Non-Conforming Timeshare Loan

Non-Conforming Timeshare Loan. Means a Timeshare Loan made by Borrower or an FBS Developer (and assigned by FBS Developer to Borrower) to a Purchaser or Purchasers in connection with a Qualified Sale which is evidenced by a Qualified Note, secured by a Qualified Mortgage, and meets all of the criteria for a "Qualified Timeshare Loan" except that: (a)The Purchaser's FICO Score is less than 625; or (b)Such Timeshare Loan, when added to the Qualified Timeshare Loans included as Lender Portfolio Timeshare Loans (excluding... No-FICO Score Timeshare Loans and Non-Resident Timeshare Loans), would cause the weighted average FICO Score for all such Timeshare Loans to be less than 700 notwithstanding subsection (q) of the definition of "Qualified Timeshare Loan"; or (c)Such Timeshare Loan, when added to the Qualified Timeshare Loans included as Lender Portfolio Timeshare Loans, would cause the weighted average interest rate for all such Timeshare Loans to be less than 13.5% per annum notwithstanding subsection (g) of the definition of "Qualified Timeshare Loan"; or (d)Such Timeshare Loan, when added to the Qualified Timeshare Loans included as Lender Portfolio Timeshare Loans, would cause the outstanding principal balance of all such Timeshare Loans which consisted of Non-Resident Timeshare Loans or No-FICO Score Timeshare Loans to exceed ten percent (10%) of the aggregate outstanding balance of all Qualified Timeshare Loans, notwithstanding the applicable sublimits for Qualified Timeshare Loans set forth in Subsections 2.2(e)(i) and (iii). In addition, a "Non-Conforming Timeshare Loan" must also meet the following criteria: (i) the minimum weighted average number of payments made under all such Timeshare Loans shall be at least twenty-four (24); (ii) the Purchaser under each such Timeshare Loan shall have made at least one (1) payment of principal and interest under such Timeshare Loan; and (iii) the minimum weighted FICO Score shall be at least 600. View More