Common use of Withdrawals for Distribution to Owner Clause in Contracts

Withdrawals for Distribution to Owner. On each Payment Date, if a Post Grace Period Force Majeure Loan ceases to be a Post Grace Period Force Majeure Loan as a result of either (A) the related Obligor having made at least two consecutive current payments or (B) such Post Grace Period Force Majeure Loan becoming a Defaulted Timeshare Loan for which the Seller has repurchased or substituted such Defaulted Timeshare Loan, then the Indenture Trustee shall, based on the Monthly Servicer Report, distribute to the owners of the beneficial interest in the Issuer, an amount from the Force Majeure Loan Reserve Account 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.

Withdrawals for Distribution to Owner. On each Payment Date, if a Post Grace Period Force Majeure Loan ceases to be a Post Grace Period Force Majeure Loan as a result of either (A) the related Obligor having made at least two consecutive current payments or (B) such Post Grace Period Force Majeure Loan becoming a Defaulted Timeshare Loan for which the Seller has repurchased or substituted such Defaulted Timeshare Loan, then the Indenture Trustee Paying Agent shall, based on the Monthly Servicer Report, distribute to the owners of the beneficial interest in the Issuer, an amount from the Force Majeure Loan Reserve Account 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.

Withdrawals for Distribution to Owner. On each Payment Date, if a Post Grace Period Force Majeure Loan ceases to be a Post Grace Period Force Majeure Loan as a result of either (A) the related Obligor having made at least two consecutive current payments or (B) such Post Grace Period Force Majeure Loan becoming a Defaulted Timeshare Loan for which the Seller has repurchased or substituted such Defaulted Timeshare Loan, then the Indenture Trustee shall, based on the Monthly Servicer Report, distribute to the owners of the beneficial interest in the Issuer, Collection Account an amount from the Force Majeure Loan Reserve Account 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.