Common use of Membership Programs Clause in Contracts

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. Mezzanine Borrower shall cause Mortgage Borrower to cause any membership deposits which are not subject to a minimum of 1:1 redemption program to be held in a separate interest bearing account and if requested by Lender, shall, at its sole cost and expense promptly cause any such deposits to be held in an account under the control of Lender. If ▇▇▇▇▇ consents to any membership or similar program that does not have a minimum 1:1 redemption method, Borrower agrees at its sole cost and expense to promptly establish any reserves with Lender and make any corresponding modifications to the Loan Documents as are requested by the Rating Agencies.

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. Mezzanine Borrower shall cause Mortgage Borrower to cause any membership deposits which are not subject to a minimum of 1:1 redemption program to be held in a separate interest bearing account and if requested by Lender, shall, at its sole cost and expense promptly cause any such deposits to be held in an account under the control of Lender. If ▇▇▇▇▇ Lender consents to any membership or similar program that does not have a minimum 1:1 redemption method, Borrower agrees at its sole cost and expense to promptly establish any reserves with Lender and make any corresponding modifications to the Loan Documents as are requested by the Rating Agencies.

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. Mezzanine Borrower shall cause Mortgage Borrower to cause any membership deposits which are not subject to a minimum of 1:1 redemption program to be held in a separate interest interest-bearing account and if requested by Lender, shall, at its sole cost and expense promptly cause any such deposits to be held in an account under the control of Lender. If ▇▇▇▇▇ Lender consents to any membership or similar program that does not have a minimum 1:1 redemption method, Borrower agrees at its sole cost and expense to promptly establish any reserves with Lender and make any corresponding modifications to the Loan Documents as are requested by the Rating Agencies.