[ Alphabetical List of Terms] [ Frequently Asked Questions ] Within the definitions of the following timesharing terms, you may notice words that are italicized in boldface. These words have there own definitions in our Timesharing Terms. American Resort Development Association(ARDA). The following excerpts are taken from the ARDA website at http://www.arda.org : A Washington DC-based trade association representing the vacation ownership and resort development industries. The mission of this organization is "to foster and promote the growth of the industry and to serve its members thru education; public relations and communications; legislative advocacy; membership development and ethical enforcement." Banked Week (also known as space banked or deposited week). A week of vacation time deposited with an exchange company to be saved for use at another time and usually at another Resort. Typically, banked weeks should be used within two years of deposit and there is a modest fee to the exchange company for this service. Biennial. A Vacation Property that can be enjoyed every other year. A bi-annual Vacation Property owner should know whether he can take his vacation in an odd or even numbered year. Deeded Vacation Property. Vacation Property whose ownership interest is evidenced by a Deed instrument. Deposit. The act of utilizing an exchange company process by giving this year's vacation week to be saved for use at another time and usually at another Resort. A vacation week deposited with the exchange company is typically referred to as a banked week. Exchange. The act of utilizing an exchange company process by giving this year's vacation week at one Resort for a vacation week at another Resort in the same year. Exchange Company. The organizational body by which Vacation Property owners may deposit or exchange vacation weeks. Vacation Property owners pay a membership fee to the exchange company and may also pay additional modest fees for services. The two largest and most influential exchange companies are Resort Condominiums International and Interval International. Exit Program. A Vacation Property product offered by a Resort which allows a potential buyer to utilize a Vacation Property for a small number of years, usually three. In this way, a prospective Vacation Property owner is able to "try before he buys!" Typically, this product is offered only on a limited basis as the final effort to achieve a sale at the Resort--thus, its name "exit program." Five Star Resort. A Resort of exceptional quality as determined by the exchange company with which the Resort is affiliated. Fixed Time. A set time available annually to the Vacation Property owner for his Resort vacation. The Vacation Property owner should utilize the allotted time each year or deposit his week with an exchange company to avoid losing it. Floating Time. A vacation week that can be taken at anytime during the year, based upon availability. Owners of floating time contact the Resort to reserve their vacation week. It is possible to deposit or exchange floating time. Interval International (II). One of the two largest and most influential exchange companies in the Vacation Industry. The other is Resort Condominiums International. Leased Vacation Property. Vacation Property whose ownership interest is evidenced by a Lease, typically 30 years. Lockout. A Vacation Property that can be divided into two separate living quarters each with separate entrances. A lockout can be exchanged for two weeks in a smaller unit. Maintenance Fee. The annual fee paid to the Resort for the upkeep and improvement of the Vacation Property. Point System. A mechanism by which some Resorts offer its owners a certain number of points annually which may be redeemed for various Vacation Property products according to a set schedule. Points may be saved in one year for use in subsequent years, thereby allowing participant to obtain an upgraded Vacation Property product. Additional points are also available for purchase from the participating Resorts. Red, White, and Blue (or Green) Time. A system rating the desirability of a vacation week. Red time is considered the prime vacation time to visit the Resort. White is less desirable and Blue (or Green) time is off season at the Resort. Resort Condominiums International (RCI). One of the two largest and most influential exchange companies in the Vacation Industry. The other is Interval International.