Common use of Time Share Interests Clause in Contracts

Time Share Interests. The sale, offering of sale, and financing of Time-Share Interests in the Projects (i) do not constitute the sale, or the offering of sale, of securities subject to registration requirements of the Securities Act of 1933, as amended, or any state or foreign securities Law, (ii) except to the extent that any such violation(s), either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, do not violate any time-sharing or other Law of any state or foreign country in which sales or solicitation of Time-Share Interests occur, and (iii) except to the extent that any such violation(s), either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, do not violate any consumer credit or usury Laws of any state or foreign country in which sales or solicitation of Time-Share Interests occur. Except to the extent that any such failure(s), either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, the Borrower and its Subsidiaries have not failed to make or cause to be made any registrations or declarations with any Tribunal necessary to the ownership of the Projects or to the conduct of its business, including, without limitation, the operation of the Projects and the sale, or offering for sale, of Time-Share Interests therein. Except to the extent that any such noncompliance(s), either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, Borrower and its Subsidiaries have, to the extent required by its activities and businesses, fully complied with (i) all of the applicable provisions of (A) the Consumer Credit Protection Act, as amended, (B) the Federal Trade Commission Act, as amended, (C) the Federal Interstate Land Sales Full Disclosure Act, as amended, (D) any other Laws of any Tribunal otherwise applicable, and (E) all rules and regulations promulgated under any of the foregoing. True and complete copies of the Purchase Documents and other documents requested by the Administrative Lender which have been and are being used by the Borrower and its Subsidiaries in connection with the Projects and the sale or offering for sale of Time-Share Interests therein have been delivered to the Administrative Lender. The Time-Share Interests in the Projects constitute undivided interests in real property under the Laws of the jurisdictions in which the applicable Units are located.

Time Share Interests. The sale, offering of for sale, and financing of Time-Time Share Interests in the Projects Resorts (i) do not constitute the sale, or the offering of sale, of securities subject to registration requirements of the Securities Act of 1933, as amendedAct, or any state or foreign securities Lawlaw, (ii) except to the extent that any such violation(s), either individually or in the aggregate, could are not reasonably be expected likely to have a Material Adverse Effect, do not violate any time-sharing timesharing or other Law law of any state or foreign country in which sales or solicitation of Time-Time Share Interests occur, and (iii) except to the extent that any such violation(s), either individually or in the aggregate, could are not reasonably be expected likely to have a Material Adverse Effect, do not violate any consumer credit or usury Laws laws of any state or foreign country in which sales or solicitation of Time-Time Share Interests occur. Except to the extent that any such failure(s), either individually or in the aggregate, could are not reasonably be expected likely to have a Material Adverse Effect, the Borrower and its Subsidiaries Loan Parties have not failed to make or cause to be made any registrations or declarations with any Tribunal Governmental Authority necessary to the ownership of the Projects Resorts or to the conduct of its their business, including, without limitation, the operation of the Projects Resorts and the sale, or offering for sale, of Time-Time Share Interests therein. Except to the extent that any such noncompliance(s), either individually or in the aggregate, could is not reasonably be expected likely to have a Material Adverse Effect, Borrower and its Subsidiaries the Loan Parties have, to the extent required by its their activities and businesses, fully complied with (i) all of the applicable provisions of (A) the Consumer Credit Protection Act, as amended, (B) the Federal Trade Commission Act, as amended, (C) the Federal Interstate Land Sales Full Disclosure Act, as amended, (D) Truth-in-Lending Act and Regulation Z, as amended, (E) Equal Credit Opportunity Act and Regulation B, as amended, (F) Telemarketing and Consumer Fraud and Abuse Prevention Act, as amended, (G) any applicable condominium and timeshare statutes, rules and regulations, including but not limited to those governing the administration and operations of the condominium or timeshare association and those requiring registrations of Time Share Interests in the Resorts as a prerequisite to marketing and sales thereof, (H) any other Laws laws of any Tribunal Governmental Authority otherwise applicable, and (EI) all rules and regulations promulgated under any of the foregoing. True The Time Share Interests in the Resorts (other than Sunterra Pacific, AKGI St. Maarten, N.V., Inc. and Sunterra St. Croix) constitute undivided interests in real property under the laws of the jurisdictions in which the applicable time share Units are located. The copies of the Purchase Documents which have been delivered to the Agent by the Borrowers are true and complete copies of the Purchase Documents and other documents requested by principal forms, as of the Administrative Lender Final Facility Effective Date, which have been and or are being used by the Borrower and its Subsidiaries Borrowers in connection with the Projects Resorts and the sale or offering for sale of Time-Time Share Interests therein have been delivered to the Administrative Lender. The Time-Share Interests in the Projects constitute undivided interests in real property under the Laws of the jurisdictions in which the applicable Units are locatedtherein.

Time Share Interests. The sale, offering of sale, and financing of -------------------- Time-Share Interests in the Projects (i) do not constitute the sale, or the offering of sale, of securities subject to registration requirements of the Securities Act of 1933, as amended, or any state or foreign securities Law, (ii) except to the extent that any such violation(s), either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, do not violate any time-sharing or other Law of any state or foreign country in which sales or solicitation of Time-Share Interests occur, and (iii) except to the extent that any such violation(s), either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, do not violate any consumer credit or usury Laws of any state or foreign country in which sales or solicitation of Time-Share Interests occur. Except to the extent that any such failure(s), either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, the Borrower and its Subsidiaries have not failed to make or cause to be made any registrations or declarations with any Tribunal necessary to the ownership of the Projects or to the conduct of its business, including, without limitation, the operation of the Projects and the sale, or offering for sale, of Time-Share Interests therein. Except to the extent that any such noncompliance(s), either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, Borrower and its Subsidiaries have, to the extent required by its activities and businesses, fully complied with (i) all of the applicable provisions of (A) the Consumer Credit Protection Act, as amended, (B) the Federal Trade Commission Act, as amended, (C) the Federal Interstate Land Sales Full Disclosure Act, as amended, (D) any other Laws of any Tribunal otherwise applicable, and (E) all rules and regulations promulgated under any of the foregoing. True and complete copies of the Purchase Documents and other documents requested by the Administrative Lender Agent which have been and are being used by the Borrower and its Subsidiaries in connection with the Projects and the sale or offering for sale of Time-Share Interests therein have been delivered to the Administrative LenderAgent. The Other than the Time-Share Interests attributable to Right-To-Use Receivables, the Time-Share Interests in the Projects constitute undivided interests in real property under the Laws of the jurisdictions in which the applicable Units are located.