Common use of Borrowing Base Reporting Clause in Contracts

Borrowing Base Reporting. At least two (2) Business Days prior to the date any Advance is requested hereunder, or prior to the date upon which Borrower is requesting a partial release of Time-Share Interests pursuant to PARAGRAPH 3.2 hereof, Borrower shall provide to Lender a report (herein, the "BORROWING BASE REPORT") with respect to each Time-Share Project in which unsold Time-Share Interests make up a part of the Eligible Inventory upon which such request for an Advance is based, or in which Time-Share Interests proposed to be released are situated. A form of the Borrowing Base Report is attached hereto as Exhibit B. Each Borrowing Base Report shall be prepared and presented on both a consolidated and consolidating basis (i.e., each Borrowing Base Report shall have a section describing, for all Borrowers, the aggregate of the Eligible Inventory contributed by such Persons, with separate sections identifying Eligible Inventory contributed by each individual Time-Share Project or other form of development). Borrower will also deliver to Lender, promptly after receipt of a written request for them, such other reports with respect to Inventory constituting part of the Collateral as Lender may from time to time reasonably require, provided that the information requested by Lender is readily available on Borrower's record keeping systems, or can be developed from information which is readily available. In the event that the information requested by Lender is neither readily available on Borrower's record keeping systems nor can it be developed from such readily available information, then Borrower and Lender shall confer and attempt to identify alternate information which is readily available to Borrower to be substituted for the information requested.

Borrowing Base Reporting. At least two (2) Business Days prior to the ------------------------ date any Advance is requested hereunder, or prior to the date upon which Borrower is requesting a partial release of Time-Share Interests pursuant to PARAGRAPH paragraph 3.2 hereof, Borrower shall provide to Lender a report (herein, the ------------- "BORROWING BASE REPORTBorrowing Base Report") with respect to each Time-Share Project in which unsold Time-Share Interests make makes up a part of ---------------------- the Eligible Inventory upon which such request for an Advance is based, or in which any Time-Share Interests or other Collateral proposed to be released are is situated. A form of the Borrowing Base Report is attached hereto as Exhibit B. Each Borrowing Base Report shall be prepared and presented on both a consolidated and consolidating basis (i.e., each Borrowing Base Report shall have a section describing, for all Borrowers, the aggregate of the Eligible Completed Project Inventory, Eligible Project Inventory Under Construction, and Land Inventory contributed by such Persons, with separate sections identifying Eligible Completed Project Inventory, Eligible Project Inventory Under Construction, and Land Inventory contributed by each individual Time-Share Project or other form of developmentProject). Borrower will also deliver to Lender, promptly after receipt of a written request for them, such other reports with respect to Inventory constituting part of the Collateral as Lender may from time to time reasonably require, provided that the information requested by Lender is readily available on Borrower's record keeping systems, or can be developed from information which is readily available. In the event that the information requested by Lender is neither readily available on Borrower's record keeping systems nor can it be developed from such readily available information, then Borrower and Lender shall confer and attempt to identify alternate information which is readily available to Borrower to be substituted for the information requested.