NELO Loan definition
NELO Loan means any Timeshare Loan where:
NELO Loan means any Bluegreen Timeshare Loan where (i) the Obligor is an existing owner of the related Timeshare Property (the “Existing Timeshare Property”), (ii) such Obligor’s Existing Timeshare Property has been paid-in-full (i.e., no debt) and has a minimum of ten percent (10%) combined aggregate equity in its Existing Timeshare Property and its Timeshare Property purchased under such NELO Loan, (iii) each paid-in-full Existing Timeshare Property only provides equity to one NELO Loan, (iv) the Borrower has established a verification process to confirm the Existing Timeshare Property is paid-in-full and provided sufficient paid-in-equity, and (v) such verification process adheres to all applicable laws, regulatory guidelines and related requirements.