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Participation Certificates
12 Months Ended
Dec. 31, 2015
Participation Certificates [Abstract]  
PARTICIPATION CERTIFICATES

NOTE 7 – PARTICIPATION CERTIFICATES

 

During the year 2002, the Company completed a private placement and issued $3.7 million in “Participation Certificates” under Regulation D promulgated under securities laws. The Participation Certificates bear interest at a rate of 6% per annum and had an original maturity date of December 31, 2006, which was subsequently extended. In December of 2013, the Company redeemed $3.6 million representing the full amount of the outstanding balance of its Participation Certificates. Each Participation Certificate entitled its holder to receive “Travel Scrips”. Travel Scrips are credits toward the purchase of any tour, or trip offered to the public by the Company or any controlled affiliate of the Company, on the same terms and conditions (including availability) as offered to the public, at the most favorable price offered to the public at the time the holder makes the purchase. Travel Scrips unused in any year are cumulative without limitation as to time and may be freely transferred by holders. Travel Scrip obligations were $1.3 million and $1.4 million as of December 31, 2015 and 2014, respectively, and are reflected within accounts payable and accrued expenses in the consolidated balance sheet.