Common use of Appointment of Servicer and Backup Servicer; Servicing Standard Clause in Contracts

Appointment of Servicer and Backup Servicer; Servicing Standard. (a) Subject to the terms and conditions herein, the Issuer and the Indenture Trustee hereby appoint Silverleaf as the initial Servicer hereunder. The Servicer shall service and administer the Timeshare Loans and perform all of its duties hereunder in accordance with the Servicing Standard. (b) Subject to the terms and conditions herein and in the Backup Servicing Agreement, the Issuer hereby appoints Xxxxx Fargo Bank, National Association to act as the initial Backup Servicer hereunder. The Backup Servicer shall perform all of its duties hereunder and under the Backup Servicing Agreement in accordance with the standard set forth in Section 4 of the Backup Servicing Agreement.

Appointment of Servicer and Backup Servicer; Servicing Standard. (a) a. Subject to the terms and conditions herein, the Issuer and the Indenture Trustee hereby appoint Silverleaf as the initial Servicer hereunder. The Servicer shall service and administer the Timeshare Loans and perform all of its duties hereunder in accordance with the Servicing Standard. (b) b. Subject to the terms and conditions herein and in the Backup Servicing Agreement, the Issuer hereby appoints Xxxxx Wxxxx Fargo Bank, National Association to act as the initial Backup Servicer hereunder. The Backup Servicer shall perform all of its duties hereunder and under the Backup Servicing Agreement in accordance with the standard set forth in Section 4 of the Backup Servicing Agreement.