Common use of Marketing and Sales Expenses Clause in Contracts

Marketing and Sales Expenses. As of the last day of each fiscal quarter, Borrower will not permit the twelve (12) month cumulative ratio of Marketing and Sales Expenses to the Borrower’s net proceeds from the sale of Intervals as recorded on the Borrower’s financial statements for the immediately preceding twelve (12) consecutive months to equal or exceed a ratio of .570 to 1.

Marketing and Sales Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending December 31, 2005, Borrower will not permit the twelve (12) month four quarter cumulative ratio of Marketing and Sales Expenses to the Borrower’s net proceeds from the sale of Intervals as recorded on the Borrower’s financial statements for the immediately preceding twelve four (124) consecutive months fiscal quarters of the Borrower to equal or exceed a ratio of .570 to 1.

Marketing and Sales Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending September 30, 2008, Borrower will not permit the twelve (12) month four quarter cumulative ratio of Marketing and Sales Expenses to the Borrower’s net proceeds from the sale of Intervals as recorded on the Borrower’s financial statements for the immediately preceding twelve four (124) consecutive months fiscal quarters to equal or exceed a ratio of .570 .62 to 1.”

Marketing and Sales Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending September 30, 2007, Borrower will not permit the twelve (12) month four quarter cumulative ratio of Marketing and Sales Expenses to the Borrower’s net proceeds from the sale of Intervals vacation interval sales as recorded on the Borrower’s financial statements for the immediately preceding twelve four (124) consecutive months fiscal quarters of the Borrower to equal or exceed a ratio of .570 to 1.

Marketing and Sales Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2003, Borrower will not permit the twelve (12) month four quarter cumulative ratio of Marketing and Sales Expenses to the Borrower’s 's net proceeds from the sale of Intervals as recorded on the Borrower’s 's financial statements for the immediately preceding twelve four (124) consecutive months fiscal quarters of the Borrower to equal or exceed a ratio of .570 .550 to 1.

Marketing and Sales Expenses. As of the last day of each fiscal quarter, Borrower will not permit the twelve (12) month cumulative ratio of Marketing and Sales Expenses to the Borrower’s net proceeds from the sale of Intervals as recorded on the Borrower’s financial statements for the immediately preceding twelve (12) consecutive months to equal or exceed a ratio of .570 to 1.”

Marketing and Sales Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending September 30, 2008, Borrower will not permit the twelve (12) month four quarter cumulative ratio of Marketing and Sales Expenses to the Borrower’s 's net proceeds from the sale of Intervals as recorded on the Borrower’s 's financial statements for the immediately preceding twelve four (124) consecutive months fiscal quarters to equal or exceed a ratio of .570 .62 to 1.

Marketing and Sales Expenses. As of the last day of each fiscal quarter, Borrower will not permit the preceding twelve (12) month cumulative ratio of Marketing and Sales Expenses to the Borrower’s net proceeds from the sale of Intervals as recorded on the Borrower’s financial statements for the immediately preceding twelve (12) consecutive months to equal or exceed a ratio of .570 .60 to 1.”