Membership Programs. Mezzanine Borrower shall receive Mezzanine Lender's prior written consent to make any material modifications to (or permit Mortgage Borrower to make any material modifications to) any existing membership program or similar program at the Property or enter into any new membership or similar program at the Property to the extent such modification or new program (i) would allow any member to redeem a membership deposit prior to Mortgage Borrower obtaining at least one new membership deposit in an amount at least equal to the existing deposit to be redeemed (i.e., a 1:1 redemption program), or (ii) could adversely affect the value of Mezzanine Lender's security for the Loan.
Appears in 4 contracts
Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.), Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.), Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)
