Exhibit
10.20


 


Execution
Version


 


 


GUARANTEE
AGREEMENT


 


dated
as of


 


October 7,
2021


 


among


 


VACASA
HOLDINGS LLC, 


V-REVOLVER
SUB LLC,


 


THE
SUBSIDIARY GUARANTORS

IDENTIFIED HEREIN


 


and


 


JPMORGAN
CHASE BANK, N.A.,

as Administrative Agent


 






     





     


    

 


	TABLE OF CONTENTS
	 	 	 	 
	 	 	 	Page
	 	 	 	 
	ARTICLE I
	 	 	 	 
	Definitions
	 	 	 	 
	SECTION 1.01.	 	Credit Agreement	1
	SECTION 1.02.	 	Other Defined Terms	1
	 	 	 	 
	ARTICLE II
	 	 	 	 
	The Guarantees
	 	 	 	 
	SECTION 2.01.	 	Guarantee	2
	SECTION 2.02.	 	Guarantee of Payment; Continuing
    Guarantee	2
	SECTION 2.03.	 	No Limitations	3
	SECTION 2.04.	 	Reinstatement	4
	SECTION 2.05.	 	Agreement to Pay; Subrogation	4
	SECTION 2.06.	 	Information	4
	SECTION 2.07.	 	Maximum Liability	5
	 	 	 	 
	ARTICLE III
	 	 	 	 
	Indemnity, Subrogation
    and Subordination
	 	 	 	 
	SECTION 3.01.	 	Indemnity and Subrogation	5
	SECTION 3.02.	 	Contribution and Subrogation	5
	SECTION 3.03.	 	Subordination	5
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	Representations
    and Warranties
	 	 	 	 
	ARTICLE V
	 	 	 	 
	Miscellaneous
	 	 	 	 
	SECTION 5.01.	 	Notices	6
	SECTION 5.02.	 	Waivers; Amendment	6
	SECTION 5.03.	 	Administrative Agent’s
    Fees and Expenses; Indemnification	7
	SECTION 5.04.	 	Successors and Assigns	7
	SECTION 5.05.	 	Survival of Agreement	7
	SECTION 5.06.	 	Counterparts; Effectiveness;
    Several Agreement	8
	SECTION 5.07.	 	Severability	8
	SECTION 5.08.	 	Right of Set-Off	8
	SECTION 5.09.	 	Governing Law; Jurisdiction;
    Consent to Service of Process; Appointment of Service of Process Agent	9
	SECTION 5.10.	 	WAIVER OF JURY TRIAL	10
	SECTION 5.11.	 	Headings	10
	SECTION 5.12.	 	Termination or Release	10
	SECTION 5.13.	 	Additional Subsidiary Guarantors	10



 






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GUARANTEE
AGREEMENT, dated as of October 7, 2021 (this “Agreement”),
among VACASA HOLDINGS LLC, a Delaware limited liability company (“Holdings”), V-REVOLVER SUB LLC, a Delaware limited
liability company (the “Borrower”), the SUBSIDIARY GUARANTORS identified herein and JPMORGAN CHASE BANK, N.A., as
Administrative Agent, on behalf of itself and the other Guaranteed Parties.


 


Reference
is made to the Revolving Credit Agreement dated as of October 7,
2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Holdings, the Borrower, the Lenders party thereto, the Issuing Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative
Agent and Collateral Agent. The Lenders and the Issuing Banks have agreed to extend credit to the Borrower subject to the terms and conditions
set forth in the Credit Agreement. The obligations of the Lenders and the Issuing Banks to extend such credit are conditioned upon, among
other things, the execution and delivery of this Agreement. Holdings and the Subsidiary Guarantors are affiliates of the Borrower, will
derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute
and deliver this Agreement in order to induce the Guaranteed Parties to extend such credit. Accordingly, the parties hereto agree as
follows:


 


ARTICLE I


 


Definitions


 


SECTION 1.01.    Credit
Agreement.


 


(a)            Capitalized
terms used in this Agreement (including in the introductory paragraph hereto) and not otherwise defined herein have the meanings specified
in the Credit Agreement.


 


(b)            The
rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Agreement, mutatis mutandis.


 


SECTION 1.02.    Other
Defined Terms. As used in this Agreement, the following terms have the meanings specified below:


 


“Agreement”
has the meaning assigned to such term in the introductory paragraph to this Agreement.


 


“Borrower”
has the meaning assigned to such term in the introductory paragraph to this Agreement.


 


“Claiming
Party” has the meaning assigned to such term in Section 3.02.


 


“Contributing
Party” has the meaning assigned to such term in Section 3.02.


 


“Credit
Agreement” has the meaning assigned to such term in the preamble
to this Agreement.


 


“Guaranteed
Parties” has the meaning assigned to the term “Secured Parties” in the Credit Agreement.


 


“Guarantors”
means Holdings, the Borrower and the Subsidiary Guarantors.


 






     






     


    

 


“Holdings”
has the meaning assigned to such term in the introductory paragraph to this Agreement.


 


“Subsidiary
Guarantors” means the Subsidiaries identified as such on Schedule I
hereto and each other Subsidiary that becomes a party to this Agreement as a Subsidiary Guarantor after the Effective Date pursuant
to Section 5.13; provided that if a Subsidiary is released from its obligations as a Subsidiary Guarantor hereunder as provided
in Section 5.12(b), such Subsidiary shall cease to be a Subsidiary Guarantor hereunder effective upon such release.


 


“Supplement”
means an instrument in the form of Exhibit A hereto, or any other form approved by the Administrative Agent, and in each
case reasonably satisfactory to the Administrative Agent.


 


ARTICLE II


 


The
Guarantees


 


SECTION 2.01.    Guarantee.
Each Guarantor irrevocably and unconditionally guarantees to each of the Guaranteed Parties, jointly with the other Guarantors and severally,
as a primary obligor and not merely as a surety, by way of an independent payment obligation, the due and punctual payment and performance
of its Secured Obligations (other than (i) with respect to any Guarantor, any Excluded Swap Obligations of such Guarantor and (ii) in
the case of the Borrower, in respect of its own obligations). Each Guarantor further agrees that the Secured Obligations may be extended
or renewed, in whole or in part, or amended or modified, without notice to or further assent from it, and that it will remain bound upon
its guarantee hereunder notwithstanding any such extension or renewal, or amendment or modification, of any of the Secured Obligations.
Each Guarantor waives presentment to, demand of payment from and protest to the Borrower or any other Loan Party of any of the Secured
Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. Each Guarantor intends that
its guarantee under this Section 2.01 constitute, and this Section 2.01 shall be deemed to constitute, a “keepwell, support,
or other agreement” for the benefit of each other Guarantor for all purposes of section 1a(18)(A)(v)(II) of the Commodity
Exchange Act.


 


SECTION 2.02.    Guarantee
of Payment; Continuing Guarantee. Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when
due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Secured Obligations
or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by the Administrative
Agent or any other Guaranteed Party to any security held for the payment of any of the Secured Obligations or to any balance of any deposit
account or credit on the books of the Administrative Agent or any other Guaranteed Party in favor of the Borrower, any other Loan Party
or any other Person. Each Guarantor agrees that its guarantee hereunder is continuing in nature and applies to all of its Secured Obligations,
whether currently existing or hereafter incurred.


 






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SECTION 2.03.    No
Limitations.


 


(a)            Except
for the termination or release of a Guarantor’s obligations hereunder as expressly provided in Section 5.12 and the limitations
set forth in Section 2.07 or in the Supplement pursuant to which such Guarantor became a party hereto, the obligations of each Guarantor
hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver,
release, surrender, alteration or compromise of any of the Secured Obligations, and shall not be subject to any defense or set-off, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any of the Secured Obligations,
any impossibility in the performance of any of the Secured Obligations or otherwise. Without limiting the generality of the foregoing,
except for the termination or release of a Guarantor’s obligations hereunder as expressly provided in Section 5.12 and the
limitations set forth in Section 2.07 or in the Supplement pursuant to which such Guarantor became a party hereto, the obligations
of such Guarantor hereunder shall not be discharged or impaired or otherwise affected by:


 


(i)             the
failure of any Guaranteed Party or any other Person to assert any claim or demand or to enforce any right or remedy under the provisions
of any Loan Document or otherwise;


 


(ii)            any
rescission, waiver, amendment, restatement or modification of, or any release from any of the terms or provisions of, any Loan Document
or any other agreement, including with respect to any other Guarantor under this Agreement;


 


(iii)           the
release of, or any impairment of or failure to perfect any Lien on, any security held by any Guaranteed Party for any of the Secured
Obligations;


 


(iv)           any
default, failure or delay, willful or otherwise, in the performance of any of the Secured Obligations;


 


(v)            any
other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a discharge
of any Guarantor as a matter of law or equity (other than the payment in full in cash of all the Secured Obligations);


 


(vi)           any
illegality, lack of validity or lack of enforceability of any of the Secured Obligations;


 


(vii)          any
change in the corporate existence, structure or ownership of any Loan Party, or any insolvency, bankruptcy, reorganization or other similar
proceeding affecting any Loan Party or its assets or any resulting release or discharge of any of the Secured Obligations;


 


(viii)         the
existence of any claim, set-off or other rights that any Guarantor may have at any time against the Borrower, the Administrative Agent,
any other Guaranteed Party or any other Person, whether in connection with the Credit Agreement, the other Loan Documents or any unrelated
transaction;


 


(ix)            this
Agreement having been determined (on whatsoever grounds) to be invalid, non-binding or unenforceable against any other Guarantor ab
initio or at any time after the Effective Date;


 


(x)             the
fact that any Person that, pursuant to the Loan Documents, was required to become a party hereto may not have executed or is not effectually
bound by this Agreement, whether or not this fact is known to the Guaranteed Parties;


 


(xi)            any
action permitted or authorized hereunder; or


 


(xii)           any
other circumstance (including any statute of limitations), or any existence of or reliance on any representation by the Administrative
Agent, any Guaranteed Party or any other Person, that might otherwise constitute a defense to, or a legal or equitable discharge of,
the Borrower, any Guarantor or any other guarantor or surety (other than the occurrence of the Termination Date).


 






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To
the fullest extent permitted by applicable law, each Guarantor expressly authorizes the Guaranteed Parties to take and hold security
in accordance with the terms of the Loan Documents for the payment and performance of the Secured Obligations, to exchange, waive or
release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of
any sale thereof in their sole discretion or to release or substitute any one or more other guarantors or obligors upon or in respect
of the Secured Obligations, all without affecting the obligations of any Guarantor hereunder.


 


(b)            To
the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of the Borrower
or any other Loan Party or the unenforceability of the Secured Obligations or any part thereof from any cause, or the cessation from
any cause of the liability of the Borrower or any other Loan Party, other than the termination or release of its obligations hereunder
as expressly provided in Section 5.12 or the payment in full in cash of all the Secured Obligations. To the fullest extent permitted
by applicable law, the Administrative Agent and the other Guaranteed Parties may, at their election and in accordance with the terms
of the Loan Documents, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales, accept an
assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Secured Obligations, make any other accommodation
with the Borrower or any other Loan Party or exercise any other right or remedy available to them against the Borrower or any other Loan
Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Secured Obligations
have been paid in full in cash or except in the case of the termination and release of the obligations of any such Guarantor hereunder
as expressly provided in Section 5.12. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising
out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement
or subrogation or other right or remedy of such Guarantor against the Borrower or any other Loan Party, as the case may be, or any security.


 


SECTION 2.04.    Reinstatement.
Each Guarantor agrees that, unless released pursuant to Section 5.12(b), its guarantee hereunder shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Secured Obligations is rescinded or must otherwise
be restored by any Guaranteed Party upon the bankruptcy or reorganization (or any analogous proceeding in any jurisdiction) of the Borrower,
any other Loan Party or otherwise.


 


SECTION 2.05.    Agreement
to Pay; Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any
other Guaranteed Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any other
Loan Party to pay any Secured Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of
prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for
distribution to the applicable Guaranteed Parties in cash the amount of such unpaid Secured Obligation. Upon payment by any Guarantor
of any sums to the Administrative Agent as provided above, all rights of such Guarantor against the Borrower or any other Loan Party
arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects
be subject to Article III.


 


SECTION 2.06.    Information.
Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s and each other Loan Party’s
financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Secured Obligations and the
nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Guaranteed Parties
will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks.


 






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SECTION 2.07.    Maximum
Liability. Notwithstanding anything to the contrary in this Agreement, (i) the maximum liability of each Guarantor hereunder
and under the other Loan Documents shall in no event exceed the amount that can be guaranteed by such Guarantor under the U.S. Bankruptcy
Code or any applicable laws relating to fraudulent conveyances, fraudulent transfers or the insolvency of debtors and (ii) the obligations
and liabilities of any Subsidiary Guarantor that becomes a party to this Agreement after the date hereof shall be limited as and to the
extent set forth in the applicable Supplement.


 


ARTICLE III


 


Indemnity,
Subrogation and Subordination


 


SECTION 3.01.    Indemnity
and Subrogation. In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but
subject to Section 3.03) in respect of any payment hereunder, the Borrower agrees that in the event a payment in respect of any
obligation of the Borrower shall be made by any Guarantor under this Agreement, the Borrower shall indemnify such Guarantor for the full
amount of such payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to
the extent of such payment.


 


SECTION 3.02.    Contribution
and Subrogation. Each Guarantor (a “Contributing Party”) agrees (subject to Sections 2.07 and 3.03) that,
in the event a payment shall be made by any other Guarantor hereunder in respect of any Secured Obligations or assets of any other Guarantor
shall be sold pursuant to any Security Document to satisfy any Secured Obligation owed to any Guaranteed Party and such other Guarantor
(the “Claiming Party”) shall not have been fully indemnified as provided in Section 3.01, the Contributing Party
shall indemnify the Claiming Party in an amount equal to the amount of such payment, as the case may be, in each case multiplied by a
fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof (or, in the case of any Guarantor
becoming a party hereto pursuant to Section 5.13, the date of the Supplement executed and delivered by such Guarantor) and the denominator
shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case of any such Guarantor, such other date). Any
Contributing Party making any payment to a Claiming Party pursuant to this Section 3.02 shall be subrogated to the rights of such
Claiming Party under Section 3.01 to the extent of such payment.


 


SECTION 3.03.    Subordination.


 


(a)            Notwithstanding
any provision of this Agreement to the contrary, but subject to Section 2.07, all rights of the Guarantors under Sections 3.01
and 3.02 and all other rights of the Guarantors of indemnity, contribution or subrogation under applicable law or otherwise shall be
fully subordinated to the payment in full in cash of all the Secured Obligations. No failure on the part of the Borrower or any Guarantor
to make the payments required by Sections 3.01 and 3.02 (or any other payments required under applicable law or otherwise) shall
in any respect limit the obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor shall
remain liable for the full amount of the obligations of such Guarantor hereunder.


 


(b)            Each
Guarantor hereby agrees that upon the occurrence and during the continuance of an Event of Default and after notice from the Administrative
Agent (provided that no such notice shall be required to be given in the case of any Event of Default arising under Section 7.01(h) or
7.01(i) of the Credit Agreement), all Indebtedness and other monetary obligations owed by it to, or to it by, any other Guarantor
or any other Subsidiary shall be fully subordinated to the payment in full in cash of all the Secured Obligations.


 






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ARTICLE IV


 


Representations
and Warranties


 


Each
Subsidiary Guarantor represents and warrants to the Administrative Agent and the other Guaranteed Parties that (a) the execution,
delivery and performance by such Subsidiary Guarantor of this Agreement have been duly authorized by all necessary corporate or other
action and, if required, action by the holders of such Subsidiary Guarantor’s Equity Interests, and that this Agreement has been
duly executed and delivered by such Subsidiary Guarantor and constitutes its legal, valid and binding obligation, enforceable against
it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and
(b) all representations and warranties set forth in the Credit Agreement as to such Subsidiary Guarantor are true and correct in
all material respects; provided that any representation and warranty that is qualified as to “materiality,” “Material
Adverse Effect” or similar language is true and correct in all respects.


 


ARTICLE V


 


Miscellaneous


 


SECTION 5.01.    Notices.
All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in
Section 9.01 of the Credit Agreement. All communications and notices hereunder to any Subsidiary Guarantor shall be given to it
in care of the Borrower as provided in Section 9.01 of the Credit Agreement.


 


SECTION 5.02.    Waivers;
Amendment.


 


(a)            No
failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any
other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other
Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision
of this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of
Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank
may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan
Party to any other or further notice or demand in similar or other circumstances.


 


(b)            Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the Administrative Agent and the Guarantor or Guarantors with respect to which such waiver, amendment or modification is to apply,
subject to any consent required in accordance with Section 9.02 of the Credit Agreement; provided that the Administrative
Agent may, without the consent of any Guaranteed Party, consent to a departure by any Guarantor from any covenant of such Guarantor set
forth herein to the extent such departure is consistent with the authority of the Administrative Agent set forth in the definition of
the term “Collateral and Guarantee Requirement” in the Credit Agreement.


 






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SECTION 5.03.    Administrative
Agent’s Fees and Expenses; Indemnification.


 


(a)            Each
Guarantor, jointly with the other Guarantors and severally, agrees to reimburse the Administrative Agent for its fees and expenses incurred
hereunder as provided in Section 9.03(a) of the Credit Agreement; provided that each reference therein to the “Borrower”
shall be deemed to be a reference to “each Guarantor.”


 


(b)            Each
Guarantor, jointly with the other Guarantors and severally, agrees to indemnify the Administrative Agent and the other Indemnitees as
provided in Section 9.03(b) of the Credit Agreement mutatis mutandis; provided that each reference therein to
the “Borrower” shall be deemed to be a reference to “each Guarantor.”


 


(c)            To
the fullest extent permitted by applicable law, no Guarantor shall assert, and each Guarantor hereby waives, any claim against any Indemnitee
for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other
information transmission systems (including the Internet) in connection with the transactions contemplated hereby; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such damages are determined by a court of competent jurisdiction
in a final, non-appealable judgment to have resulted from the gross negligence or willful misconduct of, or a material breach of the
Loan Documents by, such Indemnitee or its Related Parties. To the fullest extent permitted by applicable law, neither any Guarantor nor
any Indemnitee shall assert, and each hereby waives, any claim against any Guarantor or any Indemnitee, as applicable, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, the Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby
or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.


 


(d)            The
provisions of this Section 5.03 shall remain operative and in full force and effect regardless of the termination of this Agreement
or any other Loan Document, the consummation of the transactions contemplated hereby or thereby, the repayment of any of the Secured
Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation
made by or on behalf of any Guaranteed Party. All amounts due under this Section 5.03 shall be payable not later than 10 Business
Days after written demand therefor; provided, however, any Indemnitee shall promptly refund an indemnification payment
received hereunder to the extent that there is a final judicial determination by a court of competent jurisdiction that such Indemnitee
was not entitled to indemnification with respect to such payment pursuant to this Section 5.03. Any such amounts payable as provided
hereunder shall be additional Secured Obligations.


 


SECTION 5.04.    Successors
and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted
successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor or the Administrative
Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.


 


SECTION 5.05.    Survival
of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties in this Agreement or any other Loan
Document and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the Guaranteed Parties and shall survive the execution and delivery of the Loan Documents
and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by or on behalf of any Guaranteed
Party and notwithstanding that the Administrative Agent, any Issuing Bank, any Lender or any other Guaranteed Party may have had notice
or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement or
any other Loan Document, and shall continue in full force and effect until such time as the Termination Date shall have occurred.


 






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SECTION 5.06.    Counterparts;
Effectiveness; Several Agreement. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute
a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall
be effective as delivery of a manually signed counterpart of this Agreement. This Agreement shall become effective as to any Guarantor
when a counterpart hereof executed on behalf of such Guarantor shall have been delivered to the Administrative Agent and a counterpart
hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such Guarantor and the Administrative
Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Guarantor, the Administrative Agent
and the other Guaranteed Parties and their respective successors and assigns, except that no Guarantor shall have the right to assign
or transfer its rights or obligations hereunder or any interest herein (and any such assignment or transfer shall be void) except as
expressly provided in this Agreement and the Credit Agreement. This Agreement shall be construed as a separate agreement with respect
to each Guarantor and may be amended, modified, supplemented, waived or released with respect to any Guarantor without the approval of
any other Guarantor and without affecting the obligations of any other Guarantor hereunder. The words “execution,” “execute,”
 “signed,” “signature,” and words of like import in or related to any document to be signed in connection with
this Agreement shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations
on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of
the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent
is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative
Agent pursuant to procedures approved by it.


 


SECTION 5.07.    Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. The parties shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of such invalid, illegal or unenforceable provisions.


 


SECTION 5.08.    Right
of Set-Off. If an Event of Default under Sections 7.01(a), (b), (h) or (i) of the Credit Agreement shall have occurred
and be continuing, each Lender and each Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted
by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at
any time held and other obligations (in whatever currency) at any time owing by such Lender or such Issuing Bank to or for the credit
or the account of any Guarantor against any of and all the obligations of such Guarantor then due and owing under this Agreement held
by such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any demand under
this Agreement and although such obligations are owed to a branch or office of such Lender or such Issuing Bank different from the branch
or office holding such deposit or obligated on such Indebtedness; provided that in the event that any Defaulting Lender shall
exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section 2.22 of the Credit Agreement and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and
(y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The applicable Lender or Issuing Bank shall
notify the applicable Guarantor and the Administrative Agent of such setoff and application; provided that any failure to give
or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section 5.08. The
rights of each Lender and each Issuing Bank under this Section 5.08 are in addition to other rights and remedies (including other
rights of setoff) that such Lender or such Issuing Bank may have; provided, further, that to the extent prohibited by applicable
law as described in the definition of “Excluded Swap Obligation” in the Credit Agreement, no amounts received from, or set
off with respect to, any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor.


 






    -8- 






     


    

 


SECTION 5.09.    Governing
Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent.


 


(a)            This
Agreement shall be construed in accordance with and governed by the law of the State of New York.


 


(b)            Each
party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
the Supreme Court of the State of New York sitting in New York County in the Borough of Manhattan, and of the United States District
Court of the Southern District of New York sitting in New York County in the Borough of Manhattan, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.
Each of the parties hereto agrees 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. Nothing in this Agreement shall affect any right that the
Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
against any Guarantor or its respective properties in the courts of any jurisdiction.


 


(c)            Each
party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in paragraph (b) of this Section 5.09. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court.


 


(d)            Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing in
this Agreement will affect the right of any party to this Agreement or any other Loan Document to serve process in any other manner permitted
by law.


 


(e)            Each
Subsidiary Guarantor hereby irrevocably designates, appoints and empowers the Borrower as its designee, appointee and agent to receive,
accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices
and documents that may be served in any such action or proceeding.


 






    -9- 






     


    

 


SECTION 5.10.    WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 5.10.


 


SECTION 5.11.    Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or to be taken into consideration in interpreting, this Agreement.


 


SECTION 5.12.    Termination
or Release.


 


(a)            Subject
to Section 2.04, this Agreement and the Guarantees made herein shall automatically terminate upon the occurrence of the Termination
Date.


 


(b)            The
guarantees made herein by any Guarantor shall also terminate and be released at the time or times and in the manner set forth in Section 9.15
of the Credit Agreement.


 


(c)            In
connection with any termination or release pursuant to paragraph (a) or (b) of this Section 5.12, the Administrative Agent
shall execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably
request to evidence such termination or release. Any execution and delivery of documents by the Administrative Agent pursuant to this
Section 5.12shall be without recourse to or warranty by the Administrative Agent.


 


SECTION 5.13.    Additional
Subsidiary Guarantors. Pursuant to the Credit Agreement, additional Restricted Subsidiaries may be required to become Subsidiary
Guarantors or the Borrower may elect that any additional Restricted Subsidiaries become Subsidiary Guarantors after the date hereof.
Upon execution and delivery by the Administrative Agent and a Restricted Subsidiary of a Supplement, any such Restricted Subsidiary shall
become a Subsidiary Guarantor hereunder with the same force and effect as if originally named as such herein. The execution and delivery
of any such instrument shall not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder
shall remain in full force and effect notwithstanding the addition of any Subsidiary as a party to this Agreement.


 


[Signature
Pages Follow]


 






    -10- 






     


    

 




 


IN
WITNESS WHEREOF, the parties hereto have duly executed this Guarantee Agreement as of the day and year first above written.


 


	 	VACASA HOLDINGS
    LLC
	 	 
	 	By:	/s/ Jamie
    Cohen
	 	 	Name: Jamie Cohen
	 	 	Title: Chief Financial Officer
	 	 
	 	V-REVOLVER SUB
    LLC
	 	 
	 	By:	/s/ Jamie Cohen
	 	 	Name: Jamie Cohen
	 	 	Title: President
	 	 
	 	VACASA LLC
	 	 
	 	By:	/s/ Lisa Jurinka
	 	 	Name: Lisa Jurinka
	 	 	Title: Secretary
	 	 
	 	TURNKEY VACATION RENTALS, LLC
	 	 
	 	By:	/s/ Lisa Jurinka
	 	 	Name: Lisa Jurinka
	 	 	Title: Chief Legal Officer



 


SIGNATURE
PAGE
TO
GUARANTEE
AGREEMENT


 



     


     


    




 



	 	VACASA ALABAMA LLC
	 	 
	 	By:	/s/ Lauren Allen
	 	 	Name: Lauren Allen
	 	 	Manager
	 	 
	 	VACASA FLORIDA LLC
	 	 
	 	By:	/s/ Carmela Bell
	 	 	Name: Carmela Bell
	 	 	Title: Manager
	 	 
	 	VACASA NORTH CAROLINA LLC
	 	 
	 	By:	/s/ Michele Clark
	 	 	Name: Michele Clark
	 	 	Title: Manager
	 	 
	 	VACASA SOUTH CAROLINA LLC
	 	 
	 	By:	/s/ Bob Milne
	 	 	Name: Bob Milne
	 	 	Title: Manager
	 	 
	 	VACASA TENNESSEE LLC
	 	 
	 	By:	/s/ Hannah Grizzle
	 	 	Name: Hannah Grizzle
	 	 	Title: Manager
	 	 
	 	VACASA VACATION RENTALS OF HAWAII LLC
	 	 
	 	By:	/s/ Christie Dille
	 	 	Name: Christie Dille
	 	 	Title: Manager






 


SIGNATURE
PAGE TO
GUARANTEE AGREEMENT


 



     


     


    

 


	 	JPMORGAN CHASE BANK, N.A., as Administrative
    Agent, on behalf of itself and the other Guaranteed Parties
	 	 
	 	By:	/s/ Eleftherios Karsos
	 	 	Name: Eleftherios Karsos
	 	 	Title: Authorized Officer



 


SIGNATURE
PAGE TO
GUARANTEE AGREEMENT


 



     


     


    




 


Schedule
I to

the Guarantee Agreement


 


INITIAL
SUBSIDIARY GUARANTORS


 


VACASA LLC


 


TURNKEY VACATION
RENTALS, LLC


 


VACASA ALABAMA
LLC


 


VACASA FLORIDA
LLC


 


VACASA NORTH
CAROLINA LLC


 


VACASA SOUTH
CAROLINA LLC


 


VACASA TENNESSEE
LLC


 


VACASA VACATION
RENTALS OF HAWAII LLC


 






     


     


    

 


Exhibit A
to 


the
Guarantee Agreement 


SUPPLEMENT
NO. __, dated as of [ ] , 20[ ] to the Guarantee Agreement, dated as of October 7,
2021 (the “Guarantee Agreement”), among VACASA HOLDINGS LLC, a Delaware limited liability company (“Holdings”),
V-REVOLVER SUB LLC, a Delaware limited liability company (the “Borrower”), the other subsidiaries of the Borrower
party thereto (Holdings and such subsidiaries being collectively referred to as the “Guarantors”) and JPMORGAN CHASE
BANK, N.A., as Administrative Agent.


 


A.            Reference
is made to the Revolving Credit Agreement dated as of October 7,
2021 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Holdings, the Borrower, the Lenders party thereto, the Issuing Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative
Agent and Collateral Agent.


 


B.            Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement and the Guarantee
Agreement, as applicable.


 


C.            The
Guarantors have entered into the Guarantee Agreement in order to induce the Guaranteed Parties to extend credit to the Borrower. Section 5.13
of the Guarantee Agreement provides that additional Subsidiaries may become Subsidiary Guarantors under the Guarantee Agreement by execution
and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Guarantor”) is
executing this Supplement to become a Subsidiary Guarantor under the Guarantee Agreement in order to induce the Guaranteed Parties to
make additional extensions of credit under the Credit Agreement and as consideration for such extensions of credit previously issued.


 


Accordingly,
the Administrative Agent and the New Guarantor agree as follows:


 


SECTION 1.     In
accordance with Section 5.13 of the Guarantee Agreement, the New Guarantor by its signature below becomes a Subsidiary Guarantor
under the Guarantee Agreement with the same force and effect as if originally named therein as a Subsidiary Guarantor, and the New Guarantor
hereby agrees to all the terms and provisions of the Guarantee Agreement applicable to it as a Subsidiary Guarantor (and a Guarantor)
thereunder. Each reference to a “Subsidiary Guarantor” or a “Guarantor” in the Guarantee Agreement shall be deemed
to include the New Guarantor. The Guarantee Agreement is hereby incorporated herein by reference.


 


SECTION 2.     The
New Guarantor represents and warrants to the Administrative Agent and the other Guaranteed Parties that (a) the execution, delivery
and performance by the New Guarantor of this Supplement have been duly authorized by all necessary corporate or other action and, if
required, action by the holders of such New Guarantor’s Equity Interests, and that this Supplement has been duly executed and delivered
by the New Guarantor and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject
to general principles of equity, regardless of whether considered in a proceeding in equity or at law and (b) as of the date hereof,
all representations and warranties set forth in the Credit Agreement as to the New Guarantor are true and correct in all material respects
as of the date hereof; provided that, to the extent such representations and warranties specifically refer to an earlier date,
they are true and correct in all material respects as of such earlier date; provided further that any representation
and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language is true and
correct in all respects.


 



     


     


    




 


SECTION 3.     This
Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this
Supplement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Supplement.
The words “execution,” “execute,” “signed,” “signature,” and words of like import in
or related to any document to be signed in connection with this Supplement shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to
the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by the Administrative Agent pursuant to procedures approved by it. This Supplement shall become effective as to the
New Guarantor when a counterpart hereof executed on behalf of the New Guarantor shall have been delivered to the Administrative Agent
and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon the New
Guarantor and the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit of the New
Guarantor, the Administrative Agent and the other Guaranteed Parties and their respective successors and assigns, except that the New
Guarantor shall not have the right to assign or transfer its rights or obligations hereunder or any interest herein (and any such assignment
or transfer shall be void) except as expressly provided in this Supplement, the Guarantee Agreement and the Credit Agreement.


 


SECTION 4.     Except
as expressly supplemented hereby, the Guarantee Agreement shall remain in full force and effect.


 


SECTION 5.     This
Supplement shall be construed in accordance with and governed by the law of the State of New York.


 


SECTION 6.     Any
provision of this Supplement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. The parties shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of such invalid, illegal or unenforceable provisions.


 


SECTION 7.     All
communications and notices hereunder shall be in writing and given as provided in Section 5.01 of the Guarantee Agreement.


 


SECTION 8.     The
New Guarantor agrees to reimburse the Administrative Agent for its fees and expenses incurred hereunder and under the Guarantee Agreement
as provided in Section 9.03(a) of the Credit Agreement; provided that each reference therein to the “Borrower”
shall be deemed to be a reference to “the New Guarantor.”


 


[Signature
pages follow]


 






     


     


    

 


IN
WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this Supplement to the Guarantee Agreement as of the
day and year first above written.


 


	 	[New Guarantor],
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative
    Agent, on behalf of itself and the other Guaranteed Parties
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: