Common use of Payments on the Timeshare Loans Clause in Contracts

Payments on the Timeshare Loans. (i) The Servicer shall, in a manner consistent with the Collection Policy, 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 collection 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 Buyer (or, if the Buyer shall have so required pursuant to Section 10(d)(iii) hereof, to a Lockbox Bank maintained by the Buyer for the benefit of the Buyer). Funds in the Centralized Lockbox Account shall be invested by the Lockbox Bank solely in Cash Equivalents. At all times, the Centralized Lockbox Account shall be subject to a Deposit Account Control Agreement in form and substance approved by the Buyer. The Centralized Lockbox Account shall be maintained at a bank acceptable to the Buyer.

Payments on the Timeshare Loans. (ia) The Servicer shall, in a manner consistent with the Collection PolicyPolicy attached hereto as Exhibit C, 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 collection 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 Buyer Administrative Agent (or, if the Buyer Indenture Trustee shall have so required pursuant to Section 10(d)(iii5.4(c) hereof, to a Lockbox Bank maintained by the Buyer Indenture Trustee for the benefit of the BuyerNoteholders). Funds in the Centralized Lockbox Account shall be invested by the Lockbox Bank solely in Cash Equivalents. At all times, the Centralized Lockbox Account shall be subject to a Deposit Account Control Agreement in form and substance approved by the BuyerAdministrative Agent. The Centralized Lockbox Account shall initially be maintained at a bank acceptable to the Buyer.Wachovia Bank, N.A.

Payments on the Timeshare Loans. (ia) The Servicer shall, in a manner consistent with the Collection PolicyPolicy attached hereto as Exhibit C, 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 collection 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 Buyer Agent (or, if the Buyer Indenture Trustee shall have so required pursuant to Section 10(d)(iii5.4(c) hereof, to a Lockbox Bank maintained by the Buyer Indenture Trustee for the benefit of the BuyerNoteholders). Funds in the Centralized Lockbox Account shall be invested by the Lockbox Bank solely in Cash Equivalents. At all times, the Centralized Lockbox Account shall be subject to a Deposit Account Control Agreement in form and substance approved by the BuyerAgent. The Centralized Lockbox Account shall initially be maintained at a bank acceptable to the Buyer.Wachovia Bank, N.A.