Page 6 - 2017 Club Rules and Regulations

STEP UP CONVERSION POLICIES

1. Any member in good standing in The Powder Horn Club may request to step up to a category with
higher or greater privileges and costs (“Step Up”), at any time. Stepping Up is subject to certain
conditions that may change from time to time, in the sole discretion of the Club.

2. All Step Up requests must be in writing and will be effective at the beginning of the next billing
month after the Club’s approval of the change. There is no proration of dues or fees that have
already been charged within the month that the request was made.

3. Generally, a Step Up will be approved unless the intended Step Up membership category is
considered to be full, with or without a waiting list for that category. In the event there are new
requests for Step Ups that exceed the number of available memberships in the intended category, a
waiting list will be developed and maintained by the Club and will be based upon a First-Come,
First-Served basis.

4. A member wishing to Step Up will be given credit toward (but not to exceed) the then-current
amount of the Initiation Fee for the intended category of membership for any Initiation Fee amount
previously paid.

STEP DOWN CONVERSION POLICIES

1. Any member in good standing in The Powder Horn Club may request to step down to a category
with lower privileges and costs (“Step Down”), at any time. Stepping Down is subject to certain
conditions that may change from time to time, in the sole discretion of the Club.

2. No Step Downs will be permitted before January 1, 2016.

3. Step Down is only available to current members of the Club.

4. Members wishing to Step Down must be current and fully paid on their membership account and
in good standing. History of frequent late payments will be cause for disqualification for a Step
Down, at the Club’s discretion.

5. If Step Down requests exceed the number approved by the Club from time to time, the Club will
maintain a waiting list.

6. An initial waiting list for Step Downs (“Step Down List”) will be developed between January 1,
2016 and April 1, 2016 using a “tenure” qualification. The member with the longest tenure in the
Club will be first to Step Down beginning on April 1st.

7. After January 1, 2016, any new requests for Step Downs will be added to and ordered on the Step
Down List based upon a “First-in, First Out” basis, notwithstanding those who were already
prioritized on the Step Down List based upon tenure.

8. To Step Down, the member must pay a Transfer Fee equal to the amount of the then-current
Membership Initiation Fee for the intended category (no credit for previous Initiation Fee
payments).

9. Member shall surrender all privileges associated with the previous category of membership.
Returning to the previous membership will be the same as re-joining the Club at the then-current

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