THE THIRDHOME EXCHANGE Sample Clauses

THE THIRDHOME EXCHANGE. I. MEMBERSHIP-APPROVAL AND ACTIVATION By paying the initiation fees outlined below and as the owner of an accepted and activated property, you then become an approved member of THIRDHOME. To become active, Members must make at least one Key Earning Deposit or Deposit a week that is Reserved by a Guest Member. II. KEYS (1) As a Member, the ability to Reserve another Member’s residence is made possible through the acquisition and expenditure of Keys. (2) To deposit availability in a Member’s home, Members use the Deposit Calendar feature on their account. THIRDHOME, at its discretion, reserves the right to limit the volume of Deposits made and may, at its discretion, withdraw any Stay at a Member residence for whatever reason. (3) Once a Stay is Deposited with THIRDHOME, it is mandatory that the Host Member blocks it out for Guest Member use. If a THIRDHOME Member Reserves a Deposit, the Host Member is obligated to honor the Reservation and must allow the Guest Member to stay at the property for the stated Reservation period. (4) Once Deposited, all Stays belong to the Club. Under no circumstances may a Host Member withdraw a Stay that has been Reserved by another Member. If a THIRDHOME Member has not yet Reserved a specific Stay, a Host Member may withdraw the Stay for personal use or for conventional renting provided that there are a sufficient number of Keys in the Host Member account to return to the Club to cover the withdrawal. The withdrawal of a Stay under these circumstances will be deemed a “Non-Honored” booking and, as such, may be subject to the restitution process outlined in Section (E)(5) below. (5) For clarity, there are no time constraints on the ability to withdraw Deposits as long as Members adhere to the conditions set out in Sections (E)(II)(3)&(4) immediately above. If a particular Deposit has not been Reserved and a Host Member is unable to return the requisite number of Keys, THIRDHOME cannot return the Stay to the Member. In this instance, a Host Member may make additional Deposits in order to gain Keys to cover the Deposits they wish to withdraw. (6) Once another THIRDHOME Member has Reserved a Deposit, Host Members are obligated to honor the Agreement as well as the terms and conditions set out in Section (G) below. An electronic confirmation will be provided to both Host and Guest Members when the Guest Member Reserves a Stay and the relevant fees are paid to THIRDHOME. When Reserved, the agreed number of Keys is automatically deb...