Qualified Substitute Timeshare Loan means, with respect to any Timeshare Loan to be included as a Transferred Timeshare Loan in connection with a substitution pursuant to Section 2.7(b) or (c) of the Sale and Contribution Agreement, a Timeshare Loan that was an Eligible Timeshare Loan as of the last day of the Collection Period immediately preceding the related Transfer Date.
Qualified Substitute Timeshare Loan means a Timeshare Loan (i) that, when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Transfer Date, has a Loan Balance, after application of all payments of principal due during or prior to the month of substitution, not in excess of the Loan Balance of the Timeshare Loan being substituted on the related Transfer Date, (ii) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Transfer Agreement and the Bluegreen Purchase Agreement, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan; provided that there will be no seasoning requirement if a Qualified Substitute Timeshare Loan is an Upgrade Club Loan replacing an Original Club Loan with the same Obligor, (iii) that shall not cause the weighted average coupon rate of the Timeshare Loans to be less than 15.0% after such substitution, (iv) that shall not cause the weighted average months of age on the Timeshare Loans to be less than 18 months after such substitution, (v) that shall not cause the weighted average remaining term to maturity of the Timeshare Loans to be equal to or greater than 102 months, (vi) that does not have a stated maturity later than December 2026 and (vii) that has a FICO® score and, when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Transfer Date, has a weighted average FICO® score of at least 709.
Qualified Substitute Timeshare Loan means a timeshare loan (a) that, when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Transfer Date, has a Loan Balance, after application of all payments of principal due and received during or prior to the month of substitution, not in excess of the Loan Balance of the Timeshare Loan being substituted on the related Transfer Date, and (b) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Sale Agreement and the Purchase Agreement, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan, and (c) the stated maturity of such Qualified Substitute Timeshare Loan is not later than the Payment Date in December 2032; provided that there will be no age requirement if a Qualified Substitute Timeshare Loan is an Upgrade Club Loan replacing an Original Club Loan with the same Obligor.
Examples of Qualified Substitute Timeshare Loan in a sentence
This Part should contain the Financial Bid in the prescribed Format as per Annexure-XIV.Utmost care should be taken to upload the Financial Bid.
It is understood and agreed that the representations and warranties set forth in this Section 5 shall survive the sale of each Timeshare Loan to the Issuer and any assignment of such Timeshare Loan by the Issuer to the Indenture Trustee for the benefit of the Noteholders and shall continue so long as any such Timeshare Loan shall remain outstanding until such time as such Timeshare Loan is repurchased or a Qualified Substitute Timeshare Loan is provided pursuant to Section 6 hereof.
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Each Qualified Substitute Timeshare Loan replacing a Timeshare Loan shall satisfy each of the criteria specified in the definition of “Qualified Substitute Timeshare Loan” and each of the conditions herein for substitution of Timeshare Loans shall have been satisfied.
More Definitions of Qualified Substitute Timeshare Loan
Qualified Substitute Timeshare Loan means a Timeshare Loan which must, on the related Substitution Date: (i) have a coupon rate not less than the coupon rate of the substituted Timeshare Loan; (ii) does not have a stated maturity later than 12 months prior to the Stated Maturity; (iii) comply as of the related Substitution Date with each of the representations and warranties set forth in the Sale Agreement and (iv) be related to a Timeshare Property at a Resort.
Qualified Substitute Timeshare Loan means a Timeshare Loan (i) that, when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Transfer Date, has a Loan Balance, after application of all payments of principal due and received during or prior to the month of substitution, not in excess of the Loan Balance of the Timeshare Loan being substituted on the related Transfer Date, (ii) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Transfer Agreement or the Loan Sale Agreement, as applicable, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan, (iii) that shall not cause the weighted average coupon rate of the Timeshare Loans, after such substitution, to be less than the weighted average coupon rate of the Timeshare Loans as of the immediately preceding Determination Date, (iv) that shall not cause the weighted average FICO score of the Timeshare Loans, after such substitution, to be less than the weighted average FICO score of the Timeshare Loans as of the immediately preceding Determination Date, (v) that shall not cause the weighted average months of seasoning on the Timeshare Loans, after such substitution, to be less than 11 months, (vi) that does not have a stated maturity greater than 12 months prior to the Stated Maturity and (vii) with respect to Qualified Substitute Timeshare Loans which are being substituted for Defaulted Timeshare Loans, (A) that either (I) has a FICO score greater than or equal to 675 or (II) has a FICO score greater than or equal to 650 and has at least 12 months of seasoning; and (B) for Qualified Substitute Timeshare Loans substituted during the first seven Due Periods (I) such Qualified Substitute Timeshare Loans have a weighted average remaining term to maturity of at least 72 months and (II) each such Qualified Substitute Timeshare Loan has a remaining term to maturity of at least 36 months.
Qualified Substitute Timeshare Loan means a Timeshare Loan which must, on the related Transfer Date: (i) have a Loan Balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of the Loan Balance of the substituted Timeshare Loan; (ii) have a gross interest rate not less than the gross interest rate of the substituted Timeshare Loan; (iii) accrue interest on the same basis as the substituted Timeshare Loan (for example, on the basis of a 360-day year consisting of twelve 30-day months); and (iv) be an Eligible Timeshare Loan or Eligible In-Transit Loan.
Qualified Substitute Timeshare Loan means a Timeshare Loan (i) that, when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Transfer Date, has a Loan Balance, after application of all payments of principal due and received during or prior to the month of substitution, not in excess of the Loan Balance of the Timeshare Loan being substituted on the related Transfer Date, (ii) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Transfer Agreements and Purchase Agreement, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan, (iii) that shall not cause the weighted average coupon rate of the Timeshare Loans to be less than 15.25% after such substitution, (iv) that shall not cause the weighted average months of seasoning on the Timeshare Loans to be less than 16 months after such substitution, and (v) that does not have a stated maturity greater than 12 months prior to the Stated Maturity.
Qualified Substitute Timeshare Loan means a Timeshare Loan (i) that, when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Substitution Date, has a Principal Balance, after application of all payments of principal due and received during or prior to the month of substitution, not in excess of the Principal Balance of the Timeshare Loan being substituted on the related Substitution Date, (ii) that complies, as of the related Substitution Date, with each of the representations and warranties contained in the Sale and Servicing Agreement, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan and (iii) that shall not cause the weighted average coupon rate of the Timeshare Loans to be less than 15.0% after such substitution.
Qualified Substitute Timeshare Loan means a Timeshare Loan which on the related Transfer Date is an Eligible Timeshare Loan. “Rating Agencies” shall mean S&P and Moody’s, or their permitted successors and assigns.
Qualified Substitute Timeshare Loan means a Timeshare Loan which must, on the related Transfer Date: (i) have a Loan Balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of the Loan Balance of the substituted Timeshare Loan; (ii) have a gross interest rate not less than the gross interest rate of the substituted Timeshare Loan; (iii) accrue interest on the same basis as the substituted Timeshare Loan (for example, on the basis of a 360-day year consisting of twelve 30-day months); and (iv) be an Eligible Timeshare Loan (which may be an Eligible In-Transit Loan).