<SEC-DOCUMENT>0001193125-24-260933.txt : 20241118
<SEC-HEADER>0001193125-24-260933.hdr.sgml : 20241118
<ACCEPTANCE-DATETIME>20241118161631
ACCESSION NUMBER:		0001193125-24-260933
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20241115
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20241118
DATE AS OF CHANGE:		20241118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hilton Grand Vacations Inc.
		CENTRAL INDEX KEY:			0001674168
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES [7000]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				812545345
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37794
		FILM NUMBER:		241471719

	BUSINESS ADDRESS:	
		STREET 1:		6355 METROWEST BOULEVARD, SUITE 180
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835
		BUSINESS PHONE:		407-722-3100

	MAIL ADDRESS:	
		STREET 1:		6355 METROWEST BOULEVARD, SUITE 180
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835
</SEC-HEADER>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;1.01. Entry into a Material Definitive Agreement. </p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&#160;15, 2024, Hilton Grand Vacations Trust I LLC (the &#8220;Borrower&#8221;), a subsidiary of Hilton Grand Vacations Inc. (the &#8220;Company&#8221;), entered into Omnibus Amendment No.&#160;3, dated as of November&#160;15, 2024 (the &#8220;Amendment&#8221;) to the Amended and Restated Receivables Loan Agreement, dated as of May&#160;3, 2022 (as previously amended, the &#8220;Amended and Restated Receivables Loan Agreement&#8221;), by and among the Borrower, as borrower, Computershare Trust Company, N.A., as paying agent and securities intermediary, Bank of America, N.A., as administrative agent and structuring agent, certain financial institutions as conduit lenders, certain financial institutions as committed lenders, and certain financial institutions as managing agents. The Amendment further amends the Amended and Restated Receivable Loan Agreement and the related revolving warehouse loan facility (the &#8220;Warehouse Credit Facility&#8221;) and, among other things: </p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:8%">&#160;</td>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">increases the borrowing capacity from $750,000,000 to $850,000,000; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:8%">&#160;</td>
<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">permits the Borrower to pledge as collateral timeshare loans originated by Bluegreen Vacations Corporation (the &#8220;Bluegreen Timeshare Loans&#8221;), subject to certain eligibility criteria and other conditions; </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">provides for a separate advance rate for the Bluegreen Timeshare Loans based on FICO scores and obligors with no FICO score; and </p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
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<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt;text-align:left">includes customary used and unused fees. </p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of November&#160;15, 2024, the Company had no outstanding borrowings under the Warehouse Credit Facility. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Affiliates of various committed lenders and/or managing agents under the Warehouse Credit Facility, including Bank of America, N.A., Deutsche Bank AG, Wells Fargo Bank, National Association, Barclays Bank PLC, MUFG Bank, Ltd., Citizens Bank, N.A., Regions Bank, Truist Bank, HSBC Bank USA, N.A., Canadian Imperial Bank of Commerce and Goldman Sachs Bank USA are also lenders and/or agents under the Company&#8217;s secured credit facility. Any or all of such committed lenders and/or managing agents have performed, and may in the future perform, various other commercial banking, investment banking and other financial advisory services for the Company and its subsidiaries for which they have received, and may receive, customary fees and expenses. This summary is qualified in its entirety by reference to the full text of the Amendment, filed as Exhibit 10.1 to this Current Report on Form <span style="white-space:nowrap">8-K</span> and incorporated herein by reference. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;9.01 Financial Statements and Exhibits. </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">(d) Exhibits. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Exhibit No.</span></td>
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<td style="vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Description</span></td></tr>


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<td style="vertical-align:top;white-space:nowrap">Exhibit&#160;10.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d823079dex101.htm">Omnibus Amendment No.&#160;3, dated as of November&#160;15, 2024, to the Amended and Restated Receivables Loan Agreement, by and among the Borrower, as borrower, Computershare Trust Company, N.A., as paying agent and securities intermediary, Bank of America, N.A., as administrative agent and structuring agent, certain financial institutions as conduit lenders, certain financial institutions as committed lenders, and certain financial institutions as managing agents. </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap">Exhibit&#160;104</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Cover Page Interactive Data File (embedded within the Inline XBRL document).</td></tr>
</table>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURE </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p><div>
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<td style="vertical-align:top" colspan="3">HILTON GRAND VACATIONS INC.</td></tr>
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<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Charles R. Corbin</p></td></tr>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Charles R. Corbin</td></tr>
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<td style="vertical-align:bottom"/>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Executive Vice President, General<br/>Counsel and Secretary</td></tr>
</table></div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: November&#160;18, 2024 </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Copy </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OMNIBUS
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO.&nbsp;3 TO AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECEIVABLES LOAN AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 2 TO AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SALE AND CONTRIBUTION AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 1 TO AMENDED AND RESTATED SERVICING AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 2 TO AMENDED AND RESTATED CUSTODY AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This OMNIBUS AMENDMENT NO. 3 TO AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT, AMENDMENT NO. 2 TO AMENDED AND RESTATED SALE AND CONTRIBUTION
AGREEMENT, AMENDMENT NO. 1 TO AMENDED AND RESTATED SERVICING AGREEMENT, AND AMENDMENT NO. 2 TO AMENDED AND RESTATED CUSTODY AGREEMENT (this &#147;<I>Amendment</I>&#148;), effective as of November&nbsp;15, 2024 (the &#147;<I>Effective
Date</I>&#148;), is executed by and among HILTON GRAND VACATIONS TRUST&nbsp;I LLC, a Delaware limited liability company (together with its successors and assigns, the <I>&#147;</I><I>Borrower</I><I>&#148;</I>), HILTON RESORTS CORPORATION, a Delaware
corporation, as seller (the &#147;<I>Seller</I>&#148;), GRAND VACATIONS SERVICES LLC as Servicer (the &#147;<I>Servicer</I>&#148;), the financial institutions signatory hereto as Managing Agents, the financial institutions signatory hereto as
Conduit Lenders, the financial institutions signatory hereto as Committed Lenders, BANK OF AMERICA, N.A., as Administrative Agent (the <I>&#147;</I><I>Administrative Agent</I><I>&#148;</I>) and Structuring Agent, and COMPUTERSHARE TRUST COMPANY,
N.A., (&#147;<I>Computershare</I>&#148;) as Securities Intermediary, Paying Agent, Backup Servicer and Custodian. Capitalized terms used, but not otherwise defined herein, shall have the meanings ascribed thereto in the &#147;Receivables Loan
Agreement&#148; (defined below). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Witnesseth: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower, the Managing Agents party thereto, the Administrative Agent, Computershare as Securities Intermediary and Paying Agent,
the Conduit Lenders party thereto, and the Committed Lenders party thereto are parties to that certain Amended and Restated Receivables Loan Agreement dated as of May&nbsp;3, 2022 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, the <I>&#147;Receivables Loan Agreement&#148;</I>); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower and the Seller are party
to that certain Amended and Restated Sale and Contribution Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the &#147;<I>Sale and Contribution
Agreement</I>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower, the Seller, the Servicer, the Administrative Agent, and the Backup Servicer are party to
that certain Amended and Restated Servicing Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the &#147;<I>Servicing Agreement</I>&#148;); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower, the Servicer, the Administrative Agent, and the Custodian are party
to that certain Amended and Restated Custody Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the &#147;<I>Custody Agreement</I>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, as provided herein, the parties hereto have agreed to amend certain provisions of the Receivables Loan Agreement, the Sale and
Contribution Agreement, Servicing Agreement and the Custody Agreement each as further described below; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in
consideration of the premises and the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.&#8195; <U>Amendment to the Receivables Loan Agreement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section&nbsp;5 hereof, the
Receivables Loan Agreement, including the exhibits and schedules thereto, is hereby amended as set forth on <U>Exhibit A</U> attached hereto, with deletions of text indicated by struck-through text and insertions indicated by bold, double-underlined
text. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. &#8195; <U>Amendment to the Sale and Contribution Agreement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section&nbsp;5 hereof, the Sale
and Contribution Agreement is hereby amended as set forth on <U>Exhibit B</U> attached hereto, with deletions of text indicated by struck-through text and insertions indicated by bold, double-underlined text. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. &#8195; <U>Amendment to the Servicing Agreement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section&nbsp;5 hereof, the
Servicing Agreement is hereby amended as set forth on <U>Exhibit C</U> attached hereto, with deletions of text indicated by struck-through text and insertions indicated by bold, double-underlined text. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. &#8195; <U>Amendment to the Custody Agreement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section&nbsp;5 hereof, the
Custody Agreement is hereby amended as set forth on <U>Exhibit D</U> attached hereto, with deletions of text indicated by struck-through text and insertions indicated by bold, double-underlined text. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.&#8195; <U>Conditions Precedent.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment shall become effective on the Effective Date upon the satisfaction of the Administrative Agent having received:
(a)&nbsp;counterparts of this Amendment executed by each of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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the parties hereto, (b)&nbsp;executed counterparts of that certain Assignment and Distribution Agreement between Bluegreen Vacations Corporation and Woodbridge Holdings Corporation of even date
herewith executed by each of the parties thereto, (c)&nbsp;executed counterparts of that certain Assignment and Distribution Agreement between Woodbridge Holdings Corporation and Bluegreen Vacations Holding Corporation of even date herewith executed
by each of the parties thereto, (d)&nbsp;executed counterparts of that certain Assignment and Distribution Agreement Bluegreen Vacations Holding Corporation and Hilton Grand Vacations Borrower LLC of even date herewith executed by each of the
parties thereto, (e)&nbsp;executed counterparts of that certain Third Amended and Restated Performance Guaranty of even date herewith executed by each of the parties thereto and (f)&nbsp;executed counterparts of that certain Ninth Amended and
Restated Fee Letter of even date herewith executed by each of the parties thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.&#8195; <U>Representations, Warranties and
Confirmations.</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Borrower, the Seller and the Servicer hereby represents and warrants, with respect to itself that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;6.1.</I>&#8195;It has the power and is duly authorized, including by all limited liability company or corporate
action, as applicable, on its part to execute and deliver this Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;6.2.</I>&#8195;This Amendment has
been duly and validly executed and delivered by it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;6.3.</I>&#8195;This Amendment, the Receivables Loan
Agreement, the Sale and Contribution Agreement, the Servicing Agreement, and the Custody Agreement, as amended hereby, constitute legal, valid and binding obligations of such Person and are enforceable against such Person in accordance with their
terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;6.4.</I>&#8195;Immediately prior, and after giving all effect, to this Amendment, the covenants,
representations and warranties of the Borrower set forth in the Receivables Loan Agreement are true and correct in all material respects as of the date hereof (except to the extent such representations or warranties relate solely to an earlier date
and then as of such date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;6.5.</I>&#8195;Immediately prior, and after giving all effect, to this
Amendment, the covenants, representations and warranties of the Borrower and the Seller set forth in the Sale and Contribution Agreement are true and correct in all material respects as of the date hereof (except to the extent such representations
or warranties relate solely to an earlier date and then as of such date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;6.6.</I>&#8195;Immediately prior,
and after giving all effect, to this Amendment, the covenants, representations and warranties of the Borrower, the Seller and the Servicer set forth in the Servicing Agreement are true and correct in all material respects as of the date hereof
(except to the extent such representations or warranties relate solely to an earlier date and then as of such date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;6.7.</I>&#8195;Immediately prior, and after giving all effect, to this Amendment, the covenants, representations
and warranties of the Borrower and the Servicer set forth in the Custody Agreement are true and correct in all material respects as of the date hereof (except to the extent such representations or warranties relate solely to an earlier date and then
as of such date). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;6.8.</I>&#8195;Immediately prior, and after giving all effect,
to this Amendment, no event, condition or circumstance has occurred and is continuing which constitutes a Servicer Termination Event, Unmatured Servicer Termination Event, Default or Event of Default. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.&#8195; <U>Entire Agreement.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties hereto hereby agree that this Amendment constitutes the entire agreement concerning the subject matter hereof and supersedes any
and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.&#8195; <U>Effectiveness of
Amendment.</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as expressly amended by the terms of this Amendment, all terms and conditions of the Receivables Loan Agreement, the
Sale and Contribution Agreement, the Servicing Agreement, the Custody Agreement and the other Facility Documents as applicable, shall remain in full force and effect and are hereby ratified and confirmed. This Amendment shall not operate as a
consent, waiver, amendment or other modification of any other term or condition set forth in the Receivables Loan Agreement, the Sale and Contribution Agreement, the Servicing Agreement, the Custody Agreement and the other Facility Documents or any
right, power or remedy of the Administrative Agent or any Managing Agent or Lender under the Receivables Loan Agreement, the Sale and Contribution Agreement, the Servicing Agreement, the Custody Agreement and the other Facility Documents, except as
expressly modified hereby. Upon the effectiveness of this Amendment, each reference in the Receivables Loan Agreement, the Sale and Contribution Agreement, the Servicing Agreement, and the Custody Agreement to &#147;this Agreement,&#148; &#147;this
Receivables Loan Agreement,&#148; &#147;this Sale and Contribution Agreement,&#148; &#147;this Servicing Agreement,&#148; or &#147;this Custody Agreement&#148; or words of like import shall mean and be references to the Receivables Loan Agreement,
the Sale and Contribution Agreement, the Servicing Agreement, or the Custody Agreement as applicable, as amended hereby, and each reference in any other Facility Document to the Receivables Loan Agreement, the Sale and Contribution Agreement, the
Servicing Agreement, the Custody Agreement or to any terms defined in the Receivables Loan Agreement, the Sale and Contribution Agreement, the Servicing Agreement or the Custody Agreement which are modified hereby shall mean and be references to the
Receivables Loan Agreement, the Sale and Contribution Agreement, the Servicing Agreement, or the Custody Agreement as applicable, or to such terms as modified hereby. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.&#8195; <U>Joining Lenders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;9.1.</I>&#8195; <U>Representations and Warranties of New Committed Lenders, New Managing Agents and New Conduit
Lender</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Canadian Imperial Bank of Commerce (&#147;<U>CIBC</U>&#148;), HSBC Bank USA, National Association (&#147;<U>HSBC</U>&#148;
and, together with CIBC, each a &#147;<U>New Committed Lender</U>&#148; and &#147;<U>New Managing Agent</U>&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and together the &#147;<U>New Committed Lenders</U>&#148; and &#147;<U>New Managing Agents</U>&#148;) and Bay Square Funding LLC (the &#147;<U>New Conduit Lender</U>&#148;) hereby agree as
follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each New Committed Lender and New Conduit Lender: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">confirms that it has received a copy of the Receivables Loan Agreement, together with copies of the most recent
financial statements delivered pursuant to <U>Section</U><U></U><U>&nbsp;5.02(b)</U> of the Receivables Loan Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Amendment; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or
any Managing Agent or any of their respective Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Receivables Loan
Agreement or any documents or agreements to be delivered thereunder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">appoints and authorizes the Administrative Agent and its respective Managing Agent to take such action as agent
on its behalf and to exercise such powers pursuant to <U>Article IX</U> of the Receivables Loan Agreement and the other Facility Documents as are delegated to the Administrative Agent and such Managing Agent, respectively, by the terms thereof,
together with such powers as are reasonably incidental thereto; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">iv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">agrees that it will perform in accordance with their terms all of the obligations which by the terms of the
Receivables Loan Agreement and this Amendment and the documents or agreements to be delivered thereunder are required to be performed by it as a Committed Lender or Conduit Lender, as applicable; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">represents that this Amendment has been duly authorized, executed and delivered by the New Committed Lender or
New Conduit Lender, as applicable, pursuant to its powers and constitutes the legal, valid and binding obligation of the New Committed Lender or New Conduit Lender, as applicable. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each New Managing Agent: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">confirms that it has received a copy of the Receivables Loan Agreement, together with copies of the most recent
financial statements delivered pursuant to <U>Section</U><U></U><U>&nbsp;5.02(b)</U> of the Receivables Loan Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Amendment; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">agrees that it will, independently and without reliance upon the Administrative Agent, any other Managing
Agent, any other Lender or any of their respective Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Receivables Loan
Agreement or any documents or agreements to be delivered thereunder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers pursuant to <U>Article IX</U> of the Receivables Loan Agreement and the other Facility Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">iv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">agrees that it will perform in accordance with their terms all of the obligations which by the terms of the
Receivables Loan Agreement and this Amendment and the documents or agreements to be delivered thereunder are required to be performed by it as a Managing Agent; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">represents that this Amendment has been duly authorized, executed and delivered by the New Managing Agent
pursuant to its powers and constitutes the legal, valid and binding obligation of the New Managing Agent. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;9.2.</I>&#8195;<U>Rights of New Managing Agents, New Committed Lenders and New Conduit Lender</U>. Upon
acceptance and recording of the Amendment by the Administrative Agent, as of the date hereof, (i)&nbsp;each New Committed Lender shall be a party to the Receivables Loan Agreement and, to the extent provided in this Amendment, have the rights and
obligations of a Committed Lender thereunder and hereunder, (ii)&nbsp;the New Conduit Lender shall be a party to the Receivables Loan Agreement and, to the extent provided in this Amendment, have the rights and obligations of a Conduit Lender
thereunder and hereunder and (iii)&nbsp;each New Managing Agent shall be a party to the Receivables Loan Agreement and, to the extent provided in this Amendment, have the rights and obligations of a Managing Agent thereunder and hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Section</I><I></I><I>&nbsp;9.3.</I>&#8195;<U>Lender Group.</U> By execution and delivery of this Amendment and pursuant to
<U>Section</U><U></U><U>&nbsp;10.04</U> of the Receivables Loan Agreement, (i)&nbsp;CIBC as a New Managing Agent and a New Committed Lender and the New Conduit Lender elect to become a &#147;Lender Group&#148; under the Receivables Loan Agreement
and (ii)&nbsp;HSBC as a New Committed Lender and a New Managing Agent elects to become a &#147;Lender Group&#148; under the Receivables Loan Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.&#8195; <U>Governing Law.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-6- </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Section</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">11.&#8195; <U>Binding Effect.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment shall be binding upon and shall be enforceable by parties hereto and their respective successors and permitted assigns. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.&#8195; <U>Headings.</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Section headings herein are for convenience only and will not affect the construction hereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.&#8195; <U>Novation.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment does not constitute a novation or termination of the Receivables Loan Agreement, the Sale and Contribution Agreement, the
Servicing Agreement, the Custody Agreement or any other Facility Document and all obligations thereunder are in all respects continuing with only the terms thereof being modified as provided herein. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.&#8195; <U>Counterparts.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such
counterparts will together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by electronic mail in a &#147;.pdf&#148; file shall be effective as delivery of a
manually executed counterpart of this Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.&#8195; <U>Fees, Costs and Expenses.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower agrees to pay on demand all reasonable fees and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of Morgan, Lewis&nbsp;&amp; Bockius LLP, counsel for the Administrative Agent, incurred in connection with the preparation, execution and delivery
of this Amendment and the other instruments and documents to be delivered in connection herewith. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;16.&#8195; <U>Electronic Signatures.</U>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf
of the party by means of (i)&nbsp;an original manual signature; (ii)&nbsp;a faxed, scanned, or photocopied manual signature, or (iii)&nbsp;any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce
Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, <I>&#147;Signature Law&#148;</I>), in each case to the extent
applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be
entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under
the UCC or other Signature Law due to the character or intended character of the writings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Pages Follow] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-8- </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hilton Grand Vacations Trust&nbsp;I LLC,<BR>as Borrower</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ben Loper</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Ben Loper</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Senior Vice President&nbsp;&amp; Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hilton Resort Corporation,<BR>as Seller</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ben Loper</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Ben Loper</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Senior Vice President&nbsp;&amp; Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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 <DIV ALIGN="right">
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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GRAND VACATIONS SERVICES LLC,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">as Servicer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ben Loper</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ben Loper</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President&nbsp;&amp; Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank of America, N.A., as Administrative Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrew Estes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Andrew Estes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&#8194; Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank of America, N.A., as a Committed Lender and a Managing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrew Estes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Andrew Estes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deutsche Bank AG, New York Branch,<BR>as a Committed Lender and a Managing
Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert Sannicandro</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Robert Sannicandro</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Tauseef Chauhan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Tauseef Chauhan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Barclays Bank PLC, as a Committed Lender and a Managing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Chin-Yong Choe</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Chin-Yong Choe</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sheffield Receivables Company LLC,<BR>as a Conduit Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Barclays Bank PLC, as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Chin-Yong Choe</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Chin-Yong Choe</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wells Fargo Bank, National Association, as a Committed Lender and a Managing
Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Leigh Poltrack</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Leigh Poltrack</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Truist Bank, as a Committed Lender and a Managing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Emily Shields</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Emily Shields</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Managing Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Citizens Bank, N.A., as a Committed Lender and a Managing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gordon Wong</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Gordon Wong</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MUFG Bank, Ltd., as a Committed Lender and a Managing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Yezdan Badrakhan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Yezdan Badrakhan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gotham Funding Corporation<BR>as Conduit Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kevin J. Corrigan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Kevin J. Corrigan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Regions Bank, as a Committed Lender and a Managing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ellis Ryan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Ellis Ryan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5">Goldman Sachs Bank USA, as</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managing Agent and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Committed
Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Charles D. Johnston</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Charles D. Johnston</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Authorized Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TD VALIGN="top" COLSPAN="5">Canadian Imperial Bank of Commerce, as<BR></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">New Managing Agent and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">New Committed Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sunil Adalja</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Sunil Adalja</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nicole Persad</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Nicole Persad</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bay Square Funding LLC, as</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#8195;&#8194;New Conduit Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kevin J. Corrigan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Kevin J. Corrigan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HSBC Bank USA, National Association, as</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:1.00em; font-size:10pt; font-family:Times New Roman">New Managing Agent and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:1.00em; font-size:10pt; font-family:Times New Roman">New Committed Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Peter Hart</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Peter Hart</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A,<BR>as Securities Intermediary, Paying Agent, Backup
Servicer and Custodian</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jennifer C. Westberg</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Jennifer C. Westberg</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8194;Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Omnibus Amendment</I>]<I> </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECEIVABLES LOAN AGREEMENT </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFORMED COPY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Amendment No.&nbsp;1, dated as of August&nbsp;8, 2023 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Amendment No.&nbsp;2, dated as of March&nbsp;22, 2024 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Amendment No.&nbsp;3, dated
as of November&nbsp;15, 2024</U></FONT> </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of May&nbsp;3, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">HILTON GRAND VACATIONS
TRUST I LLC, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Borrower </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COMPUTERSHARE TRUST COMPANY, N.A., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Paying Agent and Securities Intermediary </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE PERSONS FROM TIME TO TIME </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PARTY HERETO AS CONDUIT LENDERS, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE FINANCIAL INSTITUTIONS FROM TIME TO TIME </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PARTY HERETO AS COMMITTED LENDERS, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE FINANCIAL INSTITUTIONS FROM TIME TO TIME </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PARTY HERETO AS MANAGING AGENTS, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANK OF AMERICA, N.A., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Administrative Agent and as Structuring Agent </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TABLE OF CONTENTS </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD>

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<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Certain Defined Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Terms and Constructions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Computation of Time Periods</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of
Affected Financial Institutions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II AMOUNTS AND TERMS OF THE LOANS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Borrowing Procedures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reductions and Increases to the Facility Limit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and Unused Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Principal Payments - Generally</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Application of Collections</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Extension of Commitment Termination Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payments and Computations, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest Protection</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increased Capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Funding Losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Security Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Refinancings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Release of Lien</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Collection Account and Hedge Reserve Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Paying Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Defaulting Committed Lenders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Replacement of Lender Group</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inability to Determinate Rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Illegality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III CONDITIONS PRECEDENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conditions Precedent to Effectiveness</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conditions Precedent to All Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conditions to Funding a Delayed Funding Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV REPRESENTATIONS AND WARRANTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Representations and Warranties of the Borrower</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Affirmative Covenants of the Borrower</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reporting Requirements of the Borrower</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covenants of the Borrower Relating to Hedging</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Negative Covenants of the Borrower</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Covenants Regarding Retention</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI SERVICING</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Servicing Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VII EVENTS OF DEFAULT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Events of Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right to Cure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Appointment as Attorney in Fact</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Performance of Borrower&#146;s Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Powers Coupled with an Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VIII INDEMNIFICATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnities by the Borrower</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limited Liability of Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IX THE AGENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Authorization and Action</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agents&#146; Reliance, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agents and Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lender&#146;s Loan Decision</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delegation of Duties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Successor Agents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE X MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amendments, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assignability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Lender Groups</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Consent to Jurisdiction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>WAIVER OF JURY TRIAL</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right of Setoff</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ratable Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitation of Liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Costs, Expenses and Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Proceedings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Confidentiality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Waiver; Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GOVERNING LAW</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Execution in Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Integration; Binding Effect; Survival of Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Electronic Signatures </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Recognition of the U.S. Special Resolution Regimes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Third Party Beneficiary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amendment and Restatement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXHIBITS AND SCHEDULES </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT <FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Credit Policy for Seller</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Credit Policy for DRC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT <FONT STYLE="white-space:nowrap">A-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Collection Policy for Servicer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT <FONT STYLE="white-space:nowrap">A-4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of <FONT COLOR="#ff0000"><STRIKE>Collection</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Credit</U></FONT> Policy for <FONT COLOR="#ff0000"><STRIKE>Diamond Subservicer
</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen </U></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#ff0000"><STRIKE>EXHIBIT <FONT STYLE="white-space:nowrap">A-5</FONT></STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#ff0000"><STRIKE>[Reserved]</STRIKE></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#ff0000"><STRIKE>EXHIBIT <FONT STYLE="white-space:nowrap">A-6</FONT></STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#ff0000"><STRIKE>[Reserved]</STRIKE></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Borrowing Request</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Monthly Report</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">List of Offices of Borrower where Records are Kept</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">List of Accounts and Account Banks</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Assignment and Acceptance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT G</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Joinder Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT H</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Prepayment Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Refinancing Release</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT J</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney (Seller)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT K</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney (Borrower)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT L</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Notice of Exclusive Control</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT M</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certain Borrower Information</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULE I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Representations and Warranties with respect to the Timeshare Loans</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULE II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lender Groups</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULE III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notice Addresses and Wiring Instructions</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULE <FONT STYLE="white-space:nowrap">IV-A</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">List of Closing Documents and Deliveries as of the Original Closing Date</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULE <FONT STYLE="white-space:nowrap">IV-B</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">List of Closing Documents and Deliveries as of the Restatement Date</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULE V</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Hilton Resorts and Resort Associations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULE VI</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Diamond Resorts and Resort Associations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SCHEDULE VII</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Approved Originators and Approved Transferors</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">SCHEDULE VIII</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen Resorts and Resort Associations</U></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">This AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT dated as of May&nbsp;3, 2022, is by and among HILTON GRAND VACATIONS
TRUST I LLC, a Delaware limited liability company, as Borrower, COMPUTERSHARE TRUST COMPANY, N.A., a national banking association, as Paying Agent and Securities Intermediary, THE COMMERCIAL PAPER CONDUITS FROM TIME TO TIME PARTY HERETO, as Conduit
Lenders, THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO, as Committed Lenders, THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO, as Managing Agents, and BANK OF AMERICA, N.A., as Administrative Agent for the Conduit Lenders and
the Committed Lenders. Capitalized terms used herein shall have the meanings specified in Section&nbsp;1.01. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PRELIMINARY STATEMENTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower may from time to time purchase Timeshare Loans and related assets from the Seller pursuant to the Sale
and Contribution Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, to fund its purchases under the Sale and Contribution Agreement, the Borrower may
from time to time request Loans from the Lenders on the terms and conditions of this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Conduit
Lenders may, in their sole discretion, make Loans so requested from time to time, and if a Conduit Lender in any Lender Group elects not to make any such Loan or if there is not a Conduit Lender in any Lender Group, the Committed Lenders in such
Lender Group have agreed that they shall make such Loan, in each case subject to the terms and conditions of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the premises, the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party agrees as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.01. <U>Certain Defined Terms</U>. As used in this Agreement, the following terms shall have the following meanings
(and capitalized terms used but not defined herein which are defined in any other Facility Document shall have the respective meanings given to such terms in such other Facility Document): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Absence of Recorded Mortgage</U>&#148; means, with respect to a Timeshare Loan, that the related Timeshare Loan File
contains evidence of the type specified in clause (b)(ii), but not clause (b)(i), of the <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related </U></FONT><FONT
STYLE="font-family:Times New Roman">definition of Timeshare Loan File</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> for such Timeshare Loan</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Account Banks</U>&#148; means, collectively, the <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account Bank, the Diamond Lockbox Account Bank, the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen Clearing Account Bank, the </U></FONT><FONT STYLE="font-family:Times New Roman">Collection </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Account Bank, the New Clearing </U></FONT><FONT STYLE="font-family:Times New Roman">Account Bank and the Hedge Reserve
Account Bank. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Account Collateral</U>&#148; means the Collection Account, the Diamond Lockbox Account, the <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen Clearing Account, the New Clearing Account, the </U></FONT><FONT STYLE="font-family:Times New Roman">Hedge Reserve
Account and the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account, including,
(i)&nbsp;all certificates and instruments, if any, from time to time representing or evidencing any of such accounts or any funds held therein, (ii)&nbsp;all investment property </FONT></P>
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and other financial assets or proceeds thereof held in, or acquired with funds from, such accounts and all certificates and instruments from time to time representing or evidencing such
investment property and financial assets, (iii)&nbsp;all notes, certificates of deposit and other instruments from time to time hereafter delivered or transferred to, or otherwise possessed by, the Administrative Agent in substitution for any of the
then existing accounts and (iv)&nbsp;all interest, dividends, cash, instruments, financial assets, investment property and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of
the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Account
 Control Agreement&#148; means, individually or collectively, as applicable, the HRC Clearing Account Control Agreement, the Bluegreen Clearing Account Control Agreement, the Diamond Lockbox Account Control Agreement and, on or after the effective
date of the New Clearing Account Control Agreement, the New Clearing Account Control Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Account Number</U>&#148; means, with respect to a Timeshare Loan, an alphanumeric designation of such Timeshare Loan
that, among all timeshare loans serviced by the Servicer, is unique to such Timeshare Loan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Accounts</U>&#148;
means, collectively, the <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account, the Diamond Lockbox
Account, the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen Clearing Account, the Bluegreen Lockbox, the New Clearing Account, the </U></FONT><FONT
STYLE="font-family:Times New Roman">Collection Account, the Hedge Reserve Account and the Unidentified Receipts Account. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Account Restructuring Date</U>&#148; means the date which is 60 days after the Account Restructuring Obligor
Notification Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Account Restructuring Obligor Notification Date</U>&#148; means the date on which <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(I)<B></B>&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">the Servicer provides (i</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">)<B></B>&nbsp;(A</U></FONT><FONT STYLE="font-family:Times New Roman">) written instruction to all Obligors of Diamond
Timeshare Loans to immediately direct all payments of principal and interest in respect of such Diamond Timeshare Loans to the HRC Lockbox </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and</U></FONT><FONT STYLE="font-family:Times New Roman"> the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account and</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">/or the New Lockbox and the New Clearing Account, and</U></FONT><FONT STYLE="font-family:Times New Roman"> not to the Diamond
Lockbox
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and</U></FONT>
<FONT STYLE="font-family:Times New Roman"> the Diamond Lockbox Account</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">; provided that with</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> respect to Diamond Timeshare Loans
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">that Delinquent Timeshare Loans or Defaulted Timeshare Loans, the Servicer may continue to instruct Obligors
to direct all payments of principal and interest in respect of such Diamond Timeshare Loans </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">to the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Diamond Lockbox and the Diamond Lockbox Account; (B)<B></B> written instruction to all Obligors of Bluegreen
Timeshare Loans to immediately direct all payments of principal and interest in respect of such Bluegreen Timeshare Loans to the HRC Lockbox and the HRC Clearing Account and/or the New Lockbox and the New Clearing Account, and not to the Bluegreen
Lockbox and the Bluegreen Clearing Account; provided that with respect to Bluegreen Timeshare Loans that Delinquent Timeshare Loans or Defaulted Timeshare Loans, the Servicer may continue to instruct Obligors to direct all payments of principal and
interest in respect of such Bluegreen Timeshare Loans to the Bluegreen Lockbox and the Bluegreen Clearing Account; and/or (C)<B></B>&nbsp;written instruction to all Obligors of HRC Timeshare Loans to immediately direct all payments of principal and
interest in respect of such HRC Timeshare Loans to the New Lockbox and the New Clearing Account, and not to the HRC Lockbox and the HRC Clearing Account, </U></FONT><FONT STYLE="font-family:Times New Roman">and (ii)&nbsp;written notice to the
Administrative Agent of its sending of new instructions to applicable Obligors as described in clause (i)</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and (II) the New Clearing Account Control Agreement is in effect; provided
that with respect to HRC Timeshare Loans that Delinquent Timeshare Loans or Defaulted Timeshare Loans, the Servicer may continue to instruct Obligors to direct all payments of principal and interest in respect of such HRC Timeshare Loans to the HRC
Lockbox and the HRC Clearing Account. For the avoidance of doubt, an Account Restructuring Obligor Notification Date may occur with respect to one or all types of Timeshare Loans.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Timeshare Loan</U>&#148; means any Eligible Timeshare
Loan (including any Qualified Substitute Timeshare Loan) Transferred by the Seller to the Borrower on a Transfer Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Agent</U>&#148; means BANA, in its capacity as agent for the Lenders, together with its successors and
permitted assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adverse Claim</U>&#148; means a Lien other than any Permitted Lien. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Financial Institutions</U>&#148; means (a)&nbsp;any EEA Financial Institution or (b)&nbsp;any UK Financial
Institution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Party</U>&#148; means any Lender, BANA, individually and in its capacity as Administrative
Agent, any Managing Agent, any Liquidity Provider and, with respect to each of the foregoing, the parent company or holding company that controls such Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, any other Person which, directly or indirectly, controls, is
controlled by, or is under common control with, such Person. For purposes of this definition, &#147;control&#148; (together with the correlative meanings of &#147;controlled by&#148; and &#147;under common control with&#148;) means possession,
directly or indirectly, of the power (a)&nbsp;to vote 10% or more of the securities (on a fully diluted basis) having ordinary voting power for the directors or managing general partners (or their equivalent) of such Person, or (b)&nbsp;to direct or
cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract, or otherwise. Notwithstanding the foregoing, the term &#147;Affiliate&#148; shall not include, with respect to
Borrower, Seller, Servicer, HGV Borrower, Hilton Grand Vacations Parent LLC and their Subsidiaries only, (x)&nbsp;Apollo Global Management, Inc., AP VIII Dakota Holdings, L.P., AP VIII Dakota Holdings Borrower, L.P., AP Dakota <FONT
STYLE="white-space:nowrap">Co-Invest,</FONT> L.P. and their related and/or controlled entities (including certain funds under any of their control) (collectively, the &#147;Apollo Entities&#148;) that currently own common stock of Hilton Grand
Vacations Inc. (the &#147;Public HGV&#148;) (based on Schedule 13D filed by the applicable Apollo Entities on August&nbsp;11, 2021), or (y)&nbsp;any Person who acquires 10% or more of all outstanding common stock of the Public HGV unless, in either
(x)&nbsp;or (y), any such Person acquires 50% or more of the securities (on a fully diluted basis) having ordinary voting power for the election of the board of directors of the Public HGV. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Commitment</U>&#148; means, on any date of determination, the sum of the Commitments then in effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Loan Principal Balance</U>&#148; means, at any time, the aggregate outstanding Principal Amount of all
Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; means this Amended and Restated Receivables Loan Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Alternative Rate</U>&#148; means, with respect to a Loan on any day, an interest rate per annum equal to the sum of
(a)&nbsp;the Used Fee Rate, plus (b)&nbsp;Daily SOFR for such day; provided, however, that if Daily SOFR is not available on such day, the Alternative Rate shall be an interest rate per annum equal to the greater of (x)&nbsp;the Prime Rate and
(y)&nbsp;the Federal Funds Rate, in each case, in effect on such day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Amendment No.&nbsp;2 Effective
Date</U>&#148; means March&nbsp;22, 2024. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Amendment
 No.&nbsp;3 Effective Date&#148; means November&nbsp;15, 2024.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Amortization Date</U>&#148; means the earliest to occur of
(i)&nbsp;the Commitment Termination Date, (ii)&nbsp;the declaration or automatic occurrence of the Amortization Date pursuant to Section&nbsp;7.03, and (iii)&nbsp;that Business Day which the Borrower designates as the Amortization Date by notice to
the Administrative Agent at least five (5)&nbsp;Business Days prior to such Business Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Judgment
Default Amount</U>&#148; means, on any date of determination, $25,000,000; <I>provided, however</I>, that for as long as the HGV Credit Agreement is in effect, the Applicable Judgment Default Amount shall be the dollar threshold set forth in the HGV
Credit Agreement above which a failure to pay, discharge or stay a judgment against HGV Borrower would constitute an event of default thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Measurement Date</U>&#148; means, with respect to a date of determination during an Interest Period, the
close of business on the last day of the Collection Period immediately preceding the first day of such Interest Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Diamond Transferee</U>&#148; means any party that is a &#147;Transferee&#148; under the Master Transfer
Agreement and the HGV Omnibus Distribution and Assignment Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Diamond Transferor</U>&#148; means
any party that is a &#147;Transferor&#148; under the Master Transfer Agreement and the HGV Omnibus Distribution and Assignment Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Originator</U>&#148; means (i)&nbsp;each of the entities identified as an originator on <U>Schedule VII</U>
hereto and (ii)&nbsp;any such other entity that has been approved in writing by the Administrative Agent, which written approval shall be conditioned on the completion of diligence satisfactory to the Administrative Agent and the execution and
delivery of applicable transfer agreement(s) pursuant to which Timeshare Loans will be transferred by such entity, directly or indirectly, to Seller, the making of any filings or other actions required to perfect the interest of the Administrative
Agent in such Timeshare Loans, and receipt of lien searches related to such entity, corporate deliverables (including officer certificates, constituent documents, resolutions, incumbencies and good standings), receipt of legal opinions providing
similar coverage as was provided in the legal opinions delivered with respect to the Approved Originators on the Restatement Date, and any other documents, instruments, certificates or opinions that the Administrative Agent may reasonably request,
including to address questions of local law or other matters specific to the jurisdiction <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">of </U></FONT><FONT
STYLE="font-family:Times New Roman">such entity, its form of </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the applicable </U></FONT><FONT
STYLE="font-family:Times New Roman">Timeshare Loan Documents, and any other relevant matters. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved
Transferor</U>&#148; means each of the entities identified as a transferor on <U>Schedule VII</U> hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Subservicer</U>&#148; means (i)&nbsp;the Diamond Subservicer<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT
STYLE="font-family:Times New Roman"> (ii</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">) the Bluegreen Subservicer and (iii</U></FONT><FONT
STYLE="font-family:Times New Roman">)&nbsp;any other Person to which the Servicer has delegated all or substantially all of its servicing activities with respect to any Pledged Timeshare Loan under the Servicing Agreement to and approved in writing
by the Administrative Agent. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Aruba
 Loans&#148; means Timeshare Loans related to the resort referred to as &#147;La Cabana Beach Resort&nbsp;&amp; Casino.&#148;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment</U>&#148; means, with respect to any Additional Timeshare Loans, <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">an Assignment substantially in the form of Exhibit A to the
Sale and Contribution Agreement or </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ii)<B></B>&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">a
Transfer Notice substantially in the form of Exhibit
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>B</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A</U></FONT><FONT
STYLE="font-family:Times New Roman"> to each of the Master Transfer Agreement, the HGV Omnibus Distribution and Assignment Agreement, the HGV Borrower Purchase Agreement, the Kupono Assignment Agreement, the Grand Islander Assignment Agreement, the
Grand Islander Parent </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Assignment Agreement <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">the HRC Islander Assignment
Agreement</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the BVC Assignment and Distribution Agreement, the Woodbridge Assignment and Distribution Agreement
and the BVHC Assignment and Distribution Agreement</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment and Acceptance</U>&#148; means an agreement substantially in the form set forth as Exhibit F hereto
pursuant to which a new Conduit Lender or Committed Lender becomes party to this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Assignment of Mortgage&#148; shall mean, with respect to a Club Loan, a written assignment of </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">one or more
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Mortgages from Bluegreen, Woodbridge, Bluegreen Holding, HGV Borrower, HRC, the Borrower to the
Administrative Agent, for the benefit of the Secured Parties, relating to one or more Club Loans in recordable form, and signed by an Authorized Signatory of all necessary parties, sufficient under the laws of the jurisdiction wherein the related
Timeshare Property is located to give record notice of a transfer of such Mortgage and its proceeds to the Administrative Agent. </U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Authoritative Copy</U>&#148; has the meaning set forth in the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Authorized Representatives</U>&#148; has the meaning ascribed to such term in Section&nbsp;19 of the Custody
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Authorized Signatory</U>&#148; means, as to any Person and any agreement or other document to be
executed by such Person, a Responsible Officer of such Person or any other individual who has been authorized by such Person by a power or attorney or other effective means to execute any such agreement or document on behalf of such Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Available Funds</U>&#148; means, for any Distribution Date and the related Collection Period, (x)&nbsp;the sum of
(i)&nbsp;all Collections received during such Collection Period, (ii)&nbsp;the amount deposited in the Collection Account in respect of cash proceeds of Timeshare Loans, if any, whether released from the Lien of this Agreement in connection with a
Refinancing or otherwise pursuant to <U>Section&nbsp;2.15</U>, (iii) any Repurchase Price or Substitution Shortfall Amount paid by the Seller to the Borrower in connection with repurchases or substitutions of Pledged Timeshare Loans with respect to
such Collection Period on or before such Distribution Date pursuant to the terms of the Sale and Contribution Agreement, (iv)&nbsp;all Hedge Receipts with respect to such Distribution Date and (v)&nbsp;the amount deposited in the Collection Account
from the Hedge Reserve Account, if any, pursuant to <U>Section&nbsp;2.16(k)</U>, minus (y)&nbsp;all amounts in respect of such Collection Period withdrawn from the Collection Account and applied to the prepayment of the Loans pursuant to
Section&nbsp;2.05 and minus (z)&nbsp;all amounts in respect of Processing Fees, <FONT STYLE="white-space:nowrap">non-sufficient</FONT> funds fees, or late fees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Average Default Ratio</U>&#148; means, for any Distribution Date, the average of the Default Ratios determined for
each of the three Collection Periods immediately preceding such Distribution Date; <I>provided</I> that, with respect to the Diamond Timeshare Loans, (i)&nbsp;the &#147;Average Default Ratio&#148; for the first Distribution Date following the
Restatement Date shall be the Default Ratio determined for the Collection Period immediately preceding such Distribution Date and (ii)&nbsp;the &#147;Average Default Ratio&#148; for the second Distribution Date following the Restatement Date shall
be the average of the Default Ratios for each of the two Collection Periods immediately preceding such Distribution Date<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">; <I>provided</I> further that, with
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">respect to
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Bluegreen
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare Loans, (i)&nbsp;the </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Average Default Ratio&#148; for the first Distribution Date following the Amendment No.<B></B>&nbsp;3 Effective Date
shall be the Default Ratio determined for the Collection Period immediately preceding such Distribution Date
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and (ii)&nbsp;the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Average Default Ratio&#148; for the second Distribution Date following the Amendment No.<B></B>&nbsp;3
Effective Date shall be the average of the Default Ratios for each of the two Collection Periods immediately preceding such Distribution Date.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Average Delinquency Ratio</U>&#148; means, for any Distribution
Date, the average of the Delinquency Ratios determined for each of the three Collection Periods immediately preceding such Distribution Date; <I>provided</I> that, with respect to the Diamond Timeshare Loans, (i)&nbsp;the &#147;Average Delinquency
Ratio&#148; for the first Distribution Date following the Restatement Date shall be the Delinquency Ratio determined for the Collection Period immediately preceding such Distribution Date and (ii)&nbsp;the &#147;Average Delinquency Ratio&#148; for
the second Distribution Date following the Restatement Date shall be the average of the Delinquency Ratios for each of the two Collection Periods immediately preceding such Distribution Date<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
<I>provided</I> further that, with respect to the Bluegreen Timeshare Loans, (i)&nbsp;the &#147;Average Delinquency Ratio&#148; for the first Distribution Date following the Amendment No.&nbsp;3 Effective Date shall be the Delinquency Ratio
determined for the Collection Period immediately preceding such Distribution Date and (ii)<B></B>&nbsp;the &#147;Average Delinquency Ratio&#148; for the second Distribution Date following the Amendment No.<B></B>&nbsp;3 Effective Date shall be the
average of the Delinquency Ratios for each of the two Collection Periods immediately preceding such Distribution Date.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Average
 </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Excess Spread
Percentage</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#148; means, for any Distribution Date, the average of the Excess Spread Percentages determined
for each of the three Collection Periods immediately preceding such Distribution Date.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Backup Servicer</U>&#148; means Computershare Trust Company, N.A., in its capacity as Backup Servicer pursuant hereto,
or such other Person as may be proposed by the Borrower and approved by the Majority Managing Agents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Backup
Servicing Fee</U>&#148; means, for any Collection Period, the backup servicing fees set forth in the Computershare Fee Letter for such Collection Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Action</U>&#148; means the exercise of any Write-Down and Conversion
Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation</U>&#148; means, (a)&nbsp;with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule and (b)&nbsp;with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>BANA</U>&#148;
means Bank of America, N.A., its successors and permitted assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Code</U>&#148; means Title 11 of
the United States Code, 11 U.S.C. Section&nbsp;101 et seq. or any successor thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Barbados Resort</U>&#148;
means the HRC Resort referred to as &#147;Hilton Grand Vacations at the Crane&#148; on Schedule V to this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Basel II</U>&#148; means the &#147;International Convergence of
Capital Measurement and Capital Standards: a Revised Framework&#148; developed by the Basel Committee on Banking Supervision, initially published in June 2004. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Basel III Regulations</U>&#148; means (a)&nbsp;any of the following documents prepared by the Basel Committee on
Banking Supervision of the Bank of International Settlements: (i)&nbsp;Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient
Banks and Banking Systems (June 2011) and (iii)&nbsp;Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013). Without limiting the generality of the foregoing, &#147;Basel III Regulations&#148; shall include Part 6
of the European Union regulation on prudential requirements for credit institutions and investment firms (&#147;<U>Part&nbsp;6</U>&#148;) and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise
modifying Part 6. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership Certification</U>&#148; means a certification regarding beneficial
ownership as required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018,
by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Beneficial Ownership Regulation</U>&#148; means 31 C.F.R. &#167; 1010.230. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Beneficiary&#148;
 shall have the meaning specified in the Club Trust Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benefit Plan Investor</U>&#148; means a &#147;benefit plan investor&#148; as defined in Department of Labor regulation
29 C.F.R. <FONT STYLE="white-space:nowrap">Section&nbsp;2510.3-101,</FONT> as modified by Section&nbsp;3(42) of ERISA, and includes an employee benefit plan that is subject to the fiduciary responsibility provisions of Title I of ERISA, a plan that
is subject to Section&nbsp;4975 of the Code, and an entity the underlying assets of which are deemed to include plan assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen&#148;
 means Bluegreen Vacations Corporation, a Florida corporation.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Clearing Account&#148; means the depositary account identified as such on Exhibit E into which Collections on the Bluegreen Timeshare Loans are collected or deposited.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Clearing Account Bank&#148; means the financial institution at which each of the Bluegreen Clearing Account and the Bluegreen Lockbox is maintained. As of the Amendment No.&nbsp;3 Effective Date, the Bluegreen Clearing Account Bank is Bank of
America, N.A.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Clearing Account Control Agreement&#148; means the Clearing Account Control Agreement, dated as of the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Amendment
No.</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;3 Effective
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Date, among the Borrower, the </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Clearing
 Account Bank and the Administrative Agent.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen Holding&#148; means Bluegreen Vacations Holding Corporation, a Florida corporation.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Lockbox&#148; means any post office box maintained by the Bluegreen Clearing Account Bank for the purpose of receiving payments on Timeshare Loans, including Collections.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Performance Trigger Event&#148; means, as of any Distribution Date, (1)&nbsp;the Average Delinquency Ratio of all
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Pledged Timeshare Loans
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">that are Bluegreen Timeshare Loans</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">exceeds 7.00%, (2) the Bluegreen Securitized Portfolio Three
Month Rolling Average Delinquency Ratio of all Timeshare Loans included in the Bluegreen Securitized Portfolio exceeds 7.00%, (3) the Average Default Ratio of all Pledged Timeshare Loans that are Bluegreen Timeshare Loans exceeds 1.00%, or
(4)&nbsp;the Bluegreen Securitized Portfolio Three Month Rolling Average Default Ratio of all Timeshare Loans included in the Bluegreen Securitized Portfolio exceeds 1.00%.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Resort&#148; means any resort listed on Schedule VIII to this Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Securitized Portfolio&#148; means on or after January&nbsp;17, 2024, all timeshare loans included in the Collateral or financed by any special purpose entity that is wholly-owned by HGV Borrower or a Subsidiary of HGV Borrower for which HGV
Borrower or such Subsidiary is acting as the sponsor (within the meaning of Regulation AB) thereof, and which satisfy each of the following three clauses: (A)&nbsp;originated by Bluegreen, (B)&nbsp;which are serviced by the Bluegreen Subservicer or
the Servicer and (C)&nbsp;the related property for which is managed by HGV Borrower or a Subsidiary thereof (including the timeshare loans in all term issuances, all warehouse facilities and other term securitization facilities that are outstanding
as of such date, but excluding, for the avoidance of doubt (i)&nbsp;any timeshare loans included in the HRC Securitized Portfolio or the Diamond Securitized Portfolio and (ii) any timeshare loans included in any term securitizations the closing date
of which is prior to January&nbsp;17, 2024).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen Securitized Portfolio Default Level&#148; means, for any Collection Period, the quotient (expressed as a
percentage) of (i)(A) the sum of the Timeshare Loan Balances of all Bluegreen Timeshare Loans in the Bluegreen Securitized Portfolio that became Defaulted Timeshare Loans during such Collection Period (other than Defaulted Timeshare Loans
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">for which the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related seller has exercised its option, if any, to repurchase or substitute pursuant to the related
transaction documents) minus (B)&nbsp;any remarketing proceeds received during such Collection Period in respect of any Defaulted Timeshare Loans for which the related seller did not exercise its option to repurchase or substitute, divided by
(ii)<B></B>&nbsp;the aggregate Timeshare Loan Balance of all Timeshare Loans in the Bluegreen Securitized Portfolio on the last day of such Collection Period.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Securitized Portfolio Delinquency Level&#148; means, for any Collection Period, the quotient (expressed as a percentage), computed by dividing (i)&nbsp;the sum of all Timeshare Loan Balances of all Bluegreen Timeshare Loans included in the
Bluegreen Securitized Portfolio that were Over-Sixty Day Delinquent Timeshare Loans but less than 121 days as of the last day of such Collection Period (exclusive of Timeshare Loans that became Defaulted Timeshare Loans on or before the last day of
such Collection Period) (with the outstanding principal balance of each such Bluegreen Timeshare Loan determined as of the last day of the Collection Period in which such Timeshare Loan became an Over-Sixty Day Delinquent Timeshare Loan but less
than 121 days) by (ii)&nbsp;the aggregate Timeshare Loan Balance of all Timeshare Loans in the Bluegreen Securitized Portfolio on the last day of such Collection Period.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Securitized Portfolio Three Month Rolling Average Default Ratio&#148; means, for any Distribution Date, the average of the Bluegreen Securitized Portfolio Default Levels determined for each of the three Collection Periods immediately preceding such
Distribution Date; <I>provided</I> that, (i)&nbsp;the &#147;Bluegreen Securitized Portfolio Three Month Rolling Average Default Ratio&#148; for the first Distribution Date following the Amendment No.&nbsp;3 Effective Date shall be the Bluegreen
Securitized Portfolio Default Level determined for the Collection Period immediately preceding such Distribution Date and (ii)&nbsp;the &#147;Bluegreen Securitized Portfolio Three Month Rolling Average Default Ratio&#148; for the second Distribution
Date following the Amendment No.&nbsp;3 Effective Date shall be the average of the Bluegreen Securitized Portfolio Default Levels for each of the two Collection Periods immediately preceding such Distribution Date.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Securitized Portfolio Three Month Rolling Average Delinquency Ratio&#148; means, for any Distribution Date, the average of the Bluegreen Securitized Portfolio Delinquency Levels determined for each of the three Collection Periods immediately
preceding such Distribution Date; <I>provided</I> that, (i)&nbsp;the &#147;Bluegreen Securitized Portfolio Three Month Rolling Average Delinquency Ratio&#148; for the first Distribution Date following the Amendment No.&nbsp;3 Effective Date shall be
the Bluegreen Securitized Portfolio Delinquency Level determined for the Collection Period immediately preceding such Distribution Date and (ii)&nbsp;the &#147;Bluegreen Securitized Portfolio Three Month Rolling Average Delinquency Ratio&#148; for
the second Distribution Date following the Amendment No.&nbsp;3 Effective Date shall be the average of the Bluegreen Securitized Portfolio Delinquency Levels for each of the two Collection Periods immediately preceding such Distribution
Date.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen Subservicer&#148; means Bluegreen and any successor or assignee thereof.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Bluegreen
 Timeshare Loan&#148; means a Timeshare Loan originated by Bluegreen.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower</U>&#148; means Hilton Grand Vacations Trust I LLC, a Delaware limited liability company, in its capacity as
Borrower hereunder, together with its successors and permitted assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower Information</U>&#148; has the
meaning specified in Section&nbsp;10.12(b) hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower Obligations</U>&#148; means all present and future
Indebtedness and other liabilities and obligations (howsoever created or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Secured Parties arising under this Agreement or any other
Facility Document, including the repayment of the Aggregate Loan Principal Balance and the payment of Interest, Unused Fees and all other amounts due or to become due from the Borrower under this Agreement and the other Facility Documents (whether
in respect of fees, expenses, indemnifications, breakage costs, increased costs or otherwise), interest, fees and other obligations that accrue after the commencement of any bankruptcy, insolvency or similar proceeding with respect to any
Transaction Party (in each case whether or not allowed as a claim in such proceeding). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower
Redesignation</U>&#148; means a request, appropriately completed, substantially in the form of Exhibit H to the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower Representatives</U>&#148; has the meaning specified in Section&nbsp;10.12(a) hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing</U>&#148; means a borrowing of Loans under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base</U>&#148; means, on any date of determination, (a)&nbsp;the lesser of (i)&nbsp;the product of 90% and
the aggregate Timeshare Loan Balances of all Eligible Timeshare Loans on such date and (ii)&nbsp;the sum of the Collateral Values of all Eligible Timeshare Loans on such date, <I>minus</I> (b)&nbsp;the Excess Concentration Amount on such date. For
purposes of calculating the Borrowing Base on any date of determination, the Timeshare Loan Balance on such date of any Eligible Timeshare Loan that was an Over <FONT STYLE="white-space:nowrap">Sixty-Day</FONT> Delinquent Timeshare Loan or a
Defaulted Timeshare Loan on the Applicable Measurement Date will be zero. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Deficiency</U>&#148;
means, as of any date of determination, including but not limited to each Distribution Date, each Borrowing Date, and each Refinancing Date, the excess, if any, of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
(i) the Aggregate Loan Principal Balance on such date (after giving effect to any payments or distributions to be made on such date in reduction of the Aggregate Loan Principal Balance) over
(ii)&nbsp;the Borrowing Base on such date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Date</U>&#148; has the meaning specified in
Section&nbsp;2.02(a)(i). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Request</U>&#148; has the meaning specified in Section&nbsp;2.02(a)(i). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;BRE
 <FONT STYLE="white-space:nowrap">2019-A</FONT> Securitization&#148; means the securitization transaction pursuant to that certain Indenture, dated as of April&nbsp;10, 2019, by and between BRE Grand Islander Timeshare Issuer <FONT
STYLE="white-space:nowrap">2019-A</FONT> LLC and Computershare Trust Company, N.A., as the same may be amended
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">from time to
time</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, and all timeshare loans included in the collateral thereunder. </U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day other than a Saturday, Sunday or
public holiday or the equivalent for banks in New York City, New York or Minneapolis, Minnesota. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;BVC Assignment and Distribution Agreement&#148; means that certain Assignment and Distribution Agreement, dated as of
the Amendment No.&nbsp;3 Effective Date, between Bluegreen and Woodbridge.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;BVHC
 Assignment and Distribution Agreement&#148; means that certain Assignment and Distribution Agreement, dated as of the Amendment No.&nbsp;3 Effective Date, between Bluegreen Holding and HGV
Borrower.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Lease Obligations</U>&#148; means,
for any Person, all obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) property to the extent such obligations are required to be classified and accounted for as a capital lease
on a balance sheet of such Person under GAAP, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cease and Desist Timeshare Loan</U>&#148; means a Timeshare Loan for which the Servicer has received notice that the
related Obligor is represented by an attorney that is a third party exit attorney, as verified and validated by such Obligor pursuant to a duly executed power of attorney, and has been instructed to, or is required pursuant to the Fair Debt
Collections Practice Act, or has the practical effect of causing the Servicer, to no longer communicate with the related Obligor with respect to the collection of such Timeshare Loan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; means the occurrence of any of the following: (i)&nbsp;any Person or &#147;group&#148;
(within the meaning of Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Securities Exchange Act of 1934 as amended), other than any combination of the Permitted Holders, shall have
acquired beneficial ownership of 50% or more on a fully diluted basis of the voting rights represented by the Equity Interests of HGVI and the Permitted Holders shall own, directly or indirectly, less than such Person or &#147;group&#148; on a fully
diluted basis of the voting rights represented by the Equity Interests of HGVI, (ii)&nbsp;HGVI shall cease to own, directly or indirectly, 100% of the issued and outstanding Equity Interests of HGV Borrower or the Diamond Subservicer, (iii)&nbsp;HGV
Borrower shall cease to directly own 100% of the issued and outstanding Equity Interests of the Seller<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, Bluegreen
Holding</U></FONT><FONT STYLE="font-family:Times New Roman"> or DRH, (iv)&nbsp;each Approved Diamond Transferor under the Master Transfer Agreement shall cease to be 100% directly owned by DRC, (v) Grand Islander Parent shall cease to directly own
100% of the issued and outstanding Equity Interests of Grand Islander, </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">(vi</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">)&nbsp;Bluegreen Holding shall cease to directly own 100% of the issued and outstanding Equity Interests of Woodbridge,
(vii)&nbsp;Woodridge shall cease to directly own 100% of the issued and outstanding Equity Interests of Bluegreen, and (viii</U></FONT><FONT STYLE="font-family:Times New Roman">)&nbsp;the Seller shall cease to directly own 100% of the issued and
outstanding Equity Interests of HRC Islander, Kupono, GVS, Grand Islander Parent or the Borrower. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>&#147;</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><strike><u>Clearing Account</u></strike></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>&#148; means the depositary account identified as
such on Exhibit E into which Collections are collected or deposited.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>&#147;</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><strike><u>Clearing Account Bank</u></strike></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>&#148; means the financial institution at which
each of the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Clearing </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Account, the HRC Lockbox and the
Unidentified Receipts Account is maintained. As of the Original Closing Date, the Clearing Account Bank is Bank of America, N.A.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>&#147;</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><strike><u>Clearing Account Control Agreement</u></strike></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>&#148; means the Clearing Account
Control Agreement, dated as of the Original Closing Date, among the Borrower, the Clearing Account Bank and the Administrative Agent.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Club&#148;
 shall mean the Bluegreen Vacation Club Trust formed pursuant to the Club Trust Agreement doing business as Bluegreen Vacation Club.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Club
 Loan&#148; shall mean a timeshare loan originated by Bluegreen financing the purchase of the related Timeshare Property secured by a Mortgage on such Timeshare Property.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Club
 Managing Entity&#148; shall mean Bluegreen Resorts Management, Inc., a Delaware corporation, in its capacity as manager of the Club and owner of the Club&#146;s reservation system, and its permitted successors and assigns.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Club
 Property&#148; shall mean the related Timeshare Properties, Owner Beneficiary Rights and Vacation Points.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Club
 Trust Agreement&#148; shall mean, collectively, that certain Bluegreen Vacation Club Trust Agreement, dated as of May&nbsp;18, 1994, by and between the Developer and the Club Trustee, as amended, restated or otherwise modified from time to time,
together with all other agreements, documents and instruments governing the operation of the Club.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Club
 Trustee&#148; shall mean Vacation Trust, Inc., a Florida corporation, in its capacity as trustee under the Club Trust Agreement, and its permitted successors and assigns.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148; has the meaning set forth in Section&nbsp;2.13. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Value</U>&#148; means, for any Eligible Timeshare Loan,
on any date of determination, the product of (i)&nbsp;the Timeshare Loan Balance of such Eligible Timeshare Loan on such date and (ii)&nbsp;the &#147;Advance Rate&#148; set forth in the table below applicable to the Eligible Timeshare Loan set forth
in the table below (it being understood that the applicable FICO&reg; score shall be the highest FICO&reg; score obtained by the Seller in conjunction with the origination of the Timeshare Loan): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>HRC Timeshare Loan</B></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>HRC</B>&nbsp;<B>Timeshare</B></U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>Loan</B>&nbsp;<B>Advance</B></U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>Rate</B></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>Bluegreen/Diamond</B></U></FONT> <B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>Timeshare Loan</B></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>Bluegreen&nbsp;Timeshare</B><BR><B>Loans&nbsp;Advance&nbsp;Rate</B></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>Diamond</B><BR><B>Timeshare</B></U></FONT> <B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Loan</U></FONT><BR><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Advance&nbsp;Rate
</U></FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><strike><u>HRC Timeshare Loan</u></strike></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><strike><u></u></strike></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><strike><u>Advance&nbsp;Rate</u></strike></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><strike><u></u></strike></FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><strike><u>Diamond&nbsp;Timeshare</u></strike></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">97.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><strike><u></u></strike></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><strike><u>Advance&nbsp;Rate</u></strike></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><strike><u></u></strike></FONT>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FICO&reg; score of 775 or higher:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>97.50</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">100.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><strike><u>Loan</u></strike></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 750-774:</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>97.50</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FICO&reg;&nbsp;score&nbsp;of&nbsp;800&nbsp;or&nbsp;higher<FONT COLOR="#ff0000"><STRIKE>:</STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>100.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 725-749:</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>97.50</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 750-799:</STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>82.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 700-724:</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>97.50</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 700-749:</STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>60.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 675-699:</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>83.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 650-699:</STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>42.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 650-674:</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>59.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 600-649:</STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>80.50</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 625-649:</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>52.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><STRIKE>Eligible Foreign Obligor:</STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>80.50</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score of 600-624:</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>30.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><STRIKE>Domestic Obligor - no</STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>Eligible Foreign Obligor</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>97.50</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#ff0000"><STRIKE>FICO&reg; score:</STRIKE></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>(Japan):</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>97.50</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>Eligible Foreign Obligor</STRIKE></FONT>
<FONT COLOR="#ff0000"><STRIKE>(Non-Japan):</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>83.00</STRIKE></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#ff0000">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>Domestic Obligor - no FICO&reg;</STRIKE></FONT>
<FONT COLOR="#ff0000"><STRIKE>score:</STRIKE></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of
750-774:</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">97.50</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of 750-799:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">95.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">100.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of
725-749:</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">97.50</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of 700-749:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">80.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">82.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of
700-724:</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">97.50</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of 650-699:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">60.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">60.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of
675-699:</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">83.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of 600-649:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">40.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">42.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of
650-674:</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">59.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Eligible Foreign Obligor:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">20.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">80.50</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of
625-649:</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">52.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Domestic Obligor - no FICO&reg; score:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">20.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">80.50</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">FICO&reg; score of
600-624:</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">30.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Eligible Foreign
Obligor (Japan):</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">99.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Eligible Foreign
Obligor (Non-Japan):</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">97.50</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Domestic Obligor -
no FICO&reg; score:</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">83.00</U></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0000ff">%</FONT>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of calculating the Collateral Value on any date of determination, (i)&nbsp;the
Timeshare Loan Balance on such date of any Eligible Timeshare Loan that was an Over <FONT STYLE="white-space:nowrap">Sixty-Day</FONT> Delinquent Timeshare Loan or a Defaulted Timeshare Loan on the Applicable Measurement Date will be zero, <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> (ii)&nbsp;the Timeshare Loan Balance on such date of any Eligible Timeshare Loan that was a Diamond Timeshare
Loan after the occurrence of a Diamond Performance Trigger Event on the Applicable Measurement Date will be zero
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and (iii) the Timeshare Loan Balance on such date of any Eligible Timeshare Loan that was a Bluegreen Timeshare
Loan after the occurrence of a Bluegreen Performance Trigger Event on the Applicable Measurement Date will be zero</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Account</U>&#148; has the meaning set forth in Section&nbsp;2.16(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Account Bank</U>&#148; means the financial institution at which the Collection Account is maintained. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Association</U>&#148; means any of U.S. Collection
Members Association, Hawaii Collection Members Association, or Diamond Resorts California Collection Members Association, Inc., each a <FONT STYLE="white-space:nowrap">non-profit</FONT> members association for the related Resort Collection. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Period</U>&#148; means each calendar month, and the Collection Period for any Distribution Date means the
prior calendar month. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Policy</U>&#148; means (i)&nbsp;<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>with respect to any </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>HRC </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Timeshare Loan</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>,
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">the collection policies </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and practices </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">of the
Servicer</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>,</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(or the Approved Subservicer)</U></FONT><FONT STYLE="font-family:Times New Roman"> a copy of which as in effect
on the Amendment
No.&nbsp;
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>2</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3</U></FONT><FONT
STYLE="font-family:Times New Roman"> Effective Date is attached as Exhibit <FONT STYLE="white-space:nowrap">A-3</FONT></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> hereto, as modified </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>from time to time </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>in accordance with the terms of the Servicing Agreement,
and </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>(ii)&nbsp;with respect to </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>any Diamond
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Timeshare Loan</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, the collection </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>policies and practices of </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the Servicer or the Diamond Subservicer, a copy
of which</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE> as in effect on the Amendment </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Effective
No.&nbsp;2 Date </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>is attached as Exhibit <FONT STYLE="white-space:nowrap">A-4</FONT> hereto</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">, as
modified from time to time in accordance with the terms of the Servicing Agreement or (</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>iii</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">ii</U></FONT><FONT STYLE="font-family:Times New Roman">) if GVS is not the Servicer, the collection policies and</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, if applicable,</U></FONT><FONT STYLE="font-family:Times New Roman"> practices of the successor Servicer</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and/or any subservicer used by the successor Servicer</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collections</U>&#148; means any and all cash collections and other cash proceeds of each Pledged Timeshare Loan
received after the Cutoff Date for such Pledged Timeshare Loan, all payments or distributions of principal, interest, finance charges, fees, late charges, Liquidation Proceeds, Processing Fees (other than as Processing Fees related to any Diamond
Timeshare Loan) or other amounts collected in respect of each Pledged Timeshare Loans after the Cutoff Date for such Pledged Timeshare Loan and any other amounts received by or on behalf of the Borrower (or, as used in the definition of Transferred
Property, the Seller) or the Servicer in respect of the Pledged Timeshare Loans; provided, that Miscellaneous Payments and Processing Fees related to any Diamond Timeshare Loan
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or Timeshare Loan related to the Craigendarroch Resort </U></FONT><FONT STYLE="font-family:Times New Roman">shall not
constitute Collections. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commercial Paper</U>&#148; means the short term promissory notes issued by a
Conduit Lender in the commercial paper market. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitment</U>&#148; of any Committed Lender means the Dollar
amount set forth on Schedule II hereto or, in the case of a Committed Lender that becomes a party to this Agreement pursuant to an Assignment and Acceptance or a Joinder Agreement the amount set forth therein as such Committed Lender&#146;s
&#147;Commitment&#148;, in each case as such amount may be (i)&nbsp;reduced or increased by any Assignment and Acceptance entered into by such Committed Lender and the other parties thereto in accordance with the terms hereof and (ii)&nbsp;reduced
or increased pursuant to Section&nbsp;2.03. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitment Termination Date</U>&#148; means <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>March 23</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">November</U></FONT><FONT
STYLE="font-family:Times New Roman"><B></B></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> 16</U></FONT><FONT STYLE="font-family:Times New Roman">, 2026, as
such date may be extended from time to time pursuant to Section&nbsp;2.07. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Committed Lender</U>&#148;
means, as to any Lender Group, each of the financial institutions listed on Schedule II as a &#147;Committed Lender&#148; for such Lender Group, together with its respective successors and permitted assigns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Computershare Trust Company, N.A.</U>&#148; means Computershare Trust Company, N.A., a national banking association,
organized and existing under the laws of the United States, and all its successors and assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Computershare Fee
Letter</U>&#148; means that certain schedule of fees dated May&nbsp;18, 2021, executed by the Borrower in favor of Computershare Trust Company, N.A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Conduit Lender</U>&#148; means, collectively, the Persons
identified as &#147;Conduit Lenders&#148; on Schedule II and their respective successors and permitted assigns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Conduit Lending Limit</U>&#148; means, for any Conduit Lender, the maximum principal amount of the Loans which may be
advanced by such Conduit Lender as set forth on Schedule II (or on the signature pages to the Assignment and Acceptance or Joinder Agreement pursuant to which such Conduit Lender became a party hereto), subject to assignment pursuant to
Section&nbsp;10.03, as such amount may be modified from time to time by notice from the related Managing Agent to the Borrower and the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Conforming Changes</U>&#148; means, with respect to the use, administration of or any conventions associated with SOFR
or any proposed Successor Rate or Daily SOFR, as applicable, any conforming changes to the definitions of &#147;Alternative Rate&#148;, &#147;SOFR&#148;, &#147;Daily SOFR&#148; and &#147;Interest Period&#148;, timing and frequency of determining
rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definitions of &#147;Business Day&#148; and &#147;U.S. Government Securities Business Day&#148;, timing of
borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to
permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible
or that no market practice for the administration of such rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other
Facility Document). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Connection Taxes</U>&#148; means, with respect to any Affected Party, Taxes imposed as a
result of a present or former connection between such Affected Party and the jurisdiction imposing such Tax (other than connections arising from such Affected Party having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Facility Document, or sold or assigned an interest in any Facility Document). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated EBITDA</U>&#148; shall have the meaning assigned to it in the HGV Credit Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Tangible Net Worth</U>&#148; means, for any Person as of any date of determination, the excess of total
assets (net of goodwill and intangible assets) over total liabilities on such date, as the same would appear on a consolidated balance sheet of such Person and its Subsidiaries at the date of said calculation prepared in accordance with GAAP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract Rate</U>&#148; means, with respect to a Timeshare Loan, the annual rate <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">in effect </U></FONT><FONT STYLE="font-family:Times New Roman">at which interest accrues under the related Obligor Note.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>CP Rate</U>&#148; means, with respect to any Conduit Lender on any day, the per annum rate equivalent to
the sum of (a)&nbsp;the Used Fee Rate <U>plus</U> (b)&nbsp;the weighted average cost (as reasonably determined by the related Managing Agent, and which shall include (without duplication), the fees and commissions of placement agents and dealers,
incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit Lender, other borrowings by such Conduit Lender and any other costs associated with the
issuance of Commercial Paper) to the extent related to the issuance of Commercial Paper that is allocated, in whole or in part, by such Conduit Lender or its related Managing Agent to fund or maintain
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
a Loan (or portion thereof) on such day; <I>provided</I>, <I>however</I>, that if the amount calculated pursuant to this clause (b)&nbsp;shall be less than 0.15%, such amount shall be deemed to
be 0.15% for the purposes of this Agreement; <I>provided, further</I>, that if any component of any such rate is a discount rate, in calculating the &#147;CP Rate&#148; for such day, the related Managing Agent shall for such component use the rate
resulting from converting such discount rate to an interest bearing equivalent rate per annum. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Craigendarroch Resort&#148; means the HRC Resort referred to as &#147;Craigendarroch Suites, a Hilton Grand Vacations
Club&#148; on Schedule V to this Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit
Policy</U>&#148; means (i)&nbsp;with respect to any HRC Timeshare Loan, the credit policies and practices of the Seller as in effect on the Amendment No.&nbsp;2 Effective Date, a copy of which is attached as Exhibit
<FONT STYLE="white-space:nowrap">A-1</FONT> hereto; provided that for the avoidance of doubt, any HRC Timeshare Loan that is a Grand Islander Loan will be originated by the Grand Islander Originator, <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">(ii</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">)</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;with respect to any Bluegreen Timeshare Loan, the credit </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">policies and practices of
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen,
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">as in effect on the Amendment </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">No.</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;3
 Effective Date, a copy of which </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">is attached as Exhibit <FONT STYLE="white-space:nowrap">A-4</FONT>
hereto</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and (iii</U></FONT><FONT STYLE="font-family:Times New Roman">)&nbsp;with respect to any Diamond
Timeshare Loan, the credit policies and practices of DRC, as in effect on the Amendment No.&nbsp;2 Effective Date, a copy of which is attached as Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT> hereto, each as modified from time to time in
accordance with the terms of the Sale and Contribution Agreement and other Facility Documents. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Card
Account</U>&#148; means an arrangement whereby an Obligor makes payments under a Pledged Timeshare Loan via <FONT STYLE="white-space:nowrap">pre-authorized</FONT> debit to a Major Credit Card. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cure Amount</U>&#148; has the meaning set forth in Section&nbsp;7.02(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cure Right</U>&#148; has the meaning set forth in Section&nbsp;7.02(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Custody Agreement</U>&#148; means the Amended and Restated Custody Agreement, dated as of the Restatement Date, among
the Borrower, the Servicer, the Custodian and the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Custodial Fees</U>&#148; means, for any
Collection Period, the custodial fees and expenses set forth in the Computershare Fee Letter and the expenses for which it is entitled to receive, but has not received, reimbursement under the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Custodial Receipt</U>&#148; has the meaning ascribed to such term in Section&nbsp;4 of the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Custodian</U>&#148; means Computershare Trust Company, N.A., and its successors and permitted assigns under the
Custody Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cutoff Date</U>&#148; means, for any Timeshare Loan, as identified in the related Assignment.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cutoff Date Loan Balance</U>&#148; means, with respect to any Transferred Timeshare Loan, the Timeshare Loan
Balance of such Timeshare Loan on the Cutoff Date for such Timeshare Loan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily SOFR</U>&#148; means the rate
per annum equal to SOFR determined for any day pursuant to the definition thereof. Any change in Daily SOFR shall be effective from and including the date of such change without further notice. If the rate as so determined would be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily SOFR Loan</U>&#148; means a Loan that
bears interest at a rate based on Daily SOFR. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Daily SOFR Screen Rate</U>&#148; means the SOFR rate administered
by Federal Reserve Bank of New York (or any successor administrator satisfactory to the Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be
designated by the Administrative Agent from time to time). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Debit/Credit Card Payments&#148; means </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">pre-authorized debits from a deposit of
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Obligor pursuant to a PAC or from a credit card of such Obligor pursuant to a Credit Card Account</U></FONT><FONT
STYLE="font-family:Times New Roman"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">.</U></FONT></B> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default</U>&#148; means any event which, with the giving of notice or lapse of time or both, would constitute an Event
of Default. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Ratio</U>&#148; means, for any Collection Period and with respect to the Diamond <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare Loans, the Bluegreen </U></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Loans or the HRC Timeshare
Loans, as applicable, the ratio, expressed as a percentage, computed by dividing (i)&nbsp;the aggregate Timeshare Loan Balances of all such Diamond Timeshare
Loans</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, Bluegreen Timeshare Loans</U></FONT><FONT STYLE="font-family:Times New Roman"> or HRC Timeshare Loans, as
applicable, that became Defaulted Timeshare Loans during such Collection Period and were not substituted for or repurchased prior to the Distribution Date immediately following such Collection Period (with the outstanding principal balance of each
such Pledged Timeshare Loan determined as of the last day of the Collection Period on which such Pledged Timeshare Loan became a Defaulted Timeshare Loan) by (ii)&nbsp;the aggregate Timeshare Loan Balances of all such Diamond Timeshare Loans</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, Bluegreen Timeshare Loans</U></FONT><FONT STYLE="font-family:Times New Roman"> or HRC Timeshare Loans, as applicable, on
the last day of such Collection Period. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulted Timeshare Loan</U>&#148; means a Timeshare Loan:
(i)&nbsp;for which, on the last day of any Collection Period, any payment then due and payable in respect thereof has remained unpaid for more than <FONT STYLE="white-space:nowrap">one-hundred</FONT> twenty (120)&nbsp;days from the original due date
for such payment, (ii)&nbsp;which the Servicer has deemed uncollectible, (iii)&nbsp;which has been written off in the normal course of the Servicer&#146;s business prior to becoming the number of days past due under clause (i)&nbsp;hereof, or which
otherwise should be written off pursuant to the requirements of the Collection Policy, (iv)&nbsp;as to which foreclosure or similar proceedings with respect to the related Timeshare Interest have been initiated by the Servicer or as to which the
Servicer has received a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">deed-in-lieu</FONT></FONT> of foreclosure <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> (v) </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">for which, as of the last day of any Collection Period, the Servicer has commenced cancelation or termination proceedings
after collection efforts have failed in accordance with the Collection Policy, or (vi)<B></B>&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">as to which the Servicer has received notice that the Obligor thereof is subject to an Event of
Bankruptcy. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Committed Lender</U>&#148; means any Committed Lender that, as determined by the
Administrative Agent: (a)&nbsp;has failed to fund any of its obligations to make Loans within three (3)&nbsp;Business Days of the date required to be funded by it hereunder, (b)&nbsp;has notified the Administrative Agent or the Borrower that it does
not intend to comply with such funding obligations or has made a public statement to that effect with respect to such funding obligations hereunder or under other agreements in which it commits to extend credit or (c)&nbsp;has, or has a direct or
indirect parent company that has, become subject to an Event of Bankruptcy; <I>provided, that</I> a Committed Lender shall not be deemed to be a Defaulting Committed Lender hereunder solely by virtue of any control of or ownership interest in, or
the acquisition of any ownership interest in, such Committed Lender (or its direct or indirect parent company) or the exercise of control over such Committed Lender (or its direct or indirect parent company) by a Governmental Authority thereof if
and for so long as such ownership interest does not result in or provide such Committed Lender (or its direct or indirect parent company) with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or
writs of attachment on its assets or permit such Committed Lender (or its direct or indirect parent company) or such Governmental Authority to reject, repudiate, disavow or disaffirm obligations such as those under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Deficiency</U>&#148; means, with respect to any Timeshare Loan
File, (i)&nbsp;the failure of one or more Specified Documents contained therein to be fully executed, <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">where applicable,
</U></FONT><FONT STYLE="font-family:Times New Roman">(ii)&nbsp;the failure of the information contained in one or more of the Specified Documents to match the information on the related Timeshare Loan Schedule, (iii)&nbsp;one or more Specified
Documents contained therein are mutilated, damaged, torn or otherwise physically altered, (iv)&nbsp;the absence from a Timeshare Loan File of any Specified Document required to be contained in such Timeshare Loan File or (v)&nbsp;any discrepancies
described in Section&nbsp;4(a) of the Custody Agreement. An Absence of Recorded Mortgage </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or an absence of a
binding unconditional commitment to issue a title insurance policy or a master commitment in either paper or electronic form referencing such Timeshare Loan with respect to a Bluegreen Timeshare Loan within 90 days of the related Transfer Date
</U></FONT><FONT STYLE="font-family:Times New Roman">shall not constitute a Deficiency. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delayed Funding
Amount</U>&#148; has the meaning specified in Section&nbsp;2.02(e). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delayed Funding Date</U>&#148; has the
meaning specified in Section&nbsp;2.02(e). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delayed Funding Representation</U>&#148; has the meaning specified in
Section&nbsp;2.02(e). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delinquency Ratio</U>&#148; means, for any Collection Period and with respect to the
Diamond <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare Loans, the Bluegreen </U></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Loans or the HRC
Timeshare Loans, as applicable, the ratio, expressed as a percentage, computed by dividing (i)&nbsp;the aggregate Timeshare Loan Balances of all such Diamond Timeshare Loans</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, Bluegreen Timeshare Loans</U></FONT><FONT STYLE="font-family:Times New Roman"> or HRC Timeshare Loans, as applicable, that
were Over <FONT STYLE="white-space:nowrap">Sixty-Day</FONT> Delinquent Timeshare Loans as of the last day of such Collection Period and were not substituted for or repurchased prior to the related Distribution Date immediately following such
Collection Period (with the outstanding principal balance of each such Pledged Timeshare Loan determined as of the last day of the Collection Period in which such Pledged Timeshare Loan became an Over
<FONT STYLE="white-space:nowrap">Sixty-Day</FONT> Delinquent Timeshare Loan) by (ii)&nbsp;the aggregate Timeshare Loan Balances of all such Diamond Timeshare
Loans</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, Bluegreen Timeshare Loans</U></FONT><FONT STYLE="font-family:Times New Roman"> or HRC Timeshare Loans, as
applicable, as of the last day of such Collection Period. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delinquent Timeshare Loan</U>&#148; means a
Timeshare Loan which is not a Defaulted Timeshare Loan and (x)&nbsp;as to which, on the last day of any Collection Period, any payment then due and payable has remained unpaid for more than thirty (30)&nbsp;days from the original due date for such
payment or (y)&nbsp;which, consistent with the Collection Policy, has been or should be classified as delinquent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Delayed Funding Amount</U>&#148; has the meaning set forth in Section&nbsp;2.02(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Designated Delay Funding Lender</U>&#148; has the meaning specified in Section&nbsp;2.02(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Determination Date</U>&#148; means the third (3<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP>) Business Day
prior to each Distribution Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Developer&#148;
 shall mean Bluegreen Vacations Unlimited, Inc., a Florida corporation, and its permitted successors and assigns.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Lockbox</U>&#148; means any post office box maintained by the Diamond Lockbox Account Bank for the purpose of
receiving payments on Timeshare Loans, including Collections. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Lockbox Account</U>&#148; means, with respect to the
Diamond Timeshare Loans, one or more accounts maintained by the Diamond Subservicer (or the Servicer, if the Diamond Subservicer assigns its rights therein to the Servicer) at a Diamond Lockbox Account Bank listed on Exhibit E hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Lockbox Account Bank</U>&#148; means Wells Fargo Bank, N.A. or another Qualified Institution selected by the
Servicer at which to maintain the Lockbox Account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Lockbox Account Control Agreement</U>&#148; means the
Deposit Account Control Agreement, dated as of August&nbsp;7, 2007, among Wachovia Bank, National Association, Diamond Centralized Services Company, a Delaware corporation, Sunterra Corporation, a Maryland corporation and Wells Fargo Bank, National
Association. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Originator</U>&#148; means each entity listed as such on Schedule VII to this Agreement as
an originator and an entity within the &#147;Diamond&#148; group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Performance Trigger Event</U>&#148;
means, as of any Distribution Date, (1)&nbsp;the Average Delinquency Ratio of all Pledged Timeshare Loans that are Diamond Timeshare Loans exceeds 6.50%, (2) the Diamond Securitized Portfolio Three Month Rolling Average Delinquency Ratio of all
Timeshare Loans included in the Diamond Securitized Portfolio exceeds 6.50%, (3) the Average Default Ratio of all Pledged Timeshare Loans that are Diamond Timeshare Loans exceeds 0.50%, or (4)&nbsp;the Diamond Securitized Portfolio Three Month
Rolling Average Default Ratio of all Timeshare Loans included in the Diamond Securitized Portfolio exceeds 0.50%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Resort</U>&#148; means any resort listed on Schedule VI to this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Securitized Portfolio</U>&#148; means on or after August&nbsp;2, 2021, all timeshare loans included in the
Collateral or financed by any special purpose entity that is wholly-owned by HGV Borrower or a Subsidiary of HGV Borrower for which HGV Borrower or such Subsidiary is acting as the sponsor (within the meaning of Regulation AB) thereof, and which
satisfy each of the following three clauses: (A)&nbsp;originated by a Diamond Originator thereof, (B)&nbsp;which are serviced by the Diamond Subservicer or the Servicer and (C)&nbsp;the related property for which is managed by HGV Borrower or a
Subsidiary thereof (including the timeshare loans in all term issuances, all warehouse facilities and other term securitization facilities that are outstanding as of such date, but excluding, for the avoidance of doubt, (i)&nbsp;any timeshare loans
included in the HRC Securitized Portfolio <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or the Bluegreen Securitized Portfolio </U></FONT><FONT
STYLE="font-family:Times New Roman">and (ii)&nbsp;any timeshare loans included in any term securitizations the closing date of which is prior to August&nbsp;2, 2021). </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Securitized Portfolio Default Level</U>&#148; means, for any Collection Period, the quotient (expressed as a
percentage) of (i)(A) the sum of the Timeshare Loan Balances of all Diamond Timeshare Loans in the Diamond Securitized Portfolio that became Defaulted Timeshare Loans during such Collection Period (other than Defaulted Timeshare Loans for which the
related seller has exercised its option, if any, to repurchase or substitute pursuant to the related transaction documents) minus (B)&nbsp;any remarketing proceeds received during such Collection Period in respect of any Defaulted Timeshare Loans
for which the related seller did not exercise its option to repurchase or substitute, divided by (ii)&nbsp;the aggregate Timeshare Loan Balance of all Timeshare Loans in the Diamond Securitized Portfolio on the last day of such Collection Period.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Securitized Portfolio Delinquency Level</U>&#148; means, for any Collection Period, the quotient
(expressed as a percentage), computed by dividing (i)&nbsp;the sum of all Timeshare Loan Balances of all Diamond Timeshare Loans included in the Diamond Securitized Portfolio that were Over-Sixty Day Delinquent Timeshare Loans but less than 121 days
as of the last day of such Collection </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Period (exclusive of Timeshare Loans that became Defaulted Timeshare Loans on or before the last day of such Collection Period) (with the outstanding principal balance of each such Diamond
Timeshare Loan determined as of the last day of the Collection Period in which such Timeshare Loan became an Over-Sixty Day Delinquent Timeshare Loan but less than 121 days) by (ii)&nbsp;the aggregate Timeshare Loan Balance of all Timeshare Loans in
the Diamond Securitized Portfolio on the last day of such Collection Period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Securitized Portfolio Three
Month Rolling Average Default Ratio</U>&#148; means, for any Distribution Date, the average of the Diamond Securitized Portfolio Default Levels determined for each of the three Collection Periods immediately preceding such Distribution Date;
<I>provided</I> that, (i)&nbsp;the &#147;Diamond Securitized Portfolio Three Month Rolling Average Default Ratio&#148; for the first Distribution Date following the Restatement Date shall be the Diamond Securitized Portfolio Default Level determined
for the Collection Period immediately preceding such Distribution Date and (ii)&nbsp;the &#147;Diamond Securitized Portfolio Three Month Rolling Average Default Ratio&#148; for the second Distribution Date following the Restatement Date shall be the
average of the Diamond Securitized Portfolio Default Levels for each of the two Collection Periods immediately preceding such Distribution Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Securitized Portfolio Three Month Rolling Average Delinquency Ratio</U>&#148; means, for any Distribution
Date, the average of the Diamond Securitized Portfolio Delinquency Levels determined for each of the three Collection Periods immediately preceding such Distribution Date; <I>provided</I> that, (i)&nbsp;the &#147;Diamond Securitized Portfolio Three
Month Rolling Average Delinquency Ratio&#148; for the first Distribution Date following the Restatement Date shall be the Diamond Securitized Portfolio Delinquency Level determined for the Collection Period immediately preceding such Distribution
Date and (ii)&nbsp;the &#147;Diamond Securitized Portfolio Three Month Rolling Average Delinquency Ratio&#148; for the second Distribution Date following the Restatement Date shall be the average of the Diamond Securitized Portfolio Delinquency
Levels for each of the two Collection Periods immediately preceding such Distribution Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond
Subservicer</U>&#148; means <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Grand Vacations Resorts Services, Inc., a Nevada corporation</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">GVRS and any successor or assignee thereof</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Diamond Timeshare Loan</U>&#148; means a Timeshare Loan originated by a Diamond Originator. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distribution Date</U>&#148; means, with respect to a Collection Period, the 25th day of the calendar month immediately
following such Collection Period (or, if such day is not a Business Day, the next succeeding Business Day). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DocuSign</U>&#148; means DocuSign Inc., a Washington corporation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DocuSign Agreement</U>&#148; means that certain Order Form, dated as of April&nbsp;27, 2023, between the Seller and
DocuSign, specifying an order start date of April&nbsp;30, 2023 and an order end date of April&nbsp;29, 2026. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DocuSign System</U>&#148; has the meaning set forth in the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dodd-Frank Act</U>&#148; means the Dodd-Frank Wall Street Reform and Consumer Protection Act and any successor
statute. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dollars</U>&#148; and &#147;<U>$</U>&#148; each mean the lawful currency of the United States of
America. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Domestic Obligor</U>&#148; means an individual Obligor whose
primary residence is in, or an Obligor (other than an individual) formed under the laws of or having its chief executive office or principal place of business located in, the United States (including each State, Puerto Rico, any military base of the
United States <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(including Guam)</U></FONT><FONT STYLE="font-family:Times New Roman"> and the United States Virgin
Islands) or Canada. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DRC</U>&#148; Diamond Resorts Corporation, a Maryland corporation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>DRH</U>&#148; Diamond Resorts Holdings, LLC, a Nevada limited liability company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">E-Vault</FONT> Access Agreement</U>&#148; has the meaning set forth in the Electronic
Collateral Control Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Financial Institution</U>&#148; means (a)&nbsp;any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in clause (a)&nbsp;of
this definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a)&nbsp;or (b) of this definition and is subject to consolidated supervision with its parent.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Member Country</U>&#148; means any of the member states of the European Union, Iceland, Liechtenstein, and
Norway. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>EEA Resolution Authority</U>&#148; means any public administrative authority or any Person entrusted with
public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Chattel Paper</U>&#148; means, as applicable, (a) &#147;electronic chattel paper&#148; as defined in <FONT
STYLE="white-space:nowrap">Section&nbsp;9-102</FONT> of the UCC, or (b)&nbsp;an &#147;electronic copy of a record evidencing chattel paper&#148; within the meaning as such terms are used in Sections <FONT STYLE="white-space:nowrap">9-105</FONT> and <FONT
STYLE="white-space:nowrap">9-314A</FONT> of the UCC, to the extent the jurisdiction of such chattel paper is a Revised UCC Jurisdiction under <FONT STYLE="white-space:nowrap">Section&nbsp;9-306A</FONT> of the UCC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Collateral Control Agreement</U>&#148; means an electronic collateral control agreement, by and among the
Administrative Agent, the Borrower, the Custodian and eOriginal, in form and substance acceptable to the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Document</U>&#148; has the meaning set forth in the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Loan Document</U>&#148; has the meaning set forth in the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electronic Obligor Note</U>&#148; has the meaning set forth in the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Eligible
 Bluegreen Timeshare Loan&#148; means, with respect to a Pledged Timeshare Loan, a Bluegreen Timeshare Loan as to which each of the representations and warranties set forth on Schedule <FONT STYLE="white-space:nowrap">I-D</FONT> titled
&#147;Representations and Warranties of Bluegreen Timeshare Loans with respect to Club Loans&#148; hereto was true and correct as of the Cutoff Date for such Pledged Timeshare Loan.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><U>&#147;Eligible Diamond Timeshare Loan</U>&#148; means, with respect to a Pledged Timeshare Loan, a Diamond Timeshare Loan as
to which each of the representations and warranties set forth on Schedule <FONT STYLE="white-space:nowrap">I-C</FONT> titled &#147;Representations and Warranties of Diamond Timeshare Loans with respect to <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-To-Use</FONT></FONT> Loans&#148; hereto was true and correct as of the Cutoff Date for such Pledged Timeshare Loan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Foreign Obligor</U>&#148; means a Foreign Obligor in
respect of an Eligible Timeshare Loan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Hedge Counterparty</U>&#148; means any entity that (a)&nbsp;on
the date of entering into any Hedge Transaction (i)&nbsp;is an interest rate swap provider that is either a Lender or an Affiliate of a Lender, or has been approved in writing by the Administrative Agent (which approval shall not be unreasonably
withheld), or (ii)&nbsp;has a short-term debt rating of <FONT STYLE="white-space:nowrap">&#147;A-1&#148;</FONT> from S&amp;P or <FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> from Moody&#146;s and a long-term debt rating of &#147;A&#148; or
higher from S&amp;P or &#147;A2&#148; or higher from Moody&#146;s or whose obligations are unconditionally guaranteed by an Affiliate which has the foregoing debt ratings in a manner reasonably acceptable to the Administrative Agent, (b)&nbsp;at all
times after the date of the Hedging Agreement, so long as it is a party thereto, has a long-term debt rating of &#147;BBB+&#148; or higher from S&amp;P or &#147;Baa1&#148; or higher from Moody&#146;s or whose obligations are unconditionally
guaranteed by an Affiliate which has the foregoing debt ratings in a manner reasonably acceptable to the Administrative Agent, and (c)&nbsp;in the applicable Hedging Agreement consents to the assignment of the Borrower&#146;s rights under such
Hedging Agreement to the Administrative Agent pursuant to Section&nbsp;5.03(b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible HRC Timeshare
Loan</U>&#148; means, with respect to a Pledged Timeshare Loan, either (i)&nbsp;an HRC Timeshare Loan as to which each of the representations and warranties set forth on Schedule <FONT STYLE="white-space:nowrap">I-A</FONT> titled
&#147;Representations and Warranties of HRC Timeshare Loans with respect to Mortgage Loans&#148; hereto was true and correct as of the Cutoff Date for such Pledged Timeshare Loan or (ii)&nbsp;an HRC Timeshare Loan as to which each of the
representations and warranties set forth on Schedule <FONT STYLE="white-space:nowrap">I-B</FONT> titled &#147;Representations and Warranties of HRC Timeshare Loans with respect to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-To-Use</FONT></FONT> Loans&#148; hereto was true and correct as of the Cutoff Date for such Pledged Timeshare Loan </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Timeshare Loan</U>&#148; means any Pledged Timeshare Loan that is <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>either </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">an Eligible Diamond
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare Loan, an Eligible Bluegreen </U></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Loan or an
Eligible HRC Timeshare Loan. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Servicer</U>&#148; means (i)&nbsp;GVS, (ii) the Backup Servicer or
(iii)&nbsp;an entity which, at the time of its appointment as Servicer, (a)&nbsp;is legally qualified and has the capacity to service the Pledged Timeshare Loans, (b)&nbsp;has a net worth of not less than $50,000,000 and whose regular business
includes servicing portfolios of similar timeshare loans in accordance with high standards of skill and care and (c)&nbsp;has software that is adequate to perform its duties under the Servicing Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Enforceability Exceptions</U>&#148; means exceptions to the enforceability of an obligation arising under
(i)&nbsp;bankruptcy, insolvency, reorganization, <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">liquidation, fraudulent conveyance or transfer, assignment,
conservatorship, </U></FONT><FONT STYLE="font-family:Times New Roman">moratorium or similar laws relating to or affecting creditors&#146; rights generally, and (ii)&nbsp;general principles of equity, including concepts of materiality,
reasonableness, good faith and fair dealing and the possible unavailability of specific performance, regardless of whether considered in a proceeding at equity or at law. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Entitlement Order</U>&#148; has the meaning set forth in Section&nbsp;2.16(f). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Laws</U>&#148; means all federal, state or local laws, rules, regulations or orders governing, imposing
standards of conduct with respect to, or regulating in any way the discharge, generation, removal, transportation, storage or handling of toxic or hazardous substances, materials or waste. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>eOriginal</U>&#148; means eOriginal, Inc., a Delaware corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>eOriginal System</U>&#148; has the meaning set forth in the Custody
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>eOriginal System Description</U>&#148; has the meaning set forth in the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Interests</U>&#148; means shares of capital stock, partnership interests, membership interests in a limited
liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of 1974, or any successor statute. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Affiliate</U>&#148; means any corporation or trade or business that is a member of any group of organizations
(i)&nbsp;described in Section&nbsp;414(b) or (c)&nbsp;of the Code of which Borrower is a member and (ii)&nbsp;solely for purposes of potential liability under Section&nbsp;302(c)(11) of ERISA and Section&nbsp;412(c)(11) of the Code and the lien
created under Section&nbsp;302(f) of ERISA and Section&nbsp;412(n) of the Code, described in Section&nbsp;414(m) or (o)&nbsp;of the Code, of which Borrower is a member. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Event</U>&#148; means any one or more of the following: (a)&nbsp;any Reportable Event with respect to a Plan, as
to which the PBGC has not waived under PBGC Regulation Section&nbsp;4043 the requirement of Section&nbsp;4043(a) of ERISA that it be notified of such event; (b)&nbsp;the filing of a notice of intent to terminate any Plan, if such termination would
require material additional contributions in order to be considered a standard termination within the meaning of Section&nbsp;4041(b) of ERISA, the filing under Section&nbsp;4041(c) of ERISA of a notice of intent to terminate any Plan or the
termination of any Plan under Section&nbsp;4041(c) of ERISA; (c)&nbsp;the institution of proceedings, or the occurrence of an event or condition which would reasonably be expected to constitute grounds for the institution of proceedings by the PBGC
under Section&nbsp;4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (d)&nbsp;the failure to make a required contribution to any Plan that would result in the imposition of a lien or other encumbrance or
the provision of security under Section&nbsp;430 of the Code or Section&nbsp;303 or 4068 of ERISA, or the arising of such a lien or encumbrance; there being or arising any &#147;unpaid minimum required contribution&#148; or &#147;accumulated funding
deficiency&#148; (as defined or otherwise set forth in Section&nbsp;4971 of the Code or Title I of ERISA), whether or not waived; or the filing of any request for or receipt of a minimum funding waiver under Section&nbsp;412 of the Code with respect
to any Plan or Multiemployer Plan, or that such filing may be made; or a determination that any Plan is, or is expected to be, considered an <FONT STYLE="white-space:nowrap">at-risk</FONT> plan within the meaning of Section&nbsp;430 of the Code or
Section&nbsp;303 of ERISA, or that any Multiemployer Plan is, or is expected to be, considered a plan in endangered or critical status within the meaning of Section&nbsp;432 of the Code or Section&nbsp;305 of ERISA; (e)&nbsp;engaging in a <FONT
STYLE="white-space:nowrap">non-exempt</FONT> prohibited transaction within the meaning of Section&nbsp;4975 of the Code or Section&nbsp;406 of ERISA with respect to a Plan; (f)&nbsp;the complete or partial withdrawal of any ERISA Affiliate from a
Multiemployer Plan, the insolvency under Title IV of ERISA of any Multiemployer Plan; or the receipt by any ERISA Affiliate, of any notice, or the receipt by any Multiemployer Plan from any ERISA Affiliate of any notice, that a Multiemployer Plan is
in endangered or critical status under Section&nbsp;305 of ERISA; (g)&nbsp;any ERISA Affiliate incurring any liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section&nbsp;4007 of ERISA);
(h) any ERISA Affiliate ceasing operations at a facility so as to become subject to the provisions of Section&nbsp;4068(a) of ERISA, withdrawing as a substantial employer so as to become subject to the provisions of Section&nbsp;4063 of ERISA or
cease making contributions to any Plan subject to Section&nbsp;4064(a) of ERISA to which it made contributions; or (i)&nbsp;any ERISA Affiliate incurring any liability under Section&nbsp;4069 or 4212(c) of ERISA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Errors</U>&#148; has the meaning given such term in Section&nbsp;5.1(g) of the Servicing Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation
Schedule</U>&#148; means the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>EU Securitization Regulation</U>&#148; means Regulation (EU) 2017/2402 of the European Parliament and of the Council
of 12&nbsp;December 2017. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>EU Securitization Rules</U>&#148; means (i)&nbsp;the EU Securitization Regulation as
supplemented by any applicable regulatory technical standards or implementing technical standards from time to time and (ii)&nbsp;to the extent informing the interpretation thereof, any official guidance published in relation thereto by the European
Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, the European Commission, the German Federal Financial Supervisory Authority (BaFin) or any other relevant competent
authority in the European Union (or, in each case, any predecessor or successor entity thereof) and (iii)&nbsp;in relation to the foregoing, any implementing or equivalent laws or regulations in force in any member state of the European Union or the
European Economic Area,. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eurocurrency Liabilities</U>&#148; has the meaning assigned to that term in Regulation D
of the Board of Governors of the Federal Reserve System, as in effect from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of
Bankruptcy</U>&#148; means, with respect to any Person: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) such Person shall fail generally to pay its debts as they come
due, or shall make a general assignment for the benefit of creditors; or any case or other proceeding shall be instituted by such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, reorganization, debt arrangement,
dissolution, winding up, or composition or readjustment of debts of it or its debts under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, or seeking the entry
of an order for relief or the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets; or such Person shall take any corporate or limited liability
company action to authorize any of such actions; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) a case or other proceeding shall be commenced, without the
application or consent of such Person in any court seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian,
liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action with respect to such Person under the Bankruptcy Code or any other law relating to bankruptcy, insolvency,
reorganization, winding up or composition or adjustment of debts, and (A)&nbsp;such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60)&nbsp;consecutive days or (B)&nbsp;an order for relief in respect
of such Person shall be entered in such case or proceeding or a decree or order granting such other requested relief shall be entered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; has the meaning assigned to that term in Section&nbsp;7.01. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Concentration Amount</U>&#148; means, on any date of determination, the sum (without duplication) of the
following amounts: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(a)
</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(a)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate
Timeshare Loan Balances on such date of all Eligible HRC Timeshare Loans owing from Obligors that had their primary residence addresses at origination in California on the Applicable Measurement Date exceeds 25.00% of the aggregate Timeshare Loan
Balances on such date of all Eligible HRC Timeshare Loans on the Applicable Measurement Date; </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(b)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(b)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible HRC Timeshare Loans </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>related to the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Barbados Resort </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">which are
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loans exceeds 20.00% of the aggregate Timeshare Loan Balances on such date of all Eligible </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>HRC </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Loans on the Applicable Measurement Date</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>. </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">;</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(c)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(c)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans owing from Obligors that had their primary residence addresses at origination in California on the Applicable Measurement Date exceeds 40.00% of the aggregate
Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans on the Applicable Measurement Date; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(d)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(d)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans
owing from Obligors (excluding Foreign Obligors) with no FICO&reg; scores at the time of origination on the Applicable Measurement Date exceeds 2.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans on
the Applicable Measurement Date; </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(e)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(e)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans that are Cease and Desist Timeshare Loans at the time of origination on the Applicable Measurement Date exceeds 0.00% of the aggregate Timeshare Loan Balances on
such date of all Eligible Diamond Timeshare Loans on the Applicable Measurement Date; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(f)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(f)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible HRC Timeshare Loans
owing from Obligors (excluding Foreign Obligors) with no FICO&reg; scores at the time of origination on the Applicable Measurement Date exceeds 7.50% of the aggregate Timeshare Loan Balances on such date of all Eligible HRC Timeshare Loans on the
Applicable Measurement Date; </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(g)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(g)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans owing from Obligors with FICO&reg; scores below 700 at the time of origination on the Applicable Measurement Date exceeds 35.00% of the aggregate Timeshare Loan
Balances on such date of all Eligible Diamond Timeshare Loans on the Applicable Measurement Date; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(h)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(h)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans
owing from Obligors (excluding Foreign Obligors) with no FICO&reg; scores at the time of origination or from Obligors with a FICO&reg; score below 620 at the time of origination on the Applicable Measurement Date exceeds 10.00% of the aggregate
Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans on the Applicable Measurement Date; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(i)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans
on the Applicable Measurement Date exceeds 60.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(j)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(j)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans owing from Obligors that had their primary residence addresses at origination in any single state (other than California) on the Applicable Measurement Date exceeds
12.50% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(k)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(k)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans owing from Obligors that had their primary residence addresses at origination in countries other than the United States (including Puerto Rico and the United States
Virgin Islands), Canada or Japan on the Applicable Measurement Date exceeds 5.0% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(l)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(l)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans owing from Eligible Foreign Obligors on the Applicable Measurement Date exceeds 5.0% of the aggregate Timeshare Loan Balances on such date of all Eligible Diamond
Timeshare Loans on the Applicable Measurement Date; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(m)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(m)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans owing
from Obligors that had their primary residence addresses at origination in the states having the five (5)&nbsp;largest Obligor concentrations (based on Timeshare Loan Balances) on the Applicable Measurement Date exceeds 60.0% of the aggregate
Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(n)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(n)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Loans having original terms greater than 120 months on the
Applicable Measurement Date exceeds 12.50% of the aggregate Timeshare Loan Balances on such date of all Eligible
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Loans on the Applicable Measurement Date;
</FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(o)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(o)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans having Timeshare Loan Balances greater than $200,000 on the Applicable Measurement Date exceeds 5.0% of the aggregate Timeshare Loan Balances on such date of all Eligible
Timeshare Loans on the Applicable Measurement Date; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(p)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(p)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible HRC Timeshare Loans
having Timeshare Loan Balances greater than $125,000 on the Applicable Measurement Date exceeds 20.0% of the aggregate Timeshare Loan Balances on such date of all Eligible HRC Timeshare Loans on the Applicable Measurement Date; </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(q)
</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(q)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans having Timeshare Loan Balances greater than $125,000 on the Applicable Measurement Date exceeds 12.5% of the aggregate Timeshare Loan Balances on such date of all
Eligible Diamond Timeshare Loans on the Applicable Measurement Date; and </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(r)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(r)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans
owing from Obligors with FICO&reg; scores below 750 at the time of origination on the Applicable Measurement Date exceeds 85.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans on the Applicable
Measurement Date. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(s)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan Balances
on such date of all Eligible Bluegreen Timeshare Loans on the Applicable Measurement Date exceeds 40.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date;</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(t)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan Balances
on such date of all Eligible Bluegreen Timeshare Loans owing from Obligors (excluding Foreign Obligors) with no FICO&reg; scores at the time of origination exceeds 2.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen
Timeshare Loans on the Applicable Measurement Date;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(u)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans owing from
Obligors (excluding Foreign Obligors) with no FICO&reg; scores at the time of origination or from Obligors with a FICO&reg; score below 650 at the time of origination on the Applicable Measurement Date exceeds 10.00% of the aggregate Timeshare Loan
Balances on such date of all Eligible Bluegreen Timeshare Loans on the Applicable Measurement Date;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(v)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan Balances
on such date of all Eligible Bluegreen Timeshare Loans owing from Obligors (excluding Foreign Obligors) with no FICO&reg; scores at the time of origination or from Obligors with a FICO&reg; score below 700 at the time of origination on the
Applicable Measurement Date exceeds 40.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans on the Applicable Measurement Date;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(w)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan Balances
on such date of all Eligible Bluegreen Timeshare Loans owing from Obligors (excluding Foreign Obligors) with no FICO&reg; scores at the time of origination or from Obligors with a FICO&reg; score below 750 at the time of origination on the
Applicable Measurement Date exceeds 70.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans on the Applicable Measurement Date;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(x)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan
Balances</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">on such date
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">of all Eligible Bluegreen Timeshare Loans owing from Eligible Foreign Obligors on the Applicable Measurement
Date exceeds 2.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans on the Applicable Measurement Date;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(y)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan Balances
on such date of all Eligible Bluegreen Timeshare Loans that are NELO Loans on the Applicable Measurement Date exceeds 25.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans on the Applicable
Measurement Date;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(z)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans having
Timeshare Loan Balances greater than $100,000 on the Applicable Measurement Date exceeds 10.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans on the Applicable Measurement Date;</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(aa)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the amount by which the aggregate Timeshare Loan Balances
on such date of all Eligible Timeshare Loans that are not Eligible HRC Timeshare Loans exceeds 75.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; and</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(bb)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the aggregate Timeshare Loan Balance of all Eligible HRC
Timeshare Loans on such date that would need to be excluded from the aggregate Timeshare Loan Balance of all Eligible HRC Timeshare Loans in order to cause the weighted average FICO&reg; score of all Obligors of Eligible HRC Timeshare Loans to be
greater than or equal to 700 on the Applicable Measurement Date.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Spread Percentage</U>&#148;
means<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, on</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">for</U></FONT><FONT STYLE="font-family:Times New Roman"> any Distribution Date, </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>a</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the</U></FONT><FONT
STYLE="font-family:Times New Roman"> percentage </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>(which may be a
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>negati</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>ve percentage) </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>computed as follows: (a)&nbsp;the weighted average Contract Rates of all Eligible Timeshare Loans on the Applicable Measurement Date (weighted based on Timeshare Loan
Balances on such date), <I>minus</I> (b)&nbsp;the then applicable Servicing Fee Rate, <I>minus</I> (c)&nbsp;the Used Fee Rate, <I>minus</I>
(d)&nbsp;</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(i) </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>prior to a Hedging Period, Daily SOFR
for the Interest Period</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE> for such Distribution Date </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or
(ii)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>&nbsp;dur</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>ing a Hedging Period, the weighted
average Hedge Rate for such Interest </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">equivalent of a fraction, </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the numerator of which is the product of (1) (a) the sum of all Collections allocable to interest and fees
deposited into the Collection Account during such Collection Period and constituting Available Funds, and any Hedge Receipts minus (b)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">for such Distribution
Date</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the sum of Interest, Unused Fees, Servicing Fees and any payments required to be made by the Borrower
under any Hedge Transaction, and (2) 360 divided by the actual number of days in such Collection Period and
(ii)</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the denominator of which is the average of the Aggregate Loan Principal Balance on the first day and the last
day of the related Collection</U></FONT><FONT STYLE="font-family:Times New Roman"> Period. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded
Taxes</U>&#148; means any of the following Taxes imposed on or with respect to an Affected Party or required to be withheld or deducted from a payment to an Affected Party, (a)&nbsp;Taxes imposed on or measured by net income (however denominated) or
franchise imposed by the United States (or any political subdivision thereof), or any other jurisdiction (or any political subdivision thereof), as a result of the Affected Party being organized in or having its principal office or in the case of
any Lender, applicable lending office located in such jurisdiction or that are Connection Taxes; (b)&nbsp;any branch profits Taxes imposed by the United States or any similar Taxes imposed by any other jurisdiction described in clause (a)&nbsp;above
or in which the Borrower is located; (c)&nbsp;in the case of a Lender, United States withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law
in effect on the date on which (i)&nbsp;such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section&nbsp;2.19) or (ii)&nbsp;such Lender changes its lending office, except
in each case to the extent that, pursuant to Section&nbsp;2.12, amounts with respect to such Taxes were payable either to such Lender&#146;s assignor immediately before such Lender became a party hereto or to such Lender immediately before it
changed its lending office; (d)&nbsp;Taxes attributable to such Affected Party&#146;s failure to comply with Section&nbsp;2.12(c); and (e)&nbsp;any Taxes imposed pursuant to or as a result of FATCA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Extending Lenders</U>&#148; has the meaning specified in Section&nbsp;2.07. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Face Amount</U>&#148; means in relation to any Commercial Paper (a)&nbsp;if issued on a discount basis, the face
amount stated therein and (b)&nbsp;if issued on an interest-bearing basis, the principal amount stated therein plus the amount of all interest accrued or to accrue thereon on or prior to its stated maturity date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility Documents</U>&#148; means collectively, this Agreement, each Transfer Agreement, the Servicing Agreement, the
Performance Guaranty, the Fee Letter, the Custody Agreement, the Intercreditor Agreement, each Global Assignment, the Diamond Lockbox Account Control Agreement, the
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen Clearing Account Control Agreement, the HRC</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account Control Agreement, each Assignment</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the New Clearing Account Control Agreement</U></FONT><FONT STYLE="font-family:Times New Roman">, the Electronic Collateral
Control Agreement and all other agreements, documents and instruments delivered pursuant thereto or in connection therewith. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility Limit</U>&#148; means at any time, the Aggregate
Commitment, adjusted as necessary to give effect to the addition of any Lender Group that becomes party to this Agreement pursuant to a Joinder Agreement under Section&nbsp;10.04, any increase or reduction by the Borrower pursuant to
Section&nbsp;2.03 or any assignment pursuant to Section&nbsp;10.03. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>FAS 166/167 Capital Guidelines</U>&#148;
means the final rule, titled &#147;Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial
Paper Programs; and Other Related Issues&#148;, adopted December&nbsp;15, 2009, by the United States bank regulatory agencies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>FATCA</U>&#148; means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section&nbsp;1471(b)(1) of the Code
and any fiscal or regulatory legislation or rules adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Funds Rate</U>&#148; means, with respect to any Lender for any period, a fluctuating interest rate per annum
equal (for each day during such period) to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a
Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York; or if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by
the applicable Managing Agent from three federal funds brokers of recognized standing selected by it. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fee
Letter</U>&#148; means the
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Eighth</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Ninth</U></FONT>
<FONT STYLE="font-family:Times New Roman"> Amended and Restated Fee Letter, dated the Amendment No.&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>2</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3</U></FONT><FONT STYLE="font-family:Times New Roman"> Effective Date, by and among the Administrative Agent, the Managing
Agents, the Committed Lenders and the Borrower. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Final Collection Date</U>&#148; means the date on or
following the Amortization Date on which the Aggregate Loan Principal Balance has been reduced to zero and all other Borrower Obligations have been paid in full. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Quarter</U>&#148; means a fiscal quarter of any Fiscal Year. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Year</U>&#148; means the fiscal year of the Seller and its Subsidiaries ending on December&nbsp;31 of each
calendar year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Obligor</U>&#148; means an Obligor that is not a Domestic Obligor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Funding Delay Notice</U>&#148; has the meaning specified in Section&nbsp;2.02(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means generally accepted accounting principles as in effect in the United States of America from time
to time, consistently applied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Assignment</U>&#148; means each of the Global Assignment (Borrower), Global
Assignment (Grand Islander), Global Assignment (Grand Islander Parent), Global Assignment (HRC Islander), Global Assignment (Kupono)<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> and</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> Global Assignment (Seller)</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, Global Assignment (Bluegreen) and each Assignment of Mortgage</U></FONT><FONT STYLE="font-family:Times New Roman">.
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Global
 Assignment (Bluegreen)&#148; means each of the Global Assignment (BVC), Global Assignment (Bluegreen Holding), Global Assignment (Woodbridge) and Global Assignment (HGV Borrower).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Global
 Assignment (Bluegreen Holding)&#148; means a Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by Bluegreen Holding in favor of the Administrative Agent.</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Assignment (Borrower</U>)&#148; means each Global Assignment of Mortgages and Timeshare Loan Files
and Power of Attorney, substantially in the form attached hereto as Exhibit K, made by the Borrower in favor of the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Global
 Assignment (BVC)&#148; means a Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by Bluegreen in favor of the Administrative Agent.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Assignment (Grand Islander</U>)&#148; means each Global Assignment of Mortgages and Timeshare Loan Files and
Power of Attorney, made by Grand Islander in favor of the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Assignment (Grand Islander
Parent</U>)&#148; means each Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by Grand Islander Parent in favor of the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Global
 Assignment (HGV Borrower)&#148; means a Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by HGV Borrower in favor of the Administrative Agent.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Assignment (HRC Islander</U>)&#148; means a Global Assignment of Mortgages and Timeshare Loan Files and Power
of Attorney, made by HRC Islander in favor of the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Assignment (Kupono</U>)&#148;
means a Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by Kupono in favor of the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Global Assignment (Seller</U>)&#148; means each Global Assignment of Mortgages and Timeshare Loan Files and Power of
Attorney, substantially in the form attached hereto as Exhibit J, made by the Seller in favor of the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Global
 Assignment (Woodbridge)&#148; means a Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by Woodbridge in favor of the Administrative Agent.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means, with respect to any Person, any nation or government, any state or other
political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person, any of its Subsidiaries or
any of its properties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Plan Entity</U>&#148; means a &#147;governmental
plan&#148; within the meaning of Section&nbsp;3(32) of ERISA or any other entity the assets of which are subject to state statutes regulating investments of and fiduciary obligations with respect to such governmental plans or to state statutes that
impose prohibitions similar to those contained in Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Rule</U>&#148; means any law, rule, regulation, ordinance, order, code interpretation, treaty, judgment,
decree, directive, guidelines, policy or similar form of decision of any Governmental Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Grand
Islander</U>&#148; means BRE Grand Islander LLC, a Delaware limited liability company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Grand Islander Assignment
Agreement</U>&#148; means that Assignment and Distribution Agreement, dated as of the Amendment No.&nbsp;2 Effective Date, between Grand Islander and Grand Islander Parent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Grand Islander Originator</U>&#148; means Grand Islander. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Grand Islander Parent</U>&#148; means BRE Grand Islander Parent LLC, a Delaware limited liability company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Grand Islander Parent Assignment Agreement</U>&#148; means that Assignment and Distribution Agreement, dated as of the
Amendment No.&nbsp;2 Effective Date, between Grand Islander Parent and HRC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Grand Islander Timeshare
Loan</U>&#148; means a Timeshare Loan originated by the Grand Islander Originator. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guarantee</U>&#148; means, as
to any Person, any obligation of such person directly or indirectly guaranteeing any Indebtedness of any other Person in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such
Indebtedness against loss (whether by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, or take or pay or otherwise). The amount of any Guarantee of a Person shall be deemed to be an
amount equal to the stated or determinable about of the primary obligation in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in
good faith. The terms &#147;Guarantee&#148; and &#147;Guaranteed&#148; used as verbs shall have correlative meanings. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;GVRS&#148; means
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Grand Vacations Resorts Services, Inc., a Nevada corporation.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>GVS</U>&#148; means Grand Vacations Services LLC, a Delaware limited
liability company and its successors and permitted assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Amortization Schedule</U>&#148; means the
amortization schedule prepared from time to time by the Administrative Agent in accordance with Section&nbsp;5.03(b) based on (i)&nbsp;the timeshare loan data file prepared by the Servicer for the Administrative Agent pursuant to
Section&nbsp;5.03(b) and (ii)&nbsp;assumptions regarding the payments, prepayments and defaults on the Pledged Timeshare Loans determined by the Administrative Agent in a commercially reasonable and industry accepted manner. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Breakage Costs</U>&#148; means, with respect to any Hedge Transaction, any amount payable by the Borrower to the
related Hedge Counterparty with respect to any early termination of such Hedge Transaction or any portion thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Collateral</U>&#148; means all of the rights of the Borrower,
whether now existing and hereafter acquired, in and to all Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge
Transactions with such Hedge Counterparties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Counterparty</U>&#148; means any Person that has entered into
a Hedge Transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>&#147;</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><strike><u>Hedge Rate</u></strike></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>&#148; means, on any date of determination, the weighted
average fixed rate or strike rate under the Hedging Agreements on such date, based on the notional amounts of such Hedging Agreements.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Purchase Event</U>&#148; has the meaning given to such term in <U>Section&nbsp;5.03(a)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Receipts</U>&#148; means all amounts received by the Borrower pursuant to a Hedging Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Reserve Account</U>&#148; has the meaning given to such term in <U>Section&nbsp;2.16(k)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Reserve Account Bank</U>&#148; means the financial institution at which the Hedge Reserve Account is maintained.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Reserve Account Required Balance</U>&#148; means, (i)&nbsp;for any Determination Date or Borrowing Date,
when the Hedge Reserve Option has been exercised and not revoked, and as long as a Hedge Transaction has not yet been purchased, the higher of two bids obtained by the Borrower (or the Servicer on its behalf) from broker/dealers approved by the
Administrative Agent (at least one of which shall be a Lender or an Affiliate thereof) regarding the purchase price of a Hedge Transaction in the form of an interest rate cap that satisfies the Hedging Requirements for a notional amount equal to
100% of the of the Unhedged Aggregate Loan Principal Balance and based on the Hedge Amortization Schedule and (ii)&nbsp;for all other dates, $0. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Reserve Amounts</U>&#148; means the amounts deposited in the Hedge Reserve Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge Reserve Option</U>&#148; means the Borrower&#146;s revocable election to deposit Hedge Reserve Amounts to fund
the Hedge Reserve Account in lieu of providing Hedging Agreements pursuant to Section&nbsp;5.03(c) hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedge
Transaction</U>&#148; means each transaction between the Borrower and a Person entered into pursuant to Section&nbsp;5.03(b) and governed by a Hedging Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedging Agreement</U>&#148; means each agreement between the Borrower and Hedge Counterparty which governs one or more
Hedge Transactions entered into pursuant to Section&nbsp;5.03(b), which agreement shall be an interest rate cap or interest rate swap and shall consist of a &#147;Master Agreement&#148; in a form published by the International Swaps and Derivatives
Association, Inc., together with a &#147;Schedule&#148; thereto and each &#147;Confirmation&#148; thereunder confirming the specific terms of each such Hedge Transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedging Period</U>&#148; means, at any time the Aggregate Loan Principal Balance is greater than $0, each period
(i)&nbsp;<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">as of any date on which the <FONT STYLE="white-space:nowrap">Ramp-Up</FONT> Period is not in effect,
commencing on a Distribution Date on which the Average Excess Spread Percentage is less than 7.50%, and ending on the next Distribution Date on which the Average Excess Spread Percentage is greater than or equal to 7.50% (provided, however, that
this clause
(i)</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">shall not be tested unless the Aggregate Loan Principal Balance is greater than $0 for three (3)</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">consecutive Collection Periods), (ii) as of</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">any date on which the
<FONT STYLE="white-space:nowrap">Ramp-Up</FONT> Period is not in effect, </U></FONT><FONT STYLE="font-family:Times New Roman">commencing on a Distribution Date on which the Excess Spread Percentage on such Distribution Date is less than </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>7.50</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">6.25</U></FONT><FONT
STYLE="font-family:Times New Roman">%, and ending on the next Distribution Date on which the Excess Spread Percentage is greater than or equal to
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>7.50</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">6.25</U></FONT>
<FONT STYLE="font-family:Times New Roman">%,
(</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>ii</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">iii</U></FONT>
<FONT STYLE="font-family:Times New Roman">) during the occurrence and continuance of an Event of Default and (</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>iii</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">iv</U></FONT><FONT STYLE="font-family:Times New Roman">) commencing upon the occurrence of the Commitment Termination Date.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hedging Requirements</U>&#148; has the meaning set forth in Section&nbsp;5.03. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HGV Borrower</U>&#148; means Hilton Grand Vacations Borrower LLC, a Delaware limited liability company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HGV Borrower Purchase Agreement</U>&#148; means that certain Purchase Agreement, dated as of the Restatement Date,
between HGV Borrower, as seller and Seller, as purchaser. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HGV Credit Agreement</U>&#148; means the credit
agreement, dated as of August&nbsp;2, 2021, entered into by HGV Borrower, Hilton Grand Vacations Parent LLC, the guarantors party thereto from time to time, Bank of America, N.A., as administrative agent and collateral agent, and a syndicate of
lenders, as in effect on January&nbsp;17, 2024, without giving effect to any amendment, restatement, supplement or other modification thereto or any replacement thereof after such date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HGV Financial Covenants</U>&#148; means each financial maintenance covenant contained in Section&nbsp;7.11 of the HGV
Credit Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HGVClub</U>&#148; means Hilton Grand Vacations Club, the service name given to the variety of
exchange and reservation services and vacation and travel benefits offered by Hilton Grand Vacations Club, Inc. from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HGVI</U>&#148; means Hilton Grand Vacations Inc., a Delaware corporation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HGV Omnibus Distribution and Assignment Agreement</U>&#148; means that certain Omnibus Distribution and Assignment
Agreement, dated as of the Restatement Date, among DRC, DRH, and HGV Borrower. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC</U>&#148; means Hilton Resorts
Corporation, a Delaware corporation and its successors and permitted assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;HRC
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Clearing
Account</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#148; means the depositary account identified as such on Exhibit E into which Collections are
collected or deposited.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;HRC
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Clearing Account Bank&#148; means the financial institution at which each of the </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC Clearing
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Account, the HRC Lockbox and the Unidentified Receipts Account is maintained. As of the Original Closing
Date, the</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Clearing Account Bank is Bank of America, N.A</U></FONT><FONT STYLE="font-family:Times New Roman">.
</FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;HRC
 Clearing Account Control Agreement&#148; means the Clearing Account Control Agreement, dated as of the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Original
Closing</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Date, among the Borrower, the HRC Clearing Account Bank and the Administrative Agent. </U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Islander</U>&#148; means HRC Islander LLC, a Delaware limited
liability company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Islander Assignment Agreement</U>&#148; means that Amended and
Restated Assignment and Distribution Agreement dated as of April&nbsp;27, 2022, by and among HRC Islander, as assignor, and the Seller, as assignee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Lockbox</U>&#148; means any post office box maintained by the <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account Bank for the purpose of receiving payments on Timeshare Loans, including Collections. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Originator</U>&#148; means each entity listed as such on Schedule VII to this Agreement as an originator and an
entity within the &#147;HRC&#148; group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Performance Trigger Event</U>&#148; means, as of any Distribution
Date, (1)&nbsp;the Average Delinquency Ratio of all Pledged Timeshare Loans that are HRC Timeshare Loans exceeds 3.50%, (2) the HRC Securitized Portfolio Three Month Rolling Average Delinquency Ratio of all Timeshare Loans included in the HRC
Securitized Portfolio exceeds 3.50%, (3) the Average Default Ratio of all Pledged Timeshare Loans that are HRC Timeshare Loans exceeds 1.00%, or (4)&nbsp;the HRC Securitized Portfolio Three Month Rolling Average Default Ratio of all Timeshare Loans
included in the HRC Securitized Portfolio exceeds 1.00%. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Resort</U>&#148; means any resort listed on Schedule
V to this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Securitized Portfolio</U>&#148; means, as of any date (including as of any prior
Distribution Dates on or after April&nbsp;25, 2019), all timeshare loans included in the Collateral or financed by any special purpose entity that is wholly-owned by HRC or for which HRC is acting as the sponsor (within the meaning of Regulation AB)
thereof, and which satisfy each of the following three clauses: (A)&nbsp;originated by HRC or a Subsidiary thereof, (B)&nbsp;which are serviced by the Servicer and (C)&nbsp;the related property for which is managed by HRC or an affiliate thereof
(including the timeshare loans in all term issuances, all warehouse facilities and other term securitization facilities that are outstanding as of such date, but excluding, for the avoidance of doubt, <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">any timeshare loans included in the Diamond Securitized
Portfolio</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or the Bluegreen Securitized Portfolio and
(ii)</U></FONT><FONT STYLE="font-family:Times New Roman"><B></B></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">any timeshare loans included in the BRE <FONT STYLE="white-space:nowrap">2019-A</FONT> Securitization</U></FONT><FONT
STYLE="font-family:Times New Roman">). </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Securitized Portfolio Default Level</U>&#148; means, for any
Collection Period, the quotient (expressed as a percentage) of (i)(A) the sum of the Timeshare Loan Balances of all HRC Timeshare Loans in the HRC Securitized Portfolio that became Defaulted Timeshare Loans during such Collection Period (other than
Defaulted Timeshare Loans for which the related seller has exercised its option, if any, to repurchase or substitute pursuant to the related transaction documents) minus (B)&nbsp;any remarketing proceeds received during such Collection Period in
respect of any Defaulted Timeshare Loans for which the related seller did not exercise its option to repurchase or substitute, divided by (ii)&nbsp;the aggregate Timeshare Loan Balance of all HRC Timeshare Loans in the HRC Securitized Portfolio on
the last day of such Collection Period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Securitized Portfolio Delinquency Level</U>&#148; means, for any
Collection Period, the quotient (expressed as a percentage), computed by dividing (i)&nbsp;the sum of all Timeshare Loan Balances of all HRC Timeshare Loans included in the HRC Securitized Portfolio that were Over-Sixty Day Delinquent Timeshare
Loans but less than 121 days as of the last day of such Collection Period (exclusive of HRC Timeshare Loans that became Defaulted Timeshare Loans on or before the last day of such Collection Period) (with the outstanding principal balance of each
such HRC Timeshare Loan determined as of the last day of the Collection Period in which such Timeshare Loan became an Over-Sixty Day Delinquent Timeshare Loan but less than 121 days) by (ii)&nbsp;the aggregate Timeshare Loan Balance of all HRC
Timeshare Loans in the HRC Securitized Portfolio on the last day of such Collection Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Securitized Portfolio Three Month Rolling Average Default
Ratio</U>&#148; means, for any Distribution Date, the average of the HRC Securitized Portfolio Default Levels for the immediately preceding three Collection Periods. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Securitized Portfolio Three Month Rolling Average Delinquency Ratio</U>&#148; means, for any Distribution Date,
the average of the HRC Securitized Portfolio Delinquency Levels for the immediately preceding three Collection Periods. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>HRC Timeshare Loan</U>&#148; means a Timeshare Loan originated by an HRC Originator. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means, for any Person: (a)&nbsp;obligations created, issued or incurred by such Person for
borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property from such Person); (b) obligations of
such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade
accounts payable are payable within 90 days of the date the respective goods are delivered or the respective services are rendered; (c)&nbsp;Indebtedness of others secured by a Lien on the Property of such Person, whether or not the respective
Indebtedness so secured has been assumed by such Person; (d)&nbsp;accrued obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person;
(e)&nbsp;Capital Lease Obligations of such Person; (f)&nbsp;obligations of such Person under repurchase agreements or like arrangements; (g)&nbsp;Indebtedness of others Guaranteed by such Person; and (h)&nbsp;any other obligation of such Person
evidenced by a note, bond, debenture or similar instrument that would be classified as indebtedness on a balance sheet prepared in accordance with GAAP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Amount</U>&#148; has the meaning set forth in Section&nbsp;8.01. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Party</U>&#148; has the meaning set forth in Section&nbsp;8.01. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Taxes</U>&#148; means (a)&nbsp;any and all Taxes imposed on or with respect to any payment made by the
Borrower under any Facility Document other than Excluded Taxes and (b)&nbsp;to the extent not otherwise described in clause (a), Other Taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Independent Director</U>&#148; means, with respect to a subject Person, a natural person who has been approved and is
serving as a member of the board of directors or other governing body of such Person and (a)&nbsp;for the five-year period prior to his or her appointment as Independent Director has not been, and during the continuation of his or her service as
Independent Director is not: (i)&nbsp;a direct, indirect or beneficial stockholder, employee, director, member, manager, partner, officer or associate of the Seller, the Borrower, the Servicer or any of their respective Affiliates (other than his or
her service as an Independent Director of such subject Person); (ii) a customer, supplier or creditor of the Seller, the Borrower, the Servicer or any of their respective Affiliates (other than his or her service as an Independent Director of such
subject Person); or (iii)&nbsp;any member of the immediate family of a person described in (i)&nbsp;or (ii), (b) has prior experience as an independent director for a corporation or limited liability company whose charter documents required the
unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any
applicable federal or state law relating to bankruptcy and (c)&nbsp;has at least three years of employment </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured
finance instruments, agreements or securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Individual Domestic Obligor</U>&#148; means a Domestic Obligor
that is an individual. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Borrowing</U>&#148; means the first Borrowing made pursuant to this Agreement.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Transfer Date</U>&#148; means the date on which the Initial Transfer occurs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Initial Transfer</U>&#148; means the first Transfer made pursuant to the Sale and Contribution Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Insurance Proceeds</U>&#148; means (i)&nbsp;proceeds of any insurance policy, including property insurance policies,
casualty insurance policies and title insurance policies and (ii)&nbsp;any condemnation proceeds, in each case which relate to the Timeshare Loans or the Units and are paid or required to be paid to, and may be retained by, the Borrower, any of its
Affiliates or to any holder of record of any Mortgage. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercreditor Agreement</U>&#148; means the Intercreditor
Agreement, dated as of August&nbsp;8, 2007, by and among Diamond Resorts Corporation (f/k/a Sunterra Corporation), Diamond Resorts Centralized Services Company (f/k/a Sunterra Centralized Services Company), Diamond Resorts Polo Development, LLC
(f/k/a Polo Sunterra Development, LLC), Diamond Resorts Holdings, LLC, Diamond Resorts Parent, LLC, Credit Suisse, Cayman Islands Branch, Merrill Lynch Mortgage Lending, Inc., Computershare Trust Company, N.A., and each other Person from time to
time party thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest</U>&#148; means, for any Loan and any Interest Period, the sum for each day during
such Interest Period of the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IR x PA/CB </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="74%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">where:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">IR</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Interest Rate for such Loan for such day.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Principal Amount of such Loan on such day.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CB</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(i) in the case of a Loan, the Interest Rate for which is based on the Prime Rate, 365 and (ii)&nbsp;in the case of any other Loan, 360.</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Period</U>&#148; means, for any Distribution Date, the period from and
including the Distribution Date preceding such Distribution Date to, but excluding, such Distribution Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Rate</U>&#148; means, with respect to any Loan on any day (i)&nbsp;to the extent such Loan is funded or
maintained on such day by a Conduit Lender through the issuance of Commercial Paper, the CP Rate and (ii)&nbsp;otherwise, the Alternative Rate; <I>provided, that</I> for both clause (i)&nbsp;and (ii), that at all times following the occurrence and
during the continuation of an Event of Default, the Interest Rate for each Loan on each day shall be an interest rate per annum equal to 2.00% plus the Interest Rate then in effect from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Invested Percentage</U>&#148; means, for a Lender on any day, the
percentage equivalent of (i)&nbsp;the sum of (a)&nbsp;the portion of the Aggregate Loan Principal Balance (if any) funded by such Lender on or prior to such day, plus (b)&nbsp;any portion of the Aggregate Loan Principal Balance acquired by such
Lender on or prior to such day as an assignee from another Lender (whether pursuant to an Assignment and Acceptance or otherwise), minus (c)&nbsp;any portion of the Aggregate Loan Principal Balance assigned by such Lender to an assignee on or prior
to such day (whether pursuant to an Assignment and Acceptance or otherwise), divided by (ii)&nbsp;the Aggregate Loan Principal Balance on such day. With respect to a Lender Group, &#147;Invested Percentage&#148; shall mean the foregoing amount
computed with respect to the portion of the Aggregate Loan Principal Balance funded and acquired by all the Lenders in such Lender Group. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment Company Act</U>&#148; means the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>IRS</U>&#148; means the Internal Revenue Service of the United States of America. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Joinder Agreement</U>&#148; means a joinder agreement substantially in the form set forth as Exhibit G hereto pursuant
to which a new Lender Group becomes party to this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Kupono</U>&#148; means Kupono Partners LLC, a
Hawaiian limited liability company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Kupono Assignment Agreement</U>&#148; means that Assignment and Distribution
Agreement, dated as of the Restatement Date, between Kupono and HRC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;La Pacifica Resort&#148; means the HRC Resort referred to as &#147;La Pacifica Los Cabos, a Hilton Club&#148; on
Schedule V to this Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;La Pension Resort&#148; means the Bluegreen Resort referred to as &#147;Bluegreen Club La Pension.&#148;</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Law</U>&#148; means any law (including common law), constitution,
statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Governmental Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender</U>&#148; means any Conduit Lender or Committed Lender, as applicable, and &#147;Lenders&#148; means,
collectively, the Conduit Lenders and the Committed Lenders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Group</U>&#148; means any Managing Agent and
its related Conduit Lenders, if any, and Committed Lenders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Group Limit</U>&#148; means, for any Lender
Group, the amount set forth on Schedule II (or in the Joinder Agreement pursuant to which such Lender Group became party hereto) subject to assignment pursuant to Section&nbsp;10.03, as such amount may be reduced in accordance with
Section&nbsp;2.03(a) or increased in accordance with Section&nbsp;2.03(b), except that, for a <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender Group, the Lender Group Limit shall be reduced to zero on the Commitment Termination Date of
such Lender Group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Group Percentage</U>&#148; means, for any Lender Group, the percentage equivalent of a
fraction (expressed out to five decimal places), the numerator of which is the aggregate of the Commitments of all Committed Lenders in such Lender Group and the denominator of which is the Aggregate Commitment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Representatives</U>&#148; has the meaning specified in Section&nbsp;10.12(b). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><U>&#147;</U><U>Lien</U>&#148; means any mortgage, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), or preference, priority, charge or other security agreement or preferential arrangement of any kind or nature whatsoever that is intended as security. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidation</U>&#148; means, with respect to a Pledged Timeshare Loan that is a Defaulted Timeshare Loan, the sale or
compulsory disposition of the related Timeshare
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Property</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Interest</U></FONT>
<FONT STYLE="font-family:Times New Roman">, following foreclosure, </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">termination, cancelation or </U></FONT><FONT
STYLE="font-family:Times New Roman">other enforcement action or the taking of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">deed-in-lieu</FONT></FONT> of foreclosure, to a Person other than the Servicer and the delivery of a
bill of sale or the recording of a deed of conveyance with respect thereto. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidation Expenses</U>&#148;
means, with respect to a Defaulted Timeshare Loan, other than a Defaulted Timeshare Loan related to the Barbados Resort, the
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">La Pacifica Resort and the Craigendarroch Resort, the </U></FONT><FONT STYLE="font-family:Times New Roman"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (exclusive of overhead expenses) incurred by the Servicer in connection with the Liquidation of </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Timeshare Interest related to </U></FONT><FONT STYLE="font-family:Times New Roman">such Defaulted Timeshare Loan,
including the remarketing fee and expenses of the Seller, any Affiliate of the Seller or of any other Person engaged by the Servicer pursuant to Section&nbsp;2.2(c) of the Servicing Agreement to remarket and dispose of the related Timeshare
Interest, reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees of external legal counsel and any
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">deed in lieu of </U></FONT><FONT STYLE="font-family:Times New Roman">foreclosure</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, foreclosure, cancelation or termination</U></FONT><FONT STYLE="font-family:Times New Roman"> and other repossession
expenses incurred by the Servicer or the Seller, any Affiliate of the Seller </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or of any other Person engaged by
the Servicer pursuant to Section&nbsp;2.2(c) of the Servicing Agreement </U></FONT><FONT STYLE="font-family:Times New Roman">with respect to such Defaulted Timeshare Loan and any other fees and expenses reasonably applied or allocated in the
ordinary course of business with respect to the Liquidation of </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Timeshare Interest related to </U></FONT><FONT
STYLE="font-family:Times New Roman">such Defaulted Timeshare Loan (including any assessed timeshare association
fees</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and real estate taxes</U></FONT><FONT STYLE="font-family:Times New Roman">); <I>provided, however,</I> that
in each case, any fees and expenses included in the &#147;Liquidation Expenses&#148; must be commercially reasonable and incurred in accordance with the Servicing Standard. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidation Fee</U>&#148; means, in the event of any prepayment of a Loan owing to a Lender which did not comply with
the advance notice requirements set forth in Section&nbsp;2.05(a), and for the Interest Period during which such Loan was prepaid, the amount, if any, by which (i)&nbsp;the additional Interest which would have accrued during such Interest Period on
the reduction of the Principal Amount of such Loan during such Interest Period had such reduction not occurred, exceeds (ii)&nbsp;the income, if any, received by such Lender from the investment of the proceeds of such reduction. A certificate as to
the amount of any Liquidation Fee (including the computation of such amount) shall be submitted by the affected Lender to the Borrower and shall be conclusive and binding for all purposes, absent manifest error. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidation Proceeds</U>&#148; means with respect to the Liquidation of <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Timeshare Interest related to </U></FONT><FONT STYLE="font-family:Times New Roman">any Defaulted Timeshare Loan, other
than a Defaulted Timeshare Loan related to the Barbados </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Resort, the La Pacifica Resort or the Craigendarroch
</U></FONT><FONT STYLE="font-family:Times New Roman">Resort, the amounts actually received by the Servicer, if any, in connection with such Liquidation net of any Liquidation Expenses associated with the Liquidation of such Defaulted Timeshare Loan.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidity Agreement</U>&#148; means a liquidity loan agreement, asset purchase agreement or similar
agreement entered into by a Conduit Lender with a group of financial institutions in connection with this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidity Provider</U>&#148; means any of the financial institutions from time to time party to any Liquidity
Agreement with a Conduit Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan</U>&#148; means a loan made to the Borrower pursuant to Article II. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Local Counsel Opinion</U>&#148; has the meaning ascribed to such
term in the definition of &#147;Local Counsel Opinion Requirement&#148;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Local Counsel Opinion
Requirement</U>&#148; means the delivery of an Opinion of Counsel addressed to the Administrative Agent (each, a &#147;<U>Local Counsel Opinion</U>&#148;) in form and substance satisfactory to the Administrative Agent which opine as to each relevant
Transaction Parties compliance with a Required Local Counsel Jurisdiction&#146;s local real estate matters, local loan origination and assignment matters, compliance with local Timeshare Laws, UCC matters, title policy issues and such other matters
related to local law as reasonably requested by the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Major Credit Card</U>&#148; means a
credit card issued by any of VISA USA, Inc., MasterCard International Incorporated, American Express Company, Discover Bank, JCB International Credit Card Co., Ltd. or Diners Club International Ltd. or any credit card affiliate or member entity or
any other comparable issuer of credit cards. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Majority Managing Agents</U>&#148; means (i)&nbsp;at any time prior
to the Amortization Date, Managing Agents whose Lender Group Limits together equal or exceed 66 2/3&nbsp;percent (66 2/3%) of the Facility Limit at such time or (ii)&nbsp;at any other time, Managing Agents for Lender Groups whose Invested
Percentages together equal or exceed 66 2/3% of the Aggregate Loan Principal Balance at such time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Management
Stockholders</U>&#148; means the members of management of HGVI or any of its Subsidiaries who are investors in HGVI. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Managing Agent</U>&#148; means, as to any Conduit Lender or Committed Lender, the Person listed on Schedule II as the
&#147;Managing Agent&#148; for such Lenders, together with its respective successors and permitted assigns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Master Transfer Agreement</U>&#148; means that certain Master Transfer Agreement, dated as of the Restatement Date,
among the Approved Transferors and DRC and the other transferees as defined therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Adverse
Effect</U>&#148; means, with respect to a Person and any event or circumstance, a material adverse effect on (a)&nbsp;the property, business or financial condition of such Person, (b)&nbsp;the ability of such Person to perform in all material
respects its obligations under any of the Facility Documents to which it is a party, (c)&nbsp;the validity or enforceability in all material respects of any of the Facility Documents to which it is a party, (d)&nbsp;the material rights and remedies
of the Lenders under any of the Facility Documents, (e)&nbsp;the existence or perfection or priority of any Lien granted by such Person under any Facility Document to which it is a party or (f)&nbsp;the collectibility of the Pledged Timeshare Loans
generally or of any material portion of the Pledged Timeshare Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maturity Date</U>&#148; means the earlier of
(a)&nbsp;the Distribution Date occurring in the twelfth (12th) month after the occurrence of the Amortization Date under clause (i)&nbsp;or (iii) of the definition thereof and (b)&nbsp;the date of the declaration or automatic occurrence of the
Amortization Date pursuant to Section&nbsp;7.03. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Maximum
 Interest Rate Per Annum&#148; means with respect to an Obligor Note, if more than one interest rate per annum is listed on such Obligor Note, the highest listed interest rate per annum.</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Miscellaneous Payments</U>&#148; means, with respect to the Pledged Timeshare Loans, any amounts received
from or on behalf of the related Obligors representing
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(A)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">assessments, payments relating to real property taxes,
insurance premiums, maintenance fees and charges and association fees and any other payments not owed under the related Obligor
Notes</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and (B)&nbsp;the VAT Repayment Fee</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Loan Tape</U>&#148; means a data tape which shall include
such information with respect to the Pledged Timeshare Loans as the Administrative Agent may reasonably request from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Principal Payment Amount</U>&#148; means on any Distribution Date (i)&nbsp;prior to the Amortization Date, the
amount, if any, necessary to reduce the Aggregate Loan Principal Balance such that no Borrowing Base Deficiency exists after giving effect to such payment or (ii)&nbsp;from and after the Amortization Date, all Available Funds remaining for
distribution to reduce the Aggregate Loan Principal Balance on such Distribution Date, until the Aggregate Loan Principal Balance is reduced to zero. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Report</U>&#148; means a report, in substantially the form of Exhibit C, furnished by the Servicer to the
Borrower, the Administrative Agent (who shall make such Monthly Report available to the Lenders), the Paying Agent and the Backup Servicer pursuant to Section&nbsp;3.3 of the Servicing Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s</U>&#148; means Moody&#146;s Investors Service, Inc., and its successors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgage</U>&#148; means,
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">with respect to a Mortgage Loan, the mortgage, deed of
trust or other act or instrument creating a first priority lien on the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related </U></FONT><FONT
STYLE="font-family:Times New Roman">Timeshare Property securing such Mortgage Loan, or a copy thereof certified by the applicable recording
office</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> or
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ii)&nbsp;with respect to
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a Club Loan, any purchase money mortgage, deed of trust, purchase money deed of trust, deed to secure debt,
or mortgage deed creating a first priority lien on the related Timeshare Property securing debt granted by the Club Trustee on behalf of an Obligor to Bluegreen with respect to the purchase of such Timeshare Property and/or the contribution of the
same to the Club and otherwise encumbering the related Timeshare Property to secure payments or other obligations under such
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare
Loan</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Mortgage Loan</U>&#148; means a
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">timeshare </U></FONT><FONT STYLE="font-family:Times New Roman">loan financing the purchase of </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>a</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the related</U></FONT><FONT
STYLE="font-family:Times New Roman"> Timeshare Property secured by a Mortgage on such Timeshare Property</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and
that is not a Club Loan</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Multiemployer Plan</U>&#148;
means a &#147;multiemployer plan&#148; as defined in Section&nbsp;4001(a)(3) of ERISA to which at any time during the current year or the immediately preceding five years the Borrower or any ERISA Affiliate contributed or had any obligation to
contribute on behalf of its employees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;NELO
 Loan&#148; means any Bluegreen Timeshare Loan where (i)&nbsp;the Obligor is an existing owner of the related Timeshare Property (the &#147;Existing Timeshare Property&#148;), (ii) such Obligor&#146;s Existing Timeshare Property has been <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-full</FONT></FONT> (i.e., no debt) and has a minimum of ten percent (10%) combined aggregate equity in its Existing Timeshare Property and its Timeshare Property purchased under
such NELO Loan, (iii)&nbsp;each <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-full</FONT></FONT> Existing Timeshare Property only provides equity to one NELO Loan, (iv)&nbsp;the Borrower has established a verification
process to confirm the Existing Timeshare Property is <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-full</FONT></FONT> and provided sufficient
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-equity,</FONT></FONT> and (v)&nbsp;such verification process adheres to all applicable laws, regulatory guidelines and related requirements.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;New
 Clearing Account</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#148; means, with respect to </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare
Loan</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the depositary account into which Collections on such </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare Loan
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">may be collected or deposited on or after the related </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Account Restructuring Obligor Notification Date</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;New
 Clearing Account Bank&#148; means the financial institution at which each of the New Clearing Account and the New Lockbox is maintained.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;New
 </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Clearing Account Control Agreement</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#148; means
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Clearing Account Control Agreement</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, among the Borrower or the Servicer, the New </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Clearing Account
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bank and the Administrative Agent, in form and substance </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">acceptable
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">to the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Administrative Agent in its sole discretion.</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;New
 Lockbox&#148; means any post office box maintained by the New Clearing Account Bank for the purpose of receiving payments on Timeshare Loans, including Collections.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender</U>&#148; means each Lender that is not an Extending
Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender Group</U>&#148; means each Lender Group as
to which at least one member is a <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice of
Exclusive Control</U>&#148; has the meaning specified in Section&nbsp;2.16. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice of Purchase</U>&#148; means a
fully executed Notice of Purchase in the form of Exhibit F to the Custody Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligor</U>&#148; means a
Person obligated to make payments under a Timeshare Loan, including any guarantor thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligor
Information</U>&#148; has the meaning specified in Section&nbsp;10.12(c). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligor Note</U>&#148; means an
executed promissory note or other instrument of indebtedness evidencing the indebtedness of an Obligor under a Timeshare Loan, together with any rider, addendum or amendment thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Obligor
 Note Date&#148; means the creation date of the related Obligor Note listed at the top thereof.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>OFAC</U>&#148; means the U.S. Department of the Treasury&#146;s Office of Foreign Assets Control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Official Body</U>&#148; means any Governmental Authority or any accounting board or authority (whether or not part of
a government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Opinion of Counsel</U>&#148; means a written opinion of external counsel, in each case, reasonably acceptable to the
addressees thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Borrowing Date</U>&#148; has the meaning specified in Section&nbsp;2.02(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Original Closing Date</U>&#148; means May&nbsp;9, 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Fees</U>&#148; means amounts owed by the Borrower hereunder
pursuant to Sections 2.09, 2.10, 2.11, 2.12, 8.01 and 10.10. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Over
<FONT STYLE="white-space:nowrap">Sixty-Day</FONT> Delinquent Timeshare Loan</U>&#148; means a Timeshare Loan which is not a Defaulted Timeshare Loan and as to which, on the last day of any Collection Period, any payment then due and payable has
remained unpaid for more than sixty (60)&nbsp;days from the original due date for such payment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Over <FONT
STYLE="white-space:nowrap">Sixty-Day</FONT> Delinquent Timeshare Loan/Defaulted Timeshare Loan</U>&#148; means an Over <FONT STYLE="white-space:nowrap">Sixty-Day</FONT> Delinquent Timeshare Loan or a Defaulted Timeshare Loan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Owner
 Beneficiary&#148; shall have the meaning specified in the Club Trust Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Owner
 Beneficiary Rights&#148; shall mean the beneficial rights provided to an Owner Beneficiary under the Club Trust Agreement, which include as an appurtenance thereto, Vacation Points.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>PAC</U>&#148; means an arrangement whereby an Obligor makes payments under a Pledged Timeshare Loan via <FONT
STYLE="white-space:nowrap">pre-authorized</FONT> debit. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Parent</U>&#148; means HGVI. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant</U>&#148; has the meaning specified in Section&nbsp;10.03(f). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant Register</U>&#148; has the meaning specified in Section&nbsp;10.03(f). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Paying Agent</U>&#148; means Computershare Trust Company, N.A. or any other Person acceptable to the Majority Managing
Agents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Paying Agent Fee</U>&#148; means, for any Collection Period, the paying agent fees as set forth in the
Computershare Fee Letter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>PBGC</U>&#148; means the Pension Benefit Guaranty Corporation or any entity succeeding
to any or all of its functions under ERISA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Performance Guaranty</U>&#148; means that certain <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Second</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Third</U></FONT><FONT
STYLE="font-family:Times New Roman"> Amended and Restated Performance Guaranty, dated as of the Amendment No.&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>2</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3</U></FONT><FONT STYLE="font-family:Times New Roman"> Effective Date, by the Performance Guarantor in favor of the
Administrative Agent. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Performance Guarantor</U>&#148; means, as of the Amendment No.&nbsp;2 Effective
Date, HGV Borrower. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Holders</U>&#148; means the Management Stockholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Investments</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) direct obligations of, or guaranteed as to the full and timely payment of principal and interest by, the United States or
obligations of any agency or instrumentality thereof, if such obligations are backed by the full faith and credit of the United States; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) federal funds, certificates of deposit, time deposits, bankers&#146;
acceptances (which shall each have an original maturity of not more than ninety (90)&nbsp;days and, in the case of bankers&#146; acceptances, shall in no event have an original maturity of more than 365 days) or demand deposits of any United States
depository institution or trust company organized under the laws of the United States or any state and subject to supervision and examination by federal and or state banking authorities; <U>provided</U>, that the short-term obligations of such
depository institution or trust company are rated in one of the two highest available rating categories by the Rating Agencies on the date of acquisition thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) commercial paper (having original maturities of not more than thirty (30)&nbsp;days) of any corporation incorporated under
the laws of the United States or any state thereof which is rated <FONT STYLE="white-space:nowrap">A-1</FONT> or better by S&amp;P and <FONT STYLE="white-space:nowrap">P-1</FONT> by Moody&#146;s on the date of acquisition thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) securities of money market funds rated AA or better by S&amp;P and Aa or better by Moody&#146;s on the date of acquisition
thereof; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) repurchase obligations secured by an investment described in clause (a)&nbsp;above with a market value
greater than the repurchase obligation, <I>provided that</I> such security is held by a third party custodian which has a rating for its short-term, unsecured debt or commercial paper (other than such obligations the rating of which is based on the
credit of a Person other than such custodian) of <FONT STYLE="white-space:nowrap">P-1</FONT> by Moody&#146;s and at least <FONT STYLE="white-space:nowrap">A-1</FONT> by S&amp;P on the date of acquisition thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Permitted Investments may be purchased by the Paying Agent or through an Affiliate of the Paying Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means any of the following: (a)&nbsp;Liens for taxes and assessments (i)&nbsp;which are not
yet due and payable or (ii)&nbsp;the validity of which are being contested in good faith by appropriate proceedings and with respect to which the Seller is maintaining adequate reserves in accordance with GAAP; (b)&nbsp;Liens in favor of the
Administrative Agent or any Secured Party, including any Liquidity Providers (but only in connection with this Agreement); (c) any other Liens created pursuant to any Facility Document; and (d)&nbsp;in respect of any Timeshare Property or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, (i)&nbsp;the Lien of a Mortgage <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or a</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(in the case of a Mortgage Loan or a Club Loan) or in connection with a</U></FONT><FONT STYLE="font-family:Times New Roman"> <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan, (ii)&nbsp;the lien of current real property taxes, maintenance fees, ground rents, water charges, sewer rents and assessments not yet due and payable,
(iii)&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">with respect to Timeshare Property related to Club Loans, materialmen&#146;s, warehousemen&#146;s,
mechanic&#146;s and other Liens arising by operation of law in the ordinary course of business for sums not due, (iv)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">covenants, conditions and restrictions, rights of way, easements and
other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use of such Timeshare Property or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT>
Interest or the security intended to be provided by the related Mortgage </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(in the case of a Mortgage Loan or a
Club Loan) </U></FONT><FONT STYLE="font-family:Times New Roman">or security interest granted under the related <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan, as applicable, or with the related
Obligor&#146;s ability to pay his or her obligations when they become due or materially and adversely affects the value of such Timeshare
Property</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, Club Loan</U></FONT><FONT STYLE="font-family:Times New Roman"> or <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, (v)&nbsp;with respect to a Club Loan, the
Obligor&#146;s interest in the related Timeshare Property under such Club Loan whether pursuant to the Club Trust Agreement or otherwise, (vi)&nbsp;with respect to Club Loans and Related Security, any and all rights of the Beneficiaries referred to
in the Club Trust Agreement under such Club Trust Agreement</U></FONT><FONT STYLE="font-family:Times New Roman"> and (</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>iv</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">vii</U></FONT><FONT STYLE="font-family:Times New Roman">) the exceptions (general and specific) set forth in the related
title insurance policy</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> or in any related lender&#146;s title insurance commitment</U></FONT><FONT
STYLE="font-family:Times New Roman">, none of which, individually or in the aggregate, materially interferes with the security intended to be provided by such Mortgage or security interest granted under the related <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan, as applicable, or with such Obligor&#146;s ability to pay his or her obligations when they become due or materially and adversely affects the value of such Timeshare Property or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest. </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Release</U>&#148; means, with respect to a Pledged
Timeshare Loan, a release of such Pledged Timeshare Loan from the Lien of this Agreement as contemplated by Section&nbsp;2.15. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means an individual, partnership, corporation (including a business trust), joint stock company,
limited liability company, trust, unincorporated association, joint venture, Governmental Authority or other entity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan</U>&#148; means an &#147;employee pension benefit plan&#148;, as such term is defined in Section&nbsp;3 of ERISA,
(other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section&nbsp;412 of the Code and is maintained or contributed to by the Borrower or any ERISA Affiliate for any of its
employees. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pledged Timeshare Loan</U>&#148; means, on any date, each Timeshare Loan owned by the Borrower on such
date, whether or not such Timeshare Loan is an Eligible Timeshare Loan, and excluding any Timeshare Loan released from the Lien of this Agreement pursuant to the terms hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Points</U>&#148; means points or a similar form of currency, whether purchased directly under the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement (in the case of Diamond Timeshare Loans) or acquired pursuant to automatic enrollment in the HGVClub (in the case of the HRC Timeshare Loans), the
redemption of which entitles the holder thereof to reserve the use and occupancy of a residential accommodation at (i)&nbsp;a Diamond Resort within the related Resort Collection, in the case of a Diamond Timeshare Loan or (ii)&nbsp;a Resort within
the HGVClub, in the case of the HRC Timeshare Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Predecessor Servicer Work Product</U>&#148; has the meaning
given such term in Section&nbsp;5.1(g) of the Servicing Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prime Rate</U>&#148; means, for any day, a
fluctuating rate of interest per annum equal to the higher of: (i)&nbsp;a fluctuating rate of interest per annum equal to the &#147;Prime Rate&#148; most recently published in the Wall Street Journal and described as &#147;the base rate on corporate
loans posted by at least 75% of the nation&#146;s 30 largest banks&#148;, and (ii) 0.50% above the rate per annum at which BANA, in its reasonable discretion, can acquire federal funds in the interbank overnight federal funds market, through brokers
of recognized standing or otherwise, as most recently determined by BANA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Principal Amount</U>&#148; means, with
respect to any Loan, the original principal amount of such Loan, as such principal amount may be reduced from time to time by (i)&nbsp;payments made in accordance with Section&nbsp;2.05 and (ii)&nbsp;Collections received by the applicable Lender
holding such Loan from distributions made pursuant to Section&nbsp;2.06 that have been applied to reduce the Principal Amount of such Loan; <I>provided, that</I> if such Principal Amount shall have been reduced by any distribution and thereafter all
or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Principal Amount shall be increased by the amount of such rescinded or returned distribution, as though it had not been received by such Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pro Rata Share</U>&#148; means, at any time for any Committed Lender in any Lender Group, (a)&nbsp;the Commitment of
such Committed Lender at such time, divided by the sum of the Commitments of all Committed Lenders in such Lender Group at such time and (b)&nbsp;after the Commitments of all the Committed Lenders in such Lender Group have been terminated, the
Principal Amount of the Loans funded or maintained by such Committed Lender at such time, divided by the Principal Amount of the Loans funded or maintained by all the Committed Lenders in such Lender Group at such time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Processing Fees</U>&#148; means any amounts due under an Obligor
Note in respect of collection fees, processing fees, service fees, impound fees, <FONT STYLE="white-space:nowrap">non-sufficient</FONT> funds fees or late fees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Product Information</U>&#148; has the meaning specified in Section&nbsp;10.12(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Contract</U>&#148; means the purchase contract<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> pursuant (or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT
STYLE="font-family:Times New Roman"> the purchase and security
agreement</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,
the purchase agreement or the owner beneficiary agreement pursuant</U></FONT><FONT STYLE="font-family:Times New Roman"> to which an Obligor purchased a Timeshare Interest. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Price</U>&#148; has the meaning set forth in Section&nbsp;2.2(a) of the Sale and Contribution Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified Institution</U>&#148; means (a)&nbsp;a federal or state-chartered depository institution or trust company
having a combined surplus and capital of at least $100,000,000 and further having (i)&nbsp;commercial paper, short-term debt obligations, or other short-term deposits that are rated at least investment grade by any Rating Agency, if the deposits are
to be held in the account for 30 days or less, or (ii)&nbsp;having long-term unsecured debt obligations that are rated at least investment grade by any Rating Agency, if the deposits are to be held in the account more than 30 days, or (b)&nbsp;any
depository institution or trust company organized under the laws of the United States or any State (or any domestic branch of a foreign bank), (i)&nbsp;(a) that has or the parent of which has, either (1)&nbsp;a long-term unsecured debt rating of
&#147;A&#148; or higher by S&amp;P and &#147;A2&#148; or higher by Moody&#146;s, or (2)&nbsp;a short-term unsecured debt rating of not less than <FONT STYLE="white-space:nowrap">&#147;A-1&#148;</FONT> by S&amp;P and not less than <FONT
STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> by Moody&#146;s or (b)&nbsp;is otherwise acceptable to the Administrative Agent and (ii)&nbsp;whose deposits are insured by the Federal Deposit Insurance Corporation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified Substitute Timeshare Loan</U>&#148; means, with respect to any Timeshare Loan to be included as a
Transferred Timeshare Loan in connection with a substitution pursuant to Section&nbsp;2.7(b) or (c)&nbsp;of the Sale and Contribution Agreement, a Timeshare Loan that was an Eligible Timeshare Loan as of the last day of the Collection Period
immediately preceding the related Transfer Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
<FONT STYLE="white-space:nowrap">&#147;Ramp-Up</FONT> Period&#148; means, in the case of a Securitization, the period beginning on the related Refinancing Date and ending on the date that is the earlier of (a)&nbsp;the 180th day following such
Refinancing Date and (b)&nbsp;the first date on which the Aggregate Loan Principal Balance is equal to or greater than 25% of the Facility Limit.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rating Agency</U>&#148; means any nationally recognized statistical rating organization and any successor thereto.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rating Request</U>&#148; means a written request by an Affected Party or Lender to the Borrower and the Servicer,
stating that such Affected Party or Lender intends to request that a Rating Agency issue a public rating to the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reasonably Request</U>&#148; means a request for information or actions that is reasonably made by the requesting
party and that can reasonably be provided or performed by the furnishing party without significant effort or expense; provided, that in the event that the furnishing party believes that the requested information or actions cannot be provided or
performed without significant effort or expense, the furnishing party and the requesting party shall confer in good faith to agree upon appropriate consideration for the furnishing party to provide such information or perform such actions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Records</U>&#148; means, with respect to a Timeshare Loan, all
agreements, documents, instruments, books, records and other information, other than the Timeshare Loan File with respect to such Timeshare Loan, including all accounting records, credit files, electronic data and other computer materials, tapes,
discs and punch cards with respect to such Timeshare Loan, the related Obligor or the Related Security with respect thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing</U>&#148; means any Securitization or other financing by the Borrower or any Affiliate of the Borrower
that is secured, directly or indirectly, by, or involving, all or a portion of the Collateral transferred by the Borrower in connection with such financing transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Date</U>&#148; means the date upon which a Refinancing is consummated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Date Certificate</U>&#148; means either a certificate, substantially in the form attached as Annex <FONT
STYLE="white-space:nowrap">1-A</FONT> to Exhibit I hereto, delivered by a Responsible Officer of the Borrower on a Refinancing Date indicating that the requirements set forth in this Agreement for a Refinancing have been satisfied or a certificate,
substantially in the form attached as Annex <FONT STYLE="white-space:nowrap">1-B</FONT> to Exhibit I hereto, delivered by a Responsible Officer of the Servicer on a Refinancing Date indicating that the requirements set forth in this Agreement for a
Refinancing have been satisfied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Refinancing Release</U>&#148; means a release executed pursuant to
Section&nbsp;2.14, substantially in the form of Exhibit I hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Register</U>&#148; has the meaning specified in
Section&nbsp;10.03(d). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Regulatory
 Authority&#148; has the meaning specified in Section&nbsp;10.12(d).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Related Security</U>&#148; means, with respect to a Timeshare Loan, (i)&nbsp;all property and assets (whether real or
personal and whether tangible or intangible) from time to time securing or purporting to secure such Timeshare Loan, whether pursuant to the related Purchase Contract, the related Mortgage<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT
STYLE="font-family:Times New Roman"> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT>
Agreement</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, Owner Beneficiary Rights, Vacation Points</U></FONT><FONT STYLE="font-family:Times New Roman"> or
otherwise, (ii)&nbsp;Liens on any property described in the preceding clause (i), together with all UCC financing statements, Mortgages and any other filings covering any collateral securing payment of such Timeshare Loan, </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">including, for the avoidance of doubt, with respect to a Club Loan, any Mortgages, signed by the Club Trustee on behalf of an
Obligor describing any collateral securing such Timeshare Loan, </U></FONT><FONT STYLE="font-family:Times New Roman">(iii)&nbsp;all guaranties, prepayment penalties, indemnities, warranties, letters of credit, insurance proceeds and premium refunds
thereof and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Timeshare Loan, (iv)&nbsp;the Purchase Contract, the Timeshare Loan File and any other agreements, documents and instruments
relating to such Timeshare Loan, (v)&nbsp;any Timeshare Interest repossessed by the Servicer on behalf of the Borrower pursuant to the Servicing Agreement, (vi)&nbsp;all Records and (vii)&nbsp;all proceeds of the foregoing, other than proceeds of
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>a</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the
related</U></FONT><FONT STYLE="font-family:Times New Roman"> Timeshare </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Loan</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Interest</U></FONT><FONT STYLE="font-family:Times New Roman"> that has been foreclosed upon and remarketed and </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>for </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">which </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the applicable
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Interest relates to the Barbados Resort</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the
La Pacifica Resort or the Craigendarroch Resort</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Relevant Governmental Body</U>&#148; means the Board of Governors of the Federal Reserve System and/or the Federal
Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Remaining Percentage</U>&#148; means, with respect to any Refinancing Date, the percentage equivalent of a fraction,
the numerator of which is the Aggregate Timeshare Loan Balances of all Eligible Timeshare Loans on such Refinancing Date, after giving effect to the release of all Pledged Timeshare Loans in connection with the Refinancing on such Refinancing Date,
and the denominator of which is the Aggregate Timeshare Loan Balance of all Eligible Timeshare Loans on such Refinancing Date, before giving effect to the release of Pledged Timeshare Loans in connection with such Refinancing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reportable Event</U>&#148; has the meaning set forth in
Section&nbsp;4043 of ERISA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Repurchase Price</U>&#148; means, with respect to a Transferred Timeshare Loan to be
repurchased by the Seller on any date pursuant to Section&nbsp;2.7 of the Sale and Contribution Agreement, the Timeshare Loan Balance of such Transferred Timeshare Loan as of the Applicable Measurement Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Request for Release of Documents (Administrative Agent)</U>&#148; means a request for release, appropriately
completed, substantially in the form of Exhibit B to the Custody Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Request for Release of Documents
(Servicer)</U>&#148; means a request for release, appropriately completed, substantially in the form of Exhibit <FONT STYLE="white-space:nowrap">A-1</FONT> to the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Request for Release of Documents (Approved Subservicer)</U>&#148; means a request for release, appropriately
completed, substantially in the form of Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT> to the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Data</U>&#148; means ongoing information regarding the characteristics and performance of the Timeshare Loans
and pool and vintage origination data with respect to timeshare loans originated or serviced by the Seller and its Affiliates required to be provided by the Borrower or the Servicer to the Administrative Agent at the request of the Administrative
Agent or any Managing Agent in connection with any Lender&#146;s or Affected Party&#146;s regulatory capital requirements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Local Counsel Jurisdictions</U>&#148; means, with respect to the applicable Timeshare Loans that are Pledged
Timeshare Loans or that the Borrower proposes to be Pledged Timeshare Loans in connection with any Borrowing Request, the following: (i)&nbsp;if such Pledged Timeshare Loan is a Diamond Timeshare Loan, each state jurisdiction in which a sale center
that is associated with a Resort Collection related to such Diamond Timeshare Loan is located where the related aggregate Timeshare Loan Balance of the Diamond Timeshare Loans originated in such jurisdiction equals or exceeds 10% of the Aggregate
Loan Principal Balance<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>
or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> (ii)&nbsp;if such Pledged Timeshare Loan is an
HRC Timeshare Loan, a state jurisdiction in which each related Resort is located</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or (iii)&nbsp;if such Pledged Timeshare Loan is a Bluegreen Timeshare Loan, the state jurisdiction in which the related
Resort is located where the related aggregate Timeshare Loan Balance of the Bluegreen Timeshare Loans originated in such jurisdiction equals or exceeds 5% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare
Loans.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required
<FONT STYLE="white-space:nowrap">Non-Delayed</FONT> Funding Amount</U>&#148; means, with respect to a Designated Delay Funding Lender and an Original Borrowing Date, an amount equal to the excess, if any, of (a)&nbsp;an amount equal to 20% of such
Designated Delay Funding Lender&#146;s Commitment as of such Original Borrowing Date over (b)&nbsp;the sum, with respect to such Designated Delay Funding Lender, of all Designated Delayed Funding Amounts funded by such Designated Delay Funding
Lender on the Original Borrowing Dates for such Designated Delayed Funding Amounts during the 35 days preceding such Original Borrowing Date and with respect to which the related Delayed Funding Dates shall not have occurred on or prior to such
Original Borrowing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><U>&#147;Required Rate</U>&#148; means, <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>on any date of determination, the Hedge Rate that would cause the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Excess
Spread Percentage </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>to be equal to 7.25% </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>on such
date</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a percentage
 </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">computed as follows: (a)&nbsp;the weighted average Contract Rates of all Eligible Timeshare Loans on the
Applicable Measurement Date (weighted based on Timeshare Loan Balances on such date), minus (b)&nbsp;the then applicable Servicing Fee Rate, minus (c)&nbsp;the Used Fee Rate, minus (d) </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">7.25%</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Requisite Office</U>&#148; means, for any Timeshare Loan, the
office where the related Mortgage would be required to be recorded. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resolution Authority</U>&#148; means an EEA
Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rescindable
Amount</U>&#148; has the meaning as defined in Section&nbsp;2.22. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resort</U>&#148; means (i)&nbsp;with respect to
a HRC Timeshare Loan, the related HRC Resort<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>
and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> (ii</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">) with respect to a Bluegreen Timeshare Loan, the related Bluegreen Resort and (iii</U></FONT><FONT
STYLE="font-family:Times New Roman">)&nbsp;with respect to a Diamond Timeshare Loan, the related Diamond Resort. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resort Association</U>&#148; means (i)&nbsp;with respect to any HRC Timeshare Loan and the related Resort, any of the
resort associations listed on Schedule V to this Agreement <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">(ii</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">)&nbsp;
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">with respect to any
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare Loan
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and the related Resort, any of the resort associations listed on Schedule VIII to this Agreement and
(iii</U></FONT><FONT STYLE="font-family:Times New Roman">)&nbsp;with respect to any Diamond Timeshare Loan and the related Resort, any of the resort associations listed on Schedule VI to this Agreement. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resort Association Instruments</U>&#148; means, with respect to any Resort Association, the &#147;Declaration&#148;,
&#147;Articles of Incorporation&#148;, <FONT STYLE="white-space:nowrap">&#147;By-Laws&#148;,</FONT> &#147;Trust Agreements&#148;, &#147;Regulations&#148;, &#147;Register of Members&#148; and any other document or instrument which defines or governs
the Resort Association. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resort Collection</U>&#148; means U.S. Collection, Hawaii Collection, Diamond Resorts
California Collection, as the same may be amended from time to time to include future Resort Collections formed by DRC or its affiliates with the consent of the Administrative Agent (which consent shall not be unreasonably withheld). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Resort Collection Instruments</U>&#148; means, with respect to any Resort Collection, the &#147;Declaration&#148;,
&#147;Articles of Incorporation&#148;, <FONT STYLE="white-space:nowrap">&#147;By-Laws&#148;,</FONT> &#147;Trust Agreements&#148;, &#147;Regulations&#148;, &#147;Register of Members&#148; and any other document or instrument which defines or governs
the Resort Collection. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Responsible Officer</U>&#148; means, as to any Person, the chief executive officer or
president or, with respect to financial matters, the chief financial officer, the chief accounting officer, the treasurer or the controller of such Person, or any vice president, assistant vice president, secretary, assistant secretary, or any other
officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers who is in each case authorized or responsible for taking action on behalf of such Person in connection with the
transactions contemplated by the Facility Documents; <I>provided, that</I> in the event any such officer is unavailable at any time he or she is required to take any action hereunder, Responsible Officer means any officer authorized to act on such
officer&#146;s behalf as demonstrated by a certified resolution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restatement Date</U>&#148; means, May&nbsp;3,
2022. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Restricted Junior Payment</U>&#148; means, with respect to any Person, (i)&nbsp;any dividend or other
distribution of any nature (cash, securities, assets, Indebtedness or otherwise) and any payment, by virtue of redemption, retirement or otherwise, on any class of Equity Interests or subordinate Indebtedness issued by such Person, whether such
Equity Interests are now or may hereafter be authorized or outstanding and any distribution in respect of any of the foregoing, whether directly or indirectly, (ii)&nbsp;any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

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redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Securities or subordinate Indebtedness of such Person now or
hereafter outstanding, or (iii)&nbsp;any payment of management or similar fees by such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Retained
Interest</U>&#148; means a material net economic interest in the transaction of not less than the percentage thereof required under the EU Securitization Rules and the UK Securitization Rules (being as at the date hereof 5%) as measured at the
relevant time against the aggregate Timeshare Loan Balances of all Pledged Timeshare Loans. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revised UCC
Jurisdiction</U>&#148; means a jurisdiction that has enacted the 2022 Amendments to the Uniform Commercial Code, which amendments are fully in effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement</U>&#148;
means, with respect to a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan, collectively (A)&nbsp;the various instruments, including one or more Resort&#146;s articles of association, each such
Resort&#146;s timeshare plan, each such Resort&#146;s disclosure statement used in selling Units, any share purchase agreement with an Obligor associated with such
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan, that among other things: (i)&nbsp;in consideration of the payment of a purchase price, including payment of the related Obligor Note, grants and
conveys to the Obligor shares in the related Resort Association(s), which in turn grants the Obligor the license or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-to-use</FONT></FONT> and occupy one or more Units in such
Resort(s), (ii) imposes certain obligations on the Obligor regarding payment of the related Obligor Note, the Obligor&#146;s use or occupancy of one or more Units and the payment of a maintenance fee to the management company, and (iii)&nbsp;grants
the holder thereof certain rights, including the rights to payment of the related Obligor Note, and, in the circumstances provided therein, to foreclose on the related
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, to reacquire any shares of such Resort&#146;s association, and thereafter to resell the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest to another Person, (B)&nbsp;the related Vacation Interest, and (C)&nbsp;the related Purchase Contract. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest</U>&#148; means
(i)&nbsp;with respect to a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan that is an HRC Timeshare Loan, a timeshare interest, other than a timeshare fee simple interest in real estate, regarding
one or more Units in one or more Resorts, however denominated or defined in the applicable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement or other relevant document or instrument pursuant to
which such timeshare interest is created, together with all rights, benefits, privileges and interests appurtenant thereto, including the right to use and occupy one or more Units within one or more Resorts and the common areas and common
furnishings appurtenant to such Unit or Units for a specified period of time, and (ii)&nbsp;with respect with a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan that is a Diamond Timeshare Loan, a
timeshare interest, other than a timeshare fee simple interest in real estate, or membership in the related Collection Association, however denominated or defined in the applicable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement or other relevant document or instrument pursuant to which such timeshare interest is created, together with all rights, benefits, privileges and
interests appurtenant thereto, including the right to use and occupy one or more Units within one or more Resorts in the related Collection Association, in each case of (i)&nbsp;and (ii), on a recurring basis, as more specifically described in the
related <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement. A <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest shall include the Vacation
Interest and any Points. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan</U>&#148; means a
Timeshare Loan that is secured by a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>S&amp;P</U>&#148; means S&amp;P Global Ratings, a Standard&nbsp;&amp; Poor&#146;s Financial Services LLC business, and
its successors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sale and Contribution Agreement</U>&#148; means that certain Amended and Restated Sale and
Contribution Agreement, dated as of the Restatement Date, by and between the Seller and the Borrower. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctioned Country</U>&#148; means any country or region that is
subject to comprehensive sanctions by OFAC, including as of the date of this Agreement Iran, North Korea, Syria, Cuba, and the Donetsk, Luhansk and Crimea regions of Ukraine, as may be amended from time to time by OFAC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Sanctioned Person</U>&#148; means (i)&nbsp;a Person named on the list of Specially Designated Nationals or Blocked
Persons maintained by OFAC, including any Person owned 50&nbsp;percent or more directly or indirectly in the aggregate by one or more such Persons, or on any sanctions list published by the EU or UK, including any Person owned 50&nbsp;percent or
more directly or indirectly by one or more such Persons or otherwise controlled by one or more such Persons, or as otherwise published from time to time, or (ii)(a) an agency of the government of a Sanctioned Country, (b)&nbsp;an organization
controlled by a Sanctioned Country or (c)&nbsp;a Person ordinarily resident in a Sanctioned Country. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured
Parties</U>&#148; means, collectively, the Lenders, each Managing Agent, the Administrative Agent, the Custodian, the Backup Servicer, each Hedge Counterparty, the Paying Agent and each other Indemnified Party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Intermediary</U>&#148; has the meaning set forth in Section&nbsp;2.16(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securitization</U>&#148; means any asset securitization, secured loan or similar financing transaction undertaken by
the Borrower or a Special Purpose Affiliate that is secured, directly or indirectly, by, or involving, all or a portion of the Collateral transferred by Borrower in connection with such financing transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Seller</U>&#148; means HRC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Seller Affiliated Manager</U>&#148; means any wholly-owned Subsidiary <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or Affiliate </U></FONT><FONT STYLE="font-family:Times New Roman">of the Seller that manages a Resort or Resort Association.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicer</U>&#148; means, at any time, the Person then authorized pursuant to the Servicing Agreement in
such capacity. As of the date hereof, GVS is the Servicer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicer Termination Event</U>&#148; has the meaning
set forth in Section&nbsp;6.1 of the Servicing Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Agreement</U>&#148; means that certain
Amended and Restated Servicing Agreement, dated as of the Restatement Date, among the Borrower, the Servicer, the Backup Servicer and the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Fee</U>&#148; means a fee with respect to each Collection Period, payable in arrears on the Distribution
Date immediately following the end of such Collection Period for the account of the Servicer, in an amount equal to the product of (i)&nbsp;the aggregate Timeshare Loan Balance of the Pledged Timeshare Loans as of the last day of such Collection
Period, <FONT STYLE="white-space:nowrap">(ii)&nbsp;one-twelfth</FONT> and (iii)&nbsp;the applicable Servicing Fee Rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Fee Rate</U>&#148; means (i)&nbsp;at all times that GVS is the Servicer, 1.15% or (ii)&nbsp;at any other
time, the percentage agreed to by the applicable successor Servicer, the Borrower and the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Officer</U>&#148; means those officers of the Servicer involved in, or responsible for, the administration
and servicing of the Pledged Timeshare Loans, as identified on the list of servicing officers furnished by the Servicer to the Administrative Agent, the Backup Servicer and the Borrower from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Standard</U>&#148; has the meaning set forth in
Section&nbsp;2.1 of the Servicing Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Transfer</U>&#148; has the meaning specified in
Section&nbsp;6.1 of the Servicing Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Transfer Date</U>&#148; the date servicing will transfer
to the Backup Servicer, which shall be a date no more than forty-five (45)&nbsp;calendar days after the date a Termination Notice is delivered in accordance with the terms of the Servicing Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>SignPost</U>&#148; means SignPost, provided by First American Title Insurance Company, a Nebraska corporation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>SignPost Agreement</U>&#148; means that certain First America Title Insurance Company Master Software License
Agreement, dated as of February&nbsp;4, 2021, between SignPost and the Seller. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>SignPost System</U>&#148; has the
meaning set forth in the Custody Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Similar Law</U>&#148; means state statutes regulating investments of
and fiduciary obligations with respect to &#147;governmental plans&#148; within the meaning of Section&nbsp;3(32) of ERISA that impose prohibitions similar to those contained in Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>SOFR</U>&#148; means, with respect to any applicable determination date, the Secured Overnight Financing Rate
published on the fifth U.S. Government Securities Business Day preceding such date by the SOFR Administrator on the Federal Reserve Bank of New York&#146;s website (or any successor source); <U>provided</U> however that if such determination date is
not a U.S. Government Securities Business Day, then SOFR means such rate that applied on the first U.S. Government Securities Business Day immediately prior thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>SOFR Administrator</U>&#148; means the Federal Reserve Bank of New York, as the administrator of SOFR, or any
successor administrator of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Special Purpose Affiliate</U>&#148; means any entity that is a Subsidiary of HGV Borrower, that was created for the
purpose of one or more Securitizations, the purposes of which are limited to acquisition and ownership of timeshare loans and related activities and that is intended to be treated as a separate and distinct entity from the Seller. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Documents</U>&#148; means, with respect to any Timeshare Loan File, each document listed in the definition
of &#147;Timeshare Loan File&#148;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>State</U>&#148; means any state of the United States of America or the
District of Columbia, including Puerto Rico. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means, with respect to any Person, any
corporation, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar
functions of such corporation, partnership or other entity (irrespective of whether or not at the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any
contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Substitution Shortfall Amount</U>&#148; means, for any Pledged Timeshare Loan being substituted for by a Qualified
Substitute Timeshare Loan being transferred to the Borrower by the Seller in accordance with Section&nbsp;2.7(b) or Section&nbsp;2.7(c) of the Sale and Contribution Agreement, an amount equal to the excess of (i)&nbsp;the Timeshare Loan Balance of
such Pledged Timeshare Loan over (ii)&nbsp;the Timeshare Loan Balance of such Qualified Substitute Timeshare Loan, in each case, on the related Transfer Date; <I>provided, however</I>, that, if one or more Pledged Timeshare Loans are being
substituted for one or more Qualified Substitute Timeshare Loans being transferred to the Borrower by the Seller pursuant to Section&nbsp;2.7 of the Sale and Contribution Agreement on a Substitution Date, the Substitution Shortfall Amount for such
Timeshare Loans shall be the amount, if any, by which (i)&nbsp;the aggregate Timeshare Loan Balances of such Pledged Timeshare Loans exceeds (ii)&nbsp;the aggregate Timeshare Loan Balances of such Qualified Substitute Timeshare Loans, in each case,
as of the last day of the Collection Period immediately preceding such Substitution Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Successor
Servicer</U>&#148; has the meaning set forth in Section&nbsp;5.1(e) of the Servicing Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tangible Loan
Document</U>&#148; has the meaning set forth in the Custody Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tangible Obligor Note</U>&#148; has the
meaning set forth in the Custody Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxes</U>&#148; means all present or future taxes, levies, imposts,
duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Notice</U>&#148; has the meaning set forth in Section&nbsp;6.1 of the Servicing Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Interest</U>&#148; means a Timeshare Property or a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, and Timeshare Interest or &#147;Timeshare Interests,&#148; when used in the Facility Documents, means, as applicable, any Timeshare Interest that is subject to a Timeshare Loan, or all
Timeshare Properties and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interests that are subject to the Timeshare Loans, listed on Timeshare Loan Schedule, as the same may be amended from time to time.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Loan</U>&#148; means a Mortgage Loan<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, a Club Loan</U></FONT><FONT STYLE="font-family:Times New Roman"> or a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan financing the purchase of a Timeshare Interest. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Loan Assets</U>&#148; means, collectively, (i)&nbsp;the Pledged Timeshare Loans, (ii)&nbsp;all Related
Security with respect to the Pledged Timeshare Loans, (iii)&nbsp;all Collections and (iv)&nbsp;all proceeds of the foregoing, other than proceeds of <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>a</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the related</U></FONT><FONT STYLE="font-family:Times New Roman"> Timeshare </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Loan</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Interest</U></FONT><FONT
STYLE="font-family:Times New Roman"> that has been foreclosed upon and remarketed and </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>for which the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>applicable </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Timeshare Interest</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">which</U></FONT><FONT STYLE="font-family:Times New Roman"> relates to the Barbados Resort</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the La Pacifica Resort or the Craigendarroch Resort</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Loan Balance</U>&#148; means, with respect to a Timeshare Loan as of any date of determination, the
outstanding principal balance of such Timeshare Loan on the Applicable Measurement Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Loan Documents</U>&#148; means, with respect to a
Timeshare Loan and the related Obligor, each of the documents and other items listed under the definition of &#147;Timeshare Loan File<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">&#148; </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and, in each case, applicable to such Timeshare Loan.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Timeshare
 Loan File&#148; means, individually or collectively, a Timeshare Loan File &#150; HRC Timeshare Loan, a Timeshare Loan File &#150; Grand Islander Timeshare Loan, a Timeshare Loan File &#150; Bluegreen Timeshare Loan (Fee Simple), a Timeshare Loan
File &#150; Bluegreen Timeshare Loan (La Pension) and a Timeshare Loan File &#150; Diamond Timeshare Loan.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Loan
File</U><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> &#150; Bluegreen Timeshare Loan (Fee Simple)</U></FONT><FONT STYLE="font-family:Times New Roman">&#148; means
with respect to each </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen </U></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Loan </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">that does not relate to La Pension Resort,</U></FONT><FONT STYLE="font-family:Times New Roman"> and each </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related </U></FONT><FONT STYLE="font-family:Times New Roman">Obligor: </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(a)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original Tangible Obligor Note</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(or an original lost note affidavit</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">) or an Electronic Obligor Note executed by such Obligor, endorsed as &#147;Pay to the order of
&#8195;&#8195;&#8195;&#8195;&#8195;, without recourse, representation or warranty&#148; (either directly on the Obligor Note or on an allonge (which may be a copy) placed with such Obligor Note), by an Authorized Officer of </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Seller
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(such Authorized Officer&#146;s signature may be computer generated);</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(b)
</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) an original Mortgage (or a copy thereof) in
either paper or electronic form with evidence that such Mortgage has been recorded in the appropriate recording office or (ii)&nbsp;if such Mortgage has not yet been returned by such recording office, a copy of the unrecorded Mortgage that has been
delivered to such recording office;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(c)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a copy of the UCC financing statement, if any, evidencing that the security interest granted under such Timeshare Loan, if
any, has been perfected under applicable state law;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(d)</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) a copy of any recorded warranty deed in paper or electronic form transferring legal title to the related Timeshare
Interest to the Club Trustee, or (ii)&nbsp;if such recorded warranty deed has not yet been returned, a copy of a warranty deed sent for recording;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(e)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">lender&#146;s title insurance policy or master policy </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(or a copy thereof) in either paper or electronic form referencing such Timeshare Loan, when available, or (ii)&nbsp;a
binding unconditional commitment to issue a title insurance policy or a master commitment in either paper or electronic form referencing such Timeshare Loan; provided that such binding unconditional commitment may be provided within ninety
(90)&nbsp;days of the related Transfer Date for such Timeshare Loan File;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(f)
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the original or </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a copy of the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related Purchase Contract in paper or electronic form executed and delivered by the related Obligor with
respect to the purchase of a Timeshare Interest; and</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(h)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original or a copy of each modification agreement, if any, in either paper or electronic form which relates to
(i)&nbsp;the Obligor Note or (ii)&nbsp;the Mortgage, as applicable, with respect to such Timeshare Loan.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">For purposes
of this definition, the term &#147;original&#148; shall include an &#147;Authoritative Copy&#148; and any &#147;Approved Exported Timeshare Loan File.&#148;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Timeshare
 Loan File &#150; Bluegreen Timeshare Loan (La Pension)&#148; means with respect to each Bluegreen Timeshare Loan that relates to the La Pension Resort and each related Obligor:</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(a)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original Tangible Obligor Note
(or an original lost note affidavit) or an Electronic Obligor Note executed by such Obligor, endorsed as &#147;Pay to the order of &#8195;&#8195;&#8195;&#8195;&#8195;, without recourse, representation or warranty&#148; (either directly on the
Obligor Note or on an allonge (which may be a copy) placed with such Obligor Note), by an Authorized Officer of the Seller (such Authorized Officer&#146;s signature may be computer generated);</U></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(b)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) an original Mortgage (or a
copy thereof) in either paper or electronic form with evidence that such Mortgage has been recorded in the appropriate recording office or (ii)&nbsp;if such Mortgage has not yet been returned by such recording office, a copy of the unrecorded
Mortgage that has been delivered to such recording office;</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(c)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a copy of the UCC financing
statement, if any, evidencing that the security interest granted under such Timeshare Loan, if any, has been perfected under applicable state law;</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(d)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) a copy of any recorded
warranty deed in paper or electronic form transferring legal title to the related Timeshare Interest to the Club Trustee, or (ii)&nbsp;if such recorded warranty deed has not yet been returned, a copy of a warranty deed sent for recording;</U></FONT>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(e)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the original or a copy of the
related Purchase Contract in paper or electronic form executed and delivered by the related Obligor with respect to the purchase of a Timeshare Interest; and</U></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(f)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original or a copy of each
modification agreement, if any, in either paper or electronic form which relates to (i)&nbsp;the Obligor Note or (ii)&nbsp;the Mortgage, as applicable, with respect to such Timeshare Loan.</U></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">For purposes
of this definition, the term &#147;original&#148; shall include an &#147;Authoritative Copy&#148; and any &#147;Approved Exported Timeshare Loan File&#148;.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Timeshare
 Loan File &#150; Diamond Timeshare Loan&#148; means with respect to each Diamond Timeshare Loan and each related Obligor:</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(a)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original Tangible Obligor Note (or an original lost note
affidavit) or an Electronic Obligor Note executed by such Obligor, endorsed in the form &#147;Pay to the order of &#8195;&#8195;&#8195;&#8195;&#8195;, without recourse&#148; (either directly on the Obligor Note or on an allonge or allonges (which
may be a copy) thereto), by an Authorized Officer of the Seller (such Authorized Officer&#146;s signature may be computer generated);</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(b)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or a copy
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">of each modification agreement, if any, in either paper or electronic format, which relates to the Obligor
Note or the </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Purchase Contract</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, as applicable, with respect
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">to such Timeshare Loan; and</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(c)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> t</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">he original (if applicable) related
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and any related pledge and security agreements (or
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">copies of such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT>
Agreement and </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">any
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related pledge
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and security
agreements</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">) in either paper or electronic format; provided, however, that each Timeshare Loan File shall not
include any documents attached to or delivered to an Obligor with a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement that are not signed </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">by the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">parties to the</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use
</FONT></FONT> Agreement (such as articles of association, a timeshare plan and a public disclosure statement) even if
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">copies of such documents
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">have been delivered to the Custodian by the Seller.</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">For purposes
of this definition, the term &#147;original&#148; shall include an &#147;Authoritative Copy&#148; and any &#147;Approved Exported Timeshare Loan File&#148;.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Timeshare
 Loan File &#150; Grand Islander Timeshare Loan&#148; means with respect to each Grand Islander Timeshare Loan and each related Obligor:</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(a)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#ff0000"><STRIKE>(a)</STRIKE></FONT> an original Tangible Obligor Note
<FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(</U></FONT>or <FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original lost note affidavit) or </U></FONT>an Electronic Obligor Note
executed by such Obligor<FONT COLOR="#008000"><STRIKE> (or an original lost note affidavit </STRIKE></FONT><FONT COLOR="#ff0000"><STRIKE>and indemnity from </STRIKE></FONT><FONT COLOR="#008000"><STRIKE>the
Seller</STRIKE></FONT><FONT COLOR="#ff0000"><STRIKE>), bearing all intervening endorsements showing a complete chain of endorsements from the Approved Originator </STRIKE></FONT><FONT COLOR="#008000"><STRIKE>of such Timeshare Loan to the
</STRIKE></FONT><FONT COLOR="#ff0000"><STRIKE>Seller</STRIKE></FONT>, endorsed in the form &#147;Pay to the order of
<FONT COLOR="#ff0000"><STRIKE>&#8195;&#8195;&#8195;&#8195;&#8195;</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#8195;&#8195;&#8195;&#8195;&#8195;</U></FONT>, without recourse&#148; (either directly on
the Obligor Note or on an allonge thereto<FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> (which may be a
copy)</U></FONT><FONT COLOR="#ff0000"><STRIKE>,</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">)</U></FONT> by an Authorized Officer of the
Seller<FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> (such Authorized Officer&#146;s signature may be computer generated)</U></FONT>; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(b)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) an original Mortgage (or a
copy thereof) in either paper or electronic form with evidence that such Mortgage has been recorded in the appropriate recording office or (ii)&nbsp;until the original Mortgage has been returned by such recording office, a </U></FONT><FONT
 COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">photocopy of an unrecorded Mortgage </U></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">that has been delivered to such recording
office;</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(c)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original lender&#146;s title
insurance policy or master policy (or a copy thereof) in either paper or electronic form referencing such Timeshare Loan, when available; and</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(d)</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an original or a copy of each
modification agreement, if any, in either paper or electronic form which relates to the Obligor Note and the Mortgage with respect to such Timeshare Loan.</U></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">For purposes
of this definition, the term &#147;original&#148; shall include an &#147;Authoritative Copy&#148; and any &#147;Approved Exported Timeshare Loan File.&#148;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Timeshare
 Loan File &#150; </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC Timeshare Loan</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#148; means with respect to each HRC Timeshare Loan (other than the Grand Islander Timeshare Loan) and each related
Obligor:</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(a) an original Tangible Obligor Note (or an original lost note affidavit) or an Electronic Obligor Note executed by such
Obligor, endorsed in the form &#147;Pay to the order of &#8195;&#8195;&#8195;&#8195;&#8195;, without recourse&#148; (either directly on the Obligor Note or on an allonge thereto </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(which may be a
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">copy)) by an Authorized Officer of the Seller (such Authorized Officer&#146;s signature may be computer
generated);</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) with respect to a Timeshare Loan that is a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan, the original or a copy of the Purchase Contract
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">in either paper or electronic form </U></FONT><FONT STYLE="font-family:Times New Roman">that relates to each Obligor
Note, including any addenda thereto (unless such Purchase Contract is covered by clause (f)&nbsp;below); </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) if
such Timeshare Loan is a Mortgage Loan, (i)&nbsp;an original Mortgage (or a copy thereof) in either paper or electronic form with evidence that such Mortgage has been recorded in the appropriate recording office or (ii)&nbsp;until the original
Mortgage has been returned by such recording office, a photocopy of an unrecorded Mortgage that has been delivered to such recording office<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, and the delivery of such
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>photocopy of an unrecorded Mortgage </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>to the Custodian
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>by the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Seller shall be deemed to be a certification
by the Seller that such photocopy is a true and correct copy of the original Mortgage</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">; </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) if such Timeshare Loan is a Mortgage Loan, an original lender&#146;s
title insurance policy or master policy (or a copy thereof) in either paper or electronic form referencing such Timeshare Loan, when available<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, and if a copy, the
delivery thereof to the Custodian by the Seller shall be deemed to be a certification by the Seller that such </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>copy is a true and correct copy of
such</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>lender&#146;s title insurance policy or master policy</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) an original or a copy of each modification agreement, if any, in either
paper or electronic form which relates to the Obligor Note, the Mortgage, or the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement, as applicable, with respect to such Timeshare Loan<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, and if a copy, the delivery thereof </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>to the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Custodian by the Seller </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>shall be deemed to </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>be a certification by the Seller that such copy </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>is a true and correct copy
of </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>such modification agreement</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">; </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) if such Timeshare Loan is a <FONT STYLE="white-space:nowrap">Right-to</FONT> Use Loan, <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">other than with respect to the Vacation Interest covered in clause (g),
</U></FONT><FONT STYLE="font-family:Times New Roman">the original related <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement or, if executed electronically, the Authoritative Copy </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(if applicable) </U></FONT><FONT STYLE="font-family:Times New Roman">of the related <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and any related pledge and security agreements (or copies </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>thereof</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">of such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and pledged
and security agreements</U></FONT><FONT STYLE="font-family:Times New Roman">) in either paper or electronic form, and</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> if copies, the delivery thereof to the
Custodian by the Seller shall be deemed to be a certification by the Seller that such copies are true and correct </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>copies of such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and related pledge and security agreements</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">, provided, however, that each Timeshare Loan File
shall not include any documents attached to or delivered to an Obligor with a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement that are not signed by the parties to the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement (such as articles of association, a timeshare plan and a public disclosure statement)</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, even</U></FONT><FONT STYLE="font-family:Times New Roman"> if copies of such documents have been delivered to the Custodian
by the
Seller</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>,</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">;</U></FONT>
<FONT STYLE="font-family:Times New Roman"> and</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> such delivery
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>to the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Custodian </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>shall be deemed to </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>be a certification </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>by the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Seller that such copies are true and complete </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>copies of such documents</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>;</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) if such Timeshare Loan is <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>an </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>HRC Timeshare Loan </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and a <FONT STYLE="white-space:nowrap">Right-to</FONT>
Use</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT></U></FONT><FONT STYLE="font-family:Times New Roman"> Loan, a copy of the related Vacation Interest in either paper or electronic form representing the
membership in the related timeshare association of the related </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT
STYLE="font-family:Times New Roman">Resort</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>;</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">.
</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(h) if </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>such Timeshare Loan is a </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Diamond Timeshare </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Loan, the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>original <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">truth-in-lending</FONT></FONT> disclosure statement (</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>or a copy</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>) that relates </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>to such Timeshare Loan; and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(i) with respect to any document executed electronically, the
<FONT STYLE="white-space:nowrap">E-SIGN</FONT> consent.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">For purposes of this definition, the term &#147;original&#148; shall include an &#147;Authoritative Copy&#148; and any
&#147;Approved Exported </U></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Loan </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><strike><u>Servicing Files</u></strike></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>&#148; means, with respect to </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>each </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Timeshare Loan </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and each Obligor </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>a copy of the Timeshare Loan </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Files </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>and all other </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>papers and computerized records customarily maintained by the
Servicer in servicing timeshare loans comparable to the Timeshare Loans. </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">File.&#148;</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Loan Schedule</U>&#148; means Schedule I to the Sale and
Contribution Agreement and any list of Timeshare Loans attached to an Assignment in electronic format, as amended from time to time to reflect repurchases and substitutions pursuant to the terms of the Sale and Contribution Agreement and the
Servicing Agreement, which list shall set forth the following information with respect to each Timeshare Loan as of the related Cutoff Date, in numbered columns: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Loan/Contract Number </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name of Obligor </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Maximum </U></FONT>Interest Rate
Per Annum </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
<P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#ff0000"><STRIKE>Contract</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Obligor
Note</U></FONT> Date </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Original Loan Balance </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Original Term (in months) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mortgage Loan or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT>
Loan </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Electronic or Tangible<FONT COLOR="#ff0000"><STRIKE>;</STRIKE></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#9679;</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Type of Timeshare Loan File (BG, GI, DRC, HRC or
LP);</U></FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided</I>, that, in the case of Diamond Timeshare Loans originated prior to July&nbsp;1, 2022, the
Timeshare Loan Schedule shall not be required to identify the Contract Date or the Original Term for such Diamond Timeshare Loans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Loan Upgrade</U>&#148; has the meaning specified in Section&nbsp;2.7(c)(i) of the Sale and Contribution
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Timeshare Property</U>&#148; means (i)&nbsp;in the case of a Resort located in the State of New York<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and related to a Mortgage Loan</U></FONT><FONT STYLE="font-family:Times New Roman">, a real property
interest in a Unit at such Resort</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>
or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> (ii)&nbsp;in the case of any other Resort
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related to a Mortgage Loan</U></FONT><FONT STYLE="font-family:Times New Roman">, a fee simple interest in real
estate regarding a </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Unit or (iii)&nbsp;in the case of a Resort related to a Club Loan, a fractional fee simple
timeshare interest in a Unit in such Resort (or phase thereof) or an undivided interest in such Resort (or a phase thereof) associated with such </U></FONT><FONT STYLE="font-family:Times New Roman">Unit, in each case, however denominated or defined
in the applicable condominium or timeshare declaration pursuant to which such interest is created, together with all rights, benefits, privileges and interests appurtenant thereto, including the common areas and common furnishings appurtenant to
such Unit and the rights granted to the Borrower (as assignee) which secure the related Timeshare Loan. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction</U>&#148; has the meaning specified in Section&nbsp;10.12. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Parties</U>&#148; means, collectively, the Borrower, the Seller, each Approved Diamond Transferor, HGV
Borrower, HRC Islander, Kupono, Grand Islander, Grand Islander Parent, <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen, Bluegreen Holding, Woodbridge,
</U></FONT><FONT STYLE="font-family:Times New Roman">so long as it is GVS or an Affiliate of GVS </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">acting as
servicer</U></FONT><FONT STYLE="font-family:Times New Roman">, the Servicer and any Approved Subservicer. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer</U>&#148; means a purchase of Eligible Timeshare Loans by the Borrower from the Seller pursuant to
Section&nbsp;2.1 of the Sale and Contribution Agreement, including a transfer of Eligible Timeshare Loans by the Seller to the Borrower as a capital contribution or a transfer of Qualified Substitute Timeshare Loan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer Agreement</U>&#148; means, the Master Transfer Agreement, the HGV Omnibus Distribution and Assignment
Agreement, the HGV Borrower Purchase Agreement, the Kupono Assignment Agreement, the HRC Islander Assignment Agreement, the Grand Islander Assignment Agreement, the Grand Islander Parent Assignment Agreement<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the BVC Assignment and Distribution Agreement, the Woodbridge Assignment and Distribution Agreement, the BVHC Assignment
and Distribution Agreement</U></FONT><FONT STYLE="font-family:Times New Roman"> and the Sale and Contribution Agreement. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer Date</U>&#148; means, for the Initial Transfer, the Initial Transfer Date, and for any additional Transfer,
the Business Day on which such Transfer occurs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Property</U>&#148; means, collectively, the
Transferred Timeshare Loans, the Related Security and Collections with respect thereto, the HGV Borrower Purchase Agreement and all rights and remedies thereunder, and all proceeds of the foregoing, other than proceeds of <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>a</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the related</U></FONT><FONT
STYLE="font-family:Times New Roman"> Timeshare
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Loan</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Interest</U>
</FONT><FONT STYLE="font-family:Times New Roman"> that has been foreclosed upon and remarketed and </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>for
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">which </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the applicable </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Timeshare Interest
relates to the Barbados Resort</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the La Pacifica Resort or the Craigendarroch Resort</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Timeshare Loan</U>&#148; means any Timeshare Loan
transferred or purported to be transferred by the Seller to the Borrower pursuant to the Sale and Contribution Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transition Expenses</U>&#148; means any documented expenses and allocated cost of personnel reasonably incurred by the
Backup Servicer in connection with a Servicing Transfer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>UCC</U>&#148; means the Uniform Commercial Code as from
time to time in effect in the applicable jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>UETA</U>&#148; means the Uniform Electronic Transactions
Act as from time to time in effect in the applicable jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>UK Financial Institution</U>&#148; means any
BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to
time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>UK Resolution Authority</U>&#148; means the Bank of England or any other public administrative authority having
responsibility for the resolution of any UK Financial Institution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>UK Securitization Regulation</U>&#148; means
Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12&nbsp;December 2017 as it forms part of the domestic law of the United Kingdom as &#147;retained EU law&#148; by operation of the European Union (Withdrawal) Act 2018 as
amended (the &#147;EUWA&#148;) by the Securitisation (Amendment) (EU Exit) Regulations 2019 and as further amended from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>UK Securitization Rules</U>&#148; means the UK Securitization Regulation, together with (i)&nbsp;all applicable
binding technical standards made under the UK Securitization Regulation, (ii)&nbsp;any EU regulatory technical standards or implementing technical standards relating to the EU Securitization Regulation and forming part of UK domestic law by
operation of the EUWA and (iii)&nbsp;to the extent informing the interpretation the foregoing, any official guidance published in relation thereto by the Financial Conduct Authority and/or the Prudential Regulation Authority (or their successors) or
as part of the EU Securitization Rules. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unhedged Aggregate Loan Principal Balance</U>&#148; means, for any date
of determination, an amount equal to the greater of (a) $0 and (b)&nbsp;(i) the Aggregate Loan Principal Balance minus (ii)&nbsp;the notional amount of the Hedging Agreements divided by 100%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unidentified Receipts Account</U>&#148; means the account maintained by Servicer for the purpose of collecting and
depositing all payments received from Obligors the related Timeshare Loan for which cannot be determined by the <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC
</U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account Bank upon receipt. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unit</U>&#148;
means a residential unit or dwelling at a Resort. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unmatured Servicer Termination Event</U>&#148; means any event
which, with the giving of notice or lapse of time or both, would constitute a Servicer Termination Event. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unused Fees</U>&#148; has the meaning set forth in the Fee Letter.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Government Securities Business Day</U>&#148; means any Business Day, except any Business Day on which any of
the Securities Industry and Financial Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under the federal laws of the United States or the laws of
the State of New York, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>USAP</U>&#148; has the meaning set forth in Section&nbsp;3.5 of the
Servicing Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Used Fee Rate</U>&#148; has the meaning set forth in the Fee Letter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Vacation Interest</U>&#148; means the certificate or other such indicia of ownership of a Timeshare Interest and
membership in a homeowner&#146;s association of a Resort or a Collection Association pursuant to which the owner thereof has a license or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-to-use</FONT></FONT> one or more Units
at such Resort or Resort Collection. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Vacation
 Points&#148; means with respect to a Bluegreen Timeshare Loan, points or a similar form of currency, corresponding to the value of the related Timeshare Property, which entitle the holder thereof to use and occupy the related Timeshare Property and
other timeshare property interests in the Club.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;VAT Repayment Fee&#148; means the amount equal to the balance of the value added tax not paid by the related Obligor
required to be paid at closing and advanced by HRC.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Volcker Rule</U>&#148; means Section&nbsp;13 of the U.S. Bank Holding Company Act of 1956, as amended, and the
regulations thereunder (12 C.F.R. Part 248), as issued by the Board of Governors of the Federal Reserve System. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Voting Interests</U>&#148; means, with respect to any Person, outstanding Equity Interests in such Person which
entitle the holder thereof to vote in the election of members of the board of directors, board of managers or other similar governing body of such Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Warehouse Vault Partition</U>&#148; has the meaning set forth in the Custody Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Wells Fargo</U>&#148; means Wells Fargo Bank, National Association, a national banking association, and its successors
and assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Write-Down and Conversion Powers</U>&#148; means, (a)&nbsp;with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule, and (b)&nbsp;with respect to the United Kingdom, any powers of the applicable Resolution Authority under the
<FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation that are related to or ancillary to any of those powers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Woodbridge&#148;
 means Woodbridge Holdings Corporation, a Florida corporation.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;Woodbridge
 Assignment and Distribution Agreement&#148; means that certain Assignment and Distribution Agreement, dated as of the Amendment No.&nbsp;3</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Effective Date, between Bluegreen Holding and Woodbridge.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.02. <U>Other Terms and Constructions</U>. Under this Agreement, all accounting terms not specifically defined herein
shall be construed in accordance with GAAP, and all accounting determinations made and all financial statements prepared hereunder shall be made and prepared in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York,
and not specifically defined herein, are used herein as defined in such Article 9. The words &#147;herein,&#148; &#147;hereof,&#148; and &#147;hereunder&#148; and other words of similar import refer to this Agreement as a whole, including the
exhibits and schedules hereto, as the same may from time to time be amended or supplemented and not to any particular section, subsection, or clause contained in this Agreement, and all references to Sections, Exhibits and Schedules shall mean,
unless the context clearly indicates otherwise, the Sections hereof and the Exhibits and Schedules attached hereto, the terms of which Exhibits and Schedules are hereby incorporated into this Agreement. The captions and section numbers appearing in
this Agreement are inserted only as a matter of convenience and do not define, limit, construe or describe the scope or intent of the provisions of this Agreement. Each of the definitions set forth in Section&nbsp;1.01 hereof shall be equally
applicable to both the singular and plural forms of the defined terms. Unless specifically stated otherwise, all references herein to any statute, rule, regulation or any agreement, document or instrument shall, in each case, be a reference to the
same as amended, restated, supplemented or otherwise modified from time to time. The term &#147;including&#148; means &#147;including without limitation.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.03. <U>Computation of Time Periods</U>. Unless otherwise stated in this Agreement, in the computation of a period of
time from a specified date to a later specified date, the word &#147;from&#148; means &#147;from and including&#148; and the words &#147;to&#148; and &#147;until&#148; each means &#147;to but excluding.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1.04. <U>Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of Affected Financial
Institutions</U>. Notwithstanding anything to the contrary in any Facility Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial
Institution arising under any Facility Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be
bound by: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the effects of any <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Action on any such liability, including, if applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) a reduction in full
or in part or cancellation of any such liability; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by
it in lieu of any rights with respect to any such liability under this Agreement or any other Facility Document; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMOUNTS AND TERMS OF THE LOANS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.01. <U>The Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On the terms and subject to the conditions hereof, from time to time during the period commencing on the Restatement Date and ending at the
close of business on the Business Day immediately preceding the Amortization Date, each Conduit Lender may in its sole discretion, and each Committed Lender shall, if the Conduit Lender in its related Lender Group elects not to (or if there is no
Conduit Lender in its related Lender Group), make Loans to the Borrower in an amount, for each Lender Group, equal to its Lender Group Percentage of the amount requested by the Borrower pursuant to Section&nbsp;2.02; provided, that no Lender shall
make any such Loan or portion thereof to the extent that, after giving effect to such Loan: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the aggregate outstanding
Principal Amount of the Loans funded by such Lender hereunder shall exceed its Conduit Lending Limit (in the case of a Conduit Lender) or Commitment (in the case of a Committed Lender); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the Aggregate Loan Principal Balance shall exceed the lesser of the Facility Limit and the Borrowing Base; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the sum of (A)&nbsp;the aggregate Face Amount of Commercial Paper issued by the Conduit Lender(s) in such Lender Group to
fund or maintain the Loans hereunder and (B)&nbsp;the aggregate outstanding Principal Amount of the Loans funded hereunder by the Lenders in such Lender Group other than through the issuance of Commercial Paper, shall exceed the Lender Group Limit
for such Lender Group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If there is more than one Committed Lender in a Lender Group, each such Committed Lender shall lend its Pro Rata
Share of such Lender Group&#146;s Lender Group Percentage of each requested Loan, to the extent such Loan is not made by the related Conduit Lender. Each Borrowing shall be in a minimum principal amount equal to $1,000,000 and in integral multiples
of $100,000 in excess thereof. Subject to the foregoing and to the limitations set forth in Section&nbsp;2.05, the Borrower may borrow, prepay and reborrow the Loans hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Borrowing shall consist of Loans made on the same day by each of the Lender Groups ratably according to their respective Lender Group
Percentages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each Lender (or its related Managing Agent) shall maintain an account or accounts evidencing the indebtedness of the
Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the outstanding principal balance of such Loans and the amount of Interest payable and paid to such Lender from time to time hereunder. The entries
made in such accounts of the Lenders shall be <I>prima facie</I> evidence of the existence and amounts of the obligations recorded therein; provided, however, that the failure of any Lender to maintain such accounts or any error therein shall not in
any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) On the
Amortization Date, the Commitments of the Committed Lenders will terminate automatically without any action required on the part of any Person. The Aggregate Loan Principal Balance, together with all other Borrower Obligations, shall mature and be
due and payable in full in cash on the Maturity Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.02. <U>Borrowing Procedures</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Borrowing Requests</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Borrower may request a Borrowing hereunder by submitting to the Administrative Agent (with a copy to each of the Paying
Agent, the Servicer, the Backup Servicer and the Custodian) a written notice, substantially in the form of Exhibit B (each, a &#147;<U>Borrowing Request</U>&#148;) not later than 10:00 a.m. (New York City time) on the second (2nd) Business Day prior
to the date of the proposed Borrowing (each, a &#147;<U>Borrowing Date</U>&#148;); <I>provided, that</I> there shall not be more than one (1)&nbsp;Borrowing Date during any calendar week (except as set forth in Section&nbsp;2.02(e) following
delivery of a Funding Delay Notice). Promptly after its receipt thereof, the Administrative Agent shall submit a copy of each Borrowing Request to each Managing Agent who shall promptly forward a copy thereof to the Lenders in its Lender Group. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Each Borrowing Request shall: (A)&nbsp;specify (1) the amount of the requested Borrowing which amount shall be allocated
among the Lender Groups based on the respective Conduit Lending Limits of the Conduit Lenders (or Commitments, if there are no Conduit Lenders in a Lender Group) in each Lender Group, (2)&nbsp;the Aggregate Loan Principal Balance after giving effect
to such Borrowing, (3)&nbsp;the desired Borrowing Date, and (4)&nbsp;the account of the Borrower to which the proceeds of such Borrowing are to be remitted, (B)&nbsp;certify that, after giving effect to the proposed Borrowing, no Borrowing Base
Deficiency would exist and (C)&nbsp;if any Eligible Timeshare Loans are being added to the Collateral in connection with such Borrowing, be accompanied by a duly completed Schedule I to such Borrowing Request which sets forth the required
information regarding such Eligible Timeshare Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Conduit Lender Acceptance or Rejection</U>. If a Conduit Lender shall receive
a Borrowing Request, such Conduit Lender shall instruct the related Managing Agent to accept or reject such request by no later than the close of business on the Business Day of the applicable Borrowing Request. If a Conduit Lender rejects a
Borrowing Request, the related Managing Agent shall promptly notify the Borrower and the related Committed Lenders of such rejection. If a Conduit Lender declines to fund any portion of a Borrowing Request, the Borrower may cancel and rescind such
Borrowing Request in its entirety upon notice thereof received by the Administrative Agent and each Managing Agent prior to the close of business on the Business Day immediately prior to the proposed Borrowing Date. At no time will a Conduit Lender
be obligated to make Loans hereunder regardless of any notice given or not given pursuant to this Section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Committed Lender&#146;s
Commitment</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) If a Conduit Lender rejects a Borrowing Request and the Borrower has not cancelled such Borrowing
Request in accordance with clause (b)&nbsp;above, or if there is no Conduit Lender in a Lender Group, any Loan requested by the Borrower in such Borrowing Request (except as set forth in Section&nbsp;2.02(e) following delivery of a Funding Delay
Notice) shall be made by the related Committed Lenders in such Lender Group on a <I>pro rata</I> basis in accordance with their respective Pro Rata Shares of such Loan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) The obligations of any Committed Lender to make Loans hereunder are several from the obligations of any other Committed
Lenders (whether or not in the same Lender Group). The failure of any Committed Lender to make Loans hereunder shall not release the obligations of any other Committed Lender (whether or not in the same Lender Group) to make Loans hereunder, but no
Committed Lender shall be responsible for the failure of any other Committed Lender to make any Loan hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)
Notwithstanding anything herein to the contrary, a Committed Lender shall not be obligated to fund any Loan at any time on or after the Amortization Date (except as </P>
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set forth in Section&nbsp;2.02(e) following delivery of a Funding Delay Notice) or if, after giving effect to such Loan, the aggregate outstanding Loans funded by such Committed Lender hereunder
would exceed an amount equal to (i)&nbsp;such Committed Lender&#146;s Commitment, minus (ii)&nbsp;such Committed Lender&#146;s ratable share of the aggregate outstanding principal balance of the Loans held by the Conduit Lender(s) in such Committed
Lender&#146;s Lender Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Disbursement of Funds</U>. On each Borrowing Date, subject to the satisfaction of the conditions
precedent specified in this Agreement (except as set forth in Section&nbsp;2.02(e) following delivery of a Funding Delay Notice), each applicable Lender shall remit its share of the aggregate amount of the Loans requested by the Borrower to the
account of its related Managing Agent specified therefor to such Lender by 1:30 p.m. (New York City time) by wire transfer of same day funds. Upon receipt of such funds, each Managing Agent shall remit such funds by wire transfer of same day funds
to the account of the Borrower specified in the related Borrowing Request by 3:00 p.m. (New York City time) to the extent it has received such funds from the Lenders in its Lender Group no later than 1:30 p.m. (New York City time). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Funding Delay Option</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Any Committed Lender shall have the right to deliver to the Borrower a written representation and warranty (a
&#147;<U>Delayed Funding Representation</U>&#148;) to the effect that (x)&nbsp;it has incurred and is incurring charges relating to the &#147;liquidity coverage ratio&#148; under Basel III Regulations on such Committed Lender&#146;s Loans or
Commitment and (y)&nbsp;it is seeking or has obtained a delayed funding option in transactions similar to the transactions contemplated hereby. After delivery of a Delayed Funding Representation to the Borrower, a Committed Lender shall be a
&#147;<U>Designated Delay Funding Lender</U>.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) A Designated Delay Funding Lender may, after the Borrower
delivers a Borrowing Request requesting a proposed Borrowing pursuant to Section&nbsp;2.02(a)(i), prior to (x)&nbsp;if such Borrowing Request is delivered more than two Business Days prior to the proposed Borrowing Date, 5:00 p.m. (New York City
time) on the second Business Day prior to the proposed Borrowing Date, or (y)&nbsp;if such Borrowing Request is delivered on the second Business Day prior to the proposed Borrowing Date, (A) 5:00 p.m. (New York City time) on the same day as the
Borrower&#146;s delivery of such Borrowing Request, if such Borrowing Request is delivered by the Administrative Agent to the Managing Agents prior to 2:00 p.m. (New York City time) on such day or (B)&nbsp;otherwise 10:00 a.m. (New York City time)
on the Business Day following the Borrower&#146;s delivery of such Borrowing Request, deliver to the Borrower and the Administrative Agent a notice (a &#147;<U>Funding Delay Notice</U>&#148;) designating all or a portion of its Pro Rata Share of the
Loan requested in such Borrowing Request as being subject to delayed funding (such amount, the &#147;<U>Designated Delayed Funding Amount</U>&#148;) and, if such Designated Delayed Funding Amount is greater than the Required <FONT
STYLE="white-space:nowrap">Non-Delayed</FONT> Funding Amount with respect to such Designated Delay Funding Lender and the proposed Borrowing Date, specifying the portion thereof, which may not be greater than the amount by which such Designated
Delayed Funding Amount exceeds such Required <FONT STYLE="white-space:nowrap">Non-Delayed</FONT> Funding Amount (the &#147;<U>Delayed Funding Amount</U>&#148;), that it is electing to fund on a date (the date of such funding, the &#147;<U>Delayed
Funding Date</U>&#148;) that is on or before the thirty-fifth (35th) day following the proposed Borrowing Date (the &#147;<U>Original Borrowing Date</U>&#148;) (or if such day is not a Business Day, then on the next succeeding Business Day) rather
than on the Original Borrowing Date. By delivery of a Funding Delay Notice, a Designated Delay Funding Lender shall be deemed to represent and warrant that the certifications previously provided to the Borrower by such Designated Delay Funding
Lender are true as of the date of the delivery of such Funding Delay Notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) If a Designated Delay Funding Lender timely delivers a Funding Delay
Notice with respect to a Delayed Funding Amount, the Committed Lender shall not be required to fund, on the Original Borrowing Date therefor, such Delayed Funding Amount, but shall be required to advance to the Borrower the Delayed Funding Amount on
or before the Delayed Funding Date in accordance with Section&nbsp;2.02(e)(iv). Such Designated Delay Funding Lender shall provide the Borrower with at least three Business Days&#146; prior written notice of the Business Day on which it will fund
such Delayed Funding Amount. The Borrower may (x)&nbsp;cancel and rescind the Borrowing Request in its entirety upon delivery of such Funding Delay Notice by delivering notice thereof to the Administrative Agent prior to the close of business on the
Business Day immediately prior to the Original Borrowing Date or (y)&nbsp;reduce the amount of additional Loans and/or additional Timeshare Loans to be added to the Borrowing Base on the Original Borrowing Date by delivering to the Administrative
Agent on or prior to the Original Borrowing Date an updated Borrowing Request, and the actual funding of the <FONT STYLE="white-space:nowrap">Non-Delayed</FONT> Funding Amount shall take place on the Business Day following the delivery of such
updated Borrowing Request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) Each Designated Delay Funding Lender agrees by delivering a Funding Delay Notice
specifying a Delayed Funding Amount that, notwithstanding any statement to the contrary in Section&nbsp;2.01, if the conditions to any Borrowing described in Sections 3.02(a) through 3.02(d) are satisfied on the Original Borrowing Date in respect of
such Delayed Funding Amount and the conditions described in Section&nbsp;3.03 in respect of such Delayed Funding Amount are satisfied on the related Delayed Funding Date, there shall be no other conditions whatsoever to its obligation to fund such
Delayed Funding Amount on the related Delayed Funding Date irrespective of whether the Amortization Date shall have occurred prior to such Delayed Funding Date. If the Borrower is required to add additional Timeshare Loans to the Borrowing Base on
the related Delayed Funding Date in order to satisfy such conditions, it shall deliver to the Administrative Agent an updated Borrowing Request at least one Business Day prior to such Delayed Funding Date. A Designated Delay Funding Lender (or the
Conduit Lender in its Lender Group) funding a Delayed Funding Amount on a Delayed Funding Date shall remit such Delayed Funding Amount to the account of its Managing Agent specified therefor to such Lender by 1:30 p.m. (New York City time) by wire
transfer of same day funds. Upon receipt of such funds, such Managing Agent shall remit such funds by wire transfer of same day funds to the account of the Borrower specified in the related Borrowing Request by 3:00 p.m. (New York City time) to the
extent it has received such funds from such Designated Delay Funding Lender (or the Conduit Lender in its Lender Group) no later than 1:30 p.m. (New York City time). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) For the avoidance of doubt, a Delayed Funding Amount when extended shall be a Loan for all purposes of this Agreement. As
between the Conduit Lender and the Committed Lender, the Conduit Lender reserves the right in its sole discretion to fund any Loan on any Original Borrowing Date or any Delayed Funding Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.03. <U>Reductions and Increases to the Facility Limit. Reductions of the Facility Limit</U>. The Borrower may, from
time to time upon at least ten (10)&nbsp;days&#146; prior written notice to each Managing Agent (with a copy to the Paying Agent), elect to reduce the Facility Limit in whole or in part, <I>provided that</I> after giving effect to any such reduction
and any principal payments on such date, the Aggregate Loan Principal Balance shall not exceed the Facility Limit. Any such reduction shall be in a minimum amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof; and
<I>provided further</I> that any such reduction shall effect a ratable reduction of the Commitments of each Committed Lender and of each Lender Group&#146;s Lender Group Limit. Once the Facility Limit is reduced pursuant to this
Section&nbsp;2.03(a), it may not subsequently be reinstated without the consent of each Committed Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Increases to the Facility Limit</U>. The Borrower may, from time to time upon at
least thirty (30)&nbsp;days (or such lesser number of days agreed to by the Managing Agents) prior written notice request an increase to the Facility Limit. Each such notice shall specify (i)&nbsp;the proposed date such increase shall become
effective and (ii)&nbsp;the proposed amount of such increase (which amount shall be at least $25,000,000 or an integral multiple of $5,000,000 in excess thereof), and shall otherwise be in form and substance satisfactory to the Managing Agents. Such
increase to the Facility Limit shall become effective, if, and only if, (x)&nbsp;the Administrative Agent and the Managing Agent (on behalf of the Committed Lenders in the related Lender Group) of each Lender Group whose Lender Group Limit is being
increased has approved such increase, by delivering a written confirmation of such approval to the Administrative Agents, the Managing Agents and the Borrower (with a copy to the Paying Agent) or (y)&nbsp;to the extent that the Committed Lenders in
one or more Lender Groups have, in their sole discretion, agreed to increase the Facility Limit in an amount which is less than the Borrower&#146;s requested increase to the Facility Limit, the Borrower shall reduce its requested increase to the
Facility Limit to an amount equal to such lower amount. Nothing contained herein shall constitute a commitment on the part of any Committed Lender hereunder to agree to any such increase. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.04. <U>Interest and Unused Fees</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower shall pay Interest on the unpaid Principal Amount of each Loan for each Interest Period during the period from the related
Borrowing Date until the date that such Loan shall be paid in full. Interest shall accrue on the Loans funded or maintained by each Lender at the applicable Interest Rate on each day during each Interest Period and shall be due and payable on the
Aggregate Loan Principal Balance for the preceding Interest Period on each Distribution Date and on the Final Collection Date in accordance with <U>Section&nbsp;2.06</U>, unless earlier paid pursuant to <U>Section&nbsp;2.05</U> or
<U>Section&nbsp;2.14</U>. If applicable, each Managing Agent shall deliver to the Borrower, three (3)&nbsp;Business Days prior to each Determination Date an invoice, setting forth (i)&nbsp;an estimate of the Interest payable to the related Conduit
Lenders based on the CP Rate for each day during the Interest Period to which such Determination Date relates and (ii)&nbsp;the amount of any variation between Interest payable to such Conduit Lenders for the preceding Interest Period based on such
notices and estimates and accrued but unpaid Interest payable to such Conduit Lenders for such Interest Period based on its final determination of the CP Rate for each day during such Interest Period. The amount of any shortfall in Interest based on
such variation shall be included in the portion of the Interest payable to such Conduit Lenders on the next succeeding Distribution Date, and the amount of any overpayment of interest to such Conduit Lenders based on such variation shall be credited
against the portion of the Interest otherwise payable to such Conduit Lenders on the next succeeding Distribution Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower
shall pay to each Managing Agent the Unused Fee in the amounts set forth in the Fee Letter on the dates set forth therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) All
payments of Interest for each Interest Period shall be made out of Available Collections in accordance with Section&nbsp;2.06(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.05. <U>Principal Payments - Generally</U>. (a)&nbsp;The Aggregate Loan Principal Balance shall be payable in
installments equal to the Monthly Principal Payment Amount on each Distribution Date, to the extent of available funds therefor, in accordance with <U>Section&nbsp;2.06</U>. Notwithstanding the foregoing, the Aggregate Loan Principal Balance shall
be due and payable on the Maturity Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Optional Prepayments</U>. The Borrower may, at its option, prepay on any Business Day all
or any portion of any Loan upon prior revocable written notice delivered to each Managing Agent (with a copy to the Paying Agent) not later than 12:00 p.m. (New York City time) two (2)&nbsp;Business Days prior to the date of such payment. Each such
notice shall be in the form attached as Exhibit H and shall specify (i)&nbsp;the aggregate amount of the prepayment to be made on the Loans and (ii)&nbsp;the Business Day on which the Borrower will make such prepayment. Each such prepayment shall be
in a minimum principal amount equal to $1,000,000 and in integral </P>
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multiples of $100,000 in excess thereof and shall be made ratably among the Lenders based on the aggregate Principal Amount of the Loans held by each. Each such prepayment of the Loans to the
Lenders in such Managing Agent&#146;s Lender Group must be accompanied by a payment of all accrued and unpaid Interest on the amount prepaid, all Liquidation Fees with respect to such prepayment and all Hedge Breakage Costs and any other amounts
payable by the Borrower under or with respect to any Hedging Agreement arising from any related release of Pledged Timeshare Loans pursuant to Section&nbsp;2.15 in connection with such prepayment. Any such prepayment shall be made out of Collections
by transfer by the Paying Agent of funds from the Collection Account to the Lenders at the written direction of the Borrower or out of other funds of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Mandatory Prepayments</U>. If a Borrowing Base Deficiency exists on any Distribution Date, the Borrower shall no later than the close
of business on the third Business Day following such Distribution Date, prepay the Aggregate Loan Principal Balance in part or in whole, such that after giving effect to such prepayment the Aggregate Loan Principal Balance does not exceed the
Borrowing Base. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.06. <U>Application of Collections</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Subject to Section&nbsp;2.16, funds on deposit in the Collection Account from time to time may be invested in Permitted Investments at the
direction of the Borrower. Each such Permitted Investment shall mature not later than the Business Day preceding the next Distribution Date and shall be held to maturity. Each investment instruction by the Borrower, which may be a standing
instruction, shall designate specific types of Permitted Investments (and the terms thereof) and shall certify that such investments constitute Permitted Investments that will mature at the time specified in the preceding sentence. Absent the
written instruction of the Borrower, the funds on deposit in the Collection Account shall remain uninvested. None of the Administrative Agent, the Paying Agent or Securities Intermediary shall be liable for any loss incurred in connection with an
investment in the Collection Account, except for losses due to such Person&#146;s failure to make payments on such Permitted Investments issued by such Person in its commercial capacity as principal obligor (and not as Administrative Agent, Paying
Agent or Securities Intermediary). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) On each Distribution Date, the Paying Agent shall, based solely on the information set forth in
the related Monthly Report, apply all Available Funds for such Distribution Date in the following order and priority: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)
<I>first</I>, to the Servicer, the Servicing Fee for the immediately preceding Collection Period, together with any accrued and unpaid Servicing Fees and reimbursement of any amounts owing under Section&nbsp;2.3(c) of the Servicing Agreement and, if
the Servicer is a Successor Servicer, to the extent not previously paid by the predecessor Servicer, reasonable Transition Expenses (up to a maximum of $100,000 in the aggregate over the term of this Agreement) incurred in becoming the Successor
Servicer; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <I>second</I>, pro rata, (i)&nbsp;to the Backup Servicer, any accrued and unpaid Backup Servicing Fees, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and indemnification amounts then due and payable by the Borrower to the Backup Servicer, <I>provided</I> that such <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and indemnification amounts shall not exceed $10,000 in the aggregate in any calendar year, (ii)&nbsp;to the Custodian, any accrued and unpaid Custodial Fees, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and indemnification amounts then due and payable by the Borrower to the Custodian; <I>provided</I> that such <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and indemnification amounts shall not exceed $10,000 in the aggregate in any calendar year, and (iii)&nbsp;to the Paying Agent, any accrued and unpaid Paying Agent Fees, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and indemnification amounts then due and payable by the Borrower to the Paying Agent pursuant to this Agreement; <I>provided</I> that such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and indemnification amounts shall not exceed $20,000 in the aggregate in any calendar year; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <I>third</I>, pro rata (A)&nbsp;to the Lenders in accordance with
Section&nbsp;2.06(c), the Interest and Unused Fees due to the Lenders for the related Interest Period and any accrued Interest and Unused Fees with respect to any prior Interest Period to the extent not paid on a prior Distribution Date and
(B)&nbsp;(1) to the Hedge Counterparties, pro rata, net payments, if any, (excluding Hedge Breakage Costs) then due and payable to them by the Borrower under the Hedging Agreements and (2)&nbsp;to the Hedge Reserve Account, the amount necessary, if
any, to cause the Hedge Reserve Amounts to equal the Hedge Reserve Account Required Balance for such Distribution Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <I>fourth</I>, pro rata (A)&nbsp;to the Lenders in accordance with Section&nbsp;2.06(c), the Monthly Principal Payment
Amount on such Distribution Date and (B)&nbsp;to the Hedge Counterparties, pro rata, Hedge Breakage Costs, if any, then due and payable to them by the Borrower under the Hedging Agreements; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) <I>fifth</I>, to the Lenders in accordance with Section&nbsp;2.06(c), any other fees, costs, expenses or indemnities then
due or payable by the Borrower under this Agreement or any other Facility Document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) <I>sixth</I>, to the extent not
previously paid pursuant to clause (ii)&nbsp;above, pro rata, to the Backup Servicer, the Custodian and the Paying Agent any fees, costs, expenses or indemnities due from the Borrower to such Person under this Agreement or any other Facility
Document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) <I>seventh</I>, pro rata to each Lender in accordance with Section&nbsp;2.06(c), the amount of any
voluntary reduction of the Aggregate Loan Principal Balance that the Borrower has elected to effect on such Distribution Date; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) <I>eighth</I>, any remaining amounts to or at the direction of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Paying Agent shall remit each installment of Interest, Unused Fees or principal in respect of the Loans pursuant to
Section&nbsp;2.06(b) to the Lenders (or the related Managing Agent) by wire transfer in immediately available funds to the account designated by such Lender or its related Managing Agent in writing to the Paying Agent. Each Managing Agent shall
allocate all payments received by the Paying Agent under this Section&nbsp;2.06(c) to the Lenders in the related Lender Group. Amounts in respect of (i)&nbsp;Interest and Unused Fees shall be allocated and paid to the Lenders based on the amounts
accrued at their applicable rates on their respective Invested Percentages, (ii)&nbsp;the principal of the Loans shall be allocated and paid by the Paying Agent to the Lenders based on their respective Invested Percentages and (iii)&nbsp;fees,
costs, expenses or indemnities shall be allocated and paid by the Paying Agent to the Lenders to whom such amounts are due and payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.07. <U>Extension of Commitment Termination Date</U>. The Borrower may, no more frequently than once every six months
by delivering written notice to the Managing Agents (with a copy to the Administrative Agent and the Conduit Lenders), request the Lenders to extend the Commitment Termination Date for an additional number of days past the then applicable Commitment
Termination Date, with such extension to become effective with respect to any Lender Group, as of the date one or more Committed Lenders having Commitments equal to 100% of such Lender Group&#146;s Lender Group Limit shall in their sole discretion
consent to such extension (the Lenders in such a Lender Group, &#147;<U>Extending Lenders</U>&#148;). Any such request shall be subject to the following conditions: (i)&nbsp;none of the Lenders will have any obligation to extend any Commitment and
(ii)&nbsp;any such extension of the </P>
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Commitment Termination Date will be effective only upon the written agreement of at least one Committed Lender and the Borrower. The Managing Agent for each applicable Committed Lender will
respond to any such request within thirty (30)&nbsp;days (with a copy to the Paying Agent), <I>provided, that</I> any Managing Agent&#146;s failure to respond within such period shall be deemed to be a rejection of the requested extension. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.08. <U>Payments and Computations, Etc</U>. All amounts to be paid to the Administrative Agent, the Managing Agents or
the Lenders by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 2:00 p.m. (New York City time) on the day when due in lawful money of the United States of America in immediately available funds to
the Collection Account or such account as the Administrative Agent or the relevant Managing Agents may designate prior to such payment from time to time in writing. The Borrower shall, to the extent permitted by law, pay to the Affected Party
interest on any amounts not paid by the Borrower when due hereunder at 2.00% per annum above the Prime Rate from time to time in effect, payable on demand. All computations of Interest, Unused Fees and Servicing Fees hereunder shall be made on the
basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed; <I>provided, that</I> all computations of Interest calculated at the Prime Rate shall be made on the basis of a year of 365 days for
the actual number of days (including the first but excluding the last day) elapsed. In no event shall any provision of this Agreement require the payment or permit the collection of Interest in excess of the maximum permitted by applicable law. In
the event that any payment hereunder (whether constituting a repayment of Loans or a payment of Interest or any other amount) is rescinded or must otherwise be returned for any reason, the amount of such payment shall be restored and such payment
shall be considered not to have been made. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.09. <U>Interest Protection</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If due to either: (i)&nbsp;the introduction of or any change (including any change by way of imposition or increase of reserve
requirements) in or in the interpretation by any Governmental Authority of any law or regulation after the Restatement Date, or (ii)&nbsp;the compliance by any Affected Party with any directive or request from any central bank or other Governmental
Authority (whether or not having the force of law) imposed after the Restatement Date, (1)&nbsp;there shall be an increase in the cost (other than Taxes) to such Affected Party of funding or maintaining any Loan which accrues Interest based on Daily
SOFR hereunder or of extending a commitment in respect thereof, (2)&nbsp;such Affected Party shall be required to make a payment calculated by reference to any Loan which accrues Interest based on Daily SOFR funded by it or Interest received by it
or (3)&nbsp;any Affected Party shall be subjected to any Taxes (other than Indemnified Taxes or Taxes described in clauses (b)&nbsp;through (e) of the definition of Excluded Taxes and (C)&nbsp;Connection Income Taxes that are imposed on or measured
by net income (however denominated) or that are franchise Taxes or branch profits Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto, then the Borrower shall, from time to time, within thirty (30)&nbsp;days after demand by the related Managing Agent, pay such Managing Agent for the account of such Affected Party (as a third party beneficiary, in the case of any Affected
Party other than one of the Lenders), that portion of such increased costs incurred, amounts not received or required payment made or to be made, which, subject to the requirements of Section&nbsp;2.09, such Managing Agent reasonably determines is
attributable to funding and maintaining, or extending a commitment to fund, any Loan which accrues Interest based on Daily SOFR hereunder or pursuant to any Liquidity Agreement or similar liquidity facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Managing Agent will promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge, occurring after
the Restatement Date, which will entitle any Affected Party in its Lender Group to compensation pursuant to Section&nbsp;2.09(a). Each Affected Party will designate a different lending office if such designation will avoid the need for, or reduce
the amount of, such compensation and will not, in the judgment of such Affected Party, be otherwise disadvantageous to it or inconsistent with its </P>
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internal policies and procedures. In determining the amount of such compensation, such Lender may use any reasonable averaging and attribution methods. The applicable Affected Party (or such
party&#146;s related Managing Agent) shall submit to the Borrower a certificate in reasonable detail describing such increased costs incurred, amounts not received or receivable or required payment made or to be made, which certificate shall be
conclusive in the absence of manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Failure or delay on the part of any Managing Agent to demand compensation pursuant to
Section&nbsp;2.09(a) shall not constitute a waiver of such Managing Agent&#146;s right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or related Liquidity Provider pursuant to this Section for
any increased capital unless such Managing Agent gives notice to the Borrower and the Administrative Agent to compensate such Lender or Liquidity Provider pursuant to this Section within 120 days after the date such Managing Agent knows an event has
occurred pursuant to which such Lender or Liquidity Provider will seek such compensation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.10. <U>Increased Capital</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If either (i)&nbsp;the introduction of or any change in or in the interpretation by any Official Body of any law, rule or regulation
(including any law, rule or regulation regarding capital adequacy or liquidity coverage) or (ii)&nbsp;compliance by any Affected Party with (x)&nbsp;any directive or request from any central bank or other Official Body (whether or not having the
force of law) imposed after the Restatement Date or (y)&nbsp;the requirements of, whether such compliance is commenced prior to or after the Restatement Date, any of (a)&nbsp;the FAS 166/167 Capital Guidelines, (b)&nbsp;Basel II or Basel III
Regulations or (c)&nbsp;the Dodd-Frank Act, or any existing or future rules, regulations, guidance, interpretations or directives from the U.S. bank regulatory agencies relating to the FAS 166/167 Capital Guidelines, Basel II, Basel III Regulations
or the Dodd-Frank Act (whether or not having the force of law) affects or would affect the amount of capital or assets required or expected to be maintained by such Affected Party or such Affected Party reasonably determines that the amount of such
capital is increased by or based upon the existence of any Lender&#146;s agreement to make or maintain Loans hereunder and other similar agreements or facilities and such event would have the effect of reducing the rate of return on the assets or
capital of such Affected Party by an amount deemed by such Affected Party to be material, then, within thirty (30)&nbsp;days after demand by such Affected Party or the related Managing Agent, the Borrower shall pay to such Affected Party (as a third
party beneficiary, in the case of any Affected Party other than one of the Lenders) or the related Managing Agent for the account of such Affected Party from time to time, as specified by such Affected Party or such Managing Agent, additional
amounts sufficient to compensate such Affected Party in light of such circumstances, to the extent that such Affected Party or such Managing Agent on behalf of such Affected Party reasonably determines such increase in capital to be attributable to
the existence of the applicable Lender&#146;s agreements hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Managing Agent will promptly notify the Borrower and the
Administrative Agent of any event of which it has knowledge, occurring after the Restatement Date, which will entitle any Lender or Affected Party in its Lender Group to compensation pursuant to Section&nbsp;2.10(a). Each Lender or Affected Party
will designate a different lending office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Lender or Affected Party, be otherwise disadvantageous to it or inconsistent with
its internal policies. In determining the amount of such compensation, such Lender or Affected Party may use any reasonable averaging and attribution methods. The applicable Lender or Affected Party (or such party&#146;s related Managing Agent)
shall submit to the Borrower a certificate describing such compensation, which certificate shall be conclusive in the absence of manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Failure or delay on the part of any Managing Agent to demand compensation pursuant to Section&nbsp;2.10(a) shall not constitute a waiver
of such Managing Agent&#146;s right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or Affected Party in its Lender Group pursuant to this Section for any increased capital unless such Managing
Agent gives notice to the Borrower and </P>
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the Administrative Agent to compensate such Lender or Affected Party in its Lender Group pursuant to this Section within 120 days after the date such Managing Agent knows an event has occurred
pursuant to which such Lender or Affected Party in its Lender Group will seek such compensation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If any Lender or
Affected Party has, or anticipates having, any claim for compensation under Section&nbsp;2.10(a) against the Borrower, and such Affected Party or Lender believes that having the transactions contemplated by this Agreement publicly rated by a Rating
Agency or qualifying under the supervisory formula approach under Basel II would reduce the amount of such compensation by an amount deemed by such Affected Party or Lender to be material, such Affected Party or Lender shall provide a request for
Required Data or a Rating Request to the Borrower and the Servicer. Any Affected Party or Lender may also provide a request for Required Data or a Rating Request to the Borrower and the Servicer at any other time prior to the Commitment Termination
Date. The Borrower shall cooperate with such Affected Party or Lender&#146;s efforts to obtain Required Data and/or a credit rating from the Rating Agency specified in the Rating Request at the level that reasonably reflects the economics and credit
of the Loans at the time of such request, and shall provide directly or through distribution to such Affected Party or Lender any information such Rating Agency may require for purposes of providing and monitoring the credit rating. The Affected
Party or Lender making the Rating Request shall bear the costs and expenses of providing the Required Data and pay the initial and any subsequent and ongoing fees payable to the Rating Agency in connection with a Rating Request pursuant to this
Section&nbsp;2.10(d). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.11. <U>Funding Losses</U>. In the event that any Liquidity Provider or any Lender shall
incur (i)&nbsp;any Liquidation Fees as a result of any reduction of the Principal Amount of any Loan at any time other than in accordance with this Agreement or (ii)&nbsp;any loss or expense (including any loss or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by such Liquidity Provider or Lender in order to fund or maintain any Loan or interest therein) as a result of the failure of the Borrower to accept the proceeds of any Loan in
accordance with a request therefor under Section&nbsp;2.02, then, upon demand from the related Managing Agent to the Borrower, the Borrower shall pay to such Managing Agent for the account of such Liquidity Provider or Lender, the amount of such
loss, expense or Liquidation Fees. Such written notice shall, in the absence of manifest error, be conclusive and binding upon Borrower. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.12. <U>Taxes</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Except to the extent required by applicable law, any and all payments and deposits required to be made hereunder or under any instrument
delivered hereunder by the Borrower (or the Servicer on its behalf) or the Paying Agent shall be made free and clear of and without deduction for Taxes. If the Paying Agent, the Borrower or the Servicer shall be required by law (as determined in the
good faith discretion of the Paying Agent, the Borrower or the Servicer, as applicable) to make any deduction for Indemnified Taxes, (i)&nbsp;the Borrower shall make an additional payment to such Affected Party, in an amount sufficient so that,
after making all required deductions (including deductions applicable to additional sums payable under this Section&nbsp;2.12), such Affected Party receives an amount equal to the sum it would have received had no such deductions been made,
(ii)&nbsp;the Paying Agent or the Borrower (or the Servicer, on its behalf) shall make such deductions and (iii)&nbsp;the Paying Agent or the Borrower (or the Servicer, on its behalf) shall pay the full amount deducted to the relevant taxing
authority or other authority in accordance with applicable law. If the Paying Agent, the Borrower or the Servicer is required by law (as determined in the good faith discretion of the Paying Agent, the Borrower or the Servicer, as applicable) to
deduct any Excluded Taxes, then (A)&nbsp;the Paying Agent, the Borrower or the Servicer, as applicable, shall make such deductions, (B)&nbsp;the Paying Agent, the Borrower or the Servicer, as applicable, shall pay the amount deducted to the relevant
taxing authority or other authority in accordance with applicable law, and (C)&nbsp;the amounts so deducted and paid to the relevant taxing authority shall be treated under this Agreement as made to the Affected Party. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In addition, the Borrower agrees to pay any present or future stamp or other documentary
Taxes or any other similar excise or property taxes or levies which arise from any payment made hereunder or under any instrument delivered hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or
any instrument delivered hereunder, other than Connection Taxes resulting from an assignment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each Affected Party: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) that is a &#147;United States person&#148; within the meaning of Section&nbsp;7701(a)(30) of the Code agrees to complete
and to deliver to the Borrower and the Paying Agent on or before the Restatement Date (or, if later, on or prior to the date it becomes a party to this Agreement) a duly completed and executed copy of IRS Form
<FONT STYLE="white-space:nowrap">W-9</FONT> or successor form establishing that the Affected Party is a United States person that is not subject to U.S. backup withholding Tax; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) that is not organized under the laws of the United States or any State thereof shall timely deliver to the Borrower and
the Paying Agent such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Paying Agent, the Borrower or the
Servicer, as the case may be, to determine (A)&nbsp;whether or not payments made hereunder are subject to Taxes, (B)&nbsp;if applicable, the required rate of withholding or deduction, and (C)&nbsp;such Affected Party&#146;s entitlement to any
available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Affected Party by the Borrower or the Paying Agent pursuant to this Agreement or otherwise to establish such Affected Party&#146;s status for
withholding tax purposes in the applicable jurisdiction. Without limiting the generality of the foregoing, each Affected Party which is not organized under the laws of the United States or any State thereof shall, on or prior to the date that such
Affected Party becomes a party to or obtains rights under this Agreement, deliver to the Borrower and the Paying Agent as applicable: (1)&nbsp;two duly completed and executed copies of the IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT
STYLE="white-space:nowrap">W-8ECI</FONT> (or any successor form) as applicable; (2)&nbsp;in the case of an Affected Party claiming the benefits of the exemption for portfolio interest under Section&nbsp;881(c) of the Code, two duly completed and
executed copies of Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> along with a certificate to the effect that such Affected Party is (i)&nbsp;not a &#147;bank&#148; within the meaning of Section&nbsp;881(c)(3)(A) of the Code, (ii)&nbsp;not a
&#147;10&nbsp;percent shareholder&#148; of the Borrower within the meaning of Section&nbsp;881(c)(3)(B) of the Code, (iii)&nbsp;not a &#147;controlled foreign corporation&#148; described in section 881(c)(3)(C) of the Code, and (iv)&nbsp;not
conducting a trade or business in the United States with which the relevant interest payments are effectively connected; (3)&nbsp;in the case of an Affected Party that is not a beneficial owner of payments made under any Facility Document, two duly
completed and executed copies of the IRS Form <FONT STYLE="white-space:nowrap">W-8IMY</FONT> on behalf of itself and the relevant forms prescribed in this clause (ii)&nbsp;on behalf of each beneficial owner, provided, however, that if the Affected
Party is a partnership and one or more partners are claiming the exemption for portfolio interest under Section&nbsp;881(c) of the Code, such Affected Party may provide the certificate described in (2)&nbsp;above; and (4)&nbsp;to the extent it may
lawfully do so, such other forms or certificates as may be required under the laws of any applicable jurisdiction (on or before the date that any such form expires or becomes obsolete), in order to permit the Borrower and the Paying Agent to make
payments to, and deposit funds to or for the account of, such Affected Party hereunder and under the other Facility Documents without any deduction or withholding for or on account of any Tax or to determine the correct amount of Tax to deduct and
withhold from payments to the Affected Party. Each </P>
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such Affected Party, to the extent it may lawfully do so, shall submit to the Borrower and the Paying Agent (with copies to the Administrative Agent) two updated, completed, and duly executed
versions of: (x)&nbsp;all forms referred to in the previous sentence upon the expiration of, or the occurrence of any event requiring a change in, the most recent form previously delivered by it to the Borrower and the Paying Agent or the
substitution of such form; and (y)&nbsp;such extensions or renewals thereof as required by applicable law or as may reasonably be requested by the Borrower or the Paying Agent; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) shall deliver to the Borrower and the Paying Agent such other tax forms or other documents as shall be prescribed by
applicable law, to the extent applicable, (x)&nbsp;to demonstrate that payments to such Affected Party under this Agreement and the Loans are exempt from any United States withholding tax imposed pursuant to FATCA or (y)&nbsp;to allow the Borrower
and the Paying Agent to determine the amount to deduct or withhold under FATCA from a payment hereunder, and further agrees to complete and to deliver to the Borrower and the Paying Agent from time to time, so long as it is eligible to do so, any
successor or additional form required by the IRS or reasonably requested by the Borrower or the Paying Agent in order to secure an exemption from, or reduction in the rate of, United States withholding tax imposed pursuant to FATCA. Solely for
purposes of this clause (iii), &#147;FATCA&#148; shall include any amendments made to FATCA after the date of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If the
Borrower is required to pay additional amounts to or for the benefit of any Affected Party pursuant to this Section as a result of a change of law or treaty occurring after such Affected Party first became a party to this Agreement, such Affected
Party will use reasonable efforts, at the Borrower&#146;s request, to change the jurisdiction of its applicable lending office if, in the sole judgment of such Affected Party, such change (i)&nbsp;will eliminate or reduce any such additional payment
which may thereafter accrue and (ii)&nbsp;is not otherwise disadvantageous to such Affected Party. The Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by any Lender in connection with any such designation or
assignment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) If the IRS or any other Governmental Authority of the United States or other jurisdiction asserts a claim that the Paying
Agent, the Borrower or the Servicer did not properly withhold Tax from amounts paid to or for the account of any Affected Person due to a failure on the part of the Affected Person (because the appropriate form was not delivered, was not properly
executed, or because such Affected Person failed to notify the Paying Agent, the Borrower or the Servicer of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such
Affected Person shall indemnify and hold the Paying Agent, the Borrower and the Servicer harmless for all amounts paid, directly or indirectly, by the Paying Agent, the Borrower or the Servicer, as Tax or otherwise, including penalties and interest,
and including any Taxes imposed by any jurisdiction on the amounts payable to the Paying Agent, the Borrower or the Servicer under this Section&nbsp;2.12, together with all costs and expenses (including attorneys&#146; fees and expenses). The
obligation of the Affected Persons under this subsection shall survive the payment of all obligations under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) If any
Affected Party reasonably determines that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or the Servicer or with respect to which the Borrower or the Servicer has paid additional amounts pursuant to this
Section&nbsp;2.12 it shall promptly pay over such refund to the Borrower or the Servicer, as applicable, (but only to the extent of payments made, or additional amounts paid, by the Borrower under this Section&nbsp;2.12 with respect to Taxes giving
rise to such a refund), net of all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of such Affected Party and without interest (other than any interest paid by the relevant
governmental authority with respect to such a refund). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Borrower shall indemnify each Affected Party, within 10 days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
attributable to amounts payable under this Section) payable or paid by such Affected Party or required to be withheld or deducted from a payment to such Affected Party and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the
Borrower by an Affected Party shall be conclusive absent manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Each Lender shall severally indemnify the Administrative
Agent, within 10 days after demand therefor, for (i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender&#146;s failure to comply with the provisions of Section&nbsp;9.04(d) relating to the maintenance of a Participant Register and (iii)&nbsp;any Excluded
Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due
to the Administrative Agent under this paragraph (h). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.13. <U>Security Interest</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to be performed
under this Agreement or any other Facility Document, including the payment when due of all Borrower Obligations, the Borrower hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a security interest in all of the
Borrower&#146;s right, title and interest in, to and under the following, whether now owned or hereafter acquired, now existing or hereafter created, and wherever located (collectively, the &#147;<U>Collateral</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the Pledged Timeshare Loans, together with all Collections and all monies due (including any payments made under any
guarantee or similar credit enhancement with respect to any such Timeshare Loans) to become due or received by any Person in payment of any of the Pledged Timeshare Loans after the respective Cutoff Dates for the Pledged Timeshare Loans; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the Related Security with respect to the Pledged Timeshare Loans; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the Account Collateral; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) all Hedge Collateral; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) the HGV Borrower Purchase Agreement and all remedies thereunder, the Sale and Contribution Agreement, the Servicing
Agreement, the Custody Agreement and any other Facility Document to which the Borrower is a party and all remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Seller under
or in connection with the Sale and Contribution Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) all present and future claims, demands, causes of action
and choses in action in respect of any or all of the foregoing and all payments on or under of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary,
into cash or other liquid property, all cash proceeds, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other
forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of the foregoing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) all accounts, general intangibles, payment intangibles, instruments, investment property, documents, chattel paper,
goods, moneys, letters of credit, letter of credit rights, certificates of deposit, deposit accounts and all other property and interests in property of the Borrower, whether tangible or intangible; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) all income and proceeds of the foregoing, other than proceeds of <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>a</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the</U></FONT><FONT
STYLE="font-family:Times New Roman"> Timeshare
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Loan</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Interests
related to such Pledged Timeshare Loans</U></FONT><FONT STYLE="font-family:Times New Roman"> that has been foreclosed upon and remarketed and </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>for which the
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>applicable Timeshare
Interest</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">which</U></FONT><FONT STYLE="font-family:Times New Roman"> relates to the Barbados
Resort</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the La Pacifica Resort or the Craigendarroch
Resort</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower hereby authorizes the filing of financing
statements, and continuation statements and amendments thereto and assignments thereof, describing the collateral covered thereby as &#147;all of debtor&#146;s personal property or assets&#148; or words to that effect, notwithstanding that such
wording may be broader in scope than the collateral described in this Section&nbsp;2.13. The Borrower authorizes the Administrative Agent to file financing or continuation statements, and amendments thereto and assignments thereof, relating to the
Pledged Timeshare Loans and the other Collateral without the signature of the Borrower. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. This Agreement shall constitute a
security agreement under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Borrower represents and warrants that each remittance of Collections by it to the
Administrative Agent, the Managing Agents or the Lenders hereunder will have been (i)&nbsp;in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii)&nbsp;made in the ordinary
course of business or its financial affairs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.14. <U>Refinancings</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On any Business Day, the Borrower shall have the right to prepay all or a portion of the Aggregate Loan Principal Balance and request the
Administrative Agent to release its security interest and Lien on some or all of the Pledged Timeshare Loans in connection with a Refinancing, subject to the following terms and conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Borrower shall have given the Administrative Agent, the Paying Agent, the Custodian and the Servicer at least ten
(10)&nbsp;Business Days&#146; prior written notice of its intent to effect a Refinancing and, at least three (3)&nbsp;Business Days prior to the closing of the Refinancing, shall provide the Administrative Agent, the Custodian and the Servicer with
the related Refinancing Release together with a funds flow memorandum indicating sources and uses to the reasonable satisfaction of the Administrative Agent with respect to such Refinancing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Unless such Refinancing is to be effected on a Distribution Date (in which case the relevant calculations with respect to
such Refinancing shall be reflected on the applicable Monthly Report), the Servicer shall deliver to the Administrative Agent a Refinancing Date Certificate and an updated Monthly Loan Tape together with evidence reasonably satisfactory to the
Administrative Agent that the conditions precedent set forth in clauses (iii)(D) and (E)&nbsp;below will be satisfied. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) On the related Refinancing Date, the following shall be true and
correct and the Borrower shall be deemed to have certified that, after giving effect to the Refinancing, the related prepayment of the Aggregate Loan Principal Balance pursuant to Section&nbsp;2.05(b) and the release to the Borrower of the related
Pledged Timeshare Loans on the related Refinancing Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) no adverse selection procedure shall have been used by the
Borrower with respect to the Pledged Timeshare Loans that will remain subject to this Agreement after giving effect to the Refinancing (except as is necessary to comply with normal and customary eligibility criteria for asset-backed securities
transactions involving timeshare loans); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) the representations and warranties contained in Section&nbsp;4.01 are true
and correct in all material respects, except to the extent relating to an earlier date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(C) no Default or Event of
Default has occurred and is continuing; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(D) no Borrowing Base Deficiency exists. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) On the related Refinancing Date, the Paying Agent shall have received, for the benefit of the Secured Parties, in
immediately available funds, (A)&nbsp;the portion of the Aggregate Loan Principal Balance to be prepaid pursuant to Section&nbsp;2.05(b), (B) an amount equal to all accrued and unpaid Interest to the extent reasonably determined by the
Administrative Agent to be attributable to that portion of the Aggregate Loan Principal Balance to be paid in connection with the Refinancing and (C)&nbsp;all Liquidation Fees with respect to such prepayment and all Hedge Breakage Costs and any
other amounts payable by the Borrower under or with respect to any Hedging Agreement arising from the release of Pledged Timeshare Loans pursuant to Section&nbsp;2.15 in connection with such Refinancing payable to any Indemnified Party under this
Agreement through the date of such prepayment. The amount paid pursuant to (1)&nbsp;clause (A) shall be applied on such Refinancing Date to the payment of principal on the Aggregate Loan Principal Balance, (2)&nbsp;clause (B) shall be deposited in
the Collection Account to be included in Available Funds for the next Distribution Date (or for such Distribution Date, if the Refinancing Date is also a Distribution Date) pursuant to Section&nbsp;2.06 and (3)&nbsp;clause (C) shall be paid to the
Persons to whom such amounts are owed on such Refinancing Date, in each case in accordance with the written directions from the Borrower to the Paying Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower hereby agrees to pay the reasonable and documented legal fees and expenses of the Administrative Agent, the Managing Agents,
the Custodian, the Backup Servicer, the Paying Agent and the Lenders in connection with any Refinancing (including expenses incurred in connection with the release of the Lien of the Administrative Agent, the Lenders and any other party having such
an interest in the Timeshare Loans in connection with such Refinancing). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.15. <U>Release of Lien</U>. In
connection with any repurchase or substitution of Timeshare Loans by the Seller from the Borrower (a)&nbsp;pursuant to the Sale and Contribution Agreement or (b)&nbsp;effected pursuant to, and in compliance with, Section&nbsp;2.14, and promptly
following the Final Collection Date, the Administrative Agent agrees, at the Borrower&#146;s expense, and without recourse, representation or warranty, and, in the case of a Refinancing, subject to the conditions specified in Section&nbsp;2.14, to
execute, deliver, file and record any release, document or other instrument and take such action that may be necessary or that the Borrower may reasonably request, to evidence the release by the Administrative Agent of its security interest in the
applicable Pledged Timeshare Loans and related Collateral. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.16. <U>The Collection Account and Hedge Reserve Account.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On or prior to the Original Closing Date, the Borrower shall have established and shall thereafter maintain a segregated account in the
name of the Borrower for the purpose of receiving Collections (the &#147;<U>Collection Account</U>&#148;). The taxpayer identification number associated with the Collection Account shall be that of the Borrower and the Borrower will report for
Federal, state and local income taxes, the income, if any, represented by the Collection Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Collection Account shall be
established and at all times maintained with the Paying Agent which shall act as a &#147;securities intermediary&#148; (as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(14)</FONT> of the UCC) and a &#147;bank&#148; (as defined in
<FONT STYLE="white-space:nowrap">Section&nbsp;9-102(a)(8)</FONT> of the UCC) hereunder (in such capacities, the &#147;<U>Securities Intermediary</U>&#148;) with respect to the Collection Account. Computershare Trust Company, N.A., as initial Paying
Agent, hereby confirms that the account number of the Collection Account is the number identified as such on Exhibit E hereto. In the event that the Collection Account Bank or the Hedge Reserve Account Bank ceases to be a Qualified Institution, the
Borrower shall, within thirty (30)&nbsp;days thereof, appoint a Qualified Institution to be the successor Collection Account Bank or the Hedge Reserve Account Bank and establish a new Collection Account or Hedge Reserve Account at such Qualified
Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Collection Account shall be a &#147;securities account&#148; as defined in
<FONT STYLE="white-space:nowrap">Section&nbsp;8-501</FONT> of the UCC and shall be maintained by the Securities Intermediary as a securities intermediary in the name of the Borrower, subject to the lien of the Administrative Agent, for the benefit
of the Secured Parties. The Securities Intermediary shall treat the Administrative Agent as the &#147;entitlement holder&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(7)</FONT> of the UCC) in respect of all
&#147;financial assets&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(9)</FONT> of the UCC) credited to the Collection Account; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Securities Intermediary hereby confirms and agrees that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the Securities Intermediary shall not change the name or account number of the Collection Account without the prior written
consent of the Administrative Agent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) all securities or other property underlying any financial assets (as hereinafter
defined) credited to the Collection Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or indorsed in blank or credited to another securities account maintained in the name of the
Securities Intermediary, and in no case will any financial asset credited to the Collection Account be registered in the name of the Borrower or any other Person, payable to the order of the Borrower or specially indorsed to the Borrower or any
other Person, except to the extent the foregoing have been specially indorsed to the Administrative Agent, for the benefit of the Secured Parties, or in blank; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) all property transferred or delivered to the Securities Intermediary pursuant to this Agreement will be promptly credited
to the Collection Account; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) the Collection Account is an account to which financial assets are or may be credited, and
the Securities Intermediary shall, subject to the terms of this Agreement, treat each of the Borrower and the Servicer as entitled to exercise the rights that comprise any financial asset credited to such account; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) the Securities Intermediary shall promptly deliver copies of all
statements, confirmations and other correspondence concerning the Collection Account and/or any financial assets credited thereto simultaneously to each of the Servicer (on behalf of the Borrower) and the Administrative Agent at the address for each
set forth on Schedule III to this Agreement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) notwithstanding the intent of the parties hereto, to the extent that
Collection Account shall be determined to constitute a &#147;deposit account&#148; within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-102(a)(29)</FONT> of the UCC, the Collection Account shall be subject to the exclusive control
of the Administrative Agent, for the benefit of the Secured Parties, and the Securities Intermediary will comply with instructions originated by the Administrative Agent directing disposition of the funds in the Collection Account without further
consent by the Borrower or the Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Securities Intermediary hereby agrees that each item of property (including any
investment property, financial asset, security, instrument or cash) credited to the Collection Account shall be treated as a &#147;financial asset&#148; within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(9)</FONT> of the
UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Except as otherwise set forth in Section&nbsp;2.16(g) and (h), the Securities Intermediary will comply with &#147;entitlement
orders&#148; (as defined in <FONT STYLE="white-space:nowrap">Section&nbsp;8-102(a)(8)</FONT> of the UCC) (&#147;<U>Entitlement Orders</U>&#148;) originated by the Borrower or by the Servicer. The Borrower shall not directly make any withdrawals from
the Collection Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) If at any time the Securities Intermediary shall receive any Entitlement Order from the Administrative Agent
(i.e., an order directing a transfer or redemption of any financial asset in the Collection Account), or any &#147;instructions&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-104</FONT> of the UCC), originated by the
Administrative Agent, the Securities Intermediary shall comply with such Entitlement Order or instruction without further consent by the Borrower, the Servicer or any other Person. Notwithstanding the foregoing, the parties hereto agree that the
Securities Intermediary will comply with the following with respect to any Entitlement Order or instruction: (i)&nbsp;until its receipt of a Notice of Exclusive Control (as defined below) with respect to the financial assets in the Collection
Account, any cash received into the Collection Account may be invested in Permitted Investments selected by the Borrower or by the Servicer; and (ii)&nbsp;from and after its receipt of a Notice of Exclusive Control (as defined below), with respect
to the financial assets in the Collection Account and without further consent of the Borrower, the Servicer or any other Person, any cash received into the Collection Account, may be invested in Permitted Investments selected by the Administrative
Agent, for the benefit of the Secured Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Upon receipt by the Securities Intermediary of a written notice substantially in the
form of Exhibit L hereto (a &#147;<U>Notice of Exclusive Control</U>&#148;), the Securities Intermediary will take all Entitlement Orders, instructions or other directions it receives from the Administrative Agent, on behalf of the Secured Parties,
with respect to the Collection Account and the disposition of funds in the Collection Account, without further consent by the Borrower, the Servicer or any other Person, and shall cease complying with Entitlement Orders, instructions or other
directions concerning the Collection Account originated by the Borrower, the Servicer or any other Person. Notwithstanding the foregoing, promptly following receipt by the Administrative Agent of a written notice from the Servicer identifying
amounts on deposit in the Collection Account as constituting (a)&nbsp;Processing Fees, <FONT STYLE="white-space:nowrap">non-sufficient</FONT> funds fees and late fees, or (b)&nbsp;Miscellaneous Payments, the Administrative Agent will issue an
Entitlement Order to the Securities Intermediary to release such amounts under clauses (a)&nbsp;and (b) to the Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) In the event
that the Securities Intermediary has or subsequently obtains by agreement, by operation of law or otherwise a security interest in the Collection Account or any financial assets, funds, cash </P>
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or other property credited thereto or any security entitlement with respect thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security
interest of the Administrative Agent, for the benefit of the Secured Parties. Notwithstanding the preceding sentence, the financial assets, funds, cash or other property credited to the Collection Account will not be subject to deduction, <FONT
STYLE="white-space:nowrap">set-off,</FONT> banker&#146;s lien, or any other right in favor of any Person other than the Administrative Agent, for the benefit of the Secured Parties (except that the Securities Intermediary may <FONT
STYLE="white-space:nowrap">set-off</FONT> (i)&nbsp;all amounts due to the Securities Intermediary in respect of customary fees and expenses for the routine maintenance and operation of the Collection Account, and (ii)&nbsp;the face amount of any
checks that have been credited to the Collection Account but are subsequently returned unpaid because of uncollected or insufficient funds). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the &#147;bank&#146;s
jurisdiction&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-304</FONT> of the UCC) and the &#147;security intermediary&#146;s jurisdiction&#148; (within the meaning of
<FONT STYLE="white-space:nowrap">Section&nbsp;8-110</FONT> of the UCC). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Whenever the Borrower initially elects to exercise the Hedge
Reserve Option in accordance with <U>Section&nbsp;5.03(c)</U>, the Borrower shall cause to be established and shall cause to be maintained an account in the name of the Administrative Agent (the &#147;<U>Hedge Reserve Account</U>&#148;), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit and security of the Secured Parties. The Hedge Reserve Account shall be a segregated bank account initially established with the Administrative Agent. The
Administrative Agent for the benefit of the Secured Parties shall possess all right, title and interest in all funds on deposit from time to time in the Hedge Reserve Account and in all proceeds thereof. The Hedge Reserve Account shall be under the
sole dominion and control of the Administrative Agent for the benefit of the Secured Parties. Subject to this <U>Section&nbsp;2.16</U>, amounts on deposit in the Hedge Reserve Account may be invested in Permitted Investments selected by the Borrower
or by the Servicer. Funding, withdrawals and payments from the Hedge Reserve Account shall be made in the following manner: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Funding</U>. On each Determination Date or Borrowing Date occurring in a Hedging Period, if the Borrower has exercised
and not revoked the Hedge Reserve Option, the Borrower shall deposit or shall cause to be deposited into the Hedge Reserve Account the amount necessary to cause the amount on deposit in the Hedge Reserve Account to be equal to the Hedge Reserve
Account Required Balance (after giving effect to a Borrowing (if any) on such Determination Date or Borrowing Date, existing Hedging Agreements and Hedging Agreements entered into in respect of such Determination Date or Borrowing Date) and
thereafter, on each Distribution Date, if the amount on deposit in the Hedge Reserve Account (after giving effect to any deposit of the applicable portion of the proceeds on such Determination Date) is less than the Hedge Reserve Account Required
Balance, a deposit shall be made to the Hedge Reserve Account, to the extent of Available Funds as provided in <U>Section&nbsp;2.06</U> hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Hedging Agreement Trigger Event.</U> If the Borrower is required to purchase Hedging Agreements in accordance with
<U>Section&nbsp;5.03</U> at any time after the Borrower has deposited amounts in the Hedge Reserve Account, the Administrative Agent shall, as directed by the Borrower or the Servicer, to the extent of funds available in the Hedge Reserve Account,
either (i)&nbsp;pay the applicable Hedging Agreement premium to the related Hedge Counterparty, or (ii)&nbsp;in the event the Borrower provides the Administrative Agent with evidence that it has already paid such premium, reimburse the Borrower. To
the extent there are funds remaining in the Hedge Reserve Account following the payment of such Hedging Agreement premium, the Administrative Agent shall withdraw such funds from the Hedge Reserve Account and deposit such funds into the Collection
Account as Available Funds for the immediately following Distribution Date. To the extent that the Issuer fails to purchase or cause to be purchased Hedging Agreements in the timeframe required by the Hedging Requirements, the
</P>
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Administrative Agent is authorized to obtain such Hedging Agreement on behalf of the Borrower and to withdraw from the Hedge Reserve Account, to the extent of funds available therein, the
applicable Hedging Agreement premium and to pay such amount to the related Hedge Counterparty. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>Payment in
Full.</U> To the extent that on the Distribution Date on which the Aggregate Loan Principal Balance will be reduced to zero, there are amounts on deposit in the Hedge Reserve Account, the Administrative Agent shall withdraw all amounts on deposit in
the Hedge Reserve Account and shall deposit such amounts into the Collection Account as Available Funds. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <U>Amounts
in Excess of Hedge Reserve Account Required Balance.</U> If, on any Distribution Date, amounts on deposit in the Hedge Reserve Account are greater than the Hedge Reserve Account Required Balance (after giving effect to all other distributions and
disbursements on such Distribution Date), the Administrative Agent shall, based on the Monthly Report, withdraw funds in excess of the Hedge Reserve Account Required Balance from the Hedge Reserve Account and deposit such funds into the Collection
Account as Available Funds on such Distribution Date for application in accordance with <U>Section&nbsp;2.06</U> hereof. If on any Determination Date, Borrowing Date or Distribution Date, the Borrower has revoked its election, in whole or in part,
to fund the Hedge Reserve Account, provided that the Borrower has otherwise complied with the Hedging Requirements, amounts on deposit in the Hedge Reserve Account shall be deposited in the Collection Account as Available Funds. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 2.17. <U>The Paying Agent</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower hereby appoints Computershare Trust Company, N.A. as the initial Paying Agent. All payments of amounts due and payable in
respect of the Borrower Obligations that are to be made from amounts withdrawn from the Collection Account pursuant to Section&nbsp;2.06 shall be made on behalf of the Borrower by the Paying Agent. On the Final Collection Date, all funds then held
by any Paying Agent other than the Administrative Agent under this Agreement shall, upon demand of the Borrower, be paid to the Administrative Agent to be held and applied according to Section&nbsp;2.06, and thereupon such Paying Agent shall be
released from all further liability with respect to such funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) On each Distribution Date, the Borrower shall pay to the Paying Agent
the Paying Agent Fee pursuant to Section&nbsp;2.06(b)(ii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Paying Agent hereby agrees that subject to the provisions of this
Section, it shall: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) hold any sums held by it for the payment of amounts due with respect to the Borrower Obligations
in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) give the Administrative Agent notice of any default by the Borrower of which it has actual knowledge in the making of any
payment required to be made with respect to the Borrower Obligations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) at any time during the continuance of any such
default, upon the written request of the Administrative Agent (a copy of which shall be provided by the Administrative Agent to the Borrower and the Servicer), forthwith pay to the Administrative Agent any sums so held in trust by such Paying Agent;
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) [Reserved]; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) comply with all requirements of the Code and any applicable State law with respect to the withholding from any payments
made by it in respect of any Borrower Obligations of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) provide to the Managing Agents such information as is required to be delivered under the Code or any State law applicable
to the particular Paying Agent, relating to payments made by the Paying Agent under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Each Paying Agent (other than the
initial Paying Agent) shall be appointed by the Borrower with the prior written consent of the Administrative Agent and the Majority Managing Agents. The Borrower shall not appoint any Collection Account Bank or Hedge Reserve Account Bank which is
not, at the time of such appointment, a Qualified Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Borrower shall indemnify the Paying Agent and its officers,
directors, employees and agents for, and hold them harmless against any loss, liability or expense incurred, other than in connection with the willful misconduct, gross negligence or bad faith on the part of the Paying Agent, arising out of or in
connection with (i)&nbsp;the performance of its obligations under and in accordance with this Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its
powers or duties under this Agreement and (ii)&nbsp;the negligence, willful misconduct or bad faith of the Borrower in the performance of its duties hereunder. All such amounts shall be payable in accordance with Section&nbsp;2.06. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Paying Agent shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Paying Agent
in such capacity herein. No implied covenants or obligations shall be read into this Agreement against the Paying Agent and, in the absence of gross negligence, willful misconduct or bad faith on the part of the Paying Agent, the Paying Agent may
conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Paying Agent pursuant to and conforming to the requirements of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Paying Agent shall not be liable for (i)&nbsp;an error of judgment made in good faith by one of its officers; or (ii)&nbsp;any action
taken, suffered or omitted to be taken in good faith in accordance with or believed by it to be authorized or within the discretion or rights or powers conferred, by this Agreement or at the direction of a Lender, Managing Agent or the
Administrative Agent relating to the exercise of any power conferred upon the Paying Agent under this Agreement, in each case, unless it shall be proved that the Paying Agent shall have been grossly negligent or acted in bad faith or with willful
misconduct in ascertaining the pertinent facts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The Paying Agent shall not be charged with knowledge of any Default or Event of
Default unless a Responsible Officer of the Paying Agent obtains actual knowledge of such event or the Paying Agent receives written notice of such event from the Borrower, the Servicer, any Secured Party or the Administrative Agent, as the case may
be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Without limiting the generality of this Section, the Paying Agent shall have no duty (i)&nbsp;to see to any recording, filing or
depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Collateral, or to see to the maintenance </P>
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of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii)&nbsp;to see to the payment or discharge of any Tax, assessment or other
governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Pledged Timeshare Loans, (iii)&nbsp;to confirm or verify the contents of any reports or certificates of the Servicer or the
Borrower delivered to the Paying Agent pursuant to this Agreement believed by the Paying Agent to be genuine and to have been signed or presented by the proper party or parties or (iv)&nbsp;to ascertain or inquire as to the performance or observance
of any of the Borrower&#146;s or the Servicer&#146;s representations, warranties or covenants under this Agreement or any other Facility Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The Paying Agent shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it,
and none of the provisions contained in this Agreement shall in any event require the Paying Agent to perform, or be responsible for the manner of performance of, any of the obligations of the Borrower under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) The Paying Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate of a Responsible
Officer, any Monthly Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have
been signed or presented by the proper party or parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) The Paying Agent may consult with counsel of its choice with regard to legal
questions arising out of or in connection with this Agreement and the advice or opinion of such counsel, selected with due care, shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the
Paying Agent in good faith and in accordance therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The Paying Agent shall be under no obligation to exercise any of the rights,
powers or remedies vested in it by this Agreement (except to comply with its obligations under this Agreement and any other Facility Document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in
relation to this Agreement, at the request, order or direction of the Administrative Agent or any Managing Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, or such Managing Agent
shall have offered to the Paying Agent reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) The Paying Agent shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Lender, a Managing Agent or the Administrative Agent; <I>provided, that</I> if the payment within a
reasonable time to the Paying Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Paying Agent, not reasonably assured by the Borrower, the Paying Agent may
require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Paying Agent, shall be reimbursed by the Borrower
to the extent of funds available therefor pursuant to Section&nbsp;2.06. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) The Paying Agent shall not be responsible for the acts or
omissions of the Administrative Agent, the Borrower, the Servicer, any Managing Agents, any Lender, any Hedge Counterparty or any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) Any Person into which the Paying Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which to Paying </P>
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Agent shall be a party, or any Person succeeding to the business of the Paying Agent, shall be the successor of the Paying Agent under this Agreement, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) The Paying Agent does
not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of the Timeshare Loans and other Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) If the Paying Agent shall at any time receive conflicting instructions from the Administrative Agent and the Borrower or the Servicer or
any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Paying Agent shall be entitled to rely on the instructions of the Administrative Agent. In the absence
of bad faith, gross negligence or willful misconduct on the part of the Paying Agent, the Paying Agent may rely and shall be protected in acting or refraining from acting upon any resolution, officer&#146;s certificate, any Monthly Report,
certificate of auditors, or any other certificate, statement, instrument, opinion, report, notice request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties. The Paying Agent may rely upon the validity of documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the parties to this Agreement will hold the Paying Agent harmless from any claims
that may arise or be asserted against the Paying Agent because of the invalidity of any such documents or their failure to fulfill their intended purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) The Paying Agent is authorized, in its sole discretion, to disregard any and all notices or instructions given by any other party hereto
or by any other person, firm or corporation, except only such notices or instructions as are herein provided for and orders or process of any court entered or issued with or without jurisdiction. If any property subject hereto is at any time
attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made
or entered by any court affecting such property or any part hereof, then and in any of such events the Paying Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree with which it is advised
by legal counsel of its own choosing is binding upon it, and if it complies with any such order, writ, judgment or decree it shall not be liable to any other party hereto or to any other person, firm or corporation by reason of such compliance even
though such order, writ, judgment or decree maybe subsequently reversed, modified, annulled, set aside or vacated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) The Paying Agent
may: (i)&nbsp;terminate its obligations as Paying Agent under this Agreement (subject to the terms set forth herein) upon at least 30 days&#146; prior written notice to the Borrower, the Servicer, the Managing Agents and the Administrative Agent;
<I>provided, however</I>, that, without the consent of the Administrative Agent and the Majority Managing Agents, such resignation shall not be effective until a successor Paying Agent reasonably acceptable to the Administrative Agent and the
Majority Managing Agents shall have accepted appointment by the Borrower as Paying Agent, pursuant hereto and shall have agreed to be bound by the terms of this Agreement; or (ii)&nbsp;be removed at any time by written demand, of the Administrative
Agent and the Majority Managing Agents, delivered to the Paying Agent, the Borrower and the Servicer. In the event of such termination or removal, the Borrower with the consent of the Administrative Agent and the Majority Managing Agents shall
appoint a successor paying. If, however, a successor paying agent is not appointed by the Borrower within ninety (90)&nbsp;days after the giving of notice of resignation, the Paying Agent may petition a court of competent jurisdiction for the
appointment of a successor paying agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) Any successor Paying Agent appointed pursuant hereto shall (i)&nbsp;execute, acknowledge,
and deliver to the Borrower, the Servicer, the Administrative Agent, and to the predecessor Paying Agent an instrument accepting such appointment under this Agreement. Thereupon, the resignation or removal of the predecessor Paying Agent shall
become effective and such successor Paying Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor as </P>
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Paying Agent under this Agreement, with like effect as if originally named as Paying Agent. The predecessor Paying Agent shall upon payment of its fees and expenses deliver to the successor
Paying Agent all documents and statements and monies held by it under this Agreement; and the Borrower and the predecessor Paying Agent shall execute and deliver such instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Paying Agent all such rights, powers, duties, and obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) In the event the
Paying Agent&#146;s appointment hereunder is terminated without cause, the Borrower shall reimburse the Paying Agent for the reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of the
Paying Agent incurred in transferring any funds in its possession to the successor Paying Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) The parties hereto acknowledge and
agree that the Paying Agent shall not be required to act as a &#147;commodity pool operator&#148; (as defined in the Commodity Exchange Act, as amended) or be required to undertake regulatory filings related to this Agreement or any Facility
Document in connection therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.18. <U>Defaulting Committed Lenders</U>. Notwithstanding any provision of this
Agreement to the contrary, if any Committed Lender becomes a Defaulting Committed Lender, then the following provisions shall apply for so long as such Committed Lender is a Defaulting Committed Lender: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Unused Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Committed Lender pursuant to
Section&nbsp;2.04; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) notwithstanding anything to the contrary contained in Section&nbsp;2.03 hereof, the unused portion
of the Commitment of such Defaulting Committed Lender may be reduced to zero without any contemporaneous ratable reduction of the Commitments of the other Committed Lenders; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) neither the Commitment nor the Loans of such Defaulting Committed Lender shall be included in determining whether all
Lenders, a majority of the Lenders or the Majority Managing Agents have taken or may take any action hereunder and the Managing Agent of the Lender Group which includes such Defaulting Committed Lender shall not be included in determining whether
all Managing Agents have taken or may have taken any action hereunder (including, in each case, any consent to any amendment or waiver pursuant to <U>Section&nbsp;10.01</U>); <I>provided, that</I> any waiver, amendment or modification requiring the
consent of all Lenders or Managing Agents or each affected Lender or Managing Agent, as applicable, which affects such Defaulting Committed Lender or the related Managing Agent differently than other affected Lenders or Managing Agents shall require
the consent of such Defaulting Committed Lender or the related Managing Agent, as applicable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Borrower may
replace such Defaulting Committed Lender in accordance with Section&nbsp;2.19 of this Agreement; <U>provided</U>, that in connection with such replacement such assignee shall have consented to the applicable amendment or waiver. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the event that the Administrative Agent determines that a Defaulting Committed Lender has adequately remedied all matters that caused such
Committed Lender to be a Defaulting Committed Lender, then (x)&nbsp;the Pro Rata Shares, the Lender Group Limits and Lender Group Percentages shall be readjusted to reflect the inclusion of such Committed Lender&#146;s Commitment and on such date
such Committed Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent and the Managing Agents shall determine may be necessary in order for such Committed Lender to hold such Loans in accordance with its Pro
Rata Share and for such Committed Lender&#146;s Lender Group to hold such Loans in accordance with its Lender Group Percentage and (y)&nbsp;the provisions of clauses (a)&nbsp;through (d) above shall, from and after such determination, cease to be of
further force or effect with respect to such Committed Lender. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.19. <U>Replacement of Lender Group</U>. If (i)&nbsp;any Affected
Party requests compensation under Section&nbsp;2.09(a) or 2.10(a), (ii) any Conduit Lender ceases to fund or maintain its Loans through the issuance of Commercial Paper, (iii)&nbsp;any Managing Agent fails to give consent to any amendment or waiver
to the Facility Documents requiring the consent of 100% of the Managing Agents or 100% of the Managing Agents for all affected Lenders and Managing Agents whose Lender Group Limits together equal or exceed 66 2/3&nbsp;percent of the Lender Group
Limits required for such vote have consented, (iv)&nbsp;any Committed Lender becomes a Defaulting Committed Lender or becomes the subject of a <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action or (v)&nbsp;any Designated Delay Funding Lender
delivers a Funding Delay Notice, then Borrower may, at its sole expense and effort, upon notice to the related Managing Agent and the Administrative Agent, require each Lender in such Managing Agent&#146;s Lender Group to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in Section&nbsp;10.03), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations(which assignee may
be another Conduit Lender or Committed Lender, as applicable, if a Conduit Lender or Committed Lender accepts such assignment); provided, that (x)&nbsp;the Borrower shall have received the prior written consent of the Administrative Agent with
respect to any assignee that is not already a member of a Lender Group hereunder, which consent shall not unreasonably be withheld, conditioned or delayed, (y)&nbsp;each member of such assigning Lender Group shall have received payment of an amount
equal to all outstanding Loans funded or maintained by such Lender Group, together with all accrued Interest thereon and all accrued Unused Fees and other Borrower Obligations payable to them hereunder and under the other Facility Documents, from
the assignee (to the extent of such outstanding Loans) and (z)&nbsp;in the case of any such assignment resulting from a claim for compensation under Section&nbsp;2.09(a) or Section&nbsp;2.10(a), such assignment will result in a reduction in such
compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and
delegation cease to exist. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.20. <U>Inability to Determine Rates</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If in connection with any request for a Daily SOFR Loan or a conversion of a Loan to a Daily SOFR Loan or a continuation of
any of such Loan, as applicable, (i)&nbsp;the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (A)&nbsp;no Successor Rate has been determined in accordance with <U>Section&nbsp;2.20(b)</U>, and the
circumstances under clause (i)&nbsp;of <U>Section&nbsp;2.20(b)</U> or the Scheduled Unavailability Date has occurred, or (B)&nbsp;adequate and reasonable means do not otherwise exist for determining Daily SOFR for any requested Interest Period or
any determination dates(s), as applicable, with respect to a proposed Daily SOFR Loan or in connection with an existing or proposed Loan that accrues interest by reference to the Alternative Rate, or (ii)&nbsp;the Administrative Agent or the
Managing Agents determine that for any reason that Daily SOFR for any requested Interest Period or determination date(s) with respect to a proposed Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the
Administrative Agent will promptly so notify the Borrower and each Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Thereafter, (x)&nbsp;the obligation of the Lenders to make or
maintain Daily SOFR Loans, or to convert any Loans to Daily SOFR Loans, shall be suspended (to the extent of the affected Daily SOFR Loans or Interest Periods or determination date(s), as applicable), and (y)&nbsp;in the event of a determination
described in the preceding sentence with respect to the Daily SOFR component of the Alternative Rate, the utilization of the Daily SOFR component in determining the Alternative Rate shall be suspended, in each case until the Administrative Agent
(or, in the case of a determination by the Managing Agents described in clause (ii)&nbsp;of this <U>Section&nbsp;2.20(a)</U>, until the Administrative Agent upon instruction of the Managing Agents) revokes such notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Upon receipt of such notice, (i)&nbsp;the Borrower may revoke any pending request for a
Borrowing of, or conversion to, or continuation of Daily SOFR Loans (to the extent of the affected Daily SOFR Loans or Interest Periods or determination date(s), as applicable) or, failing that, will be deemed to have converted such request into a
request for a Loan which accrues interest by reference to the Alternative Rate in the amount specified therein and (ii)&nbsp;any outstanding Daily SOFR Loan shall be deemed to have been converted to a Loan which accrues interest by reference to the
Alternative Rate immediately at the end of their respective applicable Interest Period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Replacement of Daily SOFR
or Successor Rate</U>. Notwithstanding anything to the contrary in this Agreement or any other Facility Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Managing
Agents notify the Administrative Agent (with, in the case of the Managing Agents, a copy to the Borrower) that the Borrower or Managing Agents (as applicable) have determined, that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) adequate and reasonable means do not exist for ascertaining Daily SOFR, including, without limitation, because the Daily
SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the SOFR Administrator or any successor administrator of the Daily SOFR Screen Rate or a Governmental Authority having
jurisdiction over the Administrative Agent or such administrator with respect to its publication of Daily SOFR, in each case acting in such capacity, has made a public statement identifying a specific date after which Daily SOFR or the Daily SOFR
Screen Rate shall or will no longer be made available, or permitted to be used for determining the interest rate of U.S. dollar denominated syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no
successor administrator that is satisfactory to the Administrative Agent, that will continue to provide such interest periods of Daily SOFR after such specific date (the latest date on which Daily SOFR or the Daily SOFR Screen Rate are no longer
available permanently or indefinitely, the &#147;<U>Scheduled Unavailability Date</U>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">then, on a date and time determined by the
Administrative Agent (any such date, the &#147;<U>Daily SOFR Replacement Date</U>&#148;), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect
to clause (ii)&nbsp;above, no later than the Scheduled Unavailability Date, Daily SOFR will be replaced hereunder and under any Loan Document with an alternative benchmark rate for any payment period for interest calculated that can be determined by
the Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the &#147;<U>Successor Rate</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary herein, (i)&nbsp;if the Administrative Agent determines that Daily SOFR is not available on or prior
to the Daily SOFR Replacement Date, or (ii)&nbsp;if the events or circumstances of the type described in Section&nbsp;2.20(b)(i) or (ii)&nbsp;have occurred with respect to the Successor Rate then in effect, then in each case, the Administrative
Agent and the Borrower may amend this Agreement solely for the purpose of replacing Daily SOFR or any then current Successor Rate in accordance with this Section&nbsp;2.20 at the end of any Interest Period, relevant interest payment date or payment
period for interest calculated, as applicable, with an alternative benchmark rate giving due </P>
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consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and agented in the United States for such alternative benchmark. and, in
each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and agented in the United States for
such benchmark, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated. For the
avoidance of doubt, any such proposed rate and adjustments, shall constitute a &#147;Successor Rate&#148;. Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such
proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Managing Agents have delivered to the Administrative Agent written notice that such Managing Agents object to such amendment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor
Rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any Successor Rate shall be applied in a manner consistent with market practice; <U>provided</U> that to the extent such market
practice is not administratively feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero%, the Successor Rate
will be deemed to be zero% for the purposes of this Agreement and the other Facility Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In connection with the implementation of a
Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Facility Document, any amendments implementing such Conforming Changes
will become effective without any further action or consent of any other party to this Agreement; <U>provided</U> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming
Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purposes of this
Section&nbsp;2.20, those Lenders that either have not made, or do not have an obligation under this Agreement to make, the relevant Loans in Dollars shall be excluded from any determination of Managing Agents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.21. <U>Illegality</U>. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority
has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to SOFR or Daily SOFR, or to determine or charge interest rates based upon SOFR or Daily
SOFR, then, upon notice thereof by such Lender to the Borrower (through the Administrative Agent), (a) any obligation of such Lender to make or continue Daily SOFR Loans or to convert Loans to Daily SOFR Loans shall be suspended, and (b)&nbsp;if
such notice asserts the illegality of such Lender making or maintaining Loans the interest rate on which is determined by reference to the Daily SOFR component of the Alternative Rate, the interest rate on which Loans which accrue interest by
reference to the Alternative Rate of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Daily SOFR component of the Alternative Rate, in each case until such Lender notifies
the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (i)&nbsp;the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent),
prepay or, if applicable, convert all Daily SOFR Loans of such Lender to Loans that accrue interest by reference to the Alternative Rate (the interest rate on which </P>
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Loans which accrue interest by reference to the Alternative Rate of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the
Daily SOFR component of the Alternative Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Daily SOFR Loan to such day, or immediately, if such Lender may not lawfully continue to
maintain such Daily SOFR Loan and (ii)&nbsp;if such notice asserts the illegality of such Lender determining or charging interest rates based upon SOFR, the Administrative Agent shall during the period of such suspension compute the Alternative Rate
applicable to such Lender without reference to the Daily SOFR component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon SOFR.
Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section&nbsp;2.04. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.22. <U>Payments by Borrower; Presumptions by Administrative Agent.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to
the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders the amount due. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to any payment that the Administrative Agent makes
for the account of the Lenders as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the &#147;<U>Rescindable Amount</U>&#148;):
(1) the Borrower has not in fact made such payment; (2)&nbsp;the Administrative Agent has made a payment in excess of the amount so paid by the Borrower (whether or not then owed); or (3)&nbsp;the Administrative Agent has for any reason otherwise
erroneously made such payment; then each of the Lenders, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender, in immediately available funds with interest thereon, for each
day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under this Section&nbsp;2.22 shall be conclusive, absent manifest error. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONDITIONS PRECEDENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.01. <U>Conditions Precedent to Effectiveness</U>. As conditions precedent to the effectiveness of this Agreement,
and the initial Borrowing hereunder the Managing Agents shall have received each of the documents, instruments, legal opinions and other agreements listed on (1)&nbsp;Schedule <FONT STYLE="white-space:nowrap">IV-A</FONT> as of the Original Closing
Date and (2)&nbsp;Schedule <FONT STYLE="white-space:nowrap">IV-B</FONT> as of the Restatement Date, in each case, that are required to be delivered on or prior to the date hereof, together with all fees due and payable on the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.02. <U>Conditions Precedent to All Borrowings</U>. Each Borrowing (including the Initial Borrowing) made by the
Lenders to the Borrower (except as set forth in Section&nbsp;2.02(e)(iv)), shall be subject to the further conditions precedent that on related Borrowing Date, each of the following shall be true and correct both before and immediately after giving
effect to such Borrowing: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the Administrative Agent shall have received from the Servicer the Monthly Report most recently required to
be delivered pursuant to the Servicing Agreement; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the representations and warranties contained in Article IV shall be true and correct in
all material respects on and as of such date as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of
such earlier date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) no event has occurred and is continuing, or would result from such Borrowing which constitutes a Default, an Event
of Default, a Servicer Termination Event or an Unmatured Servicer Termination Event; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the Amortization Date has not occurred; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) each of the Borrower, the Servicer and the Custodian shall have timely made all of the deliveries required pursuant to the Custody
Agreement with respect to the Pledged Timeshare Loans and any Timeshare Loans to become Pledged Timeshare Loans in connection with such Borrowing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) no Borrowing Base Deficiency shall exist before such Borrowing and, after giving pro forma effect to such Borrowing, any concurrent
Transfer of Timeshare Loans to the Borrower with the proceeds of such Borrowing and/or any concurrent release of Pledged Timeshare Loans on such date pursuant to Section&nbsp;2.15, no Borrowing Base Deficiency shall exist; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) if any Timeshare Loans are being Transferred to the Borrower with the proceeds of such Borrowing, after giving effect to such Transfer,
the weighted average FICO&reg; score of all Obligors of Eligible Timeshare Loans on the Applicable Measurement Date with FICO&reg; scores (weighted based on the Timeshare Loan Balances on such date) shall be at least 715; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) if such date occurs during a Hedging Period, the Borrower shall be in compliance with Section&nbsp;5.03; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) upon the reasonable request of any Lender, the Borrower shall have provided to such Lender the documentation and other information so
requested in connection with applicable &#147;know your customer&#148; and anti-money laundering rules and regulations, including the PATRIOT Act, in each case at least five days prior to any Borrowing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) the Local Counsel Opinion Requirement shall be satisfied for each Required Local Counsel Jurisdiction as of the relevant Borrowing Date; <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(k)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The Custodian shall have received </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">an executed copy of
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;the Assignment of Mortgage or (ii)&nbsp;the Global Assignment (Bluegreen) delivered </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">to the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Administrative Agent, with respect to the related Bluegreen Timeshare Loans; provided that for purposes of
this clause (k), to the extent the Global Assignment (Bluegreen) is delivered to the Custodian, a <FONT STYLE="white-space:nowrap">one-time</FONT> delivery of such Global Assignment (Bluegreen) shall satisfy the requirements of this clause,
including for all subsequent fundings; and</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(l)</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(k) </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">the receipt of a Borrowing Request in the form required under Section&nbsp;2.02(a). </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each delivery of a Borrowing Request to the Administrative Agent, and the acceptance by the Borrower of the proceeds of any Borrowing, shall
constitute a representation and warranty by the Borrower that, as of the date of such Borrowing, both before and after giving effect thereto and the application of the proceeds thereof, each of the applicable statements set forth in clauses
(a)&nbsp;through (j) above are true and correct to the extent set forth in such clauses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3.03. <U>Conditions to Funding a Delayed Funding Amount</U>. The
funding of any Delayed Funding Amount is subject to the conditions (and each funding shall evidence the Borrower&#146;s representation and warranty that clauses (a)&nbsp;through (e) of this Section&nbsp;3.03 have been satisfied as of the related
Delayed Funding Date) that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the Amortization Date has not occurred by reason of any action taken by the Borrower under clause
(iii)&nbsp;of the definition thereof; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) each of the Borrower, the Servicer and the Custodian shall have timely made all of the
deliveries required pursuant to the Custody Agreement with respect to the Pledged Timeshare Loans and any Timeshare Loans to become Pledged Timeshare Loans in connection with the funding of such Delayed Funding Amount; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) no Borrowing Base Deficiency shall exist before the funding of such Delayed Funding Amount and, after giving pro forma effect to the
funding of such Delayed Funding Amount, any concurrent Transfer of Timeshare Loans to the Borrower with the proceeds of the funding of such Delayed Funding Amount and/or any concurrent release of Pledged Timeshare Loans on such date pursuant to
Section&nbsp;2.15, no Borrowing Base Deficiency shall exist; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the receipt of a Borrowing Request in the form required under
Section&nbsp;2.02(a); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) if any Timeshare Loans are being Transferred to the Borrower on such Delayed Funding Date, after giving effect
to such Transfer, the weighted average FICO&reg; score of all Obligors of Eligible Timeshare Loans on the Applicable Measurement Date with FICO&reg; scores (weighted based on the Timeshare Loan Balances on such date) shall be at least 715; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) if such date occurs during a Hedging Period, the Borrower shall be in compliance with Section&nbsp;5.03. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REPRESENTATIONS AND
WARRANTIES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4.01. <U>Representations and Warranties of the Borrower</U>. The Borrower represents and warrants as
of the Original Closing Date and the Restatement Date and on each date a Loan is made as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Due Formation and Good
Standing</U>. The Borrower is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware and is duly qualified to do business, and is in good standing, in every jurisdiction where the
nature of its business requires it to be so qualified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Due Authorization and No Conflict</U>. The execution, delivery and
performance by the Borrower of this Agreement, the Sale and Contribution Agreement and all other Facility Documents to which it is a party, and the transactions contemplated hereby and thereby, are within the Borrower&#146;s limited liability
company powers, have been duly authorized by all necessary limited liability company action and do not contravene or constitute a default under, any provision of applicable law or of the Borrower&#146;s certificate of formation or of the limited
liability company agreement or of any agreement, judgment, injunction, decree or other instrument binding upon the Borrower or result in the creation or imposition of any Adverse Claim (except </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>

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for Permitted Liens) on any asset of the Borrower. This Agreement, the Sale and Contribution Agreement and the other Facility Documents to which the Borrower is a party have been duly executed
and delivered on behalf of the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Governmental Consent</U>. No authorization or approval or other action by, and no notice
to or filing with, any Governmental Authority is required for the due execution, delivery and performance by the Borrower of this Agreement, the Sale and Contribution Agreement or any other agreement, document or instrument to be delivered by it
hereunder that has not already been given or obtained, except for filings under the UCC required under Article III. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Enforceability
of Facility Documents</U>. Each of this Agreement, the Sale and Contribution Agreement and each other Facility Document to be delivered by the Borrower in connection herewith, constitutes the legal, valid and binding obligation of the Borrower
enforceable against the Borrower in accordance with its terms, subject to the Enforceability Exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>No Litigation</U>.
(i)&nbsp;There is no action, suit, proceeding or investigation pending or, to the best knowledge of the Borrower, threatened, against the Borrower or the property of the Borrower in any court, or before any arbitrator of any kind, or before or by
any Governmental Authority and (ii)&nbsp;the Borrower is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i)&nbsp;and
(ii), (A) asserts the invalidity of this Agreement or any other Facility Document, (B)&nbsp;seeks to prevent the grant of any Collateral by the Borrower to the Administrative Agent, the ownership or acquisition by the Borrower of the Timeshare Loans
or the consummation of any of the transactions contemplated by this Agreement or any other Facility Document, (C)&nbsp;seeks any determination or ruling that, in the reasonable judgment of the Borrower, would materially and adversely affect the
performance by the Borrower of its obligations under this Agreement or any other Facility Document or the validity or enforceability of this Agreement or any other Facility Document or (D)&nbsp;individually or in the aggregate for all such actions,
suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect. The Borrower is not in default with respect to any order of any court, arbitrator or Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Perfection Representations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in
favor of the Administrative Agent, which security interest is prior to all other Adverse Claims (except for Permitted Liens) arising under the UCC, and is enforceable as such against creditors of the Borrower, subject to applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors&#146; rights and remedies generally, and to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) The Pledged Timeshare Loans and the documents evidencing such Pledged Timeshare Loans constitute
&#147;accounts&#148;, &#147;chattel paper&#148;, &#147;electronic chattel paper&#148;, &#147;instruments&#148; or &#147;general intangibles&#148; within the meaning of the applicable UCC; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) The Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claims, except for
Permitted Liens; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) The Borrower has caused or will have caused, within ten (10)&nbsp;days of the Restatement Date, the
filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the Administrative Agent hereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) All Tangible Loan Documents, including Tangible Obligor Notes (or an
original lost note affidavit and indemnity from the Seller) that constitute or evidence the Pledged Timeshare Loans are in the possession of the Custodian and the Borrower has received a receipt therefor, which acknowledges that the Custodian is
holding such Tangible Loan Documents that constitute or evidence the Pledged Timeshare Loans solely on behalf and for the benefit of the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) All Electronic Loan Documents, including Electronic Obligor Notes (or an original lost note affidavit and indemnity from
the Seller) that constitute or evidence the Pledged Timeshare Loans are under (i)&nbsp;the &#147;control&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-105</FONT> of the UCC or Section&nbsp;16 of UETA, as applicable) of
the Administrative Agent if such Electronic Loan Document constitutes Electronic Chattel Paper or a &#147;transferrable record&#148; (within the meaning of UETA) or (ii)&nbsp;otherwise, the dominion of the Custodian as custodial agent for the
Administrative Agent and, in each case, the Borrower has received a receipt therefor, which acknowledges that the Custodian is holding such Electronic Loan Documents that constitute or evidence the Pledged Timeshare Loans solely on behalf and for
the benefit of the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) Other than the security interest granted to the Administrative Agent
pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Borrower
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(x)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">has not authorized the filing of </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">any financing statements against the Borrower that include a description of the Collateral</U></FONT><FONT
STYLE="font-family:Times New Roman"> and </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(y)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">is not
aware of any financing statements against the Borrower that include a description of the Collateral </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(</U></FONT><FONT
STYLE="font-family:Times New Roman">other than any </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">financing statement (i)&nbsp;</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">for which the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Borrower has not provided authorization to file, (ii)&nbsp;that the Borrower has initiated the process to
terminate promptly upon becoming aware of the existence thereof and (iii)&nbsp;which has no adverse effect on the first priority perfected security interest of the Administrative Agent in the Collateral), other than in the case of clauses
(x)&nbsp;and (y), any </U></FONT><FONT STYLE="font-family:Times New Roman">financing statement relating to the security interest granted to the Administrative Agent hereunder or that has been terminated or amended to release such Collateral.
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) All financing statements filed or to be filed against the Borrower in favor of the Administrative Agent in
connection herewith describing the Collateral contain a statement to the following effect: &#147;A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ix) None of the Obligor Notes that constitute or evidence the Pledged Timeshare Loans has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than the Borrower and the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) Each Electronic Loan Document evidencing a Pledged Timeshare Loan was created and is and will at all times remain stored
and assigned in such a manner that: (1)&nbsp;there exists a single Authoritative Copy of such Electronic Loan Document which is unique, identifiable and, except as otherwise provided in subparagraphs (4), (5) and (6)&nbsp;below, unalterable;
(2)&nbsp;the Authoritative Copy identifies the Administrative Agent as the secured party of such Electronic Loan Document and is held in the Warehouse Vault Partition; (3)&nbsp;the Authoritative Copy is communicated to and maintained by the
Custodian, as the designated custodian of the Administrative Agent; (4)&nbsp;copies or revisions that add or change an identified assignee of the Authoritative Copy can be made only with the participation of the Custodian, as
</P>
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the designated custodian of the Administrative Agent; (5)&nbsp;each copy of the Authoritative Copy and any copy of a copy is readily identifiable as a copy that is not the Authoritative Copy; and
(6)&nbsp;any revision of the Authoritative Copy is readily identifiable as an authorized or unauthorized revision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Compliance with
Laws</U>. The Borrower and each Resort Collection has complied with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, the violation of which, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>Accuracy of Information</U>. The information, reports,
financial statements, exhibits and schedules furnished in writing by or on behalf of the Borrower to the Administrative Agent, any Managing Agent or any Lender in connection with the negotiation, preparation or delivery of this Agreement and the
other Facility Documents or included herein or therein or delivered pursuant hereto or thereto (but excluding any projections, forward looking statements, budgets, estimates and general market data as to which the Borrower only represents and
warrants that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time), when taken as a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary
to make the statements herein or therein, in light of the circumstances under which they were made, not misleading. All written information furnished after the date hereof by or on behalf of the Borrower to the Administrative Agent, any Managing
Agent or any Lender in connection with this Agreement and the other Facility Documents and the transactions contemplated hereby and thereby will be true, complete and accurate in every material respect, or (in the case of projections) based on
reasonable estimates, on the date as of which such information is stated or certified. Each document or instrument included in a Timeshare Loan File delivered to the Custodian by or on behalf of the Borrower with respect to a Pledged Timeshare Loan
that is not the originally executed document or instrument is a true and correct copy of such document or instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Location of
Records; Organizational Identification Number</U>. The locations of the offices where the Borrower keeps all the Records are listed on Exhibit D<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>. </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or upon 30 days&#146; prior written notice to the Administrative Agent, at any other location in the United States where all
actions reasonably requested by the Administrative Agent or any Managing Agent to protect and perfect the interests of the Administrative Agent and the Lenders in the Collateral have been taken and completed.</U></FONT><FONT
STYLE="font-family:Times New Roman"> The Borrower&#146;s federal employer identification number and its organizational identification number are as set forth on Exhibit M. The Borrower is organized solely under the laws of the State of Delaware.
</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <U>Collection Information</U>. The names and addresses of all Account Banks, together with the address of the HRC Lockbox<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the Bluegreen Lockbox,</U></FONT><FONT STYLE="font-family:Times New Roman"> the Diamond Lockbox and the account numbers of
the Accounts are as specified in Exhibit E. With </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>respect to</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>HRC </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Timeshare Loans, (i)&nbsp;the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>HRC Lockbox set forth on Exhibit E is the only account address to which Obligors of HRC Timeshare Loans are directed to make payments </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>and (ii)&nbsp;the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Clearing Account set forth on Exhibit E is the only
account to which Collections received from Obligors by means of </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE><FONT STYLE="white-space:nowrap">pre-authorized</FONT> debits from a deposit of
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>such </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Obligor pursuant to a PAC or from a credit card
of such Obligor pursuant to a Credit Card Account</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>will be deposited. With </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>respect to Diamond Timeshare
Loans</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, (A)&nbsp;(i) prior </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>to the</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Prior to the related</U></FONT><FONT STYLE="font-family:Times New Roman"> Account Restructuring Obligor Notification Date,
the HRC Lockbox </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">in the case of the HRC Timeshare Loans, the HRC Lockbox</U></FONT><FONT
STYLE="font-family:Times New Roman"> and the Diamond Lockbox </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">in the case of the Diamond Timeshare Loans, and the
Bluegreen Lockbox in the case of the Bluegreen Timeshare Loans, in each case as </U></FONT><FONT STYLE="font-family:Times New Roman">set forth on Exhibit
E</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> are the only account addresses to which </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the related </U></FONT><FONT STYLE="font-family:Times New Roman">Obligors are directed to make payments</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, (ii)&nbsp;on and after the
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">. On or after the related Account Restructuring Obligor Notification Date with respect to any Timeshare
Loan, (i)&nbsp;with respect to Defaulted Timeshare Loans and Delinquent Timeshare Loans only, the lockboxes to which the related Obligors were directed to make payments prior to such date, (ii)&nbsp;the HRC </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Lockbox set forth on Exhibit
E</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and/or (iii)&nbsp;the New Lockbox are </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the only account addresses to which
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Obligors of such Timeshare Loan </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">are directed to make
payments</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">.
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Prior</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> to
 the </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related </U></FONT><FONT STYLE="font-family:Times New Roman">Account Restructuring Obligor Notification
Date, the HRC </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Lockbox set forth on Exhibit E
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>is</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>the only account addresses to which </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Obligors </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>are directed to make payments and (B)&nbsp;</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(i) prior </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>to the Account Restructuring Obligor Notification
Date</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Clearing Account in the case of the HRC Timeshare Loans</U></FONT><FONT
STYLE="font-family:Times New Roman">, the Diamond Lockbox Account and the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT
STYLE="font-family:Times New Roman">Clearing Account </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">in the case of </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Diamond Timeshare Loans,
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and the Bluegreen Clearing Account in the case of the Bluegreen Timeshare Loans, in each case as </U></FONT><FONT
STYLE="font-family:Times New Roman">set forth on Exhibit E</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman">
are the only accounts to which Collections received from </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the related </U></FONT><FONT
STYLE="font-family:Times New Roman">Obligors by means of </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE><FONT STYLE="white-space:nowrap">pre-authorized</FONT> debits from a deposit </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>of such </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Obligor pursuant to a PAC or from a credit card </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>of such </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Obligor pursuant to a </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Debit/</U></FONT><FONT STYLE="font-family:Times New Roman">Credit Card </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Account</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Payments</U></FONT><FONT
STYLE="font-family:Times New Roman"> will be deposited</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> and (ii)&nbsp;on and</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">. On or </U></FONT><FONT STYLE="font-family:Times New Roman">after the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related </U></FONT><FONT STYLE="font-family:Times New Roman">Account Restructuring Obligor Notification Date</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, the</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">with respect to any Timeshare Loan, (i)&nbsp;with respect to Defaulted Timeshare Loans and Delinquent Timeshare
Loans only, the clearing accounts to which the Debit/Credit Card Payments were deposited prior to such date, (ii)&nbsp;the HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account set forth on Exhibit E </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>is</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and/or (iii)&nbsp;the New
Clearing Account are</U></FONT><FONT STYLE="font-family:Times New Roman"> the only </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>account</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">accounts</U></FONT><FONT STYLE="font-family:Times New Roman"> to which Collections received from </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the related </U></FONT><FONT STYLE="font-family:Times New Roman">Obligors by means of </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE><FONT STYLE="white-space:nowrap">pre-authorized</FONT> debits from a deposit of such Obligor pursuant to a PAC or from a credit card of such Obligor pursuant to a
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Debit</U></FONT><FONT STYLE="font-family:Times New Roman">/Credit Card </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Account</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Payments</U></FONT><FONT
STYLE="font-family:Times New Roman"> will be deposited. Except as provided in the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT
STYLE="font-family:Times New Roman"> Clearing </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Account Control Agreement,</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> the Diamond Lockbox Account Control Agreement</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the Bluegreen Clearing</U></FONT><FONT STYLE="font-family:Times New Roman"> Account Control Agreement and the Intercreditor
Agreement, none of the Seller, the Borrower, the Servicer or any Approved Subservicer has granted any Person, other than the Administrative Agent, &#147;control&#148; (within the meaning of Sections <FONT STYLE="white-space:nowrap">8-106,</FONT> <FONT
STYLE="white-space:nowrap">9-106</FONT> or <FONT STYLE="white-space:nowrap">9-104,</FONT> as applicable of any applicable enactment of the UCC) of the Unidentified Receipts Account, Diamond Lockbox Account</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the Bluegreen Clearing Account</U></FONT><FONT STYLE="font-family:Times New Roman"> or the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account or the right to take control of the Unidentified Receipts Account,
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the </U></FONT><FONT STYLE="font-family:Times New Roman">Diamond Lockbox Account</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the Bluegreen Clearing Account</U></FONT><FONT STYLE="font-family:Times New Roman"> or the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account at a future time or upon the occurrence of a future
event. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <U>No Trade Names</U>. The Borrower has no, and has not used any, trade names, fictitious names, assumed names or
&#147;doing business as&#148; names. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) <U>Investments</U>. The Borrower does not own or hold, directly or indirectly (i)&nbsp;any
capital stock or equity security of, or any equity interest in, any Person or (ii)&nbsp;any debt security or other evidence of Indebtedness of any Person, except for Permitted Investments and as otherwise contemplated by the Facility Documents. The
Borrower has no Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) <U>Facility Documents</U>. The Sale and Contribution Agreement delivered to the Administrative Agent is
the only agreement pursuant to which the Borrower directly or indirectly purchases and receives capital contributions of Timeshare Loans from the Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) <U>Business</U>. Since its formation, the Borrower has conducted no business other than entering into and performing it obligations under
the Facility Documents to which it is a party, and such other activities as are incidental to the foregoing. The Facility Documents to which it is a party, and any agreements entered into in connection with the transactions that are permitted by
Section&nbsp;5.03(b), are the only agreements to which the Borrower is a party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) <U>Taxes</U>. The Borrower has (i)&nbsp;filed or has
received an extension of time for filing of, all United States Federal income Tax returns (if any) and all other material Tax returns which are required to be filed by it and (ii)&nbsp;paid all material Taxes that are due and payable by it, except
to the extent that any such Tax is being contested in good faith by appropriate proceedings. The charges, accruals and reserves on the books of the Borrower in respect of Taxes and other governmental charges are, in the Borrower&#146;s opinion,
adequate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) <U>Solvency</U>. The Borrower: (i)&nbsp;is not &#147;insolvent&#148; (as such term is defined in &#167;101(32)(A) of the
Bankruptcy Code), (ii) is able to pay its debts as they come due; and (iii)&nbsp;does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) <U>Use of Proceeds</U>. No proceeds of any Loan will be used by the Borrower to acquire
any security in any transaction which is subject to Section&nbsp;13 or 14 of the Securities Exchange Act of 1934. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) <U>Ownership</U>.
As of the date hereof, all of the Equity Interests (other than the special membership interest of the Independent Directors) in the Borrower are validly issued and directly owned of record by the Seller; the Seller has no obligation to make further
payments for the purchase of such Equity Interests or contributions to the Borrower solely by reason of its ownership of such Equity Interests, and there are no options, warrants or other rights to acquire any Equity Interests in the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) <U>Eligibility</U>. Each Pledged Timeshare Loan represented by the Borrower to be an &#147;Eligible Timeshare Loan&#148; in any Borrowing
Request or included in the calculation of the Borrowing Base on any Distribution Date, Refinancing Date or Borrowing Date satisfied the requirements of eligibility contained in the definition of &#147;Eligible Timeshare Loan&#148; as of the Cutoff
Date for such Pledged Timeshare Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) <U>Payments to Seller</U>. With respect to each Pledged Timeshare Loan, the Borrower shall have
(i)&nbsp;received such Pledged Timeshare Loan as a contribution to the capital of the Borrower by the Seller or (ii)&nbsp;purchased such Pledged Timeshare Loan from the Seller in exchange for payment (made by the Seller in accordance with the
provisions of the Sale and Contribution Agreement) in an amount which constitutes fair consideration and reasonably equivalent value. No such sale shall have been made for or on account of an antecedent debt owed by the Seller to the Borrower and no
such sale is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) <U>Event of Default</U>. No Default
or Event of Default has occurred or is continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) <U>Sanctions</U>. None of the Borrower or any other Subsidiary of the Seller
(i)&nbsp;is a Sanctioned Person, (ii)&nbsp;has any assets in Sanctioned Countries or (iii)&nbsp;derives any operating income from investments in, or transaction with, Sanctioned Persons or Sanctioned Countries. None of the Borrower or any other
Subsidiary of the Seller has or is engaged in any activity or conduct which would, if any material respect, violate any applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations or rules in any applicable jurisdiction. None
of the proceeds of any Loan have been or will be used (i)&nbsp;to fund any operations or finance any investments or activities in, or make any payments to, a Sanctioned Person or Sanctioned Country or (ii)&nbsp;in a manner that would violate any
anti-bribery, anti-corruption or anti-money laundering laws, rules or regulations in any applicable jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) <U>Investment
Company Act; Volcker Rule</U>. The Borrower (i)&nbsp;is not a &#147;covered fund&#148; under the Volcker Rule and (ii)&nbsp;is not an &#147;investment company&#148; within the meaning of the Investment Company Act and the Borrower has not relied
exclusively on either of Sections 3(c)(1) or 3(c)(7) of the Investment Company Act for an exception from registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) <U>Certain LCR
Matters</U>. The Borrower has not issued (i)&nbsp;any obligations that constitute asset-backed commercial paper, (ii)&nbsp;securities required to be registered under the Securities Act of 1933, as amended or that may be offered for sale under Rule
144A of the Securities and Exchange Commission thereunder, or (iii)&nbsp;any other debt obligations or equity interests other than (A)&nbsp;debt obligations substantially similar to the obligations of the Borrower under this Agreement that are
(1)&nbsp;issued to banks or asset-backed commercial paper conduits in privately negotiated transactions, and (2)&nbsp;subject to transfer restrictions substantially similar to the transfer restrictions set forth in Section&nbsp;10.03 of this
Agreement and (B)&nbsp;Equity Interests of the Borrower issued to the Seller. The Borrower&#146;s assets and liabilities are consolidated with the assets and liabilities of the Seller for purposes of GAAP. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y) <U>Beneficial Ownership Certification</U>. As of April&nbsp;25, 2019, the information
included in the Beneficial Ownership Certification delivered by the Borrower to the Administrative Agent is true and correct in all respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z) <U>Resort Collections</U>. Each of Resort Collection Instruments related to the Resort Collections, constitutes the legal, valid and
binding obligation of each of the parties thereto enforceable against such parties in accordance with their terms except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors&#146; rights generally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa)&nbsp;(i) The Borrower does not maintain or participate in any Plan
and has no material liability with respect to any Plan, (ii)&nbsp;the Borrower does not contribute to or have any obligation to contribute to any Multiemployer Plan and has no material liability to any Multiemployer Plan, (iii)&nbsp;no ERISA Event
has occurred that, together with all other ERISA Events occurring within the prior twelve 12 months, involves the payment of money by or an incurrence of liability of the Borrower or any ERISA Affiliate in an aggregate amount which could reasonably
be expected to have a Material Adverse Effect on the Borrower and (iv)&nbsp;the Borrower (A)&nbsp;is not a Benefit Plan Investor or a Governmental Plan Entity, and (B)&nbsp;will not during the term of this Agreement be or become a Benefit Plan
Investor or a Governmental Plan Entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb) With respect to each Approved Transferor, 100% of the issued and outstanding Equity
Interests in such Transferor are owned by the related Approved Transferee. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE V </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COVENANTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.01. <U>Affirmative Covenants of the Borrower</U>. Except as otherwise provided herein, from the Original Closing
Date until the later of the Amortization Date and the Final Collection Date, the Borrower will, unless the Administrative Agent and the Majority Managing Agents shall otherwise consent in writing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Compliance with Laws, Etc</U>. Comply in all material respects with all applicable laws, ordinances, orders, rules, regulations and
requirements of Governmental Authorities, the violation of which either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Preservation of Existence</U>. (i)&nbsp;Observe all procedures required by its certificate of formation and the limited liability
company agreement and preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its organization, and (ii)&nbsp;qualify and remain qualified in good standing as a foreign limited
liability company in each other jurisdiction where the nature of its business requires such qualification and where, in the case of clause (ii), the failure to be so qualified could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Audits</U>. At any time and from time to time during regular business hours and upon reasonable prior notice, permit the Administrative
Agent, on behalf of the Lenders and Managing Agents, or its agents or representatives: (i)&nbsp;to conduct periodic audits of the Pledged Timeshare Loans and the other Collateral and collection systems of the Borrower; (ii)&nbsp;to examine and make
copies of and abstracts from the Records in its possession or control relating to the Pledged Timeshare Loans and other Collateral, including, the related Pledged Timeshare Loans; (iii)&nbsp;to visit the offices and properties of the Borrower for
the purpose of examining the materials described in clause (ii)&nbsp;above; and (iv)&nbsp;to discuss matters relating to the Pledged Timeshare Loans, the other Collateral or the Borrower&#146;s performance hereunder with any of the officers or
employees of the Borrower having knowledge of such matters; <I>provided, that</I> if no Event of Default shall have occurred and be continuing, the Administrative Agent or its agents or representatives shall only be entitled to conduct one
(1)&nbsp;audit of the </P>
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Borrower at the expense of the Borrower during any twelve (12)&nbsp;month period, beginning on the date hereof and on each anniversary of the date hereof; and <I>provided</I><I>, further,
that</I> if an Event of Default shall have occurred and be continuing, there shall be no limit on the number of such audits the Administrative Agent or its agents or representatives shall be entitled to conduct at the expense of the Borrower. The
rights granted to the Administrative Agent in this Section&nbsp;5.01(c) shall be exercised in conjunction with the rights granted to it under Section&nbsp;3.2(f) of the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Keeping of Records and Books of Account</U>. Maintain and implement administrative and operating procedures (including an ability to
recreate records evidencing the Pledged Timeshare Loans in the event of the destruction of the originals thereof) and keep and maintain (or cause the Servicer to keep and maintain) all documents, books, records and other information reasonably
necessary for the collection of all Pledged Timeshare Loans, and in which timely entries are made in accordance with GAAP. Such books and records shall include, without limitation, records adequate to permit the daily identification of each new
Pledged Timeshare Loan and all Collections of and adjustments to each existing Pledged Timeshare Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Collections</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Instruct or cause all Obligors to be instructed to (A)&nbsp;send all scheduled payments of principal or interest under the
Pledged Timeshare Loans (x)&nbsp;<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">prior to the related Account Restructuring Obligor Notification Date with respect to
such type of Timeshare Loan, directly to the HRC Lockbox </U></FONT><FONT STYLE="font-family:Times New Roman">in the case of HRC Timeshare Loans, directly to the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>H</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>RC Lockbox and (y)&nbsp;in the case of Diamond Timeshare
Loans, </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(1)&nbsp;prior to the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Account Restructuring
Obligor Notification Date,</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>directly </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>to the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Diamond Lockbox or the HRC Lockbox </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">in the case of
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Diamond Timeshare Loans</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, and to the Bluegreen Lockbox in the case of the Bluegreen Timeshare Loans </U></FONT><FONT
STYLE="font-family:Times New Roman">and
(</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>2</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">y</U></FONT><FONT
STYLE="font-family:Times New Roman">) on
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or</U></FONT>
<FONT STYLE="font-family:Times New Roman"> after the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related
</U></FONT><FONT STYLE="font-family:Times New Roman">Account Restructuring Obligor Notification Date</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> with
respect to such type of Timeshare Loan</U></FONT><FONT STYLE="font-family:Times New Roman">, directly to
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;with respect to Defaulted Timeshare Loans and Delinquent Timeshare Loans only, to the lockboxes to
which the related Obligors were directed to make payments prior to such date, (ii)&nbsp;the New Lockbox and/or (iii)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">the HRC Lockbox</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, as applicable</U></FONT><FONT STYLE="font-family:Times New Roman">; (B)&nbsp;make scheduled payments of principal or
interest under the Pledged Timeshare Loans by way of </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE><FONT STYLE="white-space:nowrap">pre-authorized</FONT> debits from a deposit account of such Obligor
pursuant to a PAC or from a credit card of such Obligor pursuant to a Credit Card Account from which payments under the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Pl</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>edged Timeshare Loans </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(x)</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Debit/Credit Card Payments which shall be directed (x)&nbsp;prior to the related Account Restructuring Obligor Notification
Date with respect to such type of Timeshare Loan, directly to the HRC Clearing Account</U></FONT><FONT STYLE="font-family:Times New Roman"> in the case of HRC Timeshare Loans, directly to the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Diamond Lockbox Account or the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and (y)&nbsp;</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">in the case of
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the </U></FONT><FONT STYLE="font-family:Times New Roman">Diamond Timeshare Loans, </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(1)&nbsp;prior to the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and
directly to the Bluegreen Clearing Account in the case of the Bluegreen Timeshare Loans and (y</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">)&nbsp;on and
after the </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related </U></FONT><FONT STYLE="font-family:Times New Roman">Account Restructuring Obligor
Notification Date</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> with respect to such type of Timeshare
Loan</U></FONT><FONT STYLE="font-family:Times New Roman">, directly to </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Diamond Lockbox Account or
the</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) with respect to Defaulted Timeshare Loans and Delinquent Timeshare Loans only, the clearing
accounts to which the Debit/Credit Card Payments were deposited prior to such date, (ii)&nbsp;the New</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and (2</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>)&nbsp;on and after the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Account Restructuring Obligor Notification Date, directly to
the</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or (iii)&nbsp;the HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, as applicable</U></FONT><FONT STYLE="font-family:Times New Roman">; or (C)&nbsp;make payment by electronic transfer of
funds (x)&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">prior to the related Account Restructuring Obligor Notification Date with respect to such type of
Timeshare Loan, directly to the HRC Clearing Account</U></FONT><FONT STYLE="font-family:Times New Roman"> in the case of HRC Timeshare Loans, directly to the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Diamond Lockbox Account or the HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and (y)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;in the case of
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the </U></FONT><FONT STYLE="font-family:Times New Roman">Diamond Timeshare Loans, </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(1)&nbsp;prior to the</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and
directly to the Bluegreen Clearing Account in the case of the Bluegreen Timeshare Loans and (y)&nbsp;on or after the related</U></FONT><FONT STYLE="font-family:Times New Roman"> Account Restructuring Obligor Notification Date</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> with respect to such type of Timeshare Loan</U></FONT><FONT STYLE="font-family:Times New Roman">, directly to </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the Diamond Lockbox Account or
the</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) with respect to Defaulted Timeshare Loans
and</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Delinquent Timeshare Loans only, the clearing accounts into which
the payments by electronic transfer of funds were deposited prior to such date, (ii)&nbsp;the New</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account
and</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">/or</U></FONT><FONT STYLE="font-family:Times New Roman"> (</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>2)&nbsp;on and after the Account Restructuring Obligor Notification Date, directly to the</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">iii) the HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, as applicable.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) In the case of funds transfers
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">with respect to any Pledged Timeshare Loan </U></FONT><FONT STYLE="font-family:Times New Roman">pursuant to a PAC or
Credit Card Account, or other electronic means, take, or instruct the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT
STYLE="font-family:Times New Roman">Clearing Account Bank</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>
or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Bluegreen
 Clearing Account Bank,</U></FONT><FONT STYLE="font-family:Times New Roman"> the Diamond Lockbox Account Bank </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or
the New Clearing Account Bank, as applicable, </U></FONT><FONT STYLE="font-family:Times New Roman">to take</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> (or
cause to be instructed)</U></FONT><FONT STYLE="font-family:Times New Roman">, all necessary and appropriate action to ensure that each such <FONT STYLE="white-space:nowrap">pre-authorized</FONT> debit or credit card payment or transfer is credited
directly to the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the Bluegreen Clearing
Account,</U></FONT><FONT STYLE="font-family:Times New Roman"> the Diamond Lockbox Account</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> or the New Clearing
Account, respectively.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) Cause (A)&nbsp;the <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account to at all times be subject to the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account Control Agreement</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT
STYLE="font-family:Times New Roman"> (B)&nbsp;the Diamond Lockbox Account to at all times be subject to the Diamond Lockbox Account Control Agreement and the Intercreditor Agreement, </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(C)&nbsp;the Bluegreen Clearing Account to at all times be subject to the Bluegreen Clearing Account Control Agreement and
(D)&nbsp;the New Clearing Account to at all times be subject to the New Clearing Account Control Agreement, </U></FONT><FONT STYLE="font-family:Times New Roman">provided that, for the avoidance of doubt, </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>clause (B</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">clauses
(A)&nbsp;through (C</U></FONT><FONT STYLE="font-family:Times New Roman">) shall not be applicable on or after the termination of the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC Clearing Account Control Agreement, the </U></FONT><FONT STYLE="font-family:Times New Roman">Diamond Lockbox
Account Control Agreement or the Intercreditor </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Agreement, or the Bluegreen Clearing Account Control</U></FONT><FONT
STYLE="font-family:Times New Roman"> Agreement, as applicable, if such termination is effected in accordance with Section&nbsp;5.04(d) on or after the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related </U></FONT><FONT STYLE="font-family:Times New Roman">Account Restructuring Date</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> with respect to the related Account</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Recordation of Assignments of Mortgage</U>. At the direction of the Administrative Agent, the Borrower shall, upon the occurrence of an
Event of Default or a Servicer Termination Event cause the recordation of each unrecorded Global Assignment <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>one or more </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>assignments </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">with respect to the Mortgages relating to the Pledged Timeshare Loans </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(together, the &#147;</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><strike><u>Assignments</u></strike></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>&#148;) </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">with each Requisite Office. Each such submission for recordation shall occur within thirty (30)&nbsp;calendar days of the occurrence of such Event of Default or Servicer Termination Event. The Borrower shall
deliver all documents necessary to effect such recordations and pay all costs, fees and expenses related to each such recordation, including all recordation taxes with respect to such </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Global </U></FONT><FONT STYLE="font-family:Times New Roman">Assignments, any costs and/or expenses related to the assembly of
such </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Global </U></FONT><FONT STYLE="font-family:Times New Roman">Assignments and the delivery thereof to the
proper Governmental Authority for recordation, and any attorneys&#146; fees or fees for other professionals incurred in connection with the recordation of such
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Global </U></FONT><FONT STYLE="font-family:Times New Roman">Assignments. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Separate Existence</U>. Maintain the Borrower&#146;s identity as a separate legal entity from the Transaction Parties and to make it
manifest to third parties that the Borrower is an entity with assets and liabilities distinct from those of the Transaction Parties. The Borrower shall operate in such a manner and be constituted so that each of the following statements will be true
and correct at all relevant times: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the Borrower maintains and shall maintain separate records, books of account and
financial statements from those of the Transaction Parties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the Borrower shall at all times maintain all of its
liabilities and tangible and intangible assets, separate and readily identifiable, from those of each Transaction Party and, except to the extent permitted pursuant to the Facility Documents, the Borrower does not and shall not commingle any of its
assets or funds with those of any Transaction Party; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the Borrower maintains and shall maintain an office separate from that
of any other entity and a separate board of directors and observes all separate limited liability company formalities, and all decisions with respect to the Borrower&#146;s business and daily operations have been and shall be independently made by
the officers of the Borrower pursuant to authority granted by its limited liability company agreement and by resolutions of its board of directors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) other than contributions of capital, distributions of funds and return of capital, no transactions have been or will be
entered into between the Borrower and the Seller or between the Borrower and any Transaction Parties except such transactions as are contemplated by this Agreement and the other Facility Documents, or as permitted by the Borrower&#146;s
organizational documents, and the Borrower shall not enter into or permit to exist any transaction (including any purchase, lease or exchange of property or the rendering of any service) with any Transaction Party other than those described in
Section&nbsp;5.04(j); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) the Borrower acts solely in its own name and through its own authorized officers and agents and
the Borrower does not and will not act as agent of any Transaction Party or any other Person in any capacity; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) except
for any funds received from the Seller as a capital contribution or as otherwise permitted in this Agreement or any other Facility Document, the Borrower shall not accept for its own account funds from any Transaction Party; and the Borrower shall
not allow any Transaction Party otherwise to supply funds to, or guarantee any obligation of, the Borrower; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) the
Borrower shall not guarantee, or otherwise become liable with respect to, any obligation of any Transaction Party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii)
the Borrower shall at all times hold itself out to the public under the Borrower&#146;s own name as a legal entity separate and distinct from the Seller and the other Transaction Parties, and not hold itself out as a &#147;division&#148; of the
Seller or any other Transaction Party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ix) the Borrower is a company with limited purposes (as specified in its limited
liability company agreement) and has not engaged, and does not presently engage and shall not engage, in any activity other than the activities undertaken pursuant to this Agreement and the Facility Documents and activities ancillary or incidental
thereto and transactions permitted pursuant to its organizational documents, and has no Indebtedness other than as created by, or set forth in, this Agreement or the other Facility Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) all of the issued and outstanding membership interests of the Borrower are owned by the Seller, and all distributions by
the Borrower to the Seller shall be properly reflected as distributions on the books and records of the Seller; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xi) the
execution and delivery of this Agreement and the Facility Documents and the consummation of the transactions contemplated hereby and thereby were not made in contemplation of the insolvency of the Borrower or after the commission of any act of
insolvency by the Borrower. The Borrower does not believe, nor does it have any reasonable cause to believe, that it cannot perform its covenants contained in this Agreement and the other Facility Documents to which it is a party. The transactions
contemplated by this Agreement and the Facility Documents are being consummated by the Borrower in furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its present or future creditors and with no view to
preferring one creditor over another or to preventing the application of the Borrower&#146;s assets in the manner required by applicable law or regulations; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xii) both immediately before and after the transactions contemplated by
this Agreement and the other Facility Documents (y)&nbsp;the present fair salable value of the Borrower&#146;s assets in the normal course of its business operations was or will be in excess of the amount that will be required to pay its probable
liabilities as they then exist and as they become absolute and matured; and (z)&nbsp;the sum of the Borrower&#146;s assets was and will be greater than the sum of its debts, valuing its assets at a fair salable value. This Agreement and the Facility
Documents reflect bona fide transactions for legitimate business purposes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>Beneficial Ownership Certification</U>. The Borrower
will notify the Administrative Agent and the Lenders of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified on such certification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Location of Records</U>. Keep its chief place of business and chief executive office and the offices where it keeps the Records at
(i)&nbsp;the address(es) of the Borrower referred to on Exhibit D or (ii)&nbsp;upon 30 days&#146; prior written notice to the Administrative Agent, at any other location in the United States where all actions reasonably requested by the
Administrative Agent or any Managing Agent to protect and perfect the interests of the Administrative Agent and the Lenders in the Collateral have been taken and completed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <U>Taxes</U>. File, cause to be filed or obtain an extension of the time to file, all material Tax returns and reports required by law to
be filed by it and will promptly pay or cause to be paid all Taxes and governmental charges at any time owing, <I>provided that</I> the Borrower may contest in good faith any such Taxes, assessments and other charges and, in such event, may permit
the Taxes, assessments or other charges so contested to remain unpaid during any period, including appeals, when the Borrower is in good faith contesting the same so long as (i)&nbsp;adequate reserves have been established in accordance with GAAP,
(ii)&nbsp;enforcement of the contested Tax, assessment or other charge is effectively stayed for the entire duration of such contest if such enforcement could reasonably be expected to have a Material Adverse Effect, and (iii)&nbsp;any Tax,
assessment or other charge determined to be due, together with any interest or penalties thereon, is promptly paid as required after final resolution of such contest, and pay when due any Taxes payable in connection with the Pledged Timeshare Loans,
exclusive of Taxes on or measured by income or gross receipts of the Administrative Agent, the Managing Agents or the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k)
<U>Performance and Enforcement of Sale and Contribution Agreement</U>. (i)&nbsp;Perform and require the Seller to, perform each of their respective obligations and undertakings under and pursuant to the Sale and Contribution Agreement; purchase
Timeshare Loans thereunder in compliance with the terms thereof; (ii)&nbsp;enforce the rights and remedies accorded to the Borrower under the Sale and Contribution Agreement and (iii)&nbsp;take all actions to perfect and enforce its rights and
interests (and the rights and interests of the Administrative Agent and the Lenders as assignees of the Borrower) under the Sale and Contribution Agreement as the Administrative Agent may from time to time reasonably request, including making claims
to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Sale and Contribution Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l)
<U>Ownership</U>. Take all necessary action to (i)&nbsp;vest legal and equitable title to the Pledged Timeshare Loans and the other Collateral purchased under the Sale and Contribution Agreement irrevocably in the Borrower, free and clear of any
Adverse Claims, except for Permitted Liens (including the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Borrower&#146;s
interest in the Pledged Timeshare Loans and the other Collateral and such other action to perfect, protect or more fully evidence the interest of the Borrower therein as the Administrative Agent or any Managing Agent may reasonably request), and
(ii)&nbsp;establish and </P>
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maintain, in favor of the Administrative Agent, for the benefit of the Secured Parties, a valid and perfected first priority perfected security interest in all Pledged Timeshare Loans and the
other Collateral to the full extent contemplated herein, free and clear of any Adverse Claims, except for Permitted Liens (including the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any
comparable law) of all appropriate jurisdictions to perfect the Administrative Agent&#146;s (for the benefit of the Secured Parties) security interest in such Pledged Timeshare Loans and the other Collateral and such other action to perfect, protect
or more fully evidence the interest of the Administrative Agent for the benefit of the Secured Parties as the Administrative Agent or any Managing Agent may reasonably request). The Borrower shall not cause or permit (A)&nbsp;the Authoritative Copy
of any Electronic Loan Document to identify any Person other than the Custodian, on behalf of the Administrative Agent, as the owner of such Authoritative Copy, (B)&nbsp;any transfer of the Authoritative Copy of any Electronic Loan Document included
in a Timeshare Loan File to any Person other than the Custodian and (C)&nbsp;any Person other than the Custodian to obtain &#147;control&#148; (within the meaning of Section&nbsp;9-105 of the UCC or Section&nbsp;16 of UETA as applicable) of any
Electronic Loan Document included in a Timeshare Loan File, that constitutes Electronic Chattel Paper or a &#147;transferrable record&#148; (within the meaning of UETA). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) <U>Independent Directors</U>. The Borrower will at all times have two (2)&nbsp;Independent Directors and ensure that all actions relating
to (x)&nbsp;the selection, maintenance or replacement of the Independent Directors, (y)&nbsp;the dissolution or liquidation of the Borrower or (z)&nbsp;the initiation of, participation in, acquiescence in or consent to any bankruptcy, insolvency,
reorganization or similar proceeding involving the Borrower, are duly authorized by unanimous consent of the Borrower&#146;s directors, including the Independent Directors; and none of the Borrower or the Seller or any of the Borrower&#146;s members
or directors shall remove and replace any Independent Director without giving the Administrative Agent ten (10)&nbsp;days&#146; prior written notice and a certification of a Responsible Officer of the Borrower that such Person satisfies the criteria
set forth in the definition herein of &#147;Independent Director.&#148; The Borrower shall compensate each Independent Director in accordance with its agreement with such Independent Director (or the company employing such Independent Director as a
part of its business of supplying director services to special purpose entities). No Independent Director shall at any time serve as a trustee in bankruptcy for the Borrower or the Seller or any of their respective Affiliates. Without limiting the
foregoing, the Borrower will promptly notify the Administrative Agent in writing of the resignation or removal of any Independent Director or its receipt of any notice of intended resignation by any Independent Director. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) <U>Local Counsel Opinion</U>. With respect to each Pledged Timeshare Loan related to a Resort, in the case of an HRC Timeshare <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Loan or a Bluegreen Timeshare</U></FONT><FONT STYLE="font-family:Times New Roman"> Loan or a sale center, in the case of a
Diamond Timeshare Loan, Borrower shall deliver to the Administrative Agent a Local Counsel Opinion (i)&nbsp;on or prior to the first date on which such Timeshare Loan that corresponds to a Required Local Counsel Jurisdiction is pledged hereunder,
(ii)&nbsp;within thirty (30)&nbsp;days of a commercially reasonable written request of the Administrative Agent, following its receipt of notice of a material change to any forms of </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">applicable</U></FONT><FONT STYLE="font-family:Times New Roman"> Timeshare Loan Documents delivered pursuant to Section
5.02(k); provided that for purposes of this clause (ii), such Local Counsel Opinion may be in the form of a bring-down letter pursuant to which the external counsel which previously delivered the applicable Local Counsel Opinion under clause
(i)&nbsp;brings down its opinions as to the Local Counsel Opinion previously provided as applied to the materially modified, replaced or restated forms of
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">applicable</U></FONT><FONT STYLE="font-family:Times New Roman"> Timeshare Loan Documents and to the date of the
delivery of such bring-down letter</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>,</B></U></FONT><FONT STYLE="font-family:Times New Roman"> and
(iii)&nbsp;upon the written request of the Administrative Agent, on or after the five year anniversary of the date on which a Local Counsel Opinion with respect to such Resort and such Required Local Counsel Jurisdiction was previously delivered.
</FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.02. <U>Reporting Requirements of the Borrower</U>. From the
Original Closing Date until the later of the Amortization Date and the Final Collection Date, the Borrower will, unless the Administrative Agent and the Majority Managing Agents shall otherwise consent in writing, furnish or cause to be furnished to
the Administrative Agent (and to the Paying Agent and Backup Servicer, with respect to (a)&nbsp;and (f)&nbsp;below): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Notice of
Certain Events</U>. As soon as reasonably practicable and in any event within three (3)&nbsp;Business Days after any Responsible Officer of the Borrower obtains knowledge of the occurrence of each Event of Default, Servicer Termination Event,
Default (if such Default is continuing on such date) or Unmatured Servicer Termination Event, the statement of a Responsible Officer of the Borrower setting forth the details of such event and the action which the Borrower is taking or proposes to
take with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Financial Statements</U>. Promptly upon its receipt thereof, the financial statements and compliance
certificates of the Performance Guarantor provided by the Performance Guarantor to the Borrower pursuant to Section&nbsp;7 of the Performance Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Copies of Notices</U>. Promptly upon its receipt of any written notice, request for consent, financial statements, certification,
report or other communication under or in connection with any Facility Document from the Seller, the Custodian, the Servicer, the Backup Servicer, any Account Bank or any other Person other than the Administrative Agent that is a party thereto
copies of the same. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>ERISA Events</U>. As soon as reasonably possible, and in any event within thirty (30)&nbsp;days after a
Responsible Officer knows, or with respect to any Plan or Multiemployer Plan to which any Transaction Party or any of its Subsidiaries makes direct contributions, has reason to believe, that an ERISA Event has occurred or exists, a statement signed
by a senior financial officer of such Transaction Party setting forth details respecting such ERISA Event and the action, if any, that such Transaction Party or any ERISA Affiliate proposes to take with respect thereto (and a copy of any report or
notice required to be filed with or given the PBGC or other governmental agency by such Transaction Party or such ERISA Affiliate with respect to such event or condition). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Reporting on Adverse Effects</U>. Promptly and in no event more than three (3)&nbsp;Business Days after any Responsible Officer of the
Borrower obtains knowledge of any matter or the occurrence of any event concerning the Transaction Parties which would reasonably be expected to have a Material Adverse Effect, notice thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Other Information</U>. As soon as reasonably practicable, from time to time, such other information, documents, records or reports
respecting the Pledged Timeshare Loans or the conditions or operations, financial or otherwise, of the Borrower as the Administrative Agent or any Managing Agent may from time to time reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>KYC Information</U>. Promptly, following any request therefor, provide information and documentation reasonably requested by the
Administrative Agent or any Lender for purposes of compliance with applicable &#147;know your customer&#148; requirements under the PATRIOT Act, the Beneficial Ownership Regulation or other applicable anti-money laundering laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>HRC Securitized Portfolio</U>. On a quarterly basis, promptly, but in no event more than forty-five (45)&nbsp;days after the end of
each fiscal quarter, a report reflecting the various HRC Securitized Portfolio delinquency ratios, calculated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the percentage equivalent of a fraction (A)&nbsp;the numerator of which is equal to the sum of all Timeshare Loan Balances
of all Timeshare Loans included in the HRC Securitized Portfolio that were more than 30 days but less than 91 days delinquent on the last day of the related fiscal quarter and (B)&nbsp;the denominator of which is equal to the aggregate Timeshare
Loan Balance of all Timeshare Loans in the HRC Securitized Portfolio on the last day of such fiscal quarter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the percentage equivalent of a fraction (A)&nbsp;the numerator of which
is equal to the sum of all Timeshare Loan Balances of all Timeshare Loans included in the HRC Securitized Portfolio that were 91 days or more but less than 121 days delinquent on the last day of the related fiscal quarter and (B)&nbsp;the
denominator of which is equal to the aggregate Timeshare Loan Balance of all Timeshare Loans in the HRC Securitized Portfolio on the last day of such fiscal quarter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the percentage equivalent of a fraction (A)&nbsp;the numerator of which is equal to the sum of all Timeshare Loan
Balances of all Timeshare Loans included in the HRC Securitized Portfolio that were 121 or more days delinquent on the last day of the related fiscal quarter and (B)&nbsp;the denominator of which is equal to the aggregate Timeshare Loan Balance of
all Timeshare Loans in the HRC Securitized Portfolio on the last day of such fiscal quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(provided, that the requirements of this
Section&nbsp;5.02(h) with respect to the delivery of the delinquency ratios shall be deemed satisfied by (i)&nbsp;publicly filing HGVI&#146;s Form 10-Q for such fiscal quarter with the Securities and Exchange Commission, and such delinquency ratios
shall be deemed to have been delivered to the Administrative Agent under this Section&nbsp;5.02(h) on the date such Form 10-Q has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor
webpage of the SEC thereto or (ii)&nbsp;disclosure on the related Monthly Report). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Diamond Securitized Portfolio</U>. On a
quarterly basis, promptly, but in no event more than forty-five (45)&nbsp;days after the end of each fiscal quarter, a report reflecting the various Diamond Securitized Portfolio delinquency ratios, calculated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the percentage equivalent of a fraction (A)&nbsp;the numerator of which is equal to the sum of all Timeshare Loan Balances
of all Timeshare Loans included in the Diamond Securitized Portfolio that were more than 30 days but less than 91 days delinquent on the last day of the related fiscal quarter and (B)&nbsp;the denominator of which is equal to the aggregate Timeshare
Loan Balance of all Timeshare Loans in the Diamond Securitized Portfolio on the last day of such fiscal quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the
percentage equivalent of a fraction (A)&nbsp;the numerator of which is equal to the sum of all Timeshare Loan Balances of all Timeshare Loans included in the Diamond Securitized Portfolio that were 91 days or more but less than 121 days delinquent
on the last day of the related fiscal quarter and (B)&nbsp;the denominator of which is equal to the aggregate Timeshare Loan Balance of all Timeshare Loans in the Diamond Securitized Portfolio on the last day of such fiscal quarter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the percentage equivalent of a fraction (A)&nbsp;the numerator of which is equal to the sum of all Timeshare Loan
Balances of all Timeshare Loans included in the Diamond Securitized Portfolio that were 121 or more days delinquent on the last day of the related fiscal quarter and (B)&nbsp;the denominator of which is equal to the aggregate Timeshare Loan Balance
of all Timeshare Loans in the Diamond Securitized Portfolio on the last day of such fiscal quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(provided, that the requirements of
this Section&nbsp;5.02(i) with respect to the delivery of the delinquency ratios shall be deemed satisfied by (i)&nbsp;publicly filing HGVI&#146;s Form 10-Q for such fiscal quarter with the Securities and Exchange Commission, and such delinquency
ratios shall be deemed to have been </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
delivered to the Administrative Agent under this Section&nbsp;5.02(i) on the date such Form 10-Q has been posted on the SEC website accessible through
http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto or (ii)&nbsp;disclosure on the related Monthly Report). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(j)
Bluegreen Securitized Portfolio. On a quarterly basis, promptly, but in no event <B></B>more than forty-five (45)&nbsp;days after the end of each fiscal quarter, a report reflecting the various Bluegreen Securitized Portfolio delinquency ratios,
calculated as follows:<B></B></U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the percentage equivalent of a fraction (A) the numerator of which is equal to the sum of all Timeshare Loan Balances of all
Timeshare Loans included in the Bluegreen Securitized Portfolio that were more than 30 days but less than 91 days delinquent on the last day of the related fiscal quarter </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and
(B)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the denominator of which is equal to the aggregate Timeshare Loan Balance of all Timeshare Loans in
the Bluegreen Securitized Portfolio on the last day of such fiscal quarter.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ii)
 the percentage equivalent of a fraction (A)&nbsp;the numerator of which <B></B>is equal to the sum of all Timeshare Loan Balances of all Timeshare Loans included in the Bluegreen Securitized Portfolio that were 91 days or more but less than 121
days delinquent on the last day of the related fiscal quarter and (B)&nbsp;the denominator of which is equal to the aggregate Timeshare Loan Balance of all Timeshare Loans in the Bluegreen Securitized Portfolio on the last day of such fiscal
quarter.<B></B></U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(iii) the percentage equivalent of a fraction (A)&nbsp;the numerator of which <B></B>is equal to the sum of all Timeshare
Loan Balances of all Timeshare Loans included in the Bluegreen Securitized Portfolio that were 121 or more days delinquent on the last day of the related fiscal quarter and (B)&nbsp;the denominator of which is equal to the aggregate Timeshare Loan
Balance of all Timeshare Loans in the Bluegreen Securitized Portfolio on the last day of such fiscal quarter.<B></B></U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(provided,
that the requirements of this Section 5.02(j) with respect </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">to the</U></FONT><FONT
STYLE="font-family:Times New Roman"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT></B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">delivery of the delinquency ratios shall be deemed satisfied by (i)&nbsp;publicly filing HGVI&#146;s Form 10-Q for such
fiscal quarter with the Securities and Exchange Commission, and such delinquency ratios <B></B></U><B></B><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">shall be
deemed to </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">have been delivered to the Administrative Agent under this Section 5.02(j) on the date such Form
10-Q has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto or (ii) disclosure on the related Monthly Report).</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></FONT></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(k)</U></FONT>
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> (j) </STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><U>Resort Collection Instruments</U>. Promptly, to the extent received by the Borrower or any Affiliate
and in any event within ten (10)&nbsp;Business Days, copies of any fully executed material amendments, restatements, supplements or modifications to any of the Resort Collection Instruments related to the Resort Collections other than amendments or
modifications that are made in the ordinary course of business and that are not materially adverse to the Lenders (as determined in the reasonable judgment of the Borrower). </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(l)</U></FONT>
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> (k) </STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><U>Material Changes to Timeshare Loan Documents</U>. Promptly, and in any event within ten
(10)&nbsp;Business Days on which any Approved Originator or other applicable Transaction Party implements any material changes to any forms of
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">applicable</U></FONT><FONT STYLE="font-family:Times New Roman"> Timeshare Loan Documents to be used in the
origination of new Timeshare Loans, the Borrower shall provide written notice of such changes to the Administrative Agent and, upon request of the Administrative Agent, make available responsible officers or counsel to answer any questions that the
Administrative Agent may have with respect to such changes; provided, that changes made in accordance with and/or compliance with Applicable Law or in the ordinary course of business shall not be deemed material. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.03. <U>Covenants of the Borrower Relating to Hedging</U>. Upon the
commencement of any Hedging Period and at all times thereafter during such Hedging Period, the Borrower shall be party to one or more Hedge Transactions which collectively satisfy the Hedge Requirements or shall provide Hedge Reserve Amounts as set
forth in this Section&nbsp;5.03. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) During a Hedging Period as a result of clauses (ii)&nbsp;or (iii)&nbsp;of the definition thereof or
if a Securitization has not occurred within one year of the first day of such Hedging Period (&#147;<U>Hedge Purchase Event</U>&#148;), the Borrower shall no later than 15 calendar days after the commencement of such Hedging Period, be party to one
or more Hedge Transactions, each with an Eligible Hedge Counterparty, pursuant to one or more Hedging Agreements that (x)&nbsp;are in form and substance reasonably acceptable to the Majority Managing Agents, (y)&nbsp;copies of which have been
delivered to the Administrative Agent and (z)&nbsp;which satisfy the requirements of Section&nbsp;5.03(b) (the &#147;<U>Hedge Requirements</U>&#148;). During a Hedging Period which occurs solely as a result of clause (i)&nbsp;of the definition
thereof, the Borrower may enter into one or more Hedge Transactions each with an Eligible Hedge Counterparty which satisfy the Hedge Requirements or exercise the Hedge Reserve Option as set forth in Section&nbsp;5.03(c) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) For purposes of Hedge Transactions entered into on the date specified in Section&nbsp;5.03(a) (A)&nbsp;the aggregate scheduled notional
amounts under the Hedge Transactions shall amortize on a monthly basis in accordance with the Hedge Amortization Schedule provided to the Borrower immediately prior to such date pursuant to Section&nbsp;5.03(b)(vi), (B)&nbsp;in the case of Hedge
Transactions that are in the form of interest rate caps, the weighted average cap rate thereunder to be no greater than the Required Rate on such date and (C)&nbsp;in the case of Hedge Transactions that are in the form of interest rate swaps, the
weighted average fixed rate swap rate thereunder to be no greater than the Required Rate on such date. Thereafter, such Hedge Transactions shall be subject to the requirements set forth in the immediately succeeding sentence and Sections 5.03(b)(ii)
and 5.03(b)(iii). On each Distribution Date thereafter, the Borrower shall enter into one or more additional Hedge Transactions, if and to the extent that the aggregate notional amount of the existing Hedge Transactions on such Distribution Date is
less than 90% of the Aggregate Loan Principal Balance on such Distribution Date, and terminate one or more existing Hedge Transactions or portions thereof on such Distribution Date, if and to the extent that the aggregate notional amount of all
existing Hedge Transactions that are in the form of interest rate swaps are greater than 110% of the Aggregate Loan Principal Balance on such Distribution Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) On each Borrowing Date during a Hedging Period, the Borrower shall enter into one or more additional Hedge Transactions or
terminate one or more existing Hedge Transactions or portions thereof such that the aggregate notional amount of the Hedging Transactions on the date of such Borrowing are not less than 90% nor more than 110% of the Aggregate Loan Principal Balance
on such date after giving effect to such Borrowing and the aggregate scheduled notional amounts under the Hedge Transactions shall amortize on a monthly basis in accordance with the Hedge Amortization Schedule most recently provided to the Borrower
pursuant to Section&nbsp;5.03(b)(vi). The Borrower shall pay any additional premium due for the adjustments to the Hedging Agreements on any Borrowing Date from the proceeds of the related Borrowing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) On each Transfer Date during a Hedging Period, the Borrower shall enter into one or more additional Hedge Transactions,
terminate one or more existing Hedge Transactions or portions thereof or amend or otherwise modify existing Hedge Transactions, (i)&nbsp;such that the aggregate scheduled notional amounts under the Hedge Transactions shall amortize on a monthly
basis in accordance with the Hedge Amortization Schedule reflecting the addition of Pledged Timeshare Loans on such Transfer Date and provided to the Borrower, (ii)&nbsp;in the case of Hedge Transactions that are in the form of interest rate caps,
such that the weighted average cap rate thereunder is no greater than the revised Required Rate reflecting the addition of Pledged Timeshare Loans on such Transfer Date and (iii)&nbsp;in the case of Hedge Transactions that
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>

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are in the form of interest rate swaps, such that the weighted average fixed rate swap rate thereunder is no greater than the revised Required Rate reflecting the addition of Pledged Timeshare
Loans on such Transfer Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) Each Hedge Transaction that is in the form of an interest rate swap shall provide for
the payment on each Distribution Date to the related Hedge Counterparty of interest on the notional amount thereof at a fixed rate per annum and the payment to the Borrower for deposit into the Collection Account of a floating rate per annum equal
to Daily SOFR for the Interest Period for such Distribution Date; <I>provided</I> that the Borrower and the Hedge Counterparty may, subject to the related Hedging Agreement, make payments on a net basis. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) Each Hedge Transaction that is in the form of an interest rate cap shall provide for the payment on each Distribution Date
by the related Hedge Counterparty to the Borrower for deposit into the Collection Account on the notional amount thereof to the extent that Daily SOFR for the Interest Period for such Distribution Date exceeds a fixed rate per annum. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Each Hedge Transaction shall terminate on the last day that the Aggregate Loan Principal Balance is assumed to be
outstanding based on the then-current Hedge Amortization Schedule. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) During the Hedging Period, the Borrower shall
cause the Servicer, at least three (3)&nbsp;Business Days prior to each Borrowing Date and Distribution Date, to provide to the Administrative Agent a timeshare loan data file with sufficient information so that the Administrative Agent may prepare
the Hedge Amortization Schedule. The Administrative Agent shall provide the Borrower and the Servicer with the Hedge Amortization Schedule within two (2) Business Days of its receipt of the data file from the Servicer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) During the Hedging Period, within thirty (30)&nbsp;days after (i)&nbsp;the occurrence of any event defined as an
&#147;Event of Default&#148; or &#147;Termination Event&#148; in a Hedging Agreement with respect to the Hedge Counterparty or (ii)&nbsp;a Hedge Counterparty (other than BANA or any of its Affiliates) ceasing to satisfy the minimum rating
requirements set forth in the definition of &#147;Eligible Hedge Counterparty,&#148; the Borrower shall cause such Hedge Counterparty to assign its obligations under the Hedging Agreement to a new Hedge Counterparty which satisfies the requirements
set forth in the definition of &#147;Eligible Hedge Counterparty.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) As additional security hereunder, the
Borrower has granted to the Administrative Agent a security interest in all right, title and interest of Borrower in the Hedge Collateral. The Borrower acknowledges that, as a result of that assignment, the Borrower may not, without the prior
written consent of the Administrative Agent, exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower&#146;s right under any Hedging Agreement to enter into, terminate, amend or otherwise modify Hedge
Transactions in order to meet the Borrower&#146;s obligations hereunder. Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring
the consent of the Administrative Agent or any Secured Party for the performance by the Borrower of any such obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Upon the
commencement of any Hedging Period occurring solely pursuant to clause (i)&nbsp;of the definition thereof, the Borrower may elect to, upon prior written notice to the Servicer, the Lenders and the Administrative Agent, deposit Hedge Reserve Amounts
equal to the Hedge Reserve Account Required Balance in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>

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the Hedge Reserve Account; <I>provided</I>, that if a Hedge Purchase Event has occurred, the Borrower shall be required to satisfy the Hedge Requirements pursuant to Section&nbsp;5.03(b) hereof.
The Borrower may also on any Distribution Date or Borrowing Date, revoke its option to fund the Hedge Reserve Account at any time by sending written notice to the Servicer, the Administrative Agent and the Lenders; provided that at the time of such
full or partial revocation, the Hedging Requirements have been satisfied. The Borrower may elect multiple exercises and multiple revocations of its option to fund the Hedge Reserve Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">During the Hedging Period, all reasonably documented costs and expenses (including reasonable legal fees and disbursements) incurred by the
Administrative Agent and the Lenders in connection with this <U>Section&nbsp;5.03</U> shall be paid by the Borrower. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.04. <U>Negative Covenants of the Borrower</U>. From the Original Closing Date until the Final Collection Date, the
Borrower will not, without the written consent of the Administrative Agent and the Majority Managing Agents: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Sales, Liens, Etc.
Against Collateral</U>. Sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (except for Permitted Liens) upon or with respect to, any Collateral or assign any right to receive
income in respect thereof except in each case as contemplated or provided hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Extension or Amendment of Pledged Timeshare
Loans</U>. Consent to or permit any extension, amendment, waiver or modification of, the terms of any Pledged Timeshare Loan, except (i)&nbsp;in accordance with the<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>
applicable</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> Collection Policy or (ii)&nbsp;as otherwise permitted under the Servicing Agreement. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Change in Business</U>. Make any change in the character of its business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Changes to Accounts</U>. Not add or terminate any bank as the
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B>HRC Clearing Account<B></B> Bank, Bluegreen</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing
Account Bank or the Diamond Lockbox Account Bank from those listed on Exhibit E, unless the Administrative Agent shall have received (i)&nbsp;thirty (30)&nbsp;Business Days&#146; prior notice of such addition, termination or change and
(ii)&nbsp;prior to the effective date of such addition, termination or change, (a)&nbsp;</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>either
(i)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;an executed copy of an amendment or supplement to the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Clearing Account Control
Agreement</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE> </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>pursu</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>ant to which such Clearing Account Bank becomes a party to </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>the Clearing
Account Control Agreement</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE> </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Clearing Account </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>becomes subject </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>to the Clearing Account Control Agreement or (</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>ii)&nbsp;</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>an executed copy of </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>an amendment or supplement </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>to the </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Diamond Lockbox </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Account Control Agreement</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>pursuant to which such Diamond Lockbox Account Bank becomes a party to </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>the
Diamond Lockbox Account Control Agreement </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and the Diamond Lockbox Account becomes subject to the Diamond Lockbox</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B>related<B></B></U></FONT><FONT STYLE="font-family:Times New Roman"> Account Control Agreement,</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> as applicable</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> and (b)&nbsp;a revised Exhibit E hereto giving effect to any such addition or termination.
Notwithstanding the foregoing, at any time </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B>on
or<B></B></U></FONT><FONT STYLE="font-family:Times New Roman"> after the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B>related<B></B></U></FONT><FONT
STYLE="font-family:Times New Roman"> Account Restructuring Date, the foregoing shall not apply to the Diamond Lockbox Account,
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B>the HRC Clearing Account and the Bluegreen Clearing Account, as applicable<B>,</B></U></FONT><FONT
STYLE="font-family:Times New Roman"> it being understood that </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B>on or<B></B></U></FONT><FONT
STYLE="font-family:Times New Roman"> after the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B>related<B></B></U></FONT><FONT
STYLE="font-family:Times New Roman"> Account Restructuring Date, the Borrower, the Servicer </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>,</B></U></FONT><FONT STYLE="font-family:Times New Roman"> the Diamond Subservicer </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or the Bluegreen Subservicer, as applicable, </U></FONT><FONT STYLE="font-family:Times New Roman">may terminate </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">the Diamond Lockbox Account, the Diamond Lockbox Account
Control Agreement, and the Intercreditor Agreement</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, (ii) the HRC Clearing Account and the HRC Clearing Account
Control Agreement and/or the (iii) the Bluegreen Clearing Account and the Bluegreen Clearing Account Control Agreement, as applicable,</U></FONT><FONT STYLE="font-family:Times New Roman"> in accordance with the terms thereof, <I>provided</I> that
(x)&nbsp;prior to the termination of any of the foregoing, the Borrower, or the Servicer on its behalf, shall provide written notice thereof to the Administrative Agent of at least ten (10)&nbsp;Business Days prior to such termination </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>,</B></U></FONT><FONT
STYLE="font-family:Times New Roman"> (y)&nbsp;the Servicer has not observed any material non-compliance issues with
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B>the related<B></B> </U></FONT><FONT STYLE="font-family:Times New Roman">Obligors </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>under </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>the Diamond Timeshare Loans </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">directing payments to the HRC Lockbox </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and HRC Clearing Account and/or the New Lockbox and the New</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing
Account, as applicable, following receipt of instructions to do so on the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related</U></FONT><FONT
STYLE="font-family:Times New Roman"> Account Restructuring Obligor Notification Date</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and (z) such Diamond
Lockbox Account, HCR Clearing Account or Bluegreen Clearing Account, as applicable, is not used by the then Servicer (or subservicer) to receive payments with respect to the related Delinquent Timeshare Loans or Defaulted Timeshare Loans.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Merger, Consolidation, Etc</U>. Sell any equity interest to any Person (other than
the Seller) or consolidate with or merge into or with any Person, or purchase or otherwise acquire all or substantially all of the assets or capital stock, or other ownership interest of, any Person, or sell, transfer, lease or otherwise dispose of
all or substantially all of its assets to any Person, except as expressly provided or permitted under the terms of this Agreement or as consented to by the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Change in Name; Jurisdiction of Organization</U>. (i)&nbsp;Make any change to its name (within the meaning of Section&nbsp;9-507(c) of
any applicable enactment of the UCC) indicated on its certificate of organization (or equivalent organizational document), or (ii)&nbsp;change its form of organization or its jurisdiction of organization, unless, in either case, prior to the
effective date of such change, it delivers to the Administrative Agent such <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">proposed</U></FONT><FONT
STYLE="font-family:Times New Roman"> financing statements or amendments to financing statements (Form UCC-1 or Form UCC-3, respectively) authorized by it which the Administrative Agent may request to reflect such name change or change in form or
jurisdiction of organization, together with such other documents, legal opinions and instruments that the Administrative Agent may reasonably request in connection with the transaction giving rise thereto. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>ERISA Matters</U>. (i)&nbsp;Establish or be a party to any Plan or Multiemployer Plan, (ii)&nbsp;permit any event or condition which is
an ERISA Event to occur or exist with respect to any Plan or Multiemployer Plan if such ERISA Event, together with all other ERISA Events occurring within the prior twelve 12 months, involves the payment of money by or an incurrence of liability of
the Borrower or any ERISA Affiliate in an aggregate amount which could reasonably be expected to have a Material Adverse Effect on the Borrower, or (iii)&nbsp;become a Benefit Plan Investor or a Governmental Plan Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>Indebtedness</U>. Create, incur, assume or suffer to exist any Indebtedness except for (i)&nbsp;Indebtedness to the Administrative
Agent, any Lender, any Affected Party or the Servicer expressly contemplated hereunder or (ii)&nbsp;Indebtedness to the Seller pursuant to the Sale and Contribution Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Guarantees</U>. Guarantee, endorse or otherwise be or become contingently liable (including by agreement to maintain balance sheet
tests) in connection with the obligations of any other Person, except endorsements of negotiable instruments for collection in the ordinary course of business and reimbursement and indemnification obligations in favor of the Administrative Agent,
any Managing Agent, any Lender or any Affected Party as provided for under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <U>Limitation on Transactions with
Affiliates</U>. Enter into, or be a party to any transaction with any Transaction Party, except for: (i)&nbsp;the transactions contemplated hereby, by the Sale and Contribution Agreement and by the other Facility Documents; (ii)&nbsp;capital
contributions by the Seller to the Borrower which are in compliance with Section&nbsp;5.01(g); (iii)&nbsp;Restricted Junior Payments which are in compliance with Section&nbsp;5.04(n); and (iv)&nbsp;to the extent not otherwise prohibited under this
Agreement, other transactions in the nature of leases, service agreements, employment contracts and directors&#146; or manager&#146;s fees, upon fair and reasonable terms materially no less favorable to the Borrower than would be obtained in a
comparable arm&#146;s-length transaction with a Person not an Affiliate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <U>Facility Documents</U>. Terminate, amend or otherwise
modify any Facility Document, or grant or consent to any such termination, amendment, waiver or consent, except in accordance with the terms thereof; provided that the foregoing shall not apply to the termination of <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;the Intercreditor Agreement or the Diamond Lockbox Account
Control Agreement</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> if
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, (ii) the HRC
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Clearing Account Control Agreement or (</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">iii) the Bluegreen
Clearing</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Account Control Agreement<B>,</B> </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">if, in each case, </U></FONT><FONT STYLE="font-family:Times New Roman">terminated in accordance with Section&nbsp;5.04(d) on
or after the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related</U></FONT><FONT STYLE="font-family:Times New Roman"> Account Restructuring Date.
</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) <U>Limitation on Investments</U>. Make or suffer to exist any loans or advances to, or
extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of Indebtedness, acquisition of the business or assets, or otherwise) in, any Transaction Party or
any other Person except for Permitted Investments and the purchase and receipt of capital contributions of Timeshare Loans and related assets pursuant to the terms of the Sale and Contribution Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) <U>Organizational Documents</U>. (i)&nbsp;Change, amend, alter or otherwise modify its limited liability company agreement in any fashion
that could reasonably be expected to have a Material Adverse Effect or (ii)&nbsp;change, amend, alter or otherwise modify its certificate of formation in any fashion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) <U>Restricted Junior Payments</U>. Make any Restricted Junior Payment; <I>provided, that</I> prior to the Amortization Date, the Borrower
may make Restricted Junior Payments so long as (i)&nbsp;no Default or Event of Default shall then exist or would result therefrom and (ii)&nbsp;such Restricted Junior Payments have been approved by all necessary action on the part of the Borrower
and in compliance with all applicable laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) <U>Treatment as Sales</U>. Other than for Tax and accounting purposes under GAAP, not
account for or treat (whether in financial statements or otherwise) the transactions contemplated by the Sale and Contribution Agreement in any manner other than as the sale and/or absolute conveyance of Timeshare Loans and related assets by the
Seller to the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) <U>Acquisition of Timeshare Loans</U>. Acquire any Timeshare Loans directly or indirectly from any Person
other than the Seller pursuant to the terms of the Sale and Contribution Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) <U>Certain LCR Matters</U>. Issue (i)&nbsp;any
obligations that constitute asset-backed commercial paper, (ii)&nbsp;securities required to be registered under the Securities Act of 1933, as amended or that may be offered for sale under Rule 144A of the Securities and Exchange Commission
thereunder, or (iii)&nbsp;any other debt obligations or equity interests other than (A)&nbsp;debt obligations substantially similar to the obligations of the Borrower under this Agreement that are (1)&nbsp;issued to banks or asset-backed commercial
paper conduits in privately negotiated transactions, and (2)&nbsp;subject to transfer restrictions substantially similar to the transfer restrictions set forth in Section&nbsp;10.03 of this Agreement and (B)&nbsp;Equity Interests of the Borrower
issued to the Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r)
<U>Barbados</U><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, La Pacifica and Craigendarroch</U></FONT><FONT STYLE="font-family:Times New Roman"> <U>Right-to-Use
Interests</U>. Obtain title through foreclosing on a Right-to-Use Interest related to the Barbados Resort</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the
La Pacifica Resort or the Craigendarroch Resort</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) <U>Resort Collection
Instruments</U>. Terminate, amend or otherwise modify any Resort Collection Instrument or any other document governing the Resorts, or grant or consent to any such termination, amendment, waiver or consent, other than terminations, amendments or
modifications that are made in the ordinary course of business and which could not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5.05. <U>Special Covenants Regarding Retention</U>. The Seller, represents and undertakes as an &#147;originator&#148;
for the purposes of the EU Securitization Rules and the UK Securitization Rules, to the Administrative Agent and each Lender that is required to comply with the EU Securitization Rules or the UK Securitization Rules, that, until the Borrower
Obligations have been paid in full: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the Seller purchased each Pledged Timeshare Loan for its own account before selling such Pledged
Timeshare Loan to the Borrower and thereby into the Transaction; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) it is not an entity that has been established or that operates for the sole purpose of
securitizing exposures and (A)&nbsp;it has a strategy and the capacity to meet payment obligations consistent with a broad business model that involves material support from capital, assets, fees or other sources of income, by virtue of which it
does not rely upon the Pledged Timeshare Loans or the Retained Interest or any income therefrom as its sole or predominant source of revenue and (B)&nbsp;its responsible decision makers have the necessary experience to enable it to pursue its
established business strategy and are subject to documented corporate governance arrangements; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the Pledged Timeshare Loans have been
or will be granted on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and there are effective systems in place to apply those criteria and processes to
ensure that credit-granting is based on a thorough assessment of the obligor&#146;s creditworthiness; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) it shall hold and will retain
ownership of 100% of the Equity Interests in the Borrower directly or indirectly through one or more consolidated wholly-owned special purpose Subsidiaries (an &#147;<U>Intermediary Subsidiary</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) it shall, on an ongoing basis, hold and maintain the Retained Interest directly or indirectly through its ownership of 100% of the Equity
Interests in the Borrower; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) that the Retained Interest takes the form of a first loss tranche in accordance with paragraph (d)&nbsp;of
Article 6(3) of the EU Securitization Regulation and paragraph (d)&nbsp;of Article 6(3) of the UK Securitization Regulation, as represented by the Seller&#146;s Equity Interests in the Borrower and the associated indirect rights to residual cash
flow under Section&nbsp;2.06(b)(viii); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) it (and it will procure that the Borrower (and any Intermediary Subsidiary)) will not, sell,
transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the Retained Interest or subject it to any credit risk mitigation or hedging, except to the extent permitted under the EU Securitization Rules and the UK
Securitization Rules; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) it shall confirm to the Servicer that it continues to comply with subsections (a)&nbsp;through (g) above: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) in each Monthly Report as of the date of such Monthly Report; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) in the event of a material change in the anticipated value of the Pledged Timeshare Loans or the risk characteristics of
the Pledged Timeshare Loans, if reasonably requested by the Administrative Agent; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) upon the occurrence of any
Event of Default at the request of the Administrative Agent; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) it shall provide notice promptly to each such Lender in the event it has
breached subsections (a)&nbsp;through (g)&nbsp;above; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) it will not change the form of retention of the Retained Interest except as
permitted by the EU Securitization Rules and the UK Securitization Rules and will notify each such Lender of any change to the form of retention of the Retained Interest; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) it will provide all information which any such Lender reasonably requests in such form
as such Lender may reasonably request in order for such Lender to comply with its obligations under the EU Securitization Rules or the UK Securitization Rules, as applicable. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SERVICING </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6.01. <U>Servicing Agreement</U>. The parties hereto agree that the servicing, administering and collection of the
Pledged Timeshare Loans shall be conducted by the Servicer from time to time in accordance with the Servicing Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VII </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EVENTS OF DEFAULT </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7.01. <U>Events of Default</U>. Each of the following events shall constitute an &#147;<U>Event of Default</U>&#148;
hereunder: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) default in the payment of any Interest on the Loans or Unused Fees when the same becomes due and payable, and, in any such
case, such default shall continue for a period of two (2)&nbsp;Business Days after the earlier of actual knowledge of a Responsible Officer of the Borrower or written notice to the Borrower thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) default in the payment of, or any installment of the principal amount of the Loans when the same becomes due and payable, and such default
shall continue for a period of two (2)&nbsp;Business Days after the earlier of actual knowledge of a Responsible Officer of the Borrower or written notice to the Borrower thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) default in the payment of any amount (except Interest, Unused Fees or principal) due and payable by the Seller, the Borrower, the Servicer
or the Performance Guarantor under this Agreement or any other Facility Document when the same becomes due and payable, and such default shall continue for a period of thirty (30)&nbsp;days after the earlier of actual knowledge of a Responsible
Officer of the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be, or written notice to the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) a Borrowing Base Deficiency shall exist and such condition shall continue unremedied for three (3)&nbsp;Business Days after the earlier of
actual knowledge of the Borrower or written notice to the Borrower thereof; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) an Event of Bankruptcy shall occur with respect to the
Performance Guarantor, the Seller, the Servicer or the Borrower; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) any failure on the part of the Seller, the Borrower, the Servicer or
the Performance Guarantor to duly observe or perform any of its covenants or agreements set forth in this Agreement or any other Facility Document (other than as otherwise described in this Section&nbsp;7.01) that continues unremedied for a period
of thirty (30)&nbsp;days after the earlier of actual knowledge of a Responsible Officer of the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be or written notice to the Seller, the Borrower, the Servicer or the
Performance Guarantor, as the case may be; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) any representation, warranty or statement of the Seller, the Borrower, the Servicer or the
Performance Guarantor made in this Agreement or any Facility Document, or any certificate, report or other writing delivered pursuant thereto, shall prove to be incorrect in any material respect as of the time when the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
same shall have been made, and, if capable of being cured, is not cured within thirty (30)&nbsp;days after the earlier of actual knowledge of a Responsible Officer of the Seller, the Borrower,
the Servicer or the Performance Guarantor, as the case may be or written notice to the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be; provided, not breach shall be deemed to occur in respect of any
representation or warranty relating to the eligibility of any Timeshare Loan if the Seller has repurchased such Timeshare Loan in accordance with the provisions of the Sale and Contribution Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) the IRS shall file notice of a Lien pursuant to Section&nbsp;6323 of the Code with regard to any assets of the Performance Guarantor, the
Seller or the Borrower and such Lien shall not have been released within ten (10)&nbsp;Business Days, or the PBGC shall file notice of a Lien pursuant to Section&nbsp;4068 of ERISA with regard to any of the assets of the Performance Guarantor, the
Seller or the Borrower and such Lien shall not have been released within ten (10)&nbsp;Business Days; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) (x) other than a termination of
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>(i)</B></U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;the Intercreditor Agreement or the Diamond Lockbox
Control Agreement, </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ii)&nbsp;the HRC Clearing Account Control Agreement or (iii)&nbsp;the Bluegreen Clearing
Account Control Agreement</U></FONT><FONT STYLE="font-family:Times New Roman"> on or after the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related</U></FONT><FONT STYLE="font-family:Times New Roman"> Account Restructuring Date and in accordance with
Section&nbsp;5.04(d), any Facility Document shall, in whole or in material part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of any Transaction Party thereto or (y)&nbsp;the Performance
Guarantor, the Borrower, the Seller, the Servicer or any other Transaction Party shall, directly or indirectly, disaffirm or contest in any manner such effectiveness, validity, binding nature or enforceability; </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) any Lien securing any obligation of the Seller or the Borrower under the Facility Documents shall, in whole or in part, cease to be a
perfected first priority Lien (subject to Permitted Liens); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) a Servicer Termination Event shall have occurred; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) HGV Borrower shall fail to pay any principal of or premium or interest under the HGV Credit Agreement, when the same becomes due and
payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after the applicable grace period, if any, specified in the HGV Credit Agreement and shall not be waived by the requisite
holders of such Indebtedness under the HGV Credit Agreement; or any other default under any agreement or instrument relating to HGV Borrower&#146;s Indebtedness under the HGV Credit Agreement or any other event shall occur and shall continue after
the applicable grace period, if any, specified in such agreement or instrument if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness of HGV Borrower under the HGV Credit
Agreement; or any such Indebtedness of HGV Borrower under the HGV Credit Agreement shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an
offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) any failure on the part of the Custodian to duly observe or perform any of its covenants or agreements set forth in the Custody Agreement
or under any other Facility Document which failure would reasonably be expected to have a Material Adverse Effect, and shall continue for a period of sixty (60)&nbsp;days after the earlier of actual knowledge of a Responsible Officer of the
Custodian or written notice to the Custodian; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n)
(i<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">) other than following or in connection with a termination of the HRC Clearing Account Control Agreement effected in
accordance with Section 5.04(d) on or after the related Account Restructuring Date,</U></FONT><FONT STYLE="font-family:Times New Roman"> a notice of termination with respect to the</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account Control Agreement shall have been delivered or a
termination of the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account Control Agreement
shall have otherwise occurred, and a replacement </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman">
Clearing Account Control Agreement, in form and substance reasonably satisfactory to the Majority Managing Agents, shall not have been executed within forty-five (45)&nbsp;days thereof</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>,</B></U></FONT><FONT STYLE="font-family:Times New Roman"> (ii</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">) other than following or in connection with a termination of the Bluegreen Clearing Account Control</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Agreement effected in accordance with Section&nbsp;5.04(d) on or
after the related Account Restructuring Date, a notice of termination with respect to the Bluegreen Clearing Account Control Agreement shall have been delivered or a termination of the Bluegreen Clearing Account Control Agreement shall have
otherwise occurred, and a replacement Bluegreen Clearing Account Control Agreement, in form and substance reasonably satisfactory to the Majority Managing Agents, shall not have been executed within forty-five (45)&nbsp;days thereof,
(iii)</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;other than following or in connection with a termination of the Intercreditor Agreement or the Diamond Lockbox Control Agreement effected in accordance with Section&nbsp;5.04(d) on or
after the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related</U></FONT><FONT STYLE="font-family:Times New Roman"> Account Restructuring Date, a notice of
termination with respect to the Diamond Lockbox Account Control Agreement or the Intercreditor Agreement shall have been delivered or shall have otherwise occurred, and a replacement Diamond Lockbox Account Control Agreement or Intercreditor
Agreement, as applicable, in form and substance reasonably satisfactory to the Majority Managing Agents, shall not have been executed within forty-five (45)&nbsp;days thereof</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>;</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> or (iv)&nbsp;to the
extent a New Clearing Account Control Agreement has been entered into in connection with the New Clearing Account, a notice of termination with respect to the New Clearing Account Control Agreement shall have been delivered or shall have otherwise
occurred, and a replacement New Clearing Account Control Agreement, in form and substance reasonably satisfactory to the Majority Managing Agents, shall not have been executed within forty-five (45)&nbsp;days thereof;</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) a Change of Control shall occur; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) the Borrower shall fail to comply with its obligations under Section&nbsp;5.03 and such failure shall continue for a period of thirty
(30)&nbsp;days after the earlier of actual knowledge of a Responsible Officer of the Borrower or written notice to the Borrower of such failure; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) one or more final judgments for the payment of the Applicable Judgment Default Amount or more rendered against the Performance Guarantor,
the Seller or any of their respective material Subsidiaries (other than the Borrower) or one or more final judgments for the payment of $25,000 or more rendered against the Borrower, and such amount is not covered by insurance or indemnity or not
discharged, paid or stayed within thirty days after (i)&nbsp;the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii)&nbsp;the date on which all rights to appeal have been extinguished; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) the Borrower shall become subject to registration as an &#147;investment company&#148; under the Investment Company Act of 1940; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) the occurrence of an HRC Performance Trigger Event; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) as of the last day of each Fiscal Quarter, HGV Borrower shall fail to comply with any of the HGV Financial Covenants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 7.02. <U>Right to Cure</U>. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary contained in Section&nbsp;7.01, but subject to the requirements in Section&nbsp;7.02(b) below, in
the event that HGV Borrower is not in compliance with any of the HGV Financial Covenants as of any day of determination, no Event of Default shall be deemed to exist as a result of such non-compliance if HGV Borrower receives a capital contribution,
the proceeds of which shall be used to cause an increase in Consolidated EBITDA in an amount (such amount, the &#147;<U>Cure Amount</U>&#148;) necessary such that, if such proceeds had been received on the day of determination that gave rise to any
noncompliance, the Consolidated EBITDA, as calculated as of such date, would have been sufficient to cause HGV Borrower to be in compliance with such HGV Financial Covenants for such period (the &#147;<U>Cure Right</U>&#148;); <I>provided</I>, that,
such proceeds (i)&nbsp;are actually received by HGV Borrower and (ii)&nbsp;do not exceed the aggregate amount necessary to cure such non-compliance in respect of the HGV Financial Covenants for such period. The parties hereby acknowledge that this
Section&nbsp;7.02 may not be relied on for any purposes other than to demonstrate compliance with the HGV Financial Covenants for purposes of determining whether an Event of Default exists. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Cure Right is subject to the following conditions: (i)&nbsp;in each period of four
consecutive Fiscal Quarters, there shall be at least two Fiscal Quarters in which no Cure Right has been exercised; (ii)&nbsp;HGV Borrower may not effect a Cure Right more than five times during the period commencing on the Original Closing Date and
ending on the Final Collection Date; and (iii)&nbsp;any capital contribution made under Section&nbsp;7.02(a) shall not be included for purposes of any calculation other than for determining compliance (for the Fiscal Quarter with respect to which
such contribution is made and for the following three Fiscal Quarters) with the HGV Financial Covenants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 7.03. <U>Remedies</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If an Event of Default shall occur and be continuing, the Administrative Agent shall, at the request, or may with the consent, of the
Majority Managing Agents by notice to the Borrower, declare the Amortization Date to have occurred; <I>provided, however</I>, that, in the case of any event described in Section&nbsp;7.01(e) above, the Amortization Date shall be deemed to have
occurred automatically upon the occurrence of such event. Upon any such declaration or automatic occurrence, the Administrative Agent and the Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise,
but subject to the following sentence, the limitations set forth in this Article VII and Section&nbsp;10.09 hereof, all other rights and remedies provided under the UCC of the applicable jurisdiction and other applicable laws, which rights shall be
cumulative. Upon the declaration or automatic occurrence of the Amortization Date in accordance with this Section&nbsp;7.03, all obligations hereunder shall be immediately due and payable and all Loans shall be immediately due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the generality of the foregoing, during the continuation of an Event of Default, the Administrative Agent on behalf of
the Secured Parties without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Borrower, the Servicer or any other Person (all and
each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith, deliver a Notice of Exclusive Control or an activation or control notice under the <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account Control Agreement</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, the Bluegreen Clearing Account Control Agreement,</U></FONT><FONT STYLE="font-family:Times New Roman"> the Diamond Lockbox
Account Control </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Agreement or the New Clearing Account Control
</U></FONT><FONT STYLE="font-family:Times New Roman">Agreement, as applicable, collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or
otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), at public or private sale or sales, at any exchange, auction or office of the Administrative Agent or elsewhere upon such terms and
conditions and at prices that are consistent with the prevailing market for similar collateral as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The
Administrative Agent shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of
redemption in the Borrower, which right or equity is hereby waived or released. The Administrative Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable and
documented costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent hereunder, including reasonable
attorneys&#146; fees and disbursements, to the payment in whole or in part of the Borrower Obligations, in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any
other amount required or permitted by any provision of law, including Section&nbsp;9 504(1)(c) of the UCC, need the Administrative Agent account for the surplus, if any, to the Borrower. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) During the continuation of an Event of Default, the Borrower further agrees, at the
Administrative Agent&#146;s request, to instruct the Custodian to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at the Borrower&#146;s premises or
elsewhere. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) To the extent permitted by applicable law, the Borrower waives all claims, damages and demands it may acquire against the
Secured Parties arising out of the exercise by any of the Secured Parties of any of its rights hereunder, other than those claims, damages and demands arising from the gross negligence or willful misconduct of such Secured Party. If any notice of a
proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10)&nbsp;Business Days before such sale or other disposition. The Borrower shall remain liable for
any deficiency (plus accrued interest thereon) if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Borrower Obligations and the reasonable fees and disbursements of any attorneys employed by any of the
Secured Parties to collect such deficiency. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 7.04. <U>Appointment as Attorney in Fact</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power of
substitution, effective during the continuation of any Event of Default, as its true and lawful attorney in fact with full irrevocable power and authority in the place and stead of the Borrower and in the name of the Borrower or in its own name,
from time to time in the Administrative Agent&#146;s discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or
desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, the Borrower hereby gives the Administrative Agent the power and right, on behalf of the Borrower, without assent by, but with notice to,
the Borrower, if an Event of Default shall have occurred and be continuing, to do the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) in the name of the
Borrower or its own name, or otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under or with respect to any other Collateral and to file any claim or to
take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys with respect to any other Collateral whenever payable; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) to pay or discharge Taxes and Liens levied or placed on or threatened against the Collateral; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) (A) to direct any party liable for any payment under any Collateral to make payment of any and all moneys due or to
become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (B)&nbsp;to ask or demand for, collect, receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at
any time in respect of or arising out of any Collateral; (C)&nbsp;to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any of the Collateral; (D)&nbsp;to commence and prosecute any suits,
actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any thereof and to enforce any other right in respect of any Collateral; (E)&nbsp;to defend any suit, action or proceeding brought against
the Borrower with respect to any Collateral; (F)&nbsp;to settle, compromise or adjust any suit, action or proceeding described in clause (E)&nbsp;above and, in connection therewith, to give such discharges or releases as the Administrative Agent may
deem appropriate; and (G)&nbsp;generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>

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absolute owner thereof for all purposes, and to do, at the Administrative Agent&#146;s option and the Borrower&#146;s expense, at any time, or from time to time, all acts and things which the
Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Lien of the Administrative Agent for the benefit of the Secured Parties thereon and to effect the intent of this Agreement, all as fully and effectively
as the Borrower might do. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Borrower hereby ratifies all that such attorneys shall lawfully do or cause to be done by virtue hereof.
This power of attorney is a power coupled with an interest and shall be irrevocable until payment in full of all Borrower Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower also authorizes the Administrative Agent, at any time and from time to time, to execute, in connection with the sale provided
for in Section&nbsp;7.03 hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The powers conferred on the Administrative Agent are solely to protect the Administrative Agent&#146;s (for the benefit of the Secured
Parties) interests in the Collateral and shall not impose any duty upon the Administrative Agent to exercise any such powers. The Administrative Agent shall be accountable only for amounts that it actually receives as a result of the exercise of
such powers, and neither the Administrative Agent nor any of its officers, directors, or employees shall be responsible to the Borrower for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7.05. <U>Performance of Borrower&#146;s Obligations</U>. If the Borrower fails to perform or comply with any of its
material agreements contained in the Facility Documents and the Administrative Agent, any Managing Agent or any Lender may itself perform or comply, or otherwise cause performance or compliance, with such agreement, the reasonable out of pocket
expenses of the Administrative Agent, such Managing Agent or such Lender incurred in connection with such performance or compliance, together with interest thereon at a rate per annum equal to the Alternative Rate, shall be payable by the Borrower
to the Administrative Agent, such Managing Agent or such Lender on demand and shall constitute Borrower Obligations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7.06. <U>Powers Coupled with an Interest</U>. All authorizations and agencies herein contained with respect to the
Collateral are irrevocable and powers coupled with an interest. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VIII </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INDEMNIFICATION </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.01. <U>Indemnities by the Borrower</U>. Without limiting any other rights which any Affected Party may have hereunder
or under applicable law (including the right to recover damages for breach of contract), the Borrower hereby agrees to indemnify each Lender, the Administrative Agent, each Managing Agent, the Paying Agent, the Backup Servicer, the Custodian and
each Liquidity Provider, and their respective directors, officers and employees (the &#147;<U>Indemnified Parties</U>&#148;), from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable
external attorneys&#146; fees and disbursements (all of the foregoing being collectively referred to as &#147;<U>Indemnified Amounts</U>&#148;), awarded against or incurred by such Indemnified Party to the extent relating to or arising from or as a
result of this Agreement or the funding or maintenance of Loans made by a Lender hereunder subject to the <I>proviso</I> set forth below. Without limiting the generality of the foregoing indemnification, the Borrower shall indemnify the Indemnified
Parties for Indemnified Amounts to the extent relating to or resulting from any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the failure of any
Pledged Timeshare Loan represented by the Borrower to be an Eligible Timeshare Loan hereunder to be an &#147;Eligible Timeshare Loan&#148; at the time of such representation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">114 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) reliance on any representation or warranty made or deemed made by the
Borrower under this Agreement or any other Facility Document to which it is a party which shall have been false or incorrect when made or deemed made; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the failure by the Borrower to comply with any term, provision or covenant contained in this Agreement, the Sale and
Contribution Agreement or any other Facility Document to which it is party or with any applicable law, rule or regulation with respect to any Pledged Timeshare Loan or other Collateral, or the nonconformity of any Pledged Timeshare Loan or other
Collateral with any such applicable law, rule or regulation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) the failure to pay when due any Taxes, including sales,
excise or personal property Taxes payable by the Borrower in connection with the Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) the payment by such
Indemnified Party of Indemnified Taxes, including any Indemnified Taxes imposed by any jurisdiction on amounts payable and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, to the extent caused by
the Borrower&#146;s actions or failure to act in breach of this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) the failure to vest and maintain vested in
the Administrative Agent, on behalf of the Secured Parties, a first priority perfected security interest in the Collateral, free and clear of any Adverse Claim, whether existing at the time such Collateral arose or at any time thereafter; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the
applicable UCC or other applicable laws naming the Borrower as &#147;Debtor&#148; with respect to any Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii)
the failure by eOriginal, DocuSign, SignPost, the Custodian or any other Person that may be a party to the foregoing, to comply with any term, provision or covenant contained in the Electronic Collateral Control Agreement, the DocuSign Agreement,
the SignPost Agreement, the E-Vault Access Agreement, the Custody Agreement or this Agreement, as applicable, in respect of any Electronic Document; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ix) any system failure, loss of data, data breach or other impairment with respect to, or any inability of the Custodian, the
Servicer, the Borrower or the Administrative Agent to access, the Warehouse Vault Partition (including the eOriginal System) or the Electronic Documents therein, unless such system failure, loss of data, data breach or other impairment is due to the
gross negligence or willful misconduct of such Indemnified Party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) the failure of the DocuSign System or the SignPost
System, as applicable, to create or the Warehouse Vault Partition to maintain a single Authoritative Copy of an Electronic Loan Document or the eOriginal System or the Warehouse Vault Partition not being maintained in accordance with the eOriginal
System Description; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xi) (1) the creation, generation, communication or transfer of the Timeshare Loans by electronic
means, (2)&nbsp;the utilization by the Borrower or the Servicer of the web portal, eOriginal System or software of eOriginal with respect to the Warehouse Vault Partition, (3)&nbsp;the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">115 </P>

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failure of the eOriginal System to create and maintain a single Authoritative Copy of an Electronic Loan Document or to otherwise conform to the eOriginal&#146;s System Description, except due to
a modification made by or at the direction of the Custodian not in compliance with the terms of this Agreement or the Electronic Collateral Control Agreement or not at the direction of the Administrative Agent, or (4)&nbsp;the negligence, or
fraudulent or willful misconduct, of eOriginal in connection with the Electronic Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xii) any dispute, claim,
offset or defense (other than as a result of the bankruptcy or insolvency of the related Obligor) of an Obligor to the payment of any Pledged Timeshare Loan (including a defense based on such Pledged Timeshare Loan not being a legal, valid and
binding obligation of such Obligor enforceable against it in accordance with its terms); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xiii) the commingling of
Collections with any other funds; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xiv) any failure by the Borrower to give reasonably equivalent value to the Seller in
consideration for the transfer by the Seller to the Borrower of any Pledged Timeshare Loan, or any attempt by any Person to void any such transfer under any statutory provision or common law or equitable action, including any provision of the
Bankruptcy Code; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xv) (A) the failure of the
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account Bank to remit any Collections held in the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account to the Collection Account as provided
in the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account Control Agreement or any
Collections held in the Unidentified Receipts Account to the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT
STYLE="font-family:Times New Roman"> Clearing Account, whether by reason of the exercise of setoff rights or otherwise, or (B)&nbsp;any claim by the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing Account Bank for indemnification by the
Administrative Agent pursuant to the terms of the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman">
Clearing Account Control Agreement; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xvi) (A) the failure of the Diamond Lockbox Account Bank to remit any
Collections held in the Diamond Lockbox Account to the Collection Account as provided in the Diamond Lockbox Account Control Agreement, whether by reason of the exercise of setoff rights or otherwise, or (B)&nbsp;any claim by the Diamond Lockbox
Account Bank for indemnification by the Administrative Agent pursuant to the terms of the Diamond Lockbox Account Control Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(xvii)
 (A) the failure of the Bluegreen Clearing Account Bank to remit any </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Collections held in the Bluegreen
Clearing Account to the Collection Account as provided in the Bluegreen Clearing Account Control Agreement, whether by reason of the exercise of setoff rights or otherwise, or (B) any claim by the Bluegreen Clearing Account Bank for indemnification
by the Administrative Agent pursuant to the terms of the Bluegreen Clearing Account Control Agreement;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(xviii)
 (A)&nbsp;the failure of the New Clearing Account Bank to remit any Collections held in the New Clearing Account to the Collection Account as provided in the New Clearing Account Control Agreement, whether by reason of the exercise of setoff rights
or otherwise, or (B) any claim by the New Clearing Account Bank for indemnification by the Administrative Agent pursuant to the terms of the New Clearing Account Control Agreement;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(xix)
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> (xvii) </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">any investigation, litigation or proceeding related to this Agreement or the use of
proceeds of Loans made pursuant to this Agreement or any other Facility Document delivered hereunder or in respect of any of the Collateral; and </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">116 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(xx)
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(xviii) </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">the grant by the Borrower of a security interest in any Pledged Timeshare Loan in
violation of any applicable law, rule or regulation; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided, however</I>, that the Borrower shall not be required to indemnify
any Indemnified Party to the extent of any amounts (x)&nbsp;resulting from the gross negligence or willful misconduct of such Indemnified Party, or (y)&nbsp;constituting credit recourse for the failure of an Obligor to pay a Pledged Timeshare Loan,
or (z)&nbsp;constituting Excluded Taxes. Any amounts subject to the indemnification provisions of this Section&nbsp;8.01 shall be paid by the Borrower to the related Indemnified Party within ten (10)&nbsp;Business Days following written demand
therefor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.02. <U>Limited Liability of Parties</U>. No Indemnified Party shall have any liability (whether in
contract, tort or otherwise) to the Borrower, the Seller or any other Transaction Party or any of their respective security holders or creditors for or in connection with the transactions contemplated hereby, except to the extent such liability is
determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party&#146;s gross negligence or willful misconduct or breach of its obligations under this Agreement or any Facility Document.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE AGENTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.01. <U>Authorization and Action</U>. Each Lender hereby appoints and authorizes its related Managing Agent and the
Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Managing Agent or the Administrative Agent by the terms hereof, together with such powers as are reasonably
incidental thereto. The provisions of this Article IX are solely for the benefit of the Managing Agents, the Administrative Agent and the Lenders. The Borrower shall not have any rights as a third-party beneficiary or otherwise under any of the
provisions hereof. In performing their functions and duties hereunder, the Managing Agents shall act solely as the agent for the respective Conduit Lenders and the Committed Lenders in the related Lender Group and do not assume nor shall be deemed
to have assumed any obligation or relationship of trust or agency with or for the other Lenders, the Borrower, the Servicer, the Seller, any Affiliate thereof or any of their respective successors and assigns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.02. <U>Agents&#146; Reliance, Etc</U>. Neither the Administrative Agent nor any Managing Agent nor any of their
respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or such Managing Agent or the Administrative Agent under or in connection with this Agreement, except for its or their own gross
negligence or willful misconduct. Without limiting the generality of the foregoing, each of the Administrative Agent and the Managing Agents: (i)&nbsp;may consult with legal counsel (including counsel for the Borrower, the Servicer or the Seller),
independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii)&nbsp;makes no
warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement; (iii)&nbsp;shall not have any duty to ascertain or to inquire as to
the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of the Borrower or to inspect the property (including the books and records) of the Borrower; (iv)&nbsp;shall not be responsible to any Lender
for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (v)&nbsp;shall incur no liability under or in respect of this Agreement
by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.03. <U>Agents and Affiliates</U>. Each Managing Agent and the
Administrative Agent and their respective Affiliates may engage in any kind of business with the Borrower, any Transaction Party or any Obligor, any of their respective Affiliates and any Person who may do business with or own securities of
Borrower, any Transaction Party or any Obligor or any of their respective Affiliates, all as if such Persons were not Managing Agents and/or Administrative Agent and without any duty to account therefor to any Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.04. <U>Lender&#146;s Loan Decision</U>. Each Lender acknowledges that it has, independently and without reliance upon
the Administrative Agent, any Managing Agent, any of their respective Affiliates or any other Lender, and based on such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and, if
it so determines, to make Loans hereunder. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Managing Agent, any of their respective Affiliates, or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.05. <U>Delegation of Duties</U>. The Administrative Agent and each Managing Agent may each execute any of its duties
under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor any Managing Agent shall be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.06.
<U>Indemnification</U>. Each Managing Agent severally agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower, the Seller or the Performance Guarantor), ratably according to its related Lender Group Percentage,
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the
Administrative Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the Administrative Agent under this Agreement; <I>provided, that</I> (i)&nbsp;no Managing Agent shall be liable for any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting or arising from the Administrative Agent&#146;s gross negligence or willful misconduct and (ii)&nbsp;no Managing Agent shall
be liable for any amount in respect of any compromise or settlement of any of the foregoing unless such compromise or settlement is approved by the Majority Managing Agents. Without limitation of the generality of the foregoing, each Managing Agent
agrees to reimburse the Administrative Agent, ratably according to its related Lender Group Percentage, promptly upon demand, for any reasonable out-of-pocket expenses (including reasonable fees of a single counsel) incurred by the Administrative
Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement; <I>provided,
that</I> no Managing Agent shall be responsible for the costs and expenses of the Administrative Agent in defending itself against any claim alleging the gross negligence or willful misconduct of the Administrative Agent to the extent such gross
negligence or willful misconduct is determined by a court of competent jurisdiction in a final and non-appealable decision. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.07. <U>Successor Agents</U>. The Administrative Agent and each Managing Agent may, upon thirty (30)&nbsp;days&#146;
notice to the Borrower, each Lender and each other party hereto, resign as Administrative Agent or Managing Agent, as applicable. If any such party shall resign as Administrative Agent or Managing Agent under this Agreement, then, in the case of the
Administrative Agent, the Majority Committed Lenders and the Borrower, and in the case of any Managing Agent, its related Conduit Lenders, during such thirty-day period shall appoint a successor agent, whereupon such successor agent shall succeed to
the rights, powers and duties of the Administrative Agent or applicable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">118 </P>

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Managing Agent and references herein to the Administrative Agent or such Managing Agent shall mean such successor agent, effective upon its appointment; and such former Administrative
Agent&#146;s or Managing Agent&#146;s rights, powers and duties in such capacity shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or Managing Agent or any of the parties to this Agreement.
After any retiring Administrative Agent&#146;s or Managing Agent&#146;s resignation hereunder as such agent, the provisions of Article VIII, this Article IX and Section&nbsp;10.09 shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was Administrative Agent or a Managing Agent under this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9.08. <U>Recovery of
Erroneous Payments.</U> Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender (the &#147;<U>Credit Party</U>&#148;), whether or not in respect of a
Borrower Obligation due and owing by the Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Credit Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on
demand the Rescindable Amount received by such Credit Party in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the
date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Credit Party irrevocably waives any and
all defenses, including any &#147;discharge for value&#148; (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return
any Rescindable Amount. The Administrative Agent shall inform each Credit Party promptly upon determining that any payment made to such Credit Party comprised, in whole or in part, a Rescindable Amount. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE X </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MISCELLANEOUS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.01. <U>Amendments, Etc</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) No waiver of any provision of this Agreement nor consent to any departure by the Borrower therefrom shall in any event be effective unless
the same shall be in writing and signed by the Administrative Agent and the Majority Managing Agents (on behalf of the Lenders in the related Lender Group) and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) No amendment to this Agreement shall be effective unless the same shall be in writing and signed by
each of the Borrower, the Administrative Agent and the Majority Managing Agents (on behalf of the Lenders in the related Lender Group), <I>provided, however</I>, that, without the written consent of all the Managing Agents (on behalf of the Lenders
in the related Lender Group)(or, solely in the case of clauses (iv)&nbsp;and (v) below, the Managing Agents for each affected Lender Group), no such amendment shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) extend the Commitment Termination Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) extend the date of any payment or deposit of Collections by the Borrower or the time of payment of the principal amount
of, or accrued interest on, the Loans; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) release the security interest in or transfer all or any material portion of
the Collateral; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">119 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) change the outstanding principal amount of any of the Loans made by any
Lender hereunder other than as provided herein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) change the amount of any Lender Group Limit other than as provided
herein or increase the Facility Limit hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) amend, modify or waive any provision of the definitions of,
&#147;Majority Managing Agents&#148;, &#147;Borrowing Base&#148;, &#147;Collateral Value&#148; or any of the defined terms used in such definitions or this Section&nbsp;10.01; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) consent to or permit the assignment or transfer by the Borrower or any of its rights and obligations under this Agreement
or of any of its right, title or interest in or to the Pledged Timeshare Loans; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) amend or modify any provision of
Section&nbsp;7.01 or Section&nbsp;10.03, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ix) modify or alter any provision relating to the allocation or application of
Available Funds (including, without limitation, <U>Section&nbsp;2.06</U> and the expense and indemnity caps set forth in <U>Section 2.06</U>)<U>;</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) modify any provisions related to pro rata funding obligations or rights to payment among the Lenders or similar provisions;
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xi) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in
clauses (i)&nbsp;through (viii)&nbsp;above in a manner which would circumvent the intention of the restrictions set forth in such clauses; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xii)<I> provided, that </I>without the written consent of the Servicer, the Paying<I> </I>Agent, the Backup Servicer and/or
the Custodian, as applicable, no such amendment shall adversely affect the Servicer, the Paying Agent, the Backup Servicer or the Custodian; <I>provided</I>, <I>further</I>,<I> that </I>if this Agreement is amended without the consent of the
Servicer, the Paying Agent, the Backup Servicer or the Custodian, the Borrower shall provide the Servicer, the Paying Agent, the Backup Servicer and the Custodian with a copy of the related amendment promptly following execution thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.02. <U>Notices, Etc</U>. All notices and other communications provided for hereunder shall, unless otherwise stated
herein, be in writing (including communication by electronic mail or facsimile copy) and shall be personally delivered or sent by registered mail, return receipt requested, or by courier or by electronic mail or facsimile, to each party hereto, at
its address set forth on Schedule III hereof or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of
overnight courier, two (2)&nbsp;days after being deposited with such courier, or, in the case of notice by electronic mail or facsimile, when electronic confirmation of receipt is obtained, in each case addressed as aforesaid. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 10.03. <U>Assignability</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Any Conduit Lender may (i)&nbsp;with notice to the Borrower and the Servicer, and with the consent of the Managing Agent for the Lender
Group of which it is a member, assign at any time all or any portion of its rights and obligations hereunder and interests herein to (A)&nbsp;any other Lender, (B)&nbsp;any commercial paper conduit managed by such Conduit Lender&#146;s sponsor or
administrator bank if the Commercial Paper of such commercial paper conduit have short-term ratings from S&amp;P and Moody&#146;s that are equivalent to or higher than </P>
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the short-term ratings by S&amp;P and Moody&#146;s of the Commercial Paper of such Conduit Lender, (C)&nbsp;any Affiliate of such Conduit Lender&#146;s sponsor bank or (D)&nbsp;any Liquidity
Provider with respect to such Conduit Lender and (ii)&nbsp;with the consent of the Borrower (such consent not to be unreasonably withheld or delayed) and the Managing Agent for the Lender Group of which it is a member, assign at any time all or any
portion of its rights and obligations hereunder and interests herein to any other Person not listed in clause (i)&nbsp;above. Any Managing Agent may, with notice to the Borrower, and with the consent of the Lenders in its Lender Group, assign at any
time all or any portion of its rights and obligations hereunder and interests herein to any Affiliate of such Managing Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Any
Committed Lender may, with the consent of the Administrative Agent and, if no Event of Default is continuing, the Borrower (such consent not to be unreasonably withheld or delayed) assign at any time all or any portion of its rights and obligations
hereunder and interests herein to any Person; <I>provided, however</I>, that notwithstanding the foregoing, no consent of the Borrower shall be required for any assignment is to a Lender or an Affiliate of a Lender other than a Conduit Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) With respect to any assignment hereunder </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this
Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the amount being assigned pursuant to each such assignment (determined as of the date of the Assignment
and Acceptance with respect to such assignment) shall in no event be less than $10,000,000, and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the parties to each
such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register (as defined below), an Assignment and Acceptance, together with a processing and recordation fee of $2,500. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Upon such execution, delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance,
(x)&nbsp;the assignee thereunder shall be a party to this Agreement and, to the extent that rights and obligations under this Agreement have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender
thereunder and (y)&nbsp;the assigning Lender shall, to the extent that rights and obligations have been assigned by it pursuant to such Assignment and Acceptance, relinquish such rights and be released from such obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&#146;s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). At all times during which any Loan is
outstanding, the Administrative Agent shall maintain at its address referred to in Section&nbsp;10.02 of this Agreement (or such other address of the Administrative Agent notified by the Administrative Agent to the other parties hereto) a register
as provided herein (the &#147;<U>Register</U>&#148;). The Aggregate Loan Principal Balance (including stated interest) and any interests therein, and any Assignments and Acceptances of the Aggregate Loan Principal Balance or any interest therein
delivered to and accepted by the Administrative Agent, shall be registered in the Register, and the Register shall serve as a record of ownership that identifies the owner of the Aggregate Loan Principal Balances and any interest therein.
Notwithstanding any other provision of this Agreement, no transfer of the Aggregate Loan Principal Balances or any interest therein shall be effective unless and until such transfer has been recorded in the Register. The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Servicer, the Administrative Agent, the Managing Agents and the Lenders may treat each Person whose name is recorded in the Register as a Lender, as the
case may be, under this Agreement for all purposes of this Agreement. This Section&nbsp;10.03(d) shall be construed so that the Aggregate Loan Principal Balance and any interest therein is maintained at all times in &#147;registered form&#148;
within the meaning of Sections 163(f), 871(h) and 881(c) of the Code, solely for the purposes of this Section&nbsp;10.03, the Administrative Agent will act as an agent of the Borrower. The Register shall be available for inspection by the Borrower
or any Managing Agent at any reasonable time and from time to time upon reasonable prior notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Upon its receipt of an Assignment and Acceptance, the Administrative Agent shall, if
such Assignment and Acceptance has been duly completed, (i)&nbsp;accept such Assignment and Acceptance, (ii)&nbsp;record the information contained therein in the Register and (iii)&nbsp;give prompt notice thereof to the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Any Lender may, without the consent of the Borrower, sell participations to one or more banks or other entities (each, a
&#147;<U>Participant</U>&#148;) in all or a portion of its rights and obligations hereunder (including the outstanding Loan); <I>provided that</I> following the sale of a participation under this Agreement (i)&nbsp;the obligations of such Lender
shall remain unchanged, (ii)&nbsp;such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii)&nbsp;the Borrower, the Administrative Agent, the Servicer and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement. Any agreement or instrument pursuant to which such Lender sells such a participation shall provide that the
Participant shall not have any right to direct the enforcement of this Agreement or the other Facility Documents or to approve any amendment, modification or waiver of any provision of this Agreement or the other Facility Documents; <I>provided
that</I> such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (i)&nbsp;reduces the amount of principal or Interest that is payable on account
of any Loan or delays any scheduled date for payment thereof or (ii)&nbsp;reduces any fees payable by the Borrower to the Administrative Agent (to the extent relating to payments to the Participant) or delays any scheduled date for payment of such
fees. The Borrower acknowledges and agrees that any Lender&#146;s source of funds may derive in part from its Participants. Accordingly, references in Sections 2.09 or 2.10 and the other terms and provisions of this Agreement and the other Facility
Documents to determinations, reserve and capital adequacy requirements, expenses, increased costs, reduced receipts and the like as they pertain to the Lenders shall be deemed also to include those of its Participants; <I>provided, however</I>, that
in no event shall the Borrower be liable to any Participant under Sections 2.09 or 2.10 for an amount in excess of that which would be payable to the applicable Lender under such sections. Each Lender that sells a participation shall, acting solely
for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the aggregate principal balance (including stated interest) of each Participant&#146;s interest in the Loans or other
obligations under the Facility Documents (the &#147;<U>Participant Register</U>&#148;); <U>provided</U> that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any
Participant or other information relating to the Participant&#146;s interest in any Commitments or Loans) except to the extent that such disclosure is necessary to establish that such Commitment or Loan is in registered form under
Section&nbsp;5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive and binding for all purposes, absent manifest error, and such Lender shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Borrower may not assign any of its rights or obligations hereunder or any
interest herein without the prior written consent of the Administrative Agent and all the Managing Agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Notwithstanding any other
provision of this Agreement to the contrary, any Lender may at any time pledge or grant a security interest in all or any portion of its rights (including rights to payment of the principal balance of the Loans and Interest with respect thereto)
hereunder to secure obligations of such Lender to a Federal Reserve Bank, without notice to or consent of the Borrower or the Administrative Agent; <I>provided, that </I>no such pledge or grant of a security interest shall (x)&nbsp;release a Lender
from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto or (y)&nbsp;create any additional, or modify any existing, obligations of the Seller, the Borrower or the Servicer under this Agreement
or any other Facility Document. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.04. <U>Additional Lender Groups</U>. Upon the Borrower&#146;s
request and with the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), one or more additional Lender Group may be added to this Agreement at any time by the execution and delivery of a
Joinder Agreement by the members of such proposed additional Lender Group, the Borrower and the Administrative Agent. Upon the effective date of such Joinder Agreement, (i)&nbsp;each Person specified therein as a &#147;Conduit Lender&#148; shall
become a party hereto as a Conduit Lender, entitled to the rights and subject to the obligations of a Conduit Lender hereunder, (ii)&nbsp;each Person specified therein as a &#147;Committed Lender&#148; shall become a party hereto as a Committed
Lender, entitled to the rights and subject to the obligations of a Committed Lender hereunder, (iii)&nbsp;each Person specified therein as a &#147;Managing Agent&#148; shall become a party hereto as a Managing Agent, entitled to the rights and
subject to the obligations of a Managing Agent hereunder and (iv)&nbsp;the Facility Limit shall be increased by an amount equal to the aggregate Commitments of the Committed Lenders party to such Joinder Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 10.05. <U>Consent to Jurisdiction</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York
City in any action or proceeding arising out of or relating to this Agreement, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to
the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties
hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to
it at its address specified in Section&nbsp;10.02. Nothing in this Section&nbsp;10.05 shall affect the right of any Lender or the Administrative Agent to serve legal process in any other manner permitted by law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.06. <B><U>WAIVER OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY</B> <B>WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY
APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR
OTHERWISE<FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> AND WHETHER AT LAW OR IN EQUITY</U></FONT>) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY
OTHER FACILITY DOCUMENT</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.07. <U>Right of Setoff</U>. Each Lender is hereby authorized (in addition to any
other rights it may have) at any time after the occurrence of the Amortization Date due to the occurrence of an Event of Default, or at any time that any Borrower Obligation hereunder is due and payable, to set off, appropriate and apply (without
presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Lender to, or for the account of, the Borrower against the amount of the Borrower Obligations owing by the
Borrower to such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.08. <U>Ratable Payments</U>. If any Lender, whether by setoff or otherwise, has
payment made to it with respect to any Borrower Obligations or obligation of the Servicer in a greater proportion than that received by any other Lender entitled to receive a ratable share of such amount, such Lender agrees, promptly upon demand, to
purchase for cash without recourse or warranty a portion of such </P>
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Borrower Obligations or Servicer obligation held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of such Borrower Obligations or Servicer
obligations, as applicable; <I>provided that</I> if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without
interest. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 10.09. <U>Limitation of Liability</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) No claim may be made by any Transaction Party or any other party hereto against any other party hereto or their respective Affiliates,
directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions
contemplated by this Agreement or any other Facility Document, or any act, omission or event occurring in connection herewith or therewith; and each party hereto hereby waives, releases, and agrees not to sue upon any claim for any such damages,
whether or not accrued and whether or not known or suspected to exist in its favor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the contrary
contained herein, the obligations of the Conduit Lenders under this Agreement are solely the corporate obligations of each such Conduit Lender and shall be payable only at such time as funds are actually received by, or are available to, such
Conduit Lender in excess of funds necessary to pay in full all outstanding Commercial Paper and other indebtedness of any such Conduit Lender and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not
constitute a claim against such Conduit Lender. Each party hereto agrees that the payment of any claim (as defined in Section&nbsp;101 of Title 11 of the Bankruptcy Code) of any such party shall be subordinated to the payment in full of all
Commercial Paper and any other indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) No recourse under any obligation, covenant or agreement of any Conduit Lender contained
in this Agreement shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of such Conduit Lender or any of its Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or
by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of such Conduit Lender, and that no personal liability whatever shall attach
to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of any Conduit Lender or any of its Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations,
covenants or agreements of such Conduit Lender contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by any Conduit Lender of any of such obligations, covenants or agreements, either at common law or
at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement;
<I>provided that</I> the foregoing shall not relieve any such Person from any liability it might otherwise have as a result of fraudulent actions taken or fraudulent omissions made by them. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 10.10. <U>Costs, Expenses and Taxes</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In addition to the rights of indemnification under Article VIII hereof, the Borrower agrees to pay to the Administrative Agent and each
Managing Agent promptly after written demand thereof (i)&nbsp;all reasonable and documented costs and expenses of the Administrative Agent and each Managing Agent in connection with the preparation, execution and delivery (including any requested
amendments, waivers or consents) of this Agreement and the other documents to be delivered hereunder, including all pre-closing due diligence expenses and the reasonable fees and out-of-pocket expenses of a single law firm as special counsel for the
Administrative Agent with respect thereto and with respect to advising the Administrative Agent and each Managing Agent and the related Lenders as to their respective rights and remedies under this Agreement, and the other agreements executed
pursuant hereto, (ii)&nbsp;all reasonable and documented costs and out-of-pocket expenses </P>
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(including fees and expenses of a single outside counsel), incurred by the Administrative Agent and each Managing Agent in connection with any amendment to any of the Facility Documents prior to
and following the Restatement Date and (iii)&nbsp;all reasonable and documented costs and out-of-pocket expenses incurred by the Administrative Agent and each Managing Agent in connection with the enforcement of this Agreement and the other
agreements and documents to be delivered hereunder after the occurrence of an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In addition, the Borrower shall pay
any and all stamp, sales, transfer and other taxes and fees (including UCC filing fees and any penalties associated with the late payment of any UCC filing fees) payable or determined to be payable in connection with the execution, delivery, filing
and recording of this Agreement or the other agreements and documents to be delivered hereunder (including any UCC financing statements) and agrees to indemnify the Administrative Agent, the Managing Agents, the Lenders and the Liquidity Providers
against any liabilities with respect to or resulting from any delay by the Borrower in paying or omission to pay such taxes and fees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.11. <U>No Proceedings</U>. The Borrower, each Lender, each Managing Agent and the Administrative Agent each hereby
agrees that it will not institute against any Conduit Lender any proceeding of the type referred to in the definition of Event of Bankruptcy so long as any Commercial Paper and other indebtedness of any such Conduit Lender shall be outstanding or
there shall not have elapsed one year plus one day since the last day on which any such Commercial and other indebtedness shall have been outstanding. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION 10.12. <U>Confidentiality</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) By accepting delivery of this Agreement, the Borrower agrees not to disclose to any Person the material economic or commercial terms of
this Agreement, the Servicing Agreement or the Fee Letter (including any specific pricing information provided by the Administrative Agent, the Managing Agents or the Lenders) or the amount or terms of any fees payable to the Administrative Agent,
the Managing Agents or the Lenders (collectively, the &#147;<U>Product Information</U>&#148;) in connection with the transaction contemplated by this Agreement (the &#147;<U>Transaction</U>&#148;), except (i)&nbsp;to its and its affiliates&#146;
officers, directors, employees, agents, accountants, legal counsel and other representatives (collectively, the &#147;<U>Borrower Representatives</U>&#148;) who have a need to know the Product Information for the purpose of assisting in the
negotiation and completion of the Transaction and who agree to be bound by the provisions of this section applicable to the Borrower, (ii)&nbsp;in connection with any legal or regulatory action or proceeding relating to this Agreement or the
transactions contemplated hereby or the exercise of any remedies hereunder, (iii)&nbsp;to extent determined by the Seller to be required by applicable law (including filing a copy of this Agreement and the other Facility Documents (other than the
Fee Letter) as exhibits to filings required to be made with the Securities and Exchange Commission), regulation, subpoena or other legal process, (iv)&nbsp;to the extent requested by any Governmental Authority having jurisdiction over the Borrower,
the Seller or any Borrower Representative, (v)&nbsp;to the extent required to perform their respective obligations under the Facility Documents, to the Custodian or the Servicer or (vi)&nbsp;to existing or prospective lenders to, or investors in,
any Transaction Party or any Affiliate thereof, or to any Rating Agency in connection with a Securitization; <I>provided</I>, in each case in this clause (vi), such recipients agree to be bound by the provisions of this section applicable to the
Borrower. The Borrower will be responsible for any failure of any Borrower Representative to comply with the provisions of this clause (a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Administrative Agent, the Managing Agents and the Lenders will not disclose to any Person the confidential or proprietary information
of the Borrower, the Seller, the Servicer or the Performance Guarantor furnished to the Administrative Agent, the Managing Agents and the Lenders in connection with the Transaction (the &#147;<U>Borrower Information</U>&#148;), except (i)&nbsp;to
their respective and their Affiliates&#146; officers, directors, employees, agents, accountants, legal counsel and other representatives (collectively, the &#147;<U>Lender Representatives</U>&#148;) who have a need to know the Borrower Information
for the purpose of assisting in the negotiation and completion of the Transaction and who agree to be bound by the provisions in this section </P>
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applicable to the Administrative Agent, the Managing Agents and the Lenders, (ii)&nbsp;to the extent required by applicable law, regulation, subpoena or other legal process, (iii)&nbsp;to the
extent requested by any governmental or regulatory authority having, or claiming to have, jurisdiction over the Administrative Agent, the Managing Agents, the Lenders or any Lender Representative, (iv)&nbsp;to any Rating Agency, including in
compliance with Rule 17g-5 under the Securities Exchange Act of 1934 or any similar rule or regulation in any relevant jurisdiction, (v)&nbsp;to any actual or potential subordinated investor in any Conduit Lender or Liquidity Provider that has
signed a confidentiality agreement containing restrictions on disclosure substantially similar to this Section or (vi)&nbsp;to credit enhancers and dealers and investors in respect of Commercial Paper of any Conduit Lender in accordance with the
customary practices of such Lender for disclosures to credit enhancers, dealers or investors, as the case may be, it being understood that any such disclosure to dealers or investors will not identify the Borrower, the Seller or the Servicer or any
of their respective Affiliates by name. The Administrative Agent, the Managing Agents and each Lender, as the case may be, will be responsible for any failure of any related Lender Representative to comply with the provisions of this clause (b).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Administrative Agent, the Managing Agents and the Lenders will (i)&nbsp;not disclose to any person or entity the confidential or
proprietary information of Obligors relating to the Pledged Timeshare Loans (if any) obtained pursuant to this Agreement (the &#147;<U>Obligor Information</U>&#148;), and (ii)&nbsp;comply with all applicable laws (including Graham-Leach-Bliley Act)
with respect to Obligor Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(d) For the
avoidance of doubt, nothing in this Section 10.12 shall prohibit any Person from voluntarily disclosing or providing any information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization
(any such entity, a &#147;Regulatory Authority&#148;) to the extent that any such prohibition on disclosure set forth in this Section&nbsp;10.12 shall be prohibited by the laws or regulations applicable to such Regulatory Authority.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.13. <U>No Waiver; Remedies</U>. No failure on the part of the
Administrative Agent, any Managing Agent, any Lender or any Liquidity Provider to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude
any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.14. <U>GOVERNING LAW</U>. THIS
AGREEMENT<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, AND ANY DISPUTE, SUIT, ACTION OR PROCEEDING ARISING HEREFROM, WHETHER IN CONTRACT, TORT, OR OTHERWISE AND
WHETHER AT LAW OR IN EQUITY,</U></FONT><FONT STYLE="font-family:Times New Roman"> SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW
OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.15.
<U>Execution in Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in a &#147;.pdf&#148; file shall be effective as delivery of a manually executed counterpart of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.16. <U>Integration; Binding Effect; Survival of Termination</U>. This Agreement and the other Facility Documents
executed by the parties hereto on the date hereof contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto
with respect to the subject matter hereof superseding all prior oral or written understandings. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">126 </P>

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trustee in bankruptcy). Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall
create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until the Final Collection Date; <I>provided, however</I>, that the provisions of 2.09, 2.10, 2.11, 2.12,
2.17 and Article VIII, and the provisions of Sections 10.06, 10.09, 10.10, 10.11 and 10.12 shall survive any termination of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.17. <U>Electronic Signatures</U>. This Agreement may, if agreed by the Administrative Agent, be in the form of an
Electronic Record and be executed using Electronic Signatures (including, without limitation, facsimile and .pdf) and shall be considered an original, and shall have the same legal effect, validity and enforceability as a paper record. This
Agreement may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Agreement. For the avoidance of doubt, the authorization under this
paragraph may include, without limitation, use or acceptance by the Administrative Agent of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed
Communication converted into another format, for transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in
any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a)&nbsp;to the extent the Administrative Agent has agreed to accept such Electronic
Signature, the Administrative Agent shall be entitled to rely on any such Electronic Signature without further verification and (b)&nbsp;upon the request of the Administrative Agent any Electronic Signature shall be promptly followed by a manually
executed, original counterpart. For purposes hereof, &#147;Electronic Record&#148; and &#147;Electronic Signature&#148; shall have the meanings assigned to them, respectively, by 15 USC &#167;7006, as it may be amended from time to time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.18. <U>Recognition of the U.S. Special Resolution Regimes</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In the event that any Lender that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Lender of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest
and obligation, were governed by the laws of the United States of America or a state of the United States of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event
that any Lender that is a Covered Entity or a BHC Act Affiliate of such Lender becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Lender are permitted to be
exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States of America or a state of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) As used in this section, the following terms shall have the meaning set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) &#147;<U>BHC Act Affiliate</U>&#148; has the meaning assigned to the term &#147;affiliate&#148; in, and shall be
interpreted in accordance with, 12 U.S.C. &#167;1841(k). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) &#147;<U>Covered Entity</U>&#148; means any of the
following: (i)&nbsp;a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;252.82(b); (ii)&nbsp;a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12
C.F.R. &#167;47.3(b); or (iii)&nbsp;a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;382.2(b). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">127 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) &#147;<U>Default Right</U>&#148; has the meaning assigned to that term
in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;252.81, 47.2 or 382.1, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv)
&#147;<U>U.S. Special Resolution Regime</U>&#148; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the
regulations promulgated thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.19. <U>Third Party Beneficiary</U>. The Custodian shall be an express
third-party beneficiary of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.20. <U>Amendment and Restatement</U>. This Agreement amends and
restates in its entirety that certain Receivables Loan Agreement, dated as of May&nbsp;9, 2013 (the &#147;<U>Prior Agreement</U>&#148;), among the parties hereto. Notwithstanding the foregoing, this Agreement is not intended to constitute a novation
of the Prior Agreement and all obligations that have accrued under the Prior Agreement up to the date hereof (if any) shall be payable as and when required in accordance with the terms thereof. Further, the parties hereto acknowledge and agree that
upon the Restatement Date, the aggregate outstanding Loans shall be reallocated among the Lender Groups such that after giving effect to such reallocation, the portion of the Loans funded by each Lender shall be in proportion to its Pro Rata Share.
Each applicable Lender shall make any necessary payments among them as specified in the flow of funds prepared by the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.21. <U>Limited Recourse</U>. Notwithstanding any provision in any other Section of this Agreement or the Facility
Documents to the contrary, the obligations of the Borrower to pay any amounts payable pursuant to this Agreement shall be without recourse to any of its Affiliates, or any officer or director of any of them and the obligation to pay any amounts
hereunder shall be limited solely to the application of the Collateral, to the extent that such amounts are available for distribution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10.22. <U>AML Law</U>. The parties hereto acknowledge that in accordance with laws, regulations and executive orders of
the United States or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA
Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Asset Control (collectively, <I>&#147;</I><U>AML Law</U><I>&#148;</I>), each of the Paying Agent, the Securities Intermediary, and the Custodian is required to obtain,
verify, and record information relating to individuals and entities that establish a business relationship or open an account with each of the Paying Agent, the Securities Intermediary, and the Custodian. Each party hereby agrees that it shall
provide each of the Paying Agent, the Securities Intermediary, and the Custodian with such identifying information and documentation as each of the Paying Agent, the Securities Intermediary, and the Custodian may request from time to time in order
to enable each of the Paying Agent, the Securities Intermediary, and the Custodian to comply with all applicable requirements of AML Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">128 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HILTON GRAND VACATIONS TRUST I LLC,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Borrower</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ben Loper</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President &amp; Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Solely as to Section 5.05:</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">HILTON RESORTS CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ben Loper</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President &amp; Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="3">BANK OF AMERICA, N.A.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as Administrative Agent</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BANK OF AMERICA, N.A.,<BR>as a Managing Agent and a Committed Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="3">DEUTSCHE BANK AG, NEW YORK BRANCH, as a Managing Agent and a Committed Lender</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="3">BARCLAYS BANK PLC.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Committed Lender and a Managing Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SHEFFIELD RECEIVABLES COMPANY LLC,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Conduit Lender</P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Bank PLC,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
attorney-in-fact</P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WELLS FARGO BANK, NATIONAL ASSOCIATION,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Committed Lender and a Managing Agent</P></TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="3">TRUIST BANK,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Committed Lender and a Managing Agent</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CITIZENS BANK, N.A.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Managing Agent and a Committed Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: </TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MUFG BANK, LTD.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Managing Agent and a Committed Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: </TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GOTHAM FUNDING CORPORATION,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a
Conduit Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: </TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GOLDMAN SACHS BANK USA,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Managing Agent and a Committed Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: </TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="3">REGIONS BANK,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as a Managing Agent and a Committed Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: </TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">CANADIAN IMPERIAL BANK OF COMMERCE,</U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">as a Managing Agent and a Committed Lender</U></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Name:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Title:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">BAY SQUARE FUNDING LLC,</U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">as a Conduit Lender</U></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Name:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Title:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HSBC BANK USA, NATIONAL ASSOCIATION,</U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">as a Managing Agent and a Committed Lender</U></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Name:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Title:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Signature Page to Receivables Loan Agreement</U></FONT> </I></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COMPUTERSHARE TRUST COMPANY, N.A.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as Paying Agent and Securities Intermediary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact and agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By: </TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Receivables Loan Agreement </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT A-1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF CREDIT POLICY FOR SELLER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT A-2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF CREDIT POLICY FOR DRC </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT A-3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF COLLECTION POLICY FOR SERVICER
<FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(OR THE</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
SUBSERVICER)</U></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT A-4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>COLLECTION</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">CREDIT</U></FONT> POLICY FOR <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>DIAMOND SUBSERVICER</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#008000"><STRIKE> (OR THE
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>SERVICER)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">BLUEGREEN</U></FONT>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE><B>EXHIBIT
A-5</B></STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>[RESERVED]</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE><B>EXHIBIT
A-6</B></STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>[RESERVED]</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF BORROWING REQUEST </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[DATE] </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bank of America, N.A. (&#147;<U>BANA</U>&#148;), as Administrative Agent </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Grand Vacations Services LLC, as Servicer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A., National Association, as Paying Agent, Backup Servicer and Custodian </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">From:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Hilton Grand Vacations Trust I LLC (the &#147;<U>Borrower</U>&#148;) </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022, among the Borrower,
Computershare Trust Company, N.A., as Paying Agent and Securities Intermediary, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to
time party thereto as Managing Agents, and BANA, as Administrative Agent for the Conduit Lenders and the Committed Lenders (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Agreement</U>&#148;). Capitalized
terms used but not defined herein shall have the meanings given to them in the Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(i)&#8195;&#8194;Pursuant to Sections 2.01 and 2.02(a) of the Agreement, the undersigned hereby
requests a Borrowing from each Lender Group in an aggregate amount equal to the following:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>&#8201;$&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="25%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Lender&nbsp;Group</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(identified&nbsp;by&nbsp;related&nbsp;Managing&nbsp;Agent)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Dollar&nbsp;Amount&nbsp;of&nbsp;Borrowing</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<I>Name</I>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.50em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(ii)&#8194;&#8201;The requested Borrowing Date is:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.50em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(iii)&#8201;&#8201;The Aggregate Loan Principal Balance under the Agreement after giving effect to
the requested Borrowing under (i)&nbsp;above will equal:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>&#8201;$&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.50em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(iv)&#8194;The proceeds of the requested Borrowing are requested to be remitted to the following
account of the Borrower:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As of the date hereof and the Borrowing Date of such Borrowing: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The representations and warranties contained in Article IV of the Agreement are true and correct in all
material respects on and as of such Borrowing Date unless such representation and warranties by their terms refer to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No event has occurred and is continuing, or would result from the Borrowing requested hereunder, that
constitutes an Event of Default or an Default; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">After giving effect to the requested Borrowing, no Borrowing Base Deficiency shall exist.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All other conditions precedent set forth in Section&nbsp;3.02 of the Agreement have been satisfied.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with Section&nbsp;2.02(a) of the Agreement, the Borrower hereby certifies that, if any Timeshare Loans are being added to
the Collateral in connection with the requested Borrowing, such Timeshare Loans are set forth on Schedule I attached hereto and such Timeshare Loans are Eligible Timeshare Loans. The undersigned further represents and warrants that (1)&nbsp;the
documents constituting the Timeshare Loan File with respect to such Timeshare Loans have been delivered to Custodian and such Timeshare Loan Files are to be held by the Custodian in accordance with the Custody Agreement, and (2)&nbsp;all other
documents related to such Timeshare Loans (including, but not limited to, insurance policies, loan applications and appraisals) have been or will be created and held by the Borrower in trust for the Secured Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned certifies that this Borrowing Request is correct in all material respects as of the date furnished. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Hilton Grand Vacations Trust I LLC, as Borrower</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE I </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LIST OF TIMESHARE LOANS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file
with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF MONTHLY REPORT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIST OF OFFICES OF BORROWER WHERE RECORDS ARE KEPT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6355 Metro West Blvd, Suite 180 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Orlando, FL 32835 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">4960 Conference Way North,
Suite 100</U></FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B>Boca Raton,
Florida 33431</B></U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT E </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIST OF ACCOUNTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND
ACCOUNT BANKS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT F </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ASSIGNMENT AND ACCEPTANCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of [Date] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Reference is
made to the Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022, among Hilton Grand Vacations Trust I LLC, as the Borrower, Computershare Trust Company, N.A., as Paying Agent and Securities Intermediary, the Persons from
time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party thereto as Managing Agents, and Bank of America, N.A., as Administrative Agent for
the Conduit Lenders and the Committed Lenders (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Agreement</U>&#148;). Terms defined in the Agreement are used herein with the same meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">[<I>Assigning Lender</I>] (the &#147;<U>Assignor</U>&#148;), [<I>Assignee</I>] (the &#147;<U>Assignee</U>&#148;) and [<I>Assignor&#146;s
Managing Agent</I>], in its capacity as Managing Agent for the Lender Group which includes the Assignor [and the Assignee] (in such capacity, the &#147;<U>Managing Agent</U>&#148;), hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <U>Purchase and Sale of Interest</U>. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes
from the Assignor, an interest in and to all of the Assignor&#146;s rights and obligations under the Agreement as of the date hereof (including its [Commitment] [Conduit Lending Limit] and all Loans, if any, or interests therein held by it) equal to
the percentage (the &#147;<U>Percentage</U>&#148;) interest specified on the signature page hereto. After giving effect to such sale and assignment, [the Assignee will be a [Committed] [Conduit] Lender in the Lender Group that includes
[&#8195;&#8195;&#8195;&#8195;] as the Managing Agent and] the Assignee&#146;s [Commitment] [Conduit Lending Limit] will be as set forth in Section&nbsp;2 of the signature page hereto. [As consideration for the sale and assignment contemplated in
this Section&nbsp;1, the Assignee shall pay to the Assignor on the Effective Date (as hereinafter defined) in immediately available funds an amount equal to $[&#8195;&#8195;], representing the purchase price payable by the Assignee for the interests
in the transferred interest sold and assigned to the Assignee under this Section&nbsp;1.]<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. <U>Representations and Disclaimers of Assignor</U>. The Assignor: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that
such interest is free and clear of any adverse claim; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with any Facility Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of any Facility Document or any other instrument or document furnished pursuant thereto; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Seller,
the Borrower or the Servicer, or the performance or observance by any such party of any of its respective obligations under the Facility Documents or any other instrument or document furnished pursuant thereto. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Include bracketed text if Assignor holds a portion of the Loans on the Effective Date. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Representations and Agreements of Assignee</U>. The Assignee: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) confirms that it has received a copy of the Agreement, together with copies of the most recent financial statements
delivered pursuant to <U>Section&nbsp;5.02(b)</U> of the Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) agrees that it will, independently and without reliance upon the Administrative Agent, any Managing Agent, the Assignor or
any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) [appoints and authorizes the Administrative Agent and [&#8195;&#8195;&#8195;], as its Managing Agent, to take such action
as agent on its behalf and to exercise such powers under the Agreement and the other Facility Documents as are delegated to the Administrative Agent and such Managing Agent, respectively, by the terms thereof, together with such powers as are
reasonably incidental thereto;] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) agrees that it will perform in accordance with their terms all of the obligations
which by the terms of the Agreement and this Assignment and Acceptance are required to be performed by it as a [Committed] [Conduit] Lender; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) specifies as its address for notices the office set forth beneath its name on the signature pages hereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) represents that this Assignment and Acceptance has been duly authorized, executed and delivered by the Assignee pursuant to
its [corporate] powers and constitutes the legal, valid and binding obligation of the Assignee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. <U>Effectiveness of Assignment</U>.
Following the execution of this Assignment and Acceptance by the Assignor, the Managing Agent, [and] the Assignee, [the Borrower and the Servicer,] it will be delivered to the Administrative Agent for acceptance and recording by the Administrative
Agent. The effective date of this Assignment and Acceptance shall be the date of acceptance thereof by the Administrative Agent, unless otherwise specified in Section&nbsp;3 of the signature page hereto (the &#147;<U>Effective Date</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. <U>Rights of the Assignee</U>. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date, [(i) the Assignee
shall be a party to the Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a [Committed] [Conduit] Lender thereunder and hereunder and (ii)] the Assignor shall, to the extent provided in this
Assignment and Acceptance, relinquish its rights and be released from its obligations under the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. <U>Payments</U>. Upon such
acceptance and recording by the Administrative Agent, from and after the Effective Date, all payments under the Agreement in respect of the interest assigned hereby (including all payments of fees with respect thereto) shall be made to the Assignee
or the Assignee&#146;s Managing Agent, for the benefit of the Assignee, in accordance with the Agreement. The Assignor and Assignee shall make all appropriate adjustments in payments under the Agreement for periods prior to the Effective Date
directly between themselves. </P>
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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. <U>GOVERNING</U><U></U><U> LAW</U>. THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this
Assignment and Acceptance to be executed by their respective officers thereunto duly authorized, as of the date first above written. </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page to </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Assignment and Acceptance </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated
as of [Date] </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;1.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Percentage:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U>&#8195;&#8195;</U></TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;2.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assignee&#146;s [Commitment] [Conduit Lending Limit] as of the Effective Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$<U></U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U>&#8195;&#8195;&#8195;&#8195;&#8195;</U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Principal Amount of Loans held by Assignee as of the Effective Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$<U></U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U>&#8195;&#8195;&#8195;&#8195;&#8195;</U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Section&nbsp;3.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effective Date:<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> **</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U>&#8195;&#8195;&#8195;</U>,&nbsp;20<U>&#8195;</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="74%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">[NAME OF ASSIGNOR]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">[NAME OF ASSIGNEE]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for Notices:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[Insert]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Accepted this [<I>day</I>] of [<I>month</I>], [<I>year</I>]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">BANK OF AMERICA, N.A., as Administrative Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This date should be no earlier than the date of acceptance by the Administrative Agent. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AGREED TO THIS &#8195; DAY OF &#8195;&#8195;&#8195;, 20&#8195;: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

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<TD WIDTH="78%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[NAME OF MANAGING AGENT],</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Managing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HILTON GRAND VACATIONS TRUST I LLC,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Borrower</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT G </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF JOINDER AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022, among Hilton Grand Vacations Trust I LLC,
as the Borrower, Computershare Trust Company, N.A., as Paying Agent and Securities Intermediary, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the
Persons from time to time party thereto as Managing Agents, and Bank of America, N.A., as Administrative Agent for the Conduit Lenders and the Committed Lenders (as amended, restated, supplemented or otherwise modified from time to time, the
&#147;<U>Agreement</U>&#148;). To the extent not defined herein, capitalized terms used herein have the meanings assigned to such terms in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[<I>New Managing Agent</I>] (the &#147;<U>New Managing Agent</U>&#148;), [<I>New Conduit Lender(s)</I>] (the &#147;<U>New Conduit
Lender(s)</U>&#148;) and [<I>New Committed Lender(s)</I>] (the &#147;<U>New Committed Lender(s)</U>&#148;; and together with the New Managing Agent and New Conduit Lender(s), the &#147;<U>New Lender Group</U>&#148;) agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. By execution and delivery of this Joinder Agreement and pursuant to <U>Section 10.04</U> of the Agreement, the New Lender Group elects to
become a &#147;Lender Group&#148; under the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The effective date (the &#147;<U>Effective Date</U>&#148;) of this Joinder
Agreement shall be the later of (i)&nbsp;the date on which a fully executed copy of this Joinder Agreement is delivered to the Administrative Agent, (ii)&nbsp;the date of this Joinder Agreement [and (iii)&nbsp;the effective date of that certain
assignment agreement of even date herewith between the [New Committed Lender] [New Conduit Lender] and [<I>Name of [Committed] [Conduit] Lender Assignor</I>]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. By executing and delivering this Joinder Agreement, each of the New Managing Agent, the New Conduit Lender(s) and the New Committed
Lender(s) confirms to and agrees with each other party to the Agreement that (i)&nbsp;it has received a copy of the Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter
into this Joinder Agreement; (ii)&nbsp;it will, independently and without reliance upon the Administrative Agent, any other Managing Agent, any other Lender or any of their respective Affiliates, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement or any documents or agreements to be delivered thereunder; (iii)&nbsp;it appoints and authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers pursuant to <U>Article IX</U> of the Agreement; (iv)&nbsp;it will perform in accordance with their terms all of the obligations which by the terms of the Agreement and the
documents or agreements to be delivered thereunder are required to be performed by it as a Managing Agent, a Conduit Lender, or a Committed Lender, respectively; (v)&nbsp;its address for notices shall be the office set forth beneath its name on the
signature pages of this Joinder Agreement; (vi)&nbsp;the Lender Group Limit for the New Lender Group shall be as set forth on the signature page hereto; and (vii)&nbsp;it is duly authorized to enter into this Joinder Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. On the Effective Date of this Joinder Agreement, each of the New Managing Agent, the New Conduit Lender(s) and the New Committed Lender(s)
shall join in and be a party to the Agreement and, to the extent provided in this Joinder Agreement, shall have the rights and obligations of a Managing Agent, a Conduit Lender and a Committed Lender, respectively, under the Agreement. <U>Schedule
II</U> to the Agreement shall be amended to incorporate the information set forth on <U>Schedule I</U> to this Joinder Agreement and <U>Schedule III</U> shall be amended to incorporate the notice addresses set forth on the signature pages to this
Joinder Agreement. [In addition, the New Conduit Lender hereby specifies that it is a <FONT STYLE="white-space:nowrap">&#147;Pre-Review</FONT> Conduit Lender&#148;.] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. This Joinder Agreement may be executed by one or more of the parties on any number of
separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. THIS
JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Each of the parties
hereto hereby waives any right to have a jury participate in resolving any dispute, whether sounding in contract, tort, or otherwise between or among the parties hereto, or any of them, arising out of, connected with, related to, or incidental to
the relationship between them in connection with this Joinder Agreement. Instead, any dispute resolved in court will be resolved in a bench trial without a jury. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>REMAINDER OF PAGE INTENTIONALLY LEFT BLANK </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Joinder Agreement to be executed by
their respective officers thereunto duly authorized, as of this [&#8195;] day of [&#8195;&#8195;], [20&#8195;]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The &#147;Lender Group
Limit&#148; for the New Lender Group is $[&#8195;&#8195;]. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NEW CONDUIT LENDER(S):</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><I>NAME(S)</I>]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for notices:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[<I>Address</I>]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NEW COMMITTED LENDER(S):</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[<I>NAME(S</I>)]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for notices:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[<I>Address</I>]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NEW MANAGING AGENT:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[<I>NAME</I>]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address for notices:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[<I>Address</I>]</P></TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AGREED TO THIS &#8195; DAY OF &#8195;&#8195;&#8195;, 20&#8195;: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANK OF AMERICA, N.A.,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Administrative Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[EACH MANAGING AGENT],</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a
Managing Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">HILTON GRAND VACATIONS TRUST I LLC, as&nbsp;Borrower</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE I </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Conduit&nbsp;Lending&nbsp;Limit(s)&nbsp;for&nbsp;New&nbsp;Conduit&nbsp;Lender(s):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Commitment(s) of New Committed Lender(s):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT H </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF PREPAYMENT NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Date] </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bank of America, N.A. (&#147;<U>BANA</U>&#148;), as Administrative Agent, </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">[<I>Managing Agent</I>], as a Managing Agent </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A., as Paying Agent </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">From:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Hilton Grand Vacations Trust I LLC (the &#147;<U>Borrower</U>&#148;) </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022, among the Borrower Computershare
Trust Company, N.A., as Paying Agent and Securities Intermediary, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party
thereto as Managing Agents and BANA, as Administrative Agent for the Conduit Lenders and the Committed Lenders (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Agreement</U>&#148;). Terms defined in the
Agreement are used herein with the same meaning. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;2.05 of the Agreement, the undersigned hereby
notifies each Managing Agent of its intent to make certain prepayments (which shall be made ratably among the Lenders based on the aggregate outstanding Principal Amount of the Loans held by each) as outlined below. This notice must be received no
later than 12:00 p.m. (New York City time) two (2)&nbsp;Business Days prior to the date of such payment. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The aggregate amount (which shall be at least $1,000,000, or integral multiples of $100,000 in excess thereof)
of the prepayment is: $<U>&#8195;&#8195;</U> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Business Day upon which the undersigned shall make such prepayment is:
<U>&#8195;&#8195;&#8195;&#8195;&#8195;</U>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certifies that this prepayment notice is correct in
all material respects as of the date so furnished. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">HILTON GRAND VACATIONS TRUST I LLC, as Borrower</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF REFINANCING RELEASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to the Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022 (as amended, restated,
supplemented or otherwise modified from time to time, the &#147;<U>Agreement</U>&#148;), among Hilton Grand Vacations Trust I LLC, a Delaware limited liability company, as borrower (the &#147;<U>Borrower</U>&#148;), the Conduit Lenders from time to
time party thereto, the Committed Lenders from time to time party thereto, the Managing Agents from time to time party thereto, Computershare Trust Company, N.A., as paying agent and as securities intermediary and Bank of America, N.A., as
administrative agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;). Capitalized terms not defined herein shall have the meaning given such terms in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower hereby delivers, in connection with the consummation of the Refinancing to which this Refinancing Release relates, (i)&nbsp;an
executed Refinancing Date Certificate of the Borrower, in substantially the form attached hereto as Annex <FONT STYLE="white-space:nowrap">1-A</FONT> and an executed Refinancing Date Certificate of the Servicer, in substantially the forms attached
hereto as Annex <FONT STYLE="white-space:nowrap">1-B</FONT> and (ii)&nbsp;an executed notice, in substantially the form attached hereto as Annex 2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon deposit in the Collection Account of $[&#9679;] in accordance with Section&nbsp;2.14(a)(iv) in immediately available funds, the
Administrative Agent hereby releases all of its right, title and interest, including its Lien, in and to the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&#8195;the Timeshare Loans to be transferred by the Borrower in the related Refinancing and described in Schedule I hereto
(the &#147;<U>Refinanced Assets</U>&#148; and such Schedule, the &#147;<U>Schedule of Refinanced Assets</U>&#148;), all Collections related thereto, and all monies due (including any payments made under any guarantee or similar credit enhancement
with respect to any such Refinanced Assets) or to become due or received by any Person in payment of any of the foregoing after the last day of the Collection Period immediately preceding the related Refinancing Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&#8195;all Timeshare Loan Files and the Schedule of Refinanced Assets, relating to the Refinanced Assets, whether now
existing or hereafter acquired, and all right, title and interest of the Borrower in and to the documents, agreements and instruments included in such Timeshare Loan Files; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&#8195;all of the Borrower&#146;s interest in all Records, documents and writings evidencing or related to the Refinanced
Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&#8195;all of the Borrower&#146;s interest in all guaranties, indemnities and other agreements or arrangements
of whatever character from time to time supporting or securing payment of the Refinanced Assets, whether pursuant to the related Timeshare Loans or otherwise; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&#8195;all deposit accounts, monies, deposits, funds, accounts and instruments relating to the foregoing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&#8195;all of the Borrower&#146;s right, title and interest in and to the Sale and Contribution Agreement relating to the
Refinanced Assets and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against the Seller under or in connection with the Sale and Contribution Agreement and relating to such
Refinanced Assets; and </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&#8195;all income and proceeds of the foregoing. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executed as of &#8195;&#8195;&#8195;, 201&#8195;. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">HILTON GRAND VACATIONS TRUST I LLC, as Borrower</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">BANK OF AMERICA, N.A., as Administrative Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ANNEX <FONT STYLE="white-space:nowrap">1-A</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">HILTON GRAND VACATIONS TRUST I LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REFINANCING DATE CERTIFICATE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Hilton Grand Vacations Trust I LLC (the &#147;<U>Borrower</U>&#148;), delivers this certificate pursuant to Section&nbsp;2.14(a) of the
Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Agreement</U>&#148;), among the Borrower, the Conduit Lenders from time to time
party thereto, the Committed Lenders from time to time party thereto, the Managing Agents from time to time party thereto, Computershare Trust Company, N.A., as paying agent and as securities intermediary and Bank of America, N.A., as administrative
agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;), and hereby certifies, as of the date hereof, the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&#8195;no adverse selection procedure shall have been used by the Borrower with respect to the Pledged Timeshare Loans that
will remain subject to this Agreement after giving effect to the Refinancing (except as is necessary to comply with normal and customary eligibility criteria for asset-backed securities transactions involving timeshare loans); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&#8195;the representations and warranties contained in Section&nbsp;4.01 are true and correct in all material respects,
except to the extent relating to an earlier date; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&#8195;no Default or Event of Default has occurred and is
continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf this &#8195; day of &#8195;&#8195;&#8195;,
201&#8195;. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HILTON GRAND VACATIONS TRUST I LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ANNEX <FONT STYLE="white-space:nowrap">1-B</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GRAND VACATIONS SERVICES LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REFINANCING DATE CERTIFICATE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Grand Vacations Services LLC, as servicer (the &#147;<U>Servicer</U>&#148;), delivers this certificate pursuant to Section&nbsp;2.14(a) of the
Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Agreement</U>&#148;), among Hilton Grand Vacations Trust I LLC, a Delaware
limited liability company, as borrower (the &#147;<U>Borrower</U>&#148;), the Conduit Lenders from time to time party thereto, the Committed Lenders from time to time party thereto, the Managing Agents from time to time party thereto, Computershare
Trust Company, N.A., as paying agent and as securities intermediary and Bank of America, N.A., as administrative agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;), and hereby certifies, as of the date hereof, that no Borrowing
Base Deficiency exists. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Servicer has caused this certificate to be executed on its behalf this &#8195; day of
&#8195;&#8195;&#8195;, 201&#8195;. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GRAND VACATIONS SERVICES LLC, as Servicer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ANNEX 2 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF NOTICE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">HILTON GRAND
VACATIONS TRUST I LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6355 Metro West Blvd, Suite 180 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Orlando, FL 32835 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn:
SVP&nbsp;&amp; Treasurer </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195;&#8195;&#8195;&#8195;, 201&#8195; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank of America, N.A., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Administrative Agent </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park, Floor 11 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10036 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1505 Energy Park Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">St. Paul, MN 55108 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Corporate Trust Services -
Asset-Backed Administration </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Grand Vacations Services LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6355 Metro West Blvd. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 180 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Orlando, FL 32835 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: General Counsel </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Hilton Grand Vacations Trust I LLC &#150; Receivables Loan Agreement</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is made to the Amended and
Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<U>Agreement</U>&#148;), among Hilton Grand Vacations Trust I LLC, a Delaware limited liability
company, as borrower (the &#147;<U>Borrower</U>&#148;), the Conduit Lenders from time to time party thereto, the Committed Lenders from time to time party thereto, the Managing Agents from time to time party thereto, Computershare Trust Company,
N.A., as paying agent and as securities intermediary and Bank of America, N.A., as administrative agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;2.14(a)(i) of the Agreement, the Borrower gives notice of its intent to effect a Refinancing on or about &#8195;&#8195;&#8195;,
201&#8195; (which date is no fewer than 10 Business Days after the date of delivery of this notice to the Administrative Agent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used
herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement. </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HILTON GRAND VACATIONS TRUST I LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule I to Refinancing Release </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule of Refinanced Assets </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[to be attached] </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT J </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF GLOBAL ASSIGNMENT OF MORTGAGE AND TIMESHARE LOAN FILES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Seller) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This GLOBAL
ASSIGNMENT OF MORTGAGE AND TIMESHARE LOAN FILES AND POWER OF ATTORNEY (this &#147;<B><U>A</U></B><U>s</U><B><U>signment and Power of Attorney</U></B>&#148;) is made as of [Date] by each of HILTON RESORTS CORPORATION (the &#147;Seller&#148;) and
HILTON GRAND VACATIONS TRUST I LLC (the &#147;<B><U>Borrower</U></B>&#148;) in favor of BANK OF AMERICA, N.A. (the &#147;<B><U>Administrative Agent</U></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Seller, the Borrower, and certain other institutions, including the Administrative Agent, have entered into certain transactions involving
timeshare loans (the &#147;<B><U>Transactions</U></B>&#148;). Pursuant to the terms of the Amended and Restated Sale and Contribution Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, supplemented or otherwise modified in writing from
time to time, the &#147;<B><U>Sale and Contribution</U></B> <B><U>Agreement</U></B>&#148;), by and between the Seller and the Borrower, the Seller sells and/or contributes certain<B> </B>timeshare loans and related assets to the Borrower. Such
timeshare assets, which from time to time may include, without limitation, timeshare loans and the agreements, documents and instruments related thereto (such as purchase contracts, promissory notes, mortgages, deeds of trust and all other
agreements, documents and interests evidencing interests in, liens upon and security interests in such timeshare loans and the properties the sales of which gave rise to such timeshare loans) are referred to herein as the &#147;<B><U>Transferred
Timeshare Loans</U></B>&#148;. The Borrower, pursuant to the terms of the Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, supplemented or otherwise modified in writing from time to time, the
&#147; <B><U>Loan Agreement</U></B>&#148;), by and among the Borrower, certain institutions and the Administrative Agent, has pledged and collaterally assigned the Transferred Timeshare Loans to the Administrative Agent to secure the Borrower&#146;s
obligations under the Loan Agreement and the agreements, documents and instruments related thereto. To further evidence the Administrative Agent&#146;s interests in the Transferred Timeshare Loans, the Borrower, in its capacity as assignee of the
Transferred Timeshare Loans, has requested that the Seller deliver this Assignment and Power of Attorney. The Seller, in order to further evidence its sale and/or contribution of the Transferred Timeshare Loans to the Borrower, has agreed to make
such delivery as evidenced by its execution hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Seller does hereby convey and transfer to the Borrower all of its right, title
and interest whether now or hereafter existing or in which the Seller now or hereafter acquires an interest and wherever the same may be located, in and to or arising under each of the Transferred Timeshare Loans, together with the Seller&#146;s
right to receive and collect all interest, principal, and other amounts or proceeds under or in connection with such Transferred Timeshare Loans. The Borrower does hereby collaterally assign to the Administrative Agent all of its right, title and
interest, whether now or hereafter existing or in which the Borrower now or hereafter acquires an interest and wherever the same may be located, in and to or arising under each of the Transferred Timeshare Loans, together with the Borrower&#146;s
right to receive and collect all interest, principal, and other amounts or proceeds under or in connection with such Transferred Timeshare Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrative Agent shall be entitled to attach hereto at any time and from time to time a list of Transferred Timeshare Loans (which
list may not contain the names of Obligors or any personal identifying information) and record a copy of this Assignment and Power of Attorney, together with such list of Transferred Timeshare Loans, with such jurisdictions as the Administrative
Agent may deem necessary, in its sole discretion, to further evidence and perfect its interests in the Transferred Timeshare Loans. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to give further effect to the Administrative Agent&#146;s rights under the Loan
Agreement, the Sale and Contribution Agreement (as collateral assignee thereof) and this Assignment and Power of Attorney, the Seller by these presents does make, constitute and appoint the Administrative Agent as the Seller&#146;s true and lawful <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and in the Seller&#146;s name, place and stead to act and take all such actions required to further evidence and perfect the Administrative Agent&#146;s
interests in the Transferred Timeshare Loans. Such actions shall include, but shall not be limited to, (i)&nbsp;preparing, executing and recording in the Seller&#146;s name, place and stead agreements, documents and instruments with federal, state,
county and other jurisdictions to evidence the Administrative Agent&#146;s interests in the Transferred Timeshare Loans, and (ii)&nbsp;endorsing Transferred Timeshare Loans in favor of the Administrative Agent. This power of attorney shall be
irrevocable and coupled with an interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To induce any third party to act hereunder, each of the Borrower and the Seller hereby agrees
that any third party receiving a duly executed copy or facsimile of this instrument may act hereunder, and that any notice of revocation or termination hereof or other revocation or termination hereof by operation of law shall be ineffective as to
any actions by such third party prior to such third party&#146;s receipt of notice of such revocation or termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Assignment and
Power of Attorney may not be amended or modified without the Administrative Agent&#146;s prior written consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the payment in full
of all obligations outstanding and otherwise owing under or in connection with the Loan Agreement and the agreements, documents and instruments delivered in connection therewith, and the termination of all commitments to extend credit thereunder by
the Administrative Agent and the other parties thereto as lenders, this Assignment and Power of Attorney shall terminate without further action by the Administrative Agent or any other person. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, this Assignment and Power of Attorney has been executed and delivered by
an officer of each of the undersigned thereunto duly authorized as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HILTON RESORTS CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HILTON GRAND VACATIONS TRUST I LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">State&nbsp;of&nbsp;&#8195;&#8195;&#8195;&#8195;&#8195;&nbsp;)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;&#8201;&#8201;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&nbsp;)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">County&nbsp;of &#8195;&#8195;&#8195;&#8195;&nbsp;)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This instrument was acknowledged before me on &#8195;&#8195;&#8195;&#8195;&#8195;, 2012 by
&#8195;&#8195;&#8195;&#8195;&#8195; as &#8195;&#8195;&#8195;&#8195;&#8195; of &#8195;&#8195;&#8195;&#8195;&#8195; and, in a representative capacity. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Signature of
notarial officer) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(Seal, if any) </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT K </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF GLOBAL ASSIGNMENT OF MORTGAGES AND TIMESHARE LOAN FILES AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Borrower) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This GLOBAL
ASSIGNMENT OF MORTGAGES AND TIMESHARE LOAN FILES AND POWER OF ATTORNEY (this &#147;<B><U>A</U></B><U>s</U><B><U>signment and Power of Attorney</U></B>&#148;) is made as of [Date] by HILTON GRAND VACATIONS TRUST I LLC (the
&#147;<B><U>Borrower</U></B>&#148;) in favor of BANK OF AMERICA, N.A. (the &#147;<B><U>Administrative Agent</U></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower,
certain institutions, and the Administrative Agent are parties to a Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022 (as amended, restated, supplemented or otherwise modified in writing from time to time, the
&#147;<B><U>Loan Agreement</U></B>&#148;). The Borrower has pledged certain of its assets to the Administrative Agent for the benefit of the Secured Parties under and as defined in the Loan Agreement. Such assets secure the Borrower&#146;s payment
and performance of its obligations under the Loan Agreement and the agreements, documents and instruments delivered in connection therewith. The pledged assets from time to time may include interests in timeshare loans and the agreements, documents
and instruments related thereto, including, without limitation, purchase contracts, promissory notes, mortgages, deeds of trust and all other agreements, documents and interests evidencing interests in, liens upon and security interests in such
timeshare loans and the properties the sales of which gave rise to such timeshare loans (collectively, the &#147;<B><U>Timeshare Loan Files</U></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To further evidence the Administrative Agent&#146;s interests in the Timeshare Loan Files, Borrower does hereby convey, transfer and
collaterally assign to the Administrative Agent all of its right, title and interest, whether now or hereafter existing or in which the Borrower now or hereafter acquires an interest and wherever the same may be located, in and to or arising under
each of the Timeshare Loan Files, together with the Borrower&#146;s right to receive and collect all interest, principal, and other amounts or proceeds under or in connection with such Timeshare Loan Files. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrative Agent shall be entitled to attach hereto at any time and from time to time a list of Timeshare Loan Files and record a copy
of this Assignment and Power of Attorney, together with such list of Timeshare Loan Files, with such jurisdictions as the Administrative Agent may deem necessary, in its sole discretion, to further evidence and perfect its interests in the Timeshare
Loan Files. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to give further effect to the Administrative Agent&#146;s rights under the Loan Agreement and this Assignment and
Power of Attorney, the Borrower by these presents does make, constitute and appoint the Administrative Agent as the Borrower&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and
in the Borrower&#146;s name, place and stead to act and take all such actions required to further evidence and perfect the Administrative Agent&#146;s interests in the Timeshare Loan Files. Such actions shall include, but shall not be limited to,
(i)&nbsp;preparing, executing and recording in the Borrower&#146;s name, place and stead agreements, documents and instruments with federal, state, county and other jurisdictions to evidence the Administrative Agent&#146;s interests in the Timeshare
Loan Files, and (ii)&nbsp;endorsing Timeshare Loan Files in favor of the Administrative Agent. This power of attorney shall be irrevocable and coupled with an interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To induce any third party to act hereunder, the Borrower hereby agrees that any third party receiving a duly executed copy or facsimile of
this instrument may act hereunder, and that any notice of revocation or termination hereof or other revocation or termination hereof by operation of law shall be ineffective as to any actions by such third party prior to such third party&#146;s
receipt of notice of such revocation or termination. </P>
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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Assignment and Power of Attorney may not be amended or modified without the
Administrative Agent&#146;s prior written consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the payment in full of all obligations outstanding and otherwise owing under or
in connection with the Loan Agreement and the agreements, documents and instruments delivered in connection therewith, and the termination of all commitments to extend credit thereunder by the Administrative Agent and the other parties thereto as
lenders, this Assignment and Power of Attorney shall terminate without further action by the Administrative Agent or any other person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>REMAINDER OF PAGE INTENTIONALLY LEFT BLANK </I></P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, this Assignment and Power of Attorney has been executed and delivered by an officer of
the undersigned thereunto duly authorized as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">HILTON GRAND VACATIONS TRUST I LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">State of &#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195; )</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8194;)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">County of &#8195;&#8195;&#8195;&#8195;&#8195;&#8195; )</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This instrument was acknowledged before me on &#8195;&#8195;&#8195;&#8195;&#8195;, 2012 by
&#8195;&#8195;&#8195;&#8195;&#8195; as &#8195;&#8195;&#8195;&#8195;&#8195; of &#8195;&#8195;&#8195;&#8195;&#8195; and, in a representative capacity. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Signature of
notarial officer) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(Seal, if any) </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT L </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF NOTICE OF EXCLUSIVE CONTROL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[to be placed on Administrative Agent letterhead] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NOTICE OF EXCLUSIVE CONTROL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Date] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1505 Energy Park Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">St. Paul, MN 55108 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Corporate Trust Services &#150; Asset-Backed Administration </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amended and Restated Receivables Loan Agreement, dated as of May&nbsp;3, 2022 (as amended, the
&#147;Agreement&#148;) by and among Hilton Grand Vacations Trust I LLC, as borrower, Computershare Trust Company, N.A., as paying agent and securities intermediary, the persons from time to time parties thereto as conduit lenders, the financial
institutions from time to time party thereto as committed lenders, the financial institutions from time to time party thereto as managing agents and Bank of America, N.A., as administrative agent </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This constitutes a Notice of Exclusive
Control as referred to in paragraph 2.16(h) of the Agreement, a copy of which is attached hereto. Pursuant to such paragraph 2.16(h), we hereby notify you that we are exercising our rights to assume and exercise exclusive control of account numbers
[&#9679;] and [&#9679;] maintained with you. [Available funds deposited in such accounts should be sent at the end of each day to [&#8195;&#8195;&#8195;&#8195;&#8195;]. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANK OF AMERICA, N.A.,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Administrative Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&#8195;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT M </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN BORROWER INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE <FONT STYLE="white-space:nowrap">I-A</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF HRC TIMESHARE LOANS THAT ARE MORTGAGE LOANS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&#8195;All federal, state or local laws, rules or regulations, including, without limitation, those relating to usury, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">truth-in-lending,</FONT></FONT> real estate settlement procedure, land sales, the offer and sale of securities, consumer credit protection and equal credit opportunity or disclosure,
applicable to such Timeshare Loan or the sale of the Timeshare Interest securing the related Obligor Note were complied with in all material respects at the time the originator made such Timeshare Loan. The applicable rescission period with respect
to such Timeshare Loan has expired, and such Timeshare Loan was not originated in, or is not subject to the laws of, any jurisdiction under which the transfer, conveyance or assignment of such Timeshare Loan would be unlawful, void or voidable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&#8195;If the Timeshare Loan is a Mortgage Loan, the Timeshare Property securing such Timeshare Loan constitutes an interest in real
property at one of the Resorts and the related Mortgage has been duly filed and recorded (or is in the process of being recorded) with all appropriate governmental authorities in all jurisdictions in which such Mortgage is required to be filed and
recorded to create a valid, binding and enforceable first priority perfected security interest in such Timeshare Interest subject only to Permitted Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&#8195;Immediately prior to the transfer pursuant to the Sale and Contribution Agreement of such Timeshare Loan from the Seller to the
Borrower, the Seller owned full legal and equitable title to such Timeshare Loan, free and clear of any lien, charge, encumbrance or participation or ownership interest in favor of any other Person, except for Permitted Liens. All of the
Seller&#146;s right, title and interest in and to such Timeshare Loan has been validly and effectively transferred to the Borrower or a valid first priority security interest in such Timeshare Loan has been created or assigned in favor of the
Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&#8195;Each of the related Mortgage with respect to Mortgage Loans and the related Obligor Note is genuine and the legal,
valid and binding obligation of the Obligor thereof, enforceable in accordance with its terms, subject to the Enforceability Exceptions, and is not subject to any dispute, right of setoff, recoupment, counterclaim, or defense of any kind, whether
arising out of transactions concerning such Timeshare Loan or otherwise, and no such right has been asserted with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&#8195;All parties to the related Mortgage and the related Obligor Note had legal capacity to enter into such Mortgage and such Obligor
Note and to execute and deliver such Mortgage and such Obligor Note, and such Mortgage and such Obligor Note have been duly and properly executed by such parties. The related Obligor has not been released, in whole or in part, from any of its
obligations in respect of such Timeshare Loan. Neither the related Obligor Note nor the Purchase Contract has been satisfied, canceled, rescinded or subordinated, in whole or in part, and no instrument has been executed that would effect any such
satisfaction, release, cancellation, subordination or rescission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&#8195;The applicable assignment of <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Purchase
Contract</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Mortgage</U></FONT><FONT STYLE="font-family:Times New Roman"> and the endorsement of the
related Obligor Note constitutes a duly executed, legal, valid, binding and enforceable assignment or endorsement, as the case may be, of such related </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>Purchase
Contract</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Mortgage</U></FONT><FONT STYLE="font-family:Times New Roman"> and related Obligor Note, and all
monies due or to become due thereunder, and all proceeds thereof. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&#8195;Such Timeshare Loan is not a Cease and Desist
Timeshare Loan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&#8195;At the time the originator made such Timeshare Loan, the related Obligor acquired
good and marketable title to the related Timeshare Interest securing such Timeshare Loan, free and clear of all Liens, except for Permitted Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&#8195;The related Mortgage contains customary and enforceable provisions so as to render the rights and remedies of the holder thereof
adequate for the practical realization against the related Timeshare Interest of the benefits of the security interests or other remedies intended to be provided thereby, including by judicial foreclosure or other applicable remedies. There is no
exemption available to the related Obligor which would interfere with the mortgagee right to foreclose such related Mortgage other than that which may be available under applicable bankruptcy, debt relief, homestead statutes or the Servicemembers
Civil Relief Act of 2003, or a similar, applicable law of the country in which the related Obligor is located, if other than the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&#8195;The related Obligor Note is not and has not been secured by any collateral except the Lien <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>of</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">on</U></FONT><FONT
STYLE="font-family:Times New Roman"> the related Timeshare Interest. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&#8195;All entries with respect to such Timeshare Loan
(including if it is a Qualified Substitute Timeshare Loan) as set forth on the related Timeshare Loan Schedule are true and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&#8195;Each Tangible Document contained in the related Timeshare Loan File is in the possession of the Custodian, each Electronic Loan
Document that constitutes a &#147;transferrable record&#148; (within the meaning of UETA) in the related Timeshare Loan File is under the &#147;control&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-105</FONT> of the
UCC or Section&nbsp;16 of UETA, as applicable) of the Administrative Agent, and all other Electronic Loan Documents and Electronic Documents in the related Timeshare Loan File are in the dominion of the Custodian and no Deficiencies exist with
respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&#8195;The related
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Mortgage</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">title</U></FONT>
<FONT STYLE="font-family:Times New Roman"> is covered by a form of lender&#146;s title insurance policy issued by a title insurer qualified to do business in the jurisdiction where the related Timeshare Property is located, insuring the Seller and
its successors and assigns, as to the first priority perfected Lien of the Mortgage, subject only to Permitted Liens, in an amount equal to or greater than the Loan Balance of the related Obligor Note. Such lender&#146;s title insurance policy is in
full force and effect. No claims have been made under such lender&#146;s title insurance policy, and no prior holder of such Mortgage, including the Seller, has done or omitted to do anything which would impair the coverage of such lender&#146;s
title insurance policy. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)&#8195;None of the related Resort Association, or any other party to the related Resort Association
Instruments (other than the Obligor) is in default under the related Resort Association Instruments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&#8195;The related Obligor Note
evidences a fully amortizing debt obligation which bears a fixed rate of interest, provides for substantially level monthly payments of principal and interest (other than the final payment thereon), and is payable in United States dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&#8195;The related Obligor Note has an original term to stated maturity of one hundred eighty (180)&nbsp;months or less and may be prepaid
in full without penalty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&#8195;A minimum of one payment due under such Timeshare Loan has been made on the related Obligor Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r)&#8195;Such Timeshare Loan is not a Delinquent Timeshare Loan or a Defaulted Timeshare Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s)&#8195;All applicable intangible taxes, documentary stamp taxes and state and local taxes were paid in respect of such Timeshare Loan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t)&#8195;Interest is calculated on the related Obligor Note on either a simple interest
basis or a 30/360 basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u)&#8195;The proceeds of such Timeshare Loan have been fully disbursed and no additional performance by any
Person other than the Obligor is required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&#8195;Except for changes to the name of the Obligor thereunder, the terms of the related
Purchase Contract, Mortgage and the related Obligor Note have not been modified in any material respect (unless by a writing or electronic record contained in the related Timeshare Loan Files) and in no event to avoid delinquency or default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w)&#8195;The related Obligor Note was originated by an Approved Originator, in the ordinary course of its business in connection with the
initial sale or resale of the related Timeshare Interest, all in accordance with the applicable Credit Policy in effect at such time of origination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x)&#8195;The related Obligor automatically became a member of an exchange with full access to the HGVClub upon its purchase of the related
Timeshare Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y)&#8195;The related Timeshare Interest is assignable upon liquidation of the related Obligor Note without the
consent of the related Resort Association or any other Person and there are no other restrictions on resale thereof, except that as to a Resort Association that is a cooperative association, such right of assignment may be exercisable by the Seller
or any Affiliate of the Seller as agent of the Resort Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z)&#8195;The related Obligor is not (i)&nbsp;a Person (other than an
individual) that is the Parent or a Subsidiary thereof, including the Servicer or (ii)&nbsp;a Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa)&#8195;The
related Obligor has been instructed to remit all payments to <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(x)</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;</U></FONT><FONT STYLE="font-family:Times New Roman">the HRC Lockbox </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and HRC</U></FONT><FONT
STYLE="font-family:Times New Roman"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> </U></FONT></B>Clearing Account </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and/ or (y)<B></B> the New Lockbox and New Clearing Account,</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> </U></FONT><FONT STYLE="font-family:Times New Roman">or such other lockbox<B> </B>account(s) at Qualified Institutions that
are subject to the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account Control Agreement or </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the New Clearing
Account Control Agreement, as applicable, or</U></FONT><FONT STYLE="font-family:Times New Roman"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> </U></FONT></B>a substantially
similar control agreement.<B> </B> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb)&#8195;(i) The related Resort Association was duly organized and, to the best of the
Seller&#146;s knowledge, is validly existing and in good standing in the state of its organization, (ii)&nbsp;a Seller Affiliated Manager manages the related Resort and, if there is a related Resort Association, performs services for such Resort
Association, pursuant to agreements between such Seller Affiliated Manager and such Resort Association, each of such agreements being in full force and effect, (iii)&nbsp;any agreements mentioned in the preceding clause (ii)&nbsp;include services
that are substantially similar to the services described in the true and correct copy of a management agreement between such Seller Affiliated Manager and one of the Resort Associations, which has been furnished to the Purchaser, and (iv)&nbsp;such
Seller Affiliated Manager and the related Resort Association have performed in all material respects all obligations under any such agreements and are not in material default thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc)&#8195;(i) The related Resort procures casualty and property insurance through the related Resort Association, if any, or through the
Seller or an Affiliate of the Seller, which property insurance is required by the applicable governing instruments of the related Resort Association to include coverage due to covered damage or loss for the full replacement value thereof,
(ii)&nbsp;in the event that the related Unit or Resort should suffer any loss covered by property damage insurance, upon receipt of any Insurance Proceeds, such Resort Association is required, during the time such Unit or Resort is covered by such
insurance, under the applicable governing instruments of the Resort Association or otherwise, either to repair or rebuild the portions of the applicable Resort or, if such Resort Association decides not to repair or rebuild such portions of the
applicable Resort, to pay such proceeds to the holders of any Mortgages secured by a timeshare estate in such portions of the applicable Resort, and (iii)&nbsp;if the related Resort is located in the United States and is located in a high hazard
</P>
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flood plain, the applicable governing instruments of the Resort Association requires the related Resort Association to maintain flood insurance in an amount not less than the maximum level
available under the National Flood Insurance Program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd)&#8195;The declaration or other document recorded in the real estate records
where the related Resort is located for purposes of creating and governing the rights of owners of Timeshare Properties related thereto (as it may be in effect from time to time, each, a &#147;<U>Declaration</U>&#148;) and any rules and regulations
promulgated in connection therewith requires the related Obligor to pay assessments which the related Resort Association is required to apply to pay taxes, insurance premiums and maintenance costs with respect to the related Timeshare Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee)&#8195;The related <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Resorts </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><STRIKE>under the related </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Resort
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Collection </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">corresponding to the Timeshare Loan </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>are, </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>in the aggregate,</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">is</U></FONT><FONT STYLE="font-family:Times New Roman"> free of material damage and waste and there is no proceeding pending
or, to the best knowledge of the Seller threatened for the total or partial condemnation or taking of the related Resort by eminent domain. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff)&#8195;No consent, approval, order or authorization of, and no filing with or notice to, any court or Governmental Authority in respect of
the related Obligor is required which has not been obtained in connection with the transfer of such Timeshare Loan to the Borrower or in connection with the pledge of such Timeshare Loan to the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg)&#8195;Such Timeshare Loan was not selected using selection procedures reasonably believed by the Seller to be adverse to the Borrower.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh)&#8195;(i) The Timeshare Property related to the Timeshare Loan has been completed in all material respects as required by applicable
federal, state and local laws, free of all defects that could give rise to any claims thereunder; (ii)&nbsp;to the extent required by applicable law, valid certificates of occupancy for such Timeshare Property has been issued and are currently
outstanding; and (iii)&nbsp;the Seller and its commonly controlled Affiliates have complied in all material respects with all obligations and duties incumbent upon the developers of the related Resort including the related Declarations and similar
applicable documents for the related Resort; <I>provided</I> that, the Timeshare Loan shall not be considered in breach of this clause (hh) unless (x)&nbsp;a material portion of the Units in the Resorts under the HGVClub fail to satisfy clause (i),
(ii) or (iii)&nbsp;or (y) the Approved Originator, Servicer or other applicable Transaction Party has failed to use commercially reasonable efforts to remediate the condition or circumstances giving rise to such Timeshare Property&#146;s
noncompliance with clause (i), (ii) or (iii)&nbsp;upon knowledge thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&#8195;(i) No practice, procedure or policy employed by the
related Resort Association in the conduct of its business violates any law, regulation, judgment or agreement, including, without limitation, those relating to zoning, building, use and occupancy, fire, health, sanitation, air pollution, ecological,
environmental and toxic wastes, applicable to such Resort Association or Seller Affiliated Manager which, if enforced, would reasonably be expected to (A)&nbsp;have a material adverse impact on such Resort Association or the ability of such Resort
Association or Seller Affiliated Manager to conduct the business of such Resort Association, (B)&nbsp;have a material adverse impact on the financial condition of such Resort Association, or (C)&nbsp;constitute grounds for the revocation of any
license, charter, permit or registration which is material to the conduct of the business of such Resort Association, (ii)&nbsp;the related Resort and the present use thereof does not violate any applicable environmental, zoning or building laws,
ordinances, rules or regulations of any governmental authority, or any covenants or restrictions of record, the violation of which would reasonably be expected to materially adversely affect the value or use of such Resort or the performance by the
related Resort Association of its obligations pursuant to and as contemplated by the terms and provisions of the related Declaration; provided that, the Timeshare Loan shall not be considered in breach of this clause (ii)(ii) unless (x)&nbsp;a
material portion of the Resorts in the HGVClub fail to satisfy this clause (ii)(ii) or (y)&nbsp;the Approved Originator, Servicer or other applicable </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Transaction Party has failed to use commercially reasonable efforts steps to remediate the condition or
circumstances giving rise to a Resort&#146;s noncompliance with this clause (ii)(ii) upon knowledge thereof, (iii)&nbsp;there is no condition presently existing and no event has occurred or failed to occur prior to the applicable Transfer Date,
concerning the related Resort relating to any hazardous or toxic materials or condition, asbestos or other environmental or similar matters which would reasonably be expected to(x) materially and adversely affect the present use of such Resort or
the financial condition or business operations of the related Resort Association, or the value of such Timeshare Loan or (y)&nbsp;result in environmental liability for the Seller or the Borrower under any Environmental Law; provided that, the
Timeshare Loan shall not be considered in breach of this clause (ii)(iii) unless (x)&nbsp;a material portion of the Resorts in the HGVClub fail to satisfy this clause (ii)(iii) or (y)&nbsp;the Approved Originator, Servicer or other applicable
Transaction Party has failed to use commercially reasonable efforts to remediate the condition or circumstances giving rise to a Resort&#146;s noncompliance with this clause (ii)(iii) upon knowledge thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj)&#8195;The related Resort has made all filings and holds all material licenses, permits and registrations which are required by the
present use of such Resort the failure to have of which would reasonably be expected to materially and adversely affect the value or use of such Resort. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk)&#8195;The related Obligor has equity in the related Timeshare Interest of at least 10% of the purchase price for the related Timeshare
Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll)&#8195;The Timeshare Loan was made in respect of a Timeshare Property as to which (i)&nbsp;construction has been completed<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">; provided that construction shall exclude for purposes of this clause any remodeling</U></FONT><FONT
STYLE="font-family:Times New Roman"> and (ii) a valid certificate of occupancy has been issued from all necessary Governmental Authorities. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm)&#8195;If the related Obligor is a Domestic Obligor who had a FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score at the
time of origination of such Timeshare Loan, such Obligor had a FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score of at least 600 at the time of origination of such Timeshare Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(nn) The Timeshare Loan Balance of such Timeshare Loan does not exceed $350,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo)&#8195;No broker is, or will be, entitled to any commission or compensation in connection with the transfer of such Timeshare Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp)&#8195;No payment due under such Timeshare Loan has been made, directly or indirectly, by the Seller, the Servicer or any other Subsidiary
of the Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq)&#8195;The related Resort (i)&nbsp;is in material compliance with all applicable laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards to which it may be subject and (ii)&nbsp;the related Resort Association Instruments for which are the legally valid, binding and enforceable obligation of each of the parties thereto, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#146; rights generally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(rr)&#8195;If such Timeshare Loan is evidenced by an Electronic Loan Document that constitutes Electronic Chattel Paper, the Administrative
Agent shall have received an Opinion of Counsel, in form and substance satisfactory to the Administrative Agent, as to the Administrative Agent&#146;s &#147;control&#148; (within the meaning of
<FONT STYLE="white-space:nowrap">Section&nbsp;9-105</FONT> of the applicable UCC) of Electronic Loan Documents that constitute Electronic Chattel Paper; it being understood that any Timeshare Loan evidenced by an Electronic Loan Document that
constitutes Electronic Chattel Paper shall be deemed to satisfy the eligibility requirement of this clause (rr) after the Administrative Agent shall have received an Opinion of Counsel pursuant to this clause (rr). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ss)&#8195;If such Timeshare Loan is evidenced by an Electronic Obligor Note that
constitutes a &#147;transferrable record&#148; as defined in UETA, the Administrative Agent shall have received an Opinion of Counsel, in form and substance satisfactory to the Administrative Agent, as to the Administrative Agent&#146;s
&#147;control&#148; (within the meaning of Section&nbsp;16 of UETA) of Electronic Obligor Notes that constitute &#147;transferrable records&#148; as defined in UETA; it being understood that any Timeshare Loan evidenced by an Electronic Obligor Note
that constitutes a &#147;transferrable record&#148; (as defined in UETA) shall be deemed to satisfy the eligibility requirement of this clause (ss) after the Administrative Agent shall have received an Opinion of Counsel pursuant to this clause.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(tt)&#8195;If such Timeshare Loan is evidenced by an Electronic Loan Document, such Electronic Loan Document is maintained by the
Custodian in the Warehouse Vault Partition and such Warehouse Vault Partition is subject to an Electronic Collateral Control Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE <FONT STYLE="white-space:nowrap">I-B</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF HRC TIMESHARE LOANS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THAT ARE <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">RIGHT-TO-USE</FONT></FONT> LOANS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&#8195;All federal, state or local laws, rules or regulations, including, without limitation, those relating to usury, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">truth-in-lending,</FONT></FONT> real estate settlement procedure, land sales, the offer and sale of securities, consumer credit protection and equal credit opportunity or disclosure,
applicable to such Timeshare Loan or the sale of the Timeshare Interest securing the related Obligor Note were complied with in all material respects at the time the originator made such Timeshare Loan. The applicable rescission period with respect
to such Timeshare Loan has expired, and such Timeshare Loan was not originated in, or is not subject to the laws of, any jurisdiction under which the transfer, conveyance or assignment of such Timeshare Loan would be unlawful, void or voidable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&#8195;If the Timeshare Loan is a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loan
(i)&nbsp;the related Timeshare Interest is related to Units at one or more Resorts, (ii)&nbsp;all Resorts and other fee or leasehold real estate interests supporting the Vacation Interest available to be sold are (a)&nbsp;held in trust by a third
party trustee for the benefit of the Obligors owning Timeshare Interests related to such Resorts, either free and clear of any lien or ownership interest in favor of any other person, except for Permitted Liens, or subject to a subordination and
nondisturbance agreement, and (b)&nbsp;related to one or more Resort Associations; (iii)&nbsp;upon purchasing a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, the Obligor related thereto
receives a Vacation Interest; and (iv)&nbsp;at the time of the sale of the related <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, the &#147;seller&#148; of such
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest under the related Purchase Contract owned the exclusive right to reserve the occupancy of Units in connection with such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest and the right to sell and transfer Vacation Interests therein to the related Obligor, free and clear of any lien or ownership interest in favor of any
other person, except for Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&#8195;Immediately prior to the transfer pursuant to the Sale and Contribution Agreement of
such Timeshare Loan from the Seller to the Borrower, the Seller owned full legal and equitable title to such Timeshare Loan, free and clear of any lien, charge, encumbrance or participation or ownership interest in favor of any other Person, except
for Permitted Liens. All of the Seller&#146;s right, title and interest in and to such Timeshare Loan has been validly and effectively transferred to the Borrower or a valid first priority security interest in such Timeshare Loan has been created or
assigned in favor of the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&#8195;Each of the related
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement with respect to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loans, and the related Obligor Note
is genuine and the legal, valid and binding obligation of the Obligor thereof, enforceable in accordance with its terms, subject to the Enforceability Exceptions, and is not subject to any dispute, right of setoff, recoupment, counterclaim, or
defense of any kind, whether arising out of transactions concerning such Timeshare Loan or otherwise, and no such right has been asserted with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&#8195;All parties to the related <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement
and the related Obligor Note had legal capacity to enter into such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and such Obligor Note and to execute and deliver such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and such Obligor Note, and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and such Obligor Note
have been duly and properly executed by such parties. The related Obligor has not been released, in whole or in part, from any of its obligations in respect of such Timeshare Loan. Neither the related Obligor Note nor the Purchase Contract has been
satisfied, canceled, rescinded or subordinated, in whole or in part, and no instrument has been executed that would effect any such satisfaction, release, cancellation, subordination or rescission. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&#8195;The applicable assignment of Purchase Contract and the endorsement of the related
Obligor Note constitutes a duly executed, legal, valid, binding and enforceable assignment or endorsement, as the case may be, of such related Purchase Contract and related Obligor Note, and all monies due or to become due thereunder, and all
proceeds thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&#8195;Such Timeshare Loan is not a Cease and Desist Timeshare Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&#8195;At the time the originator made such Timeshare Loan, the related Obligor acquired good and marketable title to the related Timeshare
Interest securing such Timeshare Loan, free and clear of all Liens, except for Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&#8195;The related <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement contains customary and enforceable provisions so as to render the rights and remedies of the holder thereof <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(or the related developer) </U></FONT><FONT STYLE="font-family:Times New Roman">adequate for the practical realization
against the related Timeshare Interest of the benefits of the security interests or other remedies intended to be provided thereby, including by judicial foreclosure or other applicable remedies. There is no exemption available to the related
Obligor which would interfere with the &#147;seller&#146;s&#148; (under and as defined in the related Purchase Contract in the case of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement) right to
foreclose such related <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, other than that which may be available under applicable bankruptcy, debt relief, homestead statutes or the Servicemembers
Civil Relief Act of 2003, or a similar, applicable law of the country in which the related Obligor is located, if other than the United States. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&#8195;<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>The</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">To the extent such Obligor Note is secured, the</U></FONT><FONT STYLE="font-family:Times New Roman"> related Obligor Note is
not and has not been secured by any collateral except the Lien
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>of</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">on</U></FONT>
<FONT STYLE="font-family:Times New Roman"> the related Timeshare Interest. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&#8195;All entries with respect to such Timeshare
Loan (including if it is a Qualified Substitute Timeshare Loan) as set forth on the related Timeshare Loan Schedule are true and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&#8195;Each Tangible Document contained in the related Timeshare Loan File is in the possession of the Custodian, each Electronic Loan
Document that constitutes a &#147;transferrable record&#148; (within the meaning of UETA) in the related Timeshare Loan File is under the &#147;control&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-105</FONT> of the
UCC or Section&nbsp;16 of UETA, as applicable) of the Administrative Agent, and all other Electronic Loan Documents and Electronic Documents in the related Timeshare Loan File are in the dominion of the Custodian and no Deficiencies exist with
respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&#8195;None of the related Resort Association(s), or any other party to the related Resort Association Instruments
(other than the Obligor) is in default under the related Resort Association Instruments and no Transaction Party has caused the ratio of Points to available intervals or Units to fall below required levels as required by the governing instruments of
the related Resort Associations subject and to Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)&#8195;The related Obligor Note evidences a fully amortizing debt
obligation which bears a fixed rate of interest, provides for substantially level monthly payments of principal and interest (other than the final payment thereon), and is payable in United States dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&#8195;The related Obligor Note has an original term to stated maturity of one hundred eighty (180)&nbsp;months or less and may be prepaid
in full without penalty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&#8195;A minimum of one payment due under such Timeshare Loan has been made on the related Obligor Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&#8195;Such Timeshare Loan is not a Delinquent Timeshare Loan or a Defaulted Timeshare Loan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r)&#8195;All applicable intangible taxes, documentary stamp taxes and state and local taxes
were paid in respect of such Timeshare Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s)&#8195;Interest is calculated on the related Obligor Note on either a simple interest
basis or a 30/360 basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t)&#8195;The proceeds of such Timeshare Loan have been fully disbursed and no additional performance by any
Person other than the Obligor is required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u)&#8195;Except for changes to the name of the Obligor thereunder, the terms of the related
Purchase Contract, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and the related Obligor Note have not been modified in any material respect (unless by a writing or electronic record contained
in the related Timeshare Loan Files) and in no event to avoid delinquency or default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&#8195;The related Obligor Note was originated
by an Approved Originator, in the ordinary course of its business in connection with the initial sale or resale of the related Timeshare Interest, all in accordance with the applicable Credit Policy in effect at such time of origination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w)&#8195;The related Obligor automatically became a member of an exchange with full access to the HGVClub upon its purchase of the related
Timeshare Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x)&#8195;The related Obligor is not (i)&nbsp;a Person (other than an individual) that is the Parent or a Subsidiary
thereof, including the Servicer or (ii)&nbsp;a Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y)&#8195;The related Obligor has been instructed to remit all
payments to <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(x) </U></FONT><FONT STYLE="font-family:Times New Roman">the HRC Lockbox </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and HRC</U></FONT><FONT
STYLE="font-family:Times New Roman"> Clearing Account </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and/or (y) the New Lockbox and the New Clearing Account,
</U></FONT><FONT STYLE="font-family:Times New Roman">or such other lockbox account(s) at Qualified Institutions that are subject to the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account Control Agreement or </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the New Clearing Account Control Agreement, as applicable, or </U></FONT><FONT STYLE="font-family:Times New Roman">a
substantially similar control agreement. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z)&#8195;(i) The related Resort Association was duly organized and, to the best of the
Seller&#146;s knowledge, is validly existing and in good standing in the state of its organization, (ii)&nbsp;a Seller Affiliated Manager manages the related Resort and, if there is a related Resort Association, performs services for such Resort
Association, pursuant to agreements between such Seller Affiliated Manager and such Resort Association, each of such agreements being in full force and effect, (iii)&nbsp;any agreements mentioned in the preceding clause (ii)&nbsp;include services
that are substantially similar to the services described in the true and correct copy of a management agreement between such Seller Affiliated Manager and one of the Resort Associations, which has been furnished to the Purchaser, and (iv)&nbsp;such
Seller Affiliated Manager and the related Resort Association have performed in all material respects all obligations under any such agreements and are not in material default thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa)&#8195;(i) The related Resort procures casualty and property insurance through the related Resort Association, if any, or through the
Seller or an Affiliate of the Seller, which property insurance is required by the applicable governing instruments of the related Resort Association to include coverage due to covered damage or loss for the full replacement value thereof,
(ii)&nbsp;in the event that the related Unit or Resort should suffer any loss covered by property damage insurance, upon receipt of any Insurance Proceeds, such Resort Association is required, during the time such Unit or such Resort is covered by
such insurance, under the applicable governing instruments of the Resort Association or otherwise, either to repair or rebuild the portions of the applicable Resort or, if such Resort Association decides not to repair or rebuild such portions of the
applicable Resort, to pay such proceeds to the holders of any Mortgages secured by a timeshare estate in such portions of the applicable Resort, and (iii)&nbsp;if the related Resort is located in the United States and is located in a high hazard
flood plain, the applicable governing instruments of the Resort Association requires the related Resort Association to maintain flood insurance in an amount not less than the maximum level available under the National Flood Insurance Program. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb)&#8195;The related Purchase Contract in respect of such Timeshare Loan requires the
related Obligor to pay all taxes, insurance premiums and maintenance costs with respect to the related Resort or Resort Association, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc)&#8195;The related <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Resorts under the
related</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> Resort </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Collection </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">corresponding to
the Timeshare Loan </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>are, in the
aggregate,</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">is</U></FONT><FONT STYLE="font-family:Times New Roman"> free of material damage and waste and
there is no proceeding pending or, to the best knowledge of the Seller threatened for the total or partial condemnation or taking of the related Resort by eminent domain. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd)&#8195;No consent, approval, order or authorization of, and no filing with or notice to, any court or Governmental Authority in respect of
the related Obligor is required which has not been obtained in connection with the transfer of such Timeshare Loan to the Borrower or in connection with the pledge of such Timeshare Loan to the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee)&#8195;Such Timeshare Loan was not selected using selection procedures reasonably believed by the Seller to be adverse to the Borrower.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff)&#8195;(i) The Timeshare Property related to the Timeshare Loan has been completed in all material respects as required by applicable
federal, state and local laws, free of all defects that could give rise to any claims thereunder; (ii)&nbsp;to the extent required by applicable law, valid certificates of occupancy for such Timeshare Property has been issued and are currently
outstanding; and (iii)&nbsp;the Seller and its commonly controlled Affiliates have complied in all material respects with all obligations and duties incumbent upon the developers of the related Resort including the related Declarations and similar
applicable documents for the related Resort <I>provided</I> that, the Timeshare Loan shall not be considered in breach of this clause (ff) unless (x)&nbsp;a material portion of the Units in the Resorts under the HGVClub fail to satisfy clause (i),
(ii) or (iii)&nbsp;or (y) the Approved Originator, Servicer or other applicable Transaction Party has failed to use commercially reasonable efforts to remediate the condition or circumstances giving rise to such Timeshare Property&#146;s
noncompliance with clause (i), (ii) or (iii)&nbsp;upon knowledge thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg)&#8195;(i) No practice, procedure or policy employed by the
related Resort Association in the conduct of its business violates any law, regulation, judgment or agreement, including, without limitation, those relating to zoning, building, use and occupancy, fire, health, sanitation, air pollution, ecological,
environmental and toxic wastes, applicable to such Resort Association or Seller Affiliated Manager which, if enforced, would reasonably be expected to (A)&nbsp;have a material adverse impact on such Resort Association or the ability of such Resort
Association or Seller Affiliated Manager to conduct the business of such Resort Association, (B)&nbsp;have a material adverse impact on the financial condition of such Resort Association, or (C)&nbsp;constitute grounds for the revocation of any
license, charter, permit or registration which is material to the conduct of the business of such Resort Association, (ii)&nbsp;the related Resort and the present use thereof does not violate any applicable environmental, zoning or building laws,
ordinances, rules or regulations of any governmental authority, or any covenants or restrictions of record, the violation of which would reasonably be expected to materially adversely affect the value or use of such Resort or the performance by the
related Resort Association of its obligations pursuant to and as contemplated by the terms and provisions of the related Declaration; provided that, the Timeshare Loan shall not be considered in breach of this clause (gg)(ii) unless (x)&nbsp;a
material portion of the Resorts in the HGVClub fail to satisfy this clause (gg)(ii) or (y)&nbsp;the Approved Originator, Servicer or other applicable Transaction Party has failed to use commercially reasonable efforts steps to remediate the
condition or circumstances giving rise to a Resort&#146;s noncompliance with this clause (ii)(ii) upon knowledge thereof, (iii)&nbsp;there is no condition presently existing and no event has occurred or failed to occur prior to the applicable
Transfer Date, concerning the related Resort relating to any hazardous or toxic materials or condition, asbestos or other </P>
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environmental or similar matters which would reasonably be expected to(x) materially and adversely affect the present use of such Resort or the financial condition or business operations of the
related Resort Association, or the value of such Timeshare Loan or (y)&nbsp;result in material environmental liability for the Seller or the Borrower under any Environmental Law; provided that, the Timeshare Loan shall not be considered in breach of
this clause (gg)(iii) unless (x)&nbsp;a material portion of the Resorts in the HGVClub fail to satisfy this clause (gg)(iii) or (y)&nbsp;the Approved Originator, Servicer or other applicable Transaction Party has failed to use commercially
reasonable efforts to remediate the condition or circumstances giving rise to a Resort&#146;s noncompliance with this clause (gg)(iii) upon knowledge thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh)&#8195;The related Resort has made all filings and holds all material licenses, permits and registrations which are required by the
present use of such Resort the failure to have of which would reasonably be expected to materially and adversely affect the value or use of such Resort. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&#8195;The related Obligor has equity in the related Timeshare Interest of at least 10% of the purchase price for the related Timeshare
Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj)&#8195;The Timeshare Loan was made in respect of a Timeshare Property as to which (i)&nbsp;construction has been completed<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">; provided that construction shall exclude for purposes of this clause any remodeling</U></FONT><FONT
STYLE="font-family:Times New Roman"> and (ii) a valid certificate of occupancy has been issued from all necessary Governmental Authorities. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk)&#8195;If the related Obligor is a Domestic Obligor who had a FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score at the
time of origination of such Timeshare Loan, such Obligor had a FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score of at least 600 at the time of origination of such Timeshare Loan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll)&#8195;The Timeshare Loan Balance of such Timeshare Loan does not exceed $350,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm)&#8195;No broker is, or will be, entitled to any commission or compensation in connection with the transfer of such Timeshare Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(nn)&#8195;No payment due under such Timeshare Loan has been made, directly or indirectly, by the Seller, the Servicer or any other Subsidiary
of the Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo)&#8195;The related Resort (i)&nbsp;is in material compliance with all applicable laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards to which it may be subject and (ii)&nbsp;the related Resort Association Instruments for which are the legally valid, binding and enforceable obligation of each of the parties thereto, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#146; rights generally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp)&#8195;If such Timeshare Loan is evidenced by an Electronic Loan Document that constitutes Electronic Chattel Paper, the Administrative
Agent shall have received an Opinion of Counsel, in form and substance satisfactory to the Administrative Agent, as to the Administrative Agent&#146;s &#147;control&#148; (within the meaning of
<FONT STYLE="white-space:nowrap">Section&nbsp;9-105</FONT> of the applicable UCC) of Electronic Loan Documents that constitute Electronic Chattel Paper; it being understood that any Timeshare Loan evidenced by an Electronic Loan Document that
constitutes Electronic Chattel Paper shall be deemed to satisfy the eligibility requirement of this clause (pp) after the Administrative Agent shall have received an Opinion of Counsel pursuant to this clause (pp). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq)&#8195;If such Timeshare Loan is evidenced by an Electronic Obligor Note that constitutes a &#147;transferrable record&#148; as defined in
UETA, the Administrative Agent shall have received an Opinion of Counsel, in form and substance satisfactory to the Administrative Agent, as to the Administrative Agent&#146;s &#147;control&#148; (within the meaning of Section&nbsp;16 of UETA) of
Electronic Obligor Notes that constitute &#147;transferrable records&#148; as defined in UETA; it being understood that any Timeshare Loan evidenced by an Electronic Obligor Note that constitutes a &#147;transferrable record&#148; (as defined in
UETA) shall be deemed to satisfy the eligibility requirement of this clause (qq) after the Administrative Agent shall have received an Opinion of Counsel pursuant to this clause. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(rr)&#8195;If such Timeshare Loan is evidenced by an Electronic Loan Document, such
Electronic Loan Document is maintained by the Custodian in the Warehouse Vault Partition and such Warehouse Vault Partition is subject to an Electronic Collateral Control Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE <FONT STYLE="white-space:nowrap">I-C</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF DIAMOND TIMESHARE LOANS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THAT ARE <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">RIGHT-TO-USE</FONT></FONT> LOANS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&#8195;Such Obligor had a FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score of at least 600 at the time of origination
of such Timeshare Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&#8195;The Obligors of which have a minimum weighted average
FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score of at least 700. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&#8195;The related Obligor Note has an original
term to stated maturity of one hundred twenty (120) months or less. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&#8195;Such Timeshare Loan is not a Cease and Desist Timeshare
Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&#8195;All federal, state or local laws, rules or regulations, including, without limitation, those relating to usury, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">truth-in-lending,</FONT></FONT> real estate settlement procedure, land sales, the offer and sale of securities, consumer credit protection and equal credit opportunity or disclosure,
applicable to such Timeshare Loan or the sale of the Timeshare Interest securing the related Obligor Note were complied with in all material respects at the time the originator made such Timeshare Loan such that any violation of such law, rule or
regulation either individually or in the aggregate, could not be reasonably expected to result in a material adverse effect on the aggregate pool of Timeshare Loans. The applicable rescission period with respect to such Timeshare Loan has expired,
and such Timeshare Loan was not originated in, or is not subject to the laws of, any jurisdiction under which the transfer, conveyance or assignment of such Timeshare Loan would be unlawful, void or voidable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&#8195;(i) the related Timeshare Interest is related to Units at or more Resorts, (ii)&nbsp;all Resorts and other fee or leasehold real
estate interests supporting the Vacation Interest and the Points available to be sold are (a)&nbsp;held in trust by a third party trustee for the benefit of the Obligors owning Timeshare Interests related to such Resorts, either free and clear of
any lien or ownership interest in favor of any other person, except for Permitted Liens or subject to a subordination and nondisturbance agreement, and (b)&nbsp;related to one or more Resort Associations; (iii)&nbsp;upon purchasing a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, the Obligor related thereto receives a Vacation Interest; and (iv)&nbsp;at the time of the sale of the related <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, the &#147;seller&#148; of such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest under the related Purchase Contract owned the
exclusive right to reserve the occupancy of Units in connection with such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest and the right to sell and transfer the Vacation Interest therein and the
Points to the related Obligor, free and clear of any lien or ownership interest in favor of any other person, except for Permitted Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&#8195;Immediately prior to the transfer pursuant to the Sale and Contribution Agreement of such Timeshare Loan from the Seller to the
Borrower, the Seller owned full legal and equitable title to such Timeshare Loan, free and clear of any lien, charge, encumbrance or participation or ownership interest in favor of any other Person, except for Permitted Liens. All of the
Seller&#146;s right, title and interest in and to such Timeshare Loan has been validly and effectively transferred to the Borrower or a valid first priority security interest in such Timeshare Loan has been created or assigned in favor of the
Borrower, except for Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&#8195;Each of the related
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement with respect to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Loans, and the related Obligor Note
is genuine and the legal, valid and binding obligation of the Obligor thereof, enforceable in accordance with its terms, subject to the Enforceability Exceptions, and is not subject to any dispute, right of setoff, recoupment, counterclaim, or
defense of any kind, whether arising out of transactions concerning such Timeshare Loan or otherwise, and no such right has been asserted with respect thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&#8195;All parties to the related <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and the related Obligor Note had legal capacity to enter into such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and such
Obligor Note and to execute and deliver such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and such Obligor Note, and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and such Obligor Note have been duly and properly executed by such parties. The related Obligor has not been released, in whole or in part, from
any of its obligations in respect of such Timeshare Loan. Neither the related Obligor Note nor the Purchase Contract has been satisfied, canceled, rescinded or subordinated, in whole or in part, and no instrument has been executed that would effect
any such satisfaction, release, cancellation, subordination or rescission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&#8195;The applicable assignment of Purchase Contract and
the endorsement of the related Obligor Note constitutes a duly executed, legal, valid, binding and enforceable assignment or endorsement, as the case may be, of such related Purchase Contract and related Obligor Note, and all monies due or to become
due thereunder, and all proceeds thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&#8195;The related Purchase Contract grants the related Obligor the right to use and occupy
one or more apartments or units within one or more Resorts in a Resort Collection. The related Purchase Contract has been duly filed and recorded with all appropriate governmental authorities in all jurisdictions in which such related Purchase
Contract is required to be filed and recorded to enable the Borrower and its assigns to enforce the revocation and termination rights granted in the Purchase Contract. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&#8195;At the time the originator made such Timeshare Loan, the related Obligor acquired good and marketable title to the related Timeshare
Interest securing such Timeshare Loan, free and clear of all Liens, except for Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&#8195;The related <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement contains customary and enforceable provisions so as to render the rights and remedies of the holder thereof adequate for the practical realization
against the related Timeshare Interest of the benefits of the security interests or other remedies intended to be provided thereby, including by judicial foreclosure or other applicable remedies. There is no exemption available to the related
Obligor which would interfere with the &#147;seller&#146;s&#148; (under and as defined in the related Purchase Contract in the case of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement) right to
foreclose such related <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Interest, other than that which may be available under applicable bankruptcy, debt relief, homestead statutes or the Servicemembers
Civil Relief Act of 2003, or a similar, applicable law of the country in which the related Obligor is located, if other than the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)&#8195;The related Obligor Note is not and has not been secured by any collateral except the Lien <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>of</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">on</U></FONT><FONT
STYLE="font-family:Times New Roman"> the related Timeshare Interest. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&#8195;All entries with respect to such Timeshare Loan
(including if it is a Qualified Substitute Timeshare Loan) as set forth on the related Timeshare Loan Schedule are true and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&#8195;Each Tangible Document contained in the related Timeshare Loan File is in the possession of the Custodian, each Electronic Loan
Document that constitutes a &#147;transferrable record&#148; (within the meaning of UETA) in the related Timeshare Loan File is under the &#147;control&#148; (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-105</FONT> of the
UCC or Section&nbsp;16 of UETA, as applicable) of the Administrative Agent, and all other Electronic Loan Documents and Electronic Documents in the related Timeshare Loan File are in the dominion of the Custodian and no Deficiencies exist with
respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&#8195;None of the related Resort Collection, collection developer, collection trustee and/or collection association
(if any), or any other party to the related Resort Collection Instruments (other than the Obligor) is in </P>
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default under the related Resort Collection Instruments, and no Transaction Party has caused the ratio of Points to available intervals or units to fall below required levels as required by the
governing instruments of the related Resort Association(s) subject and to Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r)&#8195;The related Obligor Note evidences a
fully amortizing debt obligation which bears a fixed rate of interest, provides for substantially level monthly payments of principal and interest (other than the final payment thereon), and is payable in United States dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s)&#8195;[<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>reserved</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Reserved</U></FONT><FONT STYLE="font-family:Times New Roman">]. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t)&#8195;A minimum of one payment due under such Timeshare Loan has been made on the related Obligor Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u)&#8195;Such Timeshare Loan is not a Delinquent Timeshare Loan or a Defaulted Timeshare Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&#8195;All applicable intangible taxes, documentary stamp taxes and state and local taxes were paid in respect of such Timeshare Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w)&#8195;Interest is calculated on the related Obligor Note on either a simple interest basis or a 30/360 basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x)&#8195;The proceeds of such Timeshare Loan have been fully disbursed and no additional performance by any Person other than the Obligor is
required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y)&#8195;Except for changes to the name of the Obligor thereunder, the terms of the related Purchase Contract, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Use</FONT></FONT> Agreement and the related Obligor Note have not been modified in any material respect (unless by a writing or electronic record contained in the related Timeshare
Loan Files) and in no event to avoid delinquency or default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z)&#8195;The related Obligor Note was originated by an Approved Originator,
in the ordinary course of its business in connection with the initial sale or resale of the related Timeshare Interest, all in accordance with the applicable Credit Policy in effect at such time of origination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa)&#8195;The related Obligor automatically became a member of an exchange with full access to the Resort Collection upon its purchase of the
related Timeshare Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb)&#8195;The related Obligor is not (i)&nbsp;a Person (other than an individual) that is the Parent or a
Subsidiary thereof, including the Servicer or (ii)&nbsp;a Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc)&#8195;The related Obligor has been instructed to
remit all payments to (x) the Diamond Lockbox, the Diamond Lockbox Account<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>,</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and/or</U></FONT><FONT STYLE="font-family:Times New Roman"> the HRC Lockbox </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and</U></FONT><FONT
STYLE="font-family:Times New Roman"> the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC</U></FONT><FONT STYLE="font-family:Times New Roman"> Clearing
Account at all times prior to the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related</U></FONT><FONT STYLE="font-family:Times New Roman"> Account
Restructuring Obligor Notification Date and (y) </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT><FONT STYLE="font-family:Times New Roman"> the HRC
Lockbox
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and</U></FONT>
<FONT STYLE="font-family:Times New Roman"> the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing
Account </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>at all
time</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and/or (ii) the New Lockbox and the New Clearing Account, at all times</U></FONT><FONT
STYLE="font-family:Times New Roman"> on or after the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related
</U></FONT><FONT STYLE="font-family:Times New Roman">Account Restructuring Obligor Notification Date, or such other lockbox account(s) at Qualified Institutions that are subject to the Diamond Lockbox Account Control Agreement (prior to the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related </U></FONT><FONT STYLE="font-family:Times New Roman">Account Restructuring Date), </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the HRC </U></FONT><FONT STYLE="font-family:Times New Roman">Clearing Account Control Agreement or </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the New Clearing Account Control Agreement, as applicable, or </U></FONT><FONT STYLE="font-family:Times New Roman">a
substantially similar control agreement. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd)&#8195;(i) The related Resort Association was duly organized and, to the best of the
Seller&#146;s knowledge, is validly existing and in good standing in the state of its organization, (ii)&nbsp;a Seller Affiliated Manager manages the related Resort and, if there is a related Resort Association, performs services for such Resort
Association, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">pursuant to agreements between such Seller Affiliated Manager and such Resort Association, each of such
agreements being in full force and effect, (iii)&nbsp;any agreements mentioned in the preceding clause (ii)&nbsp;include services that are substantially similar to the services described in the true and correct copy of a management agreement between
such Seller Affiliated Manager and one of the Resort Associations, which has been furnished to the Purchaser, and (iv)&nbsp;such Seller Affiliated Manager and the related Resort Association have performed in all material respects all obligations
under any such agreements and are not in material default thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee)&#8195;(i) The related Resort procures casualty and property
insurance through the related Resort Association, if any, or through the Seller or an Affiliate of the Seller, which property insurance is required by the applicable governing instruments of the related Resort Association to include coverage due to
covered damage or loss for the full replacement value thereof, (ii)&nbsp;in the event that the related Resort should suffer any loss covered by property damage insurance, upon receipt of any Insurance Proceeds, such Resort Association is required,
during the time such Resort is covered by such insurance, under the applicable governing instruments of the Resort Association or otherwise, either to repair or rebuild the portions of the applicable Resort or, if such Resort Association decides not
to repair or rebuild such portions of the applicable Resort, to pay such proceeds to the holders of any Mortgages secured by a timeshare estate, if applicable, in such portions of the applicable Resort, and (iii)&nbsp;if the related Resort is
located in the United States and is located in a high hazard flood plain, the applicable governing instruments of the Resort Association requires the related Resort Association to maintain flood insurance in an amount not less than the maximum level
available under the National Flood Insurance Program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff)&#8195;The related Purchase Contract in respect of such Timeshare Loan requires
the related Obligor to pay all taxes, insurance premiums and maintenance costs with respect to the related Collection Association, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg)&#8195;The related Resorts under the related Resort Collection corresponding to the Timeshare Loan are, in the aggregate, free of material
damage and waste and there is no proceeding pending or, to the best knowledge of the Seller threatened for the total or partial condemnation or taking of the related Resort by eminent domain. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh)&#8195;No consent, approval, order or authorization of, and no filing with or notice to, any court or Governmental Authority in respect of
the related Obligor is required which has not been obtained in connection with the transfer of such Timeshare Loan to the Borrower or in connection with the pledge of such Timeshare Loan to the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&#8195;Such Timeshare Loan was not selected using selection procedures reasonably believed by the Seller to be adverse to the Borrower.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj)&#8195;(i) The Units in the Resorts under the related Resort Collection corresponding to the Timeshare Loan have been completed in
all material respects as required by applicable federal, state and local laws, free of all defects that could give rise to any claims thereunder; (ii)&nbsp;to the extent required by applicable law, valid certificates of occupancy for such Units have
been issued and are currently outstanding; and (iii)&nbsp;the related Approved Originator and its commonly controlled Affiliates have complied in all material respects with all obligations and duties incumbent upon the developers of the related
Resorts including the related Declarations and similar applicable documents for the related Resort; provided that, the Timeshare Loan shall not be considered in breach of this clause (jj) unless (x)&nbsp;a material portion of the Units in the
Resorts under the related Resort Collection corresponding to such Timeshare Loan fail to satisfy clause (i), (ii) or (iii)&nbsp;or (y) the Approved Originator, Servicer or other applicable Transaction Party has failed to use commercially reasonable
efforts to remediate the condition or circumstances giving rise to a Unit&#146;s noncompliance with clause (i), (ii) or (iii)&nbsp;upon knowledge thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk)&#8195;(i) No practice, procedure or policy employed by the related Resort Association
or Resort Collection in the conduct of its business violates any law, regulation, judgment or agreement, including, without limitation, those relating to zoning, building, use and occupancy, fire, health, sanitation, air pollution, ecological,
environmental and toxic wastes, applicable to such Resort Association or Seller Affiliated Manager which, if enforced, would reasonably be expected to (A)&nbsp;have a material adverse impact on such Resort Association or Resort Collection or the
ability of such Resort Association or Seller Affiliated Manager or Resort Collection to conduct the business of such Resort Association or Resort Collection, (B)&nbsp;have a material adverse impact on the financial condition of such Resort
Association or Resort Collection, or (C)&nbsp;constitute grounds for the revocation of any license, charter, permit or registration which is material to the conduct of the business of such Resort Association, (ii)&nbsp;the related Resorts under the
related Resort Collection corresponding to the Timeshare Loan and the present use thereof does not violate any applicable environmental, zoning or building laws, ordinances, rules or regulations of any governmental authority, or any covenants or
restrictions of record, the violation of which would reasonably be expected to materially adversely affect the value or use of such Resort or the performance by the related Resort Association of its obligations pursuant to and as contemplated by the
terms and provisions of the related Declaration; provided that, the Timeshare Loan shall not be considered in breach of this clause (kk)(ii) unless (x)&nbsp;a material portion of the Resorts under the related Resort Collection corresponding to such
Timeshare Loan fail to satisfy this clause (kk)(ii) or (y)&nbsp;the Approved Originator, Servicer or other applicable Transaction Party has failed to use commercially reasonable efforts steps to remediate the condition or circumstances giving rise
to a Resort&#146;s noncompliance with this clause (kk)(ii) upon knowledge thereof, and (iii)&nbsp;there is no condition presently existing and no event has occurred or failed to occur prior to the applicable Transfer Date, concerning the related
Resort relating to any hazardous or toxic materials or condition, asbestos or other environmental or similar matters which would reasonably be expected to (x)&nbsp;materially and adversely affect the present use of such Resort or the financial
condition or business operations of the related Resort Association, or the value of such Timeshare Loan or (y)&nbsp;result in material environmental liability for the Seller, the Borrower or other applicable Transaction Party under any Environmental
Law; provided that, the Timeshare Loan shall not be considered in breach of this clause (kk)(iii) unless (x)&nbsp;a material portion of the Resorts under the related Resort Collection corresponding to such Timeshare Loan fail to satisfy this clause
(kk)(iii) or (y)&nbsp;the Approved Originator, Servicer or other applicable Transaction Party has failed to use commercially reasonable efforts to remediate the condition or circumstances giving rise to a Resort&#146;s noncompliance with this clause
(kk)(iii) upon knowledge thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll)&#8195;The related Resort and the related Resort Collection has made all filings and holds all
material licenses, permits and registrations which are required by the present use of such Resort the failure to have of which would reasonably be expected to materially and adversely affect the value or use of such Resort or Resort Collection. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm)&#8195;The related Obligor has equity in the related Timeshare Interest of at least 10% of the purchase price for the related Timeshare
Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(nn)&#8195;[Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo)&#8195;The Timeshare Loan Balance of such Timeshare Loan does not exceed $250,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp)&#8195;No broker is, or will be, entitled to any commission or compensation in connection with the transfer of such Timeshare Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq)&#8195;No payment due under such Timeshare Loan has been made, directly or indirectly, by the Seller, the Servicer or any other Subsidiary
of the Parent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(rr)&#8195;Such Timeshare Loan is not subject to any pending or threatened proceeding or
legal challenge wherein the Obligor or any governmental authority has alleged the related Timeshare Loan, in whole or in part, is illegal or otherwise unenforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ss)&#8195;The related Resort Collection (i)&nbsp;is in material compliance with all applicable laws, rules, regulations, orders, writs,
judgments, injunctions, decrees or awards to which it may be subject and (ii)&nbsp;the related Resort Collection Instruments for which are the legally valid, binding and enforceable obligation of each of the parties thereto, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#146; rights generally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(tt)&#8195;[Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(uu)&#8195;If such Timeshare Loan is evidenced by an Electronic Loan Document that constitutes Electronic Chattel Paper, the Administrative
Agent shall have received an Opinion of Counsel, in form and substance satisfactory to the Administrative Agent, as to the Administrative Agent&#146;s &#147;control&#148; (within the meaning of
<FONT STYLE="white-space:nowrap">Section&nbsp;9-105</FONT> of the applicable UCC) of Electronic Loan Documents that constitute Electronic Chattel Paper; it being understood that any Timeshare Loan evidenced by an Electronic Loan Document that
constitutes Electronic Chattel Paper shall be deemed to satisfy the eligibility requirement of this clause (uu) after the Administrative Agent shall have received an Opinion of Counsel pursuant to this clause (uu). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vv)&#8195;If such Timeshare Loan is evidenced by an Electronic Obligor Note that constitutes a &#147;transferrable record&#148; as defined in
UETA, the Administrative Agent shall have received an Opinion of Counsel, in form and substance satisfactory to the Administrative Agent, as to the Administrative Agent&#146;s &#147;control&#148; (within the meaning of Section&nbsp;16 of UETA) of
Electronic Obligor Notes that constitute &#147;transferrable records&#148; as defined in UETA; it being understood that any Timeshare Loan evidenced by an Electronic Obligor Note that constitutes a &#147;transferrable record&#148; (as defined in
UETA) shall be deemed to satisfy the eligibility requirement of this clause (vv) after the Administrative Agent shall have received an Opinion of Counsel pursuant to this clause (vv). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ww)&#8195;If such Timeshare Loan is evidenced by an Electronic Loan Document, such Electronic Loan Document is maintained by the Custodian in
the Warehouse Vault Partition and such Warehouse Vault Partition is subject to an Electronic Collateral Control Agreement. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">SCHEDULE <FONT
STYLE="white-space:nowrap">I-D</FONT></U></FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">REPRESENTATIONS AND
WARRANTIES OF BLUEGREEN TIMESHARE LOANS THAT ARE CLUB LOANS</U></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(a)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">All federal, state or local laws, rules or regulations, including, without limitation, those relating to usury, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">truth-in-lending,</FONT></FONT> real estate settlement procedure, land sales, the offer and sale of securities, consumer credit protection and equal credit opportunity or disclosure,
applicable to such Timeshare Loan or the sale of the Timeshare Interest securing the related Obligor Note were complied with in all material respects at the time the originator made such Timeshare Loan. The applicable rescission period with respect
to such Timeshare Loan has expired, and such Timeshare Loan was not originated in, or is not subject to the laws of, any jurisdiction under which the transfer, conveyance or assignment of such Timeshare Loan would be unlawful, void or
voidable.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(b)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If the Timeshare Loan is a Club Loan, the Timeshare Property mortgaged by or at the direction of the related Obligor
constitutes a fractional fee simple timeshare interest in a Unit at the related Resort or an undivided interest in a Resort (or a phase thereof) associated with such Unit that entitles the holder of the interest to the use of a specific property for
a specified number of days each year or every other year, subject to the rules of the Club; the related Mortgage has been or will be delivered for filing and recordation with all appropriate governmental authorities in all jurisdictions in which
such Mortgage is required to be filed and recorded to create a valid, binding and enforceable first Lien on the related Timeshare Property and, when filed and recorded, such Mortgage creates a valid, binding and enforceable first Lien on the related
Timeshare Property, subject only to Permitted Liens; and Bluegreen is in compliance with any Permitted Lien respecting the right to the use
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">of such
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare Property; the assignment of Mortgage and each related endorsement of the related Obligor Note
constitutes a duly executed, legal, valid, binding and enforceable assignment or endorsement, as the case may be,
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">of such
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related Mortgage and related Obligor Note, and all monies due or to become due thereunder, and all proceeds
thereof;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(c)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Immediately prior to the transfer pursuant to the Sale and Contribution Agreement of such Timeshare Loan from the Seller to
the Borrower, the Seller owned full legal and equitable title to such Timeshare Loan, free and clear of any lien, charge, encumbrance or participation or ownership interest in favor of any other Person, except for Permitted Liens. All of the
Seller&#146;s right, title and interest in and to such Timeshare Loan has been validly and effectively transferred to the Borrower or a valid first priority security interest in such Timeshare Loan has been created or assigned in favor of the
Borrower.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(d)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Each of the related Mortgage with respect to Club Loans and the related Obligor Note is genuine and the legal, valid and
binding obligation of the Obligor thereof, enforceable in accordance with its terms, subject to the Enforceability Exceptions, and is not subject to any dispute, right of setoff, recoupment, counterclaim, or defense of any kind, whether arising out
of transactions concerning such Timeshare Loan or otherwise, and no such right has been asserted with respect thereto.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(e)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">All parties to the related Mortgage and the related Obligor Note had
legal capacity to enter into such Mortgage and such Obligor Note and to execute and deliver such</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
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<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Mortgage and such Obligor Note, and such Mortgage and such
Obligor Note have been duly and properly executed by such parties. The related Obligor has not been released, in whole or in part, from any of its obligations in respect of such Timeshare Loan. Neither the related Obligor Note nor the</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Purchase Contract
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">has been satisfied, canceled, rescinded or subordinated, in whole or in part, and no instrument has been
executed that would effect any such satisfaction, release, cancellation, subordination or rescission.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(f)</U></FONT>
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> The applicable assignment of Mortgage and the endorsement of the related Obligor Note constitutes a duly executed,
legal, valid, binding and enforceable assignment or endorsement, as the case may be, of such related Mortgage and related Obligor Note, and all monies due or to become due thereunder, and all proceeds thereof.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(g)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Such Timeshare Loan is not a Cease and Desist Timeshare
Loan.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(h)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">At the time the originator made such Timeshare Loan, the related
Obligor or the Club Trustee acquired good and marketable title to the related Timeshare Interest securing such Timeshare Loan, free and clear of all Liens, except for Permitted Liens.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Mortgage contains customary and enforceable provisions so
as to render the rights and remedies of the holder thereof adequate for the practical realization against the related Timeshare Interest of the benefits of the security interests or other remedies intended to be provided thereby, including by
judicial foreclosure or other applicable remedies. There is no exemption available to the related Obligor which would interfere with the mortgagee right to foreclose such related Mortgage other than that which may be available under applicable
bankruptcy, debt relief, homestead statutes or the Servicemembers Civil Relief Act of 2003, or a similar, applicable law of the country in which the related Obligor is located, if other than the United States.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(j)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Obligor Note is not and has not been secured by any
collateral except the Lien on the related Timeshare Interest.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(k)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">All entries with respect to such Timeshare Loan (including if it is a Qualified Substitute Timeshare Loan) as set forth on
the related Timeshare Loan Schedule are true and correct in all material respects.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(l)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Each Tangible Document contained in the related Timeshare Loan File
is in the possession of the Custodian, each Electronic Loan Document that constitutes a &#147;transferrable record&#148; (within the meaning of UETA) in the related Timeshare Loan File is under the &#147;control&#148; (within the meaning of Section
9-105 of the UCC or Section 16 of UETA, as applicable) of the Administrative Agent, </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and all other</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Electronic Loan Documents and Electronic Documents in the related Timeshare Loan File are in the dominion of the Custodian
and no Deficiencies exist with respect thereto.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(m)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Other than with respect to the La Pension Resort, the title to the related Timeshare Interest is covered by a form of
lender&#146;s title insurance policy (or a binding commitment, which may be a master commitment referencing one or more mortgages) issued by a title insurer qualified to do business in the jurisdiction where the related Timeshare Interest is
located, insuring Bluegreen and its successors and assigns, as to the first priority perfected Lien of the Mortgage, subject only to Permitted Liens, in an amount equal to the original Timeshare Loan Balance of such Timeshare Loan. Such
lender&#146;s title insurance policy (if applicable) is in full force and effect. No claims have been made under such lender&#146;s title insurance policy, and no prior holder of such Mortgage has done or omitted to do anything which would impair
the coverage of such lender&#146;s title insurance policy.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(n) With
respect to Resorts managed by HGV, none of the related Resort Association, or any other party to the related Resort Association Instruments (other than the Obligor) is </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">in</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">default under the related
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Resort Association Instruments and no Transaction Party has caused the ratio of Vacation Points to available
intervals or Units to fall below required levels as required by the governing instruments of the related Resort Associations and subject to Applicable Law.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(o)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Obligor Note evidences a fully amortizing debt obligation
which bears a fixed rate of interest, provides for substantially level monthly payments of principal and interest (other than the final payment thereon), and is payable in United States dollars.</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(p)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Obligor Note has an original term to stated maturity of
120 months or less and may be prepaid in full without penalty.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(q)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A minimum of one payment due under such Timeshare Loan has been made on the related Obligor Note.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(r)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Such Timeshare Loan is not a Delinquent Timeshare Loan or a Defaulted
Timeshare Loan.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(s)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">All applicable intangible taxes, documentary stamp taxes and state and local taxes were paid in respect of such Timeshare
Loan.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(t)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Interest is calculated on the related Obligor Note on either a simple
interest basis or a 30/360 basis.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(u)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The proceeds of such Timeshare Loan have been fully disbursed and no additional performance by any Person other than the
Obligor is required.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(v)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Except for changes to the name of the Obligor thereunder and for changes permitted by the Obligor Note, the terms of the
related Purchase Contract, Mortgage and the related Obligor Note have not been modified in any material respect (unless by a writing or electronic record contained in the related Timeshare Loan Files) and in no event to avoid delinquency or
default.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(w)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Obligor Note was originated by an Approved Originator, in the ordinary course of its business in connection with
the initial sale or resale of the related</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Timeshare Interest</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, all in accordance with the applicable Credit Policy in effect at such time of origination.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(x)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Obligor automatically became a member of an exchange upon
its purchase of the related Timeshare Interest.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(y)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Timeshare Interest is assignable upon liquidation of the related Obligor Note without the consent of the related
Resort Association or any other Person.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(z)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Obligor is not (i)&nbsp;a Person (other than an individual) that is the Parent or a Subsidiary thereof or
(ii)&nbsp;a Governmental Authority.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(aa)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The related Obligor has been instructed to remit all payments to (x)
the Bluegreen Lockbox and Bluegreen Clearing Account prior to the related Account Restructuring Obligor Notification
Dat</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">e</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and
(y)</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HRC
Lockbox</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and the HRC Clearing Account and/or the New Lockbox and the New Clearing Account on or after the
related </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Account Restructuring Obligor Notification Date,</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> or such other lockbox account(s) at Qualified Institutions that are subject </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">to the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Bluegreen Clearing Account Control Agreement (prior to the related Account Restructuring Obligor
Notification Date), the HRC Clearing Account Control Agreement or the New Clearing Account Control Agreement, as applicable, or a substantially similar control agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(bb)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) The related Resort Association was duly organized and,
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">to the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">best of the Seller&#146;s knowledge, is validly existing and in good standing in the state of its
organization, (ii) to the extent the related Resort is managed by HGV, a Seller Affiliated Manager manages such Resort and, if
there</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> is a
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related Resort Association, performs services for such Resort Association, pursuant to agreements between
such Seller Affiliated Manager and such Resort Association, each of such agreements being in full force and effect, (iii) any agreements mentioned in the preceding clause (ii) include services that are substantially similar to the services described
in the </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">true and correct copy of</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> a management agreement between such Seller Affiliated Manager and one of the Resort Associations, which has been furnished
to the Purchaser, and (iv)&nbsp;such Seller Affiliated Manager and the related Resort Association have performed in all material respects all obligations under any such agreements and are not in material default thereunder.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(cc)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) With respect to HGV managed Resorts and, to the Seller&#146;s
knowledge, with respect to HGV non-managed Resorts, the related Resort procures casualty and property insurance through the related Resort Association, if any, or through the Seller or an Affiliate of the Seller, which property insurance is required
by the applicable governing instruments of the related Resort Association to include coverage due to covered damage or loss for the full replacement value thereof, (ii) in the event that the related Unit or Resort should suffer any loss covered by
property damage insurance, upon receipt of any Insurance Proceeds, such Resort Association is required, during the time such Unit or Resort is covered by such insurance, under the applicable governing instruments of the Resort Association or
otherwise, either to repair or rebuild the portions of the applicable Resort or, if such Resort Association decides not to repair or rebuild such portions of the applicable Resort, to pay such proceeds to the holders of any Mortgages secured by a
timeshare estate in such portions of the applicable Resort, and (iii)&nbsp;if the related Resort is located in the United States and is located in a high hazard flood plain, the applicable governing instruments of the Resort Association requires the
related Resort Association to maintain flood insurance in an amount not less than the maximum level available under the National Flood Insurance Program.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(dd)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The declaration or other document recorded in the real estate records
where the related Resort is located for purposes of creating and governing the rights of owners of Timeshare Properties related thereto (as it may be in effect from time to time, each, a &#147;Declaration&#148;) and any rules and regulations
promulgated in connection therewith requires the related Obligor to pay assessments which the related Resort Association is required to apply to pay taxes, insurance premiums and maintenance costs with respect to the related Timeshare
Property.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ee)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">With respect to HGV managed Resorts and, to Seller&#146;s knowledge, with respect to HGV
<FONT STYLE="white-space:nowrap">non-managed</FONT> Resorts, the related Resort corresponding to the Timeshare Loan is free of material damage and waste and there is no proceeding pending or, to the best knowledge of the Seller threatened for the
total or partial condemnation or taking of the related Resort by eminent domain.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ff)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">No consent, approval, order or authorization of, and no filing with
or notice to, any court or Governmental Authority in respect of the related Obligor is required which has not been obtained in connection with the
transfer</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> of such Timeshare Loan to the </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Borrower or in connection with the pledge of such Timeshare Loan to the Administrative Agent.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(gg)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Such Timeshare Loan was not selected using selection procedures
reasonably believed by the Seller to be adverse to the Borrower.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(hh)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) The Unit
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related to the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Timeshare Loan has been completed in all material respects as required by applicable federal, state and
local laws, free of all defects that could give rise to any claims by the related Obligor under home warranties or applicable laws thereunder; (ii) to the extent required by applicable law, valid certificates of occupancy for such Unit have been
issued and are currently outstanding; and (iii) the Seller and its commonly controlled Affiliates have complied in all material respects with all obligations and duties incumbent upon the developers of the related Resort including the related
Declarations and similar applicable documents for the related Resort; provided that, the Timeshare Loan shall not be considered in breach of this clause (hh) unless the the Approved Originator, the Servicer or other applicable Transaction Party has
failed to use commercially reasonable efforts to remediate the condition or circumstances giving rise to such Unit&#146;s noncompliance with clause (i), (ii) or (iii)&nbsp;upon knowledge thereof.</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ii)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i) No practice, procedure or policy employed by the related Resort
Association in the conduct of its business violates any law, regulation, judgment or agreement, including, without limitation, those relating to zoning, building, use and occupancy, fire, health, sanitation, air pollution, ecological, environmental
and toxic wastes, applicable to such Resort Association which, if enforced, would reasonably be expected to (A) have a material adverse impact on such Resort Association or the ability of such Resort Association to conduct the business, (B) have a
material adverse impact on the financial condition of such Resort Association, or (C)&nbsp;constitute grounds for the revocation of any license, charter, permit or registration which is material to the conduct of the business of such Resort
Association, (ii)&nbsp;the related Resort and the present use thereof does not violate any applicable environmental, zoning or building laws, ordinances, rules or regulations of any governmental authority, or any covenants or restrictions of record,
the violation of which would reasonably be expected to materially adversely affect the value or use of such Resort or the performance by the related Resort Association of its obligations pursuant to and as contemplated by the terms and provisions of
the related Declaration; provided that, the Timeshare Loan shall not be considered in breach of this clause (ii)(ii) unless the Approved Originator, the Servicer or other applicable Transaction Party has failed to use commercially reasonable efforts
steps to remediate the condition or circumstances giving rise to a Resort&#146;s noncompliance with this clause (ii)(ii) upon knowledge thereof, (iii) there is no condition presently existing and no event has occurred or failed to occur prior to the
applicable Transfer Date, concerning the related Resort relating to any hazardous or toxic materials or condition, asbestos or other environmental or similar matters which would reasonably be expected to(x) materially and adversely affect the
present use of such Resort or the financial condition or business operations of the related Resort Association, or the value of such Timeshare Loan or (y) result in environmental liability for the Seller or the Borrower under any Environmental Law;
provided that, the Timeshare Loan shall not be considered in breach of this clause (ii)(iii) unless the Approved Originator, Servicer or other applicable Transaction Party has failed to use commercially reasonable efforts to remediate the condition
or circumstances giving rise to a Resort&#146;s noncompliance with this clause (ii)(iii) upon knowledge thereof.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(jj) The
related Resort has made all filings and holds all material licenses, permits and registrations which are required by the present use of such Resort the failure to have of which would reasonably be expected to materially and adversely affect the
value or use of such Resort.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(kk) Other than with respect to a NELO Loan, the related Obligor has equity in the related Timeshare Interest of at least 10%
of the purchase price for the related Timeshare Interest.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ll) The Timeshare Loan was made in respect of a Timeshare Property as to which construction has been completed; provided
that construction shall exclude for purposes of this clause any remodeling and (ii)&nbsp;a valid certificate of occupancy has been issued from all necessary Governmental Authorities.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(mm) If the
related Obligor is a Domestic Obligor who had a FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score at the time of origination of such Timeshare Loan, such Obligor had a FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>
score of at least 600 at the time of origination of such Timeshare Loan.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(nn) The Timeshare Loan Balance of such Timeshare Loan does not exceed $250,000.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(oo) No
broker is, or will be, entitled to any commission or compensation in connection with the transfer of such Timeshare Loan.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(pp) No
payment due under such Timeshare Loan has been made, directly or indirectly, by the Seller, the Servicer or any other Subsidiary of the Parent.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(qq) (i) The
related Resort is in material compliance with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject and (ii) the related Resort Association Instruments for which are the legally
valid, binding and enforceable obligation of each of the parties thereto (if any), except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors&#146; rights generally.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(rr) If such Timeshare Loan is evidenced by an Electronic Loan Document that constitutes Electronic Chattel Paper, the
Administrative Agent shall have received an Opinion of Counsel, in form and substance satisfactory to the Administrative Agent, as to the Administrative Agent&#146;s &#147;control&#148; (within the meaning of Section 9-105 of the applicable UCC) of
Electronic Loan Documents that constitute Electronic Chattel Paper; it being understood that any Timeshare Loan evidenced by an Electronic Loan Document that constitutes Electronic Chattel Paper </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">shall be deemed to
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">satisfy the eligibility requirement of this clause (rr) after the Administrative Agent shall have received
an Opinion of Counsel pursuant to this clause (rr).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ss) If such Timeshare Loan is evidenced by an Electronic Obligor Note that constitutes a &#147;transferrable record&#148; as
defined in UETA, the Administrative Agent shall have received an Opinion of Counsel, in form and substance satisfactory to the Administrative Agent, as to the Administrative Agent&#146;s &#147;control&#148; (within the meaning of Section&nbsp;16 of
UETA) of Electronic Obligor Notes that constitute &#147;transferrable records&#148; as defined in UETA; it being understood that any Timeshare Loan evidenced by an Electronic Obligor Note that constitutes a &#147;transferrable record&#148; (as
defined in UETA) shall be deemed to satisfy the eligibility requirement of this clause (ss) after the Administrative Agent shall have received an Opinion of Counsel pursuant to this clause.</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(tt)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If such Timeshare Loan is evidenced by an Electronic Loan Document,
such Electronic Loan Document is maintained </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">by the </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Custodian in the Warehouse Vault Partition and such Warehouse Vault Partition is subject to an Electronic Collateral Control
Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(uu)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The Obligor with respect to such Timeshare Loan, is designated as an &#147;Owner Beneficiary&#148; of the Club, and is
entitled to certain Owner Beneficiary Rights under the Club Trust Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(vv)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Pursuant to the terms of the Club Trust Agreement and the related Purchase Contract, the related Obligor has directed the
Developer (or Developer associated facilitator) to register title to the related Timeshare Property in the name of the Club Trustee and, in connection therewith, the Obligor is designated as an &#147;Owner Beneficiary&#148; under the Club Trust
Agreement.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ww)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Obligor under such Timeshare Loan does not have its rights under the Club Trust Agreement suspended.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(xx)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If such Timeshare Loan relates to a Timeshare Property located in the
State of Michigan and was originated prior to Bluegreen obtaining a license under the Michigan Mortgage Brokers, Lenders and Servicers Licensing Act, Bluegreen shall have confirmed that the interest rate on such Timeshare Loan is enforceable in the
manner specified as effective in an opinion by Michigan local counsel.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(yy)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If a Resort for which Bluegreen is the Manager is subject to a construction loan, the construction lender shall have signed
and delivered a non-disturbance agreement (which may be contained in such lender&#146;s mortgage) pursuant to which such construction lender agrees not to foreclose on any Timeshare Properties relating to such Timeshare Loan or by the terms of the
construction loan, the related Timeshare Property has been released from the lien created thereby.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(zz) If
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">such Timeshare Loan is a
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">NELO
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Loan, the
</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">related Obligor has a minimum weighted average
FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score of at least 710 at origination.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(aa)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The Obligors of all such Bluegreen Timeshare Loans have a minimum
weighted average FICO<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> score of at least 705; provided that such score with respect to each Obligor will be obtained at the time of related origination.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(bb)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Such Timeshare Loan is not an Aruba Loan.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LENDER GROUPS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file
with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE ADDRESSES AND WIRING INSTRUCTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIST OF CLOSING DOCUMENTS AND DELIVERIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE V </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HILTON RESORTS AND RESORT ASSOCIATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE VI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DIAMOND RESORTS AND RESORT ASSOCIATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE VII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">BLUEGREEN RESORTS AND
RESORT ASSOCIATIONS</U></FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(On file with
the Administrative Agent)</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">SCHEDULE VII</U></FONT>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>APPROVED ORIGINATORS AND APPROVED TRANSFERORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(On file with the Administrative Agent) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SALE AND CONTRIBUTION AGREEMENT </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SERVICING AGREEMENT </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT D </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CUSTODY AGREEMENT </P>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line Two</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line Two</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>hgv-20241115_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20241008.3 -->
<!-- Creation date: 11/19/2024 1:32:05 AM Eastern Time -->
<!-- Copyright (c) 2024 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://hiltongrandvacations.com//20241115/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="hgv-20241115.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://hiltongrandvacations.com//20241115/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" order="22.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" order="23.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" order="25.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" order="26.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="27.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="33.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="34.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" order="35.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" order="37.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.24.3</span><table class="report" border="0" cellspacing="2" id="idm46252358382320">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Nov. 15, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001674168<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 15,  2024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Hilton Grand Vacations Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-37794<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">81-2545345<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">6355 MetroWest Boulevard<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 180<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Orlando<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">FL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">32835<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(407)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">613-3100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, $0.01 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">HGV<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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