Subsequent Timeshare Loan definition

Subsequent Timeshare Loan means a Timeshare Loan (i) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Transfer Agreement, including that such Subsequent Timeshare Loan is an Eligible Timeshare Loan, (ii) that such Subsequent Timeshare Loan will not cause the weighted average coupon rate of the Timeshare Loans to be less than 15.958% after the purchase thereof by the Issuer and the subsequent pledge thereof pursuant to the Indenture, (iii) that will not cause the weighted average months of seasoning on the Timeshare Loans to be less than 11 months after the purchase thereof by the Issuer and the subsequent pledge thereof pursuant to the Indenture, (iv) that the weighted average FICO scores of such Subsequent Timeshare Loans will not be less than 665 and (v) that such Subsequent Timeshare Loan does not have a stated maturity date later than 24 months prior to the Stated Maturity.

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Subsequent Timeshare Loan means a Timeshare Loan acquired during the Prefunding Period (i) that complies, as of the related Transfer Date, with each of the representations and warranties contained in the Transfer Agreement, including that such Subsequent Timeshare Loan is an Eligible Timeshare Loan, (ii) that such Subsequent Timeshare Loan will not cause the weighted average coupon rate of the Timeshare Loans to be less than 17.00% after the purchase thereof by the Issuer and the subsequent pledge thereof pursuant to the Indenture, (iii) that will not cause the weighted average months of seasoning on the Timeshare Loans to be less than 13 months after the purchase thereof by the Issuer and the subsequent pledge thereof pursuant to the Indenture, (iv) that the weighted average FICO scores (to the extent the related Obligors have FICO scores) of such Subsequent Timeshare Loans will not be less than 545, (v) that such Subsequent Timeshare Loan will not cause the percentage of Obligors without a FICO score to exceed 10%, (vi) the Loan Balance of such Subsequent Timeshare Loan is less than $15,000, (vii) that such Subsequent Timeshare Loan will not cause the percentage (by aggregate Cut-Off Date Loan Balance) of all Subsequent Timeshare Loans transferred on such Transfer Date that have Obligors making payments by either credit card automated charge or pre-authorized checking/savings to be less than 59.01% (by aggregate Cut-Off Date Loan Balance) of all Subsequent Timeshare Loans transferred on such Transfer Date, and (viii) that such Subsequent Timeshare Loan does not have a stated maturity date greater than 10 years from its origination.

Examples of Subsequent Timeshare Loan in a sentence

On each Transfer Date, each Subsequent Timeshare Loan or Qualified Substitute Timeshare Loan, as the case may be, shall be an Eligible Timeshare Loan.
Within 30 days of the Closing Date (with respect to the Initial Timeshare Loans that are Aruba Club Loans) and the related Transfer Date (with respect to a Subsequent Timeshare Loan or Qualified Substitute Timeshare Loan that is an Aruba Club Loan), the Servicer shall confirm that notices have been mailed out to each related Obligor that such Timeshare Loan has ultimately been transferred and assigned to the Issuer and pledged to the Indenture Trustee, in trust, for the benefit of the Noteholders.
Upon such sale and transfer, the ownership of each Subsequent 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 2(b) shall immediately vest in the Issuer, its successors and assigns.
With respect to each Transfer Date and in accordance with the Custodial Agreement, the Issuer will deliver or cause to be delivered (i) to the Custodian, the Timeshare Loan Files, and (ii) to the Servicer, the Timeshare Loan Servicing Files, for each Subsequent Timeshare Loan or Qualified Substitute Timeshare Loan to be conveyed on such Transfer Date.
The Depositor shall not take any action inconsistent with such ownership nor claim any ownership interest in any Subsequent Timeshare Loan for any purpose whatsoever other than for federal and state income tax reporting and GAAP consolidation, if applicable.
The Depositor shall not take any action inconsistent with such ownership nor claim any ownership interest in any Subsequent Timeshare Loan for any purpose whatsoever other than for federal and state income tax reporting, if applicable.
Each Subsequent Timeshare Loan conveyed on a Transfer Date shall be an Eligible Timeshare Loan and each of the conditions herein and in the Indenture for the purchase of Subsequent Timeshare Loans shall have been satisfied.
The Seller shall not take any action inconsistent with such ownership nor claim any ownership interest in any Subsequent Timeshare Loan for any purpose whatsoever other than consolidated financial and federal and state income tax reporting.
Upon such sale and transfer, the ownership of each Subsequent 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 2(a)(ii) shall immediately vest in the Issuer, its successors and assigns.
On or prior to each Transfer Date, the Issuer will deliver or cause the Seller to deliver (i) to the Custodian, the Timeshare Loan Files, and (ii) to the Servicer, the Timeshare Loan Servicing Files, for each Qualified Substitute Timeshare Loan or Subsequent Timeshare Loan to be conveyed on such Transfer Date.

More Definitions of Subsequent Timeshare Loan

Subsequent Timeshare Loan means each Timeshare Loan meeting the criteria specified in Section 4.09 of the Indenture, sold by the Seller, purchased by the Issuer and pledged to the Indenture Trustee on a Transfer Date during the Prefunding Period.