Common use of Marketing Expenses Clause in Contracts

Marketing Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2003, the Borrower will not permit the ratio of the Marketing Expenses to the Borrower's net sales of Timeshare Interests as recorded on the Borrower's financial statements for the Reference Period then ending to equal or exceed .550 to 1.

Marketing Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2003, the Borrower will not permit the ratio of the Marketing Expenses to the Borrower's net sales of Timeshare Interests Intervals as recorded on the Borrower's financial statements for the Reference Period then ending to equal or exceed .550 to 1.

Marketing Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 20032002, the Borrower will not permit the ratio of the Marketing Expenses to the Borrower's net sales of Timeshare Interests as recorded on the Borrower's financial statements for either the fiscal quarter or, from and after the fiscal quarter ending June 30, 2002, the Reference Period then ending to equal or exceed .550 to 1.the ratio set forth opposite such period in the table below : Fiscal Quarter Ending Ratio --------------------- -----

Marketing Expenses. As of the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2003, the Borrower will not permit the ratio of the Marketing Expenses to the Borrower's net sales of Timeshare Interests as recorded on the Borrower's financial statements for the Reference Period then ending to equal or exceed .550 to 1."