Marketing and Sales Expenses. Borrower will not permit as of March 31, 2002 and as of the last day of each calendar quarter thereafter the ratio of Marketing and Sales Expenses for any calendar quarter, singly and on a cumulative basis, during the specified period below (the "REFERENCE PERIOD") to Borrower's net proceeds from the sale of Intervals for such Reference Period to equal or exceed the ratio set forth opposite such period described in the table below during such Reference Period: Period Ratio ------ -----
Appears in 3 contracts
Samples: Loan and Security Agreement (Silverleaf Resorts Inc), Loan, Security and Agency Agreement (Silverleaf Resorts Inc), Security and Agency Agreement (Silverleaf Resorts Inc)
Marketing and Sales Expenses. Borrower will not permit as of March 31, 2002 and as of the last day of each calendar quarter thereafter the ratio of Marketing and Sales Expenses for any calendar quarter, singly and on a cumulative basis, during the specified period below (the "REFERENCE PERIODReference Period") to Borrower's net proceeds from the sale of Intervals for such Reference Period to equal or exceed the ratio set forth opposite such period described in the table below during such Reference Period: Period Ratio PERIOD RATIO ------ ---------- 4/1/02 to 12/31/02 0.550 to 1 1/1/03 and thereafter 0.525 to 1
Appears in 1 contract
Marketing and Sales Expenses. Borrower will not permit as of March 31, 2002 and as of the last day of each calendar quarter thereafter the ratio of Marketing and Sales Expenses for any calendar quarter, singly and on a cumulative basis, during the specified period below (the "REFERENCE PERIODReference Period") to Borrower's net proceeds from the sale of Intervals for such Reference Period to equal or exceed the ratio set forth opposite such period described in the table below during such Reference Period: Period Ratio ------ -----
Appears in 1 contract
Samples: Loan and Security Agreement (Silverleaf Resorts Inc)
Marketing and Sales Expenses. Borrower will not permit as of March 31, 2002 and as of the last day of each calendar quarter thereafter the ratio of Marketing and Sales Expenses for any calendar quarter, singly and on a cumulative basis, during the specified period below (the "REFERENCE PERIODReference Period") to Borrower's net proceeds from the sale of Intervals for such Reference Period to equal or exceed the ratio set forth opposite such period described in the table below during such Reference Period: Period Ratio PERIOD RATIO ------ -----
Appears in 1 contract
Samples: Loan and Security Agreement (Silverleaf Resorts Inc)
