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 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.
Sample 1

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.

  • 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.

  • 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.

  • One thing that one must keep in mind is, that classroom is a version in miniature of a society where the students find opportunities to lay the foundation to become an active citizen.

  • The Air Canada Club Loan is subject to customary commercial terms and conditions, including certain financial covenants requiring Air Canada to maintain minimum liquidity, earnings before interest, income taxes, depreciation, amortization, aircraft rents, certain other items and a fixed charge coverage test.

  • The Air Canada Club Loan is secured by a security interest and hypothec over substantially all of the present and after-acquired property of Air Canada and its subsidiaries, subject to certain exclusions and permitted liens.

  • The additional warrants received have an exercise price of $1.44 each, are exercisable at any time and expire four years from the date of grant, consistent with the warrants granted by Air Canada upon closing of the Air Canada Club Loan.

  • The Graduate Wives Club Loan Fund, hereafter referred to as the Loan Fund, is operated as a service to the graduate students of Rice University.

  • On March 28, 2018, we entered into the March 2018 Club Loan Facilities, under which a total amount of HK$500 million (US$64.0 million) is outstanding as of the date of this offering memorandum.


More Definitions of Club Loan

Club Loan means a timeshare loan originated by Bluegreen financing the purchase of the related Timeshare Property secured by a Mortgage on such Timeshare Property.
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Club Loan has the meaning given to such term in Recital (D).
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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 by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment 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 Committed 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 Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • 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.

  • Last Out Loan means, with respect to any Bank Loan that is a term loan structured in a first out tranche and a last out tranche (with the first out tranche entitled to a lower interest rate but priority with respect to payments), that portion of such Bank Loan that is the last out tranche; provided that:

  • 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 shall have the meaning assigned to such term in Section 2.22(h).

  • 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.

  • Daily SOFR Loan means a Loan that bears interest at a rate based on Daily SOFR.

  • 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.