Determination of Advance Amounts as to Additional Timeshare Inventory Clause Samples

Determination of Advance Amounts as to Additional Timeshare Inventory. The provisions of this Section 2.1(a) pertain solely to Advances against Additional Timeshare Inventory and all references in this section to the defined term "Encumbered Timeshare Product" shall mean, for purposes of this section, Additional Timeshare Inventory that is from time to time subject to the lien of the mortgage. Lender hereby agrees, if Borrower has Performed all of the Obligations then due (and no Event of Default or Incipient Default exists), to make an Advance to Borrower against Additional Timeshare Inventory in accordance with the terms and conditions of this Agreement for the purposes specified in Section 2.3. The maximum amount of the Advance shall be equal to 13.5% of the Retail Value of the Encumbered Timeshare Product. At no time shall the unpaid principal balance of the Loan exceed the least of (i) the Maximum Loan Amount, (ii) 13.5% of the Retail Value of the Encumbered Timeshare Product, (iii) 80% of the prorated costs of goods sold ("Inventory Costs") of the Encumbered Timeshare Product from buildings in existence at the time of the initial Advance and at the time of the first Advance on Encumbered Timeshare Product from any buildings where construction was initiated after the Effective Date (the "Loan to Cost Ratio") or (iv) 75% of the appraised value of the Encumbered Timeshare Product, as reflected in the appraisals delivered to Lender pursuant to Sections 4.1(j) and 6.1(q) hereof. If at any time the limitation set forth in clause (i) above is exceeded, then within 5 Business Days thereafter, Borrower will make a principal payment to Lender in an amount equal to such overage. If at any time the limitations set forth in clauses (ii) through (iv) above are exceeded, then within 20 days thereafter, Borrower will at its sole option either (x) make a principal payment to Lender or (xi) pledge to Lender Additional Timeshare Inventory (under the conditions set forth in Section 2.11 hereof) (or any combination of the alternatives contained in clauses (x) or (xi) above) so that after such payment or pledge, the relevant limitation is not exceeded. Notwithstanding the foregoing, in order to avoid the complications arising from a recalculation of the Release Payments prior to the making of the End of Construction Advance, in no event shall Advances be permitted against Additional Timeshare Inventory during the period commencing on the making of the first Pre-Advance and ending on the making of the End of Construction Advance.
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Related to Determination of Advance Amounts as to Additional Timeshare Inventory

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including these notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Determination of Monthly Principal (a) The amount of monthly principal distributable from the Principal Account with respect to the Class A Certificates on each Transfer Date ("Class A Monthly Principal"), beginning with the Transfer Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Rapid Accumulation Period or the Rapid Amortization Period begins, shall be equal to the least of (i) the Available Investor Principal Collections on deposit in the Principal Account with respect to such Transfer Date, (ii) for each Transfer Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Transfer Date and (iii) the Class A Adjusted Investor Interest (after taking into account any adjustments to be made on such Transfer Date pursuant to Section 4.10) prior to any deposit into the Principal Funding Account on such Transfer Date. (b) The amount of monthly principal distributable from the Principal Account with respect to the Class B Certificates on each Transfer Date (the "Class B Monthly Principal"), with respect to the Controlled Accumulation Period or the Rapid Accumulation Period, beginning with the Transfer Date on which an amount equal to the Class A Investor Interest has been deposited in the Principal Funding Account (after taking into account any deposits to be made on such Transfer Date), or during the Rapid Amortization Period, beginning with the Transfer Date immediately preceding the Distribution Date on which the Class A Investor Interest will be paid in full (after taking into account payments to be made on the related Distribution Date), shall be an amount equal to the least of (i) the Available Investor Principal Collections on deposit in the Principal Account with respect to such Transfer Date (minus the portion of such Available Investor Principal Collections applied to Class A Monthly Principal on such Transfer Date), (ii) for each Transfer Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Transfer Date (minus the Class A Monthly Principal with respect to such Transfer Date) and (iii) the Class B Adjusted Investor Interest (after taking into account any adjustments to be made on such Transfer Date pursuant to Sections 4.10 and 4.12) prior to any deposit into the Principal Funding Account on such Transfer Date. (c) The amount of monthly principal distributable from the Principal Account with respect to the Collateral Interest on each Transfer Date (the "Collateral Monthly Principal"), with respect to the Controlled Accumulation Period, beginning with the Transfer Date on which an amount equal to the sum of (i) the Class A Investor Interest and (ii) the Class B Investor Interest has been deposited in the Principal Funding Account (after taking into account any deposits to be made on such Transfer Date), or during the Rapid Accumulation Period or the Rapid Amortization Period, beginning with the Transfer Date immediately preceding the Distribution Date on which the Class B Investor Interest will be paid in full (after taking into account payments to be made on the related Distribution Date), shall be an amount equal to the least of (i) the Available Investor Principal Collections on deposit in the Principal Account with respect to such Transfer Date (minus the portion of such Available Investor Principal Collections applied to Class A Monthly Principal and Class B Monthly Principal on such Transfer Date), (ii) for each Transfer Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Transfer Date (minus the Class A Monthly Principal and Class B Monthly Principal with respect to such Transfer Date) and (iii) the Collateral Interest Adjusted Amount (after taking into account any adjustments to be made on such Transfer Date pursuant to Sections 4.10 and 4.12) prior to any deposit into the Principal Funding Account on such Transfer Date.

  • Determination of Adjustments If any questions will at any time arise with respect to the Exercise Price or any adjustment provided for in Section 4.8, such questions will be conclusively determined by the Company’s Auditors, or, if they decline to so act any other firm of certified public accountants in the United States of America that the Company may designate and who will have access to all appropriate records and such determination will be binding upon the Company and the Holders of the Warrants.