Common use of Determination of Advance Amounts as to Phase III Timeshare Intervals Clause in Contracts

Determination of Advance Amounts as to Phase III Timeshare Intervals. The provisions of this Section 2.1(b) pertain solely to the making of Advances against Phase III Timeshare Intervals and all references in this section to the term "Encumbered Timeshare Product" shall, for purposes of this section, mean Phase III Timeshare Intervals that are from time to time subject to the lien of the Mortgage. Lender hereby agrees, if Borrower has Performed all of the Obligations then due (no Event of Default or Incipient Default exists), to make Advances to Borrower against Phase III Timeshare Intervals in accordance with the terms and conditions of this Agreement for the purposes specified in Section 2.3. A total of 4 Advances shall be made against Phase III Timeshare Intervals, with the first 3 Advances being characterized as Pre-Advances and the last Advance being characterized as the End of Construction Advance. Following the making of the first Pre-Advance, subsequent Pre-Advances and the End of Construction Advance shall be made no more frequently than 90 days following the making of the immediately previous such Advance and Borrower shall satisfy all conditions precedent to the making of the End of Construction Advance within 20 months following the making of the first Pre-Advance or the End of Construction Advance shall not occur. In addition to satisfying all other conditions to the making of an Advance, as contained herein, the making of the End of Construction Advance is subject to the satisfaction of the conditions set forth in Sections 4.1(e)(ii), 4.1(l), and 4.1(m) hereof as to the Encumbered Timeshare Product.