Withdrawals for Deposit into Collection Account. On each Payment Date, if a Post Grace Period Force Majeure Loan becomes a Defaulted Timeshare Loan (unless such Defaulted Timeshare Loan has been repurchased or substituted by the Club Originator), the Indenture Trustee shall, based on the Monthly Servicer Report, withdraw from the Force Majeure Loan Reserve Account and deposit into the Collection Account an amount equal to the lesser of (A) such Timeshare Loan’s outstanding Loan Balance on such date and (B) the amount on deposit in the Force Majeure Loan Reserve Account.
Appears in 13 contracts
Samples: Indenture (Bluegreen Vacations Holding Corp), Indenture (Bluegreen Vacations Holding Corp), Indenture (Bluegreen Vacations Corp)
Withdrawals for Deposit into Collection Account. On each Payment Date, if a Post Grace Period Force Majeure Loan becomes a Defaulted Timeshare Loan (unless such Defaulted Timeshare Loan has been repurchased or substituted by the Club Originator), the Indenture Trustee Paying Agent shall, based on the Monthly Servicer Report, withdraw from the Force Majeure Loan Reserve Account and deposit into the Collection Account an amount equal to the lesser of (A) such Timeshare Loan’s outstanding Loan Balance on such date and (B) the amount on deposit in the Force Majeure Loan Reserve Account.22
Appears in 2 contracts
Samples: Indenture (Bluegreen Vacations Holding Corp), Indenture (Bluegreen Vacations Corp)
