VFN Notes definition

VFN Notes means the Variable Funding Notes, substantially in the form set forth in Exhibit A-2a to the Indenture.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

VFN Notes means the Variable Funding Notes (whose Variable Funding Balance on any date shall not to exceed 1.0% of the then current aggregate principal balance of the Mortgage Loans), substantially in the form set forth in Exhibit A-3a to the Indenture.

Examples of VFN Notes in a sentence

• The Notes shall be designated as the “BXG Timeshare Trust I, Timeshare Loan-Backed VFN Notes, Series I”.

• Also issued under the Indenture are the Timeshare Loan-Backed VFN Notes, Series I (the “Notes”).

• The Collection Account is an Eligible Bank Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation “BXG Timeshare Trust I, Timeshare Loan-Backed VFN Notes, Series I — Collection Account, U.S. Bank National Association, as Indenture Trustee for the benefit of the Noteholders”.

• The Issuer and the Indenture Trustee represent that the General Reserve Account is an Eligible Bank Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation “BXG Timeshare Trust I, Timeshare Loan-Backed VFN Notes, Series I — General Reserve Account, U.S. Bank National Association, as Indenture Trustee for the benefit of the Noteholders”.

• The General Reserve Account is an Eligible Bank Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation “BXG Timeshare Trust I, Timeshare Loan-Backed VFN Notes, Series I — General Reserve Account, U.S. Bank National Association, as Indenture Trustee for the benefit of the Noteholders”.

• The Issuer and the Indenture Trustee represent that the Collection Account is an Eligible Bank Account initially established at the corporate trust department of the Paying Agent on behalf of the Indenture Trustee, bearing the following designation “BXG Timeshare Trust I, Timeshare Loan-Backed VFN Notes, Series I — Collection Account, U.S. Bank National Association, as Indenture Trustee for the benefit of the Noteholders”.

• Except as otherwise provided in this Agreement, including, without limitation, with respect to the calculation of interest on the Class A Notes, the Class B1 Notes and the VFN Notes all interest rate calculations under this Agreement, including those with respect to the Contracts, will be made on the basis of a 360-day year and twelve 30-day months and will be carried out to at least seven decimal places.

• Any one of the VFN Notes executed by the Issuers and authenticated by the Indenture Trustee, substantially in the form of Exhibit D-6 to the Indenture.

• The Class A-1A VFN Notes and all of the other obligations of the Issuer under this Agreement are payable solely from the Loan Assets and other Collateral pledged by the Issuer to secure the Notes subject to the availability of funds for such purpose in accordance with the Priority of Payments established under the Indenture and, following realization of the Collateral, any claims against the Issuer shall be extinguished and shall not thereafter revive.

• The Collection Account shall be an Eligible Bank Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation "BXG Receivables Note Trust 2004-C, Timeshare Loan-Backed VFN Notes, Series 2004-C -- Collection Account, U.S. Bank National Association, as Indenture Trustee for the benefit of the Noteholders".