Resort Interest definition

Resort Interest. As defined in the Club Trust Agreement.
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Resort Interest means the “stand alone” timeshare fee simple ownership interest of any Resort Purchaser and/or Borrower (to the extent conveyed by the applicable ILX Seller to Borrower as part of the Acquired Assets as of the Closing Date) in the applicable Resort consisting of a membership share, or a Unit Week in such Resort and a Resort Deed to a corresponding undivided fractional interest in the applicable Resort, as tenants in common with other owners of Resort Interests at such Resort which is subject to the Resort Documents and which is not subject to the Club Membership Plan; legal title to all resort interests is conveyed by the applicable ILX Sellers to Borrower as part of the Acquired Assets on the Closing Date.
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Resort Interest means a leasehold, fee simple, “right-to-use,” membership, or other interest in an Accommodation or a group of Accommodations in a Component Site or multiple Component Sites, including a timeshare interest or interval, an undivided interest, points, and any other type of legal or beneficial interest in real property (but specifically excluding Beneficial Use Rights) that is owned or leased by a Trustee or any other Person on behalf and for the benefit of the Association and its Members for the use of the Members and all rights, benefits, and privileges belonging or in any manner appertaining thereto, now or hereafter submitted to the Declaration, as amended or supplemented from time to time.
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Examples of Resort Interest in a sentence

  • The Club Trustee agrees not to convey any Resort Interest (as defined in the Club Trust Agreement) in the Club relating to a Timeshare Loan unless the Indenture Trustee shall have issued an instruction to the Club Trustee pursuant to Section 8.07(c) of the Club Trust Agreement in connection with its exercise of its rights as an Interest Holder Beneficiary (as defined in the Club Trust Agreement) under Section 7.02 of the Club Trust Agreement.

  • It is acknowledged by the Members that Bluegreen is in the business of developing, marketing and selling Resort Interest Programs, including timeshare projects.

  • The Club Trustee agrees not to convey any Resort Interest in the Club relating to a Receivable which has been sold and assigned to the Trust unless the Indenture Trustee shall have issued an instruction to the Club Trustee pursuant to Section 8.07(c) of the Club Trust Agreement in connection with its exercise of its rights as an Interest Holder Beneficiary (as defined in the Club Trust Agreement) under Section 7.02 of the Club Trust Agreement.

  • The Club Trustee agrees not to convey any Resort Interest (as defined in the Club Trust Agreement) in the Club relating to a Timeshare Loan unless the Buyer shall have issued an instruction to the Club Trustee pursuant to Section 8.07(c) of the Club Trust Agreement in connection with its exercise of its rights as an Interest Holder Beneficiary (as defined in the Club Trust Agreement) under Section 7.02 of the Club Trust Agreement.

  • Notwithstanding any other provision of this Agreement, BCLLC agrees, on behalf of itself and its Affiliates, that neither it nor any of its Affiliates shall sell, market, advertise, develop or promote any Resort Interest Program, excepting, however, the Timeshare Projects, the Bluegreen Vacation Club, any Bluegreen Timeshare Facility as offered by Bluegreen, and any Fractional Interest Development (regardless of Bluegreen involvement, but subject to Section 7.9).

  • In addition, Lender shall have the automatic right without the appointment of a Receiver to have access to and exclusive possession of the Resort Interest and Resort Unit encumbered hereby or such other Resort Interest and Resort Unit whose use has been assigned to Borrower by the Resort Owners Association or by any exchange company.

  • Such notice shall include a reasonable description of the Fractional Interest Development or Resort Interest Program.

  • If Bluegreen elects not to Participate or fails to execute a letter of understanding within sixty (60) days, then BCLLC (or its Affiliate) may proceed with such Fractional Interest Development or Resort Interest Program without Participation or involvement of Bluegreen.

  • Neither Big Cedar, Big Cedar Affiliates, nor Bass Pro or Bass Pro Affiliates shall develop any Resort Interest Program, excepting (i) in accordance with Big Cedar's Right to Participate as provided for in Section 6.11 of the Operating Agreement; or (ii) Big Cedar's rights in regard to Fractional Interest Developments as provided in the Operating Agreement.

  • Borrower shall demonstrate upon the request of Lender the existence of adequate Club Inventory and Resort Interest inventory so as to meet all demands for usage as evidenced by UCC Article 9 title policies issued by the Title Company.


More Definitions of Resort Interest

Resort Interest. With respect to Christmas Mountain Campground, a 1/3 divided interest in an undivided fee simple ownership interest, with respect to The Timbers at Christmas Mountain, a 1/3 divided interest in an undivided fee simple ownership interest and a 1/6 divided interest in an undivided fee simple ownership interest relating to the usage of a townhome, and
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Related to Resort Interest

  • Asset Interest is defined in Section 2.1(b).

  • Trust Interest means an account owner's interest in the trust created by a participating trust

  • Income interest means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • Transferred Interest means, at any time of determination, an undivided percentage ownership interest in (i) each and every then outstanding Receivable, (ii) all Related Security with respect to each such Receivable, (iii) all Collections with respect thereto, and (iv) other Proceeds of the foregoing, which undivided ownership interest shall be equal to the Aggregate Percentage Factor at such time, and only at such time (without regard to prior calculations). The Transferred Interest in each Receivable, together with Related Security, Collections and Proceeds with respect thereto, shall at all times be equal to the Transferred Interest in each other Receivable, together with Related Security, Collections and Proceeds with respect thereto. To the extent that the Transferred Interest shall decrease as a result of a recalculation of the Aggregate Percentage Factor, the Administrative Agent on behalf of the applicable Class Investors shall be considered to have reconveyed to the Transferor an undivided percentage ownership interest in each Receivable, together with Related Security, Collections and Proceeds with respect thereto, in an amount equal to such decrease such that in each case the Transferred Interest in each Receivable shall be equal to the Transferred Interest in each other Receivable.

  • business interest ’ means —

  • Class P Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class P Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Relevant Interest means the amount of shares issued by the Company (or its legal successors) in a percentage equal to or greater than twenty percent (20%) of the total shares issued by it;

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • Member Interest means an equity interest of a Member in the Company and includes any and all benefits to which such Member is entitled as provided in this Agreement, together with all obligations of such Member pursuant to the terms and provisions of this Agreement.

  • Economic Interest means a Person’s right to share in the income, gains, losses, deductions, credits, or similar items of the Company, and to receive Distributions from the Company, but excluding any other rights of a Member, including the right to vote or to participate in management, or, except as may be provided in the Act, any right to information concerning the business and affairs of the Company.

  • Short Interests means any agreement, arrangement, understanding or relationship, including any repurchase or similar so-called “stock borrowing” agreement or arrangement, engaged in, directly or indirectly, by any Proposing Person, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of shares of any class or series of the Corporation by, manage the risk of share price changes for, or increase or decrease the voting power of, such Proposing Person with respect to the shares of any class or series of the Corporation, or which provides, directly or indirectly, the opportunity to profit from any decrease in the price or value of the shares of any class or series of the Corporation.

  • Derivative Interest means any derivative securities (as defined under Rule 16a-1 under the Exchange Act) that increase in value as the value of the underlying equity increases, including, but not limited to, a long convertible security, a long call option and a short put option position, in each case, regardless of whether (i) such interest conveys any voting rights in such security, (ii) such interest is required to be, or is capable of being, settled through delivery of such security or (iii) transactions hedging the economic effect of such interest.

  • Class CE Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • L/C Interest shall have the meaning ascribed to such term in Section 3.6 hereof.

  • Subsidiary REMIC Interest Any one of the Subsidiary REMIC Interests or the SR-A-R Interest.

  • Class X Interest The regular interest in the Class X REMIC represented by the Class X Certificates as specified and described in the Preliminary Statement and the related footnote thereto.

  • Class IO Interest An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Investment interest means investment interest as defined in section 163(d)(3) of the Internal Revenue Code.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

  • Periodic Interest means, with respect to any Payment Date, the periodic interest for such Payment Date as specified in the Series Supplement.

  • Current Interest With respect to each Class of Certificates and any Distribution Date, the aggregate amount of interest accrued at the applicable Certificate Interest Rate during the related Accrual Period on the Class Principal Amount or Class Notional Amount, as applicable, of such Class prior to any distributions of principal, allocations of Realized Losses or allocations of Certificate Writedown Amounts prior to such Distribution Date.

  • Private interest means an interest held by an individual that is:

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Common Interest means employers engaged in the same industry or members of an Oklahoma trade association that has been in business for at least five (5) years.

  • related interest means (1) a company (other than an insured bank or a foreign bank) that is controlled by an executive officer, director, or principal shareholder or (2) a political or campaign committee that is controlled by or the funds or services of which will benefit an executive officer, director, or principal shareholder. See Section 215.11(a)(2) of