Document:

EX-10.10.A

 

Exhibit 10.10(a)

EXECUTION COPY

FIRST AMENDMENT

Dated as of November 13, 2006

TO

SERIES 2002-1 SUPPLEMENT TO MASTER INDENTURE

AND SERVICING AGREEMENT

Amended and Restated as of July 7, 2006

          This FIRST AMENDMENT TO THE AMENDED AND RESTATED SERIES 2002-1 SUPPLEMENT TO MASTER INDENTURE
AND SERVICING AGREEMENT (this “Amendment”), dated as of November 13, 2006, is among SIERRA
TIMESHARE CONDUIT RECEIVABLES FUNDING, LLC, a limited liability company formed under the laws of
the State of Delaware, as Issuer (the “Issuer”), WYNDHAM CONSUMER FINANCE, INC., a Delaware
corporation, as Master Servicer (the “Master Servicer”), U.S. BANK NATIONAL ASSOCIATION, a
national banking association, not in its individual capacity, but solely as Trustee (in such
capacity, the “Trustee”) under the Master Indenture and Servicing Agreement, dated as of
August 29, 2002 and amended and restated as of July 7, 2006 (the “Agreement”), and U.S.
BANK NATIONAL ASSOCIATION, a national banking association, as Collateral Agent (the “Collateral
Agent”).

          WHEREAS the Issuer, the Master Servicer, the Trustee and the Collateral Agent have executed
the Series 2002-1 Supplement to Master Indenture and Servicing Agreement, dated as of August 29,
2002 and amended and restated as of July 7, 2006 (such Series 2002-1 Supplement as amended and
restated as of July 7, 2006, the “Indenture Supplement”) and capitalized terms used in this
Amendment and not otherwise defined shall have the meanings assigned to such terms in the Indenture
Supplement;

          WHEREAS, the Issuer, the Master Servicer, the Trustee and the Collateral Agent wish to amend
the Indenture Supplement in accordance with subsection 13.1(b) of the Agreement;

          NOW THEREFORE, in consideration of the premises and the agreements contained herein, the
parties hereto agree as follows:

ARTICLE I

AMENDMENTS

          Section 1.01. Amendments Relating to Definitions. Each of the following definitions
contained in Section 2.01 of the Indenture Supplement is hereby amended to read in its entirety as
follows:

 

 

     “Documents in Transit Excess Amount” means, at any time, the amount by
which (i) the sum of the Loan Balances for all Series 2002-1 Pledged Loans which are
Documents in Transit Loans less the sum of the Loan Balances for all Series 2002-1
Pledged Loans which are Missing Documentation Loans exceeds (ii) 10% of the Series
2002-1 Adjusted Loan Balance.

     “Facility Limit” means $1,000,000,000 as such amount may be reduced
from time to time in accordance with Section 4.08 hereof and the Note Purchase
Agreement or increased in accordance with Section 4.09 hereof and the Note Purchase
Agreement.

     “Maturity Date” means December 15, 2009.

     “Series 2002-1 Pool Purchase Supplement” means the Pool Purchase
Agreement.

          Section 1.02. Extension of Maturity Date.

      (a) The first paragraph of subsection (a) of Section 4.03 of the Indenture Supplement shall be
and hereby is amended to read in its entirety as follows:

          (a) Principal. The Notes shall have a Maturity Date of December 15, 2009.

          Section 1.03. Amendment Relating to Amortization Events.

      (a) Clause (h) of Section 9.01 of the Indenture Supplement is hereby amended and restated to
read in its entirety as follows:

     (h) the Gross Excess Spread for any Due Period ending on or prior to November 12, 2007,
is less than 4.50% for any Due Period; for Due Periods ending after November 12, 2007 this
provision shall not apply; except that if any Alternate Investor or Conduit does not extend
its Liquidity Termination Date on or before November 12, 2007, this provision shall continue
to apply;

      (b) The provision immediately following clause (p) in Section 9.01 of the Indenture Supplement
is hereby amended and restated to read in its entirety as follows:

then, in the case of an event described in any clause except clause (c) of the Events of
Default in Section 10.01, or clause (l) above, the Deal Agent at the direction of the
Majority Facility Investors, or, with respect to an event described in clause (j) or (k),
the Deal Agent, at the direction of any Class Agent or, with respect to clause (h) if such
provision applies after November 12, 2007, the Deal Agent at the direction of the Class
Agent or Class Agents which have not extended their Liquidity Termination Dates to a date on
or after November 12, 2007, by notice given in writing to the Issuer, the Master Servicer
and the Trustee, may declare that an Amortization Event has occurred as of the date of such
notice and, in the case of any event described in clause (c) of the Events of Default in
Section 10.01, or clause (l) of this Section 9.01, an Amortization Event will occur
immediately upon the occurrence of such event without any notice or other action

2

 

on the part of the Deal Agent, the Trustee or any other entity.

      Section 1.04. Amendment of Section 12.08. Section 12.08 of the Indenture Supplement
is hereby amended and restated to read in its entirety as follows:

     Section 12.08. Rating Agency Review. The Issuer hereby agrees that if the
Issuer elects to maintain the ratings on the Series 2002-1 Notes on and after the Liquidity
Termination Date in 2006, the Issuer shall prior to the Liquidity Termination Date in 2006
submit the Series 2002-1 Notes for review to each Rating Agency then maintaining a rating on
the Series 2002-1 Notes. The Issuer further hereby agrees that if the Issuer elects to
maintain the ratings on the Series 2002-1 Notes on and after the Liquidity Termination Date
in 2007, the Issuer shall prior to the Liquidity Termination Date in 2007 submit the Series
2002-1 Notes for review to each Rating Agency then maintaining a rating on the Series 2002-1
Notes.

ARTICLE II

MISCELLANEOUS PROVISIONS

          Section 2.01. Supplement in Full Force and Effect as Amended. Except as specifically
stated herein, all of the terms and conditions of the Master Indenture and the Indenture
Supplement, as amended and restated as of July 7, 2006, shall remain in full force and effect. All
references to the Indenture Supplement in any other document or instrument shall be deemed to mean
the Indenture Supplement, as amended and supplemented by this Amendment. This Amendment shall not
constitute a novation of the Master Indenture or the Indenture Supplement, but shall constitute an
amendment thereto. The parties hereto agree to be bound by the terms and obligations of the
Indenture Supplement, as amended by this Amendment, as though the terms and obligations of the
Indenture Supplement were set forth herein.

          Section 2.02. Counterparts. This Amendment may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which shall be an
original, but all of which shall constitute one and the same instrument.

          Section 2.03. Governing Law. THIS AMENDMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

3

 

          IN WITNESS WHEREOF, the Issuer, the Master Servicer, the Trustee and the Collateral Agent have
caused this Amendment to be duly executed by their respective officers thereunto duly authorized,
all as of the day and year first above written.

	 	 	 	 	 
	 	SIERRA TIMESHARE CONDUIT RECEIVABLES FUNDING, LLC,

as Issuer

 	 
	 	By:  	/s/ Mark A. Johnson
 	 
	 	 	Name:  	Mark A. Johnson 	 
	 	 	Title:  	President 	 
	 
	 	WYNDHAM CONSUMER FINANCE, INC.,

as Master Servicer

 	 
	 	By:  	/s/ Mark A. Johnson
 	 
	 	 	Name:  	Mark A. Johnson 	 
	 	 	Title:  	President 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/ Patricia O'Neill
 	 
	 	 	Name:  	Patricia O'Neill 	 
	 	 	Title:  	Vice President 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent

 	 
	 	By:  	/s/ Patricia O'Neill
 	 
	 	 	Name:  	Patricia O'Neill 	 
	 	 	Title:  	Vice President 	 
	 

4EX-10.11.A

 

Exhibit 10.11(a)

EXECUTION COPY

FIRST AMENDMENT

Dated at of November 13, 2006

TO

AMENDED AND RESTATED

MASTER LOAN PURCHASE AGREEMENT

As Amended and Restated as of July 7, 2006

          THIS FIRST AMENDMENT (this “Amendment”) is dated as of November 13, 2006 and amends
that MASTER LOAN PURCHASE AGREEMENT, dated as of August 29, 2002 and amended and restated as of
July 7, 2006. This Amendment and such Master Loan Purchase Agreement are each by and between
WYNDHAM CONSUMER FINANCE, INC., a Delaware corporation, as seller (the “Seller”), WYNDHAM VACATION
RESORTS, INC., a Delaware corporation formerly known as Fairfield Resorts, Inc., as co originator
(“Resorts” or “FRI”), FAIRFIELD MYRTLE BEACH, INC., a Delaware corporation and a wholly-owned
subsidiary of FRI, as co originator (“FMB”), KONA HAWAIIAN VACATION OWNERSHIP, LLC, a Hawaii
limited liability company, as an originator (“Kona”), SHAWNEE DEVELOPMENT, INC., a Pennsylvania
corporation, as an originator (“SDI”), SEA GARDENS BEACH AND TENNIS RESORT, INC., a Florida
corporation (“Sea Gardens”), VACATION BREAK RESORTS, INC., a Florida corporation (“VBR”), VACATION
BREAK RESORTS AT STAR ISLAND, INC., a Florida corporation (“VBRS”) (each of Sea Gardens, VBR and
VBRS being wholly-owned subsidiaries of Vacation Break, USA, Inc., a wholly-owned subsidiary of
FRI), PALM VACATION GROUP, a Florida general partnership (“PVG”), OCEAN RANCH VACATION GROUP, a
Florida general partnership (“ORVG”) (each of Sea Gardens, VBR, VBRS, PVG and ORVG are hereinafter
collectively referred to as the “VB Subsidiaries” and PVG and ORVG are hereinafter collectively
referred to as the “VB Partnerships”) and SIERRA DEPOSIT COMPANY, LLC, a Delaware limited liability
company, as purchaser (hereinafter referred to as the “Purchaser” or the “Company”).

          WHEREAS, the Seller, Resorts, FMB, Kona, SDI, the VB Subsidiaries and the Purchaser are
parties to that Master Loan Purchase Agreement dated as of August 29, 2002 and amended and restated
as of July 7, 2006 (the “Master Loan Purchase Agreement”);

          WHEREAS, the parties to the Master Loan Purchase Agreement wish to amend the Master Loan
Purchase Agreement as provided herein; and

          WHEREAS, the conditions to the amendments have been satisfied;

          NOW, THEREFORE, in consideration of the premises and the agreements contained herein, the
parties hereto agree as follows:

 

 

          Section 1. Representations and Warranties.

          Subsection 6(b)(xiv)(C)(2) of the Master Loan Purchase Agreement is hereby
amended and restated to read in its entirety as follows:

     (2) the original recorded Mortgage (or a copy thereof, if applicable, for
Mortgages that have been submitted for recording as set forth herein) and
Assignments of Mortgages in favor of the Collateral Agent (or a copy of such
recorded Mortgage or Assignment of Mortgage, as the case may be, certified to be a
true and complete copy thereof, if the original of the recorded Mortgage or
Assignment of Mortgage is lost or destroyed), provided that, in the case of
any Loan with respect to which the related Mortgage and/or deed has been removed
from the Loan File for review and recording in the local real property recording
office: (x) the original document shall have been returned to the Loan File no later
than (1) 210 days from the related loan closing date (in the case of Loans (other
than Green Loans) relating to Timeshare Properties located in the State of Florida),
(2) 210 days from the date on which the related Timeshare Property is required to be
deeded to an Obligor in the case of Green Loans relating to Timeshare Properties
located in the State of Florida; (3) 210 days from the date on which the related
Timeshare Property is required to be deeded to an Obligor in the state of Hawaii,
Nevada or South Carolina and (4) in all other states 180 days from the date on
which the related Timeshare Property is required to be deeded to an Obligor and (y)
in the case of any Loan (other than a Green Loan) relating to a Timeshare Property
located in the State of Florida, the Loan File shall contain one or more
certificates from FRI’s applicable title agents in Florida to the effect that the
related Mortgage has been delivered for purposes of recordation to the appropriate
local real property recording office.

          Section 2. Miscellaneous.

          (a) Counterparts. This Amendment may be executed in any number of counterparts, each
of which counterparts shall be deemed to be an original, and such counterparts shall constitute but
one and the same instrument.

          (b) Effect of Amendment to Representations and Warranties. The amendment made to the
representations and warranties contained in Section 1 of this Amendment shall be applicable only
with respect to Loans sold by the Seller to the Purchaser on or after the date of this Amendment.
Loans sold under the Agreement and the PA Supplement prior to the date of this Amendment were
subject to the terms of such documents as such documents existed at the time of the sale.

          (c) GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, INCLUDING §5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PRINCIPLES.

 

 

          IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their
respective officers thereunto duly authorized, all as of the day and year first above written.

	 	 	 	 	 
	 	WYNDHAM CONSUMER FINANCE, INC.

 	 
	 	By:  	/s/ Mark A Johnson
 	 
	 	 	Name:  	Mark A. Johnson 	 
	 	 	Title:  	President 	 
	 
	 	WYNDHAM VACATION RESORTS, INC.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 
	 	FAIRFIELD MYRTLE BEACH, INC.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 
	 	SEA GARDENS BEACH AND

TENNIS RESORT, INC.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 
	 	VACATION BREAK RESORTS, INC.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief
 Financial Officer 	 
	 

 

 

	 	 	 	 	 
	 	VACATION BREAK RESORTS AT 

STAR ISLAND, INC.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief
 Financial Officer 	 
	 
	 	PALM VACATION GROUP, 

by its General Partners:

Vacation Break Resorts at Palm 

Aire, Inc.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief
 Financial Officer 	 
	 
	 	Palm Resort Group, Inc.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief
 Financial Officer 	 
	 

 

 

	 	 	 	 	 
	 	OCEAN RANCH VACATION GROUP,

by its General Partners:

Vacation Break at Ocean Ranch,

Inc.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief
 Financial Officer 	 
	 
	 	Ocean Ranch Development, Inc.

 	 
	 	By:  	           /s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief
 Financial Officer 	 
	 
	 	SIERRA DEPOSIT COMPANY, LLC

 	 
	 	By:  	/s/ Mark A Johnson
 	 
	 	 	Name:  	Mark A Johnson 	 
	 	 	Title:  	President 	 
	 
	 	KONA HAWAIIAN VACATION OWNERSHIP, LLC
 	 
	 	By:  	Wyndham Vacation Resorts, Inc.	 
	 	  	Its Managing Member	 
	 	  	 	 
	 	By:  	/s/ Michael A. Hug 	 
	 	 	Name:  	Michael A. Hug 	 
	 	 	Title:  	Executive Vice President and Chief
 Financial Officer 	 
	 
	 	SHAWNEE DEVELOPMENT, INC.

 	 
	 	By:  	/s/ Michael A. Hug
 	 
	 	 	Name:  	Michael A. Hug     	 
	 	 	Title:  	Executive Vice President and Chief
 Financial Officer

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