Common use of Memberships/Vacation Credits Clause in Contracts

Memberships/Vacation Credits. Memberships in Club are sold by Trendwest to the general public in the form of Vacation Credits, which are allocated to each Property based on its relative value as a resort in the Club Vacation Owner Program. A Membership is in perpetuity or for a prescribed term of years, and constitutes a vacation license, which means a right to use and occupy Units in the Property available through Club from time to time, according to the reservation rules.