Common use of Applying for Membership Clause in Contracts

Applying for Membership. (a) To become a Member, a Participation Agreement and the applicable fees must be submitted by you or on your behalf and accepted by the Network Administrator, on behalf of the Network Depository. The Network Administrator reserves the right to refuse any Participation Agreement and the applicable fees that are presented to it. (b) Each Participation Agreement must be in the name of the lawful owner of the Vacation Time. The Network Administrator may require that any corporation, partnership, trust or other entity holding title to Vacation Time, other than a natural individual, designate an individual who shall exercise membership rights on behalf of such enterprise. (c) The Network Administrator may require separate memberships for multiple owners of a single Vacation Time or may limit how multiple owners may exercise rights of membership.

Applying for Membership. (a) To become a Member, a Participation Agreement and the applicable fees must be submitted by you or on your behalf and accepted by the Network Administrator, on behalf of the Network Depository. The Network Administrator reserves the right to refuse any Participation Agreement and the applicable fees that are presented submitted to it. (b) Each Participation Agreement must be in the name of the lawful owner of the Vacation TimeAccommodation. The Network Administrator may require that any corporation, partnership, trust or other entity holding title to Vacation TimeAccommodation, other than a natural individual, designate an individual who shall exercise membership Membership rights on behalf of such enterpriseentity. (c) The Network Administrator may require separate memberships Memberships for multiple owners of a single Vacation Time Accommodation interest or may limit how multiple owners may exercise rights of membershipMembership.