Club Initiation Fees definition

Club Initiation Fees means the fees to be paid by the Members to the Club to enable the Members to acquire Memberships from the Club.

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Club Initiation Fees means the initiation deposits or fees payable by a prospective member of a Club upon the purchase of a membership in such Club.

Club Initiation Fees means the initiation fees and any other payments made by Club Members to acquire their Club memberships.

Examples of Club Initiation Fees in a sentence

• Buyer shall receive a credit at Closing in the amount of any Club Initiation Fees that relate to memberships sold on or after the Effective Date but were collected by Sel▇▇▇ (▇r Manager on Seller’s behalf).

• The Buyer shall not receive a credit for any initiation fees, other than Club Initiation Fees that (i) have actually been paid in cash and received by the Sellers after the date hereof for the month in which the Closing occurs, (ii) are to be applied towards refunds due in connection with the termination and transfer of memberships in accordance with the terms of the applicable Club membership documents, and (iii) have not been so applied.

• To Seller’s Knowledge, except as set forth on Schedule 3.2(n)(iii), the Club Initiation Fees associated with the Club Membership Arrangements are not refundable.

• From and after the Effective Date until Closing or earlier termination of this Agreement, Seller shall not enter into any Club Membership Arrangements outside the ordinary course of business or otherwise issue or enter into any Club Membership Arrangements pursuant to which the Club Initiation Fees associated therewith are or would be refundable, in each case without the prior written consent of Buyer, which shall be granted or withheld in Buyer’s reasonable discretion.

More Definitions of Club Initiation Fees

Club Initiation Fees means the fee payable by a prospective member of the Club for the purchase of a membership in the Club. “Club Membership Arrangements” shall mean the membership agreements and applications between Golf Course Seller and the members of the Club as well as the membership plan and rules and regulations governing membership in the Club which together describe the license permitting members to use the golf course and other facilities of the Club, whether or not such agreements have been or are designed to be executed by the parties thereto. “Club Monthly Dues” shall mean the monthly dues payable by members of the Club pursuant to the Club Membership Arrangements. “Code” shall mean the United States Internal Revenue Code of 1986, as amended. “Consumables” shall have the meaning assigned thereto in Section 2.1(b)(ix). “Consumer Certificate of Exemption” shall have the meaning assigned thereto in Section 15.25(c). “Contracts” shall mean, collectively, all agreements or contracts of Seller or that have been assigned to or entered into on behalf of Seller or otherwise encumber the Property, relating to any of the Assets or the ownership or operation of the Property, but excluding any agreement or contract of record and any written agreement or contract relating to any Affiliate Agreements, the Existing Financing, the Bookings, the Booking Deposits, the Club Membership Arrangements, the Terminated Contracts or any agreements or contracts that constitute Excluded Assets. “Covered Contracts” shall mean all Excluded Contracts other than (i) the National Vendor Contracts, (ii) any Contract with Alliant Insurance Services, Inc., (iii) New Contracts and amendments to existing Contracts, but only to the extent permitted under Section 3.4(b); (iv) any employment contract of current Employees at the Property and (iv) any Contract that was not provided in full to Buyer prior to the

Club Initiation Fees means the total of the Sub-Membership Initiation Fees to be paid by the Association to Club Owner from time to time to enable the Association to acquire and maintain the Community Membership from Club Owner.