Oak N definition

Oak N. Spruce Resort Trust” shall mean the trust established under the Oak N’ Spruce Trust Agreement.

Oak N. Spruce Trustee” shall mean Silverleaf Berkshires, Inc., a Texas corporation, in its capacity as trustee under the Oak N’ Spruce Trust Agreement, and its permitted successors and assigns.

Oak N. Spruce Certificate” shall mean a certificate of beneficial interest in Oak N’ Spruce Resort Trust which entitles the owner thereof the right to use and occupy a specifically designated Unit at a fixed period of time each year at the Oak N’ Spruce Resort.

Examples of Oak N in a sentence

• A “Timeshare Property” shall consist of (i) in the case of a Mortgage Loan, a fractional fee simple timeshare interest in a residential unit (a residential timeshare unit herein referred to as a “Unit”) in a Resort or (ii) in the case of an Oak N' Spruce Loan, a certificate of beneficial interest (“Oak N' Spruce Certificate”) in the Oak N' Spruce Resort Trust.

• Each Association at the following Eligible Projects is a member of the Silverleaf Club: Xxxxx Lake Resort, Piney Shores Resort, The Villages (including Lake O' The Xxxxx), Hill Country Resort, Seaside Resort, Ozark Mountain Resort, Holiday Hills Resort, Timber Creek Resort, Fox River Resort, Oak N' Spruce Resort, and Apple Mountain Resort.

• Lender is a "Consent Party," as such term is defined in that certain Sixth Amended and Restated Declaration of Trust of Oak N' Spruce Resort Trust dated as of September 20, 2004, executed by Borrower and Silverleaf Berkshires, Inc.

• Oak 'N Spruce Resort UCC Financing Statements.......................................80 10.19.

• Developer shall maintain, or cause to be maintained, UCC filings, including amendments and continuations thereof, with regard to the Oak N' Spruce Trust necessary to maintain a first priority, perfected security or ownership interest therein in favor of SPV.

More Definitions of Oak N

Oak N. Spruce Financing Statement” means, with respect to an Oak N’ Spruce Loan, a UCC financing statement (UCC-1) in recordable form which (i) names as “debtor” the Obligor on the underlying Oak N’ Spruce Loan, (ii) names Silverleaf as “secured party/assignor,” (iii) names as “secured party/assignee” the Indenture Trustee for the benefit of the Noteholders and (iv) is sufficient under applicable laws to give record notice of the pledge of such Oak N’ Spruce Loan and its proceeds to the Indenture Trustee and its assigns.

Oak N. Spruce Loan” shall mean a Timeshare Loan relating to the Oak N’ Spruce Resort and evidenced by a Finance Agreement.

Oak N. Spruce Resort” shall mean the timeshare resort and related facilities located in Lee, Massachusetts and operated by the Originator.

Oak N. Spruce Trust Agreement” shall mean, collectively, that certain Sixth Amended and Restated Declaration of Trust of Oak N’ Spruce Resort Trust, dated as of September 20, 2004, as amended, restated or otherwise modified from time to time, together with all other agreements, documents and instruments governing the operation of the Oak N’ Spruce Resort Trust, including without limitation, the Time Share Supplement to the Sixth Amended and Restated Declaration of Trust of Oak N’ Spruce Resort Trust, dated September 20, 2004 and the Recreation and Use Easement, dated September 20, 2000, as any such documents may be amended, restated or otherwise modified from time to time.

Oak N. Spruce Trust Agreement” shall mean, collectively, that certain Sixth Amended and Restated Declaration of Trust of Oak N’ Spruce Resort Trust, dated as of September 20,

Oak N. Spruce Loan" means a Timeshare Loan relating to the Oak N' Spruce Resort and evidenced by a Finance Agreement.

Oak N. Spruce Resort" means the timeshare resort and related facilities located in Lee, Massachusetts and operated by Silverleaf.