Qualified Timeshare Loan

Example Definitions of "Qualified Timeshare Loan"
Qualified Timeshare Loan. Means each Timeshare Loan made by Borrower or 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 which meets the following criteria: (a) The Timeshare Loan is evidenced by a Qualified Note, Qualified Mortgage, Purchase Agreement and such other Consumer Documents which have been, as applicable, executed in connection with the credit purchase and... sale of a Timeshare Interest; (b) The Timeshare Loan has an original maturity date of one hundred twenty (120) months or less, payable in equal monthly installments of principal and interest, with the first installment due and payable not more than forty-five (45) days after the date on which Agent has first advanced funds based upon the collateral assignment of such Timeshare Loan; (c) Purposely Omitted; (d) The Timeshare Loan is not a Delinquent Loan; (e) The Timeshare Loan is not more than thirty (30) days past due at the time of the initial Advance against such Timeshare Loan; (f) There has been no default on the Timeshare Loan by the Purchaser; (g) Other than with respect to the effect of the application of the Service Member's Civil Relief Act on Lender Portfolio Timeshare Loans, the annual rate of interest applied to the unpaid principal balance of the applicable Note is at least equal to a fixed rate of 9.99% per annum and the weighted average interest rate for all of the Lender Portfolio Timeshare Loans is at least equal to 13.5% per annum; (h) The Purchaser has no claim of any defense, setoff or counterclaim to the applicable Timeshare Loan; (i) The Timeshare Loan represents the balance of the Sales Price and the Purchaser is not, and no payment of a sum due under the Timeshare Loan has been made by, an Affiliate, or an officer, director, agent, employee, principal, broker, creditor (or relative thereof) of any other Person related to or an Affiliate of Borrower; (j) The Consumer Documents and all other aspects of the related transaction comply with all Legal Requirements; (k) The payment to be received is payable in United States dollars; (l) Each Purchase Agreement, Note, Mortgage and related Consumer Document has been duly executed, as applicable, by or on behalf of all Persons having a beneficial ownership interest in the Timeshare Interest; (m) The Unit in which the applicable Timeshare Interest financed by the Timeshare Loan is situate: (i) has been completed in compliance with all Legal Requirements, is currently served by all required utilities, is fully furnished and ready for use; provided, however, Units may be subject to renovations for improvements from time to time, provided that, a "One-to-One Owner Beneficiary to Accommodation Ratio" (as defined in the Trust Agreement) is maintained in accordance with the Trust Agreement and applicable Legal Requirements and Borrower provides evidence of the same to Agent upon Agent's request; (ii) is covered by a valid certificate of occupancy (or its equivalent) duly issued; (iii) is subject to the terms of the Declaration for the applicable Project; and (iv) has been developed to the specifications provided for in the applicable Purchase Agreement. All furnishings (including appliances) within the Unit have been or will be fully paid for and are free and clear of any lien or other interest by any third party prior to dedication to the governing timeshare regime, except for any furniture leases which contain non-disturbance provisions acceptable to Agent; (n) The Unit in which the applicable Timeshare Interest financed by the Timeshare Loan is situate has had all taxes, Assessments, penalties and fees related thereto paid when due; (o) Any and all applicable rescission periods have expired; (p) The Purchaser's FICO Score (if more than one Purchaser: i) if all Purchasers have a FICO Score, the highest FICO Score will be submitted to Agent and used for this calculation, and ii) if a FICO Score is not available for certain of the Purchasers, the highest FICO Score of the remaining Purchasers will be submitted to Agent and used for this calculation) shall not be less than 625, subject to the exceptions provided in Sections 2.2(e)(i) and 2.2(e)(iii); (q) The weighted average FICO Score for all Qualified Timeshare Loans included in the Lender Portfolio Timeshare Loans (excluding No-FICO Score Timeshare Loans and Non-Resident Timeshare Loans) shall not be less than 700; (r) The Purchaser is a resident of the United States or Canada, subject to the exception provided in Section 2.2 (e)(i); (s) The lien of the Mortgage securing the Note is a perfected first priority purchase money mortgage which may be assigned of record to Agent, for the benefit of Lenders, (or is being assigned to Agent, for the benefit of Lenders, in accordance with this Agreement, as applicable) and is or will be fully insured by a Title Insurance Policy in the amount of the Timeshare Loan, which policy is endorsed to Agent, for the benefit of Lenders, and its successors and assigns or insured in the name of Borrower and collaterally assigned to Agent, for the benefit of Lenders, and its successors and assigns; (t) All representations, warranties and covenants regarding such Timeshare Loans and the Consumer Documents related thereto and the matters related thereto as set forth in Section 10 and elsewhere in this Agreement are accurate and Borrower shall have performed all of its obligations with respect thereto; (u) Agent and/or Lenders have a valid, perfected first priority lien against and security interest in the Note and the related Consumer Documents (which in the case of the Consumer Documents may be subject to a Permitted Encumbrance) and all payments to be made thereunder; (v) The total maximum remaining principal balance of all Timeshare Loans outstanding to any one Purchaser or Affiliates of such Purchaser (and assigned to Agent, for the benefit of Lenders, hereunder) shall not exceed $75,000 in the aggregate; (w) The payment terms of such Timeshare Loan have not been amended in any way, including any revisions to the payment provisions to cure any defaults or delinquencies, except in the case of a Permitted Modification or unless otherwise agreed to by Agent in writing at its sole discretion. If an otherwise Qualified Timeshare Loan is amended to cure a delinquency without Agent's agreement, such Timeshare Loan shall be deemed a Delinquent Loan; (x) There has been no increase to the applicable interest rate payable on the Timeshare Loan as the result of the termination of any automatic payment option, unless all disclosures required under applicable law for such increase have been properly given by Borrower or its Affiliates to Purchaser; (y) The Purchaser is not a "blocked person", as defined in the Patriot Act Certificate and Agreement; and (z)The Unit in which the applicable Timeshare Interest financed by the Timeshare Loan is situate in a Unit (i) comprising part of a Primary Project, or (ii) comprising part of a Non-Primary Project subject to the Non-Primary Project Timeshare Loans sublimit of 35% as set forth in Section 2.2(e)(iv). View More
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