Common use of Purchaser/Criteria Clause in Contracts

Purchaser/Criteria. All Eligible Notes Receivable pledged as Collateral to Agent subsequent to the Effective Date will be underwritten in a manner consistent with the Borrower’s general underwriting criteria, as approved in writing by Agent, including, without limitation: (i) the requirement that a majority of sales shall be made to Purchasers with minimum annual income as follows: $35,000 for purchasers residing in the state of Texas, $40,000 for purchasers residing in the state of Illinois, and $45,000 for purchasers residing in the state of Massachusetts, (ii) the requirement for a cash down payment of at least 15% of the sales price of the Interval for any Purchaser with a FICO score less than 600, and (iii) the requirement that the weighted average FICO Credit Bureau Scores of all Purchasers with respect to which a FICO score can be obtained be not less than 640, provided that the aggregate outstanding principal balance of Eligible Notes Receivable pledged to Agent with respect to which a FICO score can not be obtained, does not exceed ten percent (10%) of the aggregate outstanding principal amount of all Eligible Notes Receivable pledged to Agent. Borrower shall not materially alter its general underwriting criteria without the prior written approval of Agent, which approval, Agent may withhold in its sole discretion. On a semi-annual basis, Borrower shall provide Agent with written certification that the underwriting criteria as approved by Agent remain in full force and effect and have not been revised or altered without Agent’s consent.

Purchaser/Criteria. All Eligible Notes Receivable pledged as Collateral to Agent subsequent to the Effective Closing Date will be underwritten in a manner consistent with the Borrower’s general underwriting guidelines and criteria, as approved in writing by AgentAgent and as set forth on Schedule 1.1(d), including, without limitation: (i) the requirement that a majority of sales shall be made to Purchasers with minimum annual income as follows: $35,000 for purchasers residing in the state of Texas, $40,000 for purchasers residing in the state of Illinois, and $45,000 for purchasers residing in the state of Massachusetts, (ii) the requirement for a cash down payment of at least 15% of the sales price of the Interval for any Purchaser with a FICO score less than 600, and (iii) the requirement that the weighted average FICO Credit Bureau Scores of all Purchasers with respect to which a FICO score can be obtained be not less than 640, provided that the aggregate outstanding principal balance of Eligible Notes Receivable pledged to Agent with respect to which a FICO score can not be obtained, does not exceed ten percent (10%) of the aggregate outstanding principal amount of all Eligible Notes Receivable pledged to Agent. Borrower shall not materially alter its general underwriting criteria without the prior written approval of Agent, which approval, Agent may withhold in its sole discretion. On a semi-annual basis, Borrower shall provide Agent with written certification that the underwriting criteria as approved by Agent remain in full force and effect and have not been revised or altered without Agent’s consent.

Purchaser/Criteria. All Eligible Notes Receivable pledged as Collateral to Agent subsequent to the Effective Closing Date will be underwritten in a manner consistent with the Borrower’s 's general underwriting guidelines and criteria, as approved in writing by AgentAgent and as set forth on Schedule 1.1(d), including, without limitation: (i) the requirement that a majority of sales shall be made to Purchasers with minimum annual income as follows: $35,000 for purchasers Purchasers residing in the state of Texas, $40,000 for purchasers Purchasers residing in the state of Illinois, and $45,000 for purchasers Purchasers residing in the state of Massachusetts, (ii) the requirement for a cash down payment of at least 15% of the sales price of the Interval for any Purchaser with a FICO score less than 600, and (iii) the requirement that the weighted average FICO Credit Bureau Scores of all Purchasers with respect to which a FICO score can be obtained be not less than 640, provided that the aggregate outstanding principal balance of Eligible Notes Receivable pledged to Agent with respect to which a FICO score can not be obtained, does not exceed ten percent (10%) of the aggregate outstanding principal amount of all Eligible Notes Receivable pledged to Agent. Borrower shall not materially alter its general underwriting criteria without the prior written approval of Agent, which approval, Agent may withhold in its sole discretion. On a semi-annual basis, Borrower shall provide Agent with written certification that the underwriting criteria as approved by Agent remain in full force and effect and have not been revised or altered without Agent’s 's consent.

Purchaser/Criteria. All Eligible Notes Receivable pledged as Collateral to Agent subsequent to the Effective Date will be underwritten in a manner consistent with the Borrower’s 's general underwriting criteria, as approved in writing by Agent, including, without limitation: (i) the requirement that a majority of sales shall be made to Purchasers with minimum annual income as follows: $35,000 for purchasers residing in the state of Texas, $40,000 for purchasers residing in the state of Illinois, and $45,000 for purchasers residing in the state of Massachusetts, (ii) the requirement for that each Purchaser shall have a cash down payment of at least 15% of the sales price of the Interval for any Purchaser major credit card issued in his or her name, with a FICO score less than 600copy of such credit card maintained in Borrower's file for such Purchaser, and (iii) the requirement that the weighted average FICO Credit Bureau Scores of all Purchasers with respect to which a FICO score can be obtained be not less than 640, provided that the aggregate outstanding principal balance of Eligible Notes Receivable pledged to Agent with respect to which a FICO score can not be obtained, does not exceed ten percent (10%) of the aggregate outstanding principal amount of all Eligible Notes Receivable pledged to Agent. Borrower shall not materially alter its general underwriting criteria without the prior written approval of Agent, which approval, Agent may withhold in its sole discretion. On a semi-annual basis, Borrower shall provide Agent with written certification that the underwriting criteria as approved by Agent remain in full force and effect and have not been revised or altered without Agent’s consent.

Purchaser/Criteria. All Eligible Notes Receivable pledged as Collateral to Agent subsequent to the Effective Date will be underwritten in a manner consistent with the Borrower’s 's general underwriting criteria, as approved in writing by Agent, including, without limitation: (i) the requirement that a majority of sales shall be made to Purchasers with minimum annual income as follows: $35,000 for purchasers residing in the state of Texas, $40,000 for purchasers residing in the state of Illinois, and $45,000 for purchasers residing in the state of Massachusetts, (ii) the requirement for that each Purchaser shall have a cash down payment of at least 15% of the sales price of the Interval for any Purchaser major credit card issued in his or her name, with a FICO score less than 600copy of such credit card maintained in Borrower's file for such Purchaser, and (iii) the requirement that the weighted average FICO Credit Bureau Scores of all Purchasers with respect to which a FICO score can be obtained be not less than 640, provided that the aggregate outstanding principal balance of Eligible Notes Receivable pledged to Agent with respect to which a FICO score can not be obtained, does not exceed ten percent (10%) of the aggregate outstanding principal amount of all Eligible Notes Receivable pledged to Agent. Borrower shall not materially alter its general underwriting criteria without the prior written approval of Agent, which approval, approval Agent may withhold in its sole discretion. On a semi-annual basis, Borrower shall provide Agent with written certification that the underwriting criteria as approved by Agent remain in full force and effect and have not been revised or altered without Agent’s consent.