**Exhibit 10.2**

STANDARD DEFINITIONS 

*Rules of Construction. In these Standard Definitions and with respect to the Transaction Documents (as defined below), (a) the meanings of defined terms are equally applicable to the singular andplural forms of the defined terms, (b) in any Transaction Document, the words “hereof,” “herein,” “hereunder” and similar words refer to such Transaction Document as a whole and not to any particular provisions ofsuch Transaction Document, (c) any subsection, Section, Article, Annex, Schedule and Exhibit references in any Transaction Document are to such Transaction Document unless otherwise specified, (c) the term “documents” includesany and all documents, instruments, agreements, certificates, indentures, notices and other writings, however evidenced (including electronically), (d) the term “including” is not limiting and (except to the extent specificallyprovided otherwise) shall mean “including (without limitation)”, (e) unless otherwise specified, in the computation of periods of time from a specified date to a later specified date, the word “from” shall mean “fromand including,” the words “to” and “until” each shall mean “to but excluding,” and the word “through” shall mean “to and including” and (f) the words “may” and “might”and similar terms used with respect to the taking of an action by any Person shall reflect that such action is optional and not required to be taken by such Person.*

“Acceleration Event” shall have occurred if the Notes have become immediately due and payable followingan Event of Default. 

“Account Intermediary” shall have the meaning specified in the preambleto the Indenture. 

“ACH Form” shall mean the ACH authorization form executed by Obligorssubstantially in the form attached as Exhibit A to the Transfer Agreement. 

“Act”shall have the meaning specified in Section 1.4 of the Indenture. 

“Addition Notice”shall mean, with respect to any transfer of Subsequent Timeshare Loans to the Issuer pursuant to Section 2 of the Transfer Agreement, notice of the Originator’s election to transfer Subsequent Timeshare Loans, which notice shall designatethe related Transfer Date and the Cut-Off Date Aggregate Loan Balance of the Subsequent Timeshare Loans to be transferred on such Transfer Date. 

“Additional Servicing Compensation” shall mean any late fees related to any late payments on the Timeshare Loans, any non-sufficient funds fees, any processing fees and LiquidationExpenses collected by the Servicer during the related Due Period and any unpaid out-of-pocket expenses incurred by the Servicer during the related Due Period. 

“Adverse Claim” shall mean any claim of ownership or any lien, security interest, title retention, trust or other charge or encumbrance, or other type of preferential arrangement havingthe effect or purpose of creating a lien or security interest, other than the interests created under the Indenture in favor of the Indenture Trustee and the Noteholders. 

“Affiliate” shall mean any Person: (a) which directly or indirectly controls, or is controlled by,or is under common control with such Person; (b) which directly or indirectly 

beneficially owns or holds five percent (5%) or more of the voting stock of such Person; or (c) for which five percent (5%) or more of the voting stock of which is directly orindirectly beneficially owned or held by such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownershipof voting securities, by contract or otherwise. 

“Aggregate Defaulted Timeshare Loan Make-WholeAmount” shall equal the aggregate of (A) the product of (i) the Loan Balance of each Timeshare Loan that is a Defaulted Timeshare Loan at the end of the related Due Period and (ii) the Funded Rate for such Determination Dateand (B) the amount of any unpaid Aggregate Defaulted Timeshare Loan Make-Whole Amounts from prior Determination Dates. 

“Aggregate Loan Balance” means the sum of the Loan Balances for all Timeshare Loans (except Defaulted Timeshare Loans). 

“Assignment of Mortgage” shall mean, with respect to a Mortgage Loan, a written assignment of one ormore Mortgages from the related Originator or Seller to the Indenture Trustee, for the benefit of the Noteholders, relating to one or more Timeshare Loans in recordable form, and signed by an Authorized Officer of all necessary parties, sufficientunder 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 Indenture Trustee. 

“Association” shall mean the timeshare owners’ association responsible for managing a Resort.

“Assumption Date” shall have the meaning specified in the Backup Servicing Agreement.

“Authorized Officer” shall mean, with respect to any corporation, limited liability companyor partnership, the Chairman of the Board, the President, any Vice President, the Secretary, the Treasurer, any Assistant Secretary, any Assistant Treasurer, Managing Member and each other officer of such corporation or limited liability company orthe general partner of such partnership specifically authorized in resolutions of the Board of Directors of such corporation or managing member of such limited liability company to sign agreements, instruments or other documents in connection withthe Transaction Documents on behalf of such corporation, limited liability company or partnership, as the case may be. 

“Available Funds” shall mean for any Payment Date, (A) all funds on deposit in the Collection Account after making all transfers and deposits required from (i) the LockboxAccount pursuant to the Lockbox Agreement, (ii) the Reserve Account pursuant to Sections 3.2(b) and 6.6 of the Indenture, (iii) the Prefunding Account pursuant to Sections 3.2(c) and 6.6 of the Indenture, (iv) the CapitalizedInterest Account pursuant to Sections 3.2(d) and 6.6 of the Indenture, (v) the Originator or the Servicer, as the case may be, pursuant to Section 4.5 of the Indenture, (vi) the Servicer pursuant to the Indenture and (vii) theGuarantor pursuant to the Guaranty, plus (B) all investment earnings on funds on deposit in the Collection Account from the immediately preceding Payment Date through and including the day immediately preceding such Payment Date, less(C) amounts on deposit in the Collection Account related to collections related to any Due Periods subsequent to the Due Period related to such Payment Date, less (D)

 
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any Additional Servicing Compensation or misdirected payments on deposit in the Collection Account. 

“Backup Servicer” shall mean Wells Fargo Bank, National Association, a national association, and its permitted successors and assigns. 

“Backup Servicing Agreement” shall mean the backup servicing agreement, dated as of May 1, 2011, byand among the Issuer, the Servicer, the Backup Servicer and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 

“Backup Servicing Fee” shall on each Payment Date be equal to the greater of (i) $1,500 or(ii) the product of one-twelfth of 0.098% and the Aggregate Loan Balance as of the first day of the related Due Period. 

“Bankruptcy Code” shall mean the federal Bankruptcy Code, as amended (Title 11 of the United States Code). 

“Benefit Plan” shall mean (A) an “employee benefit plan” as defined in Section 3(3)of ERISA that is subject to Title I of ERISA, (B) a “plan” as defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, (C) an entity whose underlying assets are deemed to include “planassets” of any of the foregoing under United States Department of Labor Regulation 29 C.F.R. §2510.3-101 (as modified by Section 3(42) of ERISA) by reason of a direct or indirect investment by an employee benefit plan or plan in suchentity or (D) any plan that is subject to any Similar Law. 

“Business Day” shall meanany day other than (i) a Saturday, a Sunday, or (ii) a day on which banking institutions in New York City, the State of Texas, the city in which the Servicer is located or the city in which the Corporate Trust Office of the IndentureTrustee is located are authorized or obligated by law or executive order to be closed. 

“CapitalizedInterest Account” shall mean the account established and maintained by the Indenture Trustee pursuant to Section 3.2(d) of the Indenture. 

“Capitalized Interest Amount” shall mean, as of any date of determination, the amount on deposit in the Capitalized Interest Account on such date, and as of the Closing Date, $276,000.

“Carrying Charges” shall mean, with respect to a Payment Date, an amount equal to(i) the product of (a) the Note Rate for the related Interest Accrual Period, (b) the undisbursed funds (excluding investment earnings) in the Prefunding Account as of the last day of the related Due Period and (c) the number ofdays for which the Notes are to receive Interest Distribution Amounts on such Payment Date, divided by 360, minus (ii) the amount of any investment earnings on funds in the Prefunding Account which were transferred to the Collection Account, aswell as interest earnings on amounts in the Capitalized Interest Account with respect to such Payment Date. 

“Closing Date” shall mean May 12, 2011. 

 
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“Code” shall mean the Internal Revenue Code of 1986, asamended from time to time and any successor statute, together with the rules and regulations thereunder. 

“Collection Account” shall mean the account established and maintained by the Indenture Trustee pursuantto Section 3.2(a) of the Indenture. 

“Collection Policy” shall mean the collectionpolicies of the initial servicer in effect on the Closing Date, as may be amended from time to time in accordance with the Servicing Standard. 

“Completed Unit” shall mean a Unit at a Resort which has been fully constructed and furnished, has received a valid permanent certificate of occupancy (if required under applicable laws,rules or regulations), is ready for occupancy and is subject to a time share declaration. 

“Confidential Information” means information obtained by any Noteholder including, without limitation,the Preliminary Private Placement Memorandum dated May 3, 2011 or the Private Placement Memorandum dated May 6, 2011 related to the Notes and the Transaction Documents, that is proprietary in nature and that was clearly marked or labeledas being confidential information of the Issuer, the Servicer or their Affiliates, provided that such term does not include information that (a) was publicly known or otherwise known to the Noteholder prior to the time of such disclosure,(b) subsequently becomes, publicly known through no act or omission by such Noteholder or any Person acting on its behalf, (c) otherwise becomes known to the Noteholder other than through disclosure by the Issuer, the Servicer or theirAffiliates, (d) any other public disclosure authorized by the Issuer or the Servicer, the U.S. Federal income tax treatment of the offering of the Notes and any fact that may be relevant to understanding the tax treatment (the “**TaxStructure**”) and all materials of any kind (including opinions or other tax analyses) that are provided to the Issuer, the Placement Agent and each prospective investor relating to such tax treatment and Tax Structure. 

“Continued Errors” shall have the meaning specified in Section 5.4(b) of the Indenture. 

“Contribute” shall have the meaning specified in Section 2(a) of the Transfer Agreement.

“Contribution” shall have the meaning specified in Section 2(a) of the TransferAgreement. 

“Controlling Person” shall mean a person (other than a Benefit Plan Investor)that has discretionary authority or control with respect to the assets of such entity, or who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of such a person. 

“Corporate Trust Office” shall mean the office of the Indenture Trustee located in the State ofMinnesota, which office is at the address set forth in Section 13.3 of the Indenture. 

“CreditPolicy” shall mean the credit and underwriting policies of the Originator in effect on the Closing Date. 

 
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“Custodial Agreement” shall mean the custodial agreement,dated as of May 1, 2011 by and among the Issuer, the Servicer, the Backup Servicer, the Indenture Trustee and Custodian, as the same may be amended, supplemented or otherwise modified from time to time providing for the custody and maintenanceof the Timeshare Loan Files relating to the Timeshare Loans. 

“Custodian” shall mean WellsFargo Bank, National Association, a national banking association, or its permitted successors and assigns. 

“Custodian Fee” shall mean for each Payment Date, the fee payable by the Servicer to the Custodian inaccordance with the Custodial Agreement. 

“Cut-Off Date” shall mean, with respect to(i) the Initial Timeshare Loans, the Initial Cut-Off Date, and (ii) any Qualified Substitute Timeshare Loan or Subsequent Timeshare Loan, the related Subsequent Cut-Off Date. 

“Cut-Off Date Loan Balance” shall mean the Loan Balance of a Timeshare Loan on the related Cut-Off Date.

“Default” shall mean an event which, but for the passage of time, would constitute an Eventof Default under the Indenture. 

“Defaulted Timeshare Loan” is any Timeshare Loan for whichany of the earliest following events may have occurred: (i) the Servicer has commenced cancellation or forfeiture proceedings on the related Timeshare Loan after collection efforts have failed in accordance with its credit and collectionpolicies, (ii) as of the last day of any Due Period, all or part of a scheduled payment under the Timeshare Loan is more than 120 days delinquent from the due date, or (iii) the Servicer obtains actual knowledge that a bankruptcy event hasoccurred with respect to the related Obligor. 

“Defective Timeshare Loan” shall have themeaning specified in Section 4.5 of the Indenture. 

“Definitive Note” shall have themeaning specified in Section 2.3 of the Indenture. 

“Determination Date” shall mean,with respect to a Payment Date, the day that is five Business Days prior to such Payment Date. 

“Direction Letter” shall have the meaning set forth in the Escrow Agreement. 

“Due Period” shall mean with respect to any Payment Date, the immediately preceding calendar month.

“Eligible Bank Account” shall mean a segregated account, which may be an account maintainedwith the Indenture Trustee, which is either (a) maintained with a depositary institution or trust company whose long-term unsecured debt obligations are rated at least “A” by Fitch and “A2” by Moody’s and whoseshort-term unsecured obligations are rated at least “A-1” by Fitch and “P-1” by Moody’s; or (b) a trust account or similar account maintained at the corporate trust department of the Indenture Trustee. 

 
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“Eligible Investments” shall mean one or more of thefollowing: 

(a) obligations of, or guaranteed as to timely payment of principal and interestby, the United States or any agency or instrumentality thereof when such obligations are backed by the full faith and credit of the United States; 

(b) federal funds, certificates of deposit, time deposits and bankers’ acceptances, each of whichshall not have an original maturity of more than 90 days, of any depository institution or trust company incorporated under the laws of the United States or any state; provided that the long-term unsecured debt obligations of such depositoryinstitution or trust company at the date of acquisition thereof have been rated no lower than “A2” by Moody’s; and provided, further, that the short-term obligations of such depository institution or trust company shall be rated“A-1+” by S&P; 

(c) commercial paper or commercial paper funds (havingoriginal maturities of not more than 90 days) of any corporation incorporated under the laws of the United States or any state thereof; provided that any such commercial paper or commercial paper funds shall be rated in the highest short-term ratingcategory by each Rating Agency; 

(d) any no-load money market fund rated (including moneymarket funds managed or advised by the Indenture Trustee or an Affiliate thereof) “AAAm/AAAm-G” or higher by S&P; provided that, Eligible Investment obligations purchased from funds in the Eligible Bank Accounts shall include only suchor securities that either may be redeemed daily or mature no later than the Business Day next preceding the next Payment Date; 

(e) demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by any depository institution or trust company (including the Indenture Trustee orany Affiliate of the Indenture Trustee, acting in its commercial capacity) incorporated under the laws of the United States of America or any State thereof and subject to supervision and examination by federal and/or state authorities, so long as,at the time of such investment, the commercial paper or other short-term deposits of such depository institution or trust company are rated at least P-1 by Moody’s and at least A-1 by S&P; 

and provided, further, that (i) no instrument shall be an Eligible Investment if such instrument evidences a right to receive onlyinterest payments with respect to the obligations underlying such instrument, and (ii) no Eligible Investment may be purchased at a price in excess of par. Eligible Investments may include those Eligible Investments with respect to which theIndenture Trustee or an Affiliate thereof provides services. 

“Eligible Timeshare Loan” shallmean a Timeshare Loan which meets all of the criteria set forth in Schedule I of the Transfer Agreement. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, together with theregulations thereunder. 

“Errors” shall have the meaning specified in Section 5.4(b) ofthe Indenture. 

 
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“Escrow Agent” shall mean Stewart Vacation Ownership TitleAgency, Inc., a Florida corporation. 

“Escrow Agreement” shall mean the escrow and closingagreement, dated as of May 1, 2011, by and among the Servicer, the Issuer, the Indenture Trustee, the Custodian, and the Escrow Agent, as the same may be amended or supplemented from time to time. 

“Event of Default” shall have the meaning specified in Section 6.1 of the Indenture. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Finance Agreement” shall mean a purchase and finance agreement between an Obligor and the Originatorpursuant to which such Obligor finances the purchase of Oak N’ Spruce Certificates. 

“Fitch” shall mean Fitch Ratings, a subsidiary of Fitch, Inc. 

“Foreclosure Property” shall have the meaning specified in Section 5.3(b) of the Indenture.

“Funded Rate” for a Determination Date shall equal the Outstanding Note Balance on theimmediately prior Payment Date (after giving effect to all distributions on such Payment Date) divided by the sum of the Aggregate Loan Balance and the Prefunding Loan Balance, each calculated at the beginning of the Due Period related to such priorPayment Date. 

“Governmental Authority” shall mean any nation or government, any state orother political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Grant” shall mean to grant, bargain, convey, assign, transfer, mortgage, pledge, create and grant asecurity interest in and right of set-off against, deposit, set over and confirm. 

“Guarantor” shall mean Silverleaf Resorts Inc. and its permitted successors and assigns. 

“Guaranty” shall mean that certain Guaranty, dated the Closing Date, made by the Guarantor in favor ofthe Issuer and the Indenture Trustee. 

“Guaranty Default Event” shall exist if an Event ofDefault of the type described in clause (l) of the definition thereof has occurred (without regard to the 3 Business Day grace period provided therein for the first instance of a default of the payment of Aggregate Defaulted Timeshare LoanMake-Whole Amount); provided, that if the Guarantor cures such first payment default within such 3 Business Day grace period and no other event has occurred of the type described in clause (l) of the definition of Event of Default, a GuarantyDefault Event shall cease to exist for the immediately following Payment Date. Other than the one time cure of the payment default described in the proviso to the immediately preceding sentence, once a Guaranty Default Event exists, it shallcontinue to exist until the Outstanding Note Balance of the Notes has been reduced to zero. 

 
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“Highest Lawful Rate” shall have the meaning specified inSection 3 of the Transfer Agreement. 

“Holder” or “Noteholder” shallmean any holder of a Note. 

“IAI” shall have the meaning set forth in Section 2.4(c) ofthe Indenture. 

“Indebtedness” means, with respect to any Person at any time,(a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade obligations);(b) obligations of such Person as lessee under leases which should be, in accordance with generally accepted accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefitsunder plans covered by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of such Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f) obligations of suchPerson under any guarantees, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise toassure a creditor against loss; (g) obligations of such Person secured by any lien on property or assets of such Person, whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interestrate or currency exchange agreement. 

“Indemnified Amounts” shall have the meaning specifiedin Section 8 of the Transfer Agreement. 

“Indemnified Parties” shall have the meaningspecified in Section 8 of the Transfer Agreement. 

“Indenture” shall mean the indenture,dated as of May 1, 2011, by and among the Issuer, the Servicer, the Backup Servicer and the Indenture Trustee. 

“Indenture Trustee” shall mean Wells Fargo Bank, National Association, a national banking association, not in its individual capacity but solely as Indenture Trustee under the Indenture,and any successor as set forth in Section 7.9 of the Indenture. 

“Indenture Trustee Fee”shall mean for each Payment Date, the product of one-twelfth and $9,000. 

“Initial Cut-OffDate” shall mean April 30, 2011. 

“Initial Note Balance” shall mean$23,786,000. 

“Initial Payment Date” shall mean the Payment Date occurring in June, 2011.

“Intended Tax Characterization” shall have the meaning specified in Section 4.3(b) ofthe Indenture. 

 
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“Initial Timeshare Loans” shall mean the initial pool ofTimeshare Loans acquired by the Issuer on the Closing Date. 

“Interest Accrual Period” shallmean with respect to any Payment Date, the immediately preceding calendar month. 

“InterestDistribution Amount” shall equal, for the Notes and on any Payment Date, the sum of (i) interest accrued during the related Interest Accrual Period at the related Note Rate on the then Outstanding Note Balance of the Notes immediatelyprior to such Payment Date and (ii) the amount of unpaid Interest Distribution Amounts from prior Payment Dates, plus, to the extent permitted by applicable law, interest on such unpaid amount at the related Note Rate. The Interest DistributionAmount shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended. 

“Issuer” shall mean Silverleaf Finance X, LLC, a limited liability company formed under the laws of theState of Delaware. 

“Issuer Order” shall mean a written order or request delivered to theIndenture Trustee and signed in the name of the Issuer by an Authorized Officer of the Issuer. 

“Knowledge” shall mean (a) as to any natural Person, the actual awareness of the fact, event orcircumstance at issue or receipt of notification by proper delivery of such fact, event or circumstance and (b) as to any Person that is not a natural Person, the actual awareness of the fact, event or circumstance at issue by a ResponsibleOfficer of such Person or receipt, by a Responsible Officer of such Person, of notification by proper delivery of such fact, event or circumstance. 

“Lien” shall mean any mortgage, pledge, hypothecation, assignment for security, security interest, claim, participation, encumbrance, levy, lien or charge. 

“Limited Liability Company Agreement” shall mean the limited liability company agreement of the Issuer,dated as of May 1, 2011. 

“Liquidation” means with respect to any Timeshare Loan, thesale or compulsory disposition of the related Timeshare Property, following foreclosure, forfeiture or other enforcement action or the taking of a deed-in-lieu of foreclosure, to a Person other than the Servicer or an Affiliate thereof, except inaccordance with Section 5.3(b)(iv) of the Indenture. 

“Liquidation Expenses” shall mean,with respect to a Defaulted Timeshare Loan, as of any date of determination, any out-of-pocket expenses (exclusive of overhead expenses) incurred by the Servicer in connection with the performance of its obligations under Section 5.3(b) in theIndenture, including, but not limited to, (i) any foreclosure or forfeiture and other repossession expenses incurred with respect to such Timeshare Loan, (ii) actual commissions and marketing and sales expenses incurred by the Servicerwith respect to the liquidation of the related Timeshare Property and (iii) any other fees and expenses reasonably applied or allocated in the 

 
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ordinary course of business with respect to the Liquidation of such Defaulted Timeshare Loan (including any assessed and unpaid Association fees and real estate taxes). 

“Liquidation Proceeds” means with respect to the Liquidation of any Timeshare Loan, the amounts actuallyreceived by the Servicer in connection with such Liquidation. 

“Loan Balance” shall mean, forany date of determination, the outstanding principal balance due under or in respect of a Timeshare Loan (including a Defaulted Timeshare Loan). 

“Lockbox Account” shall mean the account maintained on behalf of the Indenture Trustee by the Lockbox Bank pursuant to the Lockbox Agreement, which shall be a non-interest bearingaccount. 

“Lockbox Agreement” shall mean the Deposit Account Control Agreement, dated as ofMay 1, 2011, by and among the Lockbox Processor, the Issuer, the Servicer and the Indenture Trustee, as such agreement may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, unless theIndenture Trustee shall cease to be a party thereunder, or such agreement shall be terminated in accordance with its terms, in which event “Lockbox Agreement” shall mean such other agreement, in form and substance acceptable to theIndenture Trustee, among the Servicer, the Issuer, the Lockbox Processor and any other appropriate parties. 

“Lockbox Bank” means as of any date a depository institution named by the Servicer and acceptable to theIndenture Trustee at which each Lockbox Account is established and maintained as of such date. 

“Lockbox Fee” shall mean on each Payment Date, the fee payable by the Servicer to the Lockbox Bank inaccordance with the Lockbox Agreement. 

“Lockbox Processor” shall mean Wells Fargo Bank,National Association, and its successors and assigns. 

“Management Agreement” shall mean thatcertain Management Agreement between the Managing Entity and each Association, dated as of March 28, 1990, as amended from time to time. 

“Managing Entity” shall mean Silverleaf Club, a Texas not-for-profit corporation, in its capacity as manager for all Associations. 

“Misdirected Deposits” shall mean such payments that have been deposited to the Collection Account inerror. 

“Monthly Servicer Report” shall have the meaning specified in Section 5.5 of theIndenture. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

 
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“Mortgage” shall mean, with respect to a Mortgage Loan, anypurchase money mortgage, deed of trust, purchase money deed of trust or mortgage deed creating a first lien on a Timeshare Property to secure debt granted by an Obligor to the Originator with respect to the purchase of such Timeshare Property andotherwise encumbering the related Timeshare Property to secure payments or other obligations under such Timeshare Loan. 

“Mortgage Loan” shall mean a Timeshare Loan originated by the Originator and evidenced by a Mortgage Note and secured by a first Mortgage on a fractional fee simple timeshare interest ina Unit. 

“Mortgage Note” shall mean, with respect to a Mortgage Loan, the original, executedpromissory note evidencing the indebtedness of an Obligor under a Mortgage Loan, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note. 

“Net Liquidation Proceeds” shall mean with respect to a Liquidation, the positive difference betweenLiquidation Proceeds and Liquidation Expenses. 

“Note Rate” shall mean (i) for PaymentDates prior to and including the Optional Redemption Date, 9.00% and (ii) for Payment Dates after the Optional Redemption Date, 12.00%; provided, that if an Event of Default or a Guaranty Default Event has occurred and is continuing, the NoteRate shall be the per annum rate described in (i) or (ii) above, as applicable, plus 5.00%. 

“Note Register” shall have the meaning specified in Section 2.4(a) of the Indenture. 

“Note Registrar” shall have the meaning specified in Section 2.4(a) of the Indenture. 

“Notes” shall have the meaning specified in the Recitals of the Issuer in the Indenture. 

“Oak N’ Spruce Loan” shall mean a Timeshare Loan relating to the Oak N’ Spruce Resort andevidenced by a Finance Agreement. 

“Oak N’ Spruce Certificate” shall mean a certificateof beneficial interest in Oak N’ Spruce Resort Trust which entitles the owner thereof the right to use and occupy a specifically designated Unit at a fixed period of time each year at the Oak N’ Spruce Resort in perpetuity. 

“Oak N’ Spruce Financing Statement” means, with respect to an Oak N’ Spruce Loan, a UCCfinancing statement (UCC-1) in recordable form which (i) names as “debtor” the Obligor on the underlying Oak N’ Spruce Loan, (ii) names Silverleaf as “secured party/assignor,” (iii) names as “securedparty/assignee” the Indenture Trustee for the benefit of the Noteholders and (iv) is sufficient under applicable laws to give record notice of the pledge of such Oak N’ Spruce Loan and its proceeds to the Indenture Trustee and itsassigns. 

“Oak N’ Spruce Financing Statement Amendment” means, with respect to an OakN’ Spruce Loan, a UCC financing statement amendment (UCC-3) in recordable form which (i) amends the initial UCC financing statement filed with respect to such Oak N’ Spruce Loan to evidence the assignment of the loan to the IndentureTrustee for the benefit of the Noteholders as 

 
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“secured party/assignee,” (ii) names the Prior Secured Party as “assignor,” (iii) names the Obligor on the underlying Oak N’ Spruce Loan as “debtor,”and (iv) is sufficient under applicable laws to give record notice of a transfer of such Oak N’ Spruce Loan and its proceeds to the Indenture Trustee and its assigns. 

“Oak N’ Spruce Resort” shall mean the timeshare resort and related facilities located in South Lee,Massachusetts and operated by the Originator. 

“Oak N’ Spruce Resort Trust” shall meanthe trust established under the Oak N’ Spruce Trust Agreement. 

“Oak N’ Spruce TrustAgreement” shall mean, collectively, that certain Sixth Amended and Restated Declaration of Trust of Oak N’ Spruce Resort Trust, dated as of September 20, 2004, as amended, restated or otherwise modified from time to time,together with all other agreements, documents and instruments governing the operation of the Oak N’ Spruce Resort Trust, including without limitation, the Time Share Supplement to the Sixth Amended and Restated Declaration of Trust of OakN’ Spruce Resort Trust, dated September 20, 2004 and the Recreation and Use Easement, dated September 20, 2000, as any such documents may be amended, restated or otherwise modified from time to time. 

“Oak N’ Spruce Trustee” shall mean Silverleaf Berkshires, Inc., a Texas corporation, in itscapacity as trustee under the Oak N’ Spruce Trust Agreement, and its permitted successors and assigns. 

“Obligor” shall mean the related obligor under a Timeshare Loan. 

“Officer’s Certificate” shall mean a certificate executed by a Responsible Officer of the relatedparty. 

“Opinion of Counsel” shall mean a written opinion of counsel, in each case acceptableto the addressees thereof. 

“Optional Redemption Date” shall mean the first Payment Date inwhich the Outstanding Note Balance is less than or equal to 20% of the Initial Note Balance. 

“Originator” shall mean Silverleaf Resorts, Inc., in its capacity as the originator of the TimeshareLoans. 

“Orlando Breeze Management Agreement” shall mean that certain Management Agreementbetween the Originator and the Association of the Orlando Breeze Resort, dated as of January 13, 2005, as amended from time to time. 

“Outstanding” shall mean, with respect to the Notes, as of any date of determination, all Notes theretofore authenticated and delivered under the Indenture except: 

(a) Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee forcancellation; 

 
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(b) Notes or portions thereof for whose payment money in thenecessary amount has been theretofore irrevocably deposited with the Indenture Trustee in trust for the holders of such Notes; and 

(c) Notes in exchange for or in lieu of other Notes, which other Notes have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented thatany such Notes are held by a Person in whose hands the Note is a valid obligation; provided; however, that in determining whether the holders of the requisite percentage of the Outstanding Note Balance of the Notes have given any request, demand,authorization, direction, notice, consent, or waiver hereunder, Notes owned by the Issuer or any Affiliate of the Issuer shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall beprotected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Notes that a Responsible Officer of the Indenture Trustee actually has notice are so owned shall be so disregarded. 

“Outstanding Note Balance” shall mean as of any date of determination, the Initial Note Balance of theNotes less principal actually distributed to the Noteholders as of such date; provided, however, to the extent that for purposes of consents, approvals, voting or other similar act of the Noteholders under any of the Transaction Documents,“Outstanding Note Balance” shall exclude Notes which are held by Silverleaf or any Affiliate thereof. 

“Paydown Letter” shall have the meaning set forth in the Escrow Agreement. 

“Paying Agent” shall mean any Person authorized under the Indenture to make the distributions requiredunder Section 3.4 of the Indenture, which such Person initially shall be Wells Fargo Bank, National Association. 

“Payment Date” shall mean the 15th day of each month, or, if such date is not a Business Day, then the next succeeding Business Day, commencing on the Initial Payment Date. 

“Permitted Liens” shall mean (a) with respect to Timeshare Loans included in the Trust Estate,Liens for state, municipal or other local taxes if such taxes shall not at the time be due and payable, (ii) Liens in favor of the Issuer created pursuant to the Transaction Documents, and (iii) Liens in favor of the Indenture Trusteecreated pursuant to the Indenture; (b) with respect to the related Timeshare Property, materialmen’s, warehousemen’s, mechanic’s and other Liens arising by operation of law in the ordinary course of business for sums not due,(ii) Liens for state, municipal or other local taxes if such taxes shall not at the time be due and payable, (iii) Liens in favor of the Issuer pursuant to the Transfer Agreement and (iv) the Obligor’s interest in the TimeshareProperty under the Timeshare Loan whether pursuant to the Oak N’ Spruce Trust Agreement or otherwise; and (c) with respect to Timeshare Loans and Related Security included in the Trust Estate, any and all rights of the Beneficiaries andthe Other Beneficiaries referred to in the Oak N’ Spruce Trust Agreement under the Oak N’ Spruce Trust Agreement. 

“Person” means an individual, general partnership, limited partnership, limited liability partnership, corporation, business trust, joint stock company, limited liability company, trust,

 
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unincorporated association, joint venture, Issuer, Governmental Authority, or other entity of whatever nature. 

“Placement Agent” shall mean UBS Securities LLC. 

“Private Placement Agreement” shall mean that certain private placement agency agreement datedMay 6, 2011, among the Placement Agent, the Issuer and Silverleaf. 

“Private PlacementMemorandum” shall mean that certain Confidential Private Placement Memorandum, dated May 6, 2011, related to the Notes and the Transaction Documents. 

“Predecessor Servicer Work Product” shall have the meaning specified in Section 5.4(b) of theIndenture. 

“Prefunding Account” shall mean the account established and maintained by theIndenture Trustee pursuant to Section 3.2(c) of the Indenture. 

“Prefunding Account InitialDeposit” shall mean an amount equal to $5,950,000. 

“Prefunding Loan Balance” shallmean the amount on deposit in the Prefunding Account divided by 70%. 

“Prefunding Period”shall mean the period commencing on the Closing Date and ending on the Prefunding Termination Date. 

“Prefunding Termination Date” shall mean the earlier to occur of (i) August 31, 2011,(ii) the date on which the amount on deposit in the Prefunding Account is less than $10,000 and (iii) the date on which an Event of Default or a Servicer Event of Default occurs. 

“Prior Secured Party” shall have the meaning set forth in the Escrow and Closing Agreement. 

“QP” shall have the meaning set forth in Section 2.4(c) of the Indenture. 

“Qualified Substitute Timeshare Loan” shall mean a Timeshare Loan (i) that,when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Transfer Date, has a Loan Balance, after application of all payments of principal due and received during or prior to the month of substitution, not in excessof the Loan Balance of the Timeshare Loan being substituted on the related Transfer Date, (ii) that complies, as of the related Transfer Date, with the representations and warranties contained in the Transfer Agreement including that suchQualified Substitute Timeshare Loan is an Eligible Timeshare Loan, (iii) that shall not cause the weighted average coupon rate of the Timeshare Loans to be less than 13% after such substitution, (iv) that shall not cause the weightedaverage months of age on the Timeshare Loans to be less than 13 months after such substitution and (v) that shall not cause the weighted average remaining term to maturity of the Timeshare Loans to be equal to or greater than 105 months,(vi) that shall not cause the weighted average FICO® score of the Timeshare Loans (to the extent that therelated Obligors have FICO® scores) to be less than 545, (vii) that shall not

 
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cause the aggregate Loan Balance of Timeshare Loans with Obligors without a FICO® score to exceed 15% of the Aggregate Loan Balance and (viii) that does not have a stated maturity later than 12 months prior to the Stated Maturity. 

“Rating Agency” means any of S&P, Moody’s or Fitch. 

“Receivables” means the payments required to be made pursuant to a Timeshare Loan. 

“Record Date” shall mean, with respect to any Payment Date (except for the Initial Payment Date), theclose of business on the last Business Day of the calendar month immediately preceding the month such Payment Date occurs. With respect to the Initial Payment Date, the Record Date will be the Closing Date. 

“Redemption Date” shall mean with respect to the redemption of the Notes on or after the OptionalRedemption Date, the date fixed pursuant to Section 10.1 of the Indenture. 

“RedemptionPrice” shall mean the sum of the Outstanding Note Balance of the Notes, together with interest accrued thereon at the applicable Note Rate up to and including the Redemption Date. 

“Regulation S” shall have the meaning ascribed to such term in the Securities Act, as amended.

“Regulation S Note” shall have the meaning set forth in Section 2.3 of the Indenture.

“Related Security” shall mean with respect to any Timeshare Loan, (i) all of theIssuer’s interest in the Timeshare Property arising under or in connection with the related Mortgage, Financing Agreement, Oak N’ Spruce Certificate and the related Timeshare Loan Files, (ii) all other security interests or liens andproperty subject thereto from time to time purporting to secure payment of such Timeshare Loan, together with all mortgages, assignments and financing statements signed by an Obligor describing any collateral securing such Timeshare Loan,(iii) all guarantees, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Timeshare Loan, and (iv) all other security and books, records and computer tapes relatingto the foregoing. 

“Repurchase Price” shall mean with respect to any Timeshare Loan to bepurchased by the Originator pursuant to the Transfer Agreement, an amount equal to the Loan Balance of such Timeshare Loan as of the date of such purchase or repurchase, as the case may be, together with all accrued and unpaid interest on suchTimeshare Loan at the related Timeshare Loan Rate to, but not including, the due date in the then current Due Period. 

“Request for Release” shall be a request for release of Timeshare Loan Files in the form required by the Custodial Agreement. 

“Required Payments” shall mean each of the items described in (i) through (v) ofSection 3.4(a) of the Indenture. 

 
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“Residual Certificate” shall mean that certain membershipcertificate of the Issuer evidencing the limited liability company interest in the Issuer, the form of which is attached as Schedule F to the Limited Liability Company Agreement. 

“Reservation System” shall mean the centralized reservation system for all Resorts. 

“Reserve Account” shall mean the account maintained by the Indenture Trustee pursuant toSection 3.2(b) of the Indenture. 

“Reserve Account Initial Deposit” shall mean an amountequal to 1.00% of the sum of the aggregate Cut-Off Date Loan Balances of the Initial Timeshare Loans and the Prefunding Loan Balance on the Closing Date. 

“Reserve Account Required Balance” shall mean an amount equal to the lesser of (A) 1.00% of the sum of (i) the aggregate Cut-Off Date Loan Balances of the Initial TimeshareLoans, (ii) the aggregate Cut-Off Date Loan Balances of the Subsequent Timeshare Loans and (iii) the Prefunding Loan Balance and (B) the Outstanding Note Balance immediately prior to such Payment Date. 

“Resort” shall mean any of the following resorts: Holly Lake Resort, The Villages and Lake O’ TheWood Resorts, Piney Shores Resort, Timber Creek Resort, Fox River Resort, Apple Mountain Resort, Ozark Mountain Resort, Holiday Hills Resort, Oak N’ Spruce Resort, Silverleaf’s Seaside Resort, Hill Country Resort and Orlando Breeze Resort.

“Responsible Officer” shall mean (a) when used with respect to the Indenture Trustee,any officer assigned to the Corporate Trust Office, including any Managing Director, Vice President, Assistant Vice President, Secretary, Assistant Secretary, Assistant Treasurer, any trust officer or any other officer such Person customarilyperforming functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiaritywith the particular subject; (b) when used with respect to the Servicer, the Chief Financial Officer, a Vice President, an Assistant Vice President, the Chief Accounting Officer or the Secretary of the Servicer; and (c) with respect to anyother Person, the chairman of the board, chief financial officer, the president, a vice president, the treasurer, an assistant treasurer, the secretary, an assistant secretary, the controller, general partner, trustee or the manager of such Person.

“Restricted Period” shall mean the 40-day period prescribed by Regulation S commencing onthe later of (a) the date upon which Notes are first offered to any distributor (as such term is defined in Regulation S) of the Notes, and (b) the Closing Date. 

“S&P” shall mean Standard & Poor’s Ratings Services, a Standard & Poor’sFinancial Services LLC Business. 

“Sale” shall have the meaning set forth inSection 2(a) of the Transfer Agreement. 

“Schedule of Timeshare Loans” shall mean thelist of Timeshare Loans delivered pursuant to the Transfer Agreement, as amended from time to time to reflect repurchases, 

 
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substitutions and Qualified Substitute Timeshare Loans and Subsequent Timeshare Loans conveyed pursuant to the terms of the Indenture and the Transfer Agreement, which list shall set forth thefollowing information with respect to each Timeshare Loan as of the related Cut-Off Date, as applicable, in numbered columns: 

 
 1
Name of Obligor 
 2
Unit Ref/Loan Number 
 3
Interest Rate Per Annum 
 4
Date of Timeshare Loan Origination 
 5
Maturity 
 6
Sales Price 
 7
Monthly Payment 
 8
Original Loan Balance 
 9
Original Term 
 10
Outstanding Loan Balance 
 11
Down Payment 
 12
First Payment Date 
 13
Zip Code 
 14
Unit/Week 
 15
Resort Name 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Securitization Custodian” shall have the meaning specified the second “whereas” clause in the Transfer Agreement. 

“Securitization Indenture” shall have the meaning specified the second “whereas” clause in theTransfer Agreement. 

“Securitization Indenture Trustee” shall have the meaning specified thesecond “whereas” clause in the Transfer Agreement. 

“Securitization Noteholder”shall mean any holder of a Securitization Note. 

“Securitization Notes” shall have themeaning specified the second “whereas” clause in the Transfer Agreement. 

“SecuritizationServicer” shall have the meaning specified the second “whereas” clause in the Transfer Agreement. 

“Sells” shall have the meaning set forth in Section 2(a) of the Transfer Agreement. 

“Servicer” shall initially mean Silverleaf in its capacity as servicer under the Indenture, the Backup Servicing Agreement and the Custodial Agreement, and its permitted successors andassigns. 

“Servicer Event of Default” shall have the meaning specified in Section 5.4 ofthe Indenture. 

 
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“Servicer Termination Costs” shall mean any extraordinaryout-of-pocket expenses incurred by the successor servicer associated with the transfer of servicing. 

“Servicing Fee” shall mean for any Payment Date, the product of (i) one-twelfth of 2.00% and(ii) the Aggregate Loan Balance as of the first day of the related Due Period. 

“ServicingOfficer” shall mean those officers of the Servicer involved in, or responsible for, the administration and servicing of the Timeshare Loans, as identified on the list of Servicing Officers furnished by the Servicer to the Indenture Trusteeand the Noteholders from time to time. 

“Servicing Standard” shall mean, with respect to theServicer a servicing standard which complies with applicable law, the terms of the respective Timeshare Loans and, to the extent consistent with the foregoing, in accordance with the customary and usual procedures employed by it with respect tocomparable assets that the servicer services for itself or its Affiliates (and if Silverleaf is no longer the Servicer, in accordance with the customary standard of prudent servicers of loans secured by timeshare interests similar to the TimeshareProperties, employed by it when servicing loans for third parties), but without regard for (i) any relationship that it or any of its Affiliates may have with the related Obligor, and (ii) its right to receive compensation for its servicesunder the Indenture or with respect to any particular transaction. 

“Silverleaf” shall meanSilverleaf Resorts, Inc., a Texas corporation. 

“Silverleaf Loans” shall mean the TimeshareLoans conveyed by Silverleaf to the Issuer pursuant to the Transfer Agreement. 

“Silverleaf ServicedTimeshare Loan” means any timeshare loan (including any Timeshare Loan conveyed to the Issuer pursuant to the Transfer Agreement) serviced by Silverleaf or an Affiliate thereof for the benefit of the Noteholders, for Silverleaf’s ownaccount, or for the accounts of any and all third parties. 

“Similar Law” shall mean aprovision of federal, state or local law that is substantially similar to the prohibited transaction rules under Section 406 of ERISA or Section 4975 of the Code. 

“Sold” shall have the meaning set forth in Section 2(a) of the Transfer Agreement. 

“Stated Maturity” shall mean the Payment Date occurring in June 2023. 

“Subsequent Cut-Off Date” shall mean with respect to any Transfer Date, (i) the close of businesson the last day of the Due Period immediately preceding such Transfer Date or (ii) such other date prior to the Transfer Date as designated by the Servicer. 

“Subsequent Timeshare Loan” shall mean a Timeshare Loan acquired during the Prefunding Period(i) that complies, as of the related Transfer Date, with each of the representations and warranties set forth in the Transfer Agreement, including that such Subsequent Timeshare Loan is an Eligible Timeshare Loan, (ii) that the weightedaverage coupon rate of such Subsequent Timeshare Loan and all other Subsequent Timeshare Loans 

 
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transferred on the related Transfer Date, will not be less than 14.00%, (iii) that will not cause the weighted average months of seasoning on the Timeshare Loans to be less than 13 monthsafter the purchase thereof by the Issuer and the subsequent pledge thereof pursuant to the Indenture, (iv) that the weighted average FICO® score of such Subsequent Timeshare Loan and all other Subsequent Timeshare Loans transferred on the related Transfer Date (to the extent that the related Obligorshave FICO® scores) will not be less than 545, (v) that such Subsequent Timeshare Loan shall not cause theaggregate Loan Balance of Timeshare Loans with Obligors without a FICO® score to exceed 15% of the AggregateLoan Balance, (vi) the Loan Balance of such Subsequent Timeshare Loan is less than $30,000, (vii) that such Subsequent Timeshare Loan will not cause the percentage (by aggregate Cut-Off Date Loan Balance) of all Subsequent Timeshare Loanstransferred on such Transfer Date that have Obligors making payments by either credit card automated charge or pre-authorized checking/savings to be less than 35.00% (by aggregate Cut-Off Date Loan Balance) of all Subsequent Timeshare Loanstransferred on such Transfer Date and (viii) that such Subsequent Timeshare Loan does not have a stated maturity date greater than 10 years from its origination. 

“Substitution Shortfall Amount” shall mean with respect to any Transfer Date, an amount equal to theexcess of the aggregate Loan Balances of the Defective Timeshare Loans over the aggregate Loan Balances of the Qualified Substitute Timeshare Loans to be substituted for such Defective Timeshare Loans. 

“Temporary Regulation S Note” shall have the meaning set forth in Section 2.3 of the Indenture.

“Timeshare Declaration” shall mean the declaration or other document recorded in the realestate records of the applicable municipality or government office where a Resort is located for the purpose of creating and governing the rights of owners of Timeshare Properties related thereto, as it may be in effect from time to time.

“Timeshare Loan” shall mean a Mortgage Loan, Oak N’ Spruce Loan, a Qualified SubstituteTimeshare Loan or a Subsequent Timeshare Loan subject to the lien of the Indenture. As used in the Transaction Documents, the term “Timeshare Loan” shall include the related Mortgage Note, Mortgage, the Finance Agreement and other RelatedSecurity contained in the related Timeshare Loan Documents. 

“Timeshare Loan AcquisitionPrice” shall mean with respect to any Timeshare Loan, an amount equal to the Loan Balance of such Timeshare Loan plus accrued and unpaid interest thereon up to and including the related Cut-Off Date. 

“Timeshare Loan Documents” shall mean with respect to each Timeshare Loan and each Obligor, the related(i) Timeshare Loan Files, and (ii) Timeshare Loan Servicing Files. 

“Timeshare LoanFile(s)” shall mean, with respect to a Timeshare Loan, the Timeshare Loan and all documents related to such Timeshare Loan, including: 

 
 1.
a Contract for Sale (copy), which includes Truth in Lending Disclosure, 

 
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 2.
a Note (original), 

 
 3.
an Allonge (copy) (or more than one Allonge that when taken together) shall show the transfer of title as set forth in the Custodial Agreement,

 
 4.
for a post-July 2004 Oak N’ Spruce Loan – Oak N’ Spruce Resort Certificate of Beneficial Interest (original),

 
 5.
one of the following: (a) for a Mortgage Loan – a Deed of Trust, Deed to Secure Debt or Mortgage with Property Description Addendum(original or file-stamped or certified copy), (b) for an Oak N’ Spruce Loan (pre-July 2004) – a Mortgage and Assignment of Beneficial Interest with Property Description Addendum (original or file-stamped or certified copy) or(c) for an Oak N’ Spruce Loan (post-July 2004) – an Assignment of Beneficial Interest with Property Description Addendum (not recorded or acknowledged), 

 
 6.
any assumption agreement, refinancing agreement, or general warranty deed evidencing a transfer of title, if any, (copy),

 
 7.
(a) in the case of Timeshare Loans purchased by the Issuer from Silverleaf Resorts, Inc., an original mortgagee title insurance policy or masterpolicy referencing such Timeshare Loan naming as the insured thereunder (a) Silverleaf Resorts, Inc., (b) a Prior Secured Party or (c) Silverleaf Finance X, LLC, as applicable, and in each case their respective successors and assignsand covering Silverleaf Finance X, LLC, and its successors and assigns (which shall be delivered by (i) the Escrow Agent to the Custodian within 90 days of the Closing Date and (ii) by Silverleaf to the Custodian within 90 days of therelated Transfer Date), 

 
 8.
an original of each guarantee, assumption, modification, substitution agreement, deferment letter, or other document, if any, which relates to therelated Timeshare Loan (or copy thereof certified by an officer of the related originator to be a true and correct copy), and which shall cover both the Note and/or the Contract for Sale, and 

 
 9.
all related finance applications executed and delivered by the related Obligor with respect to the purchase of a Timeshare Property.

“Timeshare Loan Rate” shall mean with respect to any Timeshare Loan, thespecified coupon rate thereon. 

“Timeshare Loan Servicing Files” shall mean with respect toeach Timeshare Loan and each Obligor, the portion of the Timeshare Loan Files necessary for the Servicer to service such Timeshare Loan including but not limited to (i) the original truth-in-lending disclosure statement executed by suchObligor, as applicable, (ii) all writings pursuant to which such Timeshare Loan arises or which evidences such Timeshare Loan and not delivered to the Custodian, (iii) all papers and computerized records customarily maintained by theServicer in servicing timeshare loans comparable to the Timeshare Loans in accordance with the Servicing Standard and 

 
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(iv) each Timeshare Program Consumer Document and Timeshare Program Governing Document, if applicable, related to the applicable Timeshare Property. 

“Timeshare Program” shall mean the program under which (1) an Obligor has purchased a TimeshareProperty and (2) an Obligor shares in the expenses associated with the operation and management of such program. 

“Timeshare Program Consumer Documents” shall mean, as applicable, the Finance Agreement, Mortgage Note, Mortgage or certificate of beneficial interest, credit disclosures, rescissionright notices, final subdivision public reports/prospectuses/public offering statements, the Timeshare Project exchange affiliation agreement and other documents, disclosures and advertising materials used or to be used by an Originator inconnection with the sale of Timeshare Properties. 

“Timeshare Program Governing Documents”shall mean the articles of organization or articles of incorporation of each Association, the rules and regulations of each Association, the Timeshare Program management contract between each Association and a management company, and any subsidyagreement by which the Originator is obligated to subsidize shortfalls in the budget of a Timeshare Program in lieu of paying assessments, as they may be from time to time in effect and all amendments, modifications and restatements of any of theforegoing. 

“Timeshare Property” shall mean (i) with respect to a Mortgage Loan, afractional fee simple timeshare interest in a Unit in a Resort entitling the related Obligor to the use and occupancy of a Unit at the Resort for a specified period of time each year or every other year in perpetuity and (ii) with respect to anOak N’ Spruce Loan, an Oak N’ Spruce Certificate. 

“Title Commitment” shall havethe meaning set forth in the Escrow Agreement. 

“Title Policy” shall have the meaning setforth in the Escrow Agreement. 

“Transaction Documents” shall mean the Indenture, theTransfer Agreement, the Lockbox Agreement, the Backup Servicing Agreement, the Custodial Agreement, the Escrow Agreement, the Guaranty, the Private Placement Agreement and all other agreements, documents or instruments delivered in connection withthe transactions contemplated thereby. 

“Transfer Agreement” shall mean the transferagreement, dated as of May 1, 2011, between the Originator and the Issuer pursuant to which the Timeshare Loans are transferred to the Issuer. 

“Transfer Date” shall mean the date on which the Originator substitutes one or more Timeshare Loans in accordance with Section 4.5 of the Indenture or pledges one or more SubsequentTimeshare Loans in accordance with Section 4.2 of the Indenture. 

“Treasury Regulations”shall mean the regulations, included proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations orother successor Treasury Regulations. 

 
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“Trust Accounts” shall mean collectively, the LockboxAccount, the Collection Account, the Prefunding Account, the Capitalized Interest Account and the Reserve Account. 

“Trust Estate” shall have the meaning specified in the Granting Clause of the Indenture. 

“UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended from time to time. 

“Unit(s)”: One individual air-space residential unit, cabin, villa, cottage or townhome within a Resort,together with all furniture, fixtures and furnishings therein, and together with any and all interests in common elements appurtenant thereto, as provided in the related Timeshare Program Governing Documents. 

 
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