Common use of Sub-Servicing Clause in Contracts

Sub-Servicing. (a) The Servicer may enter into one or more subservicing agreements with a subservicer reasonably acceptable to Holders representing at least 51% of the then Outstanding Note Balance of each Class of Notes. References herein to actions taken or to be taken by the Servicer in servicing the Timeshare Loans include actions taken or to be taken by a subservicer on behalf of the Servicer. Any subservicing agreement will be upon such terms and conditions as the Servicer may reasonably agree and as are not inconsistent with this Indenture. The Servicer shall be solely responsible for any subservicing fees. (b) Notwithstanding any subservicing agreement, the Servicer (and the Successor Servicer if it is acting as such pursuant to Section 5.16 hereof) shall remain obligated and liable for the servicing and administering of the Timeshare Loans in accordance with this Indenture without diminution of such obligation or liability by virtue of such subservicing agreement and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Timeshare Loans.

Sub-Servicing. (a) The Servicer may enter into one or more subservicing agreements with a subservicer reasonably acceptable to Holders representing at least 51% of provided that any such subservicing agreement is approved by the then Outstanding Note Balance of each Class of NotesMajority Noteholders. References herein to actions taken or to be taken by the Servicer in servicing the Timeshare Loans include actions taken or to be taken by a subservicer on behalf of the Servicer. Any subservicing agreement will be upon such terms and conditions as the Servicer may reasonably agree and as are not inconsistent with this Indenture. The Servicer shall be solely responsible for any subservicing fees. (b) Notwithstanding any subservicing agreement, the Servicer (and the Successor Servicer if it is acting as such pursuant to Section 5.16 hereof) shall remain obligated and liable for the servicing and administering of the Timeshare Loans in accordance with this Indenture without diminution of such obligation or liability by virtue of such subservicing agreement and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Timeshare Loans.

Sub-Servicing. (a) The Servicer may enter into one or more subservicing sub-servicing agreements with a subservicer reasonably acceptable to Holders representing at least 51% sub-servicer with the consent of the then Outstanding Note Balance of each Class of NotesNoteholder not to be unreasonably withheld (it being acknowledged by the parties hereto that the Noteholder has given its consent to the Backup Servicing Agreement). References herein to actions taken or to be taken by the Servicer in servicing the Timeshare Loans include actions taken or to be taken by a subservicer sub-servicer on behalf of the Servicer. Any subservicing sub-servicing agreement will be upon such terms and conditions as the Servicer may reasonably agree and as are not inconsistent with this IndentureNote Purchase Agreement. The Servicer shall be solely responsible for any subservicing feessub-servicing fees due and payable to such sub-servicer. (b) Notwithstanding any subservicing sub-servicing agreement, the Servicer (and the Successor Servicer if it is acting as such pursuant to Section 5.16 hereof) shall remain obligated and liable for the servicing and administering of the Timeshare Loans in accordance with this Indenture Note Purchase Agreement, without diminution of such obligation or liability by virtue of such subservicing agreement sub-servicing agreement, and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Timeshare Loans.