<SEC-DOCUMENT>0001140361-26-022597.txt : 20260522
<SEC-HEADER>0001140361-26-022597.hdr.sgml : 20260522
<ACCEPTANCE-DATETIME>20260522160531
ACCESSION NUMBER:		0001140361-26-022597
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20260520
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20260522
DATE AS OF CHANGE:		20260522

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
		EIN:				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:		261013678

	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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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>

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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CURRENT REPORT</div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 or 15(d)</div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">of the Securities Exchange Act of 1934</div>

    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Date of Report (Date of Earliest Event Reported): May 22, 2026 (<ix:nonNumeric name="dei:DocumentPeriodEndDate" id="Fact_488224fc193e43b08e35c60dd8ddce64" contextRef="c20260520to20260520" format="ixt:date-monthname-day-year-en">May 20, 2026</ix:nonNumeric>)</div>

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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Exact Name of Registrant as Specified in its Charter)</div>

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<div><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span></div>

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            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Commission File Number)</div>
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            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(IRS Employer Identification No.)</div>
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    <td style="width: 49%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center; font-weight: bold;">(Address of principal executive offices)</div>
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    <td style="width: 49%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center; font-weight: bold;">(Zip Code)</div>
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    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(<ix:nonNumeric name="dei:CityAreaCode" id="Fact_764479efb6064bfa8c8320be4a62e311" contextRef="c20260520to20260520">407</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_c3100971cdaa41b480f32b04813a23cd" contextRef="c20260520to20260520">613-3100</ix:nonNumeric></div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>

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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Not Applicable</div>

    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Former Name or Former Address, if Changed Since Last Report)</div>

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<div><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span></div>

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    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
    </div>

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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:WrittenCommunications" id="Fact_90a908bf8617475e8befb17a0be8bdb9" contextRef="c20260520to20260520" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
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    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

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    <td style="width: 9pt;">&#160;</td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_027d097c584043f0b16bc715307526bc" contextRef="c20260520to20260520" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
          </td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

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    <td style="width: 9pt;">&#160;</td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementTenderOffer" id="Fact_8f0c4cf18b814a3980ba3f2546009d7c" contextRef="c20260520to20260520" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
          </td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

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    <td style="width: 9pt;">&#160;</td>

    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_18136d0bc5434742b18839f834d870ec" contextRef="c20260520to20260520" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
          </td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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    </div>

    <div style="text-align: justify; text-indent: 24.5pt; font-family: 'Times New Roman'; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

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    <td style="width: 37.99%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center; font-weight: bold;"><span style="text-decoration: underline;">Title of each class</span></div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
          </td>

    <td style="width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center; font-weight: bold;"><span style="text-decoration: underline;">Trading Symbol(s)</span></div>
          </td>

    <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
          </td>

    <td style="width: 45%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center; font-weight: bold;"><span style="text-decoration: underline;">Name of each exchange on which registered</span></div>
          </td>

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    <td style="width: 37.99%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_06d322a02594405e8e161542e2306bbc" contextRef="c20260520to20260520">Common Stock, $0.01 par value per share</ix:nonNumeric><br/>
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    <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
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    <td style="width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_2b7e255110e740f5b7d2d83cdfe431f5" contextRef="c20260520to20260520">HGV</ix:nonNumeric><br/>
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          </td>

    <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
          </td>

    <td style="width: 45%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: center;"><ix:nonNumeric name="dei:SecurityExchangeName" id="Fact_6ecaba87f1704dd89310b02bc1619c82" contextRef="c20260520to20260520" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric><br/>
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    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the
      Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>

    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman';">Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_37b6eab429344ac6bfae71cc3dd87e50" contextRef="c20260520to20260520" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></div>

    <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
    </div>

    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
      financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; &#9744;</div>

    <div style="font-family: 'Times New Roman'; font-size: 10pt;">
<div>&#160;<br/></div>

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    <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 1.01.</td>

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              <div style="color: rgb(0, 0, 0); font-weight: bold;">Entry into a Material Definitive Agreement.</div>
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      <div style="text-align: left; text-indent: 24.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On May 20, 2026, 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. 5, dated as of May 20, 2026 (the &#8220;Amendment&#8221;) to the Amended and Restated Receivables Loan Agreement, dated as of May 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 securities intermediary and paying agent, 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 (such agents and lenders, the &#8220;lenders&#8221;). The Amendment further amends the Amended and Restated Receivable Loan Agreement and the related revolving
        warehouse loan facility evidenced thereby (the &#8220;Warehouse Credit Facility&#8221;) and, among other things:</div>

    </div>

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      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
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    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">increases the facility size from $850,000,000 to $1,000,000,000;</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

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              <div style="color: rgb(0, 0, 0);">extends the revolving period to May 2028;</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">permits the Borrower to pledge as collateral timeshare loans related to the Elara timeshare resort
                  and originated by </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">LV Tower 52, LLC<span style="color: rgb(0, 0, 0);">, subject to certain eligibility criteria and other conditions; and</span></span></div>
            </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">includes customary used and unused fees.</div>
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      </div>

      <div style="text-align: left; text-indent: 24.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As of May 20, 2026, the Company had approximately $200,000,000 in outstanding borrowings, excluding accrued interest, under the
        Warehouse Credit Facility.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; text-indent: 24.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The lenders (and their respective subsidiaries or affiliates) have provided, and may in the future provide, various other commercial
        banking, investment banking and other financial advisory services for the Company and its subsidiaries in the ordinary course of business for which they have received, and may receive, customary fees and expenses.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; text-indent: 24.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">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 8-K and incorporated herein by reference.</div>

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    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 2.03.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="font-weight: bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</div>
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      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 27pt;">The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.</div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

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    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.01.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
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    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

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    <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(d)</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
            <div>Exhibits.</div>
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    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

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            <div style="text-align: left; font-weight: bold;">Exhibit No.</div>
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            <div style="text-align: left; font-weight: bold;">Description</div>
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            <div style="text-align: left;"><a href="ef20074251_ex10-1.htm">10.1</a></div>
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    <td style="width: 88%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: left;"><a href="ef20074251_ex10-1.htm">Omnibus Amendment No. 5, dated as of May 20, 2026, to the Amended and Restated Receivables Loan
                Agreement, by and among the Borrower, as borrower, Computershare Trust Company, N.A., as securities intermediary and paying agent, 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></div>
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            <div style="text-align: left;">104</div>
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            <div style="text-align: left;">Cover page Interactive Data File (embedded with the Inline XBRL document).</div>
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    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURE</div>

    <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

    <div style="text-align: left; text-indent: 24.5pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>

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            <div style="text-align: left;">HILTON GRAND VACATIONS INC.</div>
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            <div style="text-align: left;">By:</div>
          </td>

    <td style="width: 47%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;">/s/ Charles R. Corbin</div>
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    <td style="width: 47%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: left;">Charles R. Corbin</div>
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    <td style="width: 47%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
            <div style="text-align: left;">Senior Executive Vice President, General Counsel and Corporate Operations</div>
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    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Date:&#160; May 22, 2026</div>

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<TYPE>EX-10
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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;"> <font style="font-size: 10pt;">Exhibit 10.1<br>
        </font></div>
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        </font></div>
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        <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXECUTION COPY</div>
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          </font></div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OMNIBUS AMENDMENT NO. 5 TO AMENDED AND RESTATED </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RECEIVABLES LOAN AGREEMENT</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AMENDMENT NO. 3 TO AMENDED AND RESTATED SALE AND CONTRIBUTION AGREEMENT</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AMENDMENT NO. 2 TO AMENDED AND RESTATED SERVICING AGREEMENT</div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This OMNIBUS AMENDMENT NO. 5 TO AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT, AMENDMENT NO. 3 TO AMENDED AND RESTATED SALE AND CONTRIBUTION
        AGREEMENT AND AMENDMENT NO. 2 TO THE AMENDED AND RESTATED SERVICING AGREEMENT (this &#8220;<font style="font-family: 'Times New Roman'; font-style: italic;">Amendment</font>&#8221;), effective as of May 20, 2026 (the &#8220;<font style="font-family: 'Times New Roman'; font-style: italic;">Effective Date</font>&#8221;), is executed by and among HILTON GRAND VACATIONS TRUST I LLC, a Delaware limited liability company (together with its successors and assigns, the <font style="font-family: 'Times New Roman'; font-style: italic;">&#8220;Borrower&#8221;</font>), HILTON RESORTS CORPORATION, a Delaware corporation, as seller (the &#8220;<font style="font-family: 'Times New Roman'; font-style: italic;">Seller</font>&#8221;), GRAND VACATIONS SERVICES LLC, as Servicer (the &#8220;<font style="font-family: 'Times New Roman'; font-style: italic;">Servicer</font>&#8221;), 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 <font style="font-family: 'Times New Roman'; font-style: italic;">&#8220;Administrative Agent&#8221;</font>) and Structuring Agent, and COMPUTERSHARE TRUST COMPANY, N.A., (&#8220;<font style="font-family: 'Times New Roman'; font-style: italic;">Computershare</font>&#8221;) as Securities Intermediary, Paying Agent and Backup Servicer.&#160; Capitalized terms used, but not otherwise defined herein, shall have the meanings ascribed thereto
        in the &#8220;Receivables Loan Agreement&#8221; (defined below).</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Witnesseth:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">WHEREAS, the Borrower, the Managing Agents party thereto, the Administrative Agent, Computershare, as Securities Intermediary and as 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 3, 2022 (as amended, restated, amended and restated, supplemented or otherwise
        modified from time to time, the <font style="font-family: 'Times New Roman'; font-style: italic;">&#8220;Receivables Loan Agreement&#8221;</font>);</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">WHEREAS, the Borrower and the Seller are party to that certain Amended and Restated Sale and Contribution Agreement, dated as of May 3, 2022 (as
        amended, restated, amended and restated, supplemented or otherwise modified from time to time, the &#8220;<font style="font-family: 'Times New Roman'; font-style: italic;">Sale and Contribution Agreement</font>&#8221;);</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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 3, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the &#8220;<font style="font-family: 'Times New Roman'; font-style: italic;">Servicing Agreement</font>&#8221;); and</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">WHEREAS, as provided herein, the parties hereto have agreed to amend certain provisions of the Receivables Loan Agreement, the Sale and Contribution
        Agreement and the Servicing Agreement each as further described below. </div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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:</div>
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                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 1.</div>
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              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Amendment to the Receivables Loan Agreement</u></font>.</div>
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;">Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Receivables Loan
        Agreement, including the exhibits and schedules thereto, is hereby amended as set forth on <font style="font-family: 'Times New Roman';"><u>Exhibit A</u></font> attached hereto, with deletions of text indicated by struck-through text and
        insertions indicated by bold, double-underlined text.</div>
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              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 2.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Amendment to the Sale and Contribution Agreement.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Sale and
        Contribution Agreement is hereby amended as set forth on <font style="font-family: 'Times New Roman';"><u>Exhibit B</u></font> attached hereto, with deletions of text indicated by struck-through text and insertions indicated by bold,
        double-underlined text.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z41d6f939134d4ba3a0275b2e1fb1394c" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 3.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Amendment to the Servicing Agreement.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Servicing
        Agreement is hereby amended as set forth on <font style="font-family: 'Times New Roman';"><u>Exhibit C</u></font> attached hereto, with deletions of text indicated by struck-through text and insertions indicated by bold, double-underlined text.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z29b217379f7e4c258a459a12abfbbbca" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 4.&#160; <br>
                </div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Conditions Precedent.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This Amendment shall become effective on the Effective Date upon the satisfaction of the Administrative Agent having received: (a) counterparts of
        this Amendment executed by each of the parties hereto, (b) executed counterparts of that certain Assignment and Distribution Agreement between LV Tower 52, LLC and LV Tower 52 Issuer, LLC of even date herewith executed by each of the parties
        thereto, (c) executed counterparts of that certain Assignment and Distribution Agreement between LV Tower 52 Issuer, LLC and BRE Ace LLC of even date herewith executed by each of the parties thereto, (d) executed counterparts of that certain
        Assignment and Distribution Agreement BRE Ace LLC and HRC Islander LLC of even date herewith executed by each of the parties thereto, (e) executed counterparts of that certain Fourth Amended and Restated Performance Guaranty of even date herewith
        executed by each of the parties thereto and (f) executed counterparts of that certain Tenth Amended and Restated Fee Letter of even date herewith executed by each of the parties thereto.</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: left;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">-2-</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z04f17a9bf74946e881017da3aa7e5968" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 5.<br>
                </div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Representations, Warranties and Confirmations.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Each of the Borrower, the Seller and the Servicer hereby represents and warrants, with respect to itself that:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 5.1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 5.2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This
          Amendment has been duly and validly executed and delivered by it.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 5.3.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; This
          Amendment, the Receivables Loan Agreement, the Sale and Contribution Agreement and the Servicing Agreement, as amended hereby, constitute legal, valid and binding obligations of such Person and are enforceable against such Person in accordance
          with their terms.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 5.4.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;
          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).</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 5.5.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;
          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).</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 5.6.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;
          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).</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 5.7.</font><font style="font-size: 10pt;">&#160;&#160; &#160; &#160;&#160;&#160;
          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</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
        <div>
          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"> <font style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 6. &#160; &#160; &#160; &#160; &#160; &#160;</font><font style="font-family: 'Times New Roman';"><u>Entire Agreement.</u></font></div>
        </div>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: left;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">-3-</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 7.&#160; <br>
                </div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Effectiveness of Amendment.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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 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 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 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 and the Servicing Agreement to &#8220;this Agreement,&#8221; &#8220;this Receivables Loan Agreement,&#8221; &#8220;this Sale and Contribution Agreement,&#8221; or &#8220;this Servicing Agreement&#8221; or words of like import
        shall mean and be references to the Receivables Loan Agreement, the Sale and Contribution Agreement or the Servicing 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 or to any terms defined in the Receivables Loan Agreement, the Sale and Contribution Agreement or the Servicing Agreement which are modified hereby shall mean and be references to the
        Receivables Loan Agreement, the Sale and Contribution Agreement or the Servicing Agreement, as applicable, or to such terms as modified hereby.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zf9f30a1358e0427484103a69e952cc9c" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 8.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Joining Lenders</u></font>.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4b69afc41aff470e9ef5a83b4c3a25e5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Section 8.1.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';"><u>Representations and Warranties of New Committed Lenders, New Managing Agents and New Conduit Lender</u></div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Banco Santander, S.A., New York Branch (&#8220;<font style="font-family: 'Times New Roman';"><u>Santander</u></font>&#8221;), Bank of Montreal (&#8220;<font style="font-family: 'Times New Roman';"><u>BMO</u></font>&#8221; and, together with Santander, each a &#8220;<font style="font-family: 'Times New Roman';"><u>New Committed Lender</u></font>&#8221; and together the &#8220;<font style="font-family: 'Times New Roman';"><u>New









            Committed Lenders</u></font>&#8221;), BMO Capital Markets Corp. (&#8220;<font style="font-family: 'Times New Roman';"><u>BMO Capital Markets</u></font>&#8221; and, together with Santander, each a &#8220;<font style="font-family: 'Times New Roman';"><u>New Managing
            Agent</u></font>&#8221; and together the &#8220;<font style="font-family: 'Times New Roman';"><u>New Managing Agents</u></font>&#8221;) and Fairway Finance Company LLC (the &#8220;<font style="font-family: 'Times New Roman';"><u>New Conduit Lender</u></font>&#8221;) hereby
        agree as follows:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z17cffe14a656482f8553dc6030d24f8b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">Each New Committed Lender and New Conduit Lender:</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z23d3e97bca2f4f0d8200bbdb77e7b906" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">confirms that it has received a copy of the Receivables Loan Agreement, together with copies of the most recent financial statements delivered pursuant to <font style="font-family: 'Times New Roman';"><u>Section 5.02(b)</u></font> 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;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z473faf9c97eb4869b6a60b1adee484fa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">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;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: left;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">-4-</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1d7a24d1202a424c9e919d7e420eb643" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">iii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">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 <font style="font-family: 'Times New Roman';"><u>Article IX</u></font> 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;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z599a4f1404614da284e9a00809f7bd72" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">iv.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">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</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z693ddde9aa1341eab0b10ac745bb4456" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">v.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">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.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z83029babedb1420fa75d59d320eaaa2d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">Each New Managing Agent:</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z3a91356ace144a9fa32c431939217a74" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">i.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">confirms that it has received a copy of the Receivables Loan Agreement, together with copies of the most recent financial statements delivered pursuant to <font style="font-family: 'Times New Roman';"><u>Section 5.02(b)</u></font> 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;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z60113c3c064e4bebb85551f788d73c50" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">ii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">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;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
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          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
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            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">iii.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers pursuant to <font style="font-family: 'Times New Roman';"><u>Article IX</u></font>
                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;</div>
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      </table>
      <div style="font-size: 10pt;">&#160;</div>
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          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
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            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">iv.</td>
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              <div style="font-family: 'Times New Roman';">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</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: left;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">-5-</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
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            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">v.</td>
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              <div style="font-family: 'Times New Roman';">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.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 8.2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Rights of New Managing Agents, New Committed Lenders and New Conduit Lender</u></font>.&#160; Upon acceptance and recording of the Amendment by the Administrative Agent, as of the date hereof, (i) 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) 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) 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.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 8.3.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Lender Group.</u></font> By execution and delivery of this Amendment and pursuant to <font style="font-family: 'Times New Roman';"><u>Section 10.04</u></font> of the Receivables Loan Agreement, (i)
            BMO Capital Markets as a New Managing Agent, BMO as a New Committed Lender and the New Conduit Lender elect to become a "Lender Group" under the Receivables Loan Agreement and (ii) Santander as a New Committed Lender and a New Managing Agent
            elects to become a "Lender Group" under the Receivables Loan Agreement.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Section 8.</font><font style="font-size: 10pt; font-family: 'Times New Roman';">4</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Reallocation of the Loans</u></font>. The hereto acknowledge and agree that upon the effectiveness of this Amendment, the Aggregate
            Loan Principal Balance shall be reallocated among the Lender Groups such that after giving effect to such reallocation the portion of the Aggregate Loan Principal Balance funded by each Lender will be funded ratably based on its respective
            Investor Percentage, as specified in the flow of funds prepared by the Administrative Agent and attached as <font style="font-family: 'Times New Roman';"><u>Exhibit D</u></font> hereto (the &#8220;<font style="font-family: 'Times New Roman';"><u>Flow









                of Funds</u></font>&#8221;). Each applicable Lender shall make any necessary payments among them as specified in the Flow of Funds.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
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                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 9.<br>
                </div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Governing Law.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 10. <br>
                </div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Binding Effect.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This Amendment shall be binding upon and shall be enforceable by parties hereto and their respective successors and permitted assigns.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Section 11.&#160; <br>
                </div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Headings.</u></font></div>
              </td>
            </tr>

        </table>
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Section headings herein are for convenience only and will not affect the construction hereof.<br>
        <br>
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        <div style="text-align: left;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">-6-</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>
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              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Section 12. <br>
                </div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Novation.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This Amendment does not constitute a novation or termination of the Receivables Loan Agreement, the Sale and Contribution Agreement, the Servicing
        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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
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              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Section 13.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Counterparts.</u></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.&#160; Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by electronic mail in a &#8220;.pdf&#8221; file shall be effective as delivery of a manually executed
        counterpart of this Amendment.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z206d359c9f1647b18bf2dbfd24237691" class="DSPFListTable">

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              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 14. <br>
                </div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u>Fees, Costs and Expenses.</u></font></div>
              </td>
            </tr>

        </table>
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Borrower agrees to pay on demand all reasonable fees and out&#8209;of&#8209;pocket expenses of Morgan, Lewis &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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zc0dc1b6005b04b6db91af37564f18519" class="DSPFListTable">

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              <td style="text-align: right; vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Section 15.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
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              </td>
            </tr>

        </table>
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) 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, <font style="font-family: 'Times New Roman'; font-style: italic;">&#8220;Signature Law&#8221;</font>),
        in each case to the extent applicable.&#160; 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.&#160; 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, confirm or otherwise verify the validity or authenticity thereof.&#160; 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
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; text-indent: -9pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">[Signature Pages Follow]</div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman';">Hilton Grand Vacations Trust I LLC,</div>
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          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
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            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="2"><u><font style="font-family: 'Times New Roman';">/s/ Ben Loper</font></u></td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;"><br>
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            <td style="vertical-align: top; font-size: 10pt; width: 5%;">Name: </td>
            <td style="vertical-align: top; font-size: 10pt; width: 42%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Ben Loper</div>
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          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';">&#160;</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 5%;">Title:</td>
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      </table>
      <div style="font-size: 10pt;">&#160;</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman';">Hilton Resort Corporation,</div>
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          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
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            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:&#160;</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="2"><u><font style="font-family: 'Times New Roman';">/s/ Ben Loper</font></u></td>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';">&#160;</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 5%;">Name:</td>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
              </div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 5%;">Title: </td>
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          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="z6d2e87cf0b924e23b6a6fecc9d503545" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman';">Grand Vacations Services LLC,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman'; margin-left: 18pt;">as Servicer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">By:</td>
            <td style="width: 5%; vertical-align: top; font-size: 10pt;" rowspan="1" colspan="2"><u><font style="font-family: 'Times New Roman';">/s/ Ben Loper</font></u><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;"><br>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 5%;">Name: </td>
            <td style="vertical-align: top; font-size: 10pt; width: 42%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Ben Loper</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
              </div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 5%;">Title:</td>
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          </tr>

      </table>
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          <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none; text-align: center;">[Signature Page to Omnibus Amendment No. 5]</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
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      <div style="font-size: 10pt;">&#160;</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
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      <div style="font-size: 10pt;">&#160;</div>
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            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;"><br>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
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            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">&#160;</td>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
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          <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none; text-align: center;">[Signature Page to Omnibus Amendment No. 5]</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;"><br>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;"><br>
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      <div style="font-size: 10pt;">&#160;</div>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:<font style="font-family: 'Times New Roman';"> <br>
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';">&#160;<br>
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          <tr>
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;">
              <div style="text-align: left; font-family: 'Times New Roman';"><br>
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          <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none; text-align: center;">[Signature Page to Omnibus Amendment No. 5]</div>
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          <tr>
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              <div style="text-align: left; font-family: 'Times New Roman';">ACKNOWLEDGED AND AGREED AS TO SECTION 1 HEREOF:</div>
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          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 50%;" rowspan="1" colspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" rowspan="1" colspan="3">&#160;</td>
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          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 50%;" colspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman';">Computershare Trust Company, N.A., as Securities Intermediary and Paying Agent</div>
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          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 50%;" colspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" colspan="3">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:&#160;</div>
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            <td style="vertical-align: top; font-size: 10pt; width: 3%;"><br>
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            <td style="vertical-align: top; font-size: 10pt; width: 50%;" colspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt; width: 3%;"><br>
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            <td style="vertical-align: top; font-size: 10pt; width: 5%;">
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" rowspan="1" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman';">ACKNOWLEDGED AND AGREED AS TO SECTION 3 HEREOF:</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" rowspan="1" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman';">Computershare Trust Company, N.A., as Backup Servicer</div>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
            <td style="vertical-align: top; font-size: 10pt;" rowspan="1" colspan="3">&#160;</td>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;"><br>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;"><br>
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            <td style="width: 5%; vertical-align: top; font-size: 10pt;">
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      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none; text-align: center;">[Signature Page to Omnibus Amendment No. 5]</div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>EXHIBIT A</u></div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">RECEIVABLES LOAN AGREEMENT</div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">
        <div>
          <div>
            <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CONFORMED COPY</div>
              <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Amendment No. 1, dated as of August 8, 2023</div>
              <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Amendment No. 2, dated as of March 22, 2024</div>
              <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Amendment No. 3, dated as of November 15, 2024</div>
              <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Amendment No. 4, dated as of July 23, 2025</div>
              <div style="text-align: right; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">Amendment No. 5, dated as of May 20, 2026</u></font></div>
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              <font style="font-weight: bold; font-size: 10pt;"> </font></div>
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            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Dated as of May 3, 2022</div>
            <div style="font-size: 10pt;"><br>
            </div>
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            <div style="font-size: 10pt;"><br>
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            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC,</div>
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            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">COMPUTERSHARE TRUST COMPANY, N.A.,</div>
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            <div style="font-size: 10pt;"><br>
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            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">THE PERSONS FROM TIME TO TIME</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">PARTY HERETO AS CONDUIT LENDERS,</div>
            <div style="font-size: 10pt;"><br>
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            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">THE FINANCIAL INSTITUTIONS FROM TIME TO TIME</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">PARTY HERETO AS COMMITTED LENDERS,</div>
            <div style="font-size: 10pt;"><br>
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            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">THE FINANCIAL INSTITUTIONS FROM TIME TO TIME</div>
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            <div style="font-size: 10pt;"><br>
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            <div style="font-size: 10pt;"><br>
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            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">BANK OF AMERICA, N.A.,</div>
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            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
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              <div class="BRPFPageBreak" style="page-break-after: always;">
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            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"><u>TABLE OF CONTENTS</u></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="font-size: 10pt;">
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                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE I DEFINITIONS</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">1</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top;" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 1.01.</font> Certain Defined
                        Terms</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">1</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 1.02.</font> Other Terms and
                        Constructions</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>45</strike></font><u></u><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="background-color: rgb(204, 238, 255); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">59</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 1.03.</font> Computation of
                        Time Periods</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>46</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">60</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 1.04.</font> Acknowledgement
                        and Consent to Bail-In of Affected Financial Institutions</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>46</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">60</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">SECTION 1.05. Anti-Boycott Statute</font></u></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt;"><u style="border-bottom: 1px solid;">60</u></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top;" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE II AMOUNTS AND TERMS OF THE LOANS</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>46</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">60</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top;" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.01.</font> The Loans</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>46</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">60</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.02.</font> Borrowing
                        Procedures</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>47</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">61</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.03.</font> Reductions and
                        Increases to the Facility Limit.</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>50</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">64</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.04.</font> Interest and
                        Unused Fees</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>50</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">65</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.05.</font> Principal
                        Payments - Generally.</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>51</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">65</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.06.</font> Application of
                        Collections</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>51</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">66</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.07.</font> Extension of
                        Commitment Termination Date</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>53</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">67</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.08.</font> Payments and
                        Computations, Etc</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>53</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">68</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.09.</font> Interest
                        Protection</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>53</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">68</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.10.</font> Increased
                        Capital</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>54</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">69</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.11.</font> Funding Losses</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>55</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">70</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.12.</font> Taxes</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>56</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">70</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.13.</font> Security
                        Interest<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;">.</font></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>58</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">73</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.14.</font> Refinancings</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>59</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">74</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.15.</font> Release of Lien</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>60</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">75</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.16.</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>The </strike></font>Collection Account and Hedge Reserve Account.</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>61</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">75</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.17.</font> The Paying
                        Agent</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>64</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">79</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.18.</font> Defaulting
                        Committed Lenders</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>68</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">82</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.19.</font> Replacement of
                        Lender Group</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>68</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">83</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.20.</font> Inability to <font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>Determinate</strike></font><u style="border-bottom: 1px solid;"></u><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">Determin</u>e</font> Rates</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>69</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">84</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.21.</font> Illegality.<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;">.</font></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>71</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">86</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">SECTION 2.22. Payments by Borrower; Presumptions by Administrative Agent.</font></u></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt;"><u style="border-bottom: 1px solid;">86</u></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE III CONDITIONS PRECEDENT</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>72</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">87</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 3.01.</font> Conditions
                        Precedent to Effectiveness</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>72</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">87</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 3.02.</font> Conditions
                        Precedent to All Borrowings</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>72</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">87</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 3.03.</font> Conditions to
                        Funding a Delayed Funding Amount</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>73</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">88</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;">ARTICLE IV REPRESENTATIONS AND WARRANTIES</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>73</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">89</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 4.01.</font> Representations
                        and Warranties of the Borrower</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>74</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">89</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;">ARTICLE V COVENANTS</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>79</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">94</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 5.01.</font> Affirmative
                        Covenants of the Borrower</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>79</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">94</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 5.02.</font> Reporting
                        Requirements of the Borrower</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>83</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">99</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 5.03.</font> Covenants of
                        the Borrower Relating to Hedging</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>85</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">102</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 5.04.</font> Negative
                        Covenants of the Borrower</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>88</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">104</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 5.05.</font> Special
                        Covenants Regarding Retention</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>90</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">107</font></u></font></div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE VI SERVICING</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>91</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">108</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top;" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 6.01.</font> Servicing
                        Agreement</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>91</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">108</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;">ARTICLE VII EVENTS OF DEFAULT</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>92</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">108</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 7.01.</font> Events of
                        Default</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>92</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">108</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 7.02.</font> Right to Cure.</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>94</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">111</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 7.03.</font> Remedies</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>94</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">111</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 7.04.</font> Appointment as
                        Attorney in Fact</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>95</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">112</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 7.05.</font> Performance of
                        Borrower&#8217;s Obligations</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>96</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">113</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 7.06.</font> Powers Coupled
                        with an Interest</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>97</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">113</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE VIII INDEMNIFICATION</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>97</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">114</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 8.01.</font> Indemnities by
                        the Borrower</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>97</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">114</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 8.02.</font> Limited
                        Liability of Parties</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>99</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">116</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;">ARTICLE IX THE AGENTS</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>99</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">116</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 9.01.</font> Authorization
                        and Action</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>99</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">116</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 9.02.</font> Agents&#8217;
                        Reliance, Etc</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>99</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">116</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 9.03.</font> Agents and
                        Affiliates</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>100</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">117</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 9.04.</font> Lender&#8217;s Loan
                        Decision</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>100</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">117</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 9.05.</font> Delegation of
                        Duties</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>100</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">117</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 9.06.</font> Indemnification</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>100</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">116</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 9.07.</font> Successor
                        Agents</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>100</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">118</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">SECTION 9.08. Recovery of Erroneous Payments.</font></u></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt;"><u style="border-bottom: 1px solid;">118</u></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE X MISCELLANEOUS</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>101</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">118</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.01.</font> Amendments,
                        Etc</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>101</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">119</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.02.</font> Notices, Etc</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>102</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">120</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.03.</font> Assignability</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>102</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">122</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.04.</font> Additional
                        Lender Groups</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>104</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">122</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.05.</font> Consent to
                        Jurisdiction</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>104</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">122</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.06.</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> WAIVER OF JURY TRIAL</font></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>105</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">122</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.07.</font> Right of
                        Setoff</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>105</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">122</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.08.</font> Ratable
                        Payments</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>105</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">123</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.09.</font> Limitation of
                        Liability</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>105</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">123</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.10.</font> Costs,
                        Expenses and Taxes</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>106</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">124</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.11.</font> No Proceedings</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>106</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">124</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.12.</font>
                        Confidentiality</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>106</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">122</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.13.</font> No Waiver;
                        Remedies</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>107</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">125</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.14.</font> GOVERNING LAW</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>108</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">125</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.15.</font> Execution in
                        Counterparts</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>108</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">126</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.16.</font> Integration;
                        Binding Effect; Survival of Termination</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>108</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">126</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.17.</font> Electronic
                        Signatures.<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>&#160; .</strike></font></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>108</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">126</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.18.</font> Recognition of
                        the U.S. Special Resolution Regimes.</div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>108</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">126</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.19.</font> Third Party
                        Beneficiary<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>.</strike></font></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>109</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">126</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 10.20.</font> Amendment and
                        Restatement<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>.</strike></font></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>109</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">126</font></u></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top;">
                      <div style="text-align: left; margin-right: 36pt; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-left: 27pt;"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">SECTION 10.21. Limited Recourse.</font></u></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top;">
                      <div style="text-align: right; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt;"><u style="border-bottom: 1px solid;">126</u></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 85.29%; vertical-align: top; font-weight: bold; background-color: rgb(204, 238, 255);">
                      <div style="text-align: left; margin-right: 36pt; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; margin-left: 27pt;"><u style="border-bottom: 1px solid;"><font style="font-size: 10pt; font-family: 'Times New Roman';">SECTION 10.22. AML Law</font></u></div>
                    </td>
                    <td style="width: 14.71%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right; color: rgb(0, 0, 255); font-family: 'Times New Roman'; font-size: 10pt;"><u style="border-bottom: 1px solid;">126</u></div>
                    </td>
                  </tr>

              </table>
              <div> <br>
              </div>
            </div>
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            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">EXHIBITS AND SCHEDULES</div>
            <div style="font-size: 10pt;">&#160;</div>
            <table cellspacing="0" cellpadding="0" border="0" id="z28cd58212bf14512a5cf9b8d1c50a363" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT A-1</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Credit Policy for Seller</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT A-2</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Credit Policy for DRC</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT A-3</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Collection Policy for Servicer</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT A-4</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Credit Policy for Bluegreen</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT B</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Borrowing Request</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT C</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Monthly Report</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT D</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">List of Offices of Borrower where Records are Kept</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT E</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">List of Accounts and Account Banks</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT F</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Assignment and Acceptance</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT G</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Joinder Agreement</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT H</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Prepayment Notice</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT I</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Refinancing Release</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT J</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Form of Global Assignment of Mortgages and Timeshare Loan Files</div>
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">and Power of Attorney (Seller)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT K</div>
                  </td>
                  <td style="width: 85%; vertical-align: top;">
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Form of Global Assignment of Mortgages and Timeshare Loan Files</div>
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">and Power of Attorney (Borrower)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT L</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Form of Notice of Exclusive Control</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">EXHIBIT M</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Certain Borrower Information</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">SCHEDULE I</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Representations and Warranties with respect to the Timeshare Loans</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">SCHEDULE II</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Lender Groups</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">SCHEDULE III</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Notice Addresses and Wiring Instructions</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">SCHEDULE IV-A</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">List of Closing Documents and Deliveries as of the Original Closing Date</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">SCHEDULE IV-B</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">List of Closing Documents and Deliveries as of the Restatement Date</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">SCHEDULE V</div>
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">SCHEDULE VI</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Hilton Resorts and Resort Associations</div>
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Diamond Resorts and Resort Associations</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">SCHEDULE VII</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Approved Originators and Approved Transferors</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 15%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">SCHEDULE VIII</div>
                  </td>
                  <td style="width: 85%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Bluegreen Resorts and Resort Associations</div>
                  </td>
                </tr>

            </table>
            <div style="text-align: justify; font-size: 10pt;"><br>
            </div>
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            <!--PROfilePageNumberReset%Num%1%%%-->
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">This AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT dated as of May 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.&#160; Capitalized terms used herein shall have the meanings specified in Section 1.01.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">PRELIMINARY STATEMENTS</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">WHEREAS, the Borrower may from time to time purchase Timeshare Loans and related assets from the Seller pursuant to the Sale and Contribution
              Agreement;</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">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;</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">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;</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">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:</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE I</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">DEFINITIONS</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 1.01.&#160; </font><font style="font-family: 'Times New Roman';"><u>Certain
                  Defined Terms.</u>&#160; 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):</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Absence of Recorded Mortgage</u></font>&#8221; 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 related definition of Timeshare Loan File for such Timeshare Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Account Banks</u></font>&#8221; means, collectively, the HRC Clearing Account Bank, the Diamond
              Lockbox Account Bank, the Bluegreen Clearing Account Bank, the Collection Account Bank, the New Clearing Account Bank and the Hedge Reserve Account Bank.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">1</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#8220;<font style="font-family: 'Times New Roman';"><u>Account Collateral</u></font>&#8221; means the Collection Account, the Diamond Lockbox Account,
              the Bluegreen Clearing Account, the New Clearing Account, the Hedge Reserve Account and the HRC Clearing Account, including, (i) all certificates and instruments, if any, from time to time representing or evidencing any of such accounts or
              any funds held therein, (ii) all investment property 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) 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) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Account Control Agreement</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Account Number</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Accounts</u></font>&#8221; means, collectively, the HRC Clearing Account, the Diamond Lockbox
              Account, the Bluegreen Clearing Account, the Bluegreen Lockbox, the New Clearing Account, the Collection Account, the Hedge Reserve Account and the Unidentified Receipts Account.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Account Restructuring Date</u></font>&#8221; means the date which is 60 days after the Account
              Restructuring Obligor Notification Date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Account Restructuring Obligor Notification Date</u></font>&#8221; means the date on which (I) the
              Servicer provides (i) (A) 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 and the HRC Clearing Account
              and/or the New Lockbox and the New Clearing Account, and not to the Diamond Lockbox and the Diamond Lockbox Account; provided that with respect to Diamond 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 Diamond Timeshare Loans to the Diamond Lockbox and the Diamond Lockbox Account; (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) 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, and (ii) written notice to the Administrative Agent of its
              sending of new instructions to applicable Obligors as described in clause (i) 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.&#160; For the avoidance of doubt, an Account
              Restructuring Obligor Notification Date may occur with respect to one or all types of Timeshare Loans.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Additional Timeshare Loan</u></font>&#8221; means any Eligible Timeshare Loan (including any
              Qualified Substitute Timeshare Loan) Transferred by the Seller to the Borrower on a Transfer Date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Administrative Agent</u></font>&#8221; means BANA, in its capacity as agent for the Lenders,
              together with its successors and permitted assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Adverse Claim</u></font>&#8221; means a Lien other than any Permitted Lien.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Affected Financial Institutions</u></font>&#8221; means (a) any EEA Financial Institution or (b)
              any UK Financial Institution.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Affected Party</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Affiliate</u></font>&#8221; 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, &#8220;control&#8221; (together with the correlative meanings of &#8220;controlled by&#8221; and &#8220;under common control with&#8221;) means possession,
              directly or indirectly, of the power (a) 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) 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 &#8220;Affiliate&#8221; shall not include, with respect to Borrower,
              Seller, Servicer, HGV Borrower, Hilton Grand Vacations Parent LLC and their Subsidiaries only, (x) Apollo Global Management, Inc., <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Apollo
                  Principal Holdings A GP, Ltd, </u></font>AP VIII Dakota Holdings, L.P., AP VIII Dakota Holdings Borrower, L.P., AP Dakota Co-Invest, L.P.<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, AP Dakota Co-Invest GP, LLC, AP VIII Dakota Holdings Borrower GP, LLC, Apollo Advisors VIII, L.P., Apollo Capital Management VIII, LLC, APH Holdings, L.P.</u></font> and their related and/or controlled entities (including
              certain funds under any of their control) (collectively, the &#8220;Apollo Entities&#8221;) that currently own common stock of Hilton Grand Vacations Inc. (the &#8220;Public HGV&#8221;) (based on <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">the </u></font>Schedule 13D<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">/A</u></font> filed by the applicable Apollo Entities on August <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>11</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">18</u></font>, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>2021</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">2025</u></font>), or (y) any Person who acquires 10% or more of
              all outstanding common stock of the Public HGV unless, in either (x) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Aggregate Commitment</u></font>&#8221; means, on any date of determination, the sum of the
              Commitments then in effect.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Aggregate Loan Principal Balance</u></font>&#8221; means, at any time, the aggregate outstanding
              Principal Amount of all Loans.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Agreemen</u></font>t&#8221; means this Amended and Restated Receivables Loan Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Alternative Rate</u></font>&#8221; means, with respect to a Loan on any day, an interest rate per
              annum equal to the sum of (a) the Used Fee Rate, plus (b) Daily SOFR for such day; provided, however, that if <font style="font-family: 'Times New Roman';">Daily </font>SOFR is not available on such day, the Alternative Rate shall be an
              interest rate per annum equal to the greater of (x) the Prime Rate and (y) the Federal Funds Rate, in each case, in effect on such day.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Amendment No. 2 Effective Date</u></font>&#8221; means March 22, 2024.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Amendment No. 3 Effective Date</u></font>&#8221; means November 15, 2024.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Amendment No. 5 Effective Date&#8221; means May
                  20, 2026.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Amortization Date</u></font>&#8221; means the earliest to occur of (i) the Commitment Termination
              Date, (ii) the declaration or automatic occurrence of the Amortization Date pursuant to Section 7.03, and (iii) that Business Day which the Borrower designates as the Amortization Date by notice to the Administrative Agent at least five (5)
              Business Days prior to such Business Day.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Applicable Judgment Default Amount</u></font>&#8221; means, on any date of determination,
              $25,000,000; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, however</font>, 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Applicable Measurement Date</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Approved Diamond Transferee</u></font>&#8221; means any party that is a &#8220;Transferee&#8221; under the
              Master Transfer Agreement and the HGV Omnibus Distribution and Assignment Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Approved Diamond Transferor</u></font>&#8221; means any party that is a &#8220;Transferor&#8221; under the
              Master Transfer Agreement and the HGV Omnibus Distribution and Assignment Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Approved Originator</u></font>&#8221; means (i) each of the entities identified as an originator
              on <font style="font-family: 'Times New Roman';"><u>Schedule VII</u></font> hereto and (ii) 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 of such entity, its form of the applicable Timeshare Loan
              Documents, and any other relevant matters.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Approved Transferor</u></font>&#8221; means each of the entities identified as a transferor on <font style="font-family: 'Times New Roman';"><u>Schedule VII</u></font> hereto.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Approved Subservicer</u></font>&#8221; means (i) the Diamond Subservicer, (ii) the Bluegreen
              Subservicer and (iii) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Aruba Loans</u></font>&#8221; means Timeshare Loans related to the resort referred to as &#8220;La
              Cabana Beach Resort &amp; Casino.&#8221;</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Assignment</u></font>&#8221; means, with respect to any Additional Timeshare Loans, (i) an
              Assignment substantially in the form of Exhibit A to the Sale and Contribution Agreement or (ii) a Transfer Notice substantially in the form of Exhibit A 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 Assignment Agreement<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,</u></font> the HRC Islander Assignment Agreement, the BVC Assignment and Distribution Agreement, the Woodbridge Assignment and Distribution Agreement<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> and</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,</u></font> the BVHC Assignment and Distribution Agreement<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, the LV Tower Assignment and Distribution Agreement, the LV Tower Issuer Assignment and Distribution Agreement and the BRE Ace Assignment and Distribution
                  Agreement</u></font>.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">4</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Assignment and Acceptance</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Assignment of Mortgage</u></font>&#8221; shall mean, with respect to a Club Loan, a written
              assignment of one or more 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Authoritative Copy</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Authorized Representatives</u></font>&#8221; has the meaning ascribed to such term in Section 19
              of the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Authorized Signatory</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Available Funds</u></font>&#8221; means, for any Distribution Date and the related Collection
              Period, (x) the sum of (i) all Collections received during such Collection Period, (ii) 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 <font style="font-family: 'Times New Roman';"><u>Section 2.15</u></font>, (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) all Hedge Receipts with respect to such
              Distribution Date and (v) the amount deposited in the Collection Account from the Hedge Reserve Account, if any, pursuant to <font style="font-family: 'Times New Roman';"><u>Section 2.16(k)</u></font>, minus (y) all amounts in respect of
              such Collection Period withdrawn from the Collection Account and applied to the prepayment of the Loans pursuant to Section 2.05 and minus (z) all amounts in respect of Processing Fees, non-sufficient funds fees, or late fees.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Average Default Ratio</u></font>&#8221; means, for any Distribution Date, the average of the
              Default Ratios determined for each of the three Collection Periods immediately preceding such Distribution Date<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>; </strike></font><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(255, 0, 0);"><strike>provided</strike></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> that, with respect to the Diamond Timeshare Loans, (i) the &#8220;Average
                  Default Ratio&#8221; 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) the &#8220;Average Default Ratio&#8221; 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; </strike></font><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(255, 0, 0);"><strike>provided</strike></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> further that, with respect to the Bluegreen Timeshare Loans, (i) the &#8220;Average Default
                  Ratio&#8221; for the first Distribution Date following the Amendment No. 3 Effective Date shall be the Default Ratio determined for the Collection Period immediately preceding such Distribution Date and (ii) the &#8220;Average Default Ratio&#8221; for the
                  second Distribution Date following the Amendment No. 3 Effective Date shall be the average of the Default Ratios for each of the two Collection Periods immediately preceding such Distribution Date.</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Average Delinquency Ratio</u></font>&#8221; means, for any Distribution Date, the average of the
              Delinquency Ratios determined for each of the three Collection Periods immediately preceding such Distribution Date<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>; </strike></font><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(255, 0, 0);"><strike>provided</strike></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> that, with respect to the Diamond Timeshare Loans, (i) the &#8220;Average
                  Delinquency Ratio&#8221; 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) the &#8220;Average Delinquency Ratio&#8221;
                  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; </strike></font><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(255, 0, 0);"><strike>provided</strike></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> further that, with respect to the Bluegreen Timeshare Loans, (i)
                  the &#8220;Average Delinquency Ratio&#8221; for the first Distribution Date following the Amendment No. 3 Effective Date shall be the Delinquency Ratio determined for the Collection Period immediately preceding such Distribution Date and (ii) the
                  &#8220;Average Delinquency Ratio&#8221; for the second Distribution Date following the Amendment No. 3 Effective Date shall be the average of the Delinquency Ratios for each of the two Collection Periods immediately preceding such Distribution Date.</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Average Excess Spread Percentage</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#8220;<font style="font-family: 'Times New Roman';"><u>Backup Servicer</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Backup Servicing Fee</u></font>&#8221; means, for any Collection Period, the backup servicing fees
              set forth in the Computershare Fee Letter for such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bail-In Action</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bail-In Legislation</u></font>&#8221; means, (a) 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 Bail-In Legislation Schedule and (b) with respect to the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>United Kingdom</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">UK</u></font>, Part I of the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>United Kingdom</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">UK</u></font> Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>United
                  Kingdom</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">UK</u></font> 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).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>BANA</u></font>&#8221; means Bank of America, N.A., its successors and permitted assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bankruptcy Code</u></font>&#8221; means Title 11 of the United States Code, 11 U.S.C. Section 101
              et seq. or any successor thereto.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Barbados Resort</u></font>&#8221; means the HRC Resort referred to as &#8220;Hilton Grand Vacations at
              the Crane&#8221; on Schedule V to this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Basel II</u></font>&#8221; means the &#8220;International Convergence of Capital Measurement and Capital
              Standards: a Revised Framework&#8221; developed by the Basel Committee on Banking Supervision, initially published in June 2004.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Basel III Regulations</u></font>&#8221; means (a) any of the following documents prepared by the
              Basel Committee on Banking Supervision of the Bank of International Settlements: (i) 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) Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013). Without limiting the generality of the foregoing, &#8220;Basel III Regulations&#8221; shall
              include Part 6 of the European Union regulation on prudential requirements for credit institutions and investment firms (&#8220;<font style="font-family: 'Times New Roman';"><u>Part 6</u></font>&#8221;) and any law, regulation, standard, guideline,
              directive or other publication supplementing or otherwise modifying Part 6.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Beneficial Ownership Certification</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Beneficial Ownership Regulation</u></font>&#8221; means 31 C.F.R. &#167; 1010.230.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Beneficiary</u></font>&#8221; shall have the meaning specified in the Club Trust Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Benefit Plan Investor</u></font>&#8221; means a &#8220;benefit plan investor&#8221; as defined in Department
              of Labor regulation 29 C.F.R. Section 2510.3-101, as modified by Section 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
              4975 of the Code, and an entity the underlying assets of which are deemed to include plan assets.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen</u></font>&#8221; means Bluegreen Vacations Corporation, a Florida corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Advance Rate Reduction</u></font>&#8221; means, as of any date of determination, 20.00%.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Clearing Account</u></font>&#8221; means the depositary account identified as such on
              Exhibit E into which Collections on the Bluegreen Timeshare Loans are collected or deposited.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Clearing Account Bank</u></font>&#8221; means the financial institution at which each of
              the Bluegreen Clearing Account and the Bluegreen Lockbox is maintained. As of the Amendment No. 3 Effective Date, the Bluegreen Clearing Account Bank is Bank of America, N.A.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Clearing Account Control Agreement</u></font>&#8221; means the Clearing Account Control
              Agreement, dated as of the Amendment No. 3 Effective Date, among the Borrower, the Bluegreen Clearing Account Bank and the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Holding</u></font>&#8221; means Bluegreen Vacations Holding Corporation, a Florida
              corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Lockbox</u></font>&#8221; means any post office box maintained by the Bluegreen Clearing
              Account Bank for the purpose of receiving payments on Timeshare Loans, including Collections.</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Bluegreen Originator&#8221;
                    means each entity listed as such on Schedule VII to this Agreement as an originator and an entity within the &#8220;Bluegreen&#8221; group.</u></font></div>
            </div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Performance Trigger Event</u></font>&#8221; means, <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(a) </u></font>as of any Distribution Date<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> (other than any
                  Distribution Date occurring during a Securitization Holiday Period)</u></font>, (1) the Average Delinquency Ratio of all Pledged Timeshare Loans that are Bluegreen Timeshare Loans exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>7.00</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">6.75</u></font>%<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>,</strike></font>&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or</u></font> (2) the Bluegreen Securitized Portfolio Three Month Rolling Average Delinquency Ratio of
              all Timeshare Loans included in the Bluegreen Securitized Portfolio exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>7.00%</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">6.75% and (b) as of any Distribution Date</u></font>, (<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">1</u></font>) the Average Default Ratio of all Pledged Timeshare Loans that are Bluegreen Timeshare Loans exceeds 1.00%, or (<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>4</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">2</u></font>) the Bluegreen Securitized Portfolio Three Month Rolling Average Default Ratio
              of all Timeshare Loans included in the Bluegreen Securitized Portfolio exceeds 1.00%.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Resort</u></font>&#8221; means any resort listed on Schedule VIII to this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Securitized Portfolio</u></font>&#8221; means on or after January 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) originated by Bluegreen, (B) which are serviced by the Bluegreen Subservicer or the Servicer and (C) 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) 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 17, 2024).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Securitized Portfolio Default Level</u></font>&#8221; 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 for which the related seller has exercised its option, if any, to repurchase or substitute pursuant to the related transaction documents) minus (B) 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) the aggregate Timeshare Loan Balance of all Timeshare Loans in the Bluegreen Securitized Portfolio
              on the last day of such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Securitized Portfolio Delinquency Level</u></font>&#8221; means, for any Collection
              Period, the quotient (expressed as a percentage), computed by dividing (i) 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) the aggregate Timeshare Loan Balance of all
              Timeshare Loans in the Bluegreen Securitized Portfolio on the last day of such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Securitized Portfolio Three Month Rolling Average Default Ratio</u></font>&#8221; 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<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>; </strike></font><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(255, 0, 0);"><strike>provided</strike></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>
                  that, (i) the &#8220;Bluegreen Securitized Portfolio Three Month Rolling Average Default Ratio&#8221; for the first Distribution Date following the Amendment No. 3 Effective Date shall be the Bluegreen Securitized Portfolio Default Level determined
                  for the Collection Period immediately preceding such Distribution Date and (ii) the &#8220;Bluegreen Securitized Portfolio Three Month Rolling Average Default Ratio&#8221; for the second Distribution Date following the Amendment No. 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.</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Securitized Portfolio Three Month Rolling Average Delinquency Ratio</u></font>&#8221;
              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<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>; </strike></font><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(255, 0, 0);"><strike>provided</strike></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> that, (i) the &#8220;Bluegreen Securitized Portfolio Three Month Rolling Average Delinquency Ratio&#8221; for the first Distribution Date following the Amendment No. 3 Effective Date shall be the Bluegreen Securitized Portfolio
                  Delinquency Level determined for the Collection Period immediately preceding such Distribution Date and (ii) the &#8220;Bluegreen Securitized Portfolio Three Month Rolling Average Delinquency Ratio&#8221; for the second Distribution Date following
                  the Amendment No. 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.</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Subservicer</u></font>&#8221; means Bluegreen and any successor or assignee thereof.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Bluegreen Timeshare Loan</u></font>&#8221; means a Timeshare Loan originated by <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">the </u></font>Bluegreen<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">
                  Originator</u></font>.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrower</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrower Information</u></font>&#8221; has the meaning specified in Section 10.12(b) hereof.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrower Obligations</u></font>&#8221; 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).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrower Redesignation</u></font>&#8221; means a request, appropriately completed, substantially
              in the form of Exhibit H to the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrower Representatives</u></font>&#8221; has the meaning specified in Section 10.12(a) hereof.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrowing</u></font>&#8221; means a borrowing of Loans under this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrowing Base</u></font>&#8221; means, on any date of determination, (a) the lesser of (i) the
              product of 90% and the aggregate Timeshare Loan Balances of all Eligible Timeshare Loans on such date and (ii) the sum of the Collateral Values of all Eligible Timeshare Loans on such date, <font style="font-family: 'Times New Roman'; font-style: italic;">minus</font> (b) 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 Sixty-Day Delinquent Timeshare Loan or a Defaulted Timeshare Loan on the Applicable Measurement Date will be zero.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrowing Base Deficiency</u></font>&#8221; 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 (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) the Borrowing Base on such date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">9</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrowing Date</u></font>&#8221; has the meaning specified in Section 2.02(a)(i).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Borrowing Request</u></font>&#8221; has the meaning specified in Section 2.02(a)(i).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>BRE 2019-A Securitization</u></font>&#8221; means the securitization transaction pursuant to that
              certain Indenture, dated as of April 10, 2019, by and between BRE Grand Islander Timeshare Issuer 2019-A LLC and Computershare Trust Company, N.A., as the same may be amended from time to time, and all timeshare loans included in the
              collateral thereunder.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;BRE Ace&#8221; means BRE Ace LLC, a Delaware
                  limited liability company.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;BRE Ace Assignment and Distribution
                  Agreement&#8221; means that Assignment and Distribution Agreement, dated as of the Amendment No. 5 Effective Date, between BRE Ace and HRC Islander.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Business Da</u></font>y&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>BVC Assignment and Distribution Agreement</u></font>&#8221; means that certain Assignment and
              Distribution Agreement, dated as of the Amendment No. 3 Effective Date, between Bluegreen and Woodbridge.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>BVHC Assignment and Distribution Agreement</u></font>&#8221; means that certain Assignment and
              Distribution Agreement, dated as of the Amendment No. 3 Effective Date, between Bluegreen Holding and HGV Borrower.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Cabo Azul Resort&#8221; means the Diamond Resort
                  referred to as &#8220;Cabo Azul Resort&#8221; on Schedule VI to this Agreement.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Capital Lease Obligations</u></font>&#8221; 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,&#160; the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Cease and Desist Timeshare Loan</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Change of Control</u></font>&#8221; means the occurrence of any of the following: (i) any Person
              or &#8220;group&#8221; (within the meaning of Rules 13d-3 and 13d-5 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 &#8220;group&#8221; on a fully diluted basis of the voting rights represented by the Equity
              Interests of HGVI, (ii) HGVI shall cease to own, directly or indirectly, 100% of the issued and outstanding Equity Interests of HGV Borrower or the Diamond Subservicer, (iii) HGV Borrower shall cease to directly own 100% of the issued and
              outstanding Equity Interests of the Seller, Bluegreen Holding or DRH, (iv) 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, (vi) Bluegreen Holding shall cease to directly own 100% of the issued and outstanding Equity Interests of Woodbridge, (vii) Woodridge shall cease to directly own 100%
              of the issued and outstanding Equity Interests of Bluegreen, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>and </strike></font>(viii<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">) HRC Islander shall cease to directly own 100% of the issued and outstanding Equity Interests of BRE Ace, (ix) BRE Ace shall cease to directly own 100% of the issued and outstanding Equity Interests of
                  LV Tower Issuer, (x) LV Tower Issuer shall cease to directly own 100% of the issued and outstanding Equity Interests of LV Tower and (xi</u></font>) 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.</div>
            <div style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Club</u></font>&#8221; shall mean the Bluegreen Vacation Club Trust formed pursuant to the Club
              Trust Agreement doing business as Bluegreen Vacation Club.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Club Loan</u></font>&#8221; shall mean a timeshare loan originated by Bluegreen financing the
              purchase of the related Timeshare Property secured by a Mortgage on such Timeshare Property.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Club Managing Entity</u></font>&#8221; shall mean Bluegreen Resorts Management, Inc., a Delaware
              corporation, in its capacity as manager of the Club and owner of the Club&#8217;s reservation system, and its permitted successors and assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Club Property</u></font>&#8221; shall mean the related Timeshare Properties, Owner Beneficiary
              Rights and Vacation Points.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Club Trust Agreement</u></font>&#8221; shall mean, collectively, that certain Bluegreen Vacation
              Club Trust Agreement, dated as of May 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Club Trustee</u></font>&#8221; shall mean Vacation Trust, Inc., a Florida corporation, in its
              capacity as trustee under the Club Trust Agreement, and its permitted successors and assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Code</u></font>&#8221; means the Internal Revenue Code of 1986, as amended.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Collateral</u></font>&#8221; has the meaning set forth in Section 2.13.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Collateral Value</u></font>&#8221; means, for any Eligible Timeshare Loan, on any date of
              determination, the product of (i) the Timeshare Loan Balance of such Eligible Timeshare Loan on such date and (ii) (a) the &#8220;Advance Rate&#8221; 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&#174; score shall be the highest FICO&#174; score obtained by the Seller in conjunction with the origination of the Timeshare Loan) minus (b)(1) if such Eligible Timeshare Loan is an Eligible Bluegreen
              Timeshare Loan having an original term to stated maturity greater than one hundred twenty (120) months, the Bluegreen Advance Rate Reduction, (2) if such Eligible Timeshare Loan is an Eligible Diamond Timeshare Loan having an original term to
              stated maturity greater than one hundred twenty (120) months, the Diamond Advance Rate Reduction or (3) otherwise, 0:</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">11</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <table cellspacing="0" cellpadding="0" id="zad8db83bfa8646bf819b5e3d636cbda7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 26.89%; vertical-align: top;">
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><u><font style="font-family: 'Times New Roman';">HRC Timeshare Loan</font></u></div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top;">
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><u>HRC Timeshare</u></div>
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><u> Loan Advance</u></div>
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><u> Rate</u></div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';"><u>Bluegreen/Diamond</u></div>
                    <div style="text-align: justify; font-family: 'Times New Roman';"><u> Timeshare Loan</u></div>
                  </td>
                  <td style="width: 22.43%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><u>Bluegreen Timeshare</u></div>
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><u> Loans Advance Rate</u></div>
                  </td>
                  <td style="width: 13.05%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><u>Diamond Timeshare</u></div>
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><u> Loan</u></div>
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><u>Advance Rate</u></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">FICO&#174; score of 775 or higher:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top;">
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">100.00%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">FICO&#174; score of 800 or higher</div>
                  </td>
                  <td style="width: 22.43%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">97.00%</div>
                  </td>
                  <td style="width: 13.05%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">100.00%</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">FICO&#174; score of 750-774:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">97.50%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">FICO&#174; score of 750-799:</div>
                  </td>
                  <td style="width: 22.43%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>95.00</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">91.00</u></font>%</div>
                  </td>
                  <td style="width: 13.05%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
                      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>100.00</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">96.00</u></font>%</div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">FICO&#174; score of 725-749:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">97.50%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">FICO&#174; score of 700-749:</div>
                  </td>
                  <td style="width: 22.43%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
                      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>80.00</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">78.00</u></font>%</div>
                    </div>
                  </td>
                  <td style="width: 13.05%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>82.00</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">80.00</u></font>%</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">FICO&#174; score of 700-724:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">97.50%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">FICO&#174; score of 650-699:</div>
                  </td>
                  <td style="width: 22.43%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">60.00%</div>
                  </td>
                  <td style="width: 13.05%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
                      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>60.00</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">62.50</u></font>%</div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">FICO&#174; score of 675-699:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">83.00%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">FICO&#174; score of 600-649:</div>
                  </td>
                  <td style="width: 22.43%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
                      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>40.00</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">35.00</u></font>%</div>
                    </div>
                  </td>
                  <td style="width: 13.05%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
                      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike>42.00</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">46.00</u></font>%</div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">FICO&#174; score of 650-674:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">59.00%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: left; font-family: 'Times New Roman';">Eligible Foreign Obligor:</div>
                  </td>
                  <td style="width: 22.43%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">20.00%</div>
                  </td>
                  <td style="width: 13.05%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: left; font-family: 'Times New Roman';">80.50%</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: left; font-family: 'Times New Roman';">FICO&#174; score of 625-649:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">52.00%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Domestic Obligor - no FICO&#174; score:</div>
                  </td>
                  <td style="width: 22.43%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: left; font-family: 'Times New Roman';">20.00%</div>
                  </td>
                  <td style="width: 13.05%; vertical-align: top;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">80.50%</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">FICO&#174; score of 600-624:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">30.00%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 22.43%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 13.05%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Eligible Foreign Obligor (Japan):</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">99.00%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 22.43%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 13.05%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Eligible Foreign Obligor (Non-Japan):</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">97.50%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 22.43%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 13.05%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                </tr>
                <tr>
                  <td style="width: 26.89%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">Domestic Obligor - no FICO&#174; score:</div>
                  </td>
                  <td style="width: 15.13%; vertical-align: top; font-size: 10pt;">
                    <div style="text-align: justify; font-family: 'Times New Roman';">83.00%</div>
                  </td>
                  <td style="width: 22.5%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 22.43%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 13.05%; vertical-align: top; font-size: 10pt;"><br>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">For purposes of calculating the Collateral Value on any date of determination, (i) the Timeshare Loan Balance on such date of any Eligible
              Timeshare Loan that was an Over Sixty-Day Delinquent Timeshare Loan or a Defaulted Timeshare Loan on the Applicable Measurement Date will be zero, (ii) 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 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Collection Account</u></font>&#8221; has the meaning set forth in Section
              2.16(a).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Collection Account Bank</u></font>&#8221; means the financial institution at which the Collection
              Account is maintained.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Collection Association</u></font>&#8221; means any of U.S. Collection Members Association, Hawaii
              Collection Members Association, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>or </strike></font>Diamond Resorts California Collection Members Association, Inc.<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> or Cabo Azul Vacation Plan Owners Association</u></font>, each a non-profit members association for the related Resort Collection.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Collection Period</u></font>&#8221; means each calendar month, and the Collection Period for any
              Distribution Date means the prior calendar month.</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Collection Policy</u></font>&#8221; means (i) the collection policies of the Servicer (or the
                Approved Subservicer) a copy of which as in effect on the Amendment No. <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">5</u></font> Effective Date is attached as Exhibit A-3, as modified from time to time in accordance with the terms of the Servicing Agreement or (ii) if GVS is not the Servicer, the collection policies
                and, if applicable, practices of the successor Servicer and/or any subservicer used by the successor Servicer.</div>
            </div>
            <div style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">12</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Collections</u></font>&#8221; 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)&#160; 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 or Timeshare Loan related
              to the Craigendarroch Resort shall not constitute Collections.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Commercial Paper</u></font>&#8221; means the short term promissory notes issued by a Conduit
              Lender in the commercial paper market.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Commitment</u></font>&#8221; 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&#8217;s &#8220;Commitment&#8221;, in each case as such
              amount may be (i) 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) reduced or increased pursuant to Section 2.03.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Commitment Termination Date</u></font>&#8221; means <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>November 16</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">May 19</u></font>, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>2026</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">2028</u></font>, as such date may be extended from time to time pursuant to Section 2.07.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Committed Lender</u></font>&#8221; means, as to any Lender Group, each of the financial
              institutions listed on Schedule II as a &#8220;Committed Lender&#8221; for such Lender Group, together with its respective successors and permitted assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Computershare Trust Company, N.A.</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Computershare Fee Letter</u></font>&#8221; means that certain schedule of fees dated May 18, 2021,
              executed by the Borrower in favor of Computershare Trust Company, N.A.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Conduit Lender</u></font>&#8221; means, collectively, the Persons identified as &#8220;Conduit Lenders&#8221;
              on Schedule II and their respective successors and permitted assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Conduit Lending Limit</u></font>&#8221; 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 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Conforming Changes</u></font>&#8221; 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 &#8220;Alternative Rate&#8221;, &#8220;SOFR&#8221;, &#8220;Daily SOFR&#8221; and &#8220;Interest Period&#8221;, 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 &#8220;Business Day&#8221; and &#8220;U.S. Government Securities Business Day&#8221;, 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).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">13</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Connection Taxes</u></font>&#8221; 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).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Consolidated EBITDA</u></font>&#8221; shall have the meaning assigned to it in the HGV Credit
              Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Consolidated Tangible Net Worth</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Contract Rate</u></font>&#8221; means, with respect to a Timeshare Loan, the annual rate in effect
              at which interest accrues under the related Obligor Note.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>CP Rate</u></font>&#8221; means, with respect to any Conduit Lender on any day, the per annum rate
              equivalent to the sum of (a) the Used Fee Rate <font style="font-family: 'Times New Roman';"><u>plus</u></font> (b) 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 a Loan (or portion thereof) on such day; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>,
              that if the amount calculated pursuant to this clause (b) shall be less than 0.15%, such amount shall be deemed to be 0.15% for the purposes of this Agreement; <font style="font-family: 'Times New Roman'; font-style: italic;">provided,
                further</font>, that if any component of any such rate is a discount rate, in calculating the &#8220;CP Rate&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Craigendarroch Resort</u></font>&#8221; means the HRC Resort referred to as &#8220;Craigendarroch
              Suites, a Hilton Grand Vacations Club&#8221; on <font style="font-family: 'Times New Roman';"><u>Schedule V</u></font> to this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Credit Policy</u></font>&#8221; means (i) with respect to any HRC Timeshare Loan, the credit
              policies and practices of the Seller as in effect on the Amendment No. <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>2</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">5</u></font> Effective Date<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> (unless with respect to an HRC Timeshare Loan originated prior to such
                  date, in which case, as in effect at such time of origination) </u></font>, a copy of which is attached as Exhibit A-1 hereto; provided that for the avoidance of doubt, any HRC Timeshare Loan that is a Grand Islander <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Timeshare Loan or an Elara Timeshare </u></font>Loan will be originated by the Grand Islander Originator<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> or the Elara Originator, as applicable</u></font>, (ii) with respect to any Bluegreen Timeshare Loan, the credit policies and practices of Bluegreen, as in effect on
              the Amendment No. <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">5</u></font> Effective
              Date<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> (unless with respect to Bluegreen Timeshare Loan originated prior to such date, in which case, as in effect at such time of
                  origination)</u></font>, a copy of which is attached as Exhibit A-4&#160; hereto and (iii) with respect to any Diamond Timeshare Loan, the credit policies and practices of DRC, as in effect on the Amendment No. <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>2</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">5</u></font> Effective Date<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> (unless with respect to a Diamond Timeshare Loan originated prior to such date, in which case, as in effect at such time of origination)</u></font>, a copy of which is
              attached as Exhibit A-2&#160; hereto, each as modified from time to time in accordance with the terms of the Sale and Contribution Agreement and other Facility Documents.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">14</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Credit Card Account</u></font>&#8221; means an arrangement whereby an Obligor makes payments under
              a Pledged Timeshare Loan via pre-authorized debit to a Major Credit Card.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Cure Amount</u></font>&#8221; has the meaning set forth in Section 7.02(a).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Cure Right</u></font>&#8221; has the meaning set forth in Section 7.02(a).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Custody Agreement</u></font>&#8221; means the Amended and Restated Custody Agreement, dated as of
              the Restatement Date, among the Borrower, the Servicer, the Custodian and the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Custodial Fees</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Custodial Receipt</u></font>&#8221; has the meaning ascribed to such term in Section 4 of the
              Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Custodian</u></font>&#8221; means Computershare Trust Company, N.A., and its successors and
              permitted assigns under the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Cutoff Date</u></font>&#8221; means, for any Timeshare Loan, as identified in the related
              Assignment.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Cutoff Date Loan Balance</u></font>&#8221; means, with respect to any Transferred Timeshare Loan,
              the Timeshare Loan Balance of such Timeshare Loan on the Cutoff Date for such Timeshare Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Daily SOFR</u></font>&#8221; means the rate per annum equal to SOFR determined for any day
              pursuant to the definition thereof.<font style="font-family: 'Times New Roman';">&#160;</font>Any change in Daily SOFR shall be effective from and including the date of such change without further notice.&#160; If the rate as so determined would be
              less than zero, such rate shall be deemed to be zero for purposes of this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Daily SOFR Loan</u></font>&#8221; means a Loan that bears interest at a rate based on Daily SOFR.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Daily SOFR Screen Rate</u></font>&#8221;<font style="font-family: 'Times New Roman';">&#160;</font>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).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Debit/Credit Card Payments&#8221; means <font style="font-family: 'Times New Roman';">pre-authorized debits from a deposit of an Obligor pursuant
                to a PAC or from a credit card of such Obligor pursuant to a Credit Card Account.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Default</u></font>&#8221; means any event which, with the giving of notice or lapse of time or
              both, would constitute an Event of Default.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">15</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Default Ratio</u></font>&#8221; means, for any Collection Period and with respect to the Diamond
              Timeshare Loans, the Bluegreen Timeshare Loans or the HRC Timeshare Loans, as applicable, the ratio, expressed as a percentage, computed by dividing (i) the aggregate Timeshare Loan Balances of all such Diamond Timeshare Loans, Bluegreen
              Timeshare Loans 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) the aggregate Timeshare Loan
              Balances of all such Diamond Timeshare Loans, Bluegreen Timeshare Loans or HRC Timeshare Loans, as applicable, on the last day of such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Defaulted Timeshare Loan</u></font>&#8221; means a Timeshare Loan: (i) 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 one-hundred twenty (120) days from the original due date for such payment, (ii) which the Servicer has deemed uncollectible, (iii)
              which has been written off in the normal course of the Servicer&#8217;s business prior to becoming the number of days past due under clause (i) hereof, or which otherwise should be written off pursuant to the requirements of the <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">applicable </u></font>Collection Policy, (iv) 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 deed-in-lieu of foreclosure, (v) 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 <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">applicable </u></font>Collection Policy, or (vi) as to which the Servicer has
              received notice that the Obligor thereof is subject to an Event of Bankruptcy.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Defaulting Committed Lender</u></font>&#8221; means any Committed Lender that, as determined by
              the Administrative Agent: (a) has failed to fund any of its obligations to make Loans within three (3) Business Days of the date required to be funded by it hereunder, (b) 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) has, or has a direct or
              indirect parent company that has, become subject to an Event of Bankruptcy; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font> 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Deficiency</u></font>&#8221; means, with respect to any Timeshare Loan File, (i) the failure of
              one or more Specified Documents contained therein to be fully executed, where applicable, (ii) 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) one or more Specified Documents contained therein are mutilated, damaged, torn or otherwise physically altered, (iv) the absence from a Timeshare Loan File of any Specified Document required to be contained in such Timeshare Loan File
              or (v) any discrepancies described in Section 4(a) of the Custody Agreement. An Absence of Recorded Mortgage 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 shall not constitute a Deficiency.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Delayed Funding Amount</u></font>&#8221; has the meaning specified in Section
              2.02(e).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Delayed Funding Date</u></font>&#8221; has the meaning specified in Section
              2.02(e).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">16</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Delayed Funding Representation</u></font>&#8221; has the meaning specified in Section 2.02(e).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Delinquency Ratio</u></font>&#8221; means, for any Collection Period and with respect to the
              Diamond Timeshare Loans, the Bluegreen Timeshare Loans or the HRC Timeshare Loans, as applicable, the ratio, expressed as a percentage, computed by dividing (i) the aggregate Timeshare Loan Balances of all such Diamond Timeshare Loans,
              Bluegreen Timeshare Loans or HRC Timeshare Loans, as applicable,&#160; that were Over Sixty-Day 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 Sixty-Day
              Delinquent Timeshare Loan) by (ii) the aggregate Timeshare Loan Balances of all such Diamond Timeshare Loans, Bluegreen Timeshare Loans or HRC Timeshare Loans, as applicable,&#160; as of the last day of such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Delinquent Timeshare Loan</u></font>&#8221; means a Timeshare Loan which is not a Defaulted
              Timeshare Loan and (x) 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) days from the original due date for such payment or (y) which, consistent with the <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">applicable </u></font>Collection Policy, has been or should be classified as delinquent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Designated Delayed Funding Amount</u></font>&#8221; has the meaning set forth in Section 2.02(e).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Designated Delay Funding Lender</u></font>&#8221; has the meaning specified in Section 2.02(e).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Determination Date</u></font>&#8221; means the third (3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) Business Day prior to each Distribution Date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Develope</u></font>r&#8221; shall mean Bluegreen Vacations Unlimited, Inc., a Florida corporation,
              and its permitted successors and assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Advance Rate Reduction</u></font>&#8221; means, as of any date of determination, 10.00%.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Lockbox</u></font>&#8221; means any post office box maintained by the Diamond Lockbox
              Account Bank for the purpose of receiving payments on Timeshare Loans, including Collections.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Lockbox Account</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Lockbox Account Bank</u></font>&#8221; means Wells Fargo Bank, N.A. or another Qualified
              Institution selected by the Servicer at which to maintain the Lockbox Account.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Lockbox Account Control Agreement</u></font>&#8221; means the Deposit Account Control
              Agreement, dated as of August 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Originator</u></font>&#8221; means each entity listed as such on Schedule VII to this
              Agreement as an originator and an entity within the &#8220;Diamond&#8221; group.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">17</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Performance Trigger Event</u></font>&#8221; means, <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(a) </u></font>as of any Distribution Date<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> (other than any
                  Distribution Date occurring during a Securitization Holiday Period)</u></font>, (1) the Average Delinquency Ratio of all Pledged Timeshare Loans that are Diamond Timeshare Loans exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>6.50</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">6.25</u></font>%<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>,</strike></font>&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or</u></font> (2) the Diamond Securitized Portfolio Three Month Rolling Average Delinquency Ratio of all Timeshare Loans included in the
              Diamond Securitized Portfolio exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>6.50%</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">6.25%
                  and (b) as of any Distribution Date</u></font>, (<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">1</u></font>) the Average Default Ratio of all Pledged Timeshare Loans that are Diamond Timeshare Loans exceeds 0.50%, or (<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>4</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">2</u></font>) the Diamond Securitized Portfolio Three Month Rolling Average Default Ratio of all Timeshare Loans included in the Diamond
              Securitized Portfolio exceeds 0.50%.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Resort</u></font>&#8221; means any resort listed on Schedule VI to this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Securitized Portfolio</u></font>&#8221; means on or after August 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) originated by a Diamond Originator thereof, (B) which are serviced by the Diamond Subservicer or the Servicer and (C) 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, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>(i) </strike></font>any timeshare loans included in the HRC Securitized Portfolio or the Bluegreen Securitized Portfolio<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> and (ii) any timeshare loans included in any term securitizations the closing date of which is prior to August 2, 2021)</strike></font>.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Securitized Portfolio Default Level</u></font>&#8221; 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) 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) the aggregate Timeshare Loan Balance of all Timeshare Loans in the Diamond Securitized Portfolio on
              the last day of such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Securitized Portfolio Delinquency Level</u></font>&#8221; means, for any Collection
              Period, the quotient (expressed as a percentage), computed by dividing (i) 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 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) the aggregate Timeshare Loan Balance of all
              Timeshare Loans in the Diamond Securitized Portfolio on the last day of such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Securitized Portfolio Three Month Rolling Average Default Ratio</u></font>&#8221; 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<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>; </strike></font><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(255, 0, 0);"><strike>provided</strike></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>
                  that, (i) the &#8220;Diamond Securitized Portfolio Three Month Rolling Average Default Ratio&#8221; 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) the &#8220;Diamond Securitized Portfolio Three Month Rolling Average Default Ratio&#8221; 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.</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">18</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Securitized Portfolio Three Month Rolling Average Delinquency Ratio</u></font>&#8221;
              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<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>; </strike></font><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(255, 0, 0);"><strike>provided</strike></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>
                  that, (i) the &#8220;Diamond Securitized Portfolio Three Month Rolling Average Delinquency Ratio&#8221; 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) the &#8220;Diamond Securitized Portfolio Three Month Rolling Average Delinquency Ratio&#8221; 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.</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Subservicer</u></font>&#8221; means GVRS and any successor or assignee thereof.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Diamond Timeshare Loan</u></font>&#8221; means a Timeshare Loan originated by a Diamond
              Originator.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Distribution Date</u></font>&#8221; means, with respect to a Collection Period, the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>25</strike></font><sup style="color: #FF0000; vertical-align: text-top; line-height: 1; font-size: smaller;"><strike>th</strike></sup><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">26</u></font><sup style="color: #0000FF; vertical-align: text-top; line-height: 1; font-size: smaller;"><u style="border-bottom: 1px solid;">th</u></sup> day of the
              calendar month immediately following such Collection Period (or, if such day is not a Business Day, the next succeeding Business Day).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>DocuSign</u></font>&#8221; means DocuSign Inc., a Washington corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>DocuSign Agreement</u></font>&#8221; means that certain Order Form, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>dated as of April 27, 2023, </strike></font>between the Seller and DocuSign, specifying an order start date of <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>April
                  30, 2023</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">July 31, 2024</u></font> and an order end date of <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>April 29</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">July 30</u></font>, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>2026</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">2027</u></font>.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>DocuSign System</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Dodd-Frank Act</u></font>&#8221; means the Dodd-Frank Wall Street Reform and Consumer Protection
              Act and any successor statute.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Dollars</u></font>&#8221; and &#8220;<font style="font-family: 'Times New Roman';"><u>$</u></font>&#8221; each
              mean the lawful currency of the United States of America.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Domestic Obligor</u></font>&#8221; 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
              (including Guam)<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> and</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,</u></font> the United
              States Virgin Islands<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> or any of the other territories of the United States</u></font>) or Canada.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>DRC</u></font>&#8221; Diamond Resorts Corporation, a Maryland corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>DRH</u></font>&#8221; Diamond Resorts Holdings, LLC, a Nevada limited liability company.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>E-Vault Access Agreement</u></font>&#8221; has the meaning set forth in the Electronic Collateral
              Control Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>EEA Financial Institution</u></font>&#8221; means (a) any credit institution or investment firm
              established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or
              (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>EEA Member Country</u></font>&#8221; means any of the member states of the European Union,
                Iceland, Liechtenstein, and Norway.</div>
            </div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">19</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>EEA Resolution Authority</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Elara Originator&#8221; means LV Tower.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Elara Securitizations&#8221; means each of (i)
                  the securitization transaction pursuant to that certain Indenture, dated as of August 20, 2019, by and between Elara HGV Timeshare Issuer 2019-A LLC and Computershare Trust Company, N.A., (ii) the securitization transaction pursuant to
                  that certain Indenture, dated as of October 21, 2021, by and between Elara HGV Timeshare Issuer 2021-A LLC and Computershare Trust Company, N.A., (iii) the securitization transaction pursuant to that certain Indenture, dated as of October
                  5, 2023, by and between Elara HGV Timeshare Issuer 2023-A LLC and Computershare Trust Company, N.A., and (iv) the securitization transaction pursuant to that certain Indenture, dated as of September 18, 2025, by and between Elara HGV
                  Timeshare Issuer 2025-A LLC and Computershare Trust Company, N.A., in each case as the same may be amended from time to time, and all timeshare loans included in the collateral thereunder.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Elara Timeshare Loan&#8221; means a Timeshare
                  Loan originated by the Elara Originator.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Electronic Chattel Paper</u></font>&#8221; means, as applicable, (a) &#8220;electronic chattel paper&#8221; as
              defined in Section 9-102 of the UCC, or (b) an &#8220;electronic copy of a record evidencing chattel paper&#8221; within the meaning as such terms are used in Sections 9-105 and 9-314A of the UCC, to the extent the jurisdiction of such chattel paper is a
              Revised UCC Jurisdiction under Section 9-306A of the UCC.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Electronic Collateral Control Agreement</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Electronic Document</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Electronic Loan Document</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Electronic Obligor Note</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>&#8220;Eligible Bluegreen Timeshare Loan</u></font><font style="font-size: 10pt;">&#8221;
                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 I-D titled &#8220;Representations and Warranties of Bluegreen Timeshare Loans<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> with respect to Club Loans</strike></font>&#8221; hereto was true and correct as of the Cutoff Date for such Pledged Timeshare Loan.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>&#8220;Eligible Diamond Timeshare Loan</u></font><font style="font-size: 10pt;">&#8221;
                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 I-C titled &#8220;Representations and Warranties of Diamond Timeshare Loans with respect to
                Right-To-Use Loans&#8221; hereto was true and correct as of the Cutoff Date for such Pledged Timeshare Loan.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Eligible Foreign Obligor</u></font>&#8221; means a Foreign Obligor in respect of an Eligible
              Timeshare Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">20</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Eligible Hedge Counterparty</u></font>&#8221; means any entity that (a) on the date of entering
              into any Hedge Transaction (i) 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) has
              a short-term debt rating of &#8220;A-1&#8221; from S&amp;P or &#8220;P-1&#8221; from Moody&#8217;s and a long-term debt rating of &#8220;A&#8221; or higher from S&amp;P or &#8220;A2&#8221; or higher from Moody&#8217;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) 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 &#8220;BBB+&#8221; or higher from S&amp;P or
              &#8220;Baa1&#8221; or higher from Moody&#8217;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) in the applicable Hedging Agreement
              consents to the assignment of the Borrower&#8217;s rights under such Hedging Agreement to the Administrative Agent pursuant to Section 5.03(b).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Eligible HRC Timeshare Loan</u></font>&#8221; means, with respect to a Pledged Timeshare Loan,
              either (i) an HRC Timeshare Loan as to which each of the representations and warranties set forth on Schedule I-A titled &#8220;Representations and Warranties of HRC Timeshare Loans with respect to Mortgage Loans&#8221; hereto was true and correct as of
              the Cutoff Date for such Pledged Timeshare Loan or (ii) an HRC Timeshare Loan as to which each of the representations and warranties set forth on Schedule I-B titled &#8220;Representations and Warranties of HRC Timeshare Loans with respect to
              Right-To-Use Loans&#8221; hereto was true and correct as of the Cutoff Date for such Pledged Timeshare Loan</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Eligible Timeshare Loan</u></font>&#8221; means any Pledged Timeshare Loan that is an Eligible
              Diamond Timeshare Loan, an Eligible Bluegreen Timeshare Loan or an Eligible HRC Timeshare Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#8220;<font style="font-family: 'Times New Roman';"><u>Eligible Servicer</u></font>&#8221; means (i) GVS, (ii) the Backup Servicer or (iii) an entity
              which, at the time of its appointment as Servicer, (a) is legally qualified and has the capacity to service the Pledged Timeshare Loans, (b) 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) has software that is adequate to perform its duties under the Servicing Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Enforceability Exceptions</u></font>&#8221; means exceptions to the enforceability of an
              obligation arising under (i) bankruptcy, insolvency, reorganization, liquidation, fraudulent conveyance or transfer, assignment, conservatorship, moratorium or similar laws relating to or affecting creditors&#8217; rights generally, and (ii)
              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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Entitlement Order</u></font>&#8221; has the meaning set forth in Section 2.16(f).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Environmental Laws</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>eOriginal</u></font>&#8221; means eOriginal, Inc., a Delaware corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>eOriginal System</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>eOriginal System Description</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Equity Interests</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">21</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>ERISA</u></font>&#8221; means the Employee Retirement Income Security Act of 1974, or any
              successor statute.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>ERISA Affiliate</u></font>&#8221; means any corporation or trade or business that is a member of
              any group of organizations (i) described in Section 414(b) or (c) of the Code of which Borrower is a member and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of the Code and the lien
              created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code, of which Borrower is a member.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>ERISA Event</u></font>&#8221; means any one or more of the following: (a) any Reportable Event
              with respect to a Plan, as to which the PBGC has not waived under PBGC Regulation Section 4043 the requirement of Section 4043(a) of ERISA that it be notified of such event; (b) 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 4041(b) of ERISA, the filing under Section 4041(c) of ERISA of a notice of intent to terminate any Plan
              or the termination of any Plan under Section 4041(c) of ERISA; (c) 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 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (d) 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 430 of the Code or Section 303 or 4068 of ERISA, or the arising of such a lien or encumbrance; there being or arising any &#8220;unpaid minimum required contribution&#8221; or &#8220;accumulated funding deficiency&#8221;
              (as defined or otherwise set forth in Section 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 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 at-risk plan within the meaning of Section 430 of the Code or Section 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 432 of the Code or Section 305 of ERISA; (e) engaging in a non-exempt prohibited transaction within the meaning of Section 4975 of the
              Code or Section 406 of ERISA with respect to a Plan; (f) 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 305 of ERISA; (g) 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 4007 of ERISA); (h) any ERISA Affiliate ceasing operations at a facility so as to become subject to the provisions of Section
              4068(a) of ERISA, withdrawing as a substantial employer so as to become subject to the provisions of Section 4063 of ERISA or cease making contributions to any Plan subject to Section 4064(a) of ERISA to which it made contributions; or (i)
              any ERISA Affiliate incurring any liability under Section 4069 or 4212(c) of ERISA.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Errors</u></font>&#8221; has the meaning given such term in Section 5.1(g) of the Servicing
              Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>EU Bail-In Legislation Schedule</u></font>&#8221; means the EU Bail-In Legislation Schedule
              published by the Loan Market Association (or any successor Person), as in effect from time to time.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>EU Securitization Regulation</u></font>&#8221; means Regulation (EU) 2017/2402 of the European
              Parliament and of the Council of 12 December 2017.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">22</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>EU Securitization Rules</u></font>&#8221; means (i) the EU Securitization Regulation<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> as supplemented by any applicable</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, (ii) all</u></font>
              regulatory technical standards <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>or</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">and</u></font>
              implementing technical standards <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>from time to time and (ii) to the extent informing the interpretation thereof,</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">in relation thereto, (iii)</u></font> 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 (<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>iii</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">iv</u></font>)
              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,<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> in each case as amended, supplemented or replaced from time to time</u></font>.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Eurocurrency Liabilities</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Event of Bankruptcy</u></font>&#8221; means, with respect to any Person:</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman';">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</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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) such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60)
                  consecutive days or (B) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Event of Default</u></font>&#8221; has the meaning assigned to that term in Section 7.01.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Excess Concentration Amount</u></font>&#8221; means, on any date of determination, the sum
              (without duplication) of the following amounts:</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the amount by which the
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            <div style="font-size: 10pt;">&#160;</div>
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                  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></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">23</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the amount by which the
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                  Balances on such date of all Eligible Diamond Timeshare Loans on the Applicable Measurement Date;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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            <div style="font-size: 10pt;">&#160;</div>
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            <div style="font-size: 10pt;">&#160;</div>
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            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the amount by which the
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            <div style="font-size: 10pt;">&#160;</div>
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            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the amount by which the
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            <div style="font-size: 10pt;">&#160;</div>
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            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">24</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
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                  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) 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></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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
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            <div style="font-size: 10pt;">&#160;</div>
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            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174; </sup>scores below 750 at the time of origination on the Applicable Measurement Date exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>85.00</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">80.00</u></font>% of the aggregate
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            <div style="font-size: 10pt;">&#160;</div>
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                  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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> scores at the time of origination or from Obligors with a FICO&#174; score below
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            <div style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">25</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> scores at the time of origination or from Obligors with a FICO<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>
                  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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> scores at the time of origination or from Obligors with a FICO<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>
                  score below 750 at the time of origination on the Applicable Measurement Date exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>70.00</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">65.00</u></font>% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans on the Applicable Measurement Date;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the amount by which the
                  aggregate Timeshare Loan Balances on such date 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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                  aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans that are NELO Loans on the Applicable Measurement Date exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>25.00</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">15.00</u></font>% of the aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans on the Applicable
                  Measurement Date;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(z)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>10.00</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">12.50</u></font>% of the aggregate Timeshare Loan Balances on such date of all
                  Eligible Bluegreen Timeshare Loans on the Applicable Measurement Date;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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                  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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(bb)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> score of all
                  Obligors of Eligible HRC Timeshare Loans to be greater than or equal to 700 on the Applicable Measurement Date;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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                  aggregate Timeshare Loan Balances on such date of all Eligible Bluegreen Timeshare Loans having original terms greater than 120 months exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>5.00</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">4.00</u></font>% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement
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            <div style="font-size: 10pt;">&#160;</div>
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                  aggregate Timeshare Loan Balances on such date of all Eligible Diamond Timeshare Loans having original terms greater than 120 months exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>10.00</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">4.00</u></font>% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement
                  Date; and</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ee)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <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 original terms greater than 120 months exceeds 15.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the
                  Applicable Measurement Date.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">26</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Excess Spread Percentage&#8221;</u></font> means for any Distribution Date, the percentage
              equivalent of a fraction, (i) 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) for such Distribution Date, 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) 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 Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Excluded Information&#8221; has the meaning
                  specified in Section 10.12(b).</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Excluded Taxes</u></font>&#8221; 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) 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) any branch profits Taxes imposed by the United States or any similar Taxes imposed by any other jurisdiction described in clause (a) above or in which the Borrower is located; (c) 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) such Lender acquires such interest in
              the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.12, amounts with respect to
              such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office; (d) Taxes attributable to such Affected Party&#8217;s failure to
              comply with Section 2.12(c); and (e) any Taxes imposed pursuant to or as a result of FATCA.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Extending Lenders</u></font>&#8221; has the meaning specified in Section 2.07.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Face Amount</u></font>&#8221; means in relation to any Commercial Paper (a) if issued on a
              discount basis, the face amount stated therein and (b) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Facility Documents</u></font>&#8221; 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 Bluegreen Clearing Account Control Agreement,
              the HRC Clearing Account Control Agreement, each Assignment, the New Clearing Account Control Agreement, the Electronic Collateral Control Agreement and all other agreements, documents and instruments delivered pursuant thereto or in
              connection therewith.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Facility Limit</u></font>&#8221; 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 10.04, any increase or reduction by the Borrower pursuant to Section 2.03 or any assignment
              pursuant to Section 10.03.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>FAS 166/167 Capital Guidelines</u></font>&#8221; means the final rule, titled &#8220;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&#8221;, adopted
              December 15, 2009, by the United States bank regulatory agencies.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">27</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>FATCA</u></font>&#8221; 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 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;FCA&#8221; means the UK Financial Conduct
                  Authority.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;FCA Handbook&#8221; means the handbook of rules
                  and guidance adopted by the FCA.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Federal Funds Rate</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Fee Letter</u></font>&#8221; means the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Ninth</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Tenth</u></font> Amended and Restated Fee Letter, dated the Amendment No. <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">5</u></font> Effective Date, by and among the
              Administrative Agent, the Managing Agents, the Committed Lenders and the Borrower.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Final Collection Date</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Fiscal Quarter</u></font>&#8221; means a fiscal quarter of any Fiscal Year.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Fiscal Year</u></font>&#8221; means the fiscal year of the Seller and its Subsidiaries ending on
              December 31 of each calendar year.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Foreign Obligor</u></font>&#8221; means an Obligor that is not a Domestic Obligor.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;FSMA&#8221; means the Financial Services and
                  Markets Act 2000.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Funding Delay Notice</u></font>&#8221; has the meaning specified in Section 2.02(e).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>GAAP</u></font>&#8221; means generally accepted accounting principles as in effect in the United
              States of America from time to time, consistently applied.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment</u></font>&#8221; means each of the Global Assignment (Borrower), Global
              Assignment (Grand Islander), Global Assignment (Grand Islander Parent), Global Assignment (HRC Islander), Global Assignment (Kupono), Global Assignment (Seller), Global Assignment (Bluegreen)<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, Global Assignment (BRE Ace), Global Assignment (LV Tower), Global Assignment (LV Tower Issuer)</u></font> and each Assignment of Mortgage.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">28</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (Bluegreen)</u></font>&#8221; means each of the Global Assignment (BVC),
                Global Assignment (Bluegreen Holding), Global Assignment (Woodbridge) and Global Assignment (HGV Borrower).</div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (Bluegreen Holding)</u></font>&#8221; means a Global Assignment of Mortgages and
              Timeshare Loan Files and Power of Attorney, made by Bluegreen Holding in favor of the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (Borrower)</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Global Assignment (BRE Ace)&#8221; means a
                  Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by BRE Ace in favor of the Administrative Agent.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (BVC)&#8221;</u></font> means a Global Assignment of Mortgages and Timeshare
              Loan Files and Power of Attorney, made by Bluegreen in favor of the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (Grand Islander)</u></font>&#8221; means each Global Assignment of Mortgages and
              Timeshare Loan Files and Power of Attorney, made by Grand Islander in favor of the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (Grand Islander Parent)</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (HGV Borrower)</u></font>&#8221; means a Global Assignment of Mortgages and
              Timeshare Loan Files and Power of Attorney, made by HGV Borrower in favor of the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (HRC Islander)</u></font>&#8221; means a Global Assignment of Mortgages and
              Timeshare Loan Files and Power of Attorney, made by HRC Islander in favor of the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (Kupono)</u></font>&#8221; means a Global Assignment of Mortgages and Timeshare
              Loan Files and Power of Attorney, made by Kupono in favor of the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Global Assignment (LV Tower)&#8221; means a
                  Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by LV Tower in favor of the Administrative Agent.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Global Assignment (LV Tower Issuer)&#8221; means
                  a Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, made by LV Tower Issuer in favor of the Administrative Agent.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (Seller)</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Global Assignment (Woodbridge)</u></font>&#8221; means a Global Assignment of Mortgages and
              Timeshare Loan Files and Power of Attorney, made by Woodbridge in favor of the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Governmental Authority</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">29</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Governmental Plan Entity</u></font>&#8221; means a &#8220;governmental plan&#8221; within the meaning of
              Section 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 406 of ERISA or Section 4975 of the Code.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Governmental Rule</u></font>&#8221; means any law, rule, regulation, ordinance, order, code
              interpretation, treaty, judgment, decree, directive, guidelines, policy or similar form of decision of any Governmental Authority.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Grand Islander</u></font>&#8221; means BRE Grand Islander LLC, a Delaware limited liability
              company.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Grand Islander Assignment Agreement</u></font>&#8221; means that Assignment and Distribution
              Agreement, dated as of the Amendment No. 2 Effective Date, between Grand Islander and Grand Islander Parent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Grand Islander Originator</u></font>&#8221; means Grand Islander.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Grand Islander Parent</u></font>&#8221; means BRE Grand Islander Parent LLC, a Delaware limited
              liability company.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Grand Islander Parent Assignment Agreement</u></font>&#8221; means that Assignment and
              Distribution Agreement, dated as of the Amendment No. 2 Effective Date, between Grand Islander Parent and HRC.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Grand Islander Timeshare Loan</u></font>&#8221; means a Timeshare Loan originated by the Grand
              Islander Originator.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Guarantee</u></font>&#8221; 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).&#160; 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.&#160; The terms &#8220;Guarantee&#8221;
              and &#8220;Guaranteed&#8221; used as verbs shall have correlative meanings.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>GVRS</u></font>&#8221; means Grand Vacations Resorts Services, Inc., a Nevada corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>GVS</u></font>&#8221; means Grand Vacations Services LLC, a Delaware limited liability company and
              its successors and permitted assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Amortization Schedule</u></font>&#8221; means the amortization schedule prepared from time
              to time by the Administrative Agent in accordance with Section 5.03(b) based on (i) the timeshare loan data file prepared by the Servicer for the Administrative Agent pursuant to Section 5.03(b) and (ii) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">30</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Breakage Costs</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Collateral</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Counterparty</u></font>&#8221; means any Person that has entered into a Hedge Transaction.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Purchase Event</u></font>&#8221; has the meaning given to such term in <font style="font-family: 'Times New Roman';"><u>Section 5.03(a)</u></font>.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Receipts</u></font>&#8221; means all amounts received by the Borrower pursuant to a Hedging
              Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Reserve Account</u></font>&#8221; has the meaning given to such term in <font style="font-family: 'Times New Roman';"><u>Section 2.16(k)</u></font>.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Reserve Account Bank</u></font>&#8221; means the financial institution at which the Hedge
              Reserve Account is maintained.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Reserve Account Required Balance</u></font>&#8221; means, (i) 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) for all other dates, $0.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Reserve Amounts</u></font>&#8221; means the amounts deposited in the Hedge Reserve Account.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Reserve Option</u></font>&#8221; means the Borrower&#8217;s revocable election to deposit Hedge
              Reserve Amounts to fund the Hedge Reserve Account in lieu of providing Hedging Agreements pursuant to Section 5.03(c) hereof.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedge Transaction</u></font>&#8221; means each transaction between the Borrower and a Person
              entered into pursuant to Section 5.03(b) and governed by a Hedging Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedging Agreement</u></font>&#8221; means each agreement between the Borrower and Hedge
              Counterparty which governs one or more Hedge Transactions entered into pursuant to Section 5.03(b), which agreement shall be an interest rate cap or interest rate swap and shall consist of a &#8220;Master Agreement&#8221; in a form published by the
              International Swaps and Derivatives Association, Inc., together with a &#8220;Schedule&#8221; thereto and each &#8220;Confirmation&#8221; thereunder confirming the specific terms of each such Hedge Transaction.</div>
            <div style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">31</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedging Period</u></font>&#8221; means, at any time the Aggregate Loan Principal Balance is
              greater than $0, each period (i) as of any date on which the Ramp-Up 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) shall not be tested unless the Aggregate Loan Principal Balance is greater than $0 for three (3) consecutive Collection
              Periods), (ii) as of any date on which the Ramp-Up Period is not in effect, commencing on a Distribution Date on which the Excess Spread Percentage on such Distribution Date is less than <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>6.25</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">7.25</u></font>%, and ending on the next Distribution Date on which the Excess Spread
              Percentage is greater than or equal to <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>6.25</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">7.25</u></font>%,&#160;
              (iii) during the occurrence and continuance of an Event of Default and (iv) commencing upon the occurrence of the Commitment Termination Date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Hedging Requirements</u></font>&#8221; has the meaning set forth in Section 5.03.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HGV Borrower</u></font>&#8221; means Hilton Grand Vacations Borrower LLC, a Delaware limited
              liability company.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HGV Borrower Purchase Agreement</u></font>&#8221; means that certain Purchase Agreement, dated as
              of the Restatement Date, between HGV Borrower, as seller and Seller, as purchaser.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HGV Credit Agreement</u></font>&#8221; means the credit agreement, dated as of August 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 <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>January 17</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">April 11</u></font>, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>2024</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">2025</u></font>, without giving effect to
              any amendment, restatement, supplement or other modification thereto or any replacement thereof after such date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HGV Financial Covenants</u></font>&#8221; means each financial maintenance covenant contained in
              Section 7.11 of the HGV Credit Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HGVClub</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HGVI</u></font>&#8221; means Hilton Grand Vacations Inc., a Delaware corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HGV Omnibus Distribution and Assignment Agreement</u></font>&#8221; means that certain Omnibus
              Distribution and Assignment Agreement, dated as of the Restatement Date, among DRC, DRH, and HGV Borrower.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC</u></font>&#8221; means Hilton Resorts Corporation, a Delaware corporation and its successors
              and permitted assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Clearing Account</u></font>&#8221; means the depositary account identified as such on <font style="font-family: 'Times New Roman';"><u>Exhibit E</u></font> into which Collections are collected or deposited.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Clearing Account Bank</u></font>&#8221; means the financial institution at which each of the
              HRC Clearing Account, the HRC Lockbox and the Unidentified Receipts Account is maintained. As of the Original Closing Date, the HRC Clearing Account Bank is Bank of America, N.A.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Clearing Account Control Agreement</u></font>&#8221; means the Clearing Account Control
              Agreement, dated as of the Original Closing Date, among the Borrower, the HRC Clearing Account Bank and the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Islander</u></font>&#8221; means HRC Islander LLC, a Delaware limited liability company.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">32</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Islander Assignment Agreement</u></font>&#8221; means that Amended and Restated Assignment and
              Distribution Agreement dated as of April 27, 2022, by and among HRC Islander, as assignor, and the Seller, as assignee.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Lockbox</u></font>&#8221; means any post office box maintained by the HRC Clearing Account
              Bank for the purpose of receiving payments on Timeshare Loans, including Collections.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Originator</u></font>&#8221; means each entity listed as such on Schedule VII to this
              Agreement as an originator and an entity within the &#8220;HRC&#8221; group.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Performance Trigger Event</u></font>&#8221; means, <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(a) </u></font>as of any Distribution Date<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> (other than any
                  Distribution Date occurring during a Securitization Holiday Period)</u></font>, (1) the Average Delinquency Ratio of all Pledged Timeshare Loans that are HRC Timeshare Loans exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3.50</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">4.00</u></font>%<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>,</strike></font>&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or</u></font> (2) the HRC Securitized Portfolio Three Month Rolling Average Delinquency Ratio of all Timeshare Loans included in the HRC
              Securitized Portfolio exceeds <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3.50%</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">4.00%
                  and (b) as of any Distribution Date</u></font>, (<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">1</u></font>) the Average Default Ratio of all Pledged Timeshare Loans that are HRC Timeshare Loans exceeds 1.00%, or (<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>4</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">2</u></font>) the HRC Securitized Portfolio Three Month Rolling Average Default Ratio of all Timeshare Loans included in the HRC Securitized
              Portfolio exceeds 1.00%.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Resort</u></font>&#8221; means any resort listed on Schedule V to this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Securitized Portfolio</u></font>&#8221; means, as of any date (including as of any prior
              Distribution Dates on or after April 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) originated by HRC or a Subsidiary thereof, (B) which are serviced by the Servicer and (C) 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, (i) any timeshare loans included in the
              Diamond Securitized Portfolio or the Bluegreen Securitized Portfolio<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> and</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,</u></font> (ii) any timeshare loans included in the BRE 2019-A Securitization<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> and (iii) any
                  timeshare loans included in the Elara Securitizations</u></font>).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Securitized Portfolio Default Level</u></font>&#8221; 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) 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) the aggregate Timeshare Loan Balance of all HRC Timeshare Loans in the HRC Securitized Portfolio on the last
              day of such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Securitized Portfolio Delinquency Level</u></font>&#8221; means, for any Collection Period,
              the quotient (expressed as a percentage), computed by dividing (i) 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) the aggregate Timeshare Loan Balance of all HRC Timeshare
              Loans in the HRC Securitized Portfolio on the last day of such Collection Period.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">33</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Securitized Portfolio Three Month Rolling Average Default Ratio</u></font>&#8221; means, for
              any Distribution Date, the average of the HRC Securitized Portfolio Default Levels for the immediately preceding three Collection Periods.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Securitized Portfolio Three Month Rolling Average Delinquency Ratio</u></font>&#8221; means,
              for any Distribution Date, the average of the HRC Securitized Portfolio Delinquency Levels for the immediately preceding three Collection Periods.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>HRC Timeshare Loan</u></font>&#8221; means a Timeshare Loan originated by an HRC Originator.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Indebtedness</u></font>&#8221; means, for any Person: (a) 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) 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) 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) Capital Lease Obligations of such Person; (f) obligations of such Person under repurchase agreements or like arrangements; (g) Indebtedness of others Guaranteed by such Person; and (h) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Indemnified Amount</u></font>&#8221; has the meaning set forth in Section 8.01.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Indemnified Party</u></font>&#8221; has the meaning set forth in Section 8.01.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Indemnified Taxes</u></font>&#8221; means (a) 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) to the extent not otherwise described in clause (a), Other Taxes.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Independent Director</u></font>&#8221; 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) 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) 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) any member of the immediate family of a person described in (i) or (ii), <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(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) has at least three years of employment 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</font>.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Individual Domestic Obligor</u></font>&#8221; means a Domestic Obligor that is an individual.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">34</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Initial Borrowing</u></font>&#8221; means the first Borrowing made pursuant to this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Initial Transfer Date</u></font>&#8221; means the date on which the Initial Transfer occurs.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Initial Transfer</u></font>&#8221; means the first Transfer made pursuant to the Sale and
              Contribution Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Insurance Proceeds</u></font>&#8221; means (i) proceeds of any insurance policy, including
              property insurance policies, casualty insurance policies and title insurance policies and (ii) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Intercreditor Agreement</u></font>&#8221; means the Intercreditor Agreement, dated as of August 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Interest</u></font>&#8221; means, for any Loan and any Interest Period, the sum for each day
              during such Interest Period of the following:</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">IR x PA/CB</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">where:</div>
            <div style="font-size: 10pt;">&#160;
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z27419154ab754bb694007d69d9425a0b">

                  <tr>
                    <td style="width: 72pt; font-size: 10pt;"><br>
                    </td>
                    <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">IR</font><font style="font-size: 10pt;"><br>
                      </font></td>
                    <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">=</font><font style="font-size: 10pt;"><br>
                      </font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">the Interest Rate for such Loan for such
                          day.</font></font></td>
                  </tr>

              </table>
            </div>
            <div style="font-size: 10pt;"> <br>
            </div>
            <div style="font-size: 10pt;">
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zf0ad6eb959f34d3db4dff1441821dd90">

                  <tr>
                    <td style="width: 72pt; font-size: 10pt;"><br>
                    </td>
                    <td style="width: 36pt; vertical-align: top;">
                      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">PA</font></div>
                    </td>
                    <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">=</font><font style="font-size: 10pt;"><br>
                      </font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">the Principal Amount of such Loan on such
                          day.</font></font></td>
                  </tr>

              </table>
            </div>
            <div style="text-align: justify;">
              <div>
                <div> <br>
                </div>
                <table cellspacing="0" cellpadding="0" id="z97ae38e9b5fb4c1097dd22b05560b6e0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 72pt; font-size: 10pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">CB</font><font style="font-size: 10pt;"><br>
                        </font></td>
                      <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">=</font><font style="font-size: 10pt;"> <br>
                        </font></td>
                      <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">(i) in the case of a Loan, the Interest Rate for which is based on the Prime Rate, 365 and (ii) in the case of any
                        other Loan, 360.</td>
                    </tr>

                </table>
              </div>
            </div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Interest Period</u></font>&#8221; means, for any Distribution Date, the period from and including
              the Distribution Date preceding such Distribution Date to, but excluding, such Distribution Date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Interest Rate</u></font>&#8221; means, with respect to any Loan on any day (i) 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) otherwise, the Alternative Rate; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font>
              for both clause (i) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Invested Percentage</u></font>&#8221; means, for a Lender on any day, the percentage equivalent of
              (i) the sum of (a) the portion of the Aggregate Loan Principal Balance (if any) funded by such Lender on or prior to such day, plus (b) 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) 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) the Aggregate Loan Principal Balance on such day.&#160; With respect to a Lender Group, &#8220;Invested Percentage&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">35</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Investment Company Act</u></font>&#8221; means the Investment Company Act of 1940, as amended.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>IRS</u></font>&#8221; means the Internal Revenue Service of the United States of America.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Joinder Agreemen</u></font>t&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Kupono</u></font>&#8221; means Kupono Partners LLC, a Hawaiian limited liability company.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Kupono Assignment Agreement</u></font>&#8221; means that Assignment and Distribution Agreement,
              dated as of the Restatement Date, between Kupono and HRC.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>La Pacifica Resort</u></font>&#8221; means the HRC Resort referred to as &#8220;La Pacifica Los Cabos, a
              Hilton Club&#8221; on Schedule V to this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>La Pension Resort</u></font>&#8221; means the Bluegreen Resort referred to as &#8220;Bluegreen Club La
              Pension.&#8221;</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Law</u></font>&#8221; means any law (including common law), constitution, statute, treaty,
              regulation, rule, ordinance, order, injunction, writ, decree or award of any Governmental Authority.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Lender</u></font>&#8221; means any Conduit Lender or Committed Lender, as applicable, and
              &#8220;Lenders&#8221; means, collectively, the Conduit Lenders and the Committed Lenders.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Lender Group</u></font>&#8221; means any Managing Agent and its related Conduit Lenders, if any,
              and Committed Lenders.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Lender Group Limit</u></font>&#8221; 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 10.03, as such amount may be reduced in accordance with Section 2.03(a) or increased in accordance with Section
              2.03(b), except that, for a Non-Extending Lender Group, the Lender Group Limit shall be reduced to zero on the Commitment Termination Date of such Lender Group.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Lender Group Percentage</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Lender Representatives</u></font>&#8221; has the meaning specified in Section 10.12(b).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>&#8220;Lien</u></font><font style="font-size: 10pt;">&#8221; 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.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Liquidation</u></font>&#8221; means, with respect to a Pledged Timeshare Loan that is a Defaulted
              Timeshare Loan, the sale or compulsory disposition of the related Timeshare Interest, following foreclosure, termination, cancelation or other enforcement action or the taking of a deed-in-lieu 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">36</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Liquidation Expenses</u></font>&#8221; means, with respect to a Defaulted Timeshare Loan, other
              than a Defaulted Timeshare Loan related to the Barbados <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Resort, the Cabo Azul </u></font>Resort, the La Pacifica Resort and the
              Craigendarroch Resort, the out-of-pocket expenses (exclusive of overhead expenses) incurred by the Servicer in connection with the Liquidation of the Timeshare Interest related to 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 2.2(c) of the Servicing Agreement to remarket and dispose of the related Timeshare Interest, reasonable out-of-pocket
              fees of external legal counsel and any deed in lieu of foreclosure, foreclosure, cancelation or termination and other repossession expenses incurred by the Servicer or the Seller, any Affiliate of the Seller or of any other Person engaged by
              the Servicer pursuant to Section 2.2(c) of the Servicing Agreement 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 the Timeshare Interest related to such Defaulted Timeshare Loan (including any assessed timeshare association fees and real estate taxes); <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>, that in each case, any fees and expenses included in the &#8220;Liquidation Expenses&#8221; must be commercially reasonable and incurred in accordance with the Servicing
              Standard.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Liquidation Fee</u></font>&#8221; 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 2.05(a), and for the Interest Period during which such Loan was prepaid, the amount, if any, by which (i) 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) the income, if any, received by such Lender from the investment of the proceeds of
              such reduction.&#160; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Liquidation Proceeds</u></font>&#8221; means with respect to the Liquidation of the Timeshare
              Interest related to any Defaulted Timeshare Loan, other than a Defaulted Timeshare Loan related to the Barbados <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Resort, the Cabo Azul </u></font>Resort,
              the La Pacifica Resort or the Craigendarroch 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Liquidity Agreement</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Liquidity Provider</u></font>&#8221; means any of the financial institutions from time to time
              party to any Liquidity Agreement with a Conduit Lender.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Loan</u></font>&#8221; means a loan made to the Borrower pursuant to Article II.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Local Counsel Opinion</u></font>&#8221; has the meaning ascribed to such term in the definition of
              "Local Counsel Opinion Requirement".</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Local Counsel Opinion Requirement</u></font>&#8221; means the delivery of an Opinion of Counsel
              addressed to the Administrative Agent (each, a "<font style="font-family: 'Times New Roman';"><u>Local Counsel Opinion</u></font>") in form and substance satisfactory to the Administrative Agent which opine as to each relevant Transaction
              Parties compliance with a Required Local Counsel Jurisdiction&#8217;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.</div>
            <div style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">37</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: left; font-size: 10pt;">
              <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;LV Tower&#8221; means LV Tower 52, LLC, a
                    Delaware limited liability company.</u></font></div>
              <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;"> <br>
                  </u></font></div>

            </div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;LV Tower Assignment and
                  Distribution Agreement&#8221; means that Assignment and Distribution Agreement, dated as of the Amendment No. 5 Effective Date, between LV Tower and LV Tower Issuer.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;LV Tower Issuer&#8221; means LV Tower 52 Issuer,
                  LLC, a Delaware limited liability company.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;LV Tower Issuer Assignment and
                  Distribution Agreement&#8221; means that Assignment and Distribution Agreement, dated as of the Amendment No. 5 Effective Date, between LV Tower Issuer and BRE Ace.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Major Credit Card</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Majority Managing Agents</u></font>&#8221; means (i) at any time prior to the Amortization Date,
              Managing Agents whose Lender Group Limits together equal or exceed 66 2/3 percent (66 2/3%) of the Facility Limit at such time or (ii) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#8220;<font style="font-family: 'Times New Roman';"><u>Management Stockholders</u></font>&#8221; means the members of management of HGVI or any of its
              Subsidiaries who are investors in HGVI.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Managing Agent</u></font>&#8221; means, as to any Conduit Lender or Committed Lender, the Person
              listed on Schedule II as the &#8220;Managing Agent&#8221; for such Lenders, together with its respective successors and permitted assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Master Transfer Agreement</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Material Adverse Effect</u></font>&#8221; means, with respect to a Person and any event or
              circumstance, a material adverse effect on (a) the property, business or financial condition of such Person, (b) 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) the validity or enforceability in all material respects of any of the Facility Documents to which it is a party, (d) the material rights and remedies of the Lenders under any of the Facility Documents, (e) 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) the collectibility of the Pledged Timeshare Loans generally or of any material portion of the Pledged Timeshare Loans.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Maturity Date</u></font>&#8221; means the earlier of (a) the Distribution Date occurring in the
              twelfth (12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) month after the occurrence of the Amortization Date under clause (i) or (iii) of the definition thereof and (b) the date of the declaration or
              automatic occurrence of the Amortization Date pursuant to Section 7.03.</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">38</font></div>
              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Maximum Interest Rate Per Annum</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Miscellaneous Payments</u></font>&#8221; means, with respect to the Pledged Timeshare Loans, any
              amounts received from or on behalf of the related Obligors representing (A) 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 and (B) the VAT Repayment Fee.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Monthly Loan Tape</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Monthly Principal Payment Amount</u></font>&#8221; means on any Distribution Date (i) 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) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Monthly Report</u></font>&#8221; 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 3.3 of the Servicing Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Moody&#8217;s</u></font>&#8221; means Moody&#8217;s Investors Service, Inc., and its successors.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Mortgage</u></font>&#8221; means, (i) with respect to a Mortgage Loan, the mortgage, deed of trust
              or other act or instrument creating a first priority lien on the related Timeshare Property securing such Mortgage Loan, or a copy thereof certified by the applicable recording office or (ii)<font style="font-family: 'Times New Roman';">&#160;</font>with








              respect to 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 Timeshare Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Mortgage Loan</u></font>&#8221; means a timeshare loan financing the purchase of the related
              Timeshare Property secured by a Mortgage on such Timeshare Property and that is not a Club Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Multiemployer Plan</u></font>&#8221; means a &#8220;multiemployer plan&#8221; as defined in Section 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>NELO Loan</u></font>&#8221; means any Bluegreen Timeshare Loan where (i) the Obligor is an
              existing owner of the related Timeshare Property (the &#8220;Existing Timeshare Property&#8221;), (ii) such Obligor&#8217;s Existing Timeshare Property has been paid-in-full (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) each paid-in-full Existing Timeshare Property only provides equity to one NELO Loan, (iv) the Borrower has established a verification process to
              confirm the Existing Timeshare Property is paid-in-full and provided sufficient paid-in-equity, and (v) such verification process adheres to all applicable laws, regulatory guidelines and related requirements.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>New Clearing Account</u></font>&#8221; means, with respect to a Timeshare Loan, the depositary
              account into which Collections on such Timeshare Loan may be collected or deposited on or after the related Account Restructuring Obligor Notification Date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">39</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>New Clearing Account Bank</u></font>&#8221; means the financial institution at which each of the
              New Clearing Account and the New Lockbox is maintained.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>New Clearing Account Control Agreement</u></font>&#8221; means the Clearing Account Control
              Agreement, among the Borrower or the Servicer, the New Clearing Account Bank and the Administrative Agent, in form and substance acceptable to the Administrative Agent in its sole discretion .</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>New Lockbox</u></font>&#8221; means any post office box maintained by the New Clearing Account
              Bank for the purpose of receiving payments on Timeshare Loans, including Collections.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Non-Extending Lender</u></font>&#8221; means each Lender that is not an Extending Lender.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Non-Extending Lender Group</u></font>&#8221; means each Lender Group as to which at least one
              member is a Non-Extending Lender.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Notice of Exclusive Control</u></font>&#8221; has the meaning specified in Section 2.16.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Notice of Purchase</u></font>&#8221; means a fully executed Notice of Purchase in the form of
              Exhibit F to the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Obligor</u></font>&#8221; means a Person obligated to make payments under a Timeshare Loan,
              including any guarantor thereof.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Obligor Information</u></font>&#8221; has the meaning specified in Section 10.12(c).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Obligor Note</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Obligor Note Date</u></font>&#8221; means the creation date of the related Obligor Note listed at
              the top</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">thereof.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>OFAC</u></font>&#8221; means the U.S. Department of the Treasury&#8217;s Office of Foreign Assets
              Control.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Official Body</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Opinion of Counsel</u></font>&#8221; means a written opinion of external counsel, in each case,
              reasonably acceptable to the addressees thereof.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Original Borrowing Date</u></font>&#8221; has the meaning specified in Section 2.02(e).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Original Closing Date</u></font>&#8221; means May 9, 2013.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Other Fees</u></font>&#8221; means amounts owed by the Borrower hereunder pursuant to Sections
              2.09, 2.10, 2.11, 2.12, 8.01 and 10.10.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Over Sixty-Day Delinquent Timeshare Loan</u></font>&#8221; 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) days from the original due date for such payment.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">40</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Over Sixty-Day Delinquent Timeshare Loan/Defaulted Timeshare Loan</u></font>&#8221; means an Over
              Sixty-Day Delinquent Timeshare Loan or a Defaulted Timeshare Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Owner Beneficiary</u></font>&#8221; shall have the meaning specified in the Club Trust Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Owner Beneficiary Rights</u></font>&#8221; shall mean the beneficial rights provided to an Owner
              Beneficiary under the Club Trust Agreement, which include as an appurtenance thereto, Vacation Points.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>PAC</u></font>&#8221; means an arrangement whereby an Obligor makes payments under a Pledged
              Timeshare Loan via pre-authorized debit.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Parent</u></font>&#8221; means HGVI.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Participant</u></font>&#8221; has the meaning specified in Section 10.03(f).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Participant Register</u></font>&#8221; has the meaning specified in Section 10.03(f).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Paying Agent</u></font>&#8221; means Computershare Trust Company, N.A. or any other Person
              acceptable to the Majority Managing Agents.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Paying Agent Fee</u></font>&#8221; means, for any Collection Period, the paying agent fees as set
              forth in the Computershare Fee Letter.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>PBGC</u></font>&#8221; means the Pension Benefit Guaranty Corporation or any entity succeeding to
              any or all of its functions under ERISA.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Performance Guaranty</u></font>&#8221; means that certain <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Third</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Fourth</u></font> Amended and Restated Performance Guaranty, dated as of
              the Amendment No. <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>3</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">5</u></font> Effective
              Date, by the Performance Guarantor in favor of the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Performance Guarantor</u></font>&#8221; means, as of the Amendment No. 2 Effective Date, HGV
              Borrower.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Permitted Holders</u></font>&#8221; means the Management Stockholders.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Permitted Investments</u></font>&#8221; means:</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">federal
                  funds, certificates of deposit, time deposits, bankers&#8217; acceptances (which shall each have an original maturity of not more than ninety (90) days and, in the case of bankers&#8217; 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; <font style="font-family: 'Times New Roman';"><u>provided</u></font>, 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">41</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">commercial
                  paper (having original maturities of not more than thirty (30) days) of any corporation incorporated under the laws of the United States or any state thereof which is rated A-1 or better by S&amp;P and P-1 by Moody&#8217;s on the date of
                  acquisition thereof;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">securities
                  of money market funds rated AA or better by S&amp;P and Aa or better by Moody&#8217;s on the date of acquisition thereof; or</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">repurchase
                  obligations secured by an investment described in clause (a) above with a market value greater than the repurchase obligation, <font style="font-family: 'Times New Roman'; font-style: italic;">provided that</font> 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 P-1 by Moody&#8217;s and at
                  least A-1 by S&amp;P on the date of acquisition thereof.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Each of the Permitted Investments may be purchased by the Paying Agent or through an Affiliate of the Paying Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Permitted Liens</u></font>&#8221; means any of the following: (a) Liens for taxes and assessments
              (i) which are not yet due and payable or (ii) 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) 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) in respect of any Timeshare Property or
              Right-to-Use Interest, (i) the Lien of a Mortgage (in the case of a Mortgage Loan or a Club Loan) or in connection with a Right-to-Use Loan, (ii) the lien of current real property taxes, maintenance fees, ground rents, water charges, sewer
              rents and assessments not yet due and payable, (iii) with respect to Timeshare Property related to Club Loans, materialmen&#8217;s, warehousemen&#8217;s, mechanic&#8217;s and other Liens arising by operation of law in the ordinary course of business for sums
              not due, (iv) 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
              Right-to-Use Interest or the security intended to be provided by the related Mortgage (in the case of a Mortgage Loan or a Club Loan) or security interest granted under the related Right-to-Use Loan, as applicable, or with the related
              Obligor&#8217;s ability to pay his or her obligations when they become due or materially and adversely affects the value of such Timeshare Property, Club Loan or Right-to-Use Interest, (v) with respect to a Club Loan, the Obligor&#8217;s interest in the
              related Timeshare Property under such Club Loan whether pursuant to the Club Trust Agreement or otherwise, (vi) 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 and (vii) the exceptions (general and specific) set forth in the related title insurance policy or in any related lender&#8217;s title insurance commitment, 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 Right-to-Use Loan, as applicable, or with such Obligor&#8217;s ability to pay his or her obligations when they become due or
              materially and adversely affects the value of such Timeshare Property or Right-to-Use Interest.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Permitted Release</u></font>&#8221; 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 2.15.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Person</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Plan</u></font>&#8221; means an &#8220;employee pension benefit plan&#8221;, as such term is defined in
              Section 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 412 of the Code and is maintained or contributed to by the Borrower or any ERISA Affiliate
              for any of its employees.</div>
            <div style="font-size: 10pt;">&#160;</div>
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              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">42</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Pledged Timeshare Loan</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Points</u></font>&#8221; means points or a similar form of currency, whether purchased directly
              under the Right-to-Use 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) a Diamond Resort within the related Resort Collection, in the case of a Diamond Timeshare Loan or (ii) a Resort within the HGVClub, in the case of the HRC Timeshare Loans.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;PRA&#8221; means the Prudential Regulation
                  Authority of the Bank of England.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;PRA Rulebook&#8221; means the rulebook of
                  published policy of the PRA.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;PRASR&#8221; means the Securitisation Part of
                  the PRA Rulebook.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Predecessor Servicer Work Product</u></font>&#8221; has the meaning given such term in Section
              5.1(g) of the Servicing Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Prime Rate</u></font>&#8221; means, for any day, a fluctuating rate of interest per annum equal to
              the higher of: (i) a fluctuating rate of interest per annum equal to the &#8220;Prime Rate&#8221; most recently published in the Wall Street Journal and described as &#8220;the base rate on corporate loans posted by at least 75% of the nation&#8217;s 30 largest
              banks&#8221;, 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Principal Amount</u></font>&#8221; 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) payments made in accordance with Section 2.05 and (ii) Collections received by the applicable Lender holding such Loan from distributions made pursuant to Section
              2.06 that have been applied to reduce the Principal Amount of such Loan; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font> 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Pro Rata Share</u></font>&#8221; means, at any time for any Committed Lender in any Lender Group,
              (a) 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) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Processing Fees</u></font>&#8221; means any amounts due under an Obligor Note in respect of
              collection fees, processing fees, service fees, impound fees, non-sufficient funds fees or late fees.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Product Information</u></font>&#8221; has the meaning specified in Section 10.12(a).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">43</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Purchase Contract</u></font>&#8221; means the purchase contract, the purchase and security
              agreement, the purchase agreement or the owner beneficiary agreement pursuant to which an Obligor purchased a Timeshare Interest.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Purchase Price</u></font>&#8221; has the meaning set forth in Section 2.2(a) of the Sale and
              Contribution Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Qualified Institution</u></font>&#8221; means (a) 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) 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) 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) 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) (a) that has or the parent of which has, either (1) a long-term
              unsecured debt rating of &#8220;A&#8221; or higher by S&amp;P and &#8220;A2&#8221; or higher by Moody&#8217;s, or (2) a short-term unsecured debt rating of not less than &#8220;A&#8209;1&#8221; by S&amp;P and not less than &#8220;P-1&#8221; by Moody&#8217;s or (b) is otherwise acceptable to the
              Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Qualified Substitute Timeshare Loan</u></font>&#8221; means, with respect to any Timeshare Loan to
              be included as a Transferred Timeshare Loan in connection with a substitution pursuant to Section 2.7(b) or (c) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Ramp-Up Period</u></font>&#8221; 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) the 180th day following such Refinancing Date and (b) the first date on which the Aggregate Loan Principal Balance is equal to or greater than 25% of the Facility
              Limit.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Rating Agency</u></font>&#8221; means any nationally recognized statistical rating organization
              and any successor thereto.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Rating Request</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Reasonably Request</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Records</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">44</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Refinancing</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Refinancing Date</u></font>&#8221; means the date upon which a Refinancing is consummated.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Refinancing Date Certificate</u></font>&#8221; means either a certificate, substantially in the
              form attached as Annex 1-A 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 1-B 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Refinancing Release</u></font>&#8221; means a release executed pursuant to Section 2.14,
              substantially in the form of Exhibit I hereto.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Register</u></font>&#8221; has the meaning specified in Section 10.03(d).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Regulatory Authority</u></font>&#8221; has the meaning specified in Section 10.12(d).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Related Security</u></font>&#8221; means, with respect to a Timeshare Loan, (i) 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, Right-to-Use Agreement,
              Owner Beneficiary Rights, Vacation Points or otherwise, (ii) 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, 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, (iii) 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) the Purchase Contract, the Timeshare Loan File and any other agreements, documents and instruments relating to such Timeshare Loan, (v) any Timeshare Interest repossessed by the Servicer on behalf of the Borrower pursuant to the
              Servicing Agreement, (vi) all Records and (vii) all proceeds of the foregoing, other than proceeds of the related Timeshare Interest that has been foreclosed upon and remarketed and which Timeshare Interest relates to the Barbados Resort, the
              <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Cabo Azul Resort, the </u></font>La Pacifica Resort or the Craigendarroch Resort.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Relevant Governmental Body</u></font>&#8221;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#160;</font>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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Remaining Percentage</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Reportable Event</u></font>&#8221; has the meaning set forth in Section 4043 of ERISA.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">45</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Repurchase Price</u></font>&#8221; means, with respect to a Transferred Timeshare Loan to be
              repurchased by the Seller on any date pursuant to Section 2.7 of the Sale and Contribution Agreement, the Timeshare Loan Balance of such Transferred Timeshare Loan as of the Applicable Measurement Date.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Request for Release of Documents (Administrative Agent)</u></font>&#8221; means a request for
              release, appropriately completed, substantially in the form of Exhibit B to the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Request for Release of Documents (Servicer)</u></font>&#8221; means a request for release,
              appropriately completed, substantially in the form of Exhibit A-1 to the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Request for Release of Documents (Approved Subservicer)</u></font>&#8221; means a request for
              release, appropriately completed, substantially in the form of Exhibit A-2 to the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Required Data</u></font>&#8221; 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&#8217;s or Affected Party&#8217;s regulatory capital requirements.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Required Local Counsel Jurisdictions</u></font>&#8221; 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) 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, (ii) if such Pledged Timeshare Loan is an HRC Timeshare Loan, a state jurisdiction in which each related Resort is located or (iii) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Required Non-Delayed Funding Amount</u></font>&#8221; means, with respect to a Designated Delay
              Funding Lender and an Original Borrowing Date, an amount equal to the excess, if any, of (a) an amount equal to 20% of such Designated Delay Funding Lender&#8217;s Commitment as of such Original Borrowing Date over (b) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>&#8220;Required Rate</u></font><font style="font-size: 10pt;">&#8221; means, a
                percentage computed as follows: (a) 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) the then applicable Servicing Fee
                Rate, minus (c) the Used Fee Rate, minus (d) 7.25%</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Requisite Office</u></font>&#8221; means, for any Timeshare Loan, the office
              where the related Mortgage would be required to be recorded.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Resolution Authority</u></font>&#8221; means an EEA Resolution Authority or, with respect to any
              UK Financial Institution, a UK Resolution Authority.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">46</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Rescindable Amount</u></font>&#8221; has the meaning as defined in Section 2.22.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Resort</u></font>&#8221; means (i) with respect to a HRC Timeshare Loan, the related HRC Resort,
              (ii) with respect to a Bluegreen Timeshare Loan, the related Bluegreen Resort and (iii) with respect to a Diamond Timeshare Loan, the related Diamond Resort.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Resort Association</u></font>&#8221; means (i) with respect to any HRC Timeshare Loan and the
              related Resort, any of the resort associations listed on Schedule V to this Agreement (ii) with respect to any Bluegreen Timeshare Loan and the related Resort, any of the resort associations listed on Schedule VIII to this Agreement and (iii)
              with respect to any Diamond Timeshare Loan and the related Resort, any of the resort associations listed on Schedule VI to this Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Resort Association Instruments</u></font>&#8221; means, with respect to any Resort Association,
              the &#8220;Declaration&#8221;, &#8220;Articles of Incorporation&#8221;, &#8220;By-Laws&#8221;, &#8220;Trust Agreements&#8221;, &#8220;Regulations&#8221;, &#8220;Register of Members&#8221; and any other document or instrument which defines or governs the Resort Association.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Resort Collection</u></font>&#8221; means U.S. Collection, Hawaii Collection, Diamond Resorts
              California Collection<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> or Cabo Azul Resort</u></font>, 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).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Resort Collection Instruments</u></font>&#8221; means, with respect to any Resort Collection, the
              &#8220;Declaration&#8221;, &#8220;Articles of Incorporation&#8221;, &#8220;By-Laws&#8221;, &#8220;Trust Agreements&#8221;, &#8220;Regulations&#8221;, &#8220;Register of Members&#8221; and any other document or instrument which defines or governs the Resort Collection.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Responsible Officer</u></font>&#8221; 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; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font> 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&#8217;s behalf as demonstrated by a certified resolution.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Restatement Date</u></font>&#8221; means, May 3, 2022.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#8220;<u>Restricted Junior Payment</u>&#8221;</font><font style="font-size: 10pt;"> means, with respect to any Person, (i) 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) any 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) any payment of management or similar fees by such Person.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Retained Interest</u></font>&#8221; means a material net economic interest in the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>transaction</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Transaction</u></font> of not less
              than the percentage thereof required under <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(i) </u></font>the EU Securitization Rules <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>and</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or (ii)</u></font> the UK Securitization Rules (<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">whichever is highest, and </u></font>being as at the date hereof 5%) as measured at the relevant time against the aggregate Timeshare Loan Balances of all Pledged
              Timeshare Loans.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">47</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Revised UCC Jurisdiction</u></font>&#8221; means a jurisdiction that has enacted the 2022
              Amendments to the Uniform Commercial Code, which amendments are fully in effect.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Right-to-Use Agreement</u></font>&#8221; means, with respect to a Right-to-Use Loan<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>,</strike></font>&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(other than a Right-to-Use Loan related to
                  the South Mountain Resort),</u></font> collectively (A) the various instruments, including one or more Resort&#8217;s articles of association, each such Resort&#8217;s timeshare plan, each such Resort&#8217;s disclosure statement used in selling Units, any
              share purchase agreement with an Obligor associated with such Right-to-Use Loan, that among other things: (i) 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 right-to-use 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&#8217;s use or occupancy of one or more Units and the payment of a maintenance fee to the management company, and (iii) 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 Right-to-Use Interest, to reacquire any shares of such Resort&#8217;s association, and thereafter to resell the Right-to-Use Interest to another Person, (B) the related
              Vacation Interest, and (C) the related Purchase Contract.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Right-to-Use Interest</u></font>&#8221; means (i) with respect to a Right-to-Use 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 Right-to-Use 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, <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>and </strike></font>(ii) with respect with a
              Right-to-Use Loan that is a Diamond Timeshare Loan, a timeshare interest, other than a timeshare fee simple interest in real estate, or <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">a
                </u></font>membership <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">interest </u></font>in the related Collection Association, however denominated or defined in the applicable
              Right-to-Use 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<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> and (iii) with respect to a Right-to-Use Loan that is a
                  Bluegreen Timeshare Loan related to the South Mountain Resort, an undivided beneficial interest in an interval ownership trust related to the South Mountain Resort, which evidences the related owner&#8217;s right to use and occupy a Unit within
                  the South Mountain Resort for a specified period of time</u></font>, in each case of (i)<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> and</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,</u></font> (ii<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">) and (iii</u></font>), on a recurring basis, as more
              specifically described in the related Right-to-Use Agreement<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, if applicable</u></font>. A Right-to-Use Interest shall include the
              Vacation Interest and any Points.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Right-to-Use Loan</u></font>&#8221; means a Timeshare Loan that is secured by a Right-to-Use
              Interest.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>S&amp;P</u></font>&#8221; means S&amp;P Global Ratings, a Standard &amp; Poor&#8217;s Financial Services
              LLC business, and its successors.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Sale and Contribution Agreement</u></font>&#8221; means that certain Amended and Restated Sale and
              Contribution Agreement, dated as of the Restatement Date, by and between the Seller and the Borrower.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Sanctioned Country</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">48</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Sanctioned Person</u></font>&#8221; means (i) a Person named on the list of Specially Designated
              Nationals or Blocked Persons maintained by OFAC, including any Person owned 50 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 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) an
              organization controlled by a Sanctioned Country or (c) a Person ordinarily resident in a Sanctioned Country.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;SECN&#8221; means the Securitisation sourcebook
                  of the FCA Handbook.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Secured Parties</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Securities Intermediary</u></font>&#8221; has the meaning set forth in Section 2.16(b).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Securitization</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Securitization Holiday Period&#8221; means the
                  period beginning on the first day of the Collection Period immediately following the closing date of a Securitization and ending on (and including) the date that is the earlier of (a) the last day of the second Collection Period following
                  the closing date of such Securitization and (b) the first date on which the Aggregate Loan Principal Balance is equal to or greater than 25% of the Facility Limit.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Seller</u></font>&#8221; means HRC.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Seller Affiliated Manager</u></font>&#8221; means any wholly-owned Subsidiary or Affiliate of the
              Seller that manages a Resort or Resort Association.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicer</u></font>&#8221; means, at any time, the Person then authorized pursuant to the
              Servicing Agreement in such capacity.&#160; As of the date hereof, GVS is the Servicer.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicer Termination Event</u></font>&#8221; has the meaning set forth in Section 6.1 of the
              Servicing Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicing Agreement</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicing Fee</u></font>&#8221; 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) the aggregate Timeshare Loan Balance of the Pledged Timeshare Loans as of the
              last day of such Collection Period, (ii) one-twelfth and (iii) the applicable Servicing Fee Rate.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicing Fee Rate</u></font>&#8221; means (i) at all times that GVS is the Servicer, 1.15% or
              (ii) at any other time, the percentage agreed to by the applicable successor Servicer, the Borrower and the Administrative Agent.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicing Officer</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">49</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicing Standard</u></font>&#8221; has the meaning set forth in Section 2.1 of the Servicing
              Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicing Transfer</u></font>&#8221; has the meaning specified in Section 6.1 of the Servicing
              Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Servicing Transfer Date</u></font>&#8221; the date servicing will transfer to the Backup Servicer,
              which shall be a date no more than forty-five (45) calendar days after the date a Termination Notice is delivered in accordance with the terms of the Servicing Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>SignPost</u></font>&#8221; means SignPost, provided by First American Title Insurance Company, a
              Nebraska corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>SignPost Agreement</u></font>&#8221; means that certain First America Title Insurance Company
              Master Software License Agreement, dated as of February 4, 2021, between SignPost and the Seller.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>SignPost System</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Similar Law</u></font>&#8221; means state statutes regulating investments of and fiduciary
              obligations with respect to &#8220;governmental plans&#8221; within the meaning of Section 3(32) of ERISA that impose prohibitions similar to those contained in Section 406 of ERISA or Section 4975 of the Code.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>SOFR</u></font>&#8221;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#160;</font>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&#8217;s website (or any successor source); <font style="font-family: 'Times New Roman';"><u>provided</u></font> 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>SOFR Administrator</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;South Mountain Resort&#8221; means the Bluegreen
                  Resort referred to as &#8220;South Mountain Resort&#8221; on Schedule VIII to the RLA.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Special Purpose Affiliate</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Specified Documents</u></font>&#8221; means, with respect to any Timeshare Loan File, each
              document listed in the definition of &#8220;Timeshare Loan File&#8221;.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;SR 2024&#8221; means the Securitisation
                  Regulations 2024.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>State</u></font>&#8221; means any state of the United States of America or the District of
              Columbia, including Puerto Rico.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">50</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Subsidiary</u></font>&#8221; 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 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Substitution Shortfall Amount</u></font>&#8221; 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 2.7(b) or Section 2.7(c) of the Sale and Contribution Agreement, an amount equal to the excess of (i) the
              Timeshare Loan Balance of such Pledged Timeshare Loan over (ii) the Timeshare Loan Balance of such Qualified Substitute Timeshare Loan, in each case, on the related Transfer Date; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, however</font>, 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 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) the aggregate Timeshare Loan Balances of such Pledged Timeshare Loans exceeds (ii) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Successor Servicer</u></font>&#8221; has the meaning set forth in Section 5.1(e) of the Servicing
              Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Tangible Loan Document</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Tangible Obligor Note</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Taxes</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Termination Notice</u></font>&#8221; has the meaning set forth in Section 6.1 of the Servicing
              Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Interest</u></font>&#8221; means a Timeshare Property or a Right-to-Use Interest, and
              Timeshare Interest or &#8220;Timeshare Interests,&#8221; when used in the Facility Documents, means, as applicable, any Timeshare Interest that is subject to a Timeshare Loan, or all Timeshare Properties and Right-to-Use Interests that are subject to the
              Timeshare Loans, listed on Timeshare Loan Schedule, as the same may be amended from time to time.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan</u></font>&#8221; means a Mortgage Loan, a Club Loan or a Right-to-Use Loan
              financing the purchase of a Timeshare Interest.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan Assets</u></font>&#8221; means, collectively, (i) the Pledged Timeshare Loans, (ii)
              all Related Security with respect to the Pledged Timeshare Loans, (iii) all Collections and (iv) all proceeds of the foregoing, other than proceeds of the related&#160; Timeshare Interest that has been foreclosed upon and remarketed and which
              relates to the Barbados Resort, the <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Cabo Azul Resort, the </u></font>La Pacifica Resort or the Craigendarroch Resort.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">51</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan Balance</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan Documents</u></font>&#8221; means,<font style="font-family: 'Times New Roman';">&#160;</font>with









              respect to a Timeshare Loan and the related Obligor, each of the documents and other items listed under the definition of &#8220;Timeshare Loan File&#8221; and, in each case, applicable to such Timeshare Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan File</u></font>&#8221; means, individually or collectively, a Timeshare Loan File &#8211;
              HRC Timeshare Loan, a Timeshare Loan File &#8211; Grand Islander Timeshare Loan, a Timeshare Loan File &#8211; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Elara Timeshare Loan,&#160; a Timeshare
                  Loan File &#8211; </u></font>Bluegreen Timeshare Loan (Fee Simple<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">), a Timeshare Loan File &#8211; Bluegreen Timeshare Loan (South Mountain</u></font>),
              a Timeshare Loan File &#8211; Bluegreen Timeshare Loan (La Pension) and a Timeshare Loan File &#8211; Diamond Timeshare Loan.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan File &#8211; Bluegreen Timeshare Loan (Fee Simple)</u></font>&#8221; means with respect
              to each Bluegreen Timeshare Loan that does not relate to <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">the South Mountain Resort or </u></font>La Pension Resort, and each related
              Obligor:</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">an original Tangible Obligor
                  Note (or an original lost note affidavit) or an Electronic Obligor Note executed by such Obligor, endorsed as &#8220;Pay to the order of ________, without recourse, representation or warranty&#8221; (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&#8217;s signature may be computer generated);</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">(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) 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;</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">(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) if such recorded warranty deed has not yet been returned, a copy of a warranty deed sent for recording;</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">an original lender&#8217;s title
                  insurance policy or master policy (or a copy thereof) in either paper or electronic form referencing such Timeshare Loan, when available, or (ii) 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) days of the related Transfer Date for such Timeshare Loan File;</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">(h)&#160;&#160; an original or a copy of each modification agreement, if any, in either paper or electronic form which relates to (i) the Obligor Note
              or (ii) the Mortgage, as applicable, with respect to such Timeshare Loan.</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For purposes of this definition, the term &#8220;original&#8221; shall include an &#8220;Authoritative Copy&#8221; and any</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Approved Exported Timeshare Loan File.&#8221;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
            </div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">52</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan File &#8211; Bluegreen Timeshare Loan (La Pension)</u></font>&#8221; means with respect
              to each Bluegreen Timeshare Loan that relates to the La Pension Resort and each related Obligor:</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="zd27d5d925ea7478b892865791cf441ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt;">&#160;</td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(a)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">an original Tangible Obligor Note (or an original lost note affidavit) or an Electronic Obligor Note executed by such Obligor, endorsed as &#8220;Pay to the order of ________, without recourse,
                      representation or warranty&#8221; (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&#8217;s signature may be computer
                      generated);</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z70e97ab20a0c4507b6458b10b88276d2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(b)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">(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) 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;</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z58576efa78574db389070fd9591cedf1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(c)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">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;</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="zf9a10c92fe254a10948e2609c335fa43" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(d)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">(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) if such recorded warranty deed has
                      not yet been returned, a copy of a warranty deed sent for recording;</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="za2ac3865f0ae43f8bf5d31a8397d5380" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(e)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">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</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z00f8f814e80942efb8353cc9b56a932d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(f)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">an original or a copy of each modification agreement, if any, in either paper or electronic form which relates to (i) the Obligor Note or (ii) the Mortgage, as applicable, with respect to
                      such Timeshare Loan.</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For purposes of this definition, the term &#8220;original&#8221; shall include an &#8220;Authoritative Copy&#8221; and any "Approved Exported Timeshare Loan File".</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; font-size: 10pt; text-indent: 72pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Timeshare Loan File &#8211;
                    Bluegreen Timeshare Loan (South Mountain)&#8221; means with respect to each Bluegreen Timeshare Loan that relates to the South Mountain Resort and each related Obligor:</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(a)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">an original Tangible Obligor Note (or an original Lost Note Affidavit) or an Electronic Obligor Note executed by
                    such Obligor, endorsed as &#8220;Pay to the order of ________, without recourse, representation or warranty&#8221; (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&#8217;s signature may be computer generated);</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(b)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">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></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(c)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">the original or a copy of (i) the related assignment of beneficial interest in trust, (ii) the related certificate
                    of beneficial interval ownership, and (iii) the related Purchase Contract, in either paper or electronic form; and</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(d)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">an original or a copy of each modification agreement, if any, in either paper or electronic form which relates to
                    (i) the Obligor Note or (ii) the documents described in clause (c) immediately above, as applicable, with respect to such Timeshare Loan.</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">53</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 36pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">For purposes of this
                  definition, the term "original" shall include an "Authoritative Copy" and any "Approved Exported Timeshare Loan File".</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; margin-left: 18pt; font-size: 10pt; text-indent: 54pt;"><font style="font-family: 'Times New Roman';">"<font style="font-family: 'Times New Roman';"><u>Timeshare Loan File &#8211; Diamond Timeshare Loan</u></font>"
                means with respect to each Diamond Timeshare Loan and each related Obligor:</font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">an original Tangible Obligor
                  Note (or an original lost note affidavit) or an Electronic Obligor Note executed by such Obligor, endorsed in the form "Pay to the order of _____________, without recourse" (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&#8217;s signature may be computer generated);</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">an original or a copy of each
                  modification agreement, if any, in either paper or electronic format, which relates to the Obligor Note or the Purchase Contract, as applicable, with respect to such Timeshare Loan; and</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the original (if applicable)
                  related Right-to-Use Agreement and any related pledge and security agreements (or copies of such Right-to-Use Agreement and any related pledge and security agreements) 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 Right-to-Use Agreement that are not signed by the parties to the Right-to-Use Agreement (such as articles of association, a timeshare plan
                  and a public disclosure statement) even if copies of such documents have been delivered to the Custodian by the Seller.</font></font></div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For purposes of this definition, the term &#8220;original&#8221; shall include an &#8220;Authoritative Copy&#8221; and any "Approved Exported Timeshare Loan File".</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; font-size: 10pt; text-indent: 72pt;"> <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;Timeshare Loan File
                    &#8211; Elara Timeshare Loan&#8221; means with respect to each Elara Timeshare Loan and each related Obligor:</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(a)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">an original Tangible Obligor Note (or an original lost note affidavit and indemnity from the Seller) or an
                    Electronic Obligor Note executed by such Obligor, endorsed in the form &#8220;Pay to the order of ______________, without recourse&#8221; (either directly on the Obligor Note or on an allonge thereto), by an Authorized Officer of the Seller;</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(b)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">(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) 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, and the
                    delivery of such photocopy of an unrecorded Mortgage to the Custodian by the Seller shall be deemed to be a certification by the Seller that such photocopy is a true and correct copy of the original Mortgage;</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(c)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">an original lender&#8217;s title insurance policy or master policy (or a copy thereof) in either paper or electronic
                    form referencing such Timeshare Loan, when available, 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 copy is a true and correct copy of such lender&#8217;s
                    title insurance policy or master policy; and</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(d)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">an original or a copy of each modification agreement, if any, in either paper or electronic form which relates to
                    the Obligor Note or the Mortgage with respect to such Timeshare Loan, 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 copy is a true and correct copy of
                    such modification agreement.</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">54</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="font-size: 10pt;">
              <div style="text-align: justify; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">For purposes of this definition, the term &#8220;original&#8221; shall
                    include an &#8220;Authoritative Copy&#8221; and any &#8220;Approved Exported Timeshare Loan File.&#8221;</u></font></div>
            </div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="font-size: 10pt; text-indent: 72pt;"><font style="font-family: 'Times New Roman';">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan File &#8211; Grand Islander Timeshare Loan</u></font>&#8221; means with respect to each Grand
                Islander Timeshare Loan and each related Obligor:</font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="za14d364e7ed8412791bd010a3bf13ffd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(a)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">an original Tangible Obligor Note (or an original lost note affidavit) or an Electronic Obligor Note executed by such Obligor, endorsed in the form &#8220;Pay to the order of ______, without
                      recourse&#8221; (either directly on the Obligor Note or on an allonge thereto (which may be a copy)) by an Authorized Officer of the Seller (such Authorized Officer&#8217;s signature may be computer generated);</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="zb54abc3a6f2147ceb36a16564c51f715" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(b)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">(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) 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;</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z106b2938fdf544cdbc25daa4d3703068" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(c)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">an original lender&#8217;s title insurance policy or master policy (or a copy thereof) in either paper or electronic form referencing such Timeshare Loan, when available; and</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="zae1e61c8d55a441d995112ddbe6fa18e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 18pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(d)</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">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.</div>
                  </td>
                </tr>

            </table>
            <div style="text-align: justify; font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For purposes of this definition, the term &#8220;original&#8221; shall include an &#8220;Authoritative Copy&#8221; and any &#8220;Approved Exported Timeshare Loan File.&#8221;</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan File &#8211; HRC Timeshare Loan</u></font>&#8221; means with respect to each HRC
              Timeshare Loan (other than <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>the</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">any</u></font>
              Grand Islander Timeshare <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Loan</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Loans or
                  Elara Timeshare Loans</u></font>) and each related Obligor:</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; font-size: 10pt; text-indent: 45pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an original Tangible Obligor Note (or an original
                lost note affidavit) or an Electronic Obligor Note executed by such Obligor, endorsed in the form &#8220;Pay to the order of ______, without recourse&#8221; (either directly on the Obligor Note or on an allonge thereto (which may be a copy)) by an
                Authorized Officer of the Seller (such Authorized Officer&#8217;s signature may be computer generated);</font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">with respect to a Timeshare
                  Loan that is a Right-to-Use Loan, the original or a copy of the Purchase Contract in either paper or electronic form that relates to each Obligor Note, including any addenda thereto (unless such Purchase Contract is covered by clause (f)
                  below);</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">if such Timeshare Loan is a
                  Mortgage Loan, (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) 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></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">if such Timeshare Loan is a
                  Mortgage Loan, an original lender&#8217;s title insurance policy or master policy (or a copy thereof) in either paper or electronic form referencing such Timeshare Loan, when available;</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 Right-to-Use Agreement, as applicable, with respect to such Timeshare Loan;</font></font></div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <br>
                </font></font></div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">55</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">if such Timeshare Loan is a
                  Right-to Use Loan, other than with respect to the Vacation Interest covered in clause (g), the original related Right-to-Use Agreement or, if executed electronically, the Authoritative Copy (if applicable) of the related Right-to-Use
                  Agreement and any related pledge and security agreements (or copies of such Right-to-Use Agreement and pledged and security agreements) in either paper or electronic form, and, provided, however, that each Timeshare Loan File shall not
                  include any documents attached to or delivered to an Obligor with a Right-to-Use Agreement that are not signed by the parties to the Right-to-Use Agreement (such as articles of association, a timeshare plan and a public disclosure
                  statement), even if copies of such documents have been delivered to the Custodian by the Seller; and</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">if such Timeshare Loan is a
                  Right-to-Use 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 HRC Resort.</font></font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For purposes of this definition, the term &#8220;original&#8221; shall include an &#8220;Authoritative Copy&#8221; and any</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Approved Exported Timeshare Loan File.&#8221;</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan Schedule</u></font>&#8221; 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:</div>
            <div style="font-size: 10pt;"><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z6b53538dbee64da6b7cfc24c170c59e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">Loan/Contract Number</div>
                  </td>
                </tr>

            </table>
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                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
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                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
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                  </td>
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                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">Maximum Interest Rate Per Annum</div>
                  </td>
                </tr>

            </table>
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                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">Obligor Note Date</div>
                  </td>
                </tr>

            </table>
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                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">Original Loan Balance</div>
                  </td>
                </tr>

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                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">Original Term (in months)</div>
                  </td>
                </tr>

            </table>
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                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">Mortgage Loan or Right-to-Use Loan</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="zf579f7dbcb8b42e98c8f0d46e1520f58" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">Electronic or Tangible</div>
                  </td>
                </tr>

            </table>
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                <tr>
                  <td style="width: 108pt; font-size: 10pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
                    <div style="font-family: 'Times New Roman';">Type of Timeshare Loan File (BG, GI, <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">EL, </u></font>DRC, HRC<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, SMR</u></font> or LP);</div>
                  </td>
                </tr>

            </table>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">provided</font><font style="font-size: 10pt;">, that, in the case of Diamond
                Timeshare Loans originated prior to July 1, 2022, the Timeshare Loan Schedule shall not be required to identify the Contract Date or the Original Term for such Diamond Timeshare Loans.</font></div>
            <div style="font-size: 10pt;"><br>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Loan Upgrade</u></font>&#8221; has the meaning specified in Section 2.7(c)(i) of the
              Sale and Contribution Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Timeshare Property</u></font>&#8221; means (i) in the case of a Resort located in the State of New
              York and related to a Mortgage Loan, a real property interest in a Unit at such Resort, (ii) in the case of any other Resort related to a Mortgage Loan, a fee simple interest in real estate regarding a Unit or (iii) 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 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">56</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Transaction</u></font>&#8221; has the meaning specified in Section 10.12.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Transaction Parties&#8221;</u></font> means, collectively, the Borrower, the Seller, each Approved
              Diamond Transferor, HGV Borrower, HRC Islander, Kupono, Grand Islander, Grand Islander Parent, Bluegreen, Bluegreen Holding, Woodbridge, <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">LV Tower, LV Tower Issuer, BRE Ace, </u></font>so long as it is GVS or an Affiliate of GVS acting as servicer, the Servicer and any Approved Subservicer.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Transfer</u></font>&#8221; means a purchase of Eligible Timeshare Loans by the Borrower from the
              Seller pursuant to Section 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Transfer Agreement</u></font>&#8221; 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, the
              BVC Assignment and Distribution Agreement, the Woodbridge Assignment and Distribution Agreement, the BVHC Assignment and Distribution Agreement<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, the LV Tower Assignment and Distribution Agreement, the LV Tower Issuer Assignment and Distribution Agreement, the BRE Ace Assignment and Distribution Agreement</u></font> and the Sale and Contribution Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Transfer Date</u></font>&#8221; means, for the Initial Transfer, the Initial Transfer Date, and
              for any additional Transfer, the Business Day on which such Transfer occurs.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Transferred Property</u></font>&#8221; 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 the related Timeshare Interest that has been
              foreclosed upon and remarketed and which Timeshare Interest relates to the Barbados Resort, the <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Cabo Azul Resort, the </u></font>La
              Pacifica Resort or the Craigendarroch Resort.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Transferred Timeshare Loan</u></font>&#8221; means any Timeshare Loan transferred or purported to
              be transferred by the Seller to the Borrower pursuant to the Sale and Contribution Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Transition Expenses</u></font>&#8221; means any documented expenses and allocated cost of
              personnel reasonably incurred by the Backup Servicer in connection with a Servicing Transfer.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>UCC</u></font>&#8221; means the Uniform Commercial Code as from time to time in effect in the
              applicable jurisdiction.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>UETA</u></font>&#8221; means the Uniform Electronic Transactions Act as from time to time in
              effect in the applicable jurisdiction.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">&#8220;UK&#8221; means the United Kingdom of Great
                  Britain and Northern Ireland.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>UK Financial Institution</u></font>&#8221; means any BRRD Undertaking (as such term is defined <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>under</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">in</u></font> the PRA Rulebook<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority</strike></font>) or any person falling within <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>IFPRU 11.6 of the</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">the scope of the Prudential
                  sourcebook for MiFID Investment Firms (known as MIFIDPRU) of the</u></font> FCA Handbook<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> (as amended from time to time) promulgated by the United Kingdom
                  Financial Conduct Authority, which</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, and such term</u></font> includes certain credit institutions and investment
              firms, and certain affiliates of such credit institutions or investment firms.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">57</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>UK Resolution Authority</u></font>&#8221; means the Bank of England or any other public
              administrative authority having responsibility for the resolution of any UK Financial Institution.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">"<font style="font-family: 'Times New Roman';"><u>UK Securitization </u></font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><u>Regulation</u><strike>" means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 as it forms part of the domestic law of the United Kingdom as "retained EU law" by operation of the
                  European Union (Withdrawal) Act 2018 as amended (the &#8220;EUWA&#8221;) by the Securitisation (Amendment) (EU Exit) Regulations 2019 and as further amended from time to time.</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Framework" means the framework for the regulation of securitization in the UK comprising the SR 2024, the SECN, the PRASR and relevant provisions of the FSMA.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">"<font style="font-family: 'Times New Roman';"><u>UK Securitization Rules</u></font>" means <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(i) </u></font>the UK Securitization <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Regulation, together with (i) all applicable binding technical
                  standards made under the UK Securitization Regulation, (ii) 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) 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</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Framework, (ii) all relevant guidance, policy statements and directions relating to the application of the UK Securitization Framework
                  published by the FCA, the PRA and/or the UK Pensions Regulator</u></font> (or their successors)<font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike> or as part</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, (iii) any guidelines relating to the application</u></font> of the EU Securitization <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Rules.</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Regulation which are applicable in the UK, and (iv) any other applicable laws, acts, statutory instruments, rules, guidance or policy
                  statements published or enacted relating to the UK Securitization Framework, in each case as amended, supplemented or replaced from time to time.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Unhedged Aggregate Loan Principal Balance</u></font>&#8221; means, for any date of determination,
              an amount equal to the greater of (a) $0 and (b) (i) the Aggregate Loan Principal Balance minus (ii) the notional amount of the Hedging Agreements divided by 100%.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Unidentified Receipts Account</u></font>&#8221; 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 HRC Clearing Account Bank upon receipt.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Unit</u></font>&#8221; means a residential unit or dwelling at a Resort.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Unmatured Servicer Termination Event</u></font>&#8221; means any event which, with the giving of
              notice or lapse of time or both, would constitute a Servicer Termination Event.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Unused Fees</u></font>&#8221; has the meaning set forth in the Fee Letter.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>U.S. Government Securities Business Day</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>USAP</u></font>&#8221; has the meaning set forth in Section 3.5 of the Servicing Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Used Fee Rate</u></font>&#8221; has the meaning set forth in the Fee Letter.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Vacation Interest</u></font>&#8221; means the certificate or other such indicia of ownership of a
              Timeshare Interest and membership in a homeowner&#8217;s association of a Resort or a Collection Association pursuant to which the owner thereof has a license or right-to-use one or more Units at such Resort or Resort Collection.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">58</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Vacation Points</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>VAT Repayment Fee</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Volcker Rule</u></font>&#8221; means Section 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Voting Interests</u></font>&#8221; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Warehouse Vault Partition</u></font>&#8221; has the meaning set forth in the Custody Agreement.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Wells Fargo</u></font>&#8221; means Wells Fargo Bank, National Association, a national banking
              association, and its successors and assigns.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Write-Down and Conversion Powers</u></font>&#8221; means, (a) with respect to any EEA Resolution
              Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
              Legislation Schedule, and (b) with respect to the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>United Kingdom</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">UK</u></font>, any powers of the applicable Resolution Authority under the Bail-In 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 Bail-In Legislation that are related to or ancillary to any of those powers.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Woodbridge</u></font>&#8221; means Woodbridge Holdings Corporation, a Florida corporation.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Woodbridge Assignment and Distribution Agreement</u></font>&#8221; means that certain Assignment
              and&#160; Distribution Agreement, dated as of the Amendment No. 3 Effective Date, between Bluegreen Holding and Woodbridge.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 1.02.&#160; </font><font style="font-family: 'Times New Roman';"><u>Other
                  Terms and Constructions</u>.&#160; 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.&#160; 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.&#160; The words &#8220;herein,&#8221; &#8220;hereof,&#8221; and
                &#8220;hereunder&#8221; 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.&#160; 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.&#160; Each of the definitions set forth in Section 1.01 hereof shall be equally applicable to both the singular and plural forms of the defined terms.&#160; 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 &#8220;including&#8221;
                means &#8220;including without limitation.&#8221;</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">59</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 1.03.&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Computation of Time Periods.</u>&#160; 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 &#8220;from&#8221; means &#8220;from and
                including&#8221; and the words &#8220;to&#8221; and &#8220;until&#8221; each means &#8220;to but excluding.&#8221;</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 1.04.&#160; </font><font style="font-family: 'Times New Roman';"><u>Acknowledgement
                  and Consent to Bail-In 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:</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-size: 10pt; text-indent: 72pt;"><font style="font-family: 'Times New Roman';">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman';">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</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">the effects of any Bail-in
                  Action on any such liability, including, if applicable;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman';">a
                  reduction in full or in part or cancellation of any such liability;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; color: #0000FF; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">SECTION 1.05.&#160; Anti-Boycott Statute. Any
                  provision in this Agreement relating to a Sanctioned Country or a Sanctioned Person applies with respect to Deutsche Bank AG, New York Branch only to the extent they do not result in a violation of or conflict with any applicable blocking
                  or anti-boycott laws (including, without limitation, the Council Regulation (EC) No 2271/96 and/or section 7 of the German Foreign Trade and Payments Ordinance (</u><u style="border-bottom: 1px solid;">Au&#223;enwirtschaftsverordnung) (in connection with section 4 paragraph 1 no. 3 of the German Foreign Trade and Payments Act (Au&#223;enwirtschaftsgesetz))).</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE II</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">AMOUNTS AND TERMS OF THE LOANS</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.01.&#160;&#160; </font><font style="font-family: 'Times New Roman';"><u>The
                  Loans.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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 2.02; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font> no Lender shall make any such Loan or portion thereof to
                  the extent that, after giving effect to such Loan:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">60</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; margin-left: 36pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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);</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">the
                  Aggregate Loan Principal Balance shall exceed the lesser of the Facility Limit and the Borrowing Base; or</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the sum of
                  (A) 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) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s Lender Group
              Percentage of each requested Loan, to the extent such Loan is not made by the related Conduit Lender.&#160; Each Borrowing shall be in a minimum principal amount equal to $1,000,000 and in integral multiples of $100,000 in excess thereof.&#160; Subject
              to the foregoing and to the limitations set forth in Section 2.05, the Borrower may borrow, prepay and reborrow the Loans hereunder.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.&#160; The entries made in such accounts of the Lenders shall be <font style="font-family: 'Times New Roman'; font-style: italic;">prima facie</font> 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">On the Amortization Date, the
                  Commitments of the Committed Lenders will terminate automatically without any action required on the part of any Person.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.02.&#160;&#160; </font><font style="font-family: 'Times New Roman';"><u>Borrowing
                  Procedures.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Borrowing Requests</u></font>.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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 &#8220;<font style="font-family: 'Times New Roman';"><u>Borrowing Request</u></font>&#8221;) not later than 10:00 a.m. (New York City time) on the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Business Day
                  prior to the date of the proposed Borrowing (each, a &#8220;<font style="font-family: 'Times New Roman';"><u>Borrowing Date</u></font>&#8221;); <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font> there shall not
                  be more than one (1) Borrowing Date during any calendar week (except as set forth in Section 2.02(e) following delivery of a Funding Delay Notice).&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">61</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Each
                  Borrowing Request shall: (A) 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) the Aggregate Loan Principal Balance after giving effect to such Borrowing, (3) the desired Borrowing Date, and (4) the account of the Borrower to which the proceeds of such
                  Borrowing are to be remitted, (B) certify that, after giving effect to the proposed Borrowing, no Borrowing Base Deficiency would exist and (C) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Conduit Lender Acceptance or Rejection</u></font>. 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.&#160; 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.&#160; 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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Committed Lender&#8217;s Commitment</u></font>.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">If a Conduit
                  Lender rejects a Borrowing Request and the Borrower has not cancelled such Borrowing Request in accordance with clause (b) 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 2.02(e) following delivery of a Funding Delay Notice) shall be made by the related Committed Lenders in such Lender Group on a <font style="font-family: 'Times New Roman'; font-style: italic;">pro
                    rata</font> basis in accordance with their respective Pro Rata Shares of such Loan.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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).&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 set forth in Section 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) such Committed Lender&#8217;s Commitment, minus (ii) such Committed Lender&#8217;s ratable share of the
                  aggregate outstanding principal balance of the Loans held by the Conduit Lender(s) in such Committed Lender&#8217;s Lender Group.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Disbursement of Funds</u></font>.&#160; On each Borrowing Date, subject to the satisfaction of the conditions precedent specified in this Agreement (except as set forth in Section 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.&#160; 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).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">62</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Funding Delay Option</u></font>.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Any Committed
                  Lender shall have the right to deliver to the Borrower a written representation and warranty (a &#8220;<font style="font-family: 'Times New Roman';"><u>Delayed Funding Representation</u></font>&#8221;) to the effect that (x) it has incurred and is
                  incurring charges relating to the &#8220;liquidity coverage ratio&#8221; under Basel III Regulations on such Committed Lender&#8217;s Loans or Commitment and (y) it is seeking or has obtained a delayed funding option in transactions similar to the
                  transactions contemplated hereby.&#160; After delivery of a Delayed Funding Representation to the Borrower, a Committed Lender shall be a &#8220;<font style="font-family: 'Times New Roman';"><u>Designated Delay Funding Lender</u></font>.&#8221;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">A Designated
                  Delay Funding Lender may, after the Borrower delivers a Borrowing Request requesting a proposed Borrowing pursuant to Section 2.02(a)(i), prior to (x) 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) 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&#8217;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) otherwise 10:00 a.m. (New York City time) on the Business Day following the Borrower&#8217;s delivery of such Borrowing Request, deliver to the Borrower and the Administrative Agent a notice (a &#8220;<font style="font-family: 'Times New Roman';"><u>Funding Delay Notice</u></font>&#8221;) 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 &#8220;<font style="font-family: 'Times New Roman';"><u>Designated Delayed Funding Amount</u></font>&#8221;) and, if such Designated Delayed Funding Amount is greater than the Required Non-Delayed 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 Non-Delayed Funding Amount (the &#8220;<font style="font-family: 'Times New Roman';"><u>Delayed







                      Funding Amount</u></font>&#8221;), that it is electing to fund on a date (the date of such funding, the &#8220;<font style="font-family: 'Times New Roman';"><u>Delayed Funding Date</u></font>&#8221;) that is on or before the thirty-fifth (35th) day
                  following the proposed Borrowing Date (the &#8220;<font style="font-family: 'Times New Roman';"><u>Original Borrowing Date</u></font>&#8221;) (or if such day is not a Business Day, then on the next succeeding Business Day) rather than on the Original
                  Borrowing Date.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 2.02(e)(iv).&#160; Such Designated Delay Funding Lender shall provide the Borrower with at least three
                  Business Days&#8217; prior written notice of the Business Day on which it will fund such Delayed Funding Amount. The Borrower may (x) 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) 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 Non-Delayed Funding Amount shall
                  take place on the Business Day following the delivery of such updated Borrowing Request.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">63</font></div>
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            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 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 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.&#160; 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).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">For the
                  avoidance of doubt, a Delayed Funding Amount when extended shall be a Loan for all purposes of this Agreement.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.03. &#160; </font><font style="font-family: 'Times New Roman';"><u>Reductions and Increases to the
                  Facility Limit</u>.<font style="font-family: 'Times New Roman';"><u>Reductions of the Facility Limit</u></font>.The Borrower may, from time to time upon at least ten (10) days&#8217; 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, <font style="font-family: 'Times New Roman'; font-style: italic;">provided that</font> 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.&#160; 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 <font style="font-family: 'Times New Roman'; font-style: italic;">provided further</font> that any such reduction shall effect a ratable reduction of the Commitments of each Committed Lender and of each Lender Group&#8217;s Lender Group Limit.&#160; Once the Facility Limit is
                reduced pursuant to this Section 2.03(a), it may not subsequently be reinstated without the consent of each Committed Lender.</font> </div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Increases to the Facility Limit</u></font>. The Borrower may, from time to time upon at least thirty (30) days (or such lesser number of days agreed to by the Managing Agents) prior written notice request an
                  increase to the Facility Limit.&#160; Each such notice shall specify (i) the proposed date such increase shall become effective and (ii) 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.&#160; Such increase to the Facility Limit shall become effective, if, and only if, (x) 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) 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&#8217;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.&#160; Nothing contained herein shall
                  constitute a commitment on the part of any Committed Lender hereunder to agree to any such increase.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">64</font></div>
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            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.04. &#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Interest and Unused Fees.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.&#160; 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 <font style="font-family: 'Times New Roman';"><u>Section 2.06</u></font>, unless earlier paid pursuant to <font style="font-family: 'Times New Roman';"><u>Section 2.05</u></font> or <font style="font-family: 'Times New Roman';"><u>Section 2.14</u></font>.&#160; If applicable, each Managing Agent shall deliver to the Borrower, three (3) Business Days prior to each Determination Date an invoice, setting forth (i) 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) 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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">All payments of Interest for
                  each Interest Period shall be made out of Available Collections in accordance with Section 2.06(b).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.05.&#160; </font><font style="font-family: 'Times New Roman';"><u>Principal Payments - Generally</u>.(a)</font>
              <font style="font-family: 'Times New Roman';">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 <font style="font-family: 'Times New Roman';"><u>Section 2.06</u></font>.&#160; Notwithstanding the foregoing, the Aggregate Loan Principal Balance shall be due and payable on the Maturity Date.</font> </div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Optional Prepayments</u></font>.&#160; 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) Business Days prior to the date of such payment.&#160; Each such notice shall be in the form attached as Exhibit H and shall specify (i) the aggregate amount of the
                  prepayment to be made on the Loans and (ii) the Business Day on which the Borrower will make such prepayment.&#160; Each such prepayment shall be in a minimum principal amount equal to $1,000,000 and in integral 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.&#160; Each such prepayment of the Loans to the Lenders in such Managing Agent&#8217;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 2.15 in connection with such prepayment<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">;
                      provided that notwithstanding the above,&#160; in connection with any partial prepayment or a prepayment in connection with a Refinancing such accrued and unpaid Interest shall be deposited in the Collection Account to be included in
                      Available Funds for the next Distribution Date (or for such Distribution Date, if such prepayment date is also a Distribution Date) pursuant to Section 2.06</u></font>. 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">65</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Mandatory Prepayments</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.06. &#160; </font><font style="font-family: 'Times New Roman';"><u>Application
                  of Collections.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160; &#160; &#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Subject to Section 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.&#160; Each such Permitted Investment shall mature not later than the Business Day preceding the next Distribution
                  Date and shall be held to maturity.&#160; 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.&#160; Absent the written instruction of the Borrower, the funds on deposit in the Collection Account shall remain uninvested.&#160; 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&#8217;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).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">first</font>, 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 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">second</font>, pro rata, (i) to the Backup Servicer, any accrued and unpaid Backup Servicing Fees, out-of-pocket expenses and indemnification amounts then due and payable by
                  the Borrower to the Backup Servicer, <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font> that such out-of-pocket expenses and indemnification amounts shall not exceed $10,000 in the aggregate in any calendar
                  year, (ii) to the Custodian, any accrued and unpaid Custodial Fees, out-of-pocket expenses and indemnification amounts then due and payable by the Borrower to the Custodian; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font> that such out-of-pocket expenses and indemnification amounts shall not exceed $10,000 in the aggregate in any calendar year, and (iii) to the Paying Agent, any accrued and unpaid Paying Agent Fees, out-of-pocket
                  expenses and indemnification amounts then due and payable by the Borrower to the Paying Agent pursuant to this Agreement; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font> that such out-of-pocket expenses
                  and indemnification amounts shall not exceed $20,000 in the aggregate in any calendar year;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">third</font>, pro rata (A) to the Lenders in accordance with Section 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) (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) 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">66</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">fourth</font>, pro rata (A) to the Lenders in accordance with Section 2.06(c), the Monthly Principal Payment Amount on such Distribution Date and (B) to the Hedge
                  Counterparties, pro rata, Hedge Breakage Costs, if any, then due and payable to them by the Borrower under the Hedging Agreements;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">fifth</font>, to the Lenders in accordance with Section 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vi)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">sixth</font>, to the extent not previously paid pursuant to clause (ii) 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">seventh</font>, pro rata to each Lender in accordance with Section 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</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(viii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">eighth</font>, any remaining amounts to or at the direction of the Borrower.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">The Paying Agent shall remit
                  each installment of Interest, Unused Fees or principal in respect of the Loans pursuant to Section 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 2.06(c) to the Lenders in the related Lender Group.&#160; Amounts in respect
                  of (i) 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) 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) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.07.&#160; </font><font style="font-family: 'Times New Roman';"><u>Extension
                  of Commitment Termination Date.</u>&#160; 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&#8217;s Lender Group Limit shall in their sole discretion consent to such extension (the Lenders in such a Lender Group, &#8220;Extending Lenders&#8221;).&#160; Any such request shall be
                subject to the following conditions: (i) none of the Lenders will have any obligation to extend any Commitment and (ii) any such extension of the Commitment Termination Date will be effective only upon the written agreement of at least one
                Committed Lender and the Borrower.&#160; The Managing Agent for each applicable Committed Lender will respond to any such request within thirty (30) days (with a copy to the Paying Agent), </font><font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font><font style="font-family: 'Times New Roman';"> any Managing Agent&#8217;s failure to respond within such period shall be deemed to be a rejection of the requested extension.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
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              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">67</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.08. &#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Payments and Computations, Etc.</u>&#160; 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.&#160; 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.&#160; 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; </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">provided</font><font style="font-size: 10pt; font-family: 'Times New Roman';">, </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">that</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> 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.&#160; 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.&#160; 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<u>.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.09.&#160; </font><font style="font-family: 'Times New Roman';"><u>Interest
                  Protection.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">If due to either: (i) 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) 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) 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) 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) any Affected Party shall be subjected to any Taxes (other than Indemnified Taxes or Taxes described in clauses
                  (b) through (e) of the definition of Excluded Taxes and (C) 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) 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 2.09,&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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
                  2.09(a).&#160; 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 internal policies and procedures.&#160; In determining the amount of such compensation, such Lender may use any reasonable averaging and attribution methods.&#160; The applicable Affected Party (or
                  such party&#8217;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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Failure or delay on the part of
                  any Managing Agent to demand compensation pursuant to Section 2.09(a) shall not constitute a waiver of such Managing Agent&#8217;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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">68</font></div>
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            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.10. &#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Increased Capital.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">If either (i) 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) compliance by any Affected Party with (x)
                  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) the requirements of, whether such compliance is commenced prior to or after the
                  Restatement Date, any of (a) the FAS 166/167 Capital Guidelines, (b) Basel II or Basel III Regulations or (c) 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&#8217;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)
                  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&#8217;s agreements hereunder.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 2.10(a).&#160; 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.&#160; In determining the amount of such compensation, such Lender or Affected Party may use any reasonable averaging and attribution methods.&#160; The applicable
                  Lender or Affected Party (or such party&#8217;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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Failure or delay on the part of
                  any Managing Agent to demand compensation pursuant to Section 2.10(a) shall not constitute a waiver of such Managing Agent&#8217;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 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">If any Lender or Affected Party
                  has, or anticipates having, any claim for compensation under Section 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.&#160; 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.&#160; The Borrower shall cooperate with such Affected Party or Lender&#8217;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.&#160; 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 2.10(d).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">69</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.11. &#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Funding Losses.</u>&#160; In the event that any Liquidity Provider or any Lender shall incur (i) 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) 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 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.&#160; Such written notice shall, in the absence of manifest error, be conclusive
                and binding upon Borrower.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.12. &#160; </font><font style="font-family: 'Times New Roman';"><u>Taxes.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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) 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 2.12), such Affected Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Paying Agent or the Borrower (or the Servicer, on its behalf) shall make such deductions and (iii)
                  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.&#160; 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) the Paying Agent, the Borrower or the Servicer, as applicable, shall
                  make such deductions, (B) 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) the amounts so deducted
                  and paid to the relevant taxing authority shall be treated under this Agreement as made to the Affected Party.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">Each Affected Party:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman';">that is a
                  &#8220;United States person&#8221; within the meaning of Section 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 W-9 or successor form establishing that the Affected Party is a United States person that is not subject to U.S. backup withholding Tax;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">70</font></div>
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            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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) whether or not payments made hereunder are subject to Taxes, (B) if
                  applicable, the required rate of withholding or deduction, and (C) such Affected Party&#8217;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&#8217;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) two duly completed and executed copies of the IRS Form W-8BEN or W-8ECI (or any successor form) as applicable; (2) in the case of an Affected Party claiming the benefits of the exemption for portfolio
                  interest under Section 881(c) of the Code, two duly completed and executed copies of Form W-8BEN along with a certificate to the effect that such Affected Party is (i) not a &#8220;bank&#8221; within the meaning of Section 881(c)(3)(A) of the Code,
                  (ii) not a &#8220;10 percent shareholder&#8221; of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, (iii) not a &#8220;controlled foreign corporation&#8221; described in section 881(c)(3)(C) of the Code, and (iv) not conducting a trade or
                  business in the United States with which the relevant interest payments are effectively connected; (3) 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 W-8IMY on behalf of itself and the relevant forms prescribed in this clause (ii) 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 881(c) of the Code, such Affected Party may provide the certificate described in (2) above; and (4) 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 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) 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) such extensions or renewals thereof as required by applicable law or as may reasonably be requested by the Borrower or the Paying Agent; and</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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) 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) 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), &#8220;FATCA&#8221; shall include any amendments made to FATCA after the date of this
                  Agreement.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">71</font></div>
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            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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&#8217;s request, to change the jurisdiction of its applicable lending office if, in the sole judgment of such Affected Party, such change (i) will eliminate or reduce any such additional payment which may
                  thereafter accrue and (ii) is not otherwise disadvantageous to such Affected Party.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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 2.12, together with all costs and expenses (including attorneys&#8217; fees and expenses).&#160; The obligation of the Affected Persons under this subsection shall survive the payment of all obligations
                  under this Agreement.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 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 2.12 with respect to Taxes giving rise to such a
                  refund), net of all reasonable out-of-pocket expenses of such Affected Party and without interest (other than any interest paid by the relevant governmental authority with respect to such a refund).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Each Lender shall severally
                  indemnify the Administrative Agent, within 10 days after demand therefor, for (i) 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&#8217;s failure to comply with the provisions of Section 9.04(d) relating to the maintenance of a Participant Register
                  and (iii) 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.&#160; 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.&#160; 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).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">72</font></div>
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            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.13. &#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Security Interest.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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&#8217;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 &#8220;<font style="font-family: 'Times New Roman';"><u>Collateral</u></font>&#8221;):</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">the Related
                  Security with respect to the Pledged Timeshare Loans;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the
                  Account Collateral;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">all Hedge
                  Collateral;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vi)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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, 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(viii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">all income
                  and proceeds of the foregoing, other than proceeds of the Timeshare Interests related to such&#160; Pledged Timeshare Loans that has been foreclosed upon and remarketed and which relates to the Barbados Resort, the <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Cabo Azul Resort, the </u></font>La Pacifica Resort or the Craigendarroch Resort.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Borrower hereby authorizes
                  the filing of financing statements, and continuation statements and amendments thereto and assignments thereof, describing the collateral covered thereby as &#8220;all of debtor&#8217;s personal property or assets&#8221; or words to that effect,
                  notwithstanding that such wording may be broader in scope than the collateral described in this Section 2.13.&#160; 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.&#160; This Agreement shall constitute a security agreement under applicable law.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">73</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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) in payment of a debt incurred by the Borrower in the ordinary course of business or financial
                  affairs of the Borrower and (ii) made in the ordinary course of business or its financial affairs.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.14. &#160; </font><font style="font-family: 'Times New Roman';"><u>Refinancings.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman';">The
                  Borrower shall have given the Administrative Agent, the Paying Agent, the Custodian and the Servicer at least ten (10) Business Days&#8217; prior written notice of its intent to effect a Refinancing and, at least three (3) 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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) below will be satisfied.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 2.05(b) and the release to the Borrower of the related Pledged Timeshare Loans on the related Refinancing Date:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(A)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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);</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; margin-left: 72pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(B)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman';">the
                  representations and warranties contained in Section 4.01 are true and correct in all material respects, except to the extent relating to an earlier date;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(C)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">no Default
                  or Event of Default has occurred and is continuing; and</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(D)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">no Borrowing
                  Base Deficiency exists.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">74</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">On the related
                  Refinancing Date, the Paying Agent shall have received, for the benefit of the Secured Parties, in immediately available funds, (A) the portion of the Aggregate Loan Principal Balance to be prepaid pursuant to Section 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) 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 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) clause (A) shall be applied on such Refinancing Date
                  to the payment of principal on the Aggregate Loan Principal Balance, (2) 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 2.06 and (3) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.15.&#160; </font><font style="font-family: 'Times New Roman';"><u>Release
                  of Lien.</u>&#160; In connection with any repurchase or substitution of Timeshare Loans by the Seller from the Borrower (a) pursuant to the Sale and Contribution Agreement or (b) effected pursuant to, and in compliance with, Section 2.14, and
                promptly following the Final Collection Date, the Administrative Agent agrees, at the Borrower&#8217;s expense, and without recourse, representation or warranty, and, in the case of a Refinancing, subject to the conditions specified in Section
                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.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.16. &#160; </font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><u><strike>The</strike> </u></font><font style="font-family: 'Times New Roman';"><u>Collection Account and Hedge Reserve Account.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 &#8220;<font style="font-family: 'Times New Roman';"><u>Collection
                      Account</u></font>&#8221;). 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Collection Account shall be
                  established and at all times maintained with the Paying Agent which shall act as a &#8220;securities intermediary&#8221; (as defined in Section 8-102(a)(14) of the UCC) and a &#8220;bank&#8221; (as defined in Section 9-102(a)(8) of the UCC) hereunder (in such
                  capacities, the &#8220;<font style="font-family: 'Times New Roman';"><u>Securities Intermediary</u></font>&#8221;) with respect to the Collection Account<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> and the Hedge Reserve Account</u></font>.&#160; 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.&#160;
                  In the event that the Collection Account Bank<font style="font-family: 'Times New Roman';">&#160;</font>or the Hedge Reserve Account Bank ceases to be a Qualified Institution, the Borrower shall, within thirty (30) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>The</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Each of the</u></font> Collection <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Account and the Hedge Reserve </u></font>Account shall be a &#8220;securities account&#8221; as defined in Section 8-501 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.&#160; <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>The</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Except as otherwise set forth below, the</u></font> Securities Intermediary shall treat the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Administrative Agent</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Borrower</u></font> as the &#8220;entitlement holder&#8221; (within the
                meaning of Section 8-102(a)(7) of the UCC) in respect of all &#8220;financial assets&#8221; (within the meaning of Section 8-102(a)(9) of the UCC) credited to the Collection Account<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> and the Hedge Reserve Account</u></font>;</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">75</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">The Securities Intermediary
                  hereby confirms and agrees that:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the
                  Securities Intermediary shall not change the name or account number of the Collection Account <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or the Hedge Reserve Account </u></font>without
                  the prior written consent of the Administrative Agent;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">all
                  securities or other property underlying any financial assets (as hereinafter defined) credited to the Collection Account <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or the
                      Hedge Reserve Account </u></font>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 <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or the Hedge Reserve Account </u></font>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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">all property
                  transferred or delivered to the Securities Intermediary pursuant to this Agreement will be promptly credited to the Collection Account<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> or the Hedge Reserve Account, as applicable</u></font>;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">each of </u></font>the Collection <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Account and the Hedge
                    Reserve </u></font>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;</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the
                  Securities Intermediary shall promptly deliver copies of all statements, confirmations and other correspondence concerning the Collection Account<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, the Hedge Reserve Account</u></font> 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</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vi)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">notwithstanding







                  the intent of the parties hereto, to the extent that <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">the </u></font>Collection <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Account or the Hedge Reserve </u></font>Account shall be determined to constitute a &#8220;deposit account&#8221; within the meaning of Section 9-102(a)(29) of the UCC, the Collection
                  Account <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or the Hedge Reserve Account, as applicable, </u></font>shall be subject to the exclusive control of the Administrative
                  Agent, for the benefit of the Secured Parties, and the <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">parties hereto hereby agree that the Securities Intermediary shall act as a
                      &#8220;bank&#8221; (as defined in Section 9-102(a)(8) of the UCC) hereunder with respect to the Collection Account and the Hedge Reserve Account. The parties hereto hereby agree that the </u></font>Securities Intermediary will comply with
                  instructions originated by the Administrative Agent directing disposition of the funds in the Collection Account <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">and/or the Hedge
                      Reserve Account </u></font>without further consent by the Borrower or the Servicer<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> or any other Person</u></font>.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">and the Hedge Reserve Account </u></font>shall be treated as a &#8220;financial asset&#8221; within the meaning of Section 8-102(a)(9) of the UCC.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Except as otherwise set forth <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>in Section 2.16(g) and (h)</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">below</u></font>, the Securities
                Intermediary will comply with &#8220;entitlement orders&#8221; (as defined in Section 8-102(a)(8) of the UCC) (&#8220;<font style="font-family: 'Times New Roman';"><u>Entitlement Orders</u></font>&#8221;) originated by the Borrower or by the Servicer.&#160; The
                Borrower shall not directly make any withdrawals from the Collection Account<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> or the Hedge Reserve Account</u></font>.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
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              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">76</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> or the Hedge Reserve Account</u></font>), or any &#8220;instructions&#8221; (within the meaning of Section 9-104 of the UCC), originated by the Administrative Agent<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> with respect to the Collection Account or the Hedge Reserve Account</u></font>, the Securities Intermediary shall comply with such Entitlement Order or instruction
                  without further consent by the Borrower, the Servicer or any other Person.&#160; Notwithstanding the foregoing, t<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">he parties hereto agree that the </font>Securities
                  Intermediary <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">will comply with the following with respect to any Entitlement Order or instruction: (i) until its receipt of a Notice of Exclusive Control (as defined
                    below) with respect to the financial assets in the Collection Account</font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> and the Hedge Reserve Account</u></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">, any cash received into the Collection Account </font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or the Hedge
                      Reserve Account </u></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">may be invested in Permitted Investments selected by the Borrower or by the Servicer; and (ii) from and after its receipt of a Notice of
                    Exclusive Control </font>(as defined below)<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">, with respect to the financial assets in the Collection Account and </font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">the Hedge Reserve Account and </u></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">without further consent of the Borrower, the Servicer or any other
                    Person, any cash received into the Collection Account</font><font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>,</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#160;</font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or the Hedge Reserve Account</u></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> may be invested in Permitted
                    Investments selected by the Administrative Agent, for the benefit of the Secured Parties.</font></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Upon receipt by the Securities
                  Intermediary of a written notice substantially in the form of Exhibit L hereto (a &#8220;<font style="font-family: 'Times New Roman';"><u>Notice of Exclusive Control</u></font>&#8221;), 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 <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Hedge Reserve Account and the </u></font>disposition of funds in the Collection Account<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> and
                      the Hedge Reserve Account</u></font>, 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 <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Account and the Hedge Reserve </u></font>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) Processing Fees, non-sufficient funds fees and late fees,
                  or (b) Miscellaneous Payments, the Administrative Agent will issue an Entitlement Order to the Securities Intermediary to release such amounts under clauses (a) and (b) to the Servicer.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,
                      the Hedge Reserve Account</u></font> or any financial assets, funds, cash 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<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">, for the benefit of the Secured Parties</font>.&#160; Notwithstanding the preceding sentence, the financial
                  assets, funds, cash or other property credited to the Collection Account <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or the Hedge Reserve Account, as applicable, </u></font>will
                  not be subject to deduction, set-off, banker&#8217;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 set-off (i) all
                  amounts due to the Securities Intermediary in respect of customary fees and expenses for the routine maintenance and operation of the Collection Account<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> and/or the Hedge Reserve Account</u></font>, and (ii) the face amount of any checks that have been credited to the Collection Account <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or the Hedge Reserve Account, </u></font>but are subsequently returned unpaid because of uncollected or insufficient funds).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Regardless of any provision in
                  any other agreement, for purposes of the UCC, New York shall be deemed to be the &#8220;bank&#8217;s jurisdiction&#8221; (within the meaning of Section 9-304 of the UCC) and the &#8220;security intermediary&#8217;s jurisdiction&#8221; (within the meaning of Section 8-110 of
                  the UCC)<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> with regard to the Securities Intermediary</u></font>.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">Whenever the Borrower
                  initially elects to exercise the Hedge Reserve Option in accordance with <font style="font-family: 'Times New Roman';"><u>Section 5.03(c)</u></font>, the Borrower shall cause to be established and shall cause to be maintained an account
                  in the name of the Administrative Agent (the "<font style="font-family: 'Times New Roman';"><u>Hedge Reserve Account</u></font>"), 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 <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Administrative</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Paying</u></font> 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 <font style="font-family: 'Times New Roman';"><u>Section 2.16</u></font>, 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:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">77</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160; &#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Funding.</u></font> 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 <font style="font-family: 'Times New Roman';"><u>Section 2.06</u></font> hereof.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Hedging Agreement Trigger Event.</u></font> If the Borrower is required to purchase Hedging Agreements in accordance with <font style="font-family: 'Times New Roman';"><u>Section 5.03</u></font>
                  at any time after the Borrower has deposited amounts in the Hedge Reserve Account, the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Administrative</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Paying</u></font> Agent shall, as directed by the Borrower or the Servicer, to the extent of funds available in the Hedge Reserve Account, either (i) pay the
                  applicable Hedging Agreement premium to the related Hedge Counterparty, or (ii) in the event the Borrower provides the <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Administrative</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Paying</u></font> 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 <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Administrative</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Paying</u></font> 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 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Payment in Full.</u></font> 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 <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Administrative</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Paying</u></font>
                  Agent shall withdraw all amounts on deposit in the Hedge Reserve Account and shall deposit such amounts into the Collection Account as Available Funds.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Amounts in Excess of Hedge Reserve Account Required Balance. </u></font>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 <font style="font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Administrative</strike></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Paying</u></font> 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 <font style="font-family: 'Times New Roman';"><u>Section 2.06</u></font> 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">78</font></div>
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            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.17.&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>The Paying Agent.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">The Borrower hereby appoints
                  Computershare Trust Company, N.A. as the initial Paying Agent.&#160; 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 2.06
                  shall be made on behalf of the Borrower by the Paying Agent.&#160; 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 2.06, and thereupon such Paying Agent shall be released from all further liability with respect to such funds.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">On each Distribution Date, the
                  Borrower shall pay to the Paying Agent the Paying Agent Fee pursuant to Section 2.06(b)(ii).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">The Paying Agent hereby agrees
                  that subject to the provisions of this Section, it shall:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">[Reserved];</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vi)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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) 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) the negligence, willful misconduct or bad faith of the Borrower in the performance of its duties hereunder.&#160; All such amounts shall
                  be payable in accordance with Section 2.06.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">79</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Paying Agent shall not be
                  liable for (i) an error of judgment made in good faith by one of its officers; or (ii) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Without limiting the generality
                  of this Section, the Paying Agent shall have no duty (i) 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 of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) 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) 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) to ascertain or inquire as to the performance
                  or observance of any of the Borrower&#8217;s or the Servicer&#8217;s representations, warranties or covenants under this Agreement or any other Facility Document.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">80</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font> 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.&#160; 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 2.06.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(p)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.&#160; 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&#8217;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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(s)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">81</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Paying Agent may: (i)
                  terminate its obligations as Paying Agent under this Agreement (subject to the terms set forth herein) upon at least 30 days&#8217; prior written notice to the Borrower, the Servicer, the Managing Agents and the Administrative Agent; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, however</font>, 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) 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.&#160; 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.&#160; If, however, a successor paying agent is not appointed by the Borrower within ninety (90) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Any successor Paying Agent
                  appointed pursuant hereto shall (i) 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.&#160; 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 Paying Agent under this Agreement, with like effect as if originally named as Paying Agent.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">In the event the Paying Agent&#8217;s
                  appointment hereunder is terminated without cause, the Borrower shall reimburse the Paying Agent for the reasonable out-of-pocket expenses of the Paying Agent incurred in transferring any funds in its possession to the successor Paying
                  Agent.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The parties hereto acknowledge
                  and agree that the Paying Agent shall not be required to act as a &#8220;commodity pool operator&#8221; (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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.18.&#160; </font><font style="font-family: 'Times New Roman';"><u>Defaulting
                  Committed Lenders.</u>&#160; 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:</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">Unused Fees
                  shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Committed Lender pursuant to Section 2.04;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">notwithstanding








                  anything to the contrary contained in Section 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">82</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 <font style="font-family: 'Times New Roman';"><u>Section 10.01</u></font>); <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that</font> 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</font></font></div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
              </font></div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
              </font></div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the Borrower
                  may replace such Defaulting Committed Lender in accordance with Section 2.19 of this Agreement; <font style="font-family: 'Times New Roman';"><u>provide</u></font>d, that in connection with such replacement such assignee shall have
                  consented to the applicable amendment or waiver.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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) the Pro Rata Shares, the Lender Group Limits and Lender Group Percentages shall be readjusted to reflect the inclusion of such Committed Lender&#8217;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&#8217;s Lender Group to hold such Loans in accordance with its Lender Group Percentage and (y) the provisions of clauses (a) through (d) above shall, from and after such determination, cease to be of further force or
              effect with respect to such Committed Lender.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.19.&#160; </font><font style="font-family: 'Times New Roman';"><u>Replacement
                  of Lender Group.</u>&#160; If (i) any Affected Party requests compensation under Section 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) 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 percent of the Lender Group Limits required for such vote have consented, (iv) any Committed Lender becomes a Defaulting Committed Lender or becomes the subject of a Bail-In Action or (v) 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&#8217;s Lender Group to assign and delegate,
                without recourse (in accordance with and subject to the restrictions contained in Section 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) 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) 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) in the case of any such assignment resulting from a claim for compensation under Section 2.09(a) or Section 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.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">83</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.20.&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Inability to Determine Rates.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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) the Administrative Agent determines (which determination shall be conclusive absent
                  manifest error) that (A) no Successor Rate has been determined in accordance with <font style="font-family: 'Times New Roman';"><u>Section 2.20(b),</u></font> and the circumstances under clause (i) of <font style="font-family: 'Times New Roman';"><u>Section 2.20(b)</u></font> or the Scheduled Unavailability Date has occurred, or (B) 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) the Administrative Agent or the Managing Agents
                  determine that for any reason that Daily SOFR for any requested Interest Period<font style="font-family: 'Times New Roman';">&#160;</font>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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Thereafter, (x) 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<font style="font-family: 'Times New Roman';">&#160;</font>or determination date(s), as applicable), and (y) 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) of this <font style="font-family: 'Times New Roman';"><u>Section 2.20(a)</u></font>, until the Administrative Agent upon instruction of the Managing Agents) revokes such notice.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Upon receipt of such notice, (i) the Borrower may revoke any pending request for a Borrowing of, or conversion to, or continuation of <font style="font-family: 'Times New Roman';">Daily </font>SOFR Loans (to the extent of the affected <font style="font-family: 'Times New Roman';">Daily </font>SOFR Loans or Interest Periods<font style="font-family: 'Times New Roman';">&#160;</font>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) any
              outstanding <font style="font-family: 'Times New Roman';">Daily </font>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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Replacement of Daily SOFR or Successor Rate</u></font>. 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:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 &#8220;<font style="font-family: 'Times New Roman';"><u>Scheduled Unavailability Date</u></font>&#8221;);</font></font>then, on a date and time determined by the Administrative Agent (any such date, the &#8220;<font style="font-family: 'Times New Roman';"><u>Daily







                  SOFR Replacement Date</u></font>&#8221;), 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) 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 &#8220;<font style="font-family: 'Times New Roman';"><u>Successor Rate&#8221;</u></font>).</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">84</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Notwithstanding anything to the contrary herein, (i) if the Administrative Agent determines that Daily SOFR is not available on or prior to the Daily SOFR
              Replacement Date, or (ii) if the events or circumstances of the type described in Section 2.20(b)(i) or (ii) 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 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 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.&#160; For the avoidance of doubt, any such proposed rate and adjustments, shall constitute a &#8220;Successor Rate&#8221;.&#160; 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Any Successor Rate shall be applied in a manner consistent with market practice; <font style="font-family: 'Times New Roman';"><u>provided</u></font> 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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; <font style="font-family: 'Times New Roman';"><u>provided</u></font> 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For purposes of this Section 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">85</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">SECTION 2.21. &#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Illegality</u></font><font style="font-size: 10pt;">. 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) 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.&#160; Upon receipt of such notice, (i) 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 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) 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.&#160; 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 2.04.</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2.22.&#160;&#160; </font><font style="font-family: 'Times New Roman';"><u>Payments
                  by Borrower; Presumptions by Administrative Agent.</u></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">With respect to<font style="font-family: 'Times New Roman'; font-weight: bold;">&#160;</font>any payment that<font style="font-family: 'Times New Roman'; font-weight: bold;">&#160;</font>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 &#8220;<font style="font-family: 'Times New Roman';"><u>Rescindable Amount</u></font>&#8221;): (1) the Borrower has not in fact made such payment; (2) the Administrative Agent has made a payment in excess of the
              amount so paid by the Borrower (whether or not then owed); or (3) 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.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this Section 2.22 shall be conclusive, absent manifest
              error.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">86</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE III</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">CONDITIONS PRECEDENT</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 3.01. </font><font style="font-family: 'Times New Roman';"><u>Conditions
                  Precedent to Effectiveness.</u>&#160; 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) Schedule IV-A as of the Original Closing Date and (2) Schedule IV-B 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.</font></div>
            <div style="font-size: 10pt; text-indent: 36pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 3.02. </font><font style="font-family: 'Times New Roman';"><u>Conditions
                  Precedent to All Borrowings.</u>&#160; Each Borrowing (including the Initial Borrowing) made by the Lenders to the Borrower (except as set forth in Section 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:</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the Administrative Agent shall
                  have received from the Servicer the Monthly Report most recently required to be delivered pursuant to the Servicing Agreement;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">the Amortization Date has not
                  occurred;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 2.15, no Borrowing Base Deficiency shall exist;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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&#174; score of all Obligors of Eligible Timeshare Loans on the Applicable Measurement Date with FICO&#174; scores
                  (weighted based on the Timeshare Loan Balances on such date) shall be at least 715;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">if such date occurs during a
                  Hedging Period, the Borrower shall be in compliance with Section 5.03;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 &#8220;know your customer&#8221; and anti-money laundering rules and regulations, including the PATRIOT
                  Act, in each case at least five days prior to any Borrowing;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">87</font></div>
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            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the Local Counsel Opinion
                  Requirement shall be satisfied for each Required Local Counsel Jurisdiction as of the relevant Borrowing Date;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Custodian shall have received
                  an executed copy of (i) the Assignment of Mortgage or (ii) the Global Assignment (Bluegreen) delivered to the 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 one-time delivery of such Global Assignment (Bluegreen) shall satisfy the requirements of this clause, including for all subsequent fundings; and</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman';">the receipt of a Borrowing
                  Request in the form required under Section 2.02(a).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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) through
              (j) above are true and correct to the extent set forth in such clauses.</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 3.03.&#160; </font><font style="font-family: 'Times New Roman';"><u>Conditions
                  to Funding a Delayed Funding Amount.</u>&#160; The funding of any Delayed Funding Amount is subject to the conditions (and each funding shall evidence the Borrower&#8217;s representation and warranty that clauses (a) through (e) of this Section 3.03
                have been satisfied as of the related Delayed Funding Date) that:</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the Amortization Date has not
                  occurred by reason of any action taken by the Borrower under clause (iii) of the definition thereof;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 2.15, no Borrowing Base Deficiency shall exist;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">the receipt of a Borrowing
                  Request in the form required under Section 2.02(a);</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman';">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&#174; score of all Obligors of Eligible Timeshare Loans on the Applicable Measurement Date with FICO&#174; scores (weighted
                  based on the Timeshare Loan Balances on such date) shall be at least 715; and</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: 'Times New Roman';">if such date occurs during a
                  Hedging Period, the Borrower shall be in compliance with Section 5.03.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">88</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE IV</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">REPRESENTATIONS AND WARRANTIES</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 4.01.&#160; </font><font style="font-family: 'Times New Roman';"><u>Representations
                  and Warranties of the Borrower.</u>&#160; 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:</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Due Formation and Good Standing</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Due Authorization and No Conflict</u></font>.&#160; 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&#8217;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&#8217;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 for Permitted Liens) on any asset of the Borrower.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Governmental Consent</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Enforceability of Facility Documents</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>No Litigation</u></font>.&#160; (i) 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) 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) and (ii), (A) asserts the invalidity of this Agreement or any other Facility Document, (B) 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) 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) individually or in the aggregate for all such actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect.&#160; The Borrower is not in default with respect to any order of any court,
                  arbitrator or Governmental Authority.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Perfection Representations</u></font>.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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&#8217; rights and
                  remedies generally, and to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity);</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">89</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Pledged
                  Timeshare Loans and the documents evidencing such Pledged Timeshare Loans constitute &#8220;accounts&#8221;, &#8220;chattel paper&#8221;, &#8220;electronic chattel paper&#8221;, &#8220;instruments<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,&#8221; &#8220;payment intangible</u></font>&#8221; or &#8220;general intangibles&#8221; within the meaning of the applicable UCC;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The
                  Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claims, except for Permitted Liens;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Borrower
                  has caused or will have caused, within ten (10) 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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vi)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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) the &#8220;control&#8221; (within the meaning of
                  Section 9-105 of the UCC or Section 16 of UETA, as applicable) of the Administrative Agent if such Electronic Loan Document constitutes Electronic Chattel Paper or a &#8220;transferrable record&#8221; (within the meaning of UETA) or (ii) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 (x) has not
                  authorized the filing of any financing statements against the Borrower that include a description of the Collateral and (y) is not aware of any financing statements against the Borrower that include a description of the Collateral (other
                  than any financing statement (i) for which the Borrower has not provided authorization to file, (ii) that the Borrower has initiated the process to terminate promptly upon becoming aware of the existence thereof and (iii) 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) and (y), any 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></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(viii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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: &#8220;A purchase of or security interest in any
                  collateral described in this financing statement will violate the rights of the Secured Party.&#8221;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">90</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ix)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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) 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) below, unalterable; (2) 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) the Authoritative Copy is communicated to and maintained by the Custodian, as the designated custodian of the Administrative Agent; (4) 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 the designated custodian of the Administrative Agent; (5) 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) any revision of the Authoritative Copy is readily identifiable as an authorized or unauthorized revision.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Compliance with Laws</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Accuracy of Information</u></font>.&#160; 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.&#160;
                  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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Location of Records; Organizational Identification Number</u></font>.&#160; The locations of the offices where the Borrower keeps all the Records are listed on Exhibit D or upon 30 days&#8217; 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.&#160; The Borrower&#8217;s federal employer identification number and its organizational identification number are as set forth on Exhibit M.&#160; The Borrower is organized solely under the laws of the State
                  of Delaware.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
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              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">91</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Collection Information</u></font>. The names and addresses of all Account Banks, together with the address of the HRC Lockbox, the Bluegreen Lockbox, the Diamond Lockbox and the account numbers of the Accounts are
                  as specified in Exhibit E. Prior to the related Account Restructuring Obligor Notification Date, the HRC Lockbox in the case of the HRC Timeshare Loans, the HRC Lockbox and the Diamond Lockbox in the case of the Diamond Timeshare Loans,
                  and the Bluegreen Lockbox in the case of the Bluegreen Timeshare Loans, in each case as set forth on Exhibit E, are the only account addresses to which the related Obligors are directed to make payments.&#160; On or after the related Account
                  Restructuring Obligor Notification Date with respect to any Timeshare Loan, (i) 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) the HRC Lockbox set forth on Exhibit E and/or (iii) the New Lockbox are the only account addresses to which the Obligors of such Timeshare Loan are directed to make payments.&#160; Prior to the related Account
                  Restructuring Obligor Notification Date, the HRC Clearing Account in the case of the HRC Timeshare Loans, the Diamond Lockbox Account and the HRC Clearing Account in the case of the Diamond Timeshare Loans, and the Bluegreen Clearing
                  Account in the case of the Bluegreen Timeshare Loans, in each case as set forth on Exhibit E, are the only accounts to which Collections received from the related Obligors by means of Debit/Credit Card Payments will be deposited.&#160; On or
                  after the related Account Restructuring Obligor Notification Date with respect to any Timeshare Loan, (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) the HRC Clearing Account set forth on Exhibit E and/or (iii) the New Clearing Account are the only accounts to which Collections received from the related Obligors by means of Debit/Credit
                  Card Payments will be deposited.&#160; Except as provided in the HRC Clearing Account Control Agreement, the Diamond Lockbox Account Control Agreement, the Bluegreen Clearing 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, &#8220;control&#8221; (within the meaning of Sections 8-106, 9-106 or 9-104, as applicable of any applicable enactment of
                  the UCC) of the Unidentified Receipts Account, Diamond Lockbox Account, the Bluegreen Clearing Account or the HRC Clearing Account or the right to take control of the Unidentified Receipts Account, the Diamond Lockbox Account, the
                  Bluegreen Clearing Account or the HRC Clearing Account at a future time or upon the occurrence of a future event.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>No Trade Names</u></font>.&#160; The Borrower has no, and has not used any, trade names, fictitious names, assumed names or &#8220;doing business as&#8221; names.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Investments</u></font>.&#160; The Borrower does not own or hold, directly or indirectly (i) any capital stock or equity security of, or any equity interest in, any Person or (ii) any debt security or other evidence of
                  Indebtedness of any Person, except for Permitted Investments and as otherwise contemplated by the Facility Documents.&#160; The Borrower has no Subsidiaries.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Facility Documents</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Business</u></font>.&#160; 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.&#160; The Facility Documents to which it is a party, and any agreements entered into in connection with the transactions that are permitted by Section 5.03(b), are the only agreements to which the
                  Borrower is a party.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Taxes</u></font>.&#160; The Borrower has (i) 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) 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.&#160; The charges, accruals and reserves on the books of the Borrower in
                  respect of Taxes and other governmental charges are, in the Borrower&#8217;s opinion, adequate.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(p)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Solvency</u></font>.&#160; The Borrower: (i) is not &#8220;insolvent&#8221; (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) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Use of Proceeds</u></font>.&#160; No proceeds of any Loan will be used by the Borrower to acquire any security in any transaction which is subject to Section 13 or 14 of the Securities Exchange Act of 1934.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Ownership</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(s)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Eligibility</u></font>.&#160; Each Pledged Timeshare Loan represented by the Borrower to be an &#8220;Eligible Timeshare Loan&#8221; 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 &#8220;Eligible Timeshare Loan&#8221; as of the Cutoff Date for such Pledged Timeshare Loan.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Payments to Seller</u></font>.&#160; With respect to each Pledged Timeshare Loan, the Borrower shall have (i) received such Pledged Timeshare Loan as a contribution to the capital of the Borrower by the Seller or (ii)
                  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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Event of Default</u></font>.&#160; No Default or Event of Default has occurred or is continuing.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Sanctions</u></font>.&#160; None of the Borrower or any other Subsidiary of the Seller (i) is a Sanctioned Person, (ii) has any assets in Sanctioned Countries or (iii) 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) to fund any operations or finance any investments or
                  activities in, or make any payments to, a Sanctioned Person or Sanctioned Country or (ii) in a manner that would violate any anti-bribery, anti-corruption or anti-money laundering laws, rules or regulations in any applicable jurisdiction.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Investment Company Act; Volcker Rule</u></font>.&#160; The Borrower (i) is not a &#8220;covered fund&#8221; under the Volcker Rule and (ii) is not an &#8220;investment company&#8221; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Certain LCR Matters</u></font>.&#160; The Borrower has not issued (i) any obligations that constitute asset-backed commercial paper, (ii) 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) any other debt obligations or equity interests other than (A) debt obligations substantially similar to the obligations of the
                  Borrower under this Agreement that are (1) issued to banks or asset-backed commercial paper conduits in privately negotiated transactions, and (2) subject to transfer restrictions substantially similar to the transfer restrictions set
                  forth in Section 10.03 of this Agreement and (B) Equity Interests of the Borrower issued to the Seller.&#160; The Borrower&#8217;s assets and liabilities are consolidated with the assets and liabilities of the Seller for purposes of GAAP.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(y)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Beneficial Ownership Certification</u></font>.&#160; As of April 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">93</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(z)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Resort Collections</u></font>. 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&#8217; rights generally.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(aa)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">(i) The Borrower does not
                  maintain or participate in any Plan and has no material liability with respect to any Plan, (ii) 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) 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) the Borrower (A) is not a Benefit Plan Investor or a Governmental Plan Entity, and (B) will not during the term
                  of this Agreement be or become a Benefit Plan Investor or a Governmental Plan Entity.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(bb)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">With respect to each Approved
                  Transferor, 100% of the issued and outstanding Equity Interests in such Transferor are owned by the related Approved Transferee.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">ARTICLE V</div>
            <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">COVENANTS</div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 5.01.&#160; </font><font style="font-family: 'Times New Roman';"><u>Affirmative
                  Covenants of the Borrower.</u>&#160; 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:</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Compliance with Laws, Etc</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Preservation of Existence</u></font>.&#160; (i) 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) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Audits</u></font>.&#160; 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) to conduct periodic audits of the Pledged Timeshare Loans and the other Collateral and collection systems of the Borrower; (ii) 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) to visit the offices and properties of the Borrower for the purpose of examining the materials described in clause (ii)
                  above; and (iv) to discuss matters relating to the Pledged Timeshare Loans, the other Collateral or the Borrower&#8217;s performance hereunder with any of the officers or employees of the Borrower having knowledge of such matters; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, that </font>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) audit of the Borrower at the expense of the Borrower during any twelve (12) month period, beginning on the date hereof and on each anniversary of the date hereof; and <font style="font-family: 'Times New Roman'; font-style: italic;">provided, further, that </font>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 5.01(c) shall be exercised in conjunction with the rights granted to it under Section 3.2(f) of the Servicing Agreement.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">94</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Keeping of Records and Books of Account</u></font>.&#160; 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.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Collections</u></font>.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Instruct or
                  cause all Obligors to be instructed to (A) send all scheduled payments of principal or interest under the Pledged Timeshare Loans (x) prior to the related Account Restructuring Obligor Notification Date with respect to such type of
                  Timeshare Loan, directly to the HRC Lockbox in the case of HRC Timeshare Loans, directly to the Diamond Lockbox or the HRC Lockbox in the case of the Diamond Timeshare Loans, and to the Bluegreen Lockbox in the case of the Bluegreen
                  Timeshare Loans and (y) on or after the related Account Restructuring Obligor Notification Date with respect to such type of Timeshare Loan, directly to (i) 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) the New Lockbox and/or (iii) the HRC Lockbox, as applicable; (B) make scheduled payments of principal or interest under the Pledged
                  Timeshare Loans by way of Debit/Credit Card Payments which shall be directed (x) prior to the related Account Restructuring Obligor Notification Date with respect to such type of Timeshare Loan, directly to the HRC Clearing Account in the
                  case of HRC Timeshare Loans, directly to the Diamond Lockbox Account or the HRC Clearing Account in the case of the Diamond Timeshare Loans, and directly to the Bluegreen Clearing Account in the case of the Bluegreen Timeshare Loans and
                  (y) on and after the related Account Restructuring Obligor Notification Date with respect to such type of Timeshare Loan, directly to (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) the New Clearing Account or (iii) the HRC Clearing Account, as applicable; or (C) make payment by electronic transfer of funds (x) prior to the related
                  Account Restructuring Obligor Notification Date with respect to such type of Timeshare Loan, directly to the HRC Clearing Account in the case of HRC Timeshare Loans, directly to the Diamond Lockbox Account or the HRC Clearing Account in
                  the case of the Diamond Timeshare Loans, and directly to the Bluegreen Clearing Account in the case of the Bluegreen Timeshare Loans and (y) on or after the related Account Restructuring Obligor Notification Date with respect to such type
                  of Timeshare Loan, directly to (i) with respect to Defaulted Timeshare Loans and Delinquent Timeshare Loans only, the clearing accounts into which the payments by electronic transfer of funds were deposited prior to such date, (ii) the
                  New Clearing Account and/or (iii) the HRC Clearing Account, as applicable.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">In the case
                  of funds transfers with respect to any Pledged Timeshare Loan pursuant to a PAC or Credit Card Account, or other electronic means, take, or instruct the HRC Clearing Account Bank, Bluegreen Clearing Account Bank, the Diamond Lockbox
                  Account Bank or the New Clearing Account Bank, as applicable, to take (or cause to be instructed), all necessary and appropriate action to ensure that each such pre-authorized debit or credit card payment or transfer is credited directly
                  to the HRC Clearing Account, the Bluegreen Clearing Account,&#160; the Diamond Lockbox Account or the New Clearing Account, respectively.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">95</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Cause (A)
                  the HRC Clearing Account to at all times be subject to the HRC Clearing Account Control Agreement, (B) the Diamond Lockbox Account to at all times be subject to the Diamond Lockbox Account Control Agreement and the Intercreditor
                  Agreement, (C) the Bluegreen Clearing Account to at all times be subject to the Bluegreen Clearing Account Control Agreement and (D) the New Clearing Account to at all times be subject to the New Clearing Account Control Agreement,
                  provided that, for the avoidance of doubt, clauses (A) through (C) shall not be applicable on or after the termination of the HRC Clearing Account Control Agreement, the Diamond Lockbox Account Control Agreement or the Intercreditor
                  Agreement, or the Bluegreen Clearing Account Control Agreement, as applicable, if such termination is effected in accordance with Section 5.04(d) on or after the related Account Restructuring Date with respect to the related Account.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Recordation of Assignments of Mortgage</u></font>.&#160; 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 with respect to the Mortgages relating to the Pledged Timeshare Loans with each Requisite Office.&#160; Each such submission for recordation shall occur within thirty (30) calendar days of the occurrence of
                  such Event of Default or Servicer Termination Event.&#160; 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 Global Assignments, any costs and/or expenses related to the assembly of such Global Assignments and the delivery thereof to the proper Governmental Authority for recordation, and any attorneys&#8217; fees or fees for other
                  professionals incurred in connection with the recordation of such Global Assignments.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Separate Existence</u></font>.&#160; Maintain the Borrower&#8217;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.&#160; 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:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">the Borrower
                  maintains and shall maintain separate records, books of account and financial statements from those of the Transaction Parties;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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&#8217;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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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&#8217;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 5.04(j);</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">96</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vi)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';">the
                  Borrower shall not guarantee, or otherwise become liable with respect to, any obligation of any Transaction Party;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(viii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the Borrower
                  shall at all times hold itself out to the public under the Borrower&#8217;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 &#8220;division&#8221; of the Seller or any other
                  Transaction Party;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ix)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(xi)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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.&#160; 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.&#160; 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&#8217;s assets in the manner required by applicable law or regulations; and</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(xii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">both
                  immediately before and after the transactions contemplated by this Agreement and the other Facility Documents (y) the present fair salable value of the Borrower&#8217;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) the sum of the Borrower&#8217;s assets was and will be greater than the sum of its debts, valuing its
                  assets at a fair salable value.&#160; This Agreement and the Facility Documents reflect bona fide transactions for legitimate business purposes;</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Beneficial Ownership Certification</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">97</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Location of Records</u></font>.&#160; Keep its chief place of business and chief executive office and the offices where it keeps the Records at (i) the address(es) of the Borrower referred to on Exhibit D or (ii) upon
                  30 days&#8217; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Taxes</u></font>.&#160; 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, <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>&#160;<font style="font-family: 'Times New Roman'; font-style: italic;">that</font> 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) adequate reserves have been established in accordance with GAAP, (ii) 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) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Performance and Enforcement of Sale and Contribution Agreement</u></font>.&#160; (i) 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) enforce the rights and remedies accorded to the Borrower under the Sale and Contribution Agreement and (iii) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Ownership</u></font>.&#160; Take all necessary action to (i) 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&#8217;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) establish and 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&#8217;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).&#160; The Borrower shall
                  not cause or permit (A) 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) 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) any Person other than the Custodian to obtain &#8220;control&#8221; (within the meaning of Section 9-105 of the UCC or
                  Section 16 of UETA as applicable) of any Electronic Loan Document included in a Timeshare Loan File, that constitutes Electronic Chattel Paper or a &#8220;transferrable record&#8221; (within the meaning of UETA).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">98</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
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            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Independent Directors</u></font>.&#160; The Borrower will at all times have two&#160; (2) Independent Directors and ensure that all actions relating to (x) the selection, maintenance or replacement of the Independent Directors,
                  (y) the dissolution or liquidation of the Borrower or (z) 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&#8217;s directors, including the Independent Directors; and none of the Borrower or the Seller or any of the Borrower&#8217;s members or directors shall remove and replace any Independent Director without giving the
                  Administrative Agent ten (10) days&#8217; prior written notice <font style="font-family: 'Times New Roman';"><u>and a certification of a Responsible Officer of the Borrower that such Person satisfies the criteria set forth in the definition
                      herein of &#8220;Independent Director.&#8221;</u></font>&#160; 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).&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Local Counsel
                    Opinion</u></font>.&#160; With respect to each Pledged Timeshare Loan related to a Resort, in the case of an HRC Timeshare Loan or a Bluegreen Timeshare 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) on or prior to the first date on which such Timeshare Loan that corresponds to a Required Local Counsel Jurisdiction is pledged hereunder, (ii) within thirty (30) days of a
                commercially reasonable written request of the Administrative Agent, following its receipt of notice of a material change to any forms of applicable 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) brings down its opinions as to
                the Local Counsel Opinion previously provided as applied to the materially modified, replaced or restated forms of applicable Timeshare Loan Documents and to the date of the delivery of such bring-down letter, and (iii) 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></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(o)</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><font style="font-family: 'Times New Roman';"><u style="border-bottom: 1px solid;">Sanctions. Each of the Borrower or any other Subsidiary of the Seller comply with the representations and warranties set forth in
                    Section 4.01(v).</u></font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 5.02.&#160; </font><font style="font-family: 'Times New Roman';"><u>Reporting
                  Requirements of the Borrower.</u>&#160; 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) and (f) below):</font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Notice of Certain Events</u></font>.&#160; As soon as reasonably practicable and in any event within three (3) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Financial Statements</u></font>. 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 7 of the Performance Guaranty.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Copies of Notices</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">99</font></div>
              <div class="BRPFPageBreak" style="page-break-after: always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>ERISA Events</u></font>.&#160; As soon as reasonably possible, and in any event within thirty (30) 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).</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Reporting on Adverse Effects</u></font>.&#160; Promptly and in no event more than three (3) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Other Information</u></font>.&#160; 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>KYC Information</u></font>. Promptly, following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable
                  &#8220;know your customer&#8221; requirements under the PATRIOT Act, the Beneficial Ownership Regulation or other applicable anti-money laundering laws.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>HRC Securitized Portfolio</u></font>. On a quarterly basis, promptly, but in no event more than forty-five (45) days after the end of each fiscal quarter, a report reflecting the various HRC Securitized Portfolio
                  delinquency ratios, calculated as follows:</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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 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) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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 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) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">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 HRC Securitized Portfolio that were 121 or more days delinquent on the last day of
                  the related fiscal quarter and (B) 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.</font></font></div>
            <div style="font-size: 10pt;">&#160;</div>
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">(provided, that the requirements of this Section 5.02(h) with respect to the delivery of the delinquency ratios shall be deemed satisfied by (i) publicly filing
              HGVI&#8217;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 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) disclosure on the related Monthly Report).</div>
            <br>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">100</font></div>
              <div style="page-break-after: always;" class="BRPFPageBreak">
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            </div>
            <div style="font-size: 10pt;">
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Diamond Securitized
                    Portfolio. </u>On a quarterly basis, promptly, but in no event more than forty-five (45) days after the end of each fiscal quarter, a report reflecting the various Diamond Securitized Portfolio delinquency ratios, calculated as
                  follows:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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 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) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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 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) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iii)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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 Diamond Securitized Portfolio that were 121 or more days delinquent on the last day of the
                  related fiscal quarter and (B) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 10pt; margin-left: 36pt;">(provided, that the requirements of this Section 5.02(i) with respect to the delivery of the delinquency ratios shall be deemed satisfied by (i) publicly filing HGVI&#8217;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 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) disclosure on the related Monthly Report).</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(j)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Bluegreen Securitized
                    Portfolio. </u>On a quarterly basis, promptly, but in no event more than forty-five (45) days after the end of each fiscal quarter, a report reflecting the various Bluegreen Securitized Portfolio delinquency ratios, calculated as
                  follows:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; </font><font style="font-size: 10pt;">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 and (B) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-size: 10pt;">(ii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; &#160; </font><font style="font-size: 10pt;">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 91 days or more but less than 121 days
                  delinquent on the last day of the related fiscal quarter and (B) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">101</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
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              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-size: 10pt;">(iii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160; &#160; &#160; &#160; </font><font style="font-size: 10pt;">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 121 or more days delinquent on the last day
                  of the related fiscal quarter and (B) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 10pt; margin-left: 36pt;">(provided, that the requirements of this Section 5.02(j) with respect to the delivery of the delinquency ratios shall be deemed satisfied by (i) publicly filing HGVI&#8217;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 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).</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(k)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Resort Collection Instruments</u>.
                  Promptly, to the extent received by the Borrower or any Affiliate and in any event within ten (10) 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></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(l)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160; </font><font style="font-size: 10pt;"><u>Material Changes to Timeshare Loan
                    Documents</u>.&#160; Promptly, and in any event within ten (10) Business Days on which any Approved Originator or other applicable Transaction Party implements any material changes to any forms of applicable 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></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 5.03. &#160; </font><font style="font-size: 10pt;"><u>Covenants of the Borrower Relating to Hedging.</u>&#160; 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 5.03.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">During a Hedging Period as a result of
                  clauses (ii) or (iii) of the definition thereof or if a Securitization has not occurred within one year of the first day of such Hedging Period (&#8220;<u>Hedge Purchase Event</u>&#8221;), 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) are in form and substance reasonably acceptable to the Majority
                  Managing Agents, (y) copies of which have been delivered to the Administrative Agent and (z) which satisfy the requirements of Section 5.03(b) (the &#8220;<u>Hedge Requirements</u>&#8221;).&#160; During a Hedging Period which occurs solely as a result of
                  clause (i) 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
                  5.03(c) hereof.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">102</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">For purposes of Hedge Transactions entered
                  into on the date specified in Section 5.03(a) (A) 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 5.03(b)(vi), (B) 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) 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.&#160; 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).&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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) 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) 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) in the case of Hedge Transactions that 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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; <font style="font-style: italic;">provided</font> that the Borrower and the
                  Hedge Counterparty may, subject to the related Hedging Agreement, make payments on a net basis.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iv)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(v)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">103</font></div>
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              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(vi)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;">During
                  the Hedging Period, the Borrower shall cause the Servicer, at least three (3) 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.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(vii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">During
                  the Hedging Period, within thirty (30) days after (i) the occurrence of any event defined as an &#8220;Event of Default&#8221; or &#8220;Termination Event&#8221; in a Hedging Agreement with respect to the Hedge Counterparty or (ii) a Hedge Counterparty (other
                  than BANA or any of its Affiliates) ceasing to satisfy the minimum rating requirements set forth in the definition of &#8220;Eligible Hedge Counterparty,&#8221; 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 &#8220;Eligible Hedge Counterparty.&#8221;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(viii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.&#160; 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&#8217;s right under any Hedging Agreement to enter into,
                  terminate, amend or otherwise modify Hedge Transactions in order to meet the Borrower&#8217;s obligations hereunder.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">Upon the commencement of
                  any Hedging Period occurring solely pursuant to clause (i) of the definition thereof, the Borrower may elect to, upon prior written notice to the Servicer, the Lenders<font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, the Paying Agent</u></font> and the Administrative Agent, deposit Hedge Reserve Amounts equal to the Hedge Reserve Account Required Balance in the Hedge Reserve Account; <font style="font-style: italic;">provided</font>,
                  that if a Hedge Purchase Event has occurred, the Borrower shall be required to satisfy the Hedge Requirements pursuant to Section 5.03(b) hereof.&#160; 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<font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, the Paying Agent</u></font> 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 10pt; margin-left: 36pt;">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 5.03</u> shall be paid by the Borrower.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 5.04. &#160; </font><font style="font-size: 10pt;"><u>Negative Covenants of the Borrower.</u>&#160;&#160; 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:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Sales, Liens, Etc.
                    Against Collateral</u>.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Extension or Amendment
                    of Pledged Timeshare Loans</u>.&#160; Consent to or permit any extension, amendment, waiver or modification of, the terms of any Pledged Timeshare Loan, except (i) in accordance with the <font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">applicable </u></font>Collection Policy or (ii) as otherwise permitted under the Servicing Agreement.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">104</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Change in Business</u>.&#160;








                  Make any change in the character of its business.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(d)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Changes to Accounts</u>.&#160;







                  Not add or terminate any bank as the HRC Clearing Account Bank, Bluegreen Clearing Account Bank or the Diamond Lockbox Account Bank from those listed on Exhibit E, unless the Administrative Agent shall have received (i) thirty (30)
                  Business Days&#8217; prior notice of such addition, termination or change and (ii) prior to the effective date of such addition, termination or change, (a) an executed copy of an amendment or supplement to the related Account Control Agreement,
                  and (b) a revised Exhibit E hereto giving effect to any such addition or termination. Notwithstanding the foregoing, at any time on or after the related Account Restructuring Date, the foregoing shall not apply to the Diamond Lockbox
                  Account, the HRC Clearing Account and the Bluegreen Clearing Account, as applicable, it being understood that on or after the related Account Restructuring Date, the Borrower, the Servicer, the Diamond Subservicer or the Bluegreen
                  Subservicer, as applicable, may terminate (i) the Diamond Lockbox Account, the Diamond Lockbox Account Control Agreement, and the Intercreditor Agreement, (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, in accordance with the terms thereof, <font style="font-style: italic;">provided</font> that (x) 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) Business Days prior to such termination, (y) the Servicer has not observed any
                  material non-compliance issues with the related Obligors directing payments to the HRC Lockbox and HRC Clearing Account and/or the New Lockbox and the New Clearing Account, as applicable, following receipt of instructions to do so on the
                  related Account Restructuring Obligor Notification Date 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(e)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Merger, Consolidation,
                    Etc</u>.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(f)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Change in Name;
                    Jurisdiction of Organization</u>.&#160; (i) Make any change to its name (within the meaning of Section 9-507(c) of any applicable enactment of the UCC) indicated on its certificate of organization (or equivalent organizational document), or
                  (ii) 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 proposed 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></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(g)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>ERISA Matters</u>.&#160; (i)
                  Establish or be a party to any Plan or Multiemployer Plan, (ii) 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) become a Benefit Plan Investor or a Governmental Plan Entity.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(h)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;"><u>Indebtedness</u>.&#160;
                  Create, incur, assume or suffer to exist any Indebtedness except for (i) Indebtedness to the Administrative Agent, any Lender, any Affected Party or the Servicer expressly contemplated hereunder or (ii) Indebtedness to the Seller pursuant
                  to the Sale and Contribution Agreement.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">105</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Guarantees</u>.&#160;
                  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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(j)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Limitation on
                    Transactions with Affiliates</u>.&#160; Enter into, or be a party to any transaction with any Transaction Party, except for: (i) the transactions contemplated hereby, by the Sale and Contribution Agreement and by the other Facility
                  Documents; (ii) capital contributions by the Seller to the Borrower which are in compliance with Section 5.01(g); (iii) Restricted Junior Payments which are in compliance with Section 5.04(n); and (iv) to the extent not otherwise
                  prohibited under this Agreement, other transactions in the nature of leases, service agreements, employment contracts and directors&#8217; or manager&#8217;s fees, upon fair and reasonable terms materially no less favorable to the Borrower than would
                  be obtained in a comparable arm&#8217;s-length transaction with a Person not an Affiliate.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(k)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; &#160; &#160; </font><font style="font-size: 10pt;"><u>Facility Documents</u>.&#160;
                  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 (i) the Intercreditor Agreement or the Diamond Lockbox Account Control Agreement, (ii) the HRC Clearing Account Control Agreement or (iii) the Bluegreen Clearing Account Control Agreement, if, in each case, terminated in
                  accordance with Section 5.04(d) on or after the related Account Restructuring Date.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(l)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Limitation on
                    Investments</u>.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(m)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160; &#160; &#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Organizational Documents</u>.&#160;








                  (i) 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) change, amend, alter or otherwise modify its certificate of
                  formation in any fashion.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;"><u>(n)</u></font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Restricted
                    Junior Payments.</u>&#160; Make any Restricted Junior Payment; <font style="font-style: italic;">provided, that</font> prior to the Amortization Date, the Borrower may make Restricted Junior Payments so long as (i) no Default or Event of
                  Default shall then exist or would result therefrom and (ii) such Restricted Junior Payments have been approved by all necessary action on the part of the Borrower and in compliance with all applicable laws.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(o)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Treatment as Sales</u>.&#160;
                  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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(p)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Acquisition of Timeshare
                    Loans</u>.&#160; Acquire any Timeshare Loans directly or indirectly from any Person other than the Seller pursuant to the terms of the Sale and Contribution Agreement.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(q)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Certain LCR Matters</u>.&#160;
                  Issue (i) any obligations that constitute asset-backed commercial paper, (ii) 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) any other debt obligations or equity interests other than (A) debt obligations substantially similar to the obligations of the Borrower under this Agreement that are (1) issued to banks or asset-backed
                  commercial paper conduits in privately negotiated transactions, and (2) subject to transfer restrictions substantially similar to the transfer restrictions set forth in Section 10.03 of this Agreement and (B) Equity Interests of the
                  Borrower issued to the Seller.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">106</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(r)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;"><u>Barbados, </u><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Cabo Azul, </u></font><u>La Pacifica and Craigendarroch Right-to-Use Interests</u>.&#160; Obtain title through foreclosing on a Right-to-Use Interest related to the
                  Barbados Resort, the <font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Cabo Azul Resort, the </u></font>La Pacifica Resort or the Craigendarroch Resort.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(s)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Resort Collection
                    Instruments</u>.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 5.05. &#160; </font><font style="font-size: 10pt;"><u>Special Covenants Regarding Retention</u>(a)<font class="TRGRRTFtoHTMLTab">&#160;&#160;</font>. The Seller<font style="color: rgb(255, 0, 0);"><strike>, </strike></font> represents and undertakes<font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,</u></font> as an
                  &#8220;originator&#8221; 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:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">it is not an entity that
                  has been established or that operates for the sole purpose of securitizing exposures and (A) it has a strategy and the capacity to meet payment obligations consistent with a <font style="color: rgb(255, 0, 0);"><strike>broad</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">broader</u></font> 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<font style="color: rgb(255, 0, 0);"><strike> or</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">,</u></font> the Retained Interest<font style="color: rgb(255, 0, 0);"><strike>
                      or any income therefrom</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, any other interests retained or proposed to be retained in accordance with the EU Securitization Rules and/or the UK
                      Securitization Rules or any corresponding income from such Pledged Timeshare Loans, the Retained Interest and such other interests,</u></font> as its sole or predominant source of revenue and (B) <font style="color: rgb(255, 0, 0);"><strike>its








                      responsible decision makers</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">the members of its management body</u></font> have the necessary experience to enable it to pursue its established
                  business strategy<font style="color: rgb(255, 0, 0);"><strike> and are subject to documented</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, as well as adequate</u></font> corporate governance
                  arrangements;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; &#160; &#160; </font><font style="font-size: 10pt;">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 <font style="color: rgb(255, 0, 0);"><strike>obligor&#8217;s</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">relevant








                      Obligor&#8217;s</u></font> creditworthiness;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(d)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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 &#8220;<u>Intermediary Subsidiary</u>&#8221;);</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(e)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(f)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">that the Retained Interest
                  takes the form of a first loss tranche in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation<font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">, paragraph 1(d) of SECN 5.2.8R</u></font>
                  and paragraph (d) of Article 6(3) of <font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">Chapter 2 of </u></font>the <font style="color: rgb(255, 0, 0);"><strike>UK Securitization Regulation</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">PRASR</u></font>, as represented by the Seller&#8217;s Equity Interests in the Borrower and <font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">its
                      obligation hereunder to hold and retain the same and </u></font>the associated indirect rights to residual cash flow under Section 2.06(b)(viii);</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(g)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">107</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(h)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; &#160; </font><font style="font-size: 10pt;">it shall confirm to the
                  Servicer that it continues to comply with subsections (a) through (g) above:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">in
                  each Monthly Report as of the date of such Monthly Report;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">upon
                  the occurrence of any Event of Default at the request of the Administrative Agent;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">it shall provide notice
                  promptly to each such Lender in the event it has breached subsections (a) through (g) above;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(j)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(k)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt;">ARTICLE VI</div>
              <div style="text-align: center; font-size: 10pt;">SERVICING</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 6.01.&#160; </font><font style="font-size: 10pt;"><u>Servicing Agreement.</u>&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt;">ARTICLE VII</div>
              <div style="text-align: center; font-size: 10pt;">EVENTS OF DEFAULT</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 7.01. &#160; </font><font style="font-size: 10pt;"><u>Events of Default.</u>&#160; Each of the following events shall
                  constitute an &#8220;Event of Default&#8221; hereunder:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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) Business Days after the earlier of actual knowledge of a Responsible Officer of the
                  Borrower or written notice to the Borrower thereof;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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) Business Days after the earlier of actual knowledge of a Responsible Officer of the
                  Borrower or written notice to the Borrower thereof;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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) 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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">108</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(d)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160; </font><font style="font-size: 10pt;">a Borrowing Base
                  Deficiency shall exist and such condition shall continue unremedied for three (3) Business Days after the earlier of actual knowledge of the Borrower or written notice to the Borrower thereof;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(e)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="color: rgb(0, 0, 0); font-size: 10pt;">an
                  Event of Bankruptcy shall occur with respect to the Performance Guarantor, the Seller, the Servicer or the Borrower;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(f)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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 7.01) that continues unremedied for a period of thirty (30) 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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(g)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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 same shall have been made, and, if capable of being cured, is not cured within thirty (30) 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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(h)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; &#160;&#160; &#160; </font><font style="font-size: 10pt;">the IRS shall file notice
                  of a Lien pursuant to Section 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) Business Days, or the PBGC shall file notice of a
                  Lien pursuant to Section 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) Business Days;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">(x) other than a
                  termination of (i) the Intercreditor Agreement or the Diamond Lockbox Control Agreement, (ii) the HRC Clearing Account Control Agreement or (iii) the Bluegreen Clearing Account Control Agreement on or after the related Account
                  Restructuring Date and in accordance with Section 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) 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></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(j)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; </font><font style="font-size: 10pt;">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);</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(k)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">a Servicer Termination
                  Event shall have occurred;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(l)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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&#8217;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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">109</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(m)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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) days after the earlier of actual knowledge of a Responsible Officer of the Custodian or written notice to the Custodian;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(n)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">(i) 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, a notice of termination with respect to the HRC Clearing
                  Account Control Agreement shall have been delivered or a termination of the HRC Clearing Account Control Agreement shall have otherwise occurred, and a replacement HRC Clearing Account Control Agreement, in form and substance reasonably
                  satisfactory to the Majority Managing Agents, shall not have been executed within forty-five (45) days thereof, (ii) other than following or in connection with a termination of the Bluegreen Clearing Account Control Agreement effected in
                  accordance with Section 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) days thereof, (iii) other than following or in connection with a termination of the Intercreditor Agreement or the Diamond Lockbox Control Agreement effected in accordance with Section 5.04(d) on or after the
                  related 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) days thereof or (iv) 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) days thereof;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(o)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160; &#160; </font><font style="font-size: 10pt;">a Change of Control
                  shall occur;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(p)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">the Borrower shall fail
                  to comply with its obligations under Section 5.03 and such failure shall continue for a period of thirty (30) days after the earlier of actual knowledge of a Responsible Officer of the Borrower or written notice to the Borrower of such
                  failure;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(q)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; &#160; &#160; </font><font style="font-size: 10pt;">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) the date on which the right to appeal thereof has expired if
                  no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(r)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">the Borrower shall
                  become subject to registration as an &#8220;investment company&#8221; under the Investment Company Act of 1940;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(s)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">the occurrence of an HRC
                  Performance Trigger Event; or</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">110</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(t)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">as of the last day of
                  each Fiscal Quarter, HGV Borrower shall fail to comply with any of the HGV Financial Covenants.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 7.02. &#160;&#160; </font><font style="font-size: 10pt;"><u>Right to Cure</u>.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;">Notwithstanding anything
                  to the contrary contained in Section 7.01, but subject to the requirements in Section 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 &#8220;<u>Cure
                    Amount</u>&#8221;) 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 &#8220;<u>Cure Right</u>&#8221;); <font style="font-style: italic;">provided</font>, that, such proceeds (i) are actually received by HGV Borrower and (ii) 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 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">The Cure Right is subject
                  to the following conditions: (i) 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) 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) any capital contribution made under Section 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 7.03. &#160; </font><font style="font-size: 10pt;"><u>Remedies.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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; <font style="font-style: italic;">provided, however</font>, that, in the case of any event described in Section 7.01(e) above, the Amortization Date shall be deemed to have occurred automatically upon the occurrence of such event.&#160; 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 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.&#160; Upon the declaration or automatic occurrence of the
                  Amortization Date in accordance with this Section 7.03, all obligations hereunder shall be immediately due and payable and all Loans shall be immediately due and payable.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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 HRC Clearing Account Control Agreement, the Bluegreen Clearing Account Control Agreement, the Diamond Lockbox Account Control Agreement or the
                  New Clearing Account Control 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.&#160; 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.&#160; 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&#8217; 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 9 504(1)(c) of the UCC, need the Administrative Agent account for the surplus, if any, to the Borrower.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">111</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">During the continuation of
                  an Event of Default, the Borrower further agrees, at the Administrative Agent&#8217;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&#8217;s premises or elsewhere.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(d)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.&#160; 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) Business Days before such sale or other disposition.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 7.04. &#160; </font><font style="font-size: 10pt;"><u>Appointment as Attorney in Fact.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160; </font><font style="font-size: 10pt;">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&#8217;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:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">to
                  pay or discharge Taxes and Liens levied or placed on or threatened against the Collateral; and</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">112</font></div>
                <div style="page-break-after: always;" class="BRPFPageBreak">
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              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">(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) 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) to sign and endorse any invoices, assignments, verifications,
                  notices and other documents in connection with any of the Collateral; (D) 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) to defend any suit, action or proceeding brought against the Borrower with respect to any Collateral; (F) to settle, compromise or adjust any suit, action or proceeding
                  described in clause (E) above and, in connection therewith, to give such discharges or releases as the Administrative Agent may deem appropriate; and (G) 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 absolute owner thereof for all purposes, and to do, at the Administrative Agent&#8217;s option and the Borrower&#8217;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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 10pt; margin-left: 36pt;">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.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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 7.03 hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect
                  to the Collateral.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">The powers conferred on the
                  Administrative Agent are solely to protect the Administrative Agent&#8217;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.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 7.05.&#160; </font><font style="font-size: 10pt;"><u>Performance of Borrower&#8217;s Obligations.</u>&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 7.06.&#160; </font><font style="font-size: 10pt;"><u>Powers Coupled with an Interest.</u>&#160; All authorizations and
                  agencies herein contained with respect to the Collateral are irrevocable and powers coupled with an interest.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">113</font></div>
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              </div>
              <div style="text-align: center; font-size: 10pt;">ARTICLE VIII</div>
              <div style="text-align: center; font-size: 10pt;">INDEMNIFICATION</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 8.01.&#160; </font><font style="font-size: 10pt;"><u>Indemnities by the Borrower.</u>&#160; 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 &#8220;Indemnified Parties&#8221;), from and against any and all damages, losses, claims, liabilities
                  and related costs and expenses, including reasonable external attorneys&#8217; fees and disbursements (all of the foregoing being collectively referred to as &#8220;Indemnified Amounts&#8221;), 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 </font><font style="font-size: 10pt; font-style: italic;">proviso</font><font style="font-size: 10pt;"> set forth below.&#160; 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:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">the
                  failure of any Pledged Timeshare Loan represented by the Borrower to be an Eligible Timeshare Loan hereunder to be an &#8220;Eligible Timeshare Loan&#8221; at the time of such representation;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iv)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">the
                  failure to pay when due any Taxes, including sales, excise or personal property Taxes payable by the Borrower in connection with the Collateral;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(v)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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&#8217;s actions or failure to act in breach of this Agreement;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(vi)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(vii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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 &#8220;Debtor&#8221; with respect to any Collateral;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(viii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">114</font></div>
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              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ix)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(x)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160; &#160; &#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xi)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">(1) the
                  creation, generation, communication or transfer of the Timeshare Loans by electronic means, (2) 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) the 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&#8217;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) the negligence, or fraudulent or willful
                  misconduct, of eOriginal in connection with the Electronic Documents;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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);</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xiii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">the
                  commingling of Collections with any other funds;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xiv)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xv)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">(A) the
                  failure of the HRC Clearing Account Bank to remit any Collections held in the HRC Clearing Account to the Collection Account as provided in the HRC Clearing Account Control Agreement or any Collections held in the Unidentified Receipts
                  Account to the HRC Clearing Account, whether by reason of the exercise of setoff rights or otherwise, or (B) any claim by the HRC Clearing Account Bank for indemnification by the Administrative Agent pursuant to the terms of the HRC
                  Clearing Account Control Agreement;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xvi)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160; &#160;&#160; </font><font style="font-size: 10pt;">(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) 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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xvii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160; </font><font style="font-size: 10pt;">(A) the
                  failure of the Bluegreen Clearing Account Bank to remit any 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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">115</font></div>
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              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xviii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">(A) 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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xix)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xx)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">the
                  grant by the Borrower of a security interest in any Pledged Timeshare Loan in violation of any applicable law, rule or regulation;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt;"><font style="font-size: 10pt; font-style: italic;">provided, however</font><font style="font-size: 10pt;">, that the Borrower shall not be required to indemnify any Indemnified Party to the
                  extent of any amounts (x) resulting from the gross negligence or willful misconduct of such Indemnified Party, or (y) constituting credit recourse for the failure of an Obligor to pay a Pledged Timeshare Loan, or (z) constituting Excluded
                  Taxes.&#160; Any amounts subject to the indemnification provisions of this Section 8.01 shall be paid by the Borrower to the related Indemnified Party within ten (10) Business Days following written demand therefor.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 8.02.&#160; </font><font style="font-size: 10pt;"><u>Limited Liability of Parties.</u>&#160; 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&#8217;s gross negligence or willful misconduct or breach of its
                  obligations under this Agreement or any Facility Document.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt;">ARTICLE IX</div>
              <div style="text-align: center; font-size: 10pt;">THE AGENTS</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 9.01.&#160; </font><font style="font-size: 10pt;"><u>Authorization and Action.</u>&#160; 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.&#160; The provisions of this Article IX are solely for the benefit of the Managing Agents, the Administrative Agent and the Lenders.&#160; The Borrower shall not have any
                  rights as a third-party beneficiary or otherwise under any of the provisions hereof.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 9.02.&#160; </font><font style="font-size: 10pt;"><u>Agents&#8217; Reliance, Etc.</u>&#160; 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.&#160; Without limiting the generality of the foregoing, each of the Administrative Agent and the Managing Agents: (i) 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) 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) 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) 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) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">116</font></div>
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              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 9.03. &#160; </font><font style="font-size: 10pt;"><u>Agents and Affiliates.</u>&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 9.04. &#160; </font><font style="font-size: 10pt;"><u>Lender&#8217;s Loan Decision.</u>&#160; 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.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 9.05.&#160; </font><font style="font-size: 10pt;"><u>Delegation of Duties.</u>&#160; 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.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 9.06. &#160; </font><font style="font-size: 10pt;"><u>Indemnification.</u>&#160; 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; </font><font style="font-size: 10pt; font-style: italic;">provided, that </font><font style="font-size: 10pt;">(i) 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&#8217;s gross negligence or willful
                  misconduct and (ii) 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.&#160; 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; </font><font style="font-size: 10pt; font-style: italic;">provided, that</font><font style="font-size: 10pt;"> 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">117</font></div>
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              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 9.07. &#160; </font><font style="font-size: 10pt;"><u>Successor Agents.</u>&#160; The Administrative Agent and each
                  Managing Agent may, upon thirty (30) days&#8217; notice to the Borrower, each Lender and each other party hereto, resign as Administrative Agent or Managing Agent, as applicable.&#160; 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 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&#8217;s or Managing Agent&#8217;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.&#160; After any retiring Administrative Agent&#8217;s or Managing Agent&#8217;s resignation hereunder as such agent, the provisions of Article VIII, this
                  Article IX and Section 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 9.08.&#160; </font><font style="font-size: 10pt;"><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 &#8220;<u>Credit Party</u>&#8221;), 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 &#8220;discharge for value&#8221; (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.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt;">ARTICLE X</div>
              <div style="text-align: center; font-size: 10pt;">MISCELLANEOUS</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.01.&#160; </font><font style="font-size: 10pt;"><u>Amendments, Etc.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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), <font style="font-style: italic;">provided, however</font>, 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) and (v) below, the Managing
                  Agents for each affected Lender Group), no such amendment shall:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">extend







                  the Commitment Termination Date;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">118</font></div>
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              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">release







                  the security interest in or transfer all or any material portion of the Collateral;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iv)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">change
                  the outstanding principal amount of any of the Loans made by any Lender hereunder other than as provided herein;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(v)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">change
                  the amount of any Lender Group Limit other than as provided herein or increase the Facility Limit hereunder;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(vi)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">amend,
                  modify or waive any provision of the definitions of, &#8220;Majority Managing Agents&#8221;, &#8220;Borrowing Base&#8221;, &#8220;Collateral Value&#8221; or any of the defined terms used in such definitions or this Section 10.01;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(vii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(viii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">amend
                  or modify any provision of Section 7.01 or Section 10.03,</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ix)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">modify
                  or alter any provision relating to the allocation or application of Available Funds (including, without limitation, <u>Section 2.06</u> and the expense and indemnity caps set forth in <u>Section 2.06</u>)<u>;</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(x)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">modify
                  any provisions related to pro rata funding obligations or rights to payment among the Lenders or similar provisions; or</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xi)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">amend or
                  modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (i) through (viii) above in a manner which would circumvent the intention of the restrictions set forth in such clauses;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(xii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><font style="font-style: italic;">provided, that</font> without the written consent of the Servicer, the Paying 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; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">further</font>, <font style="font-style: italic;">that</font> 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.02.&#160; </font><font style="font-size: 10pt;"><u>Notices, Etc.</u>&#160; 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.&#160; All such
                  notices and communications shall be effective, upon receipt, or in the case of overnight courier, two (2) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">119</font></div>
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              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.03.&#160; </font><font style="font-size: 10pt;"><u>Assignability.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">Any Conduit Lender may
                  (i) 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) any other Lender, (B) any commercial paper conduit managed by such Conduit Lender&#8217;s sponsor or administrator bank if the Commercial Paper of such commercial paper conduit have short-term ratings from S&amp;P and Moody&#8217;s that are
                  equivalent to or higher than the short-term ratings by S&amp;P and Moody&#8217;s of the Commercial Paper of such Conduit Lender, (C) any Affiliate of such Conduit Lender&#8217;s sponsor bank or (D) any Liquidity Provider with respect to such Conduit
                  Lender and (ii) 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) above.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;">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; <font style="font-style: italic;">provided, however</font>, 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">With respect to any
                  assignment hereunder</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">each
                  such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement,</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(ii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iii)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(d)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">Upon such execution,
                  delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance, (x) 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) 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&#8217;s
                  rights and obligations under this Agreement, such Lender shall cease to be a party hereto).&#160; At all times during which any Loan is outstanding, the Administrative Agent shall maintain at its address referred to in Section 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 &#8220;<u>Register</u>&#8221;).&#160; 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.&#160; 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.&#160; 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.&#160; This
                  Section 10.03(d) shall be construed so that the Aggregate Loan Principal Balance and any interest therein is maintained at all times in &#8220;registered form&#8221; within the meaning of Sections 163(f), 871(h) and 881(c) of the Code, solely for the
                  purposes of this Section 10.03, the Administrative Agent will act as an agent of the Borrower.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">120</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(e)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">Upon its receipt of an
                  Assignment and Acceptance, the Administrative Agent shall, if such Assignment and Acceptance has been duly completed, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give
                  prompt notice thereof to the Borrower.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(f)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">Any Lender may, without the
                  consent of the Borrower, sell participations to one or more banks or other entities (each, a &#8220;<u>Participant</u>&#8221;) in all or a portion of its rights and obligations hereunder (including the outstanding Loan); <font style="font-style: italic;">provided that</font> following the sale of a participation under this Agreement (i) the obligations of such Lender shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
                  performance of such obligations and (iii) 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&#8217;s rights and obligations under
                  this Agreement.&#160; 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; <font style="font-style: italic;">provided that</font> 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) 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) 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.&#160; The Borrower acknowledges and agrees that any
                  Lender&#8217;s source of funds may derive in part from its Participants.&#160; 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; <font style="font-style: italic;">provided, however</font>,
                  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&#8217;s
                  interest in the Loans or other obligations under the Facility Documents (the &#8220;<u>Participant Register</u>&#8221;); <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&#8217;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 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(g)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(h)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;">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; <font style="font-style: italic;">provided, that</font> no such pledge or grant
                  of a security interest shall (x) 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) create any additional, or modify any existing, obligations of the
                  Seller, the Borrower or the Servicer under this Agreement or any other Facility Document.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">121</font></div>
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              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.04.&#160; </font><font style="font-size: 10pt;"><u>Additional Lender Groups.</u>&#160; Upon the Borrower&#8217;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.&#160; Upon the effective date of such Joinder Agreement, (i) each Person specified therein as a &#8220;Conduit Lender&#8221; shall become
                  a party hereto as a Conduit Lender, entitled to the rights and subject to the obligations of a Conduit Lender hereunder, (ii) each Person specified therein as a &#8220;Committed Lender&#8221; shall become a party hereto as a Committed Lender,
                  entitled to the rights and subject to the obligations of a Committed Lender hereunder, (iii) each Person specified therein as a &#8220;Managing Agent&#8221; 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) the Facility Limit shall be increased by an amount equal to the aggregate Commitments of the Committed Lenders party to such Joinder Agreement.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.05.&#160; </font><font style="font-size: 10pt;"><u>Consent to Jurisdiction.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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.&#160; 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.&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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 10.02. Nothing in this Section 10.05 shall affect the right of any Lender or the
                  Administrative Agent to serve legal process in any other manner permitted by law.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.06. </font><font style="font-size: 10pt; font-weight: bold;"><u>WAIVER OF JURY TRIAL.</u>&#160; EACH PARTY HERETO
                  HEREBY 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><font style="font-size: 10pt;">&#160;</font><font style="font-size: 10pt; font-weight: bold;">AND WHETHER AT LAW OR IN EQUITY) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT</font><font style="font-size: 10pt;">.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.07.&#160; </font><font style="font-size: 10pt;"><u>Right of Setoff.</u>&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.08. </font><font style="font-size: 10pt;"><u>Ratable Payments.</u>&#160; 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 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; </font><font style="font-size: 10pt; font-style: italic;">provided that</font><font style="font-size: 10pt;"> 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.09.&#160; </font><font style="font-size: 10pt;"><u>Limitation of Liability.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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.&#160; Each party hereto agrees that the payment of any claim (as defined in Section 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160; </font><font style="font-size: 10pt;">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; <font style="font-style: italic;">provided that</font> 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.10.&#160; </font><font style="font-size: 10pt;"><u>Costs, Expenses and Taxes.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-size: 10pt;">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) 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) all reasonable and documented costs and out-of-pocket expenses (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) 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">123</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.11.&#160; </font><font style="font-size: 10pt;"><u>No Proceedings.</u>&#160; 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.12.&#160; </font><font style="font-size: 10pt;"><u>Confidentiality.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;">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 &#8220;<u>Product Information</u>&#8221;) in connection with the
                  transaction contemplated by this Agreement (the &#8220;<u>Transaction</u>&#8221;), except (i) to its and its affiliates&#8217; officers, directors, employees, agents, accountants, legal counsel and other representatives (collectively, the &#8220;<u>Borrower
                    Representatives</u>&#8221;) 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) 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) 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) to the extent requested by any Governmental Authority having jurisdiction over the Borrower, the Seller or any Borrower Representative, (v) to the extent required to perform their respective
                  obligations under the Facility Documents, to the Custodian or the Servicer or (vi) 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; <font style="font-style: italic;">provided</font>, in each case in this clause (vi), such recipients agree to be bound by the provisions of this section applicable to the Borrower.&#160; The Borrower will be responsible for
                  any failure of any Borrower Representative to comply with the provisions of this clause (a).</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">124</font></div>
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              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; </font><font style="font-size: 10pt;">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 &#8220;<u>Borrower Information</u>&#8221;), except (i) to their respective and their Affiliates&#8217; officers, directors, employees, agents, accountants, legal counsel and other
                  representatives (collectively, the &#8220;Lender Representatives&#8221;) 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 applicable to the Administrative Agent, the Managing Agents and the Lenders, (ii) to the extent required by applicable law, regulation, subpoena or other legal process, (iii) 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) 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) 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) 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<font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">; provided, however, that Borrower Information shall not include any information (the &#8220;Excluded Information&#8221;) relating to the
                      Borrower&#8217;s performance of, a Default or Event of Default under, or furnished by the Borrower in connection with, this Agreement to the extent that such information is used by the Administrative Agent, a Lender or any of their
                      respective Affiliates, in connection with the exercise, waiver or amendment of its rights or obligations under, related to or arising out of this Agreement, including but not limited to any related hedges or hedging activities (it
                      being understood that each of the Administrative Agent, the Managing Agents and the Lenders agrees that it will comply, and will cause their Affiliates to comply, with all applicable laws and regulations in connection with the use of
                      such Excluded Information and it being further understood that the Persons to whom such disclosure of such Excluded Information is made will be informed of the confidential nature of such Excluded Information and instructed to keep
                      such Excluded Information confidential and shall be bound not to disclose such Excluded Information by obligations of confidentiality)</u></font>.&#160; 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).</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;">The Administrative Agent,
                  the Managing Agents and the Lenders will (i) 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 &#8220;<u>Obligor








                    Information</u>&#8221;), and (ii) comply with all applicable laws (including Graham-Leach-Bliley Act) with respect to Obligor Information.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(d)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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 &#8220;<u>Regulatory Authority</u>&#8221;) to the extent that any such prohibition on disclosure set forth in this Section 10.12 shall be prohibited by the laws or regulations applicable to such Regulatory Authority.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(e)</u></font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </font><font style="color: rgb(0, 0, 255); font-size: 10pt;"><u style="border-bottom: 1px solid;">For the avoidance of doubt, nothing in this Section 10.12 or in this Agreement prohibits any individual from communicating or disclosing
                    information regarding suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification to any party.</u></font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.13.&#160; </font><font style="font-size: 10pt;"><u>No Waiver; Remedies.</u>&#160; 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.&#160; The remedies herein provided are cumulative and not exclusive of any remedies provided by law.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.14. </font><font style="font-size: 10pt;"><u>GOVERNING LAW.</u>&#160; THIS AGREEMENT, AND ANY DISPUTE, SUIT,
                  ACTION OR PROCEEDING ARISING HEREFROM, WHETHER IN CONTRACT, TORT, OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY, 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></div>
              <div style="font-size: 10pt;"><br>
              </div>
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              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.15. </font><font style="font-size: 10pt;"><u>Execution in Counterparts.</u>&#160; 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.&#160; Delivery of an executed counterpart of a signature page to
                  this Agreement by facsimile or by electronic mail in a &#8220;.pdf&#8221; file shall be effective as delivery of a manually executed counterpart of this Agreement.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.16. </font><font style="font-size: 10pt;"><u>Integration; Binding Effect; Survival of Termination.</u>&#160; 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.&#160; This Agreement shall be binding upon and inure to the benefit of the parties hereto
                  and their respective successors and permitted assigns (including any trustee in bankruptcy).&#160; 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.&#160; 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; </font><font style="font-size: 10pt; font-style: italic;">provided, however</font><font style="font-size: 10pt;">, 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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.17. </font><font style="font-size: 10pt;"><u>Electronic Signatures</u>.&#160; 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.&#160; 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.&#160; 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.&#160; 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) 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) upon the
                  request of the Administrative Agent any Electronic Signature shall be promptly followed by a manually executed, original counterpart. For purposes hereof, &#8220;Electronic Record&#8221; and &#8220;Electronic Signature&#8221; shall have the meanings assigned to
                  them, respectively, by 15 USC &#167;7006, as it may be amended from time to time.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 11pt; text-indent: 36pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">SECTION 10.18.&#160; </font><font style="font-size: 10pt;"><u>Recognition of the U.S. Special Resolution Regimes</u>.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">As used in this section,
                  the following terms shall have the meaning set forth below:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(i)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">&#8220;<u>BHC







                    Act Affiliate</u>&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;1841(k).</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
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                    Entity</u>&#8221; means any of the following: (i) a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;252.82(b); (ii) a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with,
                  12 C.F.R. &#167;47.3(b); or (iii) a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;382.2(b).</font></div>
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                    Right</u>&#8221; 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.</font></div>
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              <div style="text-align: justify; margin-left: 72pt; text-indent: 36pt;"><font style="font-size: 10pt;">(iv)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">&#8220;<u>U.S.
                    Special Resolution Regime</u>&#8221; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations
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                      <td style="width: 40%; vertical-align: top; padding-bottom: 2px; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">&#160;</td>
                      <td style="width: 28%; vertical-align: top; padding-bottom: 2px; font-size: 10pt;">&#160;</td>
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                      <td style="width: 28%; vertical-align: top; padding-bottom: 2px; font-size: 10pt;">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;" colspan="1">&#160;</td>
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                      <td style="width: 29%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 28%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;" colspan="1">&#160;</td>
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                      <td style="width: 29%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 28%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                        <div style="text-align: justify;">COMPUTERSHARE TRUST COMPANY, N.A.,</div>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                        <div style="text-align: justify;">By: COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact and agent</div>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; font-size: 10pt;" colspan="3">&#160;</td>
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                    <tr>
                      <td style="width: 40%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
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                      <td style="width: 29%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 28%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
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              <div style="text-align: center; font-size: 10pt; font-weight: bold;">FORM OF CREDIT POLICY FOR SELLER</div>
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              <div style="text-align: center; font-size: 10pt;">(On file with the Administrative Agent)</div>
              <div style="font-size: 10pt;"><br>
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              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
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              <div style="text-align: center; font-size: 10pt;">(On file with the Administrative Agent)</div>
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              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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              <div style="text-align: center; font-size: 10pt; font-weight: bold;">FORM OF COLLECTION POLICY FOR SERVICER (OR THE SUBSERVICER)</div>
              <div style="font-size: 10pt;"><br>
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              <div style="text-align: center; font-size: 10pt;">(On file with the Administrative Agent)</div>
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              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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              <div style="text-align: center; font-size: 10pt; font-weight: bold;">FORM OF CREDIT POLICY FOR BLUEGREEN</div>
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              <div style="text-align: center; font-size: 10pt;">(On file with the Administrative Agent)</div>
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              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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              <div style="text-align: right; font-size: 10pt; font-weight: bold;">EXHIBIT B</div>
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              <div style="text-align: center; font-size: 10pt; font-weight: bold;">FORM OF BORROWING REQUEST</div>
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              <div style="text-align: center; font-size: 10pt;">[DATE]</div>
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                        <div style="text-align: justify;">Bank of America, N.A. (&#8220;<u>BANA</u>&#8221;), as Administrative Agent</div>
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              <div style="text-align: justify; text-indent: 36pt; font-size: 10pt;">Grand Vacations Services LLC, as Servicer</div>
              <div style="text-align: justify; text-indent: 36pt; font-size: 10pt;">Computershare Trust Company, N.A., National Association, as Paying Agent, Backup Servicer and Custodian</div>
              <div style="font-size: 10pt;"><br>
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                        <div style="text-align: justify;">From:</div>
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                      <td style="text-align: left; vertical-align: top; width: auto; font-size: 10pt;">
                        <div style="text-align: justify;">Hilton Grand Vacations Trust I LLC (the &#8220;<u>Borrower</u>&#8221;)</div>
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                    <td style="width: 36pt; vertical-align: top; font-size: 10pt;">Re:</td>
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                      <div>Amended and Restated Receivables Loan Agreement, dated as of May 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 &#8220;<u>Agreement</u>&#8221;).&#160; Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.</div>
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                      <div style="text-align: justify;">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:</div>
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                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <font style="font-size: 10pt;"> </font>
              <div><font style="font-size: 10pt;"><br>
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                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                      <div style="text-align: center; font-size: 10pt;">Lender Group</div>
                      <div style="text-align: center; font-size: 10pt;">(identified by related Managing Agent)</div>
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                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 3%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 32%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">[<font style="font-style: italic;">Name</font>]</div>
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                    <td style="width: 3%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 32%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">$[&#8226;]</div>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">[<font style="font-style: italic;">Name</font>]</div>
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                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 3%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 32%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">$[&#8226;]</div>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">[<font style="font-style: italic;">Name</font>]</div>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                    <td style="width: 3%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 32%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">$[&#8226;]</div>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                    <td style="width: 3%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                      <div style="text-align: justify;">$[&#8226;]</div>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                    <td style="width: 3%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 32%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">$[&#8226;]</div>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                    <td style="width: 3%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 32%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">$[&#8226;]</div>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                  <tr>
                    <td style="width: 5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 5.64%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                    <td style="width: 3%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 32%; vertical-align: middle; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: justify;">$[&#8226;]</div>
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                    <td style="width: 11%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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              <font style="font-size: 10pt;"> </font>
              <div><font style="font-size: 10pt;"><br>
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                      <div style="text-align: justify;">The requested Borrowing Date is:</div>
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                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 6%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 78%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                      <div style="text-align: justify;">The Aggregate Loan Principal Balance under the Agreement after giving effect to the requested Borrowing under (i) above will equal:</div>
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                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div>
                        <div style="text-align: justify;">$</div>
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                      <div style="text-align: justify;">The proceeds of the requested Borrowing are requested to be remitted to the following account of the Borrower:</div>
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                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                  <tr>
                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="vertical-align: bottom; font-size: 10pt;" colspan="3">&#160;</td>
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                      <div style="text-align: justify;">As of the date hereof and the Borrowing Date of such Borrowing:</div>
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                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 6%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 78%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                  <tr>
                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
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                      <div style="text-align: justify;">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
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                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                  <tr>
                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 6%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 78%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                  <tr>
                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
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                      <div style="text-align: justify;">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</div>
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                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                  <tr>
                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 6%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 78%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                  <tr>
                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
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                      <div style="text-align: justify;">After giving effect to the requested Borrowing, no Borrowing Base Deficiency shall exist.</div>
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                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                  <tr>
                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 6%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 78%; vertical-align: top; font-size: 10pt;">&#160;</td>
                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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                  <tr>
                    <td style="width: 4.89%; vertical-align: top; font-size: 10pt;">&#160;</td>
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                      <div style="text-align: justify;">All other conditions precedent set forth in Section 3.02 of the Agreement have been satisfied.</div>
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                    <td style="width: 1%; vertical-align: bottom; font-size: 10pt;" colspan="1">&#160;</td>
                    <td style="width: 10%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
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              <div style="text-align: justify; font-size: 10pt;">In accordance with Section 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,
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              <div style="text-align: justify; font-size: 10pt;">The undersigned certifies that this Borrowing Request is correct in all material respects as of the date furnished.</div>
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                        <div style="text-align: justify;">Hilton Grand Vacations Trust I LLC, as Borrower</div>
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                    <tr>
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                      <td style="vertical-align: top; font-size: 10pt;" colspan="3">&#160;</td>
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                    <tr>
                      <td style="width: 40%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                        <div style="text-align: justify;">By:</div>
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                      <td style="width: 29%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 28%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
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                        <div style="text-align: justify;">Name:</div>
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                    <tr>
                      <td style="width: 40%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
                      <td style="vertical-align: top; font-size: 10pt;" colspan="3">
                        <div style="text-align: justify;">Title:</div>
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              </div>
              <font style="font-size: 10pt;"><br>
              </font>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div style="text-align: center; font-size: 10pt;">SCHEDULE I</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt;">LIST OF TIMESHARE LOANS</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt;">(On file with the Administrative Agent)</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div style="text-align: right; font-size: 10pt; font-weight: bold;">EXHIBIT C</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt; font-weight: bold;">FORM OF MONTHLY REPORT</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt;">(On file with the Administrative Agent)</div>
              <div style="text-align: right; font-size: 10pt;"><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div style="text-align: right; font-size: 10pt; font-weight: bold;">EXHIBIT D</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt; font-weight: bold;">LIST OF OFFICES OF BORROWER WHERE RECORDS ARE KEPT</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; font-size: 10pt;">6355 Metro West Blvd, Suite 180</div>
              <div style="font-size: 10pt;">Orlando, FL 32835</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: right; font-size: 11pt;"><font style="font-size: 10pt; color: rgb(255, 0, 0);"><strike>4960 Conference Way North</strike></font><font style="font-size: 10pt; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">4950








                    Communication Avenue</u></font><font style="font-size: 10pt;">, Suite <font style="color: rgb(255, 0, 0);"><strike>100</strike></font><font style="color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">950</u></font></font></div>
              <div style="text-align: right; font-size: 10pt;">Boca Raton, Florida 33431</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div style="text-align: right; font-size: 10pt; font-weight: bold;">EXHIBIT E</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt; font-weight: bold;">LIST OF ACCOUNTS</div>
              <div style="text-align: center; font-size: 10pt; font-weight: bold;">AND ACCOUNT BANKS</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt;">(On file with the Administrative Agent)</div>
              <div style="text-align: center; font-size: 10pt;"> <br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div style="text-align: right; font-size: 10pt; font-weight: bold;">EXHIBIT F</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: center; font-size: 10pt; font-weight: bold;">FORM OF ASSIGNMENT AND ACCEPTANCE</div>
              <div style="text-align: center; font-size: 10pt; font-weight: bold;"> <br>
              </div>
              <div style="text-align: center; font-size: 10pt;">Dated as of [Date]</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt; font-size: 10pt;">Reference is made to the Amended and Restated Receivables Loan Agreement, dated as of May 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 &#8220;<u>Agreement</u>&#8221;).&#160;
                Terms defined in the Agreement are used herein with the same meaning.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt; font-size: 10pt;">[<font style="font-style: italic;">Assigning Lender</font>] (the &#8220;<u>Assignor</u>&#8221;), [<font style="font-style: italic;">Assignee</font>] (the &#8220;<u>Assignee</u>&#8221;) and [<font style="font-style: italic;">Assignor&#8217;s Managing Agent</font>], in its capacity as Managing Agent for the Lender Group which includes the Assignor [and the Assignee] (in such capacity, the &#8220;<u>Managing Agent</u>&#8221;), hereby agree as follows:</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">1.</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt;"><u>Purchase and Sale of
                    Interest</u>.&#160; 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&#8217;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 &#8220;<u>Percentage</u>&#8221;) interest specified on the signature page hereto.&#160; After giving effect to
                  such sale and assignment, [the Assignee will be a [Committed] [Conduit] Lender in the Lender Group that includes [__________] as the Managing Agent and] the Assignee&#8217;s [Commitment] [Conduit Lending Limit] will be as set forth in Section 2
                  of the signature page hereto. [As consideration for the sale and assignment contemplated in this Section 1, the Assignee shall pay to the Assignor on the Effective Date (as hereinafter defined) in immediately available funds an amount
                  equal to $[__________], representing the purchase price payable by the Assignee for the interests in the transferred interest sold and assigned to the Assignee under this Section 1.]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> *</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">2.</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt;"><u>Representations and
                    Disclaimers of Assignor</u>.&#160; The Assignor:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
                <div>
                  <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
                  <div>
                    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%;" id="zc303b04c3215422cbd7e7e22b8d316a0" class="DSPFListTable">

                        <tr style="vertical-align: top;">
                          <td style="text-align: right; vertical-align: top; width: 36pt; font-size: 10pt;">
                            <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
                          </td>
                          <td style="text-align: left; vertical-align: top; font-size: 10pt;">
                            <div style="text-align: justify;">Include bracketed text if Assignor holds a portion of the Loans on the Effective Date.</div>
                          </td>
                        </tr>

                    </table>
                  </div>
                </div>
                <br>
              </div>
              <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
                <div style="page-break-after: always;" class="BRPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">3.</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt;"><u>Representations and
                    Agreements of Assignee</u>.&#160; The Assignee:</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(a)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">confirms







                  that it has received a copy of the Agreement, together with copies of the most recent financial statements delivered pursuant to <u>Section 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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(b)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(c)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160; &#160; &#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">[appoints








                  and authorizes the Administrative Agent and [__________], 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;]</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(d)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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;</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(e)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">specifies







                  as its address for notices the office set forth beneath its name on the signature pages hereof; and</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt;">(f)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;">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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">4.</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Effectiveness of
                    Assignment</u>.&#160; 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 3 of the signature page hereto (the &#8220;<u>Effective







                    Date</u>&#8221;).</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">5.</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Rights of the Assignee</u>.&#160;








                  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.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">6.</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>Payments</u>.&#160; 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&#8217;s Managing Agent, for the benefit of the Assignee, in accordance with the Agreement.&#160; The Assignor and Assignee shall make all appropriate adjustments in payments under the Agreement for periods prior to
                  the Effective Date directly between themselves.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt;">7.</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt;"><u>GOVERNING LAW</u>.&#160; THIS
                  ASSIGNMENT AND ACCEPTANCE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</font></div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="text-align: justify; text-indent: 72pt; font-size: 10pt;">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.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              </div>
              <div style="font-size: 10pt;">
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Signature Page to</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Assignment and Acceptance</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Dated as of [Date]</div>
                <div>&#160;</div>
                <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z01e649678c5f4a0abc2a550ffc54644e" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                    <tr>
                      <td colspan="1" style="vertical-align: top; width: 75%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><u>Section 1.</u></div>
                      </td>
                      <td style="vertical-align: top; width: 25%;">&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 75%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 18pt;">Percentage:</div>
                      </td>
                      <td style="vertical-align: top; width: 25%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">________%</div>
                      </td>
                    </tr>
                    <tr>
                      <td rowspan="1" colspan="1" style="vertical-align: top; padding-left: 9pt; width: 75%;">&#160;</td>
                      <td rowspan="1" style="vertical-align: top; width: 25%;">&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="1" style="vertical-align: top; width: 75%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><u>Section 2.</u></div>
                      </td>
                      <td style="vertical-align: top; width: 25%;">&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 75%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 18pt;">Assignee&#8217;s [Commitment] [Conduit Lending Limit] as of the Effective Date:</div>
                      </td>
                      <td style="vertical-align: bottom; width: 25%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">$_____________</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 75%;">
                        <div>&#160;</div>
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 18pt;">Principal Amount of Loans</div>
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 18pt;">held by Assignee as of the Effective Date:</div>
                        <div>&#160;</div>
                      </td>
                      <td style="vertical-align: top; width: 25%;">
                        <div>&#160;</div>
                        <div>&#160;</div>
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">$_____________</div>
                        <div>&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="vertical-align: top; width: 75%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><u>Section 3.</u></div>
                      </td>
                      <td style="vertical-align: top; width: 25%;">&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="1" style="vertical-align: top; width: 75%;">&#160;</td>
                      <td style="vertical-align: top; width: 25%;">&#160;&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 75%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 18pt;">Effective Date:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> **</div>
                      </td>
                      <td style="vertical-align: top; width: 25%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">__________, 20__</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za18809bc57ea4f8199e02a129e526f76">

                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">[NAME OF ASSIGNOR]</div>
                      </td>
                    </tr>
                    <tr>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td rowspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td rowspan="1" style="width: 3%; vertical-align: top; padding-bottom: 2px;"><font style="font-size: 10pt; font-family: 'Times New Roman';">By:</font></td>
                      <td rowspan="1" style="width: 37%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td rowspan="1" style="vertical-align: top; padding-bottom: 2px; width: 10%;">&#160;</td>
                    </tr>
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                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
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                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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                      <td style="width: 50%; vertical-align: top;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
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                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accepted this [<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">day</font>] of [<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">month</font>], [<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">year</font>]</div>
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                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
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                      <td rowspan="1" style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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                      <td style="vertical-align: top; padding-bottom: 2px;"><font style="font-size: 10pt; font-family: 'Times New Roman';">By:</font></td>
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                      <td style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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                <div>
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                      <tr style="vertical-align: top;">
                        <td style="text-align: right; vertical-align: top; width: 27pt;">
                          <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
                        </td>
                        <td style="text-align: left; vertical-align: top; width: auto;">
                          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">This date should be no earlier than the date of acceptance by the Administrative Agent.</font></div>
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                  <div> <br>
                  </div>
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                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">AGREED TO THIS ____ DAY OF ___________, 20___:</div>
                <div>&#160;</div>
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                    <tr>
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                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">[NAME OF MANAGING AGENT],</div>
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                    <tr>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">as Managing Agent</div>
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                    <tr>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 55%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td style="vertical-align: top; width: 3%;"><br>
                      </td>
                      <td style="vertical-align: top; width: 42%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                      <td style="vertical-align: top; width: 55%;">&#160;</td>
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                    <tr>
                      <td style="vertical-align: top; width: 3%;"><br>
                      </td>
                      <td style="vertical-align: top; width: 42%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                      <td style="vertical-align: top; width: 55%;">&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="3" style="vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
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                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC,</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">as Borrower</div>
                      </td>
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                    <tr>
                      <td colspan="3" style="vertical-align: top;">&#160;</td>
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                    <tr>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
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                      <td style="width: 42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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                      <td style="width: 55%; vertical-align: top; padding-bottom: 2px;"><br>
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                    <tr>
                      <td style="vertical-align: top; width: 3%;"><br>
                      </td>
                      <td style="vertical-align: top; width: 42%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
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                      <td style="vertical-align: top; width: 55%;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="vertical-align: top; width: 3%;"><br>
                      </td>
                      <td style="vertical-align: top; width: 42%;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
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                      <td style="vertical-align: top; width: 55%;">&#160;</td>
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                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                <div style="text-align: right; margin-right: 4.3pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT G</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FORM OF JOINDER AGREEMENT</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">Reference is made to Amended and Restated Receivables Loan Agreement, dated as of May 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 &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Agreement</u></font>&#8221;).&#160; To the extent not defined herein, capitalized terms used herein have the meanings assigned to such terms in the Agreement.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">[<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">New Managing Agent</font>] (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>New Managing Agent</u></font>&#8221;), [<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">New Conduit Lender(s)</font>] (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>New Conduit Lender(s)</u></font>&#8221;) and [<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">New Committed Lender(s)</font>] (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>New Committed Lender(s)</u></font>&#8221;; and together with the New Managing Agent and New Conduit Lender(s), the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>New Lender Group</u></font>&#8221;)







                  agree as follows:</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">By execution and delivery of this Joinder
                    Agreement and pursuant to <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Section 10.04</u></font> of the Agreement, the New Lender Group elects to become a &#8220;Lender Group&#8221; under the Agreement.</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The effective date (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Effective Date</u></font>&#8221;) of this Joinder Agreement shall be the later of (i) the date on which a fully executed copy of this Joinder Agreement is delivered to the
                    Administrative Agent, (ii) the date of this Joinder Agreement [and (iii) the effective date of that certain assignment agreement of even date herewith between the [New Committed Lender] [New Conduit Lender] and [<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Name of [Committed] [Conduit] Lender Assignor</font>].</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font>&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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) 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) 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) it appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers pursuant to <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Article IX</u></font> of the Agreement; (iv) 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) its address for notices shall be the office set forth beneath its name on the signature pages of this Joinder
                    Agreement; (vi) the Lender Group Limit for the New Lender Group shall be as set forth on the signature page hereto; and (vii) it is duly authorized to enter into this Joinder Agreement.</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Schedule II</u></font> to the Agreement shall be amended to
                    incorporate the information set forth on <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Schedule I</u></font> to this Joinder Agreement and <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Schedule
                        III</u></font> shall be amended to incorporate the notice addresses set forth on the signature pages to this Joinder Agreement.&#160; [In addition, the New Conduit Lender hereby specifies that it is a &#8220;Pre-Review Conduit Lender&#8221;.]</font></div>
                <div>&#160;</div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">THIS JOINDER AGREEMENT SHALL BE GOVERNED
                    BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.&#160; Instead, any dispute resolved in court will be resolved in a bench trial without a jury.</font></div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
                <div>&#160;</div>
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                <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">IN WITNESS WHEREOF, the parties hereto have caused this Joinder Agreement to be executed by their respective officers thereunto duly
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                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">The &#8220;Lender Group Limit&#8221; for the New Lender Group is $[__________].</div>
                <div>&#160;</div>
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                      <td style="width: 50%; vertical-align: top;">&#160;</td>
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                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">NEW CONDUIT LENDER(S):</div>
                      </td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
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                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
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                      </td>
                      <td style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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                      <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
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                      <td style="width: 50%; vertical-align: top;">&#160;</td>
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                      <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
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                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
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                      </td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
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                    <tr>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
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                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
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                      </td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">[<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Address</font>]</div>
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                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">[<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">NAME</font>]</div>
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                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
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                    <tr>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Address for notices:</div>
                      </td>
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                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td colspan="3" style="vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">[<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Address</font>]</div>
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                <div>&#160;</div>
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                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
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                    <tr>
                      <td colspan="2" style="vertical-align: top;">
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                      <td style="width: 67%; vertical-align: top;"><br>
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                      <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 67%; vertical-align: top;"><br>
                      </td>
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                    <tr>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 67%; vertical-align: top; padding-bottom: 2px;"><br>
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                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br>
                        </div>
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                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
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                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
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                    <tr>
                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br>
                        </div>
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                      <td style="vertical-align: top;">Title:</td>
                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
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                    <tr>
                      <td colspan="2" style="vertical-align: top;">&#160;</td>
                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
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                    <tr>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 67%; vertical-align: top; padding-bottom: 2px;"><br>
                      </td>
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                      <td style="vertical-align: top;"><br>
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                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
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                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
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                    <tr>
                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br>
                        </div>
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                      <td style="vertical-align: top;">Title:</td>
                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
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                    <tr>
                      <td colspan="2" style="vertical-align: top;">&#160;</td>
                      <td style="width: 67%; vertical-align: top;"><br>
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                    <tr>
                      <td colspan="2" style="vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">[EACH MANAGING AGENT],</div>
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                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="2" style="vertical-align: top;">
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                      </td>
                      <td style="width: 67%; vertical-align: top;"><br>
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                    <tr>
                      <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 67%; vertical-align: top;"><br>
                      </td>
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                    <tr>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 67%; vertical-align: top; padding-bottom: 2px;"><br>
                      </td>
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                    <tr>
                      <td style="vertical-align: top;"><br>
                      </td>
                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
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                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br>
                        </div>
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                      <td style="vertical-align: top;">Title:</td>
                      <td style="width: 67%; vertical-align: top;"><br>
                      </td>
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                      <td colspan="2" style="vertical-align: top;">&#160;</td>
                      <td style="width: 67%; vertical-align: top;"><br>
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                      <td rowspan="1" colspan="3" style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC,</div>
                      </td>
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                    <tr>
                      <td colspan="2" style="vertical-align: top;">
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                      </td>
                      <td style="width: 67%; vertical-align: top;"><br>
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                      <td colspan="2" style="vertical-align: top;">&#160;</td>
                      <td style="width: 67%; vertical-align: top;"><br>
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                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
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                      <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 67%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br>
                        </div>
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                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                      <td style="width: 67%; vertical-align: top;">&#160;</td>
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                      <td style="vertical-align: top;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br>
                        </div>
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                      <td style="vertical-align: top;">Title:</td>
                      <td style="width: 67%; vertical-align: top;">&#160;</td>
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                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">SCHEDULE I</div>
                <div>&#160;</div>
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                    <tr>
                      <td style="width: 35%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Conduit Lending Limit(s) for New Conduit Lender(s):</div>
                      </td>
                      <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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                      <td style="width: 40%; vertical-align: top; padding-bottom: 2px;"><br>
                      </td>
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                    <tr>
                      <td style="width: 35%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 40%; vertical-align: top; padding-bottom: 2px;"><br>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 35%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Commitment(s) of New Committed Lender(s):</div>
                      </td>
                      <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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                      <td style="width: 40%; vertical-align: top; padding-bottom: 2px;"><br>
                      </td>
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                    <tr>
                      <td style="width: 35%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 40%; vertical-align: top; padding-bottom: 2px;"><br>
                      </td>
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                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT H</div>
                <div><br>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FORM OF PREPAYMENT NOTICE</div>
                <div><br>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[Date]</div>
                <div>&#160;</div>
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Bank of America, N.A. (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>BANA</u></font>&#8221;), as Administrative Agent,</font></div>
                <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">[<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Managing Agent</font>], as a Managing Agent</div>
                <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Computershare Trust Company, N.A., as Paying Agent</div>
                <div><br>
                </div>
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">From:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Hilton Grand Vacations Trust I LLC (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Borrower</u></font>&#8221;)</font></div>
                <div><br>
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                    <tr>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">Re:</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="font-family: 'Times New Roman'; font-size: 10pt;">Amended and Restated Receivables Loan Agreement, dated as of May 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 &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Agreement</u></font>&#8221;).&#160;







                          Terms defined in the Agreement are used herein with the same meaning.</div>
                      </td>
                    </tr>

                </table>
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                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to Section 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.&#160; This notice must be received no later than 12:00 p.m. (New York City time) two (2) Business
                  Days prior to the date of such payment.</div>
                <div>&#160;</div>
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                    <tr>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
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                        <div style="font-family: 'Times New Roman'; font-size: 10pt;">The aggregate amount (which shall be at least $1,000,000, or integral multiples of $100,000 in excess thereof) of the prepayment is: $_____________</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
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                        <div style="font-family: 'Times New Roman'; font-size: 10pt;">The Business Day upon which the undersigned shall make such prepayment is: ______________.</div>
                      </td>
                    </tr>

                </table>
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                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The undersigned hereby certifies that this prepayment notice is correct in all material respects as of the date so furnished.</div>
                <div>&#160;
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                      <tr>
                        <td style="width: 50%; vertical-align: top;">&#160;</td>
                        <td style="vertical-align: top;" colspan="3">
                          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC, as</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 50%; vertical-align: top;">
                          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Borrower</div>
                        </td>
                        <td style="vertical-align: top;" colspan="3">&#160;</td>
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                      <tr>
                        <td style="width: 50%; vertical-align: top;">&#160;</td>
                        <td style="vertical-align: top;" colspan="3">&#160;</td>
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                      <tr>
                        <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                        </td>
                        <td style="width: 20.51%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                        </td>
                        <td style="width: 26%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      </tr>
                      <tr>
                        <td style="width: 50%; vertical-align: top;">&#160;</td>
                        <td style="vertical-align: top;"><br>
                        </td>
                        <td style="vertical-align: top;">
                          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">Name:</div>
                        </td>
                        <td style="vertical-align: top;">&#160;</td>
                      </tr>
                      <tr>
                        <td style="width: 50%; vertical-align: top;">&#160;</td>
                        <td style="vertical-align: top;"><br>
                        </td>
                        <td style="vertical-align: top;">
                          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">Title:</div>
                        </td>
                        <td style="vertical-align: top;">&#160;</td>
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                <div>&#160;</div>
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                <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT I</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FORM OF REFINANCING RELEASE</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Reference is hereby made to the Amended and Restated Receivables Loan Agreement, dated as of May 3, 2022 (as amended, restated,
                  supplemented or otherwise modified from time to time, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Agreement</u></font>&#8221;), among Hilton Grand Vacations Trust I LLC, a Delaware limited liability company, as
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                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Borrower hereby delivers, in connection with the consummation of the Refinancing to which this Refinancing Release relates, (i) an
                  executed Refinancing Date Certificate of the Borrower, in substantially the form attached hereto as Annex 1-A and an executed Refinancing Date Certificate of the Servicer, in substantially the forms attached hereto as Annex 1-B and (ii)
                  an executed notice, in substantially the form attached hereto as Annex 2.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Upon deposit in the Collection Account of $[&#8226;] in accordance with Section 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:</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">the Timeshare Loans to
                    be transferred by the Borrower in the related Refinancing and described in Schedule I hereto (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Refinanced Assets</u></font>&#8221; and such Schedule, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Schedule of Refinanced Assets</u></font>&#8221;), 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;</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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;</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">all of the Borrower&#8217;s
                    interest in all Records, documents and writings evidencing or related to the Refinanced Assets;</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">all of the Borrower&#8217;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;</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">all deposit accounts,
                    monies, deposits, funds, accounts and instruments relating to the foregoing;</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">all of the Borrower&#8217;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</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">all income and
                    proceeds of the foregoing.</font></div>
                <div>&#160;</div>
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                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Executed as of __________, 201_.</div>
                <div>&#160;</div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zab615aae7ef44191a526a6bda17d7370">

                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="2" rowspan="1">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC, as Borrower</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <br>
                      </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <br>
                      </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="2" rowspan="1">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">BANK OF AMERICA, N.A., as Administrative Agent</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"><br>
                      </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <br>
                      </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <br>
                      </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <br>
                      </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>

                </table>
                <div> <br>
                </div>
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                <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">ANNEX 1-A</div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC</div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">REFINANCING DATE CERTIFICATE</div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Hilton Grand Vacations Trust I LLC (the &#8220;<font style="font-family: 'Times New Roman';"><u>Borrower</u></font>&#8221;), delivers this certificate
                  pursuant to Section 2.14(a) of the Amended and Restated Receivables Loan Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<font style="font-family: 'Times New Roman';"><u>Agreement</u></font>&#8221;),




                  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 &#8220;<font style="font-family: 'Times New Roman';"><u>Administrative Agent</u></font>&#8221;), and hereby certifies, as of the date hereof, the
                  following:</div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
                <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">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);</font></font></div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
                <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">the
                      representations and warranties contained in Section 4.01 are true and correct in all material respects, except to the extent relating to an earlier date; and</font></font></div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
                <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">no Default
                      or Event of Default has occurred and is continuing.</font></font></div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
                <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement.</div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
                <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf this ___ day of _________, 201_.</div>
                <font style="font-size: 10pt;"> </font>
                <div style="font-size: 10pt;">&#160;</div>
                <font style="font-size: 10pt;"> </font>
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                    <tr>
                      <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
                      <td style="vertical-align: top;" rowspan="1" colspan="2">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                      <td style="width: 3%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                      <td style="width: 47%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px; font-size: 10pt;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt;"><br>
                        </font> </td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <font style="font-size: 10pt;"><br>
                        </font> </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <font style="font-size: 10pt;"><br>
                        </font> </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
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                <font style="font-size: 10pt;"> </font>
                <div><font style="font-size: 10pt;"> </font><br>
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                <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">ANNEX 1-B</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">GRAND VACATIONS SERVICES LLC</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">REFINANCING DATE CERTIFICATE</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Grand Vacations Services LLC, as servicer (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Servicer</u></font>&#8221;),
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                <div>&#160;</div>
                <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement.</div>
                <div>&#160;</div>
                <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">IN WITNESS WHEREOF, the Servicer has caused this certificate to be executed on its behalf this ___ day of _________, 201_.</div>
                <div>&#160;</div>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" rowspan="1" colspan="2">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">GRAND VACATIONS SERVICES LLC, as Servicer</div>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="width: 47%; vertical-align: top;" rowspan="1">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
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                      <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
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                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">:</div>
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                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <br>
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                      <td style="width: 47%; vertical-align: top;">
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                <div> <br>
                </div>
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                <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">ANNEX 2</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">FORM OF NOTICE</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">6355 Metro West Blvd, Suite 180</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Orlando, FL 32835</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Attn: SVP &amp; Treasurer</div>
                <div><br>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">______________, 201__</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Bank of America, N.A.,</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">as Administrative Agent</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">One Bryant Park, Floor 11</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">New York, NY 10036</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Computershare Trust Company, N.A.</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">1505 Energy Park Drive</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">St. Paul, MN 55108</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Attention:&#160; Corporate Trust Services - Asset-Backed Administration</div>
                <div><br>
                </div>
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Grand Vacations Services LLC</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt;">6355 Metro West Blvd.</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Suite 180</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Orlando, FL 32835</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Attn: General Counsel</div>
                <div><br>
                </div>
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                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">Re:</td>
                      <td style="width: auto; vertical-align: top; text-align: left;">
                        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><u>Hilton Grand Vacations Trust I LLC &#8211; Receivables Loan Agreement</u></div>
                      </td>
                    </tr>

                </table>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Ladies and Gentlemen:</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Reference is made to the Amended and Restated Receivables Loan Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or otherwise modified
                  from time to time, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Agreement</u></font>&#8221;), among Hilton Grand Vacations Trust I LLC, a Delaware limited liability company, as borrower (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Borrower</u></font>&#8221;), 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 &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Administrative
                      Agent</u></font>&#8221;).</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to Section 2.14(a)(i) of the Agreement, the Borrower gives notice of its intent to effect a Refinancing on or about __________, 201_ (which date is
                  no fewer than 10 Business Days after the date of delivery of this notice to the Administrative Agent).</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement.</div>
                <div>&#160;</div>
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                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z637a20bfd1c64433bf37af4e1cdbd2f8">

                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Very truly yours,</div>
                      </td>
                    </tr>
                    <tr>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By:</div>
                      </td>
                      <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <br>
                      </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 3%; vertical-align: top;"> <br>
                      </td>
                      <td style="width: 47%; vertical-align: top;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>

                </table>
                <div> <br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                </div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Schedule I to Refinancing Release</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Schedule of Refinanced Assets</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[to be attached]</div>
                <div>&#160;</div>
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                <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT J</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FORM OF GLOBAL ASSIGNMENT OF MORTGAGE AND TIMESHARE LOAN FILES</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND POWER OF ATTORNEY</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Seller)</div>
                <div><br>
                </div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">This </font>GLOBAL ASSIGNMENT OF MORTGAGE AND TIMESHARE
                  LOAN FILES<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;"> AND POWER OF ATTORNEY (this &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>A</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;"><u>s</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>signment and Power of Attorney</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">&#8221;) is made as of [Date] by each of HILTON RESORTS CORPORATION (the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>Seller</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">&#8221;) and HILTON GRAND VACATIONS TRUST I LLC (the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>Borrower</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">&#8221;) in favor of BANK OF AMERICA, N.A. (the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>Administrative Agent</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">&#8221;).</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;">The Seller, the Borrower, and certain other institutions,
                    including the Administrative Agent, have entered into certain transactions involving timeshare loans (the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #0B0000;"><u>Transactions</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;">&#8221;).&#160; Pursuant to the terms of the Amended and Restated Sale and Contribution Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or otherwise
                    modified in writing from time to time, the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #0B0000;"><u>Sale and Contribution Agreement</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;">&#8221;), by and between the Seller and the Borrower, the Seller sells and/or contributes certain timeshare loans and related assets to the Borrower.&#160; 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 &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #0B0000;"><u>Transferred Timeshare Loans</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;">&#8221;.&#160; The Borrower, pursuant to the terms of the Amended and
                    Restated Receivables Loan Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or otherwise modified in writing from time to time, the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #0B0000;"><u>Loan Agreement</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;">&#8221;), 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&#8217;s obligations under the Loan Agreement and the agreements, documents and instruments related thereto.&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0F0000;">To further evidence the Administrative Agent&#8217;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.&#160; 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.</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; color: #0F0000; font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s right to receive and collect all
                  interest, principal, and other amounts or proceeds under or in connection with such Transferred Timeshare Loans.&#160; 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&#8217;s right to receive
                  and collect all interest, principal, and other amounts or proceeds under or in connection with such Transferred Timeshare Loans.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
                <div>&#160;</div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">In order to give further effect to the Administrative Agent&#8217;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&#8217;s true and lawful attorney-in-fact and in the Seller&#8217;s name,
                  place and stead to act and take all such actions required to further evidence and perfect the Administrative Agent&#8217;s interests in the Transferred Timeshare Loans.&#160; Such actions shall include, but shall not be limited to, (i) preparing,
                  executing and recording in the Seller&#8217;s name, place and stead agreements, documents and instruments with federal, state, county and other jurisdictions to evidence the Administrative Agent&#8217;s interests in the Transferred Timeshare Loans,
                  and (ii) endorsing Transferred Timeshare Loans in favor of the Administrative Agent.&#160; This power of attorney shall be irrevocable and coupled with an interest.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s receipt of notice of such revocation or termination.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This Assignment and Power of Attorney may not be amended or modified without the Administrative Agent&#8217;s prior written consent.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
                <div>&#160;</div>
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                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
                <div>&#160;</div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zde63893d8c69413eb64ff304d1a75f14">

                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">HILTON RESORTS CORPORATION</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By: <br>
                        </div>
                      </td>
                      <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 15%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; color: #070000; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By:<br>
                        </div>
                      </td>
                      <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                      <td style="width: 15%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>

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                <div> <br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                      <tr>
                        <td style="width: 5%; padding-bottom: 2px;">
                          <div>State of</div>
                        </td>
                        <td style="width: 13%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                        </td>
                        <td style="width: 82%; padding-bottom: 2px;">)<br>
                        </td>
                      </tr>

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                  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                      <tr>
                        <td style="width: 7%;" rowspan="1">&#160;</td>
                        <td style="width: 11%;" rowspan="1">&#160;</td>
                        <td style="width: 82%;" rowspan="1">)<br>
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                      </tr>
                      <tr>
                        <td style="width: 7%; padding-bottom: 2px;">
                          <div>County of</div>
                        </td>
                        <td style="width: 11%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                        </td>
                        <td style="width: 82%; padding-bottom: 2px;">)<br>
                        </td>
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                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This instrument was acknowledged before me on __________, 2012 by ______________________ as ______________________________ of
                  ___________________ and,&#160; in a representative capacity.</div>
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><br>
                </div>
                <div style="text-align: justify;">
                  <div style="text-align: left;">
                    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                        <tr>
                          <td style="width: 35%; padding-bottom: 2px;">
                            <div>&#160;</div>
                          </td>
                          <td style="width: 30%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                          </td>
                          <td style="width: 35%; padding-bottom: 2px;">
                            <div>&#160;</div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 35%;">
                            <div>&#160;</div>
                          </td>
                          <td style="width: 30%; text-align: center;">(Signature of notarial officer)</td>
                          <td style="width: 35%;">
                            <div>&#160;</div>
                          </td>
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                  <font style="font-size: 10pt; font-family: 'Times New Roman';"> </font> </div>
                <div><br>
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                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Seal, if any)</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                </div>
                <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT K</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FORM OF GLOBAL ASSIGNMENT OF MORTGAGES AND TIMESHARE LOAN FILES AND POWER OF ATTORNEY</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Borrower)</div>
                <div><br>
                </div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">This </font>GLOBAL ASSIGNMENT OF MORTGAGES AND TIMESHARE
                  LOAN FILES<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;"> AND POWER OF ATTORNEY (this &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>A</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;"><u>s</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>signment and Power of Attorney</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">&#8221;) is made as of [Date] by HILTON GRAND VACATIONS TRUST I LLC (the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>Borrower</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">&#8221;) in favor of BANK OF AMERICA, N.A. (the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #070000;"><u>Administrative Agent</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #070000;">&#8221;).</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;">The Borrower, certain institutions, and the Administrative
                    Agent are parties to a </font>Amended and Restated Receivables Loan Agreement, dated as of May 3, 2022<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;"> (as amended, restated, supplemented or otherwise
                    modified in writing from time to time, the &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #0B0000;"><u>Loan Agreement</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;">&#8221;).&#160; 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.&#160; Such assets secure the Borrower&#8217;s payment and
                    performance of its obligations under the Loan Agreement and the agreements, documents and instruments delivered in connection therewith.&#160; 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 &#8220;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: #0B0000;"><u>Timeshare







                      Loan Files</u></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0B0000;">&#8221;).</font></div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; color: #0F0000; font-family: 'Times New Roman'; font-size: 10pt;">To further evidence the Administrative Agent&#8217;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&#8217;s right to receive and collect all interest, principal, and other amounts or proceeds under or in connection with such Timeshare Loan Files.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">In order to give further effect to the Administrative Agent&#8217;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&#8217;s true and lawful attorney-in-fact and in the Borrower&#8217;s name, place and stead to act and take all such actions required to further
                  evidence and perfect the Administrative Agent&#8217;s interests in the Timeshare Loan Files.&#160; Such actions shall include, but shall not be limited to, (i) preparing, executing and recording in the Borrower&#8217;s name, place and stead agreements,
                  documents and instruments with federal, state, county and other jurisdictions to evidence the Administrative Agent&#8217;s interests in the Timeshare Loan Files, and (ii) endorsing Timeshare Loan Files in favor of the Administrative Agent.&#160;
                  This power of attorney shall be irrevocable and coupled with an interest.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s receipt of notice of such revocation or termination.</div>
                <div>&#160;</div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                </div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This Assignment and Power of Attorney may not be amended or modified without the Administrative Agent&#8217;s prior written consent.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
                <div>&#160;</div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                    <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>
                <div>&#160;</div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbc075366439741af9aedbe90c5a95936">

                    <tr>
                      <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; color: #070000; font-family: 'Times New Roman'; font-size: 10pt;">HILTON GRAND VACATIONS TRUST I LLC</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">By:<br>
                        </div>
                      </td>
                      <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 12%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
                  <div>
                    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                        <tr>
                          <td style="width: 5%; padding-bottom: 2px;">
                            <div>State of</div>
                          </td>
                          <td style="width: 13%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                          </td>
                          <td style="width: 82%; padding-bottom: 2px;">)<br>
                          </td>
                        </tr>

                    </table>
                    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                        <tr>
                          <td style="width: 7%;" rowspan="1">&#160;</td>
                          <td style="width: 11%;" rowspan="1">&#160;</td>
                          <td style="width: 82%;" rowspan="1">)<br>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 7%; padding-bottom: 2px;">
                            <div>County of</div>
                          </td>
                          <td style="width: 11%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                          </td>
                          <td style="width: 82%; padding-bottom: 2px;">)<br>
                          </td>
                        </tr>

                    </table>
                  </div>
                </div>
                <div><br>
                </div>
                <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This instrument was acknowledged before me on __________, 2012 by ______________________ as ______________________________ of
                  ___________________ and,&#160; in a representative capacity.</div>
                <br>
                <div style="text-align: left;">
                  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z658fa9227a2441d59b9022d2d4cdcdfb">

                      <tr>
                        <td style="width: 35%; padding-bottom: 2px;">
                          <div>&#160;</div>
                        </td>
                        <td style="width: 30%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                        </td>
                        <td style="width: 35%; padding-bottom: 2px;">
                          <div>&#160;</div>
                        </td>
                      </tr>
                      <tr>
                        <td style="width: 35%;">
                          <div>&#160;</div>
                        </td>
                        <td style="width: 30%; text-align: center;">(Signature of notarial officer)</td>
                        <td style="width: 35%;">
                          <div>&#160;</div>
                        </td>
                      </tr>

                  </table>
                  <div> <br>
                  </div>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Seal, if any)</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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                </div>
                <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT L</div>
                <div><br>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FORM OF NOTICE OF EXCLUSIVE CONTROL</div>
                <div><br>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[to be placed on Administrative Agent letterhead]</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">NOTICE OF EXCLUSIVE CONTROL</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[Date]</div>
                <div>&#160;</div>
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Computershare Trust Company, N.A.</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">1505 Energy Park Drive</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">St. Paul, MN 55108</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Attention: Corporate Trust Services &#8211; Asset-Backed Administration</div>
                <div><br>
                </div>
                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b3fbe44c3614c26a8b90fe6f51736da">

                    <tr>
                      <td style="width: 36pt;"><br>
                      </td>
                      <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">Re:</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="font-family: 'Times New Roman'; font-size: 10pt;">Amended and Restated Receivables Loan Agreement, dated as of May 3, 2022 (as amended, the &#8220;Agreement&#8221;) 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</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Ladies and Gentlemen:</div>
                <div>&#160;</div>
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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.&#160; Pursuant to such
                  paragraph 2.16(h), we hereby notify you that we are exercising our rights to assume and exercise exclusive control of <font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">account numbers [&#8226;] and [&#8226;] </font>maintained







                  with you.&#160; [Available funds deposited in such accounts should be sent at the end of each day to [__________].</div>
                <div>&#160;</div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z14bc2393080f4b5ca79c0148b62e2373">

                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">BANK OF AMERICA, N.A.,</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">as Administrative Agent</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3"><br>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By: <br>
                        </div>
                      </td>
                      <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">By: <br>
                        </div>
                      </td>
                      <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                      </td>
                      <td style="width: 7%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Name:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="vertical-align: top;" colspan="3">
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Title:</div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                </div>
                <div style="text-align: right; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT M</div>
                <div>&#160;</div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CERTAIN BORROWER INFORMATION</div>
                <div><br>
                </div>
                <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(On file with the Administrative Agent)</div>
                <br>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                </div>
                <div style="text-align: right;"><font style="font-weight: bold;">SCHEDULE I-A</font></div>
                <div>
                  <div style="text-align: left;">
                    <div><br>
                    </div>
                    <div style="text-align: center; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REPRESENTATIONS AND WARRANTIES OF HRC TIMESHARE LOANS THAT ARE MORTGAGE LOANS</div>
                    <div><br>
                    </div>
                    <div style="text-indent: 36pt;">
                      <div>
                        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">(a) &#160; &#160; &#160; &#160; </font>All federal, state or local laws, rules or
                          regulations, including, without limitation, those relating to usury, truth-in-lending, 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.</div>
                      </div>
                    </div>
                  </div>
                  <div style="text-align: left;"> <br>
                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan is not a Cease and
                      Desist Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor Note is not and
                      has not been secured by any collateral except the Lien on the related Timeshare Interest.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">Each Tangible Document contained in
                      the related Timeshare Loan File is in the possession of the Custodian, each Electronic Loan Document that constitutes a &#8220;transferrable record&#8221; (within the meaning of UETA) in the related Timeshare Loan File is under the &#8220;control&#8221;
                      (within the meaning of Section 9-105 of the UCC or Section 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related title is covered by a form
                      of lender&#8217;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&#8217;s title insurance policy is in full force and effect. No claims have been
                      made under such lender&#8217;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&#8217;s title insurance policy.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor Note has an
                      original term to stated maturity of one hundred eighty (180) months or less and may be prepaid in full without penalty.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">A minimum of one payment due under such
                      Timeshare Loan has been made on the related Obligor Note.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan is not a Delinquent
                      Timeshare Loan or a Defaulted Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(s)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">All applicable intangible taxes,
                      documentary stamp taxes and state and local taxes were paid in respect of such Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Interest is calculated on the related
                      Obligor Note on either a simple interest basis or a 30/360 basis.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The proceeds of such Timeshare Loan
                      have been fully disbursed and no additional performance by any Person other than the Obligor is required.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor automatically
                      became a member of an exchange with full access to the HGVClub upon its purchase of the related Timeshare Interest.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(y)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(z)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor is not (i) a Person
                      (other than an individual) that is the Parent or a Subsidiary thereof, including the Servicer or (ii) a Governmental Authority.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(aa)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor has been instructed
                      to remit all payments to (x) the HRC Lockbox and HRC Clearing Account and/or (y) the New Lockbox and New Clearing Account, or such other lockbox account(s) at Qualified Institutions that are subject to the HRC Clearing Account Control
                      Agreement or the New Clearing Account Control Agreement, as applicable, or a substantially similar control agreement.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(bb)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(i) The related Resort Association was
                      duly organized and, to the best of the Seller&#8217;s knowledge, is validly existing and in good standing in the state of its organization, (ii) 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) any agreements
                      mentioned in the preceding clause (ii) 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) 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(cc)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';"> (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) 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) 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(dd)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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 &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Declaration</u></font>&#8221;) 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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ee)</font>&#160; &#160; &#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ff)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(gg)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan was not selected
                      using selection procedures reasonably believed by the Seller to be adverse to the Borrower.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(hh)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(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) to the extent required by applicable law,
                      valid certificates of occupancy for such Timeshare Property has 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; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">provided</font>
                      that, the Timeshare Loan shall not be considered in breach of this clause (hh) unless (x) a material portion of the Units in the Resorts under the HGVClub fail to satisfy clause (i), (ii) or (iii) 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&#8217;s noncompliance with clause (i), (ii) or (iii) upon
                      knowledge thereof.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">(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) 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) have a material adverse impact on the financial condition of such Resort Association, or
                      (C) 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) 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) a material portion of the Resorts in the HGVClub fail to satisfy this clause (ii)(ii) or (y) 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&#8217;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 (x) a material
                      portion of the Resorts in the HGVClub fail to satisfy this clause (ii)(iii) 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 Resort&#8217;s noncompliance with this clause (ii)(iii) upon knowledge thereof.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(jj)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(kk)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor has equity in the
                      related Timeshare Interest of at least 10% of the purchase price for the related Timeshare Interest.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ll)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The Timeshare Loan was made in respect
                      of a Timeshare Property as to which (i) construction has been completed; provided that construction shall exclude for purposes of this clause any remodeling and (ii) a valid certificate of occupancy has been issued from all necessary
                      Governmental Authorities.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(mm)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">If the related Obligor is a Domestic
                      Obligor who had a FICO&#174; score at the time of origination of such Timeshare Loan, such Obligor had a FICO&#174; score of at least 600 at the time of origination of such Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(nn)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The Timeshare Loan Balance of such
                      Timeshare Loan does not exceed $500,000.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(oo)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">No broker is, or will be, entitled to
                      any commission or compensation in connection with the transfer of such Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(pp)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(qq)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Resort (i) 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, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#8217;
                      rights generally.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(rr)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;s &#8220;control&#8221; (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 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).</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ss)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">If such Timeshare Loan is evidenced by
                      an Electronic Obligor Note that constitutes a &#8220;transferrable record&#8221; 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&#8217;s &#8220;control&#8221; (within the meaning of Section 16 of UETA) of Electronic Obligor Notes that constitute &#8220;transferrable records&#8221; as defined in UETA; it being understood that any Timeshare Loan evidenced by an Electronic
                      Obligor Note that constitutes a &#8220;transferrable record&#8221; (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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(tt)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE I-B</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REPRESENTATIONS AND WARRANTIES OF HRC TIMESHARE LOANS</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">THAT ARE RIGHT-TO-USE LOANS</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">All federal, state or local laws, rules
                      or regulations, including, without limitation, those relating to usury, truth-in-lending, 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">If the Timeshare Loan is a Right-to-Use
                      Loan (i) the related Timeshare Interest is related to Units at one or more Resorts, (ii) all Resorts and other fee or leasehold real estate interests supporting the Vacation Interest available to be sold are (a) 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) related to one or more Resort Associations; (iii) upon purchasing a Right-to-Use Interest, the Obligor related thereto receives a Vacation Interest; and (iv) at the time of the sale
                      of the related Right-to-Use Interest, the &#8220;seller&#8221; of such Right-to-Use Interest under the related Purchase Contract owned the exclusive right to reserve the occupancy of Units in connection with such Right-to-Use 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font>&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Each of the related Right-to-Use
                      Agreement with respect to Right-to-Use 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">All parties to the related Right-to-Use
                      Agreement and the related Obligor Note had legal capacity to enter into such Right-to-Use Agreement and such Obligor Note and to execute and deliver such Right-to-Use Agreement and such Obligor Note, and Right-to-Use 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan is not a Cease and
                      Desist Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Right-to-Use Agreement
                      contains customary and enforceable provisions so as to render the rights and remedies of the holder thereof (or the related developer) 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 &#8220;seller&#8217;s&#8221;
                      (under and as defined in the related Purchase Contract in the case of a Right-to-Use Agreement) right to foreclose such related Right-to-Use 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></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">To the extent such Obligor Note is
                      secured, the related Obligor Note is not and has not been secured by any collateral except the Lien on the related Timeshare Interest.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">Each Tangible Document contained in
                      the related Timeshare Loan File is in the possession of the Custodian, each Electronic Loan Document that constitutes a &#8220;transferrable record&#8221; (within the meaning of UETA) in the related Timeshare Loan File is under the &#8220;control&#8221;
                      (within the meaning of Section 9-105 of the UCC or Section 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor Note has an
                      original term to stated maturity of one hundred eighty (180) months or less and may be prepaid in full without penalty.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">A minimum of one payment due under such
                      Timeshare Loan has been made on the related Obligor Note.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan is not a Delinquent
                      Timeshare Loan or a Defaulted Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font>&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">All applicable intangible taxes,
                      documentary stamp taxes and state and local taxes were paid in respect of such Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(s)</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">Interest is calculated on the related
                      Obligor Note on either a simple interest basis or a 30/360 basis.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The proceeds of such Timeshare Loan
                      have been fully disbursed and no additional performance by any Person other than the Obligor is required.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Except for changes to the name of the
                      Obligor thereunder, the terms of the related Purchase Contract, Right-to-Use 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor automatically
                      became a member of an exchange with full access to the HGVClub upon its purchase of the related Timeshare Interest.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor is not (i) a Person
                      (other than an individual) that is the Parent or a Subsidiary thereof, including the Servicer or (ii) a Governmental Authority.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(y)</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor has been instructed
                      to remit all payments to (x) the HRC Lockbox and HRC Clearing Account and/or (y) the New Lockbox and the New Clearing Account, or such other lockbox account(s) at Qualified Institutions that are subject to the HRC Clearing Account
                      Control Agreement or the New Clearing Account Control Agreement, as applicable, or a substantially similar control agreement.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(z)</font>&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(i) The related Resort Association was
                      duly organized and, to the best of the Seller&#8217;s knowledge, is validly existing and in good standing in the state of its organization, (ii) 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) any agreements
                      mentioned in the preceding clause (ii) 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) 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(aa)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';"> (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) 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) 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(bb)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(cc)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(dd)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ee)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan was not selected
                      using selection procedures reasonably believed by the Seller to be adverse to the Borrower.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ff)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(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) to the extent required by applicable law,
                      valid certificates of occupancy for such Timeshare Property has 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<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">
                        provided</font> that, the Timeshare Loan shall not be considered in breach of this clause (ff) unless (x) a material portion of the Units in the Resorts under the HGVClub fail to satisfy clause (i), (ii) or (iii) 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&#8217;s noncompliance with clause (i), (ii) or
                      (iii) upon knowledge thereof.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(gg)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(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) 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) have a material adverse impact on the financial condition of such Resort Association, or
                      (C) 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) 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) a material portion of the Resorts in the HGVClub fail to satisfy this clause (gg)(ii) or (y) 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&#8217;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 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) a
                      material portion of the Resorts in the HGVClub fail to satisfy this clause (gg)(iii) 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 Resort&#8217;s noncompliance with this clause (gg)(iii) upon knowledge thereof.</font></div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(hh)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor has equity in the
                      related Timeshare Interest of at least 10% of the purchase price for the related Timeshare Interest.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(jj)</font>&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The Timeshare Loan was made in respect
                      of a Timeshare Property as to which (i) construction has been completed; provided that construction shall exclude for purposes of this clause any remodeling and (ii) a valid certificate of occupancy has been issued from all necessary
                      Governmental Authorities.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(kk)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">If the related Obligor is a Domestic
                      Obligor who had a FICO&#174; score at the time of origination of such Timeshare Loan, such Obligor had a FICO&#174; score of at least 600 at the time of origination of such Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ll)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The Timeshare Loan Balance of such
                      Timeshare Loan does not exceed $500,000.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(mm)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">No broker is, or will be, entitled to any
                      commission or compensation in connection with the transfer of such Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(nn)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(oo)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Resort (i) 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, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#8217;
                      rights generally.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(pp)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;s &#8220;control&#8221; (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 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).</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(qq)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">If such Timeshare Loan is evidenced by
                      an Electronic Obligor Note that constitutes a &#8220;transferrable record&#8221; 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&#8217;s &#8220;control&#8221; (within the meaning of Section 16 of UETA) of Electronic Obligor Notes that constitute &#8220;transferrable records&#8221; as defined in UETA; it being understood that any Timeshare Loan evidenced by an Electronic
                      Obligor Note that constitutes a &#8220;transferrable record&#8221; (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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(rr)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE I-C</div>
                  <div><br>
                  </div>
                  <div style="text-align: center; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REPRESENTATIONS AND WARRANTIES OF DIAMOND TIMESHARE LOANS THAT ARE RIGHT-TO-USE LOANS</div>
                  <div><br>
                  </div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Obligor had a FICO&#174; score of at
                      least 600 at the time of origination of such Timeshare Loan.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The Obligors of which have a minimum
                      weighted average FICO&#174; score of at least <font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>700</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">705</u></font>.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor Note has an
                      original term to stated maturity of one hundred eighty (180) months or less.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan is not a Cease and
                      Desist Timeshare Loan.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">All federal, state or local laws, rules
                      or regulations, including, without limitation, those relating to usury, truth-in-lending, 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">(i) the related Timeshare Interest is
                      related to Units at or more Resorts, (ii) all Resorts and other fee or leasehold real estate interests supporting the Vacation Interest and the Points available to be sold are (a) 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) related to one or more Resort Associations; (iii) upon purchasing a Right-to-Use Interest, the Obligor related thereto receives a Vacation Interest; and (iv) at the time of the sale of the related Right-to-Use
                      Interest, the &#8220;seller&#8221; of such Right-to-Use Interest under the related Purchase Contract owned the exclusive right to reserve the occupancy of Units in connection with such Right-to-Use 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Each of the related Right-to-Use
                      Agreement with respect to Right-to-Use 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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">All parties to the related Right-to-Use
                      Agreement and the related Obligor Note had legal capacity to enter into such Right-to-Use Agreement and such Obligor Note and to execute and deliver such Right-to-Use Agreement and such Obligor Note, and Right-to-Use 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font>&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Right-to-Use Agreement
                      contains customary and enforceable provisions so as to render the rights and remedies of the holder thereof <font style="font-size: 10pt; font-family: 'Times New Roman'; color: #0000FF;"><u style="border-bottom: 1px solid;">(or with
                          respect to the Cabo Azul Resort, the developer) </u></font>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 &#8220;seller&#8217;s&#8221; (under and as defined in the related Purchase Contract in the case of a
                      Right-to-Use Agreement) right to foreclose such related Right-to-Use 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></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor Note is not and has
                      not been secured by any collateral except the Lien on the related Timeshare Interest.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Each Tangible Document contained in the
                      related Timeshare Loan File is in the possession of the Custodian, each Electronic Loan Document that constitutes a &#8220;transferrable record&#8221; (within the meaning of UETA) in the related Timeshare Loan File is under the &#8220;control&#8221; (within
                      the meaning of Section 9-105 of the UCC or Section 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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 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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font>&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(s)</font>&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">[Reserved].</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">A minimum of one payment due under
                      such Timeshare Loan has been made on the related Obligor Note.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan is not a Delinquent
                      Timeshare Loan or a Defaulted Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">All applicable intangible taxes,
                      documentary stamp taxes and state and local taxes were paid in respect of such Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Interest is calculated on the related
                      Obligor Note on either a simple interest basis or a 30/360 basis.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The proceeds of such Timeshare Loan
                      have been fully disbursed and no additional performance by any Person other than the Obligor is required.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(y)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Except for changes to the name of the
                      Obligor thereunder, the terms of the related Purchase Contract, Right-to-Use 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(z)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(aa)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(bb)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor is not (i) a Person
                      (other than an individual) that is the Parent or a Subsidiary thereof, including the Servicer or (ii) a Governmental Authority.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(cc)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor has been instructed
                      to remit all payments to (x) the Diamond Lockbox, the Diamond Lockbox Account and/or the HRC Lockbox and the HRC Clearing Account at all times prior to the related Account Restructuring Obligor Notification Date and (y) (i) the HRC
                      Lockbox and the HRC Clearing Account and/or (ii) the New Lockbox and the New Clearing Account, at all times on or after the related 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 related Account Restructuring Date), the HRC Clearing Account Control Agreement or the New Clearing Account Control Agreement, as applicable,
                      or a substantially similar control agreement.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(dd)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(i) The related Resort Association was
                      duly organized and, to the best of the Seller&#8217;s knowledge, is validly existing and in good standing in the state of its organization, (ii) 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) any agreements
                      mentioned in the preceding clause (ii) 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 </font>(iv) 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.</div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ee)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';"> (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) 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) 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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ff)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(gg)</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(hh)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan was not selected
                      using selection procedures reasonably believed by the Seller to be adverse to the Borrower.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(jj)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">(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) to the extent required by applicable law, valid certificates of occupancy for such Units have been issued and are currently outstanding; and (iii) 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) 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) 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&#8217;s noncompliance with clause
                      (i), (ii) or (iii) upon knowledge thereof.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(kk)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(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) 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) have a
                      material adverse impact on the financial condition of such Resort Association or Resort Collection, or (C) 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) 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) 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) 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&#8217;s noncompliance with this clause (kk)(ii) upon knowledge thereof, and (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 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) 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) 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&#8217;s noncompliance with this clause (kk)(iii) upon knowledge thereof.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ll)</font>&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(mm)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor has equity in the
                      related Timeshare Interest of at least 10% of the purchase price for the related Timeshare Interest.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(nn)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">[Reserved]</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(oo)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The Timeshare Loan Balance of such
                      Timeshare Loan does not exceed $250,000.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(pp)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">No broker is, or will be, entitled to
                      any commission or compensation in connection with the transfer of such Timeshare Loan.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(qq)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(rr)</font>&#160;&#160;&#160;&#160; &#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ss)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Resort Collection (i) 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 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&#8217; rights generally.</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(tt)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">[Reserved]</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(uu)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;s &#8220;control&#8221; (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 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).</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">If such Timeshare Loan is evidenced by
                      an Electronic Obligor Note that constitutes a &#8220;transferrable record&#8221; 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&#8217;s &#8220;control&#8221; (within the meaning of Section 16 of UETA) of Electronic Obligor Notes that constitute &#8220;transferrable records&#8221; as defined in UETA; it being understood that any Timeshare Loan evidenced by an Electronic
                      Obligor Note that constitutes a &#8220;transferrable record&#8221; (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).</font></div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ww)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE I-D</div>
                  <div><br>
                  </div>
                  <div style="text-align: center; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REPRESENTATIONS AND WARRANTIES OF BLUEGREEN TIMESHARE LOANS<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #FF0000;"><strike> THAT ARE CLUB LOANS</strike></font></div>
                  <div><br>
                  </div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">All federal, state or local laws, rules
                      or regulations, including, without limitation, those relating to usury, truth-in-lending, 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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font>&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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 of such 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, of such related Mortgage and related Obligor Note, and all monies due or to become due thereunder, and all proceeds thereof;</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>All</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">If the Timeshare Loan is a
                          Club Loan, all</u></font> 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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font>&#160;&#160; &#160; &#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>The</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">If such Timeshare Loan is
                          a Club Loan, the</u></font> 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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan is not a Cease and
                      Desist Timeshare Loan.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>The</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">If such Timeshare Loan is
                          a Club Loan, the</u></font> 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. <font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>There</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">If such Timeshare Loan is a Club Loan, there</u></font> 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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor Note is not and
                      has not been secured by any collateral except the Lien on the related Timeshare Interest.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font>&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">Each Tangible Document contained in
                      the related Timeshare Loan File is in the possession of the Custodian, each Electronic Loan Document that constitutes a &#8220;transferrable record&#8221; (within the meaning of UETA) in the related Timeshare Loan File is under the &#8220;control&#8221;
                      (within the meaning of Section 9-105 of the UCC or Section 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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(255, 0, 0);"><strike>Other</strike></font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">If such Timeshare Loan
                          is a Club Loan, other</u></font> than with respect to the La Pension Resort, the title to the related Timeshare Interest is covered by a form of lender&#8217;s title insurance policy (or a binding commitment, which may be a master
                      commitment referencing one or more mortgages) issued <font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">or in the process of being issued </u></font>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&#160; such Timeshare Loan. Such lender&#8217;s title insurance policy (if applicable) is in full force and effect. No claims have been made under such lender&#8217;s title
                      insurance policy<font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> (if applicable)</u></font>, and no prior holder of such Mortgage has done or omitted to do
                      anything which would impair the coverage of such lender&#8217;s title insurance policy<font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;"> (if applicable)</u></font>.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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 in default under the related 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.</font></div>
                  <div>&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor Note has an
                      original term to stated maturity of <font style="font-size: 12pt; font-family: 'Times New Roman';">one hundred eighty (</font>180) months or less and may be prepaid in full without penalty.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">A minimum of one payment due under such
                      Timeshare Loan has been made on the related Obligor Note.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan is not a Delinquent
                      Timeshare Loan or a Defaulted Timeshare Loan.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(s)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">All applicable intangible taxes,
                      documentary stamp taxes and state and local taxes were paid in respect of such Timeshare Loan.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">Interest is calculated on the related
                      Obligor Note on either a simple interest basis or a 30/360 basis.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The proceeds of such Timeshare Loan
                      have been fully disbursed and no additional performance by any Person other than the Obligor is required.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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, <font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">to
                          the extent such Timeshare Loan is a Club Loan, </u></font>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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor automatically
                      became a member of an exchange upon its purchase of the related Timeshare Interest.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(y)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(z)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The related Obligor is not (i) a Person
                      (other than an individual) that is the Parent or a Subsidiary thereof or (ii) a Governmental Authority.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(aa)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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 Date and (y) the HRC Lockbox and the HRC Clearing Account and/or the New Lockbox and the
                      New Clearing Account on or after the related Account Restructuring Obligor Notification Date, or such other lockbox account(s) at Qualified Institutions that are subject to the 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.</font></div>
                  <div>&#160;</div>
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                    <div class="BRPFPageBreak" style="page-break-after: always;">
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(bb)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(i) The related Resort Association was
                      duly organized and, to the best of the Seller&#8217;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 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) any agreements mentioned in the preceding clause (ii) 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) 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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(cc)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(i) With respect to HGV managed Resorts
                      and, to the Seller&#8217;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 <font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 255);"><u style="border-bottom: 1px solid;">(if such Timeshare Loan is a Club
                          Loan) </u></font>secured by a timeshare estate in such portions of the applicable Resort, and (iii) 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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(dd)</font>&#160;&#160;&#160; &#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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
                      &#8220;Declaration&#8221;) 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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ee)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">With respect to HGV managed Resorts
                      and, to Seller&#8217;s knowledge, with respect to HGV non-managed 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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;">(ff)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(gg)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">Such Timeshare Loan was not selected
                      using selection procedures reasonably believed by the Seller to be adverse to the Borrower.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(hh)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(i) The Unit 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 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&#8217;s noncompliance with clause (i), (ii) or (iii) upon knowledge thereof.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">(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) 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) 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&#8217;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&#8217;s
                      noncompliance with this clause (ii)(iii) upon knowledge thereof.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(jj)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(kk)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ll)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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) a valid certificate of occupancy has been issued from all necessary
                      Governmental Authorities.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(mm)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">If the related Obligor is a Domestic
                      Obligor who had a FICO&#174; score at the time of origination of such Timeshare Loan, such Obligor had a FICO&#174; score of at least 600 at the time of origination of such Timeshare Loan.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
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                    <div class="BRPFPageBreak" style="page-break-after: always;">
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                  </div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(nn)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">The Timeshare Loan Balance of such
                      Timeshare Loan does not exceed $250,000.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(oo)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">No broker is, or will be, entitled to
                      any commission or compensation in connection with the transfer of such Timeshare Loan.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(pp)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(qq)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">(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&#8217; rights generally.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(rr)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;s &#8220;control&#8221; (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 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).</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ss)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">If such Timeshare Loan is evidenced by
                      an Electronic Obligor Note that constitutes a &#8220;transferrable record&#8221; 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&#8217;s &#8220;control&#8221; (within the meaning of Section 16 of UETA) of Electronic Obligor Notes that constitute &#8220;transferrable records&#8221; as defined in UETA; it being understood that any Timeshare Loan evidenced by an Electronic
                      Obligor Note that constitutes a &#8220;transferrable record&#8221; (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.</font></div>
                  <div style="text-indent: 36pt;">&#160;</div>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <link:label xlink:type="resource" xlink:label="dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_WrittenCommunications" xml:lang="en-US" id="dei_WrittenCommunications">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="dei_WrittenCommunications" xlink:title="label: WrittenCommunications to dei_WrittenCommunications" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:label xlink:type="resource" xlink:label="dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_SolicitingMaterial" xml:lang="en-US" id="dei_SolicitingMaterial">Soliciting Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SolicitingMaterial" xlink:to="dei_SolicitingMaterial" xlink:title="label: SolicitingMaterial to dei_SolicitingMaterial" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementTenderOffer" xml:lang="en-US" id="dei_PreCommencementTenderOffer">Pre-commencement Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer" xlink:title="label: PreCommencementTenderOffer to dei_PreCommencementTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementIssuerTenderOffer" xml:lang="en-US" id="dei_PreCommencementIssuerTenderOffer">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:title="label: PreCommencementIssuerTenderOffer to dei_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag" xml:lang="en-US" id="dei_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag" xlink:title="label: AmendmentFlag to dei_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus" xml:lang="en-US" id="dei_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate" xml:lang="en-US" id="dei_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate" xlink:title="label: DocumentPeriodEndDate to dei_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName" xml:lang="en-US" id="dei_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey" xml:lang="en-US" id="dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber" xml:lang="en-US" id="dei_EntityFileNumber">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="dei_EntityFileNumber" xlink:title="label: EntityFileNumber to dei_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber" xlink:title="label: EntityTaxIdentificationNumber to dei_EntityTaxIdentificationNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany" xlink:title="label: EntityEmergingGrowthCompany to dei_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1" xml:lang="en-US" id="dei_EntityAddressAddressLine1">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1" xlink:title="label: EntityAddressAddressLine1 to dei_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2" xml:lang="en-US" id="dei_EntityAddressAddressLine2">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2" xlink:title="label: EntityAddressAddressLine2 to dei_EntityAddressAddressLine2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3" xml:lang="en-US" id="dei_EntityAddressAddressLine3">Entity Address, Address Line Three</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown" xml:lang="en-US" id="dei_EntityAddressCityOrTown">Entity Address, City or Town</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressStateOrProvince" xml:lang="en-US" id="dei_EntityAddressStateOrProvince">Entity Address, State or Province</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCountry" xml:lang="en-US" id="dei_EntityAddressCountry">Entity Address, Country</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode" xml:lang="en-US" id="dei_EntityAddressPostalZipCode">Entity Address, Postal Zip Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode" xml:lang="en-US" id="dei_CityAreaCode">City Area Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LocalPhoneNumber" xml:lang="en-US" id="dei_LocalPhoneNumber">Local Phone Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol" xml:lang="en-US" id="dei_TradingSymbol">Trading Symbol</link:label>
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</link:linkbase>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>hgv-20260520_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by Broadridge PROfile 26.3.2.5342 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
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    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="AmendmentFlag" xlink:title="presentation: CoverAbstract to AmendmentFlag" order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="EntityIncorporationStateCountryCode" xlink:title="presentation: CoverAbstract to EntityIncorporationStateCountryCode" order="8.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="EntityTaxIdentificationNumber" xlink:title="presentation: CoverAbstract to EntityTaxIdentificationNumber" order="9.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="EntityAddressCountry" xlink:title="presentation: CoverAbstract to EntityAddressCountry" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="EntityAddressPostalZipCode" xlink:title="presentation: CoverAbstract to EntityAddressPostalZipCode" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="CityAreaCode" xlink:title="presentation: CoverAbstract to CityAreaCode" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="LocalPhoneNumber" xlink:title="presentation: CoverAbstract to LocalPhoneNumber" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="TradingSymbol" xlink:title="presentation: CoverAbstract to TradingSymbol" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="SecurityExchangeName" xlink:title="presentation: CoverAbstract to SecurityExchangeName" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
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  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<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">
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<body>
<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>May 20, 2026</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_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_AmendmentFlag', window );">Amendment Flag</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_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May 20,  2026<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_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-37794<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_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_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<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_Security12bTitle', window );">Title of 12(b) Security</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>
<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>
</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>
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<FILENAME>ef20074251_8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="hgv-20260520.xsd" xlink:type="simple"/>
    <context id="c20260520to20260520">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001674168</identifier>
        </entity>
        <period>
            <startDate>2026-05-20</startDate>
            <endDate>2026-05-20</endDate>
        </period>
    </context>
    <dei:AmendmentFlag
      contextRef="c20260520to20260520"
      id="Fact_4d47e3929983498db6e42b7e74fb28d1">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey
      contextRef="c20260520to20260520"
      id="Fact_34588974b1754e3189262999b7eaf6ce">0001674168</dei:EntityCentralIndexKey>
    <dei:DocumentType
      contextRef="c20260520to20260520"
      id="Fact_7a6406b288b94c22ae55ef70e0111b97">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate
      contextRef="c20260520to20260520"
      id="Fact_488224fc193e43b08e35c60dd8ddce64">2026-05-20</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName
      contextRef="c20260520to20260520"
      id="Fact_f460770895244e48a9911af3a25265e9">Hilton Grand Vacations Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode
      contextRef="c20260520to20260520"
      id="Fact_0a5949e774754252b05f67a64330da88">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber
      contextRef="c20260520to20260520"
      id="Fact_27cada6e489f44a5aa8cd08237f275d9">001-37794</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber
      contextRef="c20260520to20260520"
      id="Fact_303d50f3e13c4ad9b89a5c1f2254daa3">81-2545345</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="c20260520to20260520"
      id="Fact_9ae7d027274a48f3a7dbcf0857da0c19">6355 MetroWest Boulevard</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2
      contextRef="c20260520to20260520"
      id="Fact_4c52a83babf34d878342633c19e0945a">Suite 180</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown
      contextRef="c20260520to20260520"
      id="Fact_3e5031c0ed9f40ed860babeee6ba83f9">Orlando</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="c20260520to20260520"
      id="Fact_3684c428d7fe4cacbc5780458e658b4b">FL</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="c20260520to20260520"
      id="Fact_e29b02a2d3144075830a7c16d587a550">32835</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="c20260520to20260520"
      id="Fact_764479efb6064bfa8c8320be4a62e311">407</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="c20260520to20260520"
      id="Fact_c3100971cdaa41b480f32b04813a23cd">613-3100</dei:LocalPhoneNumber>
    <dei:WrittenCommunications
      contextRef="c20260520to20260520"
      id="Fact_90a908bf8617475e8befb17a0be8bdb9">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="c20260520to20260520"
      id="Fact_027d097c584043f0b16bc715307526bc">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="c20260520to20260520"
      id="Fact_8f0c4cf18b814a3980ba3f2546009d7c">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="c20260520to20260520"
      id="Fact_18136d0bc5434742b18839f834d870ec">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="c20260520to20260520"
      id="Fact_06d322a02594405e8e161542e2306bbc">Common Stock, $0.01 par value per share</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="c20260520to20260520"
      id="Fact_2b7e255110e740f5b7d2d83cdfe431f5">HGV</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="c20260520to20260520"
      id="Fact_6ecaba87f1704dd89310b02bc1619c82">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany
      contextRef="c20260520to20260520"
      id="Fact_37b6eab429344ac6bfae71cc3dd87e50">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
