Vacation Resort Financing Sample Clauses

Vacation Resort Financing. Vistana Parent and its Subsidiaries may enter into financing arrangements from time to time with one or more lenders or other financing parties where (a) Vistana Parent or such Subsidiary incur Indebtedness with such lender or financing party not otherwise permitted under the Credit Agreement, (b) such Indebtedness is incurred in connection with the acquisition, construction or renovation of a Vacation Resort by Vistana Parent or its Subsidiaries, and (c) such Indebtedness is secured, in whole or in part, by a pledge, mortgage or other Lien on the applicable Vacation Resort and related Timeshare Assets; provided that, if any Indebtedness permitted to be outstanding at any time pursuant to this paragraph 4 shall be or become, in whole or in part, Recourse Indebtedness of the Corporation or any of its Subsidiaries (other than Vistana Parent and its Subsidiaries), then the Recourse Basket shall be reduced from time to time by the amount of such Recourse Indebtedness, and such Recourse Indebtedness shall be permitted only if the Recourse Basket would not be reduced below $0.
Sample 1
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Related to Vacation Resort Financing

  • Vacation and Sick Leave At such reasonable times as the Board of Directors shall in its discretion permit, the Employee shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, with all such voluntary absences to count as vacation time; provided that:

  • Vacation; Sick Leave During the Employment Term, the Executive shall be entitled to not less than four (4) weeks of vacation during each calendar year and sick leave in accordance with the Company’s policies and practices with respect to its executives.

  • Vacations and Sick Leave The Executive shall be entitled to paid annual vacation leave in accordance with the policies as established from time to time by the Board of Directors, which shall in no event be less than four weeks per annum. The Executive shall also be entitled to an annual sick leave benefit as established by the Board for senior management employees of the Bank. The Executive shall not be entitled to receive any additional compensation from the Bank for failure to take a vacation or sick leave, nor shall he be able to accumulate unused vacation or sick leave from one year to the next; provided, however, such Executive may carry forward from year to year a maximum of ten days of unused vacation leave.

  • Vacations During the Term, the Executive shall be entitled to four weeks of vacation per calendar year, to be taken at such times and intervals as shall be determined by the Executive, subject to the reasonable business needs of the Company. The Executive may not accumulate or carry over from one calendar year to another any unused, accrued vacation time. The Executive shall not be entitled to compensation for vacation time not taken.

  • Vacation During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the most favorable plans, policies, programs and practices of the Company and its affiliated companies as in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies.

  • Vacation, Holidays and Sick Leave During the Term, the Executive shall be entitled to paid vacation, paid holidays and sick leave in accordance with the Company's standard policies for its senior executive officers.

  • Car 7.1 You will be provided you with a car of suitable age, make, model and specification during the continuance of your employment in accordance with the policy laid down by the Company from time to time and the Company shall pay all standing and running costs relating to it (including the cost of fuel for private mileage) but not any taxable benefit arising. You shall comply with all rules laid down by the Company in relation to Company vehicles, notify the Company immediately of any accident involving your car and of any charge brought against you for a motoring offence and, unless otherwise agreed, shall return the car to your place of work forthwith on termination of your employment.

  • Company Car Throughout the term of this Agreement, Employee shall be entitled to the exclusive use of a company car of at least the same type and quality as that furnished to Employee as of the date of this Agreement. Employer shall replace such company car from time to time with new vehicles, such that the company car provided to Employee shall at no time be older than two (2) years. All expenses of maintenance, operation and insurance shall be paid by Employer or reimbursed by Employer to Employee.

  • Company Benefits The Officer shall be entitled to all benefits received by employees of the Company in accordance with the Company’s policies and plans.

  • Benefits; Vacation Employee shall be eligible to receive all benefits as are available to similarly situated employees of Employer generally, and any other benefits that Employer may, in its sole discretion, elect to grant to Employee from time to time. In addition, Employee shall be entitled to four (4) weeks paid vacation per year, which shall be pro-rated for the first partial year of employment and shall accrue in accordance with Employer’s policies applicable to similarly situated employees of Employer.

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