Timeshare Mortgage definition
Examples of Timeshare Mortgage in a sentence
Borrower shall, to the extent permitted by Applicable Law and the applicable Declaration, cause all casualty policies of insurance provided under the each applicable Declaration to have mortgagee endorsements in respect of Lender's interests in and to the Pledged Intervals that are the subject of any Mortgage or any Timeshare Mortgage in which Lender may have a security interest and Lien hereunder or under the Receivables Loan Documentation.
Borrower shall maintain accurate and complete files relating to the Contracts and the other Collateral to the reasonable satisfaction of Lender, and such files will contain copies of each Contract, the Timeshare Note, Timeshare Mortgage, all relevant credit memoranda, and all collection information and correspondence in respect thereof, as the case may be.
Instruments in substantially the form of the Contract, the form of statement of rescission rights required by Applicable Laws, and the form of other instruments and documents related thereto, including, if applicable, any Timeshare Note and/or Timeshare Mortgage, in each case in form and substance reasonably acceptable to Lender, shall be used by Borrower for all purchase and sale transactions of Pledged Intervals.
Capitalized terms not defined herein shall have the meaning set forth in the Indenture, dated as of July 31, 1998, by and between Vistana 1998-A Timeshare Mortgage Corp., as Issuer and Norwest Bank National Association, as Trustee.
Borrower shall maintain accurate and complete files relating to the Purchase Agreements and the other Collateral to the reasonable satisfaction of Lender, and such files will contain copies of each Purchase Agreement, the Note Receivable, Timeshare Mortgage, all relevant credit memoranda, and all collection information and correspondence in respect thereof, as the case may be.
Instruments in substantially the form of the Timeshare Note, the form of the Timeshare Mortgage, the form of the grant deed, the form of the Truth-in-Lending Statement and the form of the other instruments and documents related thereto set forth, in each case, in form and substance reasonably acceptable to Lender, shall be used by Borrower for all sales of Timeshare Interests which are financed by Borrower or Lender after the Closing Date and for so long as any Obligation remains outstanding.
Borrower shall, to the extent permitted by Applicable Law and the applicable Declaration, cause all casualty policies of insurance provided under the each applicable Declaration to have mortgagee endorsements in respect of Lender’s interests in and to the Pledged Intervals that are the subject of any Mortgage or any Timeshare Mortgage in which Lender may have a security interest and Lien hereunder or under the Receivables Loan Documentation.
Subject to Section 8.2(c), Borrower shall direct or otherwise cause the makers of each Pledged Note Receivable, in writing, to pay directly to Lockbox Agent all interest, principal, prepayments (both voluntary and mandatory), and other amounts of any and every description payable to Borrower by or on behalf of such maker pursuant to the applicable Pledged Note Receivable, the related Timeshare Mortgage, or any other related documents or instruments.
The Reserve Account shall be held as one or more segregated trust accounts in the Trustee's corporate trust department and shall be titled as follows: "Norwest Bank Minnesota, National Association, as Trustee for the benefit of the registered Holders of Vistana 1998-A Timeshare Mortgage Corp.
Instruments in substantially the form of the Note Receivable, the form of the Timeshare Mortgage, the form of the grant deed, the form of the Truth-in-Lending Statement and the form of the other instruments and documents related thereto set forth, in each case, in form and substance reasonably acceptable to Lender, shall be used by Borrower for all sales of Timeshare Interests which are financed by Borrower or Lender after the Closing Date and for so long as any Obligation remains outstanding.