Major hypothecation loan is a loan or line of credit secured by substantially all of the contracts receivable arising from the membership camping operator’s sale of membership camping contracts.
Transfer-Restricted Security means any Security that constitutes a “restricted security” (as defined in Rule 144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events:
Permitted Loan shall have the meaning set forth in Section 4.02(a).
Restricted Securities shall have the meaning specified in Section 2.05(c).
Exempt Transfer means, in relation to shares held by a member: