ECVC Agreement definition
Examples of ECVC Agreement in a sentence
In consideration of the conveyance of the McCall Assets, the Additional Property, and the ECVC Agreements, Trendwest shall pay or provide to Eagle Crest the Valuation of the McCall Assets as established in Section 2.3(a) below, and for each ECVC Agreement, Trendwest shall pay or provide to Eagle Crest the Valuation of each such ECVC Agreement as established in Section 2.3(d).
ECVC Agreements will be upgraded and replaced through novation by having the ECVC Member sign a new WorldMark Contract, or a new WorldMark Contract and Upgrade Addendum, at the election of Trendwest, for the number of Vacation Credits represented by the underlying ECVC Agreement and the Upgrade Contract.
Information pertaining to each ECVC Agreement to be transferred to Trendwest including, without limitation, owner number, contract date, balance owing, number of ECVC Vacation Credits covered by the ECVC Agreement, and other reasonable information requested by Trendwest.
Where an Upgrade Contract is sold to: (i) a WorldMark Member who purchased their WorldMark Contract through either of the Licensees pursuant to this Agreement or any prior arrangement between Trendwest and Licensees, or (ii) where the contract being upgraded is an ECVC Agreement, Trendwest will pay to the Licensee forty percent (40%) of the purchase price of the Upgrade Contract.
Licensees shall be responsible for payment of any and all sales commissions due their sales staff who sold the underlying WorldMark Contract or ECVC Agreement that was upgraded.