Definition of Points Based Resort


Points Based Resort means one or more Resorts in a Collection at which holders of Points-Based Property are entitled to reserve the use and occupancy of Units.

Examples of Points Based Resort in a sentence

This paragraph shall not apply to transfers of all or any portion of a Mortgaged Property to the trustee or club entity for a Points Based Resort.
Holdings and the Borrower agree to supplement Schedule IV for any newly created or acquired "Points Based Resort" within 10 business days of such creation or acquisition by delivering to the Collateral Agent a certificate executed by a Responsible Officer of Holdings or the Borrower that designates such Resort as a Resort at which holders of Points Based Time Share Interests are entitled to reserve the use and occupancy of residential accommodations.