Pledged Timeshare Loan definition

Pledged Timeshare Loan means, on any date, each Timeshare Loan owned by the Borrower on such date, whether or not such Timeshare Loan is an Eligible Timeshare Loan, and excluding any Timeshare Loan released from the Lien of this Agreement pursuant to the terms hereof.
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Pledged Timeshare Loan means one or more Timeshare Loans which (i) are conveyed and assigned of record by 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 and security in part for Borrower’s Obligations under the Loan Documents, a schedule of which is set forth as Exhibit “A” to the Master Collateral Assignment.
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Examples of Pledged Timeshare Loan in a sentence

  • Each document or instrument included in a Timeshare Loan File delivered to the Custodian by or on behalf of the Borrower with respect to a Pledged Timeshare Loan that is not the originally executed document or instrument is a true and correct copy of such document or instrument.

  • Such books and records shall include, without limitation, records adequate to permit the daily identification of each new Pledged Timeshare Loan and all Collections of and adjustments to each existing Pledged Timeshare Loan.

  • Each Pledged Timeshare Loan represented by the Borrower to be an “Eligible Timeshare Loan” in any Borrowing Request or included in the calculation of the Borrowing Base on any Distribution Date, Refinancing Date or Borrowing Date satisfied the requirements of eligibility contained in the definition of “Eligible Timeshare Loan” as of the Cutoff Date for such Pledged Timeshare Loan.

  • With respect to each Pledged Timeshare Loan, the Borrower shall have (i) received such Pledged Timeshare Loan as a contribution to the capital of the Borrower by the Seller or (ii) purchased such Pledged Timeshare Loan from the Seller in exchange for payment (made by the Seller in accordance with the provisions of the Sale and Contribution Agreement) in an amount which constitutes fair consideration and reasonably equivalent value.

  • Consent to or permit any extension, amendment, waiver or modification of, the terms of any Pledged Timeshare Loan, except (i) in accordance with the Collection Policy or (ii) as otherwise permitted under the Servicing Agreement.

  • Consent to or permit any extension, amendment, waiver or modification of, the terms of any Pledged Timeshare Loan, except (i) in accordance with the applicable Collection Policy or (ii) as otherwise permitted under the Servicing Agreement.

  • Borrower hereby agrees as part of the monthly servicing report provided to Lender to reference an upgrade sale of a Timeshare Interest that has occurred in the subject month and Borrower as a result of such upgrade shall pay down the principal balance and accrued and unpaid interest due from the obligor under the existing Pledged Timeshare Loan.

  • Borrower shall not change the nature, configuration, location or other features of the Club or any Resorts, in any manner that is inconsistent in any material and adverse respect with any written representation or promise for which Borrower has actual knowledge made to a Purchaser of a Timeshare Interest related to a Pledged Timeshare Loan hereunder.

  • Borrower agrees not to downgrade a Timeshare Interest related to a Pledged Timeshare Loan unless Borrower pays Lender a prorata principal paydown together with accrued and unpaid interest applicable to such prorata principal amount.

  • Any upgrade of an existing obligor under any Pledged Timeshare Loan as indicated on the monthly servicing report provided to Lender requires a principal pay down by Borrower to Lender of the Receivables Loan in an amount equal to the outstanding balance of principal and accrued and unpaid interest due from such existing obligor under such existing Pledged Timeshare Loan at the time of the upgrade.