicer’s existing centralized lockbox account (the “Centralized Lockbox Account”), which Centralized Lockbox Account shall consist of one or more accounts maintained by the Servicer at an Approved Financial Institution (each, a “Lockbox Bank”), acting with the consent or at the direction of the Indenture Trustee to a Lockbox Bank maintained by the Indenture Trustee for the benefit of the Noteholders. At all times, the Centralized Lockbox Account shall be subject to the Deposit Account Control Agreement and the Intercreditor Agreement. The Centralized Lockbox Account shall initially be maintained at Xxxxx Fargo Bank, N.A.N.A. KL2 0000000.8

Payments on the Timeshare Loans. (a) The Servicer shall in a manner consistent with the Collection Policy (with respect to the initial Servicer, the Collection Policy attached hereto as Exhibit ID), direct or otherwise cause the Obligors as to all Timeshare Loans (other than Obligors paying by means of credit cards) to mail or deposit by electronic means all Receivables and other payments due thereunder, or to make or credit such payments pursuant to automated clearing house debit and credit payments or credit card processing payment, remittance and collection agreements, directly to the Servicer’s existing centralized lockbox account (the “Centralized Lockbox Account”), which Centralized Lockbox Account shall consist of one or more accounts maintained by the Servicer at an Approved Financial Institution (each, a “Lockbox Bank”), acting with the consent or at the direction of the Indenture Trustee to a Lockbox Bank maintained by the Indenture Trustee for the benefit of the Noteholders. At all times, the Centralized Lockbox Account shall be subject to the Deposit Account Control Agreement and the Intercreditor Agreement. The Centralized Lockbox Account shall initially be maintained at Xxxxx Fargo Bank, N.A.