Vacation Ownership

Glossary

Assigned Week
The week you select and use each year for your vacation. 

Bank/Banking
A credit due as a result of confirming a trade with Trading Places International (TPI) or another exchange company.

Bonus Time
Use of your Home Resort during times other than the time you bought.

Deposit
A Unit/Week given to TPI or other exchange company with or without the concurrent submission of an Exchange Request and prior to confirmation of an exchange into the deposited Unit/Week. 

Developer
The entity that develops, markets, and sells interests in a Resort.  

Exchange
Your use of a Unit/Week other than that which you own or have reserved at your own Resort (internal Exchange) or another Resort (external Exchange).

Exchange Confirmation
Written notification from TPI or other exchange company that your exchange request has been fulfilled and that accommodations have been made available at a Host Resort.

Exchange Fee
The fee paid you pay for a confirmed Exchange.

Exchange Request
An application for an Exchange which may or may not be concurrent with the Deposit of a Unit/Week.

Family of Resorts
A select group of resorts with which Trading Places International has developed a special relationship making it easier for you to exchange into them.

Fixed Time
You own the same week each year. Guarantees you will be able to use the same week you purchased every year provided you are not delinquent in your maintenance fees.

Floating Time
If you are current on your maintenance fees, you have the flexibility to select (on a space available basis) the specific week you want for regular use, exchange, or rental in a unit of the same type and season you own.

Home Resort
The Resort where you own an interest or are a Member.

Host Resort
The Resort into which you have a confirmed Exchange.

Occupancy
The maximum number of persons that may be accommodated in a Resort unit.

Owner/Member
Anyone other than the Developer who has acquired a shared interest in a Resort.

Season
That period of the year which you have purchased at your Home Resort as defined by your purchase agreement. Also, various periods of the year as defined by the Host Resort involved in an Exchange.

Unit/Week
A timeshare estate, interest, or license; a week, unit week, or any other right to occupy accommodations for a specific period of time at a Resort.

Upgrade
The assignment of an Exchange or Use Week in a more desirable Season or Unit of greater Occupancy than that deposited by that client.

Upgrade Fee
The amount paid for an Upgrade.

Use Week Confirmation
Written notification from TPI that your use week has been assigned and may be used at your Home Resort, submitted for Exchange, or rented out.