11Additional Timeshare Inventory Sample Clauses
The "Additional Timeshare Inventory" clause defines the terms under which more timeshare units or interests may be added to a project or program. It typically outlines the process for introducing new inventory, such as requirements for notice, approvals, or compliance with existing rules, and may specify limitations on the type or quantity of inventory that can be added. This clause ensures that the expansion of available timeshare units is managed transparently and fairly, preventing disputes and maintaining the integrity of the timeshare arrangement.
11Additional Timeshare Inventory. On a monthly basis Borrower shall have the option of pledging additional Timeshare Inventory from the Timeshare Project (the "Additional Timeshare Inventory") to Lender provided that (i) the Mortgage is amended to include such Additional Timeshare Inventory within the scope of the lien created thereunder, (ii) the Title Policy is endorsed to include as a part of Schedule A thereof such Additional Timeshare Inventory, subject only to the Permitted Encumbrances, at the sole cost and expense of Borrower and (iii) the conditions contained in Sections 4.1(l) and (m) are satisfied with respect to such Timeshare Inventory. Upon satisfaction of all of the foregoing conditions, Borrower shall have the right to obtain Advances against such newly pledged Timeshare Inventory, subject to the terms and conditions set forth in this Agreement. Subject to the approval of Lender's credit committee and such other conditions Lender shall require, additional timeshare projects owned by Borrower may be included in this Agreement and Timeshare Inventory from the additional timeshare projects may be eligible for an Advance hereunder.