CHAPTER I – DEFINITIONS

1.1 “Company” means Kings Valley Corporation, being the owner and manager that operates and develops Kings Island Golf Resort of KIGR.

1.2 “Club” means the Club of KIGR, comprising three (03) golf courses with a total of fifty-four (54) holes, a clubhouse, a driving range, and other ancillary facilities.

1.3 “Charter” means the Charter of KIGR and all amendments and supplements thereto from time to time.

1.4 “Honorary Members” are persons who satisfy the criteria and conditions under the Company’s regulations for Honorary membership and are granted priority to join the Club with Honorary Membership Cards.

1.5 “Complimentary Members” or “Elite/Prestige Members” are persons who satisfy the criteria and conditions under the Company’s regulations for Complimentary membership and are issued Complimentary/Elite/Prestige Membership Cards to join the Club.

1.6 “Individual Members” are persons who have voluntarily registered for Individual Membership of the Club, have obtained approval from the Company Leader, and have been issued an Individual Membership Card in accordance with the Company’s regulations.

1.7 “Corporate Members” are corporations that have voluntarily registered for Corporate Membership of the Club, have obtained approval from the Company Leader, and have been issued a Corporate Membership Card in accordance with the Company’s regulations.

1.8 “Nominee Members” are members or staff of a corporation holding a Corporate Membership Card, who are authorized in writing by such corporation to use the Corporate Membership Card within the designated period.

1.9 “Floating Members” have rights equivalent to Corporate Members, except that the nominee’s name is not displayed on the Membership Card, and only the name of the Corporate Card Owner appears.

1.10 “Short-term Members” are persons who have voluntarily registered for Short-term Membership of the Club for a period from one (01) year to five (05) years, or otherwise as determined by the Company, have obtained approval from the Company Leader, and have been issued a Short-term Membership Card.

1.11 “Long-term Members” are persons who have voluntarily registered for Long-term Membership of the Club for a period from six (06) years to twenty-five (25) years, or otherwise as determined by the Company, have obtained approval from the Company Leader, and have been issued a Long-term Membership Card.

1.12 “Junior Members” are persons aged from eight (08) to under eighteen (18) years who have voluntarily registered for Junior Membership of the Club with the confirmation of their legal guardian, have obtained approval from the Company Leader, and have been issued a Membership Card in accordance with the Company’s regulations.

1.13 “Associate Members” are the spouse or children aged from eight (08) to under eighteen (18) years of an Individual Member or a Nominee of a Corporate Member, who have voluntarily registered for Associate Membership, have obtained approval from the Company Leader, and have been issued a Membership Card.

1.14 “Player” means a Member, a Member’s Guest, or any other golfer who comes to play golf at the Club.

1.15 “Member’s Guest” means any person who does not hold a Membership Card and is brought to the Club by a Member for the purpose of playing golf, and who meets all requirements in accordance with the Club’s regulations.

1.16 “Visitor” means any person who does not hold a Membership Card but is permitted by the Manager to enter the Club to play golf, visit, attend conferences, or participate in events.

1.17 “Joining Fee” and “Related Conditions” mean the fees payable to join the Club and the associated conditions applicable to Club membership.

1.18 “Annual Dues” mean the annual fees collected by the Company for maintaining facilities, improving golf courses, and other purposes as determined by the Company.

1.18.1 “Active Fee” means the annual dues that allow a Member to play more than twelve (12) rounds per year after full payment of the annual dues.

1.18.2 “Out of Town Fee” means the annual dues that allow a Member to play up to twelve (12) rounds per year after full payment of the annual dues.

1.18.3 “Absent Fee” means the annual dues applicable to a Member who does not play any rounds during the relevant twelve (12)-month annual dues period.

1.19 “Membership Card” means the card issued to a Member of the Club certifying that the cardholder is entitled to the privileges and subject to the obligations of Club membership in accordance with the Company’s regulations.

1.20 “Transferor” means a Member of the Club who wishes to transfer the membership to another person or corporation under the applicable membership type and privileges, has obtained approval from the Company Leader, and has paid the related fees in accordance with the Company’s policies and regulations.

1.21 “Transferee” means a person or corporation who wishes to join the Club by receiving a transferred membership from a Transferor, has obtained approval from the Company Leader, and has paid the related fees in accordance with the Company’s policies and regulations.

1.22 “Member’s Privileges” mean the privileges and benefits associated with using the golf courses, clubhouse, and other facilities of the Club, as regulated by the Charter.

1.23 “Manager” means the person(s) and/or corporation(s) appointed or employed by the Company to manage and carry out the daily operations of the Club under the direct control and management of the Company Leader.

1.24 “Company Leader” means the Chairman of the Member Board/Board of Directors of the Company and/or an authorized manager responsible for controlling and operating the daily activities of the Company.

1.25 “The Course” includes three (03) golf courses totaling fifty-four (54) holes of the Club, namely Mountain View Golf Course, Lakeside Golf Course, and Kings Course, where golf is played.

1.26 “Tee Time” means the reserved starting time for a round of golf under the Club’s regulations.

1.27 “Group” means a number of players, with a minimum of two (02) and a maximum of four (04), who have booked a Tee Time through the reservation system.

1.28 “Night Golf” means a form of golf played with the assistance of artificial lighting provided by floodlights illuminating the golf course holes during playing time in accordance with the Club’s regulations.

1.29 “Handicap” means a numerical measure of a golfer’s potential playing ability, calculated based on the scores of the best ten (10) rounds from the most recent twenty (20) rounds played on the golf course.

1.30 “Driving Range” means the area designated for golf practice, including buildings, tee decks, putting greens, bunkers, and target greens of the Club.