b'Management of the ResortClubCascadasisuniqueinmanyways ,nottheleast The Board has engaged Trading Places International LLC (TPI)of which is that it operates on a fixed-week, fixed-villa basis. since1995tosupervisetheClubsoperations,management, By coming to their home away from home during the sameand staff, and to provide member services. TPI is a professionalweek(s) every year, members develop friendships with other resortmanagementcompanythatisasubsidiaryofIntervalmembers.Formanymembers,thatbeatsvacationingin International, which is an operating business of global, publicly- anonymity at a nice resort where they may not know anybody. traded company Interval Leisure Group, Inc. (NASDAQ: ILG).Members seldom trade away their weeks for vacations at other Among its responsibilities, TPI provides:resorts and typically use their Club Cascadas weeks to vacation Administrative services, including collection and disbursementat Club Cascadas. This practice is quite different from the wayof the Clubs funds, accounting, maintenance of the databasesmosttimeshareownersutilizetheirweeks.Insomecasesa of members, and inventory maintenance of villas available majority exchange or utilize floating time or point-based system. for rent.Managementservices,includingsupervisionoftheClubs Manymembersownmoremembershipsthanonevacation onsitemanagementteam,procurementofinsuranceand week (often called an interval) at Club Cascadas. The Cluboutside accounting and legal services.also rents out unsold intervals through its subsidiary sales entity,Cascadas Vacations Inc. (CVI), and its management company,Member services, including sending annual billing statements,Trading Places International. arrangingrentalsandexchangesandone-timeupgradestolargervillas,arrangingtransferstotheClubfromthe airport, and a host of travel-related services like discountedrentals at other timeshare resorts.FACTOIDClub Cascadas consists of about 4.5 acres of land that, under Mexican law, is held in trust for Cascadas de Baja Association. The trust expires in 2052, and among other Club options may be renewed as permitted by Mexican law at the time.45'