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 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.
Examples of Qualified Substitute Timeshare Loan in a sentence
Upon such sale, the ownership of each Qualified Substitute Timeshare Loan and all collections allocable to principal and interest thereon after the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 6(f) shall immediately vest in the Depositor, its successors and assigns.
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.
Upon such sale, the ownership of each Qualified Substitute Timeshare Loan and all collections allocable to principal and interest thereon after the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 6(f) shall immediately vest in the Issuer, its successors and assigns.
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.
On each Transfer Date, each Subsequent Timeshare Loan or Qualified Substitute Timeshare Loan, as the case may be, shall be an Eligible Timeshare Loan.
More Definitions of Qualified Substitute Timeshare 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, and (ii) 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 (iii) the stated maturity of such Qualified Substitute Timeshare Loan is not later than the Payment Date in March 2018; 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.
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 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 (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 (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.
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, (b) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Agreement, including that such Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan; provided, however, that there shall be no seasoning requirement if a Qualified Substitute Timeshare Loan is an Upgrade Club Loan replacing an Original Club Loan with the same Obligor, (c) that does not cause the weighted average coupon rate of all Qualified Substitute Timeshare Loans being substituted on the related Transfer Date to be more than .25% less than the weighted average coupon rate of the Timeshare Loans being replaced in the Aggregate Sale Date Loan Pool in connection with such substitution on the related Transfer Date, and (d) that shall have a FICO Score equal to or greater than the Timeshare Loan being replaced (unless such Timeshare Loan is an Upgrade Club Loan replacing an Original Club Loan with the same Obligor in which case such Timeshare Loan shall comply with the then current Credit Policy in effect at the time of the origination of such Timeshare Loan).
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.