Club Loan definition

Club Loan means a Timeshare Loan originated by the Club Originator and evidenced by a Mortgage Note and secured by a first Mortgage on a fractional fee simple timeshare interest in a Unit.
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Club Loan means one or more loans by the applicable ILX Sellers to a Club Member evidenced by a Club Membership Agreement and secured by a Club Deed of Trust, which results from the sale of a Club Membership Interest to a Club Member, which loans (i) are conveyed and assigned of record from the applicable ILX Sellers to Borrower pursuant to the Sale Order, (ii) shall be subject to the Lien in favor of Lender, and (iii) constitute a portion of the Receivables Collateral.
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Club Loan has the meaning given to such term in Recital (D).
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Examples of Club Loan in a sentence

  • To the extent that the Club Originator shall elect to substitute Qualified Substitute Timeshare Loans for an Original Club Loan, the Club Originator shall use its best efforts to cause each such Qualified Substitute Timeshare Loan to be, in the following order of priority, (i) the Upgrade Club Loan related to such Original Club Loan and (ii) an Upgrade Club Loan unrelated to such Original Club Loan.

  • To the extent that the Seller shall elect to substitute Qualified Substitute Timeshare Loans for an Original Club Loan, the Seller shall use its best efforts to cause each such Qualified Substitute Timeshare Loan to be, in the following order of priority, (i) the Upgrade Club Loan related to such Original Club Loan and (ii) an Upgrade Club Loan unrelated to such Original Club Loan.

  • To the extent that Bluegreen shall elect to substitute Qualified Substitute Timeshare Loans for an Original Club Loan, Bluegreen shall use its best efforts to cause each such Qualified Substitute Timeshare Loan to be, in the following order of priority, (i) the Upgrade Club Loan related to such Original Club Loan and (ii) an Upgrade Club Loan unrelated to such Original Club Loan.

  • Within 30 days of the Closing Date (with respect to the Initial Timeshare Loans that are Aruba Club Loans) and the related Transfer Date (with respect to a Subsequent Timeshare Loan or Qualified Substitute Timeshare Loan that is an Aruba Club Loan), the Servicer shall confirm that notices have been mailed out to each related Obligor that such Timeshare Loan has ultimately been transferred and assigned to the Issuer and pledged to the Indenture Trustee, in trust, for the benefit of the Noteholders.

  • Allowed Club Loan Claims means the Club Loan Claims allowed as of October 11, 1995, in accordance with the January 12th Settlement Agreement Order, in the amount of $165,508,335.43 (plus interest and costs from and after October 11, 1995 to the extent payable and allowable under the agreements evidencing the Club Loan and under applicable law).

  • Club Loan/245 Park Deficiency Claim means any Deficiency Claim relating to the Allowed Club Loan Claims against 245 Corp.

  • Each Country Club Loan Party hereby irrevocably authorizes Lender to remit the sum specified in the proviso of the preceding sentence to CCI.

  • Club Loan Transferors means the holders of the Club Loan who are obligated to transfer their respective interests in the Club Loan to certain of the Co-Proponents upon the terms and subject to the conditions set forth in the January 12th Settlement Agreement.

  • The origination, servicing and collection practices used by Borrower and the applicable DRC Affiliates with respect to each Club Loan shall be in all respects, legal, proper, usual and customary and in accordance with the credit and collection policies of similar developers in the timeshare industry.

  • No. on Exhibit B Mortgage Loan and Loan Number as Identified on Exhibit A Description of Exception Portofino Hotel and Yacht Club (Loan No. 19) the subject Mortgage Loan.


More Definitions of Club Loan

Club Loan means a timeshare loan (i) originated by the Club Originator and evidenced by a Mortgage Note and an Owner Beneficiary Agreement and secured by a first Mortgage on a fractional fee simple timeshare interest in a Unit or (ii) an Aruba Club Loan.
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Related to Club Loan

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Sub-loan means a loan made or proposed to be made out of the proceeds of the Loan to a Beneficiary for a Development Project;

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Refinance Loan Any Mortgage Loan the proceeds of which are used to refinance an Original Mortgage Loan.

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten by an Approved Investor (other than Xxxxxx Xxx, Xxxxxxx Mac or Xxxxxx Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment issued for the purchase of such Mortgage Loan, (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by Xxxxxx Xxx or Xxxxxxx Mac from time to time, and (4) is a First Lien Mortgage Loan.

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • Federal loan means a loan made by an agency. The term does not include loan guarantee or loan insurance.

  • Term SOFR Loan means a Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • FHA Loan means a Mortgage Loan which is the subject of an FHA Mortgage Insurance Contract.

  • Loan Asset means each commercial loan identified on Schedule A hereto, and each commercial loan identified on any Purchase Notice.

  • Collateral Loan means a loan, debt obligation, debt security or participation therein acquired by the Borrower.

  • SLS Loan means a Loan which was made pursuant to the Supplemental Loans for Students Program established under Section 428A of the Higher Education Act (or predecessor provisions), including Loans referred to as ALAS Loans or Student PLUS Loans.

  • Discount Loan The Loans having Pass-Through Rates of less than 6.75%.

  • PACE Loan means (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property.

  • Facility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

  • Unsubsidized Xxxxxxxx Loan means a Loan made pursuant to Section 428H of the Higher Education Act.

  • B/A Equivalent Loan has the meaning assigned to such term in Section 2.06(j).

  • Junior Loan has the meaning provided in the Recitals hereto.

  • Term Loan A Note means a promissory note made by the Borrower in favor of a Term Loan A Lender evidencing the portion of the Term Loan A made by such Term Loan A Lender, substantially in the form of Exhibit C-1.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Term A Loan is defined in Section 2.2(a)(i) hereof.