Due to the fact that\u00a0the wording of\u00a0The Royal Caribbean\u00a0membership\u00a0contract is\u00a0slightly\u00a0different from that of other resorts in the Royal Resorts family,\u00a0some Royal Caribbean members are asking for clarification regarding Residual Rights.<\/p>\n
Residual Rights will be distributed in accordance with the following definition:<\/p>\n
\u201cResidual Rights” is the amount of financial proceeds that a Member would receive at the termination of their Membership Program in accordance to the terms of the Membership Agreement. The amount that they would receive would be distributed from the net proceeds resulting from the liquidation of assets (sale of the resort including buildings, equipment, furniture and fixtures) after payment of liabilities (debts;\u00a0staff severance payments; municipal, state and federal taxes; legal fees and administrative and brokerage expenses associated with the sale of the resort) plus any cash reserves available at termination.<\/p>\n
It is likely that the\u00a0total\u00a0amount distributed to\u00a0members will be less than the total amount of the sales price paid by members, as was the case for The Royal Mayan.<\/p>\n
In order to be eligible for Residual Rights distributions, Royal Caribbean members of record must be in good standing on the date of termination of the\u00a0Membership Program.\u00a0In other words,\u00a0in order to be eligible for distributions,\u00a0members must be current with their annual Club Service Fee payments, or any other debt.<\/p>\n
In accordance with the terms of the membership agreement, The\u00a0Royal Caribbean resort will be sold at a public or private sale for the best obtainable sales price.<\/p>\n
The last Interval\u00a0at The Royal Caribbean\u00a0is week 43 and the last day of resort operations will be November 3, 2018.<\/p>\n
After the resort has been sold, the estimate is that\u00a0it will take six months until all funds are available for distribution.<\/p>\n
We hope that this information\u00a0is useful. We will be sharing additional\u00a0details\u00a0with you\u00a0about the sales process\u00a0in the months to come.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Due to the fact that\u00a0the wording of\u00a0The Royal Caribbean\u00a0membership\u00a0contract is\u00a0slightly\u00a0different from that of other resorts in the Royal Resorts family,\u00a0some Royal Caribbean members are asking for clarification regarding Residual Rights. Residual Rights will be distributed in accordance with the following definition: \u201cResidual Rights” is the amount of financial proceeds that a Member would receive at […]<\/p>\n","protected":false},"author":2,"featured_media":3806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-resorts"],"_links":{"self":[{"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/posts\/3805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/comments?post=3805"}],"version-history":[{"count":0,"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/posts\/3805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/media?parent=3805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/categories?post=3805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/membersarea.royalresorts.com\/News\/wp-json\/wp\/v2\/tags?post=3805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}