Examples of Club Membership Plan in a sentence
Borrower has received no written notice from any Governmental Authority alleging that Borrower, the ILX Sellers, the Resorts, the Club or any of the DRC Affiliates has violated any state registration law, any other applicable statute, ordinance, rule or regulation governing the marketing and sale of Timeshare Interests, any Club Membership Plan, Resort Plan or any other applicable Legal Requirements that could reasonably be expected to have a Material Adverse Effect.
Borrower will not vote to amend and will use commercially reasonable efforts to cause each applicable Association not to vote to terminate or amend the Club Membership Plan or applicable Resort Plan without the prior written consent of Lender.
Lender acknowledges that Borrower intends to establish a points-based use plan for the Club and may establish other benefits associated with the Club and will amend the Club Membership Plan and registrations to this effect.
No permit, authorization, consent or approval of or by, or any notification of or filing with, any Person is required in connection with the execution, delivery or performance by each Issuer, of each Financing Document to which it is a party.
Borrowers shall not amend, alter or modify any Club Membership Plan in any material respect without Agent’s prior written consent, which may be granted or not granted in Agent’s Permitted Discretion.
Borrower hereby appoints and constitutes Lender as its attorney-in-fact (with full power of substitution) to exercise all of its voting rights pertaining to the Club Membership Plan and each Resort Plan as well as pertaining to any Pledged Timeshare Loans or Mortgaged Property, or Club Membership Plan and each Resort Plan in which Borrower has an interest giving rise to the right to vote.
Except as Agent may have otherwise agreed to in writing, Borrowers shall subject each of the Units to the applicable Club, as contemplated under the applicable Club Membership Plan.
Instruments in substantially the form of the applicable Club Membership Plan and Rules and Regulations shall be used by Borrowers for all admissions and sales of Membership Interests for each Club.
Borrower agrees to execute, from time to time, such other documents as Lender may request including, without limitation, a proxy in form and substance approved by Lender (which proxy shall, at the request of Lender, be periodically renewed) in its discretion and file the same with the Secretary of each Association and the Club in accordance with the Association’s and Club’s By-Laws and with the appropriate office under the Club Membership Plan and each Resort Plan.
Each Club will at all times reflect each remaining Deposit balance (as defined in the applicable Club Membership Plan) as a long term liability of such Club on the Books and Records of such Club, subject to the terms of the applicable Club Membership Plan and Member Assurance Program.