Document:

Filed by Avantafile.com - Blox, Inc. - Exhibit 10.7

AMALGAMATION
AGREEMENT 

among

 NAVA
  RESOURCES, INC. 

and 

OURCO CAPITAL LTD. 

and

 INTERNATIONAL ECO ENDEAVORS CORP.
  

and 

KENDERESH ENDEAVORS CORP. 

and 

KENDERES BIOGAZ TERMELO KORLATOLT FELE
  LOSSEGU TARSASAG 

Dated as of June 19, 2013 

 
AMALGAMATION
AGREEMENT 

THIS AGREEMENT made the 19th day of
June, 2013. 

AMONG: 

  
    NAVA RESOURCES, INC., a corporation incorporated under the
      laws of the State of Nevada 

    (“Nava”) 

  

AND: 

  
    OURCO CAPITAL LTD., a corporation existing under the British
      Columbia Business Corporations Act 

    (“Newco”) 

  

AND: 

  
    INTERNATIONAL ECO
      ENDEAVORS CORP.,a
      corporation existing under the British Columbia Business Corporations Act 

    (“Eco Endeavors”) 

  

AND: 

  
    KENDERESH ENDEAVORS
      CORP., a corporation
      existing under the British Columbia Business Corporations Act 

    (“Kenderesh”) 

  

AND: 

  
    KENDERES BIOGAZ TERMELO
      KORLATOLT FELE LOSSEGU TARSASAG, a Hungarian company 

    (“Kenderes Biogaz”) 

  

WHEREAS: 

	A.	Nava
and Eco Endeavors propose to complete a business combination by way of an
amalgamation under the provisions of the BCBCA (as hereinafter defined) of Eco
Endeavors and Newco, a wholly-owned subsidiary of Nava;

	B.	Kenderes
Biogaz is a wholly-owned subsidiary of Kenderesh which, in turn, is a
wholly-owned subsidiary of Eco Endeavors;

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	C.	Kenderes Biogaz owns and operates a biogas plant
located in Budapest, Hungary (the “Kenderes Biogas Plant”); and 

	D.	Kenderes
Biogaz and Kenderesh have each agreed to be a party to this Agreement in order
to make certain representations and warranties with respect to their respective
business to Nava;

NOW
THEREFORE in
consideration of the mutual covenants and agreements herein contained and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by each of the parties hereto, the parties hereto hereby
covenant and agree as follows: 

ARTICLE 1
 DEFINITIONS, INTERPRETATION AND SCHEDULES 

1.1       Definitions

In this
Agreement, unless the context otherwise requires, the following words and terms
with the initial letter or letters thereof capitalized shall have the meanings
ascribed to them below: 

	 	(a)	“1933 Act” means the United States Securities Act of 1933, as
amended; 

	 	(b)	“1940 Act” means the United States Investment Company Act of 1940,
as amended; 

	 	(c)	“affiliate” shall have the meaning ascribed to such term under the
BCBCA; 

	 	(d)	“Agreement” means this amalgamation agreement, together with the
schedules attached hereto, as amended, amended and restated or supplemented
from time to time; 

	 	(e)	“Amalco” means the company resulting from the amalgamation of Eco
Endeavors and Newco pursuant to the Amalgamation; 

	 	(f)	“Amalco Shares” means the common shares in the capital of Amalco; 

	 	(g)	“Amalgamating Corporations” means Eco Endeavors and Newco; 

	 	(h)	“Amalgamation” means the amalgamation of Eco Endeavors and Newco
pursuant to section 269 of the BCBCA on the terms and conditions set forth in
this Agreement, subject to any amendment thereto in accordance herewith; 

	 	(i)	“Amalgamation Application” means the amalgamation application that will
be filed with the Registrar under subsection 275(1)(a) of the BCBCA in order to
give effect to the Amalgamation, substantially in the form attached hereto as
Schedule C; 

	 	(j)	“Articles of Amalco” means the articles of Amalco in the form to be
mutually agreed to by the Parties, substantially in the form attached hereto as
Schedule D; 

	 	(k)	“Applicable Securities Laws” means all applicable securities legislation
in all jurisdictions relevant to the issuance of the Nava Common Shares; 

	 	(l)	“BCBCA” means the British Columbia Business Corporations Act;

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	 	(m)	“Business Day” means a day, other than a Saturday or Sunday, on which
the principal commercial banks located in the City of Vancouver, British
Columbia are open for business; 

	 	(n)	“Canadian Eco Endeavors Shareholders” means an Eco Endeavors Shareholder
that is a Canadian Resident and is not a U.S. Person; 

	 	(o)	“Canadian Resident” means a person that is resident of Canada for the
purposes of the Income Tax Act (Canada); 

	 	(p)	“Completion Deadline” means the latest date by which the transactions
contemplated by this Agreement are to be completed, which date shall be September
30, 2013 or such later date as the Parties may mutually agree; 

	 	(q)	“Contract” means any note, mortgage, indenture, non-governmental permit
or license, franchise, lease or other contract, agreement, commitment or
arrangement binding upon Nava (or any Subsidiary of Nava) or Eco Endeavors (or
any Subsidiary of Eco Endeavors), as the case may be; 

	 	(r)	“Deed of Undertaking” means the Deed of Undertaking dated June 1, 2012
between Eco Endeavors and Waratah Capital Ltd., who subsequently assigned all
rights thereto to Waratah, whereby Eco Endeavors agreed to repay amounts
advanced by Waratah Capital Ltd. to Eco Endeavors; 

	 	(s)	“Directed Selling Efforts” means directed selling efforts as that term
is defined in Regulation S and without limiting the foregoing, but for greater
clarity in this Agreement, it means, subject to the exclusions from the
definition of directed selling efforts contained in Regulation S, any activity
undertaken for the purpose of, or that could reasonably be expected to have the
effect of, conditioning the market in the United States for any of the Nava
Common Shares and includes the placement of any advertisement in a publication
with a general circulation in the United States that refers to the Nava Common
Shares; 

	 	(t)	“Dissent Rights” means the rights of dissent of Eco Endeavors
Shareholders in respect of the Eco Endeavors Resolution under section 272 of
the BCBCA; 

	 	(u)	“Eco Endeavors” shall have the meaning ascribed thereto on the first
page of this Agreement; 

	 	(v)	“Eco Endeavors Assets” has the meaning ascribed in Section 3.1(m) of
this Agreement; 

	 	(w)	“Eco Endeavors Board” means the board of directors of Eco Endeavors; 

	 	(x)	“Eco Endeavors Common Shares” means the authorized common shares in the
capital of Eco Endeavors, as presently constituted; 

	 	(y)	“Eco Endeavors Financial Statements” has the meaning ascribed in Section
3.1(k); 

	 	(z)	“Eco Endeavors Assets”
has the meaning ascribed thereto in Section 3.1(m) of this Agreement; 

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	 	(aa)	“Eco Endeavors Preferred Shares” means the
authorized preferred shares in the capital of Eco Endeavors, as presently
constituted; 

	 	(bb)	“Eco
Endeavors Resolution” means the Special Resolution of the Eco Endeavors
Shareholders approving the Amalgamation and this Agreement substantially in the
form attached hereto as Schedule A; 

	 	(cc)	“Eco
Endeavors Shareholder Approval” means the approval of the Eco Endeavors
Shareholders in respect of the Eco Endeavors Resolution; and 

	 	(dd)	“Eco
Endeavors Shareholders” means, at any time, the holders of outstanding Eco
Endeavors Common Shares. 

	 	(ee)	“EDGAR”
means the Electronic Data-Gathering, Analysis, and Retrieval system; 

	 	(ff)	“Effective
Date” means the date shown on the certificate of amalgamation issued by the
Registrar in respect of the Amalgamation in accordance with section 281 of the
BCBCA; 

	 	(gg)	“Effective
Time” means the earliest moment on the Effective Date or such other time on
the Effective Date as the Parties hereto may agree in writing; 

	 	(hh)	“Encumbrance”
means any mortgage, pledge, assignment, charge, lien, claim, security interest,
adverse interest, other third person interest or encumbrance of any kind,
whether contingent or absolute, and any agreement, option, right or privilege
(whether by law, contract or otherwise) capable of becoming any of the
foregoing; 

	 	(ii)	“Environmental
Approvals” means all permits, certificates, licences, authorizations,
consents, instructions, registrations, directions or approvals issued or
required by any Governmental Entity pursuant to any Environmental Laws; 

	 	(jj)	“Environmental
Laws” means all applicable Laws, including applicable common law, relating
to the protection of the environment and employee and public health and safety,
and includes Environmental Approvals; 

	 	(kk)	“Former
Eco Endeavors Shareholders” means the holders of Eco Endeavors Common
Shares immediately prior to the Effective Time; 

	 	(ll)	“GAAP”
means United States generally accepted accounting principles; 

	 	(mm)	“Governmental
Entity” means any applicable: 

	 	 	(i)	multinational, federal, provincial, state, regional, municipal, local or other
government, governmental or public department, central bank, court, tribunal,
arbitral body, commission, board, bureau or agency, domestic or foreign;

	 	(ii)	subdivision, agent,
commission, board or authority of any of the foregoing;

	 	(iii)	quasi-governmental or private body, including any tribunal, commission,
regulatory agency or self-regulatory organization, exercising any regulatory,
expropriation or taxing authority under or for the account of any of the
foregoing; or

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	 	(iv)	stock exchange, including the OTC Bulletin Board;

	 	(nn)	“Intellectual
Property” means the following intellectual property rights, both statutory
and common law rights, if applicable: (i) copyrights, registrations and
applications for registration thereof, (ii) trademarks, service marks, trade
names, industrial designs, inventions, manuals, technology, software, slogans,
domain names, logos, trade dress, and registrations and applications for
registrations thereof, (iii) patents, as well as any reissued and re-examined
patents and extensions corresponding to the patents, and any patent
applications, as well as any related continuation, continuation in part and
divisional applications and patents issuing, (iv) trade secrets, proprietary
confidential information and proprietary know-how or (v) any other intellectual
property; 

	 	(oo)	“Kenderes
Biogas Plant” has the meaning set out in Recital C of this Agreement; 

	 	(pp)	“Kenderes
Biogaz Royalty” means the royalty payable by Kenderes Biogaz to Palladio
Projects Kft calculated as 10% of profits of the operating biogas plant
operated by Kenderes Biogaz; 

	 	(qq)	“Laws”
means all laws, statutes, codes, ordinances, decrees, rules, regulations,
by-laws, statutory rules, principles of law, published policies and guidelines,
judicial or arbitral or administrative or ministerial or departmental or
regulatory judgments, orders, decisions, rulings or awards, including general
principles of common and civil law, and terms and conditions of any grant of
approval, permission, authority or license of any Governmental Entity,
statutory body or self-regulatory authority, and the term “applicable” with
respect to such Laws and in the context that refers to one or more Persons,
means that such Laws apply to such Person or Persons or its or their business,
undertaking, property or securities and emanate from a Governmental Entity (or
any other Person) having jurisdiction over the aforesaid Person or Persons or
its or their business, undertaking, property or securities; 

	 	(rr)	“Material
Adverse Change” means any one or more changes, effects, events, occurrences
or states of facts that, either individually or in the aggregate, have, or
would reasonably be expected to have, a Material Adverse Effect on the
applicable Party and its Subsidiaries on a consolidated basis; 

	 	(ss)	“Material
Adverse Effect” means any change, effect, event, occurrence or state of
facts that, individually or in the aggregate, with other such changes, effects,
events, occurrences or states of facts, is or would reasonably be expected to
be material and adverse to the business, properties, operations, results of
operations or financial condition of the applicable Party and its Subsidiaries
on a consolidated basis, except any change, effect, event, occurrence or state
of facts resulting from or relating to: 

	 	(i)	the announcement of the execution of this Agreement or the transactions
contemplated hereby or the performance of any obligation hereunder or
communication by the applicable Party of its plans or intentions with respect
to the other Party and/or any of its Subsidiaries;

	 	(ii)	changes in the United
States and Canadian economies in general or the United States and Canadian
capital or currency markets in general;

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	 	(iii)	the threat, commencement, occurrence or continuation
of any war, armed hostilities, acts of environmental groups, civil strife, or
acts of terrorism;

	 	(iv)	any change in applicable Laws or in the interpretation thereof by any
Governmental Entity;

	 	(v)	any change in GAAP;

	 	(vi)	any natural disaster;

	 	(vii)	any change in the price of uranium or gold;

	 	(viii)	any change relating to foreign currency exchange rates; or

	 	(ix)	changes affecting the mining industry generally,

	 	provided that, in the case
of any changes referred to in clauses (ii) to (ix) above, inclusive such
changes do not have a materially disproportionate effect on the applicable
Party relative to comparable mineral exploration companies;

	 	(tt)	“Material
Contracts” means all Contracts or other obligations or rights (and all
amendments, modifications and supplements thereto and all side letters to which
Nava (or any Subsidiary of Nava) or Eco Endeavors (or any Subsidiary of Eco
Endeavors), as the case may be, is a party affecting the obligations of any
party thereunder) to which Nava (or any Subsidiary of Nava) or Eco Endeavors
(or any Subsidiary of Eco Endeavors), as the case may be, is a party or by
which any of their respective properties or assets are bound that are material
to the business, properties or assets of Nava (or any Subsidiary of Nava) or
Eco Endeavors (or any Subsidiary of Eco Endeavors), as the case may be, taken
as a whole, including to the extent any of the following are material to the
business, properties or assets of Nava (or any Subsidiary of Nava) or Eco
Endeavors (or any Subsidiary of Eco Endeavors), as the case may be, taken as a
whole, all: 

	 	(i)	employment, severance, personal services, consulting, non-competition or
indemnification contracts (including any Contract to which Nava (or any
Subsidiary of Nava) or Eco Endeavors (or any Subsidiary of Eco Endeavors), as
the case may be, is a party involving employees);

	 	(ii)	Contracts granting a right
of first refusal or first negotiation;

	 	(iii)	partnership or joint venture agreements;

	 	(iv)	Contracts for the acquisition, sale or lease of material properties or assets
of Nava (or any Subsidiary of Nava) or Eco Endeavors (or any Subsidiary of Eco
Endeavors), as the case may be, (by purchase or sale of assets or stock or
otherwise);

	 	(v)	Contracts with any Governmental Entity;

	 	(vi)	loan or credit agreements
mortgages, indentures or other Contracts or instruments evidencing indebtedness
for borrowed money by Nava (or any Subsidiary of Nava) or Eco Endeavors (or any
Subsidiary of Eco Endeavors), as the case may

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	 	be,
or any such agreement pursuant to which indebtedness for borrowed money may be
incurred;

	 	(vii)	Contracts that purport to limit, curtail or restrict the ability of Nava (or
any Subsidiary of Nava) or Eco Endeavors (or any Subsidiary of Eco Endeavors),
as the case may be, to compete in any geographic area or line of business;

	 	(viii)	commitments and agreements to enter into any of the foregoing; and

	 	(ix)	all Contracts that provide for annual payments to or from Nava (or any
Subsidiary of Nava) or Eco Endeavors (or any Subsidiary of Eco Endeavors), as
the case may be, in excess of $25,000 per annum;

	 	(uu)	“MI
51-105” means Multilateral Instrument 51-105 – Issuers Quoted in the
U.S. Over­the-Counter Markets as adopted by the British Columbia Securities
Commission. 

	 	(vv)	“Nava”
shall have the meaning ascribed thereto on the first page of this Agreement; 

	 	(ww)	“Nava
Board” means the board of directors of Nava; 

	 	(xx)	“Nava
Common Shares” means the authorized common shares in the capital of Nava as
presently constituted; 

	 	(yy)	“Nava
Financial Statements” shall have the meaning ascribed thereto in Section
3.2(j); 

	 	(zz)	“Nava
Options” means the outstanding options of Nava which entitle the holders to
purchase an aggregate of up to 275,000 Nava Common Shares; 

	 	(aaa)	“Nava
Placement Units” means the units to be offered by Nava in the Private
Placement, each unit consisting of one Nava Common Share and one Nava Placement
Warrant; 

	 	(bbb)	“Nava
Placement Warrant” means a share purchase warrant issued by Nava in the
Private Placement, each share purchase warrant of which is exercisable into one
Nava Common Share at the exercise price of $0.05 for a period of five years
from the closing of the Private Placement; 

	 	(ccc)	“Nava
Properties and Assets” has the meaning ascribed thereto in Section 3.2(m)
of this Agreement; 

	 	(ddd)	“Nava
Public Documents” means the public documents filed by Nava since January 1,
2013 and available on SEDAR under Nava’s SEDAR profile and filed with the SEC
and available on EDGAR; 

	 	(eee)	“Nava
Units” means the units to be issued by Nava to the Eco Endeavors
Shareholders at the Effective Time in accordance with Section 2.1(b)(i), each
unit consisting of one Nava Common Share and one Nava Warrant; 

	 	(fff)	“Nava
Warrant” means a share purchase warrant of Nava issued as part of the Nava
Units, each of which entitles the holder to acquire one Nava Common Share at
the exercise price of $0.05 for a period of five years from the Effective Date;

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	 	(ggg)	“Newco” shall have the meaning ascribed thereto on the first page of
this Agreement; 

	 	(hhh)	“Newco Shares”
means common shares in the capital of Newco; 

	 	(iii)	“Non-Canadian
Eco Endeavors Shareholders” means an Eco Endeavors Shareholder that is not
a Canadian Resident and is not a U.S. Person; 

	 	(jjj)	“Party”
shall mean, as the context requires, either Nava, Newco, Eco Endeavors,
Kenderesh or Kenderes Biogaz as applicable and “Parties” shall mean all
of them; 

	 	(kkk)	“Person”
means any individual, firm, partnership, joint venture, association, trust,
trustee, executor, administrator, legal personal representative, estate, group,
body corporate, corporation, unincorporated association or organization,
Governmental Entity, syndicate or other entity, whether or not having legal
status; 

	 	(lll)	“Private
Placement” means the non-brokered private placement of Nava Placement Units
to be offered by Nava at a price of $0.05 per Nava Placement Unit for gross
proceeds of at least $1,000,000; 

	 	(mmm)	“Registrar”
means the registrar appointed under section 400 of the BCBCA; 

	 	(nnn)	“Regulation
D” means Regulation D adopted by the SEC under the 1933 Act; 

	 	(ooo)	“Regulation
S” means Regulation S adopted by the SEC under the 1933 Act; 

	 	(ppp)	“SEC”
means the United States Securities and Exchange Commission; 

	 	(qqq)	“Securities
Authorities” means the securities commissions and/or other securities
regulatory authorities in the provinces and territories of Canada; 

	 	(rrr)	“SEDAR”
means the System for Electronic Document Analysis and Retrieval; 

	 	(sss)	“Subsidiary”
has that meaning as set out in section 2(2) of the BCBCA; 

	 	(ttt)	“Substantial
U.S. Market Interest” means substantial U.S. market interest as that term
is defined in Regulation S; 

	 	(uuu)	“Tax”
and “Taxes” means all taxes, assessments, charges, dues, duties, rates,
fees, imposts, levies and similar charges of any kind lawfully levied, assessed
or imposed by any Governmental Entity, including all income taxes (including
any tax on or based upon net income, gross income, income as specially defined,
earnings, profits or selected items of income, earnings or profits) and all
capital taxes, gross receipts taxes, environmental taxes, sales taxes, use
taxes, ad valorem taxes, value added taxes, transfer taxes (including, without
limitation, taxes relating to the transfer of interests in real property or
entities holding interests therein), franchise taxes, license taxes,
withholding taxes, payroll taxes, employment taxes, Canada Pension Plan
contributions, excise, severance, social security, workers’ compensation,
employment insurance or compensation taxes or premium, stamp taxes, occupation
taxes, premium taxes, property taxes, windfall profits taxes, alternative or
add-on minimum taxes, goods and services tax, customs duties or other taxes,
fees, imports, assessments or charges of any kind whatsoever, together with any
interest and any penalties or additional amounts imposed by any taxing
authority 

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	 	(domestic or foreign) on such entity, and
any interest, penalties, additional taxes andadditions to tax imposed
with respect to the foregoing;

	 	(vvv)	“Tax
Act” means the Income Tax Act (Canada), as amended and the
regulations thereunder, as amended; 

	 	(www)	“Tax
Returns” means all returns, schedules, elections, declarations, reports,
information returns, notices, forms, statements and other documents made,
prepared or filed with any taxing authority or required to be made, prepared or
filed with any taxing authority relating to Taxes; 

	 	(xxx)	“United
States” or “U.S.” means the United States of America, its
territories and possessions, any state of the United States and the District of
Columbia; 

	 	(yyy)	“U.S.
Person” has the meaning ascribed to such term in Rule 902 of Regulation S; 

	 	(zzz)	“Waratah”
means Waratah Investments Limited; 

	 	(aaaa)	“Waratah Loan” means the amounts advanced by Waratah to Eco Endeavors
pursuant to the terms of the Deed of Undertaking; and 

	 	(bbbb)	“Waratah Royalty” means the royalty granted by Eco Endeavors as
described in Schedule F attached hereto. 

In addition,
words and phrases used herein and defined in the BCBCA shall have the same
meaning herein as in the BCBCA unless the context otherwise requires. 

1.2
Interpretation Not Affected by Headings 

The division of
this Agreement into articles, sections, subsections, paragraphs and
subparagraphs and the insertion of headings herein are for convenience of
reference only and shall not affect in any way the meaning or interpretation of
this Agreement. The terms “this Agreement”, “hereof”, “herein”, “hereto”,
“hereunder” and similar expressions refer to this Agreement and the schedules
attached hereto and not to any particular article, section or other portion
hereof and include any agreement, schedule or instrument supplementary or
ancillary hereto or thereto. 

1.3
Number and Gender 

In this
Agreement, unless the context otherwise requires, words importing the singular
only shall include the plural and vice versa and words importing the use of
either gender shall include both genders and neuter. 

1.4
Date for any Action 

If the date on
which any action is required to be taken hereunder by any party hereto is not a
Business Day, such action shall be required to be taken on the next succeeding
day that is a Business Day. 

1.5
Statutory References 

Any reference in this Agreement to a
statute includes all regulations and rules made thereunder, all amendments to
such statute or regulation in force from time to time and any statute or
regulation that supplements or supersedes such statute or regulation. 

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1.6 Currency 

Unless otherwise expressly stated, all
references in this Agreement to dollar amounts are expressed in United States
dollars. 

1.7 Invalidity of Provisions 

Each of the provisions contained in this
Agreement is distinct and severable and a declaration of invalidity or
unenforceability of any such provision or part thereof by a court of competent
jurisdiction shall not affect the validity or enforceability of any other
provision hereof. To the extent permitted by applicable Laws, the parties
hereto waive any provision of Law that renders any provision of this Agreement
or any part thereof invalid or unenforceable in any respect. The parties hereto
will engage in good faith negotiations to replace any provision hereof or any
part thereof that is declared invalid or unenforceable with a valid and
enforceable provision or part thereof, the economic effect of which
approximates as much as possible the invalid or unenforceable provision or part
thereof that it replaces. 

1.8 Accounting Matters 

Unless otherwise stated, all accounting
terms used in this Agreement shall have the meanings attributable thereto
under, and all determinations of an accounting nature required to be made
hereunder shall be made in a manner consistent with GAAP. 

1.9 Knowledge 

Where the phrases “to the knowledge of
Nava” or “to the knowledge of Eco Endeavors” are used in respect of Nava or Eco
Endeavors, such phrase shall mean, in respect of each representation and
warranty or other statement which is qualified by such phrase, that such
representation and warranty or other statement is being made based upon: 

	 	(a)	in the case of Nava, the actual knowledge of management of Nava after
appropriate inquiries and investigations; and

	 	(b)	in the case of Eco
Endeavors, the actual knowledge of management of Eco Endeavors after
appropriate inquiries and investigations.

1.10 Meaning of Certain Phrase 

In this Agreement the phrase “in the
ordinary and regular course of business” shall mean and refer to those
activities that are normally conducted by corporations engaged in the business
of the generation of electricity from biogas. 

1.11 Schedules 

The following schedules are attached to,
and are deemed to be incorporated into and form part of, this Agreement: 

	 	Schedule A -Form of Eco Endeavors Resolution 
Schedule
B -Form of Newco Resolution 
Schedule C – Form of Amalgamation Application

Schedule D – Form of Articles of Amalco 
Schedule E – List of Intellectual
Property 
Schedule F – Waratah Royalties 
Schedule G – Eco Endeavors Disclosure
Statement

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ARTICLE 2
THE AMALGAMATION 

2.1
Terms of Amalgamation 

Eco Endeavors,
Newco and Nava hereby covenant and agree to implement the Amalgamation in
accordance with the terms and subject to the conditions of this Agreement, as
follows: 

	 	(a)	at the Effective Time,
Newco and Eco Endeavors shall amalgamate and continue as one company, being
Amalco, pursuant to the provisions of Section 269 of the BCBCA;

	 	(b)	at the Effective Time:

	 	(i)	all of the Eco Endeavors Common Shares outstanding immediately prior to the
Effective Time shall be cancelled, and holders of Eco Endeavors Common Shares
outstanding immediately prior to the Effective Time, other than Nava and Newco,
shall receive in exchange for their Eco Endeavors Common Shares so cancelled,
60,000,000 Nava Units on a pro-rata basis at a deemed value of $0.05 per Nava
Unit and neither Nava nor Newco shall receive any repayment of capital in
respect of any Eco Endeavors Common Shares held by them that are cancelled
pursuant to this subsection 2.1(b)(i);

	 	(ii)	all of the common shares
of Newco outstanding immediately prior to the Effective Time shall be cancelled
and replaced with an equal number of common shares of Amalco issued by Amalco;
and

	 	(iii)	as consideration for the
issuance of Nava Units pursuant to the Amalgamation, Amalco shall issue to Nava
one common share of Amalco for each Nava Unit issued;

	 	(c)	as a result of the
foregoing:

	 	(i)	in accordance with section 282 of the BCBCA, among other things, the property,
rights and interests of each of Eco Endeavors and Newco will continue to be the
property, rights and interests of Amalco, and Amalco will continue to be liable
for the obligations of each of Eco Endeavors and Newco; and

	 	(ii)	Amalco will be a
wholly-owned subsidiary of Nava.

2.2
Effective Date 

The
Amalgamation shall be completed on the Effective Date and shall be effective at
the Effective Time. 

2.3
Closing 

Unless this Agreement is terminated
pursuant to the provisions hereof, Nava, Newco and Eco Endeavors shall meet at
the offices of Clark Wilson LLP, Suite 900 – 885 West Georgia Street,
Vancouver, British Columbia at 10:00 a.m., Vancouver time, on the Business Day
prior to the Effective Date, or at such other time, date or place as they may
mutually agree upon, and each of them shall deliver to the other Parties and
Newco, as the case may be: 

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	 	(a)	the documents required or contemplated to be delivered by it hereunder in order
to complete, or necessary or reasonably requested to be delivered by it by the
other Parties in order to effect the Amalgamation, provided that each such
document required to be dated the Effective Date shall be dated as of, or
become effective on, the Effective Date and shall be held in escrow to be
released upon the Amalgamation becoming effective; and

	 	(b)	written confirmation as to
the satisfaction or waiver of all of the conditions in its favour contained in
Article 5 hereof.

2.4
Amalgamation Application 

Subject to the
rights of termination contained in Article 6 hereof, upon obtaining the Eco
Endeavors Shareholder Approval and the other conditions contained in Article 5 hereof
being satisfied or waived, Eco Endeavors and Newco shall jointly file the
Amalgamation Application, which shall be substantially in the form attached
hereto as Schedule D, together with such other documents as may be required
under the BCBCA, with the Registrar in accordance with the BCBCA in order to
effect the Amalgamation. To the extent appropriate, the Amalgamation
Application may be filed with the Registrar on a date agreed upon by the
Parties in advance of the Effective Date, subject to the right of any Party to
withdraw the Amalgamation Application by filing with the registrar a notice of
withdrawal pursuant to section 280 of BCBCA. 

Unless
otherwise agreed to by Nava and Eco Endeavors, the name of Amalco shall be
“Nava Holdings Inc.”. 

2.5
Registered Office of Amalco 

The address of
the registered and records office of Amalco shall be Suite 900 – 885 West
Georgia Street, Vancouver, British Columbia V6C 3H1. 

2.6
Authorized Capital of Amalco 

Amalco shall be
authorized to issue an unlimited number of common shares (being the Amalco
Shares) and an unlimited number of preferred shares. At the Effective Time, the
capital account in the records of Amalco for the Amalco Shares shall be equal
to the capital attributed to the Eco Endeavors Common Shares (other than any
Eco Endeavors Common Shares held by Nava or Newco) and the Newco Shares. 

2.7
Initial Directors of Amalco 

The first directors of
Amalco shall be the persons whose names and business addresses appear below: 

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2.8 Articles of Amalco 

The Articles of Amalco,
which shall be substantially in the form attached as Schedule D shall be signed
by one or more of the directors of Amalco referred to in section 2.7 hereof. 

2.9 Securities
Laws 

	 	(a)	The issuance and sale of the Nava Units to the Canadian
Eco Endeavors Shareholders will be made in reliance on an exemption from the
prospectus filing requirements contained in section 2.16 of NI 45-106 and the
exemption from the registration requirements contained in Regulation S promulgated
under the 1933 Act. Nava reserves the right to request from the Canadian Eco
Endeavors Shareholders any additional certificates or representations required
to establish an exemption from Applicable Securities Legislation prior to the
issuance of any Nava Units.

	 	(b)	For
Canadian Eco Endeavors Shareholders, the certificates representing Nava Common
Shares and the Nava Warrants to be issued to such shareholders on the Effective
Date will be affixed with the following legends describing such restrictions:

	 	THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER
THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT
TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

	 	THE HOLDER OF THIS SECURITY MUST NOT
TRADE THE SECURITY IN OR FROM A JURISDICTION OF CANADA UNLESS THE CONDITIONS OF
SECTION 13 OF MULTILATERAL INSTRUMENT 51-105 ISSUERS QUOTED IN THE U.S.
OVER-THE­COUNTER MARKETS ARE MET. 

	 	(c)	The issuance and sale of
the Nava Units to Non-Canadian Eco Endeavors Shareholders will be made in
reliance on an exemption from the prospectus filing requirements contained in
Regulation S. The Non-Canadian Eco Endeavors Shareholders acknowledge and
understand that any Nava Units that they receive pursuant to this Agreement
will be subject to resale restrictions in accordance with Applicable Securities
Legislation and that as a result the certificates representing such Nava Common
Shares and Nava Warrants will be affixed with the following legend in
accordance with Regulation S of the 1933 Act:

- 14 -

	 	THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION
S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR
RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS
INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
ACT. 

	 	(d)	Pursuant to MI 51-105, a subsequent trade in the Nava
Common Shares in or from any province in Canada will be a distribution subject
to the prospectus requirements of applicable Canadian securities legislation
(including theSecurities Act (British Columbia)) unless certain
conditions are met, which conditions include, among others, a requirement that
any certificate representing the Nava Common Shares (or ownership statement
issued under a direct registration system or other book entry system) bear the
restrictive legend (the “51-105 Legend”) specified in MI 51-105. 

	 	(e)	The
Parties acknowledge that on or prior to the Effective Date, the Non-Canadian
Eco Endeavors Shareholders and Canadian Eco Endeavors Shareholders who are not
subject to MI 51-105 (together the “Non-51-105 Vendors”) may be required
to provide Nava with a certificate dated as of the Effective Date, whereby each
such person represents and warrants that they are not residents of the
provinces subject to MI 51-105 and further undertakes not to trade or resell
any of the Nava Common Shares received by them pursuant to this Agreement in or
from any provinces subject to MI 51-105 and further still that the Non-51-105
Vendors understand and agree that Nava and others will rely upon the truth and
accuracy of these representations and warranties and agree that if such
representations and warranties are no longer accurate or have been breached,
the Non-51­105 Vendor will immediately notify Nava. Such certificate may
further require that by executing and delivering this Agreement and as a
consequence of the representations and warranties made by the Non-51-105
Vendors in this section, the Non-51-105 Vendors will have directed Nava not to
include the 51-105 Legend on any certificates representing the Nava Common
Shares or Nava Warrants to be issued to the Non-51-105 Vendors. As a
consequence, the Non-51-105 Vendors will not be able to rely on the resale
provisions of MI 51-105, and any subsequent trade in any of the Nava Common
Shares in or from the provinces subject to MI 51-105 will be a distribution
subject to the prospectus and registration requirements of the MI 51-105. As
set out in such certificate, if the Non-51­105 Vendor wishes to trade or resell
any of the Nava Common Shares in or from a province subject to MI 51-105, the
Non-51-105 Vendor will agree and undertake to return, prior to any such trade
or resale, any certificate representing the Nava Common Shares or Nava
Warrants, as applicable, to Nava’s transfer agent to have the 51-105 Legend
imprinted on such certificate or to instruct Nava’s transfer agent to include
the 51-105 Legend on any ownership statement issued under a direct registration
system or other book entry system. 

- 15 -

2.10 Consultation 

Nava and Eco Endeavors will
consult with each other in issuing any press release or otherwise making any
public statement with respect to this Agreement or the Amalgamation and in
making any filing with any Governmental Entity, Securities Authority or stock
exchange with respect thereto. Each of Nava and Eco Endeavors shall use its
commercially reasonable efforts to enable the other of them to review and
comment on all such press releases and filings prior to the release or filing,
respectively, thereof, provided, however, that the obligations herein will not
prevent a Party from making, after consultation with the other Party, such
disclosure as is required by applicable Laws or the rules and policies of any
applicable stock exchange. 

2.11 Effecting
the Amalgamation 

Subject to the rights of
termination contained in Article 6, upon the Eco Endeavors Shareholder Approval
being obtained and the other conditions contained in Article 5 being complied
with or waived, Eco Endeavors and Newco shall file with the Registrar the
Amalgamation Application and such other documents as may be required in order
to effect the Amalgamation. 

ARTICLE 3
REPRESENTATIONS AND WARRANTIES 

3.1
Representations and Warranties of Eco Endeavors, Kenderesh and Kenderes Biogaz 

Each of Eco Endeavors,
Kenderesh and Kenderes Biogaz hereby jointly and severally represents and
warrants to Nava and hereby acknowledges that Nava is relying upon such
representations and warranties in connection with entering into this Agreement
and agreeing to complete the Amalgamation, as follows: 

	 	(a)	
Organization.
Each of Eco Endeavors and its Subsidiaries has been incorporated and, validly
exists under the laws of the jurisdiction of its incorporation and is in good
standing under applicable corporate laws and has full corporate and legal power
and authority to own its property and assets and to conduct its business as
currently owned and conducted. Each of Eco Endeavors and its Subsidiaries is
registered, licensed or otherwise qualified as a foreign corporation in each
jurisdiction where the nature of the business or the location or character of
the property and assets owned or leased by it requires it to be so registered,
licensed or otherwise qualified, other than those jurisdictions where the
failure to be so registered, licensed or otherwise qualified would not have a
Material Adverse Effect on Eco Endeavors. All of the outstanding shares of each
Subsidiary of Eco Endeavors are validly issued, and are fully paid and
non-assessable to the extent such a concept exists under applicable Laws. All
of the outstanding shares of each Subsidiary of Eco Endeavors are owned
directly or indirectly by Eco Endeavors. Except for the proposed conversion of
the Waratah Loan, there are no outstanding options, rights, entitlements,
understandings or commitments (contingent or otherwise) regarding the right to
acquire any issued or unissued securities of, or interest in, any Subsidiary of
Eco Endeavors. 

	 	(b)	
Capitalization.
Eco Endeavors is authorized to issue an unlimited number of Eco Endeavors
Common Shares and an unlimited number of preferred shares. As of the date of
this Agreement, there were outstanding: 

	 	(i)	15,892,062 Eco Endeavors Common Shares; and

	 	(ii)	no Eco
Endeavors Preferred Shares.

- 16 -

	 	Except for the
proposed conversion of the Waratah Loan and except pursuant to this Agreement
and the transactions contemplated hereby, as of the date hereof, there are no
options, warrants, conversion privileges or other rights, agreements,
arrangements or commitments (pre-emptive, contingent or otherwise) obligating
Eco Endeavors to issue or sell any shares of Eco Endeavors or any securities or
obligations of any kind convertible into or exchangeable for any shares of Eco
Endeavors. All outstanding Eco Endeavors Common Shares have been authorized and
are validly issued and outstanding as fully paid and non-assessable shares,
free of pre-emptive rights. As of the date hereof, and except as set out in
Schedule G, there are no outstanding bonds, debentures or other evidences of
indebtedness of Eco Endeavors. Except for any Eco Endeavors Common Shares that
are subject to dissent rights at the Effective Time in accordance with the
provisions of the BCBCA, there are no outstanding contractual obligations of
Eco Endeavors to repurchase, redeem or otherwise acquire any outstanding Eco
Endeavors Common Shares or with respect to the voting or disposition of any
outstanding Eco Endeavors Common Shares.

	 	(c)	
Authority.
Eco Endeavors has all necessary corporate power, authority and capacity to
enter into this Agreement and all other agreements and instruments to be
executed by Eco Endeavors as contemplated by this Agreement, and to perform its
obligations hereunder and under such other agreements and instruments. The execution
and delivery of this Agreement by Eco Endeavors and the completion by Eco
Endeavors of the transactions contemplated by this Agreement have been
authorized by the Eco Endeavors Board and, subject to obtaining the Eco
Endeavors Shareholder Approval in the manner contemplated herein, no other
corporate proceedings on the part of Eco Endeavors are necessary to authorize
this Agreement or the completion by Eco Endeavors of the transactions
contemplated hereby other than the filing of the Amalgamation Application with
the Registrar. This Agreement has been executed and delivered by Eco Endeavors
and constitutes a legal, valid and binding obligation of Eco Endeavors,
enforceable against Eco Endeavors in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and
other applicable Laws relating to or affecting creditors’ rights generally, and
to general principles of equity. The execution and delivery by Eco Endeavors of
this Agreement and the performance by Eco Endeavors of its obligations
hereunder and the completion of the transactions contemplated hereby, do not
and will not: 

	 	(i)	result in a
violation, contravention or breach or constitute a default under, or entitle
any party to terminate, accelerate, modify or call any obligations or rights
under, require any consent to be obtained under or give rise to any termination
rights under any provision of:

	 	(A)	the articles or notice of articles of Eco Endeavors or
any Subsidiary of Eco Endeavors;

	 	(B)	any applicable Law, or

	 	(C)	any credit
arrangement, note, bond, mortgage, indenture, deed of trust, lease, franchise,
concession, easement, contract, agreement, licence, permit or other instrument
to which Eco Endeavors or any Subsidiary of Eco Endeavors is bound or is
subject to or of which Eco Endeavors or any Subsidiary of Eco Endeavors is the
beneficiary,

- 17 -

	 	in each case, which would, individually or in the
aggregate, have a Material Adverse Effect on Eco Endeavors;

	 	(ii)	cause any
indebtedness owing by Eco Endeavors or any Subsidiary of Eco Endeavors to come
due before its stated maturity or cause any available credit to cease to be
available which would, individually or in the aggregate, have a Material
Adverse Effect on Eco Endeavors;

	 	(iii)	result in the
imposition of any Encumbrance upon any of the property or assets of Eco
Endeavors or any Subsidiary of Eco Endeavors or give any Person the right to
acquire any of Eco Endeavors’ assets, or restrict, hinder, impair or limit the
ability of Eco Endeavors or any Subsidiary of Eco Endeavors to conduct the
business of Eco Endeavors or any Subsidiary of Eco Endeavors as and where it is
now being conducted which would, individually or in the aggregate, have a
Material Adverse Effect on Eco Endeavors;

	 	(iv)	result in
or accelerate the time for payment or vesting of, or increase the amount of any
severance, unemployment compensation, “golden parachute”, change of control
provision, bonus, termination payments, retention bonus or otherwise, becoming
due to any director or officer of Eco Endeavors or any Subsidiary of Eco
Endeavors or increase any benefits otherwise payable under any pension or
benefits plan of Eco Endeavors or any Subsidiary of Eco Endeavors or result in
the acceleration of the time of payment or vesting of any such benefits; or

	 	(v)	result in the revocation, suspension, cancellation,
variation or non-renewal of any permits, licenses, leases or other instruments,
conferring rights in respect of the property interests in which Eco Endeavors
or any Subsidiary of Eco Endeavors has an interest.

	 	No consent, approval, order
or authorization of, or declaration or filing with, any Governmental Entity or
other Person is required to be obtained by Eco Endeavors or any Subsidiary of
Eco Endeavors in connection with the execution and delivery of this Agreement
or the consummation by Eco Endeavors of the transactions contemplated hereby
other than: 

	 	(i)	filings required under the BCBCA;

	 	(ii)	filings
with and approvals by the Securities Authorities; and

	 	(iii)	any other
consents, approvals, orders, authorizations, declarations or filings which, if
not obtained, would not, individually or in the aggregate, have a Material
Adverse Effect on Eco Endeavors.

	 	(d)	
Directors’
Approvals. The Eco Endeavors Board has unanimously: 

	 	(i)	determined that the Amalgamation is in the best
interests of Eco Endeavors;

	 	(ii)	determined to recommend that the Eco Endeavors Shareholders vote in favour of
the Eco Endeavors Resolution; and

- 18 -

	 	(iii)	authorized the entering into of this Agreement,
and the performance of Eco Endeavors’ obligations hereunder.

	 	(e)	
Contracts. Except for the Deed of Undertaking,
each of the Material Contracts to which Eco Endeavors or any Subsidiary of Eco
Endeavors is a party constitutes a valid and legally binding obligation of Eco
Endeavors, enforceable in accordance with its terms (except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer and similar laws of general applicability
relating to or affecting creditors’ rights or by general equity principles). 

	 	(f)	
Waivers, Consents. There are no waivers, consents,
notices or approvals required to complete the transactions contemplated under
this Agreement from other parties to the Material Contracts of Eco Endeavors. 

	 	(g)	
No
Defaults. Except as set out in Schedule G, none of Eco Endeavors or any
Subsidiary of Eco Endeavors is in default under, and, there exists no event,
condition or occurrence which, after notice or lapse of time or both, would
constitute a default by Eco Endeavors or any Subsidiary of Eco Endeavors under
any credit arrangement, note, bond, mortgage, indenture, deed of trust, lease,
franchise, concession, easement, Contract of Eco Endeavors or any Subsidiary of
Eco Endeavors, agreement, licence, permit or other instrument that is material
to the conduct of the business of Eco Endeavors or any Subsidiary of Eco
Endeavors to which any of them is a party or by which any of them is bound or
subject to that would, individually or in the aggregate, have a Material
Adverse Effect on Eco Endeavors. No party to any Contract of Eco Endeavors or
any Subsidiary of Eco Endeavors has given written notice to Eco Endeavors or
any Subsidiary of Eco Endeavors of or made a claim against Eco Endeavors or any
Subsidiary of Eco Endeavors with respect to any breach or default thereunder,
in any such case in which such breach or default constitutes a Material Adverse
Effect on Eco Endeavors. 

	 	(h)	
Absence
of Changes. Except as disclosed to Nava in writing prior to the date
hereof, since January 1, 2013: 

	 	(i)	Eco Endeavors and each Subsidiary of Eco Endeavors has
conducted its business only in the ordinary and regular course of business
consistent with past practice;

	 	(ii)	none of
Eco Endeavors or any Subsidiary of Eco Endeavors has incurred or suffered a
Material Adverse Change;

	 	(iii)	there has not
been any acquisition or sale by Eco Endeavors or any Subsidiary of Eco
Endeavors of any material property or assets thereof;

	 	(iv)	other than in the
ordinary and regular course of business consistent with past practice, there
has not been any incurrence, assumption or guarantee by Eco Endeavors or any
Subsidiary of Eco Endeavors of any debt for borrowed money, any creation or assumption
by Eco Endeavors or any Subsidiary of Eco Endeavors of any Encumbrance, any
making by Eco Endeavors or any Subsidiary of Eco Endeavors of any loan, advance
or capital contribution to or investment in any other Person or any entering
into, amendment of, relinquishment, termination or non-renewal by Eco Endeavors
or any Subsidiary of Eco Endeavors of any contract, agreement, licence, lease
transaction,

- 19 -

	 	commitment or other right or obligation that would,
individually or in theaggregate, have a Material
Adverse Effect on Eco Endeavors;

	 	(v)	Eco Endeavors has not declared or paid any dividends or
made any other distribution in respect of any of the Eco Endeavors Common
Shares;

	 	(vi)	Eco
Endeavors has not effected or passed any resolution to approve a split,
consolidation or reclassification of any of the outstanding Eco Endeavors
Common Shares;

	 	(vii)	other than in
the ordinary and regular course of business consistent with past practice,
there has not been any material increase in or modification of the compensation
payable by Eco Endeavors or any Subsidiary of Eco Endeavors to any of their
respective directors, officers, employees or consultants or any grant to any
such director, officer, employee or consultant of any increase in severance or
termination pay or any increase or modification of any bonus, pension,
insurance or benefit arrangement made to, for or with any of such directors,
officers, employees or consultants;

	 	(viii)	Eco
Endeavors has not effected any material change in its accounting methods,
principles or practices, other than as disclosed to Nava; and

	 	(ix)	Eco Endeavors
has not adopted any, or amended any, collective bargaining agreement, bonus,
pension, profit sharing, stock purchase, stock option or other benefit plan or
shareholder rights plan.

	 	(i)	
Employment
Agreements. Neither Eco Endeavors nor any Subsidiary of Eco Endeavors: 

	 	(i)	is a party to any written or oral policy, agreement,
obligation or understanding providing for retention bonuses, severance or
termination payments to, or any employment or consulting agreement with, any
director or officer of Eco Endeavors or any Subsidiary of Eco Endeavors that
would be triggered by Eco Endeavors’ entering into this Agreement or the
completion of the Amalgamation;

	 	(ii)	has any
employee or consultant whose employment or contract with Eco Endeavors or any
Subsidiary of Eco Endeavors cannot be terminated by Eco Endeavors or any
Subsidiary of Eco Endeavors in accordance with the provisions of such
employment or consultant contract following the completion of the Amalgamation;
and

	 	(iii)	(A)       is a
party to any collective bargaining agreement;

	 	(B)	is, to the knowledge of Eco Endeavors, subject to any
application for certification or threatened or apparent union-organizing
campaigns for employees not covered under a collective bargaining agreement; or

	 	(C)	is subject
to any current, or, to the knowledge of Eco Endeavors, pending or threatened strike
or lockout.

	 	(j)	
Books
and Records. The corporate records and minute books of Eco Endeavors and
each Subsidiary of Eco Endeavors have been maintained in accordance with all
applicable 

- 20 -

	 	Laws and are
complete and accurate in all material respects, except where such
incompleteness or inaccuracy would not have a Material Adverse Effect on Eco
Endeavors, financial books and records and accounts of Eco Endeavors and each
Subsidiary of Eco Endeavors in all material respects:

	 	(i)	have been maintained in accordance with good business
practices on a basis consistent with prior years and past practice; and

	 	(ii)	are
stated in reasonable detail and accurately and fairly reflect the transactions
and acquisitions and dispositions of assets of Eco Endeavors and each
Subsidiary of Eco Endeavors.

	 	(k)	
Financial Information. When prepared and
delivered, the audited annual consolidated financial statements of Eco
Endeavors for the fiscal years ended March 31, 2013 and 2012 and the notes
thereto (the “Eco Endeavors Financial Statements”) will be prepared in
accordance with GAAP consistently applied, and will fairly present in all
material respects the financial condition of Eco Endeavors at the respective
dates indicated and the results of operations of Eco Endeavors for the periods
covered. Except as disclosed in the Eco Endeavors Financial Statements, as of
the Closing Date Eco Endeavors will not have any liability or obligation
(including, without limitation, liabilities or obligations to fund any
operations or work or exploration program, to give any guarantees or for
Taxes), whether accrued, absolute, contingent or otherwise, or any related
party transactions or off-balance sheet transactions not reflected in the Eco
Endeavors Financial Statements, except liabilities and obligations incurred in
the normal course of business (including the business of operating and
developing Eco Endeavors assets) since March 31, 2013, which liabilities or
obligations would not reasonably be expected to have a Material Adverse Effect
on Eco Endeavors. 

	 	(l)	
Litigation.
There is no claim, action, proceeding or investigation pending or in progress
or, to the knowledge of Eco Endeavors, threatened against or relating to Eco
Endeavors, any Subsidiary of Eco Endeavors or affecting any of their respective
properties or assets before any Governmental Entity which individually or in
the aggregate has, or could reasonably be expected to have, a Material Adverse
Effect on Eco Endeavors and Eco Endeavors is not aware of any existing ground
on which any such claim, action, proceeding or investigation might be commenced
with any reasonable likelihood of success. There is no bankruptcy, liquidation,
winding-up or other similar proceeding pending or in progress, or, to the
knowledge of Eco Endeavors, threatened against or relating to Eco Endeavors or
any Subsidiary of Eco Endeavors before any Governmental Entity. Neither Eco
Endeavors or any Subsidiary of Eco Endeavors nor any of their respective
properties or assets are subject to any outstanding judgment, order, writ,
injunction or decree that involves or may involve, or restricts or may restrict
the right or ability of Eco Endeavors or each Subsidiary of Eco Endeavors, as
the case may be, to conduct their respective business in all material respects
as it has been carried on prior to the date hereof, or that would materially
impede the consummation of the transactions contemplated by this Agreement,
except to the extent any such matter would not, individually or in the
aggregate, have a Material Adverse Effect on Eco Endeavors. 

	 	(m)	
Title
to Assets and Operational Matters. Eco Endeavors and each Subsidiary of Eco
Endeavors is the legal and beneficial owner of and has good title to the
respective assets thereof in which Eco Endeavors or any such Subsidiary has an
interest (collectively, for the purposes of this Section 3.1(m), the “Eco
Endeavors Assets”). All agreements 

- 21 -

	 	by which Eco Endeavors or any Subsidiary
of Eco Endeavors holds an interest in the Eco Endeavors Assets are in good
standing according to their respective terms. Eco Endeavors has conducted and
is conducting its business in material compliance with all applicable Laws,
including all applicable Laws and all Governmental Entity authorizations and
instructions, whether in writing or oral, relating to the Eco Endeavors Assets.
Eco Endeavors has not received any notice of the revocation or cancellation of,
or any intention to revoke or cancel, any of the permits, licenses, leases or
other instruments conferring rights in respect of the Eco Endeavors Assets that
would, individually or in the aggregate, result in a Material Adverse Effect on
Eco Endeavors. Without limiting the generality of the foregoing, Eco Endeavors
has obtained all material licences and permits necessary for the operation of
the business of Eco Endeavors and any Subsidiary of Eco Endeavors as presently
conducted, and has not taken any action which would impair the ability of Eco
Endeavors or any Subsidiary of Eco Endeavors to obtain necessary licences or
permits in the future for the continued operation of such business, in
accordance with applicable Laws and requirements of all Governmental Entities.

	 	(n)	
Royalty. Except as set out in Schedule G or as
contemplated herein, there are no landowner’s royalties, overriding royalties,
net profit interests or similar interests or any other rights or interests
whatsoever of third parties by which Eco Endeavors or a Subsidiary thereof is
bound or in relation to the Eco Endeavor Assets. 

	 	(o)	
Assets. Except as set out in Schedule G, Eco
Endeavors and each Subsidiary of Eco Endeavors has good and marketable title to
its assets free and clear of any security interests, liens, charges, mortgages,
pledges, Encumbrances, adverse claims and demands of any nature or kind
whatsoever recorded or unrecorded, except as disclosed to Nava in writing prior
to the date hereof. 

	 	(p)	
Condition and Sufficiency of Assets. All of the
Eco Endeavor Assets are: (i) in reasonable operating condition and repair,
ordinary wear and tear excepted; (ii) not in need of material maintenance or
repairs (ordinary or routine maintenance or repairs excepted); and (iii)
adequate and sufficient for the continuing of the business as now conducted. 

	 	(q)	
Intellectual Property. Schedule E sets forth a
true and complete list of all Intellectual Property held, owned or licensed by
Eco Endeavors or a Subsidiary of Eco Endeavors, whether registered or
unregistered, and all applications therefor. Except as set forth in Schedule E:
(i) Eco Endeavors or a Subsidiary of Eco Endeavors owns, possesses or has the
right to use all Intellectual Property rights; (ii) no royalties, honorariums
or fees are payable by Eco Endeavors or a Subsidiary of Eco Endeavors to other
Persons by reason of ownership, sale, or use of the Intellectual Property,
other than with respect to Intellectual Property identified in Schedule E as
licensed to Eco Endeavors or a Subsidiary of Eco Endeavors; and (iii) no
product or service manufactured, marketed or sold by Eco Endeavors or a
Subsidiary of Eco Endeavors violates any licenses or infringes any intellectual
property rights of another. 

	 	(r)	
Insurance.
Eco Endeavors maintains policies of insurance in amounts and in respect of such
risks as are normal and usual for companies of a similar size and business and
such policies are in full force and effect as of the date hereof. 

	 	(s)	
Environmental.
To the knowledge of Eco Endeavors: 

- 22 -

	 	(i)	Eco
Endeavors and each Subsidiary of Eco Endeavors are in compliance in all
material respects with Environmental Laws;

	 	(ii)	Eco
Endeavors and each Subsidiary of Eco Endeavors have operated their respective
businesses at all times and have received, handled, used, stored, treated,
shipped and disposed of all contaminants without violation of Environmental
Laws;

	 	(iii)	there is
no material claim or judicial or administrative proceeding which may affect
either Eco Endeavors or any Subsidiary of Eco Endeavors or any of the
properties or assets of Eco Endeavors or any Subsidiary of Eco Endeavors
relating to or alleging any violation of Environmental Laws; and

	 	(iv)	Eco
Endeavors and each Subsidiary of Eco Endeavors hold all licences, permits and
approvals required under any Environmental Laws in connection with the
operation of their respective businesses as presently conducted and the
ownership and use of their respective assets, other than those which the
failure to hold would not reasonably be expected to have a Material Adverse
Effect on Eco Endeavors, and neither Eco Endeavors nor any Subsidiary of Eco
Endeavors nor any of their respective assets is the subject of any
investigation, evaluation, audit or review not in the ordinary and regular
course of business by any Governmental Entity to determine whether any
violation of Environmental Laws has occurred or is occurring, and neither Eco
Endeavors nor any Subsidiary of Eco Endeavors is subject to any known
environmental liabilities.

	 	(t)	
Tax
Matters. Except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect on Eco Endeavors and except as
set out in Schedule G: 

	 	(i)	Eco
Endeavors and each Subsidiary of Eco Endeavors has duly and timely made or
prepared all Tax Returns required to be made or prepared by it, has duly and
timely filed all Tax Returns required to be filed by it with the appropriate
Governmental Entity and has, in all material respects, completely and correctly
reported all income and all other amounts or information required to be
reported thereon;

	 	(ii)	Eco
Endeavors and each Subsidiary of Eco Endeavors has:

	 	(A)	duly and timely paid all Taxes due and payable by it;

	 	(B)	duly and timely withheld all Taxes and other amounts
required by applicable Laws to be withheld by it and has duly and timely
remitted to the appropriate Governmental Entity such Taxes and other amounts
required by applicable Laws to be remitted by it; and

	 	(C)	duly and
timely collected all amounts on account of sales or transfer taxes, including
goods and services, harmonized sales and provincial or territorial sales taxes,
required by applicable Laws to be collected by it and has duly and timely
remitted to the appropriate Governmental Entity any such amounts required by
applicable Laws to be remitted by it;

- 23 -

	 	(iii)	the
charges, accruals and reserves for Taxes reflected in the financial records of
Eco Endeavors (whether or not due and whether or not shown on any Tax Return
but excluding any provision for deferred income taxes) are, in the opinion of
Eco Endeavors, adequate under GAAP to cover Taxes with respect to Eco Endeavors
and any Subsidiary of Eco Endeavors accruing through the date hereof;

	 	(iv)	there are no proceedings, investigations, audits,
assessments, reassessments or claims now pending or, to the knowledge of Eco
Endeavors, threatened against Eco Endeavors or any Subsidiary of Eco Endeavors
that propose to assess Taxes in addition to those reported in the Tax Returns;
and

	 	(v)	no waiver
of any statutory limitation period with respect to Taxes has been given or
requested with respect to Eco Endeavors or any Subsidiary of Eco Endeavors.

	 	(u)	
Pension and Employee Benefits. Eco Endeavors and
each Subsidiary of Eco Endeavors has complied, in all material respects, with
all of the terms of the pension and other employee compensation and benefit
obligations of Eco Endeavors and each Subsidiary of Eco Endeavors, as the case
may be, including the provisions of any collective agreements, funding and
investment contracts or obligations applicable thereto, arising under or
relating to each of the pension or retirement income plans or other employee
compensation or benefit plans, agreements, policies, programs, arrangements or
practices, whether written or oral, which are maintained by or binding upon Eco
Endeavors or any Subsidiary of Eco Endeavors, as the case may be, other than
such non-compliance that would not reasonably be expected to have a Material
Adverse Effect on Eco Endeavors. 

	 	(v)	
Compliance with Laws. Except with respect to
matters relating to the environment or Environmental Laws (which are addressed
in Section 3.1(s)), Eco Endeavors and each Subsidiary of Eco Endeavors has
complied with and are not in violation of any applicable Laws other than such
non-compliance or violations that would not, individually or in the aggregate,
have a Material Adverse Effect on Eco Endeavors. 

	 	(w)	
No
Option on Assets. Except as disclosed to Nava in writing prior to the date
hereof or as disclosed in Schedule G, no Person has any agreement or option or
any right or privilege capable of becoming an agreement or option for the
purchase from Eco Endeavors or any Subsidiary of Eco Endeavors any of the
material assets of Eco Endeavors or any Subsidiary of Eco Endeavors. 

	 	(x)	
Certain
Contracts. Neither Eco Endeavors nor any Subsidiary of Eco Endeavors is a
party to or bound by any non-competition agreement or, except as disclosed to
Nava in writing prior to the date hereof, any other agreement, obligation,
judgment, injunction, order or decree that purports to: 

	 	(i)	limit the manner or the localities in which all or any
material portion of the business of Eco Endeavors or any Subsidiary of Eco
Endeavors are conducted;

	 	(ii)	limit any
business practice of Eco Endeavors or any Subsidiary of Eco Endeavors in any
material respect; or

	 	(iii)	restrict
any acquisition or disposition of any property by Eco Endeavors or any Subsidiary
of Eco Endeavors in any material respect.

- 24 -

	 	(y)	
No Broker’s Commission. Neither Eco Endeavors, nor
any Subsidiary of Eco Endeavors has entered into any agreement that would
entitle any Person to any valid claim against them for a broker’s commission,
finder’s fee or any like payment in respect of the Amalgamation or any other
matter contemplated by this Agreement. 

	 	(z)	
Vote
Required. The only votes of the holders of any class or series of
securities of Eco Endeavors necessary to approve this Agreement, the
Amalgamation and the transactions contemplated hereby or thereby is the Eco
Endeavors Shareholders Approval. 

	 	(aa)	
U.S. Securities Law Matters. None of Eco Endeavors, any of
its affiliates or any person acting on its or their behalf has made or will make
any Directed Selling Efforts in the United States with respect to the Nava
Common Shares or has engaged or will engage in any form of general solicitation
or general advertising (as those terms are used in Regulation D), including
advertisements, articles, notices or other communications published in any
newspaper, magazine, or similar media or broadcast over radio or television, or
any seminar or meeting whose attendees had been invited by general solicitation
or general advertising in connection with the offer or exchange of the Nava
Common Shares in the United States. 

	 	(bb)	
Restrictions
on Business Activities. There is no agreement, judgment, injunction, order
or decree binding upon Eco Endeavors or to its knowledge any Subsidiary of Eco
Endeavors that has or could be reasonably expected to have the effect of
prohibiting, restricting or materially impairing: (i) any business practice of
Eco Endeavors or any Subsidiary of Eco Endeavors, (ii) except as disclosed to
Nava in writing prior to the date hereof, any acquisition of property by Eco
Endeavors or any Subsidiary of Eco Endeavors, or (iii) the conduct of business
by Eco Endeavors or any Subsidiary of Eco Endeavors as currently conducted. 

	 	(cc)	
Creditors
of Eco Endeavors. Eco Endeavors has reasonable grounds for believing that
no creditor of Eco Endeavors will be materially prejudiced by the Amalgamation.

	 	(dd)	
Expropriation.
No property or asset of Eco Endeavors has been taken or expropriated by any
Governmental Entity and no notice or proceeding in respect of any such
expropriation has been given or commenced or, to the knowledge of Eco
Endeavors, is there any intent or proposal to give any such notice or commence
any such proceeding. 

	 	(ee)	
Right to
Use Personal Information. All personal information in the possession of Eco
Endeavors has been collected, used and disclosed in compliance with all
applicable privacy Laws in those jurisdictions in which Eco Endeavors, or Eco
Endeavors is deemed by operation of law in those jurisdictions, to conduct its
business. Eco Endeavors has disclosed to Nava all contracts and facts
concerning the collection, use, retention, destruction and disclosure of
personal information, and there are no other contracts, or facts which, on
completion of the transactions contemplated by this Agreement, would restrict
or interfere with the use of any personal information by Nava in the operation
of its business as conducted by Eco Endeavors before the Closing. There are no
claims pending or, to the knowledge of Eco Endeavors, threatened, with respect
to Eco Endeavors’ collection, use or disclosure of personal information. 

	 	(ff)	
No Material
Misstatments or Omissions. To the knowledge of Eco Endeavors, no
representations, warranties or certifications by Eco Endeavors and each
Subsidiary of Eco Endeavors in this Agreement or in any agreement or document
executed by Eco Endeavors or a Subsidiary of Eco Endeavors pursuant hereto or
in connection herewith, or in any schedule hereto or thereto, contains or will contain
any untrue statement of a material fact, or omits or will omit to state any
material fact necessary to make the statements or facts contained therein not
misleading. Except as otherwise disclosed in Schedule G, Eco Endeavors has
furnished or caused to be furnished to Nava, or its representative for review
copies that are complete and correct, in all material respects, of all material
agreements and documents executed by Eco Endeavors or a Subsidiary of Eco
Endeavors. 

 - 25 -

3.2 Representations and Warranties of Nava and Newco 

Nava and Newco each hereby
represents and warrants to Eco Endeavors, and hereby acknowledges that Eco
Endeavors is relying upon such representations and warranties in connection
with entering into this Agreement and agreeing to complete the Amalgamation, as
follows: 

	 	(a)	
Organization.
Each of Nava and Newco has been incorporated and validly exists under the laws
of the jurisdiction of its incorporation and is in good standing under
applicable corporate laws and has full corporate and legal power and authority
to own its property and assets and to conduct its business as currently owned
and conducted. Each of Nava and Newco is registered, licensed or otherwise
qualified in each jurisdiction where the nature of the business or the location
or character of the property and assets owned or leased by it requires it to be
so registered, licensed or otherwise qualified, other than those jurisdictions
where the failure to be so registered, licensed or otherwise qualified would
not have a Material Adverse Effect on Nava or Newco, as applicable. All of the
outstanding shares of Newco are validly issued, and are fully paid and
non-assessable to the extent such a concept exists under applicable Laws. All
of the outstanding shares of Newco are owned directly by Nava. There are no
outstanding options, rights, entitlements, understandings or commitments
(contingent or otherwise) regarding the right to acquire any issued or unissued
securities of, or interest in, Newco. 

	 	(b)	
Capitalization.
Nava is authorized to issue 400,000,000 Nava Common Shares and Newco is
authorized to issue an unlimited number of Newco Shares. As of the date of this
Agreement, there were outstanding: 

	 	(i)	12,338,604 Nava Common Shares;

	 	(ii)	Nava
Options to acquire an aggregate of up to 275,000 Nava Common Shares; and

	 	(iii)	1 Newco
Share.

	 	Except for the Nava Options, and except
pursuant to this Agreement and the transactions contemplated hereby, as of the
date hereof, there are no options, warrants, conversion privileges or other
rights, agreements, arrangements or commitments (pre-emptive, contingent or
otherwise) obligating Nava or Newco to issue or sell any shares of Nava or
Newco or any securities or obligations of any kind convertible into or exchangeable
for any shares of Nava or Newco. All outstanding Nava Common Shares and Newco
Shares have been authorized and are validly issued and outstanding as fully
paid and non-assessable shares, free of pre-emptive rights. As of the date
hereof, there are no outstanding bonds, debentures or other evidences of
indebtedness of Nava or Newco. There are no outstanding contractual obligations
of Nava or Newco to repurchase, redeem or otherwise acquire any outstanding
Nava Common Shares or Newco Shares or with respect to the voting or disposition
of any outstanding Nava Common Shares or Newco Shares.

 - 26 -

	 	(c)	
Authority. Nava and Newco has all necessary corporate power,
authority and capacity to enter into this Agreement and all other agreements
and instruments to be executed by Nava as contemplated by this Agreement, and
to perform its obligations hereunder and under such other agreements and
instruments. The execution and delivery of this Agreement by Nava and the
completion by Nava of the transactions contemplated by this Agreement have been
authorized by the Nava Board, and subject to obtaining the Nava Shareholder
Approval in the manner contemplated herein, no other corporate proceedings on
the part of Nava are necessary to authorize this Agreement or the completion by
Nava of the transactions contemplated hereby other than the filing of the
Amalgamation Application with the Registrar. This Agreement has been executed
and delivered by Nava and constitutes a legal, valid and binding obligation of
Nava, enforceable against Nava in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and
other applicable Laws relating to or affecting creditors’ rights generally, and
to general principles of equity. The execution and delivery by Nava of this
Agreement and the performance by it of its obligations hereunder and the
completion of the transactions contemplated hereby, do not and will not: 

	 	(i)	result in a
violation, contravention or breach or constitute a default under, or entitle
any party to terminate, accelerate, modify or call any obligations or rights
under, require any consent to be obtained under or give rise to any termination
rights under any provision of:

	 	(A)	the articles or bylaws of Nava;

	 	(B)	any applicable Law; or

	 	(C)	any credit
arrangement, note, bond, mortgage, indenture, deed of trust, lease, franchise,
concession, easement, contract, agreement, licence, permit or other instrument
to which Nava is bound or is subject to or of which Nava is the beneficiary;

	 	in each case, which would, individually
or in the aggregate, have a Material Adverse Effect on Nava;

	 	(ii)	cause any
indebtedness owing by Nava or Newco to come due before its stated maturity or
cause any available credit to cease to be available which would, individually
or in the aggregate, have a Material Adverse Effect on Nava;

	 	(iii)	result in the
imposition of any Encumbrance upon any of the property or assets of Nava or
Newco or give any Person the right to acquire any of Nava’s assets, or
restrict, hinder, impair or limit the ability of Nava or Newco to conduct the
business of Nava or Newco as and where it is now being conducted which would,
individually or in the aggregate, have a Material Adverse Effect on Nava;

	 	(iv)	result in
or accelerate the time for payment or vesting of, or increase the amount of any
severance, unemployment compensation, “golden parachute”, change of control
provision, bonus, termination payments, retention bonus or otherwise, becoming
due to any director or officer of Nava or Newco or increase any benefits
otherwise payable under any pension or benefits plan of Nava or Newco or result
in the acceleration of the time of payment or vesting of any such benefits; or

 - 27 -

	 	(v)	result in the revocation, suspension, cancellation,
variation or non-renewal of any mining claims, concessions, licenses, leases or
other instruments, conferring mineral rights in respect of the material
properties in which Nava or Newco has an interest.

	 	No consent, approval, order
or authorization of, or declaration or filing with, any Governmental Entity or
other Person is required to be obtained by Nava or Newco in connection with the
execution and delivery of this Agreement or the consummation by Nava of the
transactions contemplated hereby other than:

	 	(i)	filings required under the BCBCA with respect to
Newco;

	 	(ii)	filings
with and approvals required by the Securities Authorities and stock exchanges;
and

	 	(iii)	any other consents, approvals, orders, authorizations,
declarations or filings which, if not obtained, would not, individually or in
the aggregate, have a Material Adverse Effect on Nava.

	 	(d)	
Directors’
Approvals. The Nava Board has unanimously: 

	 	(i)	determined that the Amalgamation is in the best
interests of Nava; and

	 	(ii)	authorized the entering into of this Agreement, and the performance of Nava’
obligations hereunder.

	 	(e)	
Contracts. Each of the Material Contracts to which
Nava or Newco is a party constitutes a valid and legally binding obligation of
Nava, enforceable in accordance with its terms (except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer and similar laws of general applicability relating to or
affecting creditors’ rights or by general equity principles). 

	 	(f)	
Waivers,
Consents. There are no waivers, consents, notices or approvals required to
complete the transactions contemplated under this Agreement from other parties
to the Material Contracts of Nava. 

	 	(g)	
No
Defaults. Neither Nava nor Newco is in default under, and, there exists no
event, condition or occurrence which, after notice or lapse of time or both,
would constitute a default by Nava or Newco, under any credit arrangement,
note, bond, mortgage, indenture, deed of trust, lease, franchise, concession,
easement, Contract of Nava or Newco, agreement, licence, permit or other
instrument that is material to the conduct of the business of Nava or Newco to
which it is a party or by which it is bound or subject to that would,
individually or in the aggregate, have a Material Adverse Effect on Nava. No
party to any Contract of Nava or Newco has given written notice to Nava or
Newco of or made a claim against Nava or Newco with respect to any breach or
default thereunder, in any such case in which such breach or default
constitutes a Material Adverse Effect on Nava. 

 - 28 -

	 	(h)	
Absence
of Changes. Except as disclosed in the Nava Public Documents, since
December 31, 2012: 

	 	(i)	Nava has conducted its business only in the ordinary and
regular course of business consistent with past practice;

	 	(ii)	neither
Nava nor Newco has incurred or suffered a Material Adverse Change;

	 	(iii)	there
has not been any acquisition or sale by Nava and Newco of any material property
or assets thereof;

	 	(iv)	other than in the ordinary and regular course of
business consistent with past practice, there has not been any incurrence,
assumption or guarantee by Nava or Newco of any debt for borrowed money, any
creation or assumption by Nava or Newco of any Encumbrance, any making by Nava
or Newco of any loan, advance or capital contribution to or investment in any
other Person or any entering into, amendment of, relinquishment, termination or
non-renewal by Nava or Newco, of any contract, agreement, licence, lease
transaction, commitment or other right or obligation that would, individually
or in the aggregate, have a Material Adverse Effect on Nava;

	 	(v)	Nava has not declared or paid any dividends or made any
other distribution in respect of any of the Nava Common Shares;

	 	(vi)	Nava has
not effected or passed any resolution to approve a split, consolidation or
reclassification of any of the outstanding Nava Common Shares;

	 	(vii)	other
than in the ordinary and regular course of business consistent with past
practice, there has not been any material increase in or modification of the
compensation payable by Nava or Newco to any of its directors, officers,
employees or consultants or any grant to any such director, officer, employee
or consultant of any increase in severance or termination pay or any increase
or modification of any bonus, pension, insurance or benefit arrangement
(including, without limitation, the granting of Nava Options) made to, for or
with any of such directors, officers, employees or consultants;

	 	(viii)	Nava
has not effected any material change in its accounting methods, principles or
practices, other than as disclosed in the Nava Financial Statements; and

	 	(ix)	Nava has
not adopted any, or amended any, collective bargaining agreement, bonus, pension,
profit-sharing, stock purchase, stock option or other benefit plan or
shareholder rights plan.

	 	(i)	
Employment
Agreements. Neither Nava nor Newco: 

	 	(i)	is a party to any written or oral policy, agreement, obligation or
understanding providing for retention bonuses, severance or termination
payments to, or any employment or consulting agreement with any director or
officer of Nava or

 - 29 -

	 	Newco that would be triggered by Nava’ entering into
this Agreement or thecompletion of the Amalgamation;

	 	(ii)	has any
employee or consultant whose employment or contract with Nava or Newco cannot
be terminated by Nava or Newco in accordance with the provisions of such
employment or consultant contract following the completion of the Amalgamation;
and

	 	(iii)	(A)       is a
party to any collective bargaining agreement;

	 	(B)	is, to the knowledge of Nava, subject to any application
for certification or threatened or apparent union-organizing campaigns for
employees not covered under a collective bargaining agreement; or

	 	(C)	is subject
to any current, or to the knowledge of Nava, pending or threatened strike or
lockout.

	 	(j)	
Financial
Matters. Each of the audited financial statements of Nava for the year
ended June 30, 2012, the unaudited financial statements of Nava for the three
and nine month periods ended March 31, 2013 and the respective notes thereto
(collectively, the “Nava Financial Statements”) were prepared in
accordance with GAAP consistently applied, and fairly present in all material
respects the financial condition of Nava at the respective dates indicated and
the results of operations of Nava for the periods covered. Except as disclosed
in the Nava Financial Statements, as of the date hereof Nava does not have any
liability or obligation (including, without limitation, liabilities or
obligations to fund any operations or work or exploration program, to give any
guarantees or for Taxes), whether accrued, absolute, contingent or otherwise,
or any related party transactions or off-balance sheet transactions not
reflected in the Nava Financial Statements, except liabilities and obligations
incurred in the ordinary and regular course of business (including the business
of operating, developing, constructing and exploring Nava’ projects) since
March 31, 2013, which liabilities or obligations would not reasonably be
expected to have a Material Adverse Effect on Nava. 

	 	(k)	
Books
and Records. The corporate records and minute books of Nava and Newco have
been maintained in accordance with all applicable Laws and are complete and
accurate in all material respects, except where such incompleteness or
inaccuracy would not have a Material Adverse Effect on Nava. Financial books
and records and accounts of Nava, in all material respects: 

	 	(i)	have been maintained in accordance with good business
practices on a basis consistent with prior years and past practice;

	 	(ii)	are
stated in reasonable detail and accurately and fairly reflect the transactions
and acquisitions and dispositions of assets of Nava and Newco; and

	 	(iii)	accurately and fairly reflect the basis for the Nava Financial Statements.

	 	(l)	
Litigation.
There is no claim, action, proceeding or investigation pending or in progress
or, to the knowledge of Nava threatened against or relating to Nava or Newco or
affecting any of their respective properties or assets before any Governmental
Entity which individually or in the aggregate has, or could reasonably be
expected to have, a Material Adverse Effect on Nava, and Nava is not aware of
any existing ground on which any such claim, action, proceeding or
investigation might be commenced with any reasonable likelihood of success.
There is no bankruptcy, liquidation, winding-up or other similar proceeding
pending or in progress, or, to the knowledge of Nava, threatened against or
relating to Nava or Newco before any Governmental Entity. Neither Nava nor
Newco nor any of their respective properties or assets are subject to any
outstanding judgment, order, writ, injunction or decree that involves or may
involve, or restricts or may restrict the right or ability of Nava or Newco, as
the case may be, to conduct their respective business in all material respects
as it has been carried on prior to the date hereof, or that would materially
impede the consummation of the transactions contemplated by this Agreement,
except to the extent any such matter would not, individually or in the
aggregate, have a Material Adverse Effect on Nava. 

 - 30 -

	 	(m)	
Title to Properties and Operational Matters. Nava
or Newco, as applicable, is the legal and beneficial owner of and has good
title to the exploitation permits, mining claims, concessions, licenses,
leases, options or other instruments conferring mineral rights to Nava or Newco
in respect of the properties in which Nava or Newco has an interest
(collectively, for the purposes of this Section 3.2(m), the “Nava Properties
and Assets”). All agreements by which Nava or Newco holds an interest in
the Nava Properties and Assets are in good standing according to their
respective terms and, to the knowledge of Nava, the Nava Properties and Assets
are in good standing under applicable Laws and all filings and work commitments
required by Nava to maintain the Nava Properties and Assets in good standing
have been properly recorded and filed in a timely manner with the appropriate
Governmental Entity and there are no material Encumbrances or any other
material interests in or on such Nava Properties and Assets except as disclosed
by Nava in the Nava Public Documents. To Nava’ knowledge, there are no material
adverse claims against or challenges to the title or ownership of any of the
Nava Properties and Assets. Nava has conducted and is conducting its business
in material compliance with all applicable Laws, including all applicable Laws
and all Governmental Entity authorizations and instructions, whether in writing
or oral, relating to the Nava Properties and Assets. Nava has not received any
notice of the revocation or cancellation of, or any intention to revoke or
cancel, any of the exploitation permits, mining claims, concessions, licenses,
leases or other instruments conferring mineral rights in respect of the Nava
Properties and Assets that would, individually or in the aggregate, result in a
Material Adverse Effect on Nava. Without limiting the generality of the
foregoing, Nava has obtained all material licences and permits necessary for
the operation of the business of Nava or Newco as presently conducted, and has
not taken any action which would impair the ability of Nava or Newco to obtain
necessary licences or permits in the future for the continued operation of such
business, in accordance with applicable Laws and requirements of all Governmental
Entities. 

	 	(n)	
Royalty Payments. Except as disclosed in the Nava
Public Documents, there are no landowner’s royalties, overriding royalties, net
profits interests or similar interests or any other rights or interests
whatsoever of third parties by which Nava or Newco is bound on or in relation
to the Nava Properties and Assets. 

	 	(o)	
Assets. Nava has good and marketable title to its
assets free and clear of any security interests, liens, charges, mortgages,
pledges, Encumbrances, adverse claims and demands of any nature or kind
whatsoever recorded or unrecorded, except as disclosed in the Nava Public
Documents. 

 - 31 -

	 	(p)	
Insurance.
Nava maintains policies of insurance in amounts and in respect of such risks as
are normal and usual for companies of a similar size and business and such
policies are in full force and effect as of the date hereof. 

	 	(q)	
Environmental.
To the knowledge of Nava: 

	 	(i)	Nava and Newco are in compliance in all material respects
with Environmental Laws;

	 	(ii)	Nava and
Newco have operated their respective businesses at all times and have received,
handled, used, stored, treated, shipped and disposed of all contaminants
without violation of Environmental Laws;

	 	(iii)	there is
no material claim or judicial or administrative proceeding which may affect
either Nava or Newco or any of the properties or assets of Nava or Newco
relating to or alleging any violation of Environmental Laws; and

	 	(iv)	Nava and
Newco hold all licences, permits and approvals required under any Environmental
Laws in connection with the operation of their respective businesses as
presently conducted and the ownership and use of their respective assets, other
than those which the failure to hold would not reasonably be expected to have a
Material Adverse Effect on Nava, and neither Nava or Newco nor any of their
respective assets is the subject of any investigation, evaluation, audit or
review not in the ordinary and regular course of business by any Governmental
Entity to determine whether any violation of Environmental Laws has occurred or
is occurring, and neither Nava nor Newco is subject to any known environmental
liabilities.

	 	(r)	
Tax
Matters. Except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect on Nava: 

	 	(i)	Nava and
Newco has duly and timely made or prepared all Tax Returns required to be made
or prepared by it, has duly and timely filed all Tax Returns required to be
filed by it with the appropriate Governmental Entity and has, in all material
respects, completely and correctly reported all income and all other amounts or
information required to be reported thereon;

	 	(ii)	Nava and
Newco has:

	 	(A)	duly and timely paid all Taxes due and payable by it;

	 	(B)	duly and timely withheld all Taxes and other amounts
required by applicable Laws to be withheld by it and has duly and timely
remitted to the appropriate Governmental Entity such Taxes and other amounts
required by applicable Laws to be remitted by it; and

	 	(C)	duly and
timely collected all amounts on account of sales or transfer taxes, including
goods and services, harmonized sales and provincial or territorial sales taxes,
required by applicable Laws to be collected by it and has duly and timely
remitted to the appropriate Governmental Entity any such amounts required by
applicable Laws to be remitted by it;

 - 32 -

	 	(iii)	the
charges, accruals and reserves for Taxes reflected on the Nava Financial
Statements (whether or not due and whether or not shown on any Tax Return but
excluding any provision for deferred income taxes) are, in the opinion of Nava,
adequate under GAAP, as applicable, to cover Taxes with respect to Nava
accruing through the date hereof;

	 	(iv)	there are no proceedings, investigations, audits,
assessments, reassessments or claims now pending or to the knowledge of Nava,
threatened against Nava that propose to assess Taxes in addition to those
reported in the Tax Returns; and

	 	(v)	no waiver
of any statutory limitation period with respect to Taxes has been given or
requested with respect to Nava.

	 	(s)	
Pension and Employee Benefits. Each of Nava and
Newco has complied, in all material respects with all of the terms of the
pension and other employee compensation and benefit obligations of Nava and
Newco, as the case may be, including the provisions of any collective
agreements, funding and investment contracts or obligations applicable thereto,
arising under or relating to each of the pension or retirement income plans or
other employee compensation or benefit plans, agreements, policies, programs, arrangements
or practices, whether written or oral, which are maintained by or binding upon
Nava or Newco, as the case may be, other than such non-compliance that would
not reasonably be expected to have a Material Adverse Effect on Nava. 

	 	(t)	
Reporting
Status. Nava is a reporting issuer in good standing in the province of
British Columbia. The Nava Common Shares are quoted on the OTC Bulletin Board
and Nava is in material compliance with the rules and regulations of the OTC
Bulletin Board and FINRA and has not received any “strikes” issued against it
by the OTC Bulletin Board or FINRA during the past two year period. 

	 	(u)	
Reports.
To the knowledge of Nava, since January 1, 2013, Nava has filed with the
Securities Authorities, all applicable self-regulatory authorities and the OTC
Bulletin Board, a true and complete copy of all forms, reports, schedules,
statements, certifications, material change reports and other documents
required to be filed by it, including the Nava Public Documents. The Nava
Public Documents, at the time filed or, if amended, as of the date of such
amendment: 

	 	(i)	did not contain any misrepresentation (as defined in theSecurities
Act (British Columbia)) and did not contain an untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements made, in light of the circumstances under which they were made, not
misleading; and 

	 	(ii)	complied
in all material respects with the requirements of applicable securities Laws
and the rules, policies and instruments of all Securities Authorities or stock
exchange or other self-regulatory authority having jurisdiction over Nava
except where such non-compliance has not had or would not reasonably be
expected to have a Material Adverse Effect on Nava.

	 	Nava has not filed any
confidential material change or other report or other document with any
Securities Authorities or stock exchange or other self-regulatory authority
which at the date hereof remains confidential.

 - 33 -

	 	(v)	
Compliance with Laws. Except with respect to
matters relating to the environment or Environmental Laws, which are addressed
in Section 3.2(q)(iv), each of Nava and Newco has complied with and is not in
violation of any applicable Laws other than such non­compliance or violations
that would not, individually or in the aggregate, have a Material Adverse
Effect on Nava. 

	 	(w)	
No Cease Trade. Nava is not subject to any cease
trade or other order of any applicable stock exchange or Securities Authority
and, to the knowledge of Nava, no investigation or other proceedings involving
Nava that may operate to prevent or restrict trading of any securities of Nava
are currently in progress or pending before any applicable stock exchange or
Securities Authority. 

	 	(x)	
No
Option on Assets. No Person has any agreement or option or any right or
privilege capable of becoming an agreement or option for the purchase from Nava
or Newco of any of the material assets of Nava or Newco. 

	 	(y)	
Certain
Contracts. Neither Nava nor Newco is a party to or bound by any non-competition
agreement or any other agreement, obligation, judgment, injunction, order or
decree that purports to: 

	 	(i)	limit the manner or the localities in which all or any
material portion of the business of Nava or Newco is conducted;

	 	(ii)	limit any
business practice of Nava or Newco in any material respect; or

	 	(iii)	restrict
any acquisition or disposition of any property by Nava or Newco in any material
respect.

	 	(z)	
No
Broker’s Commission. Nava has not entered into any agreement that would
entitle any Person to any valid claim against Nava for a broker’s commission,
finder’s fee or any like payment in respect of the Amalgamation or any other
matter contemplated by this Agreement. 

	 	(aa)	
Shares.
The Nava Common Shares to be issued pursuant to the Amalgamation will, upon
issue, be issued as fully paid and non-assessable shares and quoted for trading
on the OTC Bulletin Board. 

	 	(bb)	
U.S.
Securities Law Matters. 

	 	(i)	Nava is
not now, and is not registered, or required to be registered, as an “investment
company” as defined in the 1940 Act.

	 	(ii)	Neither
Nava nor any of its affiliates, nor any person acting on its or their behalf,
has made or will make:

	 	(A)	any offer to sell, or any solicitation of an offer to
buy, any Nava Common Shares to any person in the United States; or

	 	(B)	any sale
of Nava Common Shares unless, at the time the buy order was or will have been
originated, the purchaser is (i) outside the United States

 - 34 -

	 	or (ii) Nava,
its affiliates, and any person acting on their behalf reasonably believe that
the purchaser is outside the United States.

	 	(iii)	None of Nava,
any of its affiliates or any person acting on its or their behalf has made or
will make any Directed Selling Efforts in the United States with respect to the
Nava Common Shares or has engaged or will engage in any form of general
solicitation or general advertising (as those terms are used in Regulation D),
including advertisements, articles, notices or other communications published
in any newspaper, magazine, or similar media or broadcast over radio or
television, or any seminar or meeting whose attendees had been invited by
general solicitation or general advertising in connection with the offer or
exchange of the Nava Common Shares in the United States.

	 	(iv)	Except with
respect to the offer of the Nava Common Shares contemplated herein, Nava has
not, for a period of six months prior to the date hereof, sold, offered for
sale or solicited any offer to buy any of its securities in the United States.

	 	(cc)	
Restrictions
on Business Activities. There is no agreement, judgment, injunction, order
or decree binding upon Nava or Newco or that has or could be reasonably
expected to have the effect of prohibiting, restricting or materially impairing
any business practice of Nava or Newco, any acquisition of property by Nava or
Newco, or the conduct of business by Nava or Newco as currently conducted. 

	 	(dd)	
Expropriation.
No property or asset of Nava has been taken or expropriated by any Governmental
Entity and no notice or proceeding in respect of any such expropriation has
been given or commenced or, to the knowledge of Nava, is there any intent or
proposal to give any such notice or commence any such proceeding. 

	 	(ee)	
Right to
Use Personal Information. All personal information in the possession of
Nava has been collected, used and disclosed in compliance with all applicable
privacy Laws in those jurisdictions in which Nava, or Nava is deemed by
operation of law in those jurisdictions, to conduct its business. Nava has disclosed
to Eco Endeavors all contracts and facts concerning the collection, use,
retention, destruction and disclosure of personal information, and there are no
other contracts, or facts which, on completion of the transactions contemplated
by this Agreement, would restrict or interfere with the use of any personal
information by Nava in the operation of its business as conducted by Nava
before the Closing. There are no claims pending or, to the knowledge of Nava,
threatened, with respect to Nava’ collection, use or disclosure of personal
information. 

	 	(ff)	
No Material
Misstatments or Omissions. To the knowledge of Nava, no representations,
warranties or certifications by Nava in this Agreement or in any agreement or
document executed by Nava pursuant hereto or in connection herewith, or in any
schedule hereto or thereto, contains or will contain any untrue statement of a
material fact, or omits or will omit to state any material fact necessary to
make the statements or facts contained therein not misleading. Nava has
furnished or caused to be furnished to Eco Endeavors, or its representative for
review copies that are complete and correct, in all material respects, of all
material agreements and documents executed by Nava. 

 - 35 -

	 	(gg)	
Newco Business. Except for the capitalization of Newco, the
approval and adoption of standard post-incorporation matters in accordance with
the BCBCA and the matters contemplated herein, Newco has not carried on any
business from incorporation to date. 

3.3 Survival of
Representations and Warranties 

The representations and
warranties contained in this Agreement shall survive the execution and delivery
of this Agreement and shall expire and be terminated and extinguished upon
completion of the Amalgamation. 

ARTICLE 4
COVENANTS 

4.1 Covenants of
Eco Endeavors 

Eco Endeavors hereby
covenants and agrees with Nava as follows: 

	 	(a)	
Eco Endeavors Shareholder Approval. Eco Endeavors
shall use its commercially reasonable efforts to obtain, in a timely manner
prior to the Closing Date, all necessary shareholder approvals required to
complete the transactions contemplated hereunder. 

	 	(b)	
Copy of
Documents. Eco Endeavors shall furnish promptly to Nava a copy of any
dealings or communications with any Governmental Entity or Securities Authority
in connection with, or in any way affecting, the transactions contemplated by
this Agreement. 

	 	(c)	
Certain
Actions Prohibited. Other than in contemplation of or as required to give
effect to the transactions contemplated by this Agreement or as otherwise
permitted pursuant to this Agreement, Eco Endeavors shall not, without the
prior written consent of Nava, which consent shall not be unreasonably withheld
or delayed, directly or indirectly do or permit to occur any of the following
prior to the Effective Date: 

	 	(i)	issue, sell, grant, pledge, lease, dispose of, encumber
or create any Encumbrance on or agree to issue, sell, grant, pledge, lease,
dispose of, or encumber or create any Encumbrance on any shares of, or any
options, warrants, calls, conversion privileges or rights of any kind to
acquire any shares of Eco Endeavors;

	 	(ii)	incur or
commit to incur in any debt, except in the ordinary and regular course of
business, or to finance its working capital requirements, or as otherwise
contemplated in connection with the transactions contemplated in this
Agreement;

	 	(iii)	declare
or pay any dividends or distribute any of its property or assets to
shareholders with respect to the Eco Endeavors Common Shares;

	 	(iv)	enter into any material contracts, other than in the
ordinary and regular course of business, in connection with the Amalgamation or
as otherwise contemplated herein;

 - 36 -

	 	(v)	alter or amend its notice of articles or articles, other
than as may be required in connection with the transactions contemplated
herein;

	 	(vi)	engage in
any business enterprise or other activity different from that carried on or
contemplated as of the date hereof;

	 	(vii)	sell,
pledge, lease, dispose of, grant any interest in, encumber or agree to sell,
pledge, lease, dispose of, grant any interest in or encumber any of its assets,
except where to do so would not have a Material Adverse Effect on Eco
Endeavors;

	 	(viii)	redeem,
purchase or offer to purchase any of Eco Endeavors Common Shares or other
securities; or

	 	(ix)	acquire,
directly or indirectly, any assets, including but not limited to securities of
other companies, other than in the ordinary and regular course of business.

	 	(d)	
Certain
Actions. Eco Endeavors shall 

	 	(i)	not take
any action, or refrain from taking any action or permit any action to be taken
or not taken (subject to a commercially reasonable efforts qualification),
inconsistent with the provisions of this Agreement or that would reasonably be
expected to materially impede the completion of the transactions contemplated
hereby or would render, or that could reasonably be expected to render, any
representation or warranty made by Eco Endeavors in this Agreement untrue or
inaccurate in any material respect at any time on or before the Effective Date
if then made or that would or could have a Material Adverse Effect on Eco
Endeavors; and

	 	(ii)	promptly
notify Nava of:

	 	(A)	any Material Adverse Change or Material Adverse Effect,
or any change, event, occurrence or state of facts that could reasonably be
expected to become a Material Adverse Change or to have a Material Adverse
Effect, in respect of the business or in the conduct of the business of Eco
Endeavors;

	 	(B)	any material Governmental Entity or third person
complaints, investigations or hearings (or communications indicating that the
same may be contemplated);

	 	(C)	any breach by Eco Endeavors of any covenant or agreement
contained in this Agreement; and

	 	(D)	any event
occurring subsequent to the date hereof that would render any representation or
warranty of Eco Endeavors contained in this Agreement, if made on or as of the
date of such event or the Effective Date, to be untrue or inaccurate in any
material respect.

	 	(e)	
Satisfaction
of Conditions. Eco Endeavors shall use all commercially reasonable efforts
to satisfy, or cause to be satisfied, all conditions precedent to its
obligations to the extent that the same is within its control and to take, or
cause to be taken, all other action and to do, or cause to be done, all other
things necessary, proper or advisable under all 

 - 37 -

	 	applicable Laws to complete the transactions
contemplated by this Agreement, includingusing its commercially reasonable
efforts to:

	 	(i)	obtain the Eco Endeavors Shareholder Approval in
accordance with the provisions of the BCBCA and the requirements of any
applicable regulatory authority;

	 	(ii)	obtain
all other consents, approvals and authorizations as are required to be obtained
by Eco Endeavors or any Subsidiary of Eco Endeavors under any applicable Laws
or from any Governmental Entity that would, if not obtained, materially impede
the completion of the transactions contemplated by this Agreement or have a
Material Adverse Effect on Eco Endeavors;

	 	(iii)	effect all
necessary registrations, filings and submissions of information requested by
Governmental Entities required to be effected by it in connection with the
transactions contemplated by this Agreement and participate and appear in any
proceedings of any Party hereto before any Governmental Entity;

	 	(iv)	oppose, lift or rescind any injunction or restraining
order or other order or action challenging or affecting this Agreement, the
transactions contemplated hereby or seeking to enjoin or delay, or otherwise
adversely affecting the ability of the parties hereto to consummate, the
transactions contemplated hereby, subject to the Eco Endeavors Board
determining in good faith after receiving advice from outside legal counsel
(which may include written opinions or advice) that taking such action would be
inconsistent with the fiduciary duties of such directors under applicable Laws,
and provided that, immediately upon receipt of such advice, Eco Endeavors
advises Nava in writing that it has received such advice and provides written
details thereof to Nava;

	 	(v)	fulfill all conditions and satisfy all provisions of this
Agreement and the Amalgamation required to be fulfilled or satisfied by Eco
Endeavors; and

	 	(vi)	co-operate with Nava in connection with the performance by it of its
obligations hereunder, provided however that the foregoing shall not be
construed to obligate Eco Endeavors to pay or cause to be paid any monies to
cause such performance to occur, other than as contemplated in this Agreement.

	 	(f)	
Keep Fully Informed. Subject to applicable Laws,
Eco Endeavors shall use commercially reasonable efforts to conduct itself so as
to keep Nava fully informed as to the material decisions or actions required or
required to be made with respect to the operation of its business. 

	 	(g)	
Co-operation. Eco Endeavors shall make, or
cooperate as necessary in the making of, all necessary filings and applications
under all applicable Laws required in connection with the transactions
contemplated hereby and take all reasonable action necessary to be in
compliance with such Laws. 

	 	(h)	
Representations. Eco Endeavors shall use its
commercially reasonable efforts to conduct its affairs so that all of the
representations and warranties of Eco Endeavors contained herein shall be true
and correct on and as of the Effective Date as if made on and as of such date. 

 - 38 -

	 	(i)	
Closing Documents. Eco Endeavors shall execute and
deliver, or cause to be executed and delivered, at the closing of the
transactions contemplated hereby such customary agreements, certificates,
resolutions, opinions and other closing documents as may be required by Nava,
all in form satisfactory to Nava, acting reasonably. 

	 	(j)	
Due Diligence. Eco Endeavors shall provide in a
timely manner all information reasonably required by Nava in connection with
its due diligence investigation of Eco Endeavors, Kenderesh and Kenderes
Biogaz, including access to documents, personnel, staff, consultants and
advisors. 

	 	(k)	
Legal
Opinion. Kenderes Biogaz shall provide an opinion of qualified counsel to
Nava opining as to the validity and enforceability of this Agreement, that the
transactions contemplated herein do not violate any laws of Hungry or any
material contract to which Kenderes Biogaz is a party to, that Kenderes Biogaz
is duly incorporated and in good standing under the laws of Hungary, that the
assets held by Kenderes Biogaz are lawfully so held and any registrable
interests are in good standing with applicable government authorities in
Hungary and that such counsel is not aware of any actual pending or threatened
litigation, and other matters reasonably requested by counsel to Nava. 

4.2 Covenants of Nava 

Nava hereby covenants and
agrees with Eco Endeavors as follows: 

	 	(a)	
Newco Shareholder Approval. Nava shall use its
commercially reasonable efforts to obtain, in a timely manner prior to the
Closing Date, Newco shareholder approval required to complete the transactions
contemplated hereunder. 

	 	(b)	
Super 8-K. Nava shall, in a timely and expeditious
manner, but in no event later than four Business Days following September 30,
2013, prepare, with the assistance of Eco Endeavors, and file with the SEC a
Super 8-K (which shall be in a form satisfactory to each of the Parties, acting
reasonably), together with any other documents required by applicable Laws in
accordance with all applicable Laws on the date of filing thereof, in the form
and containing the information required by all applicable Laws and not
containing any misrepresentation (as defined under applicable securities Laws
and requirements) with respect thereto, other than with respect to any
information relating to and provided by Eco Endeavors. Nava shall, with the
assistance of Eco Endeavors, promptly prepare and file with the SEC such amendments
or supplements to the Super 8­K, if any, as may be required by the SEC or under
applicable Laws. 

	 	(c)	
Copy of
Documents. Nava shall furnish promptly to Eco Endeavors a copy of any
filing under any applicable Laws and any dealings or communications with any
Governmental Entity, Securities Authority or stock exchange in connection with,
or in any way affecting, the transactions contemplated by this Agreement. 

	 	(d)	
Certain
Actions Prohibited. Other than in contemplation of or as required to give
effect to the transactions contemplated by this Agreement or as otherwise
permitted pursuant to this Agreement, Nava shall not, without the prior written
consent of Eco Endeavors, which consent shall not be unreasonably withheld or
delayed, directly or indirectly do or permit to occur any of the following
prior to the Effective Date: 

 - 39 -

	 	(i)	issue, sell, grant, pledge, lease, dispose of, encumber
or create any Encumbrance on or agree to issue, sell, grant, pledge, lease,
dispose of, or encumber or create any Encumbrance on any shares of, or any
options, warrants, calls, conversion privileges or rights of any kind to
acquire any shares of Nava, other than the issue of Nava Common Shares upon the
exercise of Nava Options;

	 	(ii)	incur or
commit to incur any debt, except in the ordinary and regular course of
business, or to finance its working capital requirements, or as otherwise
contemplated herein in connection with the transactions contemplated by this
Agreement;

	 	(iii)	declare
or pay any dividends or distribute any of its properties or assets to
shareholders with respect to the Nava Common Shares;

	 	(iv)	enter into material contracts, other than in the
ordinary and regular course of business, in connection with the Amalgamation or
as otherwise contemplated herein;

	 	(v)	alter or amend its bylaws or articles;

	 	(vi)	engage in
any business enterprise or other activity different from that carried on or
contemplated as of the date hereof;

	 	(vii)	sell,
pledge, lease, dispose of, grant any interest in, encumber or agree to sell,
pledge, lease, dispose of, grant any interest in or encumber any of its assets
except where to do so would not have a Material Adverse Effect on Nava;

	 	(viii)	redeem,
purchase or offer to purchase any of the Nava Common Shares, Nava Options, or
other securities;

	 	(ix)	acquire,
directly or indirectly, any assets, including but not limited to securities of
other companies, other than in the ordinary and regular course of business.

	 	(e)	
Certain
Actions. Nava shall: 

	 	(i)	not take
any action, or refrain from taking any action or permit any action to be taken
or not taken (subject to a commercially reasonable efforts qualification),
inconsistent with the provisions of this Agreement or that would reasonably be
expected to materially impede the completion of the transactions contemplated
hereby or would render, or that could reasonably be expected to render, any
representation or warranty made by Nava in this Agreement untrue or inaccurate
in any material respect at any time on or before the Effective Date if then
made or that would or could have a Material Adverse Effect on Nava; and

	 	(ii)	promptly
notify Eco Endeavors of:

	 	(A)	any
Material Adverse Change or Material Adverse Effect, or any change, event,
occurrence or state of facts that could reasonably be expected to become a
Material Adverse Change or to have a Material Adverse Effect, in respect of the
business or in the conduct of the business of Nava;

 - 40 -

	 	(B)	any
material Governmental Entity or third person complaints, investigations or
hearings (or communications indicating that the same may be contemplated);

	 	(C)	any breach
by Nava of any covenant or agreement contained in this Agreement; and

	 	(D)	any event
occurring subsequent to the date hereof that would render any representation or
warranty of Nava contained in this Agreement, if made on or as of the date of
such event or the Effective Date, to be untrue or inaccurate in any material
respect.

	 	(f)	
Satisfaction
of Conditions. Nava shall use all commercially reasonable efforts to
satisfy, or cause to be satisfied, all of the conditions precedent to its
obligations to the extent the same is within its control and to take, or cause
to be taken, all other actions and to do, or cause to be done, all other things
necessary, proper or advisable under all applicable Laws to complete the
transactions contemplated by this Agreement, including using its commercially
reasonable efforts to: 

	 	(i)	obtain shareholder approval from Newco in accordance with
the policies of the BCBCA;

	 	(ii)	obtain
all other consents, approvals and authorizations as are required to be obtained
by Nava or Newco under any applicable Laws or from any Governmental Entity that
would, if not obtained, materially impede the completion of the transactions
contemplated by this Agreement or have a Material Adverse Effect on Nava;

	 	(iii)	effect
all necessary registrations, filings and submissions of information requested
by Governmental Entities required to be effected by it in connection with the
transactions contemplated by this Agreement and participate, and appear in any
proceedings of, any Party hereto before any Governmental Entity;

	 	(iv)	oppose, lift or rescind any injunction or restraining
order or other order or action challenging or affecting this Agreement, the transactions
contemplated hereby or seeking to enjoin or delay, or otherwise adversely
affecting the ability of the parties hereto to consummate, the transactions
contemplated hereby, subject to the Nava Board determining in good faith after
receiving advice from outside legal counsel (which may include written opinions
or advice) that taking such action would be inconsistent with the fiduciary
duties of such directors under applicable Laws, and provided that, immediately
upon receipt of such advice, Nava advises Eco Endeavors in writing that it has
received such advice and provides written details thereof to Eco Endeavors;

	 	(v)	fulfill all conditions and satisfy all provisions of this
Agreement and the Amalgamation required to be fulfilled or satisfied by Nava;
and

	 	(vi)	co-operate with Eco Endeavors in connection with the performance by Eco
Endeavors of its obligations hereunder, provided however that the foregoing
shall not be construed to obligate Nava to pay or cause to be paid any monies
to cause such performance to occur, other than as contemplated in this
Agreement.

 - 41 -

	 	(g)	
Keep Fully Informed. Subject to applicable Laws,
Nava shall use commercially reasonable efforts to conduct itself so as to keep
Eco Endeavors fully informed as to the material decisions or actions required
or required to be made with respect to the operation of its business. 

	 	(h)	
Co-operation. Nava shall make, or cooperate as
necessary in the making of, all necessary filings and applications under all
applicable Laws required in connection with the transactions contemplated
hereby and take all reasonable action necessary to be in compliance with such
Laws. 

	 	(i)	
Representations. Nava shall use its commercially
reasonable efforts to conduct its affairs so that all of the representations
and warranties of Nava contained herein shall be true and correct on and as of
the Effective Date as if made on and as of such date. 

	 	(j)	
Closing
Documents. Nava shall execute and deliver, or cause to be executed and
delivered, at the closing of the transactions contemplated hereby such
customary agreements, certificates, opinions, resolutions and other closing
documents as may be required by Eco Endeavors, all in form satisfactory to Eco
Endeavors, acting reasonably. 

	 	(k)	
Newco.
In its capacity as the sole shareholder of Newco, Nava shall: 

	 	(i)	take all such action as is necessary or desirable to
cause Newco to satisfy its obligations hereunder, including without limitation,
passing a resolution in the form attached hereto as Schedule B, on or prior to
the Effective Date, or such other date as may be agreed to by Eco Endeavors and
Nava, acting reasonably;

	 	(ii)	prior to
the Effective Date, not cause or permit Newco to issue any securities or enter
into any agreements to issue or grant options, warrants or rights to purchase
any of its securities except for the issuance of a nominal number of Newco
Shares to Nava, or carry on any business, enter into any transaction or effect
any corporate act whatsoever, other than as contemplated herein or as
reasonably necessary to carry out the Amalgamation, unless previously consented
to in writing by Eco Endeavors; and

	 	(iii)	after
the Effective Date, cause Amalco to satisfy any obligations which Amalco may
have to a Eco Endeavors Shareholder who exercises Dissent Rights.

	 	(l)	
Shares.
Nava will issue, at the Effective Time, Nava Units, in accordance with the
terms hereof, to those Eco Endeavors Shareholders who are entitled to receive
Nava Units pursuant to the Amalgamation. 

	 	(m)	
Listing
of Shares. Until the earlier of: 

	 	(i)	the Effective Time; and

	 	(ii)	the
termination of this Agreement in accordance with Section 6.2,

	 	Nava shall use its
  commercially reasonable efforts to ensure that the Nava Common Shares, are continuously
  quoted on the OTC Bulletin Board.

 - 42 -

	 	(n)	
Nava
Board. Upon entry into this Agreement, the Nava Board shall procure a duly
executed resignation and release in favour of Nava from Don Blackadar in the
form and substance reasonably satisfactory to Eco Endeavors. Upon the Effective
Date, the Nava Board and officers will have been re-organized to consist of: 

4.3 Mutual
Covenants of Nava and Eco Endeavors 

	 	(a)	
Completion
of Amalgamation. Each of the Parties agrees that, it shall complete the
Amalgamation on such date as the parties may mutually agree to and prior to the
Completion Deadline. 

	 	At the Effective Time, the Nava Board
shall approve resolutions to:

	 	(i)	accept the resignations from the directors and officers
of Nava that will no longer be serving in such capacity following the
completion of the Amalgamation;

	 	(ii)	change
the composition of the Nava Board such that it will be comprised of the
individuals listed in Section 4.2(n); and

	 	(iii)	appoint the
officers listed in Section 4.2(n).

	 	(b)	
Confidential Information. Each of the Parties
agrees that any information as to the other Party’s financial condition,
business, properties, title, assets and affairs (including any material
contracts) received from the other Party as part of its due diligence
investigations in connection with the transactions contemplated in this
Agreement, including information which, at the time of receipt had not become
generally available to the public, was not available to a Party or its
representatives on a non-confidential basis before the date of the Letter
Agreement or does not become available to a Party or its representatives on a
non-confidential basis from a person who is not, to the knowledge of the Party
or its representatives, otherwise bound by confidentiality obligations to the
provider of such information or otherwise prohibited from transmitting the
information to the Party or its representatives (“confidential information”)
will be kept confidential by such Party for a period of two (2) years from the
date hereof. Prior to releasing any confidential information, Nava or Eco
Endeavors, as applicable, may require the recipient of the confidential
information to enter into a mutually acceptable confidentiality agreement. No
confidential information may be released to third parties without the consent
of the provider thereof, except that the parties hereto agree that they will
not unreasonably withhold such consent to the extent that such confidential
information is compelled to be released by legal process or must be released to
regulatory bodies and/or included in public documents. The provisions of this
Section 4.3(b) shall survive the termination of this Agreement. 

	 	(c)	
Public
Statements. Each of the Parties will advise the other Party, in advance of
any public statement which they propose to make in respect of the Amalgamation,
provided that no Party shall be prevented from making any disclosure statement
which is required 

 - 43 -

	 	to be made by law or any rule of a stock exchange or a
similar organization to which it is bound.

	 	(d)	
Information for Super 8-K. In a timely and
expeditious manner, Eco Endeavors shall provide to Nava all information as may
be reasonably requested by Nava or as required by applicable Laws with respect
to Eco Endeavors and its businesses and properties for inclusion in the Super
8-K and in any amendment or supplement thereto that complies in all material
respects with all applicable Laws and containing all material facts relating to
it required to be disclosed in the Super 8-K, and not containing any
misrepresentation (as defined under applicable securities Laws) with respect
thereto. Eco Endeavors shall fully cooperate with Nava in the preparation of
the Super 8-K and shall provide such assistance as Nava may reasonably request
in connection therewith. 

	 	(e)	
Amendments.
In a timely and expeditious manner, Eco Endeavors shall provide Nava with
information as requested by Nava, acting reasonably, in order to prepare any
amendments or supplements to the Super 8-K (which amendments or supplements
shall be in a form satisfactory to each of the Parties, acting reasonably). 

	 	(f)	
Exclusive
Dealing. Each Party covenants and agrees with the other Party that, until
the termination of this Agreement in accordance with Section 6.2, it will not,
without prior written consent of the other Party, directly or indirectly: 

	 	(i)	initiate, solicit, cause, facilitate or participate in
any (confidential or otherwise) offer or expression of interest to sell any of
its securities or assets to a third party;

	 	(ii)	except
with regard to the Amalgamation, pursue any other material amalgamation,
merger, arrangement, business combination or sale of assets or make any other
material change to its business, capital or affairs; or

	 	(iii)	conduct any
activity otherwise materially detrimental to the Amalgamation.

	 	Notwithstanding the foregoing, nothing
herein will restrict the Parties from taking such actions as may be required in
order to discharge their obligations pursuant to applicable corporate laws.

ARTICLE 5
CONDITIONS 

5.1 Mutual
Conditions in Favour of Nava and Eco Endeavors 

The respective obligations
of Eco Endeavors and Nava to complete the transactions contemplated herein are
subject to the fulfillment of the following conditions at or before the
Effective Time or such other time as is specified below: 

	 	(a)	the Eco Endeavors Shareholder Approval shall have been
obtained in accordance with the provisions of the BCBCA and the requirements of
any applicable regulatory authority;

	 	(b)	each of the Eco Endeavors Board and the Nava Board shall
have adopted all necessary resolutions and all other necessary corporate action
shall have been taken by Eco Endeavors and Nava to permit the consummation of
the Amalgamation and all other matters contemplated in this Agreement;

 - 44 -

	 	(c)	Newco shall not have engaged in any business enterprise
or other activity or had any assets or liabilities;

	 	(d)	the Nava Units to be issued to the Eco Endeavors
Shareholders pursuant to the Amalgamation shall be exempt from registration
requirements under the 1933 Act pursuant to Regulation S under the 1933 Act;

	 	(e)	the distribution of the Nava Units pursuant to the
Amalgamation shall be exempt from prospectus requirements under applicable
securities Laws of Canada;

	 	(f)	the Waratah Royalty will have been terminated on or prior
to the Effective Date and on or prior to the Effective Time, Kenderes Biogaz
will have granted a royalty to Waratah calculated at 3% of all revenues
generated from the Kenderes Biogas Plant and an additional royalty to Waratah
calculated at 1.5% of all revenues generated from all other assets of Kenderes
Biogaz other than the Kenderes Biogas Plant;

	 	(g)	the Deed of Undertaking will have been terminated on or
prior to the Effective Date and all amounts advanced by Waratah to Eco
Endeavors shall have been converted into Eco Endeavors Common Shares at a price
of $0.02 per Eco Endeavor Common Share; and

	 	(h)	Nava shall
have closed the Private Placement. For greater certainty, Nava’s obligation to
complete the Private Placement is in addition to any financing obligation
contemplated in any agreement entered into or that may be entered into between
the Nava and Quivira Gold Ltd. regarding the acquisition of Quivira Gold Ltd.

The
foregoing conditions are for the mutual benefit of the Parties and may be
waived by mutual consent of Nava and Eco Endeavors in writing at any time. No
such waiver shall be of any effect unless it is in writing signed by both
Parties. If any of such conditions shall not be complied with or waived as
aforesaid on or before the Completion Deadline or, if earlier, the date
required for the performance thereof, then, subject to Section 5.4, any Party
may terminate this Agreement by written notice to the other Party in
circumstances where the failure to satisfy any such condition is not the
result, directly or indirectly, of a breach of this Agreement by such
terminating Party. 

5.2 Eco
Endeavors Conditions 

The obligation of Eco
Endeavors to complete the transactions contemplated herein is subject to the
fulfillment of the following additional conditions at or before the Effective
Time or such other time as is specified below: 

	 	(a)	the Nava
Board shall have procured duly executed resignations and releases in favour of
Nava effective at the Effective Time from each director and executive officer
of Nava who will no longer be serving in such capacity or capacities following
completion of the Amalgamation;

	 	(b)	the
representations and warranties made by Nava in this Agreement that are
qualified by the expression “Material Adverse Change” or “Material
Adverse Effect” shall be true and correct as of the Effective Date as if
made on and as of such date (except to the extent that such representations and
warranties speak as of an earlier date, in which event such representations and
warranties shall be true and correct as of such earlier date), and all other
representations and warranties made by Nava in this Agreement shall be true and
correct in all material respects as of the Effective Date as if made on and as
of such date (except to the extent that such representations and warranties
speak as of an earlier date, in which event such representations and warranties
shall be true and correct as of such earlier date), in either case, except
where any failures or breaches of representations and warranties would not
either individually or in the aggregate, in the reasonable judgment of Eco
Endeavors, have a Material Adverse Effect on Nava, and Nava shall have provided
to Eco Endeavors a certificate of two officers thereof certifying such accuracy
or lack of Material Adverse Effect on the Effective Date. No representation or
warranty made by Nava hereunder shall be deemed not to be true and correct if
the facts or circumstances which make such representation or warranty untrue or
incorrect are disclosed or referred to, or provided for, or stated to be exceptions
under this Agreement; 

 - 45 -

	 	(c)	from the date of this Agreement to the Effective Date,
there shall not have occurred a Material Adverse Change in respect of Nava;

	 	(d)	Nava shall have complied in all material respects with
its covenants herein and Nava shall have provided to Eco Endeavors a
certificate of two officers thereof, certifying that, as of the Effective Date,
it has so complied with their covenants herein;

	 	(e)	Nava shall obtain and provide reasonable evidence to Eco
Endeavors on or prior to the Effective Time that it has obtained director and
officer insurance with a policy of up to $1,000,000; and

	 	(f)	the Nava
Board shall have adopted all necessary resolutions and all other necessary
corporate action shall have been taken by Nava and Eco Endeavors to permit the
consummation of the Amalgamation and the transactions to be completed by Nava
pursuant to the terms of this Agreement.

The
foregoing conditions are for the benefit of Eco Endeavors and may be waived, in
whole or in part, by Eco Endeavors in writing at any time. No such waiver shall
be of any effect unless it is in writing signed by Eco Endeavors. If any of
such conditions shall not be complied with or waived by Eco Endeavors on or
before the Completion Deadline or, if earlier, the date required for the
performance thereof, then, subject to Section 5.4, Eco Endeavors may terminate
this Agreement by written notice to Nava in circumstances where the failure to
satisfy any such condition is not the result, directly or indirectly, of a
breach of this Agreement by Eco Endeavors. 

5.3 Nava
Conditions 

The obligation of Nava to
complete the transactions contemplated herein is subject to the fulfillment of
the following additional conditions at or before the Effective Time or such
other time as is specified below: 

	 	(a)	the
representations and warranties made by Eco Endeavors in this Agreement that are
qualified by the expression “Material Adverse Change” or “Material
Adverse Effect” shall be true and correct as of the Effective Date as if
made on and as of such date (except to the extent that such representations and
warranties speak as of an earlier date, in which event such representations and
warranties shall be true and correct as of such earlier date), and all other
representations and warranties made by Eco Endeavors in this Agreement that are
not so qualified shall be true and correct in all material respects as of the
Effective Date as if made on and as of such date (except to the extent that
such representations and warranties speak as of an earlier date, in which event
such representations and warranties shall be true and correct as of such
earlier date), in either case, except where any failures or breaches of
representations and warranties would not either, individually or in the
aggregate, in the reasonable judgment of Nava, have a Material Adverse Effect
on Eco Endeavors, and Eco Endeavors shall have provided to Nava a certificate
of two officers thereof certifying such accuracy or lack of Material Adverse
Effect on the Effective Date. No representation or warranty made by Eco
Endeavors hereunder shall be deemed not to be true and correct if the facts or
circumstances that make such representation or warranty untrue or incorrect are
disclosed or referred to, or provided for, or stated to be exceptions under
this Agreement; 

 - 46 -

	 	(b)	from the date of this Agreement to the Effective Date,
there shall not have occurred a Material Adverse Change in respect of Eco
Endeavors;

	 	(c)	Eco Endeavors shall have provided the Eco Endeavors
Financial Statements;

	 	(d)	Eco Endeavors shall have complied in all material
respects with its covenants herein and Eco Endeavors shall have provided to
Nava a certificate of two officers thereof certifying that, as of the Effective
Date, Eco Endeavors has so complied with its covenants herein;

	 	(e)	the Eco Endeavors Board shall have adopted all necessary
resolutions and all other necessary corporate action shall have been taken by
Eco Endeavors to permit the consummation of the Amalgamation and the
transactions to be completed by Eco Endeavors pursuant to the terms of this
Agreement;

	 	(f)	Nava shall have completed its due diligence investigation
of Eco Endeavors and all matters arising therefrom shall have been addressed to
the satisfaction of Nava, acting reasonably; and

	 	(g)	Eco
Endeavors shall have provided a response to a due diligence questionnaire from
Nava and an officer of Eco Endeavors shall have certified such questionnaire to
be true, accurate and complete in all material respects as of the date given
therein.

The
foregoing conditions are for the benefit of Nava and may be waived, in whole or
in part, by Nava in writing at any time. No such waiver shall be of any effect
unless it is in writing signed by Nava. If any of such conditions shall not be
complied with or waived by Nava on or before the Completion Deadline or, if
earlier, the date required for the performance thereof, then, subject to
Section 5.4, Nava may terminate this Agreement by written notice to Eco
Endeavors in circumstances where the failure to satisfy any such condition is
not the result, directly or indirectly, of a breach of this Agreement by Nava. 

5.4 Notice and
Cure Provisions 

Each Party hereto shall
give prompt notice to the other Party of the occurrence, or failure to occur,
at any time from the date hereof until the Effective Date, of any event or
state of facts which occurrence or failure would, would be likely to or could: 

	 	(a)	cause any of the representations or warranties of such
Party contained herein to be untrue or inaccurate in any respect on the date
hereof or on the Effective Date;

	 	(b)	result in the failure to comply with or satisfy any
covenant or agreement to be complied with or satisfied by such Party on or before
the Effective Date; or

	 	(c)	result in
the failure to satisfy any of the conditions precedent in favour of the other
Party contained in Section 5.1, 5.2 or 5.3, as the case may be.

 - 47 -

Subject as herein provided, a Party may: 

	 	(a)	elect not
to complete the transactions contemplated hereby by virtue of any of the
conditions for its benefit contained in Section 5.1, 5.2 or 5.3 not being
satisfied or waived; or

	 	(b)	exercise
any termination right arising therefrom; provided, however, that:

	 	(i)	promptly and in any event prior to the Effective Date,
the Party hereto intending to rely thereon has delivered a written notice to
the other Party specifying in reasonable detail the breaches of covenants or
untruthfulness or inaccuracy of representations and warranties or other matters
that the Party delivering such notice is asserting as the basis for the
exercise of the termination right, as the case may be; and

	 	(ii)	if any
such notice is delivered, and a Party proceeds diligently, at its own expense,
to cure such matter, if such matter is susceptible to being cured, the Party
that has delivered such notice may not terminate this Agreement until the
lesser of ten (10) days from the date of delivery of such notice and the number
of days remaining before the earlier of the Effective Date and the Completion
Deadline.

5.5 Merger of
Conditions 

If no notice has been sent
by either Party pursuant to Section 5.4 prior to the Effective Date, the
conditions set out in Section 5.1, 5.2 or 5.3 shall be conclusively deemed to
have been satisfied, fulfilled or waived as of the Effective Time. 

ARTICLE 6
AMENDMENT AND
TERMINATION 

6.1 Amendment 

This Agreement may, at any
time and from time to time before or after the receipt of the Eco Endeavors
Shareholder Approval be amended by mutual written agreement of the Parties
without, subject to applicable Laws, further notice to or authorization on the
part of the Eco Endeavors Shareholders and any such amendment may, without
limitation: 

	 	(a)	change the time for the performance of any of the
obligations or acts of any of the parties hereto;

	 	(b)	waive any inaccuracies in or modify any representation or
warranty contained herein or in any document delivered pursuant hereto;

	 	(c)	waive compliance with or modify any of the covenants
herein contained and waive or modify the performance of any of the obligations
of any of the parties hereto; and

	 	(d)	waive
compliance with or modify any condition herein contained;

provided, however, that
notwithstanding the foregoing, following the receipt of the Eco Endeavors
Shareholder Approval, the number of Nava Units issuable at the Effective Time
shall not be amended without the approval of the Eco Endeavors Shareholders
given in the same manner as required for the approval of the Amalgamation. 

 - 48 -

6.2 Termination 

This Agreement may be
terminated at any time prior to the Effective Time: 

	 	(a)	by mutual
written agreement by Eco Endeavors, Nava and Newco;

	 	(b)	subject to
Section 5.4:

	 	(i)	by Eco Endeavors, if any condition in Section 5.2 is not
satisfied or waived in accordance with such section;

	 	(ii)	by Nava,
if any condition in Section 5.3 is not satisfied or waived in accordance with
such section;

	 	(iii)	by Eco
Endeavors or by Nava, if any of the conditions in Section 5.1 for the benefit
of the terminating party is not satisfied or waived in accordance with such
Section 5.1; or

	 	(iv)	by Nava
if, as a result of its due diligence inquiry of Eco Endeavors, Kenderesh or
Kenderes Biogaz, any material deficiency arises therefrom and Nava notifies Eco
Endeavors of such material deficiency in writing and Eco Endeavors has not
remedied or caused to be remedied such material deficiency within 20 calendar
days of such notification, other than a material deficiency that by its nature
cannot be cured, to the satisfaction of Nava, acting reasonably.

	 	(c)	by Nava if there is an intentional breach of the
covenants of Eco Endeavors contained herein by Eco Endeavors or any of its
directors, officers, employees, agents, consultants or other representatives,
in each case, on or before the Effective Date;

	 	(d)	by Eco Endeavors if there is an intentional breach of the
covenants of Nava contained herein by Nava or any of its directors, officers,
employees, agents, consultants or other representatives, in each case, on or
before the Effective Date; or

	 	(e)	by Nava or
by Eco Endeavors if the Amalgamation shall not have been completed by the
Completion Deadline,

provided that any
termination by a Party in accordance with the paragraphs above shall be made by
such Party delivering written notice thereof to the other Party or parties
hereto prior to the earlier of the Effective Date and the Completion Deadline
and specifying therein in reasonable detail the matter or matters giving rise
to such termination right. 

ARTICLE 7
GENERAL 

7.1 Notices 

Any notice, consent, waiver, direction or other
communication required or permitted to be given under this Agreement by a party
hereto shall be in writing and shall be delivered by hand to the party hereto
to which the notice is to be given at the following address or sent by
facsimile to the following numbers or to such other address or facsimile number
as shall be specified by a party hereto by like notice. Any notice, consent,
waiver, direction or other communication aforesaid shall, if delivered, be deemed
to have been given and received on the date on which it was delivered to the
address provided herein (if a Business Day or, if not, then the next succeeding
Business Day) and if sent by facsimile be deemed to have been given and
received at the time of receipt (if a Business Day or, if not, then the next
succeeding Business Day) unless actually received after 5:00 p.m. (local time)
at the point of delivery in which case it shall be deemed to have been given
and received on the next Business Day. 

 - 49 -

The address for service of each of the
parties hereto shall be as follows: 

	 	(a)	if
to Eco Endeavors:

	 	International
Eco Endeavors Corp.
101 – 161 West Georgia Street 
Vancouver, British Columbia
Canada
V6B 0K9

	 	Attention:
Robert Abenante, CEO
Fax: (604) 687-6314

	 	(b)	if
to Nava or Newco:

	 	Nava
Resources Inc.
Suite 206 – 595 Howe Street
Vancouver, British Columbia

	 	Attention:
Jag Sandhu, CEO 
Fax:

7.2 Remedies 

The parties hereto acknowledge and agree that an award
of money damages may be inadequate for any breach of this Agreement by any
party hereto or its representatives and advisors and that such breach may cause
the non-breaching party hereto irreparable harm. Accordingly, the parties
hereto agree that, in the event of any such breach or threatened breach of this
Agreement by one of the parties hereto, Eco Endeavors (if Nava is the breaching
party) or Nava (if Eco Endeavors is the breaching party) will be entitled,
without the requirement of posting a bond or other security, to seek equitable
relief, including injunctive relief and specific performance. Subject to any
other provision hereof, such remedies will not be the exclusive remedies for
any breach of this Agreement but will be in addition to all other remedies
available hereunder or at law or in equity to each of the parties hereto. 

7.3 Expenses 

The parties agree that each party
shall pay for its costs incurred in connection with this Agreement and the
transactions contemplated hereby, the preparation of the Super 8-K, including
legal and accounting fees, printing costs, financial advisor fees and all
disbursements by advisors, shall be paid by the party hereto incurring such
expense and that nothing in this Agreement shall be construed so as to prevent
the payment of such expenses, whether or not the Amalgamation is completed. The
provisions of this Section 7.3 shall survive the termination of this Agreement.

 - 50 -

7.4 Time of
the Essence 

Time shall be of the essence in this Agreement. 

7.5 Entire Agreement 

This Agreement, together
with the agreements and other documents herein or therein referred to,
constitute the entire agreement between the parties pertaining to the subject
matter hereof and supersede all prior agreements, understandings, negotiations
and discussions, whether oral or written, between the parties with respect to
the subject matter hereof, including the Letter Agreement. There are no
representations, warranties, covenants or conditions with respect to the
subject matter hereof except as contained herein. 

7.6 Further
Assurances 

Each Party shall, from time
to time, and at all times hereafter, at the request of the other of them, but
without further consideration, do, or cause to be done, all such other acts and
execute and deliver, or cause to be executed and delivered, all such further
agreements, transfers, assurances, instruments or documents as shall be
reasonably required in order to fully perform and carry out the terms and
intent hereof including, without limitation, the Amalgamation. 

7.7 Governing
Law 

This Agreement shall be
governed by, and be construed in accordance with, the laws of the Province of
British Columbia and the laws of Canada applicable therein but the reference to
such laws shall not, by conflict of laws rules or otherwise, require the
application of the law of any jurisdiction other than the Province of British
Columbia. The parties hereto irrevocably attorn to the non-exclusive
jurisdiction of the courts of the Province of British Columbia. 

7.8 Execution in
Counterparts 

This Agreement may be
executed in one or more counterparts, each of which shall conclusively be
deemed to be an original and all such counterparts collectively shall be
conclusively deemed to be one and the same. Delivery of an executed counterpart
of the signature page to this Agreement by facsimile, email or other
functionally equivalent electronic means of transmission shall be effective as
delivery of a manually executed counterpart of this Agreement, and any party
hereto delivering an executed counterpart of the signature page to this Agreement
by facsimile, email or other functionally equivalent electronic means of
transmission to any other party hereto shall thereafter also promptly deliver a
manually executed original counterpart of this Agreement to such other party,
but the failure to deliver such manually executed original counterpart shall
not affect the validity, enforceability or binding effect of this Agreement. 

7.9 Waiver 

No waiver or release by any
party hereto shall be effective unless in writing and executed by the party granting
such waiver or release and any waiver or release shall affect only the matter,
and the occurrence thereof, specifically identified and shall not extend to any
other matter or occurrence. Waivers may only be granted upon compliance with
the provisions governing amendments set forth in Section 6.1. 

7.10 No Personal
Liability 

	 	(a)	No
director or officer of Eco Endeavors shall have any personal liability
whatsoever (other than in the case of fraud, negligence or wilful misconduct)
to Nava under this Agreement or any other document delivered in connection with
this Agreement or the Amalgamation by or on behalf of Eco Endeavors.

 - 51 -

	 	(b)	No
director or officer of Nava shall have any personal liability whatsoever (other
than in the case of fraud, negligence or wilful misconduct) to Eco Endeavors
under this Agreement or any other document delivered in connection with this
Agreement or the Amalgamation by or on behalf of Nava.

7.11 Enurement and Assignment 

This Agreement shall enure
to the benefit of the parties hereto and their respective successors and
permitted assigns and shall be binding upon the parties hereto and their
respective successors. This Agreement may not be assigned by any party hereto
without the prior written consent of the other parties hereto. 

[EXECUTION PAGE FOLLOWS] 

 - 52 -

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first
above written. 

	 	NAVA RESOURCES, INC.

	 	Per:	____________________________

	 	Authorized Signatory

	 	____________________________
Name

	 	____________________________
Title

	 	INTERNATIONAL ECO ENDEAVOURS CORP. 

	 	Per:	____________________________

	 	Authorized Signatory

	 	____________________________
Name

	 	____________________________
Title

	 	OURCO CAPITAL LTD. 

	 	Per:	____________________________

	 	Authorized Signatory

	 	____________________________
Name

	 	____________________________
Title

 - 53 -

	 	KENDERESH ENDEAVORS
CORP. 

	 	Per:	____________________________

	 	Authorized Signatory

	 	____________________________
Name

	 	____________________________
Title

	 	KENDERES BIOGAZ TERMELO
KORLATOLT FELE LOSSEGU
TARSASAG 

	 	Per:	____________________________

	 	Authorized Signatory

	 	____________________________
Name

	 	____________________________
Title

 SCHEDULE
A 

FORM OF ECO ENDEAVORS RESOLUTION 

BE IT RESOLVED as a special resolution that: 

	1.	The amalgamation
(the “Amalgamation”) under the Business Corporations Act (British
Columbia) (the “BCBCA”) involving International Eco Endeavors Corp. (the
“Company”), Nava Resources, Inc. (“Nava”) and Ourco Capital Ltd.,
a wholly owned subsidiary of Nava, pursuant to the terms and conditions
contained in the amalgamation agreement (the “Amalgamation Agreement”)
dated June 19, 2013 (as the same may be or has been modified or amended), in
substantially the form attached hereto as Schedule A is hereby authorized and
approved. 

	2.	The execution and
delivery by the Company of the Amalgamation Agreement, substantially in the
form attached hereto as Schedule A, is hereby authorized and approved, and the
Amalgamation is hereby adopted.

	3.	Any officer or
director of the Company is hereby authorized and directed, on behalf of the
Company, to execute and deliver an amalgamation application to the registrar
appointed under Section 400 of the BCBCA with respect to the Amalgamation.

	4.	Notwithstanding
that this special resolution has been passed (and the Amalgamation Agreement
adopted) by the shareholders of the Company, the directors of the Company are
hereby authorized and empowered without further approval of the shareholders of
the Company at any time prior to the issuance by the registrar under the BCBCA
of a certificate of amalgamation in respect of the Amalgamation (i) to amend
the Amalgamation Agreement to the extent permitted by the Amalgamation
Agreement, and (ii) not to proceed with Amalgamation to the extent permitted by
the Amalgamation Agreement or otherwise give effect to these resolutions.

	5.	Any officer or
director of the Company is hereby authorized and directed for and on behalf of
and in the name of the Company to execute, under the seal of the Company or
otherwise, and to deliver, all documents, agreements and instruments and to do
all such other acts and things, including delivering such documents as are
necessary or desirable to the registrar appointed under Section 400 of the
BCBCA for filing in accordance with the Amalgamation Agreement, as such officer
or director, in his absolute discretion, determines to be necessary or
desirable to give full effect to the foregoing resolutions and the matters
authorized thereby, such determination to be conclusively evidenced by the
execution and delivery of any such documents, agreements or instruments or
doing of any such act or thing.

SCHEDULE
B 

FORM OF NEWCO RESOLUTION 

BE IT RESOLVED as a special resolution that: 

	1.	The amalgamation
(the “Amalgamation”) under the Business Corporations Act (British
Columbia) (the “BCBCA”) involving International Eco Endeavors Corp.,
Nava Resources, Inc. (“Nava”) and Ourco Capital Ltd. (the “Company”),
a wholly owned subsidiary of Nava, pursuant to the terms and conditions
contained in the amalgamation agreement (the “Amalgamation Agreement”)
dated June 19, 2013 (as the same may be or has been modified or amended), in
substantially the form attached hereto as Schedule A is hereby authorized and
approved. 

	2.	The execution and
delivery by the Company of the Amalgamation Agreement, substantially in the
form attached hereto as Schedule A, is hereby authorized and approved, and the
Amalgamation is hereby adopted.

	3.	Any officer or
director of the Company is hereby authorized and directed, on behalf of the
Company, to execute and deliver an amalgamation application to the registrar
appointed under Section 400 of the BCBCA with respect to the Amalgamation.

	4.	Notwithstanding
that this special resolution has been passed (and the Amalgamation Agreement
adopted) by the shareholders of the Company, the directors of the Company are
hereby authorized and empowered without further approval of the shareholders of
the Company at any time prior to the issuance by the registrar under the BCBCA
of a certificate of amalgamation in respect of the Amalgamation (i) to amend
the Amalgamation Agreement to the extent permitted by the Amalgamation
Agreement, and (ii) not to proceed with Amalgamation to the extent permitted by
the Amalgamation Agreement or otherwise give effect to these resolutions.

	5.	Any officer or
director of the Company is hereby authorized and directed for and on behalf of
and in the name of the Company to execute, under the seal of the Company or
otherwise, and to deliver all documents, agreements and instruments and to do
all such other acts and things, including delivering such documents as are
necessary or desirable to the registrar appointed under Section 400 of the
BCBCA for filing in accordance with the Amalgamation Agreement, as such officer
or director, in his absolute discretion, determines to be necessary or
desirable to give full effect to the foregoing resolutions and the matters
authorized thereby, such determination to be conclusively evidenced by the
execution and delivery of any such documents, agreements or instruments or
doing of any such act or thing.

SCHEDULE
C 

FORM OF AMALGAMATION APPLICATION 

See Attached Document 

SCHEDULE
D 

FORM OF ARTICLES OF AMALCO 

See Attached 

	FORM 13/WEB Rev. 2004 / 3/ 10	
NOA Page 1 
	[ CW #: CW6165551.8] 	 

Incorporation
No. BC0960926 

BUSINESS CORPORATIONS ACT 

ARTICLES 

OF 

<>

Table of
Contents 

	Part 1 - Interpretation.	1
	Part 2 - Shares and Share certificates.	2
	Part 3 - Issue of Shares.	3
	Part 4 - Share Transfers.	3
	Part 5 - Acquisition of Shares.	4
	Part 6 - Borrowing Powers.	4
	Part 7 - General Meetings.	4
	Part 8 - Proceedings at Meetings of Shareholders.	6
	Part 9 - Alterations.	9
	Part 10 - Votes of Shareholders.	9
	Part 11 - Directors.	12
	Part 12 - Election and Removal of Directors.	13
	Part 13 - Proceedings of Directors.	17
	Part 14 - Committees of Directors.	19
	Part 15 - Officers.	20
	Part 16 - Certain Permitted Activities of Directors.	20
	Part 17 - Indemnification.	21
	Part 18 - Auditor.	21
	Part 19 - Dividends.	21
	Part 20 - Accounting Records.	22
	Part 21 - Execution of Instruments.	22
	Part 22 - Notices.	23
	Part 23 - Restriction on Share Transfer.	24
	Part 24 -Special Rights and Restrictions.	24

 

Incorporation No.  <>

BUSINESS CORPORATIONS ACT 

ARTICLES 

OF 

<>

PART 1 – INTERPRETATION 

	1.1	Definitions

	 	Without limiting Article 1.2, in these Articles,
unless the context requires otherwise:

	 	(a)	
“adjourned meeting” means the meeting to
which a meeting is adjourned under Article 8.6 or 8.9; 

	 	(b)	
“board” and “directors” mean the
board of directors of the Company for the time being; 

	 	(c)	
“Business Corporations Act” means the Business
Corporations Act, S.B.C. 2002, c.57, and includes its regulations; 

	 	(d)	
“Company” means .; 

	 	(e)	
“Interpretation Act” means the Interpretation
Act, R.S.B.C. 1996, c. 238; and 

	 	(f)	
“trustee”,
in relation to a shareholder, means the personal or other legal
representative of the shareholder, and includes a trustee in bankruptcy of the
shareholder. 

	1.2	Business
Corporations Act definitions apply

	 	The definitions in the Business
Corporations Act apply to these Articles.

	1.3	Interpretation Act applies

	 	The Interpretation Act applies
to the interpretation of these Articles as if these Articles were an enactment.

	1.4	Conflict in
definitions

	 	If there is a conflict between a
definition in the Business Corporations Act and a definition or rule in
the Interpretation Act relating to a term used in these Articles, the
definition in the Business Corporations Act will prevail in relation to
the use of the term in these Articles.

	1.5	Conflict
between Articles and legislation

	 	If there is a conflict between these Articles and the Business
Corporations Act, the Business Corporations Act will prevail.

 - 2 -

PART 2 – SHARES AND
SHARE CERTIFICATES 

	2.1	Form of share certificate

	 	Each share certificate issued by the
Company must comply with, and be signed as required by, the Business
Corporations Act.

	2.2	Shareholder
Entitled to Certificate or Acknowledgement

	 	Unless the shares are uncertificated shares,
each shareholder is entitled, without charge, to (a) one share certificate
representing the shares of each class or series of shares registered in the
shareholder’s name or (b) a non-transferable written acknowledgement of the
shareholder’s right to obtain such a share certificate, provided that in
respect of a share held jointly by several persons, the Company is not bound to
issue more than one share certificate and delivery of a share certificate for a
share to one of several joint shareholders or to one of the shareholders’ duly
authorized agents will be sufficient delivery to all.

	2.3	Sending of
share certificate

	 	Any share certificate to which a
shareholder is entitled may be sent to the shareholder by mail and neither the
Company nor any agent is liable for any loss to the shareholder because the
certificate sent is lost in the mail or stolen.

	2.4	Replacement
of worn out or defaced certificate

	 	If the directors are satisfied that a
share certificate is worn out or defaced, they must, on production to them of
the certificate and on such other terms, if any, as they think fit:

	 	(a)	order the certificate to be cancelled; and

	 	(b)	issue
a replacement share certificate.

	2.5	Replacement
of lost, stolen or destroyed certificate

	 	If a share certificate is lost, stolen
or destroyed, a replacement share certificate must be issued to the person
entitled to that certificate if the directors receive:

	 	(a)	proof satisfactory to them that the certificate
is lost, stolen or destroyed; and

	 	(b)	any
indemnity the directors consider adequate.

	2.6	Splitting
share certificates

	 	If a shareholder surrenders a share
certificate to the Company with a written request that the Company issue in the
shareholder’s name 2 or more certificates, each representing a specified number
of shares and in the aggregate representing the same number of shares as the
certificate so surrendered, the Company must cancel the surrendered certificate
and issue replacement share certificates in accordance with that request.

	2.7	Shares
may be uncertificated

	 	Notwithstanding any other provisions of
this Part, the directors may, by resolution, provide that:

	 	(a)	the shares of any or all of the classes and series of the
Company’s shares may be uncertificated shares; or

	 	(b)	any
specified shares may be uncertificated shares.

 - 3 -

PART 3 – ISSUE OF
SHARES 

	3.1	Directors authorized to issue shares

	 	The directors may, subject to the
rights of the holders of the issued shares of the Company, issue, allot, sell,
grant options on or otherwise dispose of the unissued shares, and issued shares
held by the Company, at the times, to the persons, including directors, in the
manner, on the terms and conditions and for the issue prices that the
directors, in their absolute discretion, may determine.

	3.2	Company
need not recognize unregistered interests

	 	Except as required by law or these
Articles, the Company need not recognize or provide for any person’s interests
in or rights to a share unless that person is the shareholder of the share.

PART 4 – SHARE TRANSFERS

	4.1	Recording
or registering transfer

	 	A transfer of a share of the Company
must not be registered

	 	(a)	unless a duly signed instrument of transfer in respect of
the share has been received by the Company and the certificate (or acceptable
documents pursuant to Article 2.5 hereof) representing the share to be
transferred has been surrendered and cancelled; or

	 	(b)	if no
certificate has been issued by the Company in respect of the share, unless a
duly signed instrument of transfer in respect of the share has been received by
the Company.

	4.2	Form of
instrument of transfer

	 	The instrument of transfer in respect
of any share of the Company must be either in the form, if any, on the back of
the Company’s share certificates or in any other form that may be approved by
the directors from time to time.

	4.3	Signing of
instrument of transfer

	 	If a shareholder, or his or her duly
authorized attorney, signs an instrument of transfer in respect of shares
registered in the name of the shareholder, the signed instrument of transfer
constitutes a complete and sufficient authority to the Company and its
directors, officers and agents to register the number of shares specified in
the instrument of transfer, or, if no number is specified, all the shares represented
by share certificates deposited with the instrument of transfer:

	 	(a)	in the name of the person named as transferee in
that instrument of transfer; or

	 	(b)	if no
person is named as transferee in that instrument of transfer, in the name of
the person on whose behalf the share certificate is deposited for the purpose
of having the transfer registered.

	4.4	Enquiry as
to title not required

	 	Neither the Company nor any director, officer or agent
of the Company is bound to inquire into the title of the person named in the
instrument of transfer as transferee or, if no person is named as transferee in
the instrument of transfer, of the person on whose behalf the instrument is
deposited for the purpose of having the transfer registered or is liable for any
claim related to registering the transfer by the shareholder or by any
intermediate owner or holder of the shares, of any interest in the shares, of
any share certificate representing such shares or of any written acknowledgment
of a right to obtain a share certificate for such shares.

 - 4 -

	4.5	Transfer fee

	 	There must be paid to the Company, in
relation to the registration of any transfer, the amount determined by the
directors from time to time.

PART 5 – ACQUISITION OF
SHARES 

	5.1	Company
authorized to purchase shares

	 	Subject to the special rights and
restrictions attached to any class or series of shares, the Company may, if it
is authorized to do so by the directors, purchase or otherwise acquire any of
its shares.

	5.2	Company
authorized to accept surrender of shares

	 	The Company may, if it is
authorized to do so by the directors, accept a surrender of any of its shares.

	5.3	Company
authorized to convert fractional shares into whole shares

	 	The Company may, if it is authorized to
do so by the directors, convert any of its fractional shares into whole shares
in accordance with, and subject to the limitations contained in, the Business
Corporations Act.

PART 6 – BORROWING POWERS 

	6.1	Powers of
directors

	 	The directors may from time to time on
behalf of the Company:

	 	(a)	borrow money in the manner and amount, on the security,
from the sources and on the terms and conditions that they consider
appropriate;

	 	(b)	issue bonds, debentures and other debt obligations either
outright or as security for any liability or obligation of the Company or any
other person, and at any discount or premium and on such other terms as they
consider appropriate;

	 	(c)	guarantee the repayment of money by any other person or
the performance of any obligation of any other person; and

	 	(d)	mortgage
or charge, whether by way of specific or floating charge, or give other
security on the whole or any part of the present and future assets and
undertaking of the Company.

PART 7 – GENERAL MEETINGS 

	7.1	Annual
general meetings

	 	Unless an annual general meeting is
deferred or waived in accordance with section 182(2)(a) or (c) of the Business
Corporations Act, the Company must hold its first annual general meeting
within 18 months after the date on which it was incorporated or otherwise
recognized, and after that must hold an annual general meeting at least once in
each calendar year and not more than 15 months after the last annual general
meeting.

	7.2	When annual
general meeting is deemed to have been held

	 	If all of the shareholders who are entitled to vote at
an annual general meeting consent by a unanimous resolution under the Business
Corporations Act to all of the business that is required to be transacted
at that annual general meeting, the annual general meeting is deemed to have
been held on the date of the unanimous resolution. The shareholders must, in
any unanimous resolution passed under this Article 7.2, select as the Company’s
annual reference date a date that would be appropriate for the holding of the
applicable annual general meeting.

 - 5 -

	7.3	Calling
of shareholder meetings

	 	The directors may, whenever they think fit, call a
meeting of shareholders.

	7.4	Notice for meetings of
shareholders

	 	The Company must send notice of the
date, time and location of any meeting of shareholders, in the manner provided
in these Articles, or in such other manner, if any, as may be prescribed by
ordinary resolution (whether previous notice of the resolution has been given
or not), to each shareholder entitled to attend the meeting and to each
director, unless these Articles otherwise provide, at least the following
number of days before the meeting:

	 	(a)	if and for so long as the Company is a public
company, 21 days;

	 	(b)	otherwise,
10 days.

	7.5	Record
date for notice

	 	The directors may set a date as the
record date for the purpose of determining shareholders entitled to notice of
any meeting of shareholders. The record date must not precede the date on which
the meeting is to be held by more than two months or, in the case of a general
meeting requisitioned by shareholders under the Business Corporations Act,
by more than four months. The record date must not precede the date on which
the meeting is held by fewer than:

	 	(a)	if and for so long as the Company is a public
company, 21 days;

	 	(b)	otherwise,
10 days.

	 	If no record date is set, the record
date is 5 p.m. on the day immediately preceding the first date on which the
notice is sent or, if no notice is sent, the beginning of the meeting.

	7.6	Record
date for voting

	 	The directors may set a date as the
record date for the purpose of determining shareholders entitled to vote at any
meeting of shareholders. The record date must not precede the date on which the
meeting is to be held by more than two months or, in the case of a general
meeting requisitioned by shareholders under the Business Corporations Act,
by more than four months. If no record date is set, the record date is 5 p.m.
on the day immediately preceding the first date on which the notice is sent or,
if no notice is sent, the beginning of the meeting.

	7.7	Failure
to give notice and waiver of notice

	 	The accidental omission to send notice
of any meeting to, or the non-receipt of any notice by, any of the persons
entitled to notice does not invalidate any proceedings at that meeting. Any
person entitled to notice of a meeting of shareholders may, in writing or
otherwise, waive or reduce the period of notice of such meeting.

	7.8	Notice
of special business at meetings of shareholders

	 	If a meeting of shareholders is to
consider special business within the meaning of Article 8.1, the notice of
meeting must:

	 	(a)	state the general nature of the special
business; and

	 	(b)	if the
special business includes considering, approving, ratifying, adopting or
authorizing any document or the signing of or giving of effect to any document,
have attached to it a copy of the document or state that a copy of the document
will be available for inspection by shareholders:

 - 6 -

	 	(i)	at the
Company’s records office, or at such other reasonably accessible location in
British Columbia as is specified in the notice, and

	 	(ii)	during
statutory business hours on any one or more specified days before the day set
for the holding of the meeting.

PART 8 – PROCEEDINGS AT
MEETINGS OF SHAREHOLDERS 

	8.1	Special
business

	 	At a meeting of shareholders, the
following business is special business:

	 	(a)	at a
meeting of shareholders that is not an annual general meeting, all business is
special business except business relating to the conduct of or voting at the
meeting or the election or appointment of directors;

	 	(b)	at
an annual general meeting, all business is special business except for the
following:

	 	(i)	business relating to the conduct of or voting
at the meeting,

	 	(ii)	consideration
of any financial statements of the Company presented to the meeting,

	 	(iii)	consideration
of any reports of the directors or auditor,

	 	(iv)	the setting or changing of the number of directors,

	 	(v)	the election or appointment of directors,

	 	(vi)	the
appointment of an auditor,

	 	(vii)	the setting
of the remuneration of an auditor,

	 	(viii)	business
arising out of a report of the directors not requiring the passing of a special
resolution or an exceptional resolution, and

	 	(ix)	any other
business which, under these Articles or theBusiness Corporations Act,
may be transacted at a meeting of shareholders without prior notice of the
business being given to the shareholders. 

	8.2	Special
resolution

	 	The votes required for the Company to
pass a special resolution at a meeting of shareholders is two-thirds of the
votes cast on the resolution.

	8.3	Quorum

	 	Subject to the special rights and
restrictions attached to the shares of any affected class or series of shares,
the quorum for the transaction of business at a meeting of shareholders is one
or more persons, present in person or by proxy.

	8.4	Other persons
may attend

	 	The directors, the president, if any, the secretary,
if any, and any lawyer or auditor for the Company are entitled to attend any
meeting of shareholders, but if any of those persons do attend a meeting of
shareholders, that person is not to be counted in the quorum, and is not
entitled to vote at the meeting, unless that person is a shareholder or proxy
holder entitled to vote at the meeting.

 - 7 -

	8.5	Requirement of
quorum

	 	No business, other than the election of
a chair of the meeting and the adjournment of the meeting, may be transacted at
any meeting of shareholders unless a quorum of shareholders entitled to vote at
the meeting is present at the commencement of the meeting.

	8.6	Lack of
quorum

	 	If, within 1/2 hour from the time set
for the holding of a meeting of shareholders, a quorum is not present:

	 	(a)	in the case of a general meeting convened by requisition
of shareholders, the meeting is dissolved; and

	 	(b)	in the
case of any other meeting of shareholders, the shareholders entitled to vote at
the meeting who are present, in person or by proxy, at the meeting may adjourn
the meeting to a set time and place.

	8.7	Chair

	 	The following individual is entitled to
preside as chair at a meeting of shareholders:

	 	(a)	the chair of the board, if any;

	 	(b)	if
the chair of the board is absent or unwilling to act as chair of the meeting,
the president, if any.

	8.8	Alternate
chair

	 	At any meeting of shareholders, the
directors present must choose one of their number to be chair of the meeting
if: (a) there is no chair of the board or president present within 15 minutes
after the time set for holding the meeting; (b) the chair of the board and the
president are unwilling to act as chair of the meeting; or (c) if the chair of
the board and the president have advised the secretary, if any, or any director
present at the meeting, that they will not be present at the meeting. If, in
any of the foregoing circumstances, all of the directors present decline to
accept the position of chair or fail to choose one of their number to be chair
of the meeting, or if no director is present, the shareholders present in
person or by proxy must choose any person present at the meeting to chair the
meeting.

	8.9	Adjournments

	 	The chair of a meeting of shareholders
may, and if so directed by the meeting must, adjourn the meeting from time to
time and from place to place, but no business may be transacted at any
adjourned meeting other than the business left unfinished at the meeting from
which the adjournment took place.

	8.10	Notice
of adjourned meeting

	 	It is not necessary to give any notice
of an adjourned meeting or of the business to be transacted at an adjourned
meeting of shareholders except that, when a meeting is adjourned for 30 days or
more, notice of the adjourned meeting must be given as in the case of the
original meeting.

	8.11	Motion
need not be seconded

	 	No motion proposed at a meeting of
shareholders need be seconded unless the chair of the meeting rules otherwise,
and the chair of any meeting of shareholders is entitled to propose or second a
motion.

	8.12	Manner
of taking a poll

	 	Subject to Article 8.13, if a poll is
duly demanded at a meeting of shareholders:

	 	(a)	the
poll must be taken

 - 8 -

	 	(i)	at the
meeting, or within 7 days after the date of the meeting, as the chair of the
meeting directs, and

	 	(ii)	in
the manner, at the time and at the place that the chair of the meeting directs;

	 	(b)	the result of the poll is deemed to be a resolution of,
and passed at, the meeting at which the poll is demanded; and

	 	(c)	the
demand for the poll may be withdrawn.

	8.13	Demand for a poll on adjournment

	 	A poll demanded at a meeting of
shareholders on a question of adjournment must be taken immediately at the
meeting.

	8.14	Demand
for a poll not to prevent continuation of meeting

	 	The demand for a poll at a meeting of
shareholders does not, unless the chair of the meeting so rules, prevent the
continuation of a meeting for the transaction of any business other than the
question on which a poll has been demanded.

	8.15	Poll
not available in respect of election of chair

	 	No poll may be demanded in respect of
the vote by which a chair of a meeting of shareholders is elected.

	8.16	Casting
of votes on poll

	 	On a poll, a shareholder
entitled to more than one vote need not cast all the votes in the same way.

	8.17	Chair
must resolve dispute

	 	In the case of any dispute as to the
admission or rejection of a vote given on a poll, the chair of the meeting must
determine the same, and his or her determination made in good faith is final
and conclusive.

	8.18	Chair
has no second vote

	 	In case of an equality of votes, the
chair of a meeting of shareholders does not, either on a show of hands or on a
poll, have a casting or second vote in addition to the vote or votes to which
the chair may be entitled as a shareholder.

	8.19	Declaration
of result

	 	The chair of a meeting of shareholders
must declare to the meeting the decision on every question in accordance with
the result of the show of hands or the poll, as the case may be, and that
decision must be entered in the minutes of the meeting.

	8.20	Meetings
by telephone or other communications medium

	 	A shareholder or proxy holder who is
entitled to participate in a meeting of shareholders may do so in person, or by
telephone or other communications medium, if all shareholders and proxy holders
participating in the meeting are able to communicate with each other; provided,
however, that nothing in this Section shall obligate the Company to take any
action or provide any facility to permit or facilitate the use of any
communications medium at a meeting of shareholders. If one or more shareholders
or proxy holders participate in a meeting of shareholders in a manner
contemplated by this Section 8.20:

	 	(a)	each such shareholder or proxy holder shall be
deemed to be present at the meeting; and

	 	(b)	the
meeting shall be deemed to be held at the location specified in the notice of
the meeting.

 - 9 -

PART 9 –
ALTERATIONS 

	9.1	Alteration of Authorized Share Structure

	 	Subject to Article 9.2 and the Business
Corporations Act, the Company may by resolution of the directors:

	 	(a)	create one or more classes or series of shares or, if
none of the shares of a class or series of shares are allotted or issued,
eliminate that class or series of shares;

	 	(b)	increase,
reduce or eliminate the maximum number of shares that the Company is authorized
to issue out of any class or series of shares or establish a maximum number of
shares that the Company is authorized to issue out of any class or series of
shares for which no maximum is established;

	 	(c)	if
the Company is authorized to issue shares of a class of shares with par value:

	 	(i)	decrease the par value of those shares,

	 	(ii)	if none
of the shares of that class of shares are allotted or issued, increase the par
value of those shares,

	 	(iii)	subdivide all or any of its unissued or fully paid issued shares with par value
into shares of smaller par value, or

	 	(iv)	consolidate all or any of its unissued or fully paid issued shares with par
value into shares of larger par value;

	 	(d)	subdivide all or any of its unissued or fully
paid issued shares without par value;

	 	(e)	change all or any of its unissued or fully paid issued
shares with par value into shares without par value or all or any of its
unissued shares without par value into shares with par value;

	 	(f)	alter the identifying name of any of its
shares;

	 	(g)	consolidate all or any of its unissued or fully
paid issued shares without par value; or

	 	(h)	otherwise
alter its shares or authorized share structure when required or permitted to do
so by theBusiness Corporations Act. 

	9.2	Change of
Name

	 	The Company may by resolution of the
directors authorize an alteration to its Notice of Articles in order to change
its name or adopt or change any translation of that name.

	9.3	Other
Alterations

	 	If the Business Corporations Act does
not specify the type of resolution and these Articles do not specify another
type of resolution, the Company may by resolution of the directors authorize an
alteration of these Articles.

PART 10 – VOTES OF
SHAREHOLDERS 

	10.1	Voting
rights

	 	Subject to any special rights or
restrictions attached to any shares and to the restrictions imposed on joint
registered holders of shares under Article 10.3:

	 	(a)	on a vote
by show of hands, every person present who is a shareholder or proxy holder and
entitled to vote at the meeting has one vote; and

 - 10 -

	 	(b)	on a poll,
every shareholder entitled to vote has one vote in respect of each share held
by that shareholder that carries the right to vote on that poll and may
exercise that vote either in person or by proxy.

	10.2	Trustee of shareholder may vote

	 	A person who is not a shareholder may
vote on a resolution at a meeting of shareholders, whether on a show of hands
or on a poll, and may appoint a proxy holder to act at the meeting in relation
to that resolution, if, before doing so, the person satisfies the chair of the
meeting at which the resolution is to be considered, or satisfies all of the
directors present at the meeting, that the person is a trustee for a
shareholder who is entitled to vote on the resolution.

	10.3	Votes by
joint shareholders

	 	If there are joint shareholders
registered in respect of any share:

	 	(a)	any one of the joint shareholders, but not both or all,
may vote at any meeting, either personally or by proxy, in respect of the share
as if that joint shareholder were solely entitled to it; or

	 	(b)	if more
than one of the joint shareholders is present at any meeting, personally or by
proxy, the joint shareholder present whose name stands first on the central
securities register in respect of the share is alone entitled to vote in
respect of that share.

	10.4	Trustees as
joint shareholders

	 	Two or more trustees of a shareholder
in whose sole name any share is registered are, for the purposes of Article
10.3, deemed to be joint shareholders.

	10.5	Representative of a corporate shareholder

	 	If a corporation that is not a
subsidiary of the Company is a shareholder, that corporation may appoint a
person to act as its representative at any meeting of shareholders of the
Company, and:

	 	(a)	for
that purpose, the instrument appointing a representative must

	 	(i)	be received at the registered office of the Company or at
any other place specified, in the notice calling the meeting, for the receipt
of proxies, at least 2 business days before the day set for the holding of the
meeting, or

	 	(ii)	unless
the notice of the meeting provides otherwise, be provided, at the meeting, to
the chair of the meeting; and

	 	(b)	if
a representative is appointed under this Article 10.5,

	 	(i)	the representative is entitled to exercise in respect of
and at that meeting the same rights on behalf of the corporation that the representative
represents as that corporation could exercise if it were a shareholder who is
an individual, including, without limitation, the right to appoint a proxy
holder, and

	 	(ii)	the
representative, if present at the meeting, is to be counted for the purpose of
forming a quorum and is deemed to be a shareholder present in person at the
meeting.

	10.6	When proxy
provisions do not apply

	 	Articles 10.7 to 10.13 do not apply to the Company if
and for so long as it is a public company.

 - 11 -

	10.7	Appointment of
proxy holder

	 	Every shareholder of the Company,
including a corporation that is a shareholder but not a subsidiary of the
Company, entitled to vote at a meeting of shareholders of the Company may, by
proxy, appoint a proxy holder to attend and act at the meeting in the manner,
to the extent and with the powers conferred by the proxy.

	10.8	Alternate
proxy holders

	 	A shareholder may appoint one or more
alternate proxy holders to act in the place of an absent proxy holder.

	10.9	When proxy
holder need not be shareholder

	 	A person must not be appointed as a
proxy holder unless the person is a shareholder, although a person who is not a
shareholder may be appointed as a proxy holder if:

	 	(a)	the person appointing the proxy holder is a corporation
or a representative of a corporation appointed under Article 10.5;

	 	(b)	the Company has at the time of the meeting for which the
proxy holder is to be appointed only one shareholder entitled to vote at the
meeting; or

	 	(c)	the
shareholders present in person or by proxy at and entitled to vote at the
meeting for which the proxy holder is to be appointed, by a resolution on which
the proxy holder is not entitled to vote but in respect of which the proxy
holder is to be counted in the quorum, permit the proxy holder to attend and
vote at the meeting.

	10.10	Form of
proxy

	 	A proxy, whether for a specified
meeting or otherwise, must be either in the following form or in any other form
approved by the directors or the chair of the meeting:

(Name of Company) 

	 	The undersigned, being a shareholder of
the above named Company, hereby appoints
........................................ or, failing that person,
........................................, as proxy holder for the undersigned to
attend, act and vote for and on behalf of the undersigned at the meeting of
shareholders to be held on the day of and at any adjournment of that meeting.

	 	Signed this .......... day of
..............................................., .................

	 	...............................................................

Signature of shareholder

	10.11	Provision
of proxies

	 	A proxy for a meeting of shareholders
must:

	 	(a)	be received at the registered office of the Company or at
any other place specified in the notice calling the meeting for the receipt of
proxies, at least the number of business days specified in the notice or, if no
number of days is specified, 2 business days before the day set for the holding
of the meeting; or

	 	(b)	unless the
notice of the meeting provides otherwise, be provided at the meeting to the
chair of the meeting.

 - 12 -

	10.12	Revocation of proxies

	 	Subject to Article 10.13, every proxy may be revoked
by an instrument in writing that is:

	 	(a)	received at the registered office of the Company at any
time up to and including the last business day before the day set for the
holding of the meeting at which the proxy is to be used; or

	 	(b)	provided
at the meeting to the chair of the meeting.

	10.13	Revocation
of proxies must be signed

	 	An instrument referred to in Article
10.12 must be signed as follows:

	 	(a)	if the shareholder for whom the proxy holder is appointed
is an individual, the instrument must be signed by the shareholder or his or
her trustee; or

	 	(b)	if the
shareholder for whom the proxy holder is appointed is a corporation, the
instrument must be signed by the corporation or by a representative appointed
for the corporation under Article 10.5.

	10.14	Validity
of proxy votes

	 	A vote given in accordance with the
terms of a proxy is valid despite the death or incapacity of the shareholder
giving the proxy and despite the revocation of the proxy or the revocation of
the authority under which the proxy is given, unless notice in writing of that
death, incapacity or revocation is received:

	 	(a)	at the registered office of the Company, at any time up
to and including the last business day before the day set for the holding of
the meeting at which the proxy is to be used; or

	 	(b)	by
the chair of the meeting, before the vote is taken.

	10.15	Production
of evidence of authority to vote

	 	The chair of any meeting of
shareholders may, but need not, inquire into the authority of any person to
vote at the meeting and may, but need not, demand from that person production
of evidence as to the existence of the authority to vote.

PART 11 – DIRECTORS 

	11.1	First
directors; number of directors

	 	The first directors are the persons
designated as directors of the Company in the Notice of Articles that applies
to the Company when it is recognized under the Business Corporations Act.
The number of directors, excluding additional directors appointed under Article
12.7, is set at:

	 	(a)	subject to paragraphs (b) and (c), the number of
directors that is equal to the number of the Company’s first directors;

	 	(b)	if the Company is a public company, the greater of three
and the number most recently elected by ordinary resolution (whether or not
previous notice of the resolution was given); and

	 	(c)	if the
Company is not a public company, the number most recently elected by ordinary
resolution (whether or not previous notice of the resolution was given).

	11.2	Change in
number of directors

	 	If the number of directors is set under
Articles 11.1(b) or 11.1(c):

	 	(a)	the
shareholders may elect or appoint the directors needed to fill any vacancies in
the board of directors up to that number;

 - 13 -

	 	(b)	if,
contemporaneously with setting that number, the shareholders do not elect or
appoint the directors needed to fill vacancies in the board of directors up to
that number, then the directors may appoint, or the shareholders may elect or
appoint, directors to fill those vacancies.

	11.3	Directors’ acts valid despite vacancy

	 	An act or proceeding of the directors
is not invalid merely because fewer directors have been appointed or elected
than the number of directors set or otherwise required under these Articles.

	11.4	Qualifications of directors

	 	A director is not required to hold a
share in the capital of the Company as qualification for his or her office but
must be qualified as required by the Business Corporations Act to
become, act or continue to act as a director.

	11.5	Remuneration of directors

	 	The directors are entitled to the
remuneration, if any, for acting as directors as the directors may from time to
time determine. If the directors so decide, the remuneration of the directors
will be determined by the shareholders. That remuneration may be in addition to
any salary or other remuneration paid to a director in such director’s capacity
as an officer or employee of the Company.

	11.6	Reimbursement of expenses of directors

	 	The Company must reimburse each
director for the reasonable expenses that he or she may incur in and about the
business of the Company.

	11.7	Special
remuneration for directors

	 	If any director performs any
professional or other services for the Company that in the opinion of the
directors are outside the ordinary duties of a director, or if any director is
otherwise specially occupied in or about the Company’s business, he or she may
be paid remuneration fixed by the directors, or, at the option of that
director, fixed by ordinary resolution, and such remuneration may be either in
addition to, or in substitution for, any other remuneration that he or she may
be entitled to receive.

	11.8	Gratuity,
pension or allowance on retirement of director

	 	Unless otherwise determined by ordinary
resolution, the directors on behalf of the Company may pay a gratuity or
pension or allowance on retirement to any director who has held any salaried
office or place of profit with the Company or to his or her spouse or
dependants and may make contributions to any fund and pay premiums for the
purchase or provision of any such gratuity, pension or allowance.

PART 12 – ELECTION AND
REMOVAL OF DIRECTORS 

	12.1	Election at
annual general meeting

	 	At every annual general meeting and in
every unanimous resolution contemplated by Article 7.2:

	 	(a)	the shareholders entitled to vote at the annual general
meeting for the election of directors may elect, or in the unanimous resolution
appoint, a board of directors consisting of up to the number of directors for
the time being set under these Articles; and

	 	(b)	all the
directors cease to hold office immediately before the election or appointment
of directors under paragraph (a), but are eligible for re-election or
re-appointment.

	12.2	Consent to
be a director

	 	No election, appointment or designation of an
individual as a director is valid unless:

 - 14 -

	 	(a)	that individual consents to be a director in the manner
provided for in theBusiness Corporations Act; 

	 	(b)	that individual is elected or appointed at a meeting at
which the individual is present and the individual does not refuse, at the
meeting, to be a director; or

	 	(c)	with
respect to first directors, the designation is otherwise valid under theBusiness
Corporations Act. 

	12.3	Failure to
elect or appoint directors

	 	If:

	 	(a)	the
Company fails to hold an annual general meeting, and all the shareholders who
are entitled to vote at an annual general meeting fail to pass the unanimous
resolution contemplated by Article 7.2, on or before the date by which the
annual general meeting is required to be held under theBusiness
Corporations Act; or 

	 	(b)	the shareholders fail, at the annual general meeting or
in the unanimous resolution contemplated by Article 7.2, to elect or appoint
any directors;

	 	then each director in office at such time continues to hold
office until the earlier of:

	 	(c)	the date on which his or her successor is
elected or appointed; and

	 	(d)	the date
on which he or she otherwise ceases to hold office under theBusiness
Corporations Act or these Articles. 

	12.4	Directors
may fill casual vacancies

	 	Any casual vacancy occurring in the
board of directors may be filled by the remaining directors.

	12.5	Remaining
directors’ power to act

	 	The directors may act notwithstanding
any vacancy in the board of directors, but if the Company has fewer directors
in office than the number set pursuant to these Articles as the quorum of directors,
the directors may only act for the purpose of appointing directors up to that
number or for the purpose of summoning a meeting of shareholders to fill any
vacancies on the board of directors or for any other purpose permitted by the Business
Corporations Act.

	12.6	Shareholders may fill vacancies

	 	If the Company has no directors or
fewer directors in office than the number set pursuant to these Articles as the
quorum of directors, and the directors have not filled the vacancies pursuant
to Article 12.5 above, the shareholders may elect or appoint directors to fill
any vacancies on the board of directors.

	12.7	Additional
directors

	 	Notwithstanding Articles 11.1 and 11.2,
between annual general meetings or unanimous resolutions contemplated by
Article 7.2, the directors may appoint one or more additional directors, but
the number of additional directors appointed under this Article 12.7 must not
at any time exceed:

	 	(a)	one-third of the number of first directors, if, at the
time of the appointments, one or more of the first directors have not yet
completed their first term of office; or

	 	(b)	in any
other case, one-third of the number of the current directors who were elected
or appointed as directors other than under this Article 12.7.

 - 15 -

	 	Any director
so appointed ceases to hold office immediately before the next election or
appointment of directors under Article 12.1(a), but is eligible for re-election
or re-appointment.

	12.8	Ceasing to
be a director

	 	A director ceases to be a director
when:

	 	(a)	the term of office of the director expires;

	 	(b)	the director dies;

	 	(c)	the director resigns as a director by notice in writing
provided to the Company or a lawyer for the Company; or

	 	(d)	the
director is removed from office pursuant to Articles 12.9 or 12.10.

	12.9	Removal
of director by shareholders

	 	The Shareholders may, by special
resolution, remove any director before the expiration of his or her term of
office, and may, by ordinary resolution, elect or appoint a director to fill
the resulting vacancy. If the shareholders do not contemporaneously elect or
appoint a director to fill the vacancy created by the removal of a director, then
the directors may appoint, or the shareholders may elect or appoint by ordinary
resolution, a director to fill that vacancy.

	12.10	Removal
of director by directors

	 	The directors may remove any director
before the expiration of his or her term of office if the director is convicted
of an indictable offence, or if the director ceases to be qualified to act as a
director of a company and does not promptly resign, and the directors may
appoint a director to fill the resulting vacancy.

	12.11	Nominations
of directors

	 	(a)	Only
persons who are nominated in accordance with the following procedures shall be
eligible for election as directors of the Company. Nominations of persons for
election to the board may be made at any annual meeting of shareholders or at any
special meeting of shareholders if one of the purposes for which the special
meeting was called was the election of directors:

	 	(i)	by or at the direction of the board, including
pursuant to a notice of meeting;

	 	(ii)	by or at
the direction or request of one or more shareholders pursuant to a proposal
made in accordance with the provisions of theBusiness Corporations Act,
or a requisition of the shareholders made in accordance with the provisions of
the Business Corporations Act; or 

	 	(iii)	by any
person (a “Nominating Shareholder”): (A) who, at the close of business
on the date of the giving of the notice provided for below in this Section
12.11 and on the record date for notice of such meeting, is entered in the
securities register as a holder of one or more shares carrying the right to
vote at such meeting or who beneficially owns shares that are entitled to be
voted at such meeting; and (B) who complies with the notice procedures set
forth below in this Section 12.11. 

	 	(b)	In
addition to any other applicable requirements, for a nomination to be made by a
Nominating Shareholder, the Nominating Shareholder must have given timely
notice thereof in proper written form to the Secretary of the Company at the
principal executive offices of the Company.

	 	(c)	To
be timely, a Nominating Shareholder’s notice to the Secretary of the Company
must be made:

	 	(i)	in the
case of an annual meeting of shareholders, not less than 30 nor more than 65
days prior to the date of the annual meeting of shareholders; provided,
however, that in the event that the annual meeting of shareholders is to be
held on a date that is less than 50 days after

 - 16 -

	 	the date (the
“Notice Date”) on which the first public announcement (as defined below)
of the date of the annual meeting was made, notice by the Nominating
Shareholder may be made not later than the close of business on the tenth
(10th) day after the Notice Date in respect of such meeting; and

	 	(ii)	in the
case of a special meeting (which is not also an annual meeting) of shareholders
called for the purpose of electing directors (whether or not called for other
purposes), not later than the close of business on the fifteenth (15th) day
following the day on which the first public announcement of the date of the
special meeting of shareholders was made. In no event shall any adjournment or
postponement of a meeting of shareholders or the announcement thereof commence
a new time period for the giving of a Nominating Shareholder’s notice as
described above.

	 	(d)	To be in
proper written form, a Nominating Shareholder’s notice to the Secretary of the
Company must set forth:

	 	(i)	as to each person whom the Nominating Shareholder
proposes to nominate for election as a director: (A) the name, age, business
address and residential address of the person; (B) the principal occupation or
employment of the person; (C) the class or series and number of shares in the
capital of the Company which are controlled or which are owned beneficially or
of record by the person as of the record date for the meeting of shareholders
(if such date shall then have been made publicly available and shall have
occurred) and as of the date of such notice; and (D) any other information
relating to the person that would be required to be disclosed in a dissident’s
proxy circular in connection with solicitations of proxies for election of
directors pursuant to theBusiness Corporations Act and Applicable
Securities Laws (as defined below); and 

	 	(ii)	as to the
Nominating Shareholder giving the notice, any proxy, contract, arrangement,
understanding or relationship pursuant to which such Nominating Shareholder has
a right to vote any shares of the Company and any other information relating to
such Nominating Shareholder that would be required to be made in a dissident’s
proxy circular in connection with solicitations of proxies for election of
directors pursuant to theBusiness Corporations Act and Applicable
Securities Laws (as defined below). 

	 	(e)	The
Company may require any proposed nominee to furnish such other information as
may reasonably be required by the Company to determine the eligibility of such
proposed nominee to serve as an independent director of the Company or that
could be material to a reasonable shareholder’s understanding of the independence,
or lack thereof, of such proposed nominee.

	 	(f)	No person
shall be eligible for election as a director of the Company unless nominated in
accordance with the provisions of this Section 12.11; provided, however, that
nothing in this Section 12.11 shall be
deemed to preclude discussion by a shareholder (as distinct from the nomination
of directors) at a meeting of shareholders of any matter in respect of which it
would have been entitled to submit a proposal pursuant to the provisions of theBusiness Corporations Act. The Chairman of the meeting shall have the
power and duty to determine whether a nomination was made in accordance with
the procedures set forth in the foregoing provisions and, if any proposed
nomination is not in compliance with such foregoing provisions, to declare that
such defective nomination shall be disregarded.

	 	(g)	For
purposes of this Section 12.11:

	 	(i)	“public announcement” shall mean disclosure in a press
release reported by a national news service in Canada, or in a document
publicly filed by the Company under its profile on the System of Electronic
Document Analysis and Retrieval at www.sedar.com; and

	 	(ii)	“Applicable Securities Laws” means the applicable securities legislation of
each relevant province and territory of Canada, as amended from time to time,
the rules, regulations and forms made or promulgated under any such statute and
the published national instruments,

 - 17 -

	 	multilateral instruments, policies, bulletins and
notices of the securities commission andsimilar regulatory
authority of each province and territory of Canada.

	 	(h)	Notwithstanding any other provision of this Section 12.11, notice given to the
Secretary of the Company pursuant to this Section 12.11 may only be given by
personal delivery, facsimile transmission or by email (at such email address as
stipulated from time to time by the Secretary of the Company for purposes of
this notice), and shall be deemed to have been given and made only at the time
it is served by personal delivery, email (at the address as aforesaid) or sent
by facsimile transmission (provided that receipt of confirmation of such
transmission has been received) to the Secretary at the address of the
principal executive offices of the Company; provided that if such delivery or
electronic communication is made on a day which is a not a business day or
later than 5:00 p.m.
(Vancouver time) on a day which is a business day, then such delivery or
electronic communication shall be deemed to have been made on the subsequent
day that is a business day.

	 	(i)	Notwithstanding the foregoing, the board may, in its sole discretion, waive any
requirement in this Section 12.11.

PART 13– PROCEEDINGS OF
DIRECTORS 

	13.1	Meetings of
directors

	 	The directors may meet together for the
conduct of business, adjourn and otherwise regulate their meetings as they
think fit, and meetings of the board held at regular intervals may be held at
the place and at the time that the board may by resolution from time to time
determine.

	13.2	Chair of
meetings

	 	Meetings of directors are to be chaired
by:

	 	(a)	the chair of the board, if any;

	 	(b)	in
the absence of the chair of the board, the president, if any, if the president
is a director; or

	 	(c)	any
other director chosen by the directors if:

	 	(i)	neither the chair of the board nor the president, if a
director, is present at the meeting within 15 minutes after the time set for
holding the meeting,

	 	(ii)	neither
the chair of the board nor the president, if a director, is willing to chair
the meeting, or

	 	(iii)	the chair of
the board and the president, if a director, have advised the secretary, if any,
or any other director, that they will not be present at the meeting.

	13.3	Voting at
meetings

	 	Questions arising at any meeting of
directors are to be decided by a majority of votes and, in the case of an
equality of votes, the chair of the meeting does not have a second or casting
vote.

	13.4	Meetings by
telephone or other communications medium

	 	A director may participate in a meeting
of the directors or of any committee of the directors in person, or by
telephone or other communications medium, if all directors participating in the
meeting are able to communicate with each other. A director may participate in
a meeting of the directors or of any committee of the directors by a
communications medium other than telephone if all directors participating in
the meeting, whether in person or by telephone or other communications medium,
are able to communicate with each other and if all directors who wish to
participate in the meeting agree to such participation. A director who
participates in a meeting in a manner contemplated by this Article 13.4 is
deemed for all purposes of the Business Corporations Act and these Articles
to be present at the meeting and to have agreed to participate in that manner.

 - 18 -

	13.5	Who may call extraordinary meetings

	 	A director may call a meeting of the
board at any time. The secretary, if any, must on request of a director, call a
meeting of the board.

	13.6	Notice of
extraordinary meetings

	 	Subject to Articles 13.7 and 13.8, if a
meeting of the board is called under Article 13.4, reasonable notice of that
meeting, specifying the place, date and time of that meeting, must be given to
each of the directors:

	 	(a)	by mail addressed to the director’s address as it appears
on the books of the Company or to any other address provided to the Company by
the director for this purpose;

	 	(b)	by leaving it at the director’s prescribed address or at
any other address provided to the Company by the director for this purpose; or

	 	(c)	orally, by
delivery of written notice or by telephone, voice mail, e-mail, fax or any
other method of legibly transmitting messages.

	13.7	When notice
not required

	 	It is not necessary to give notice of a
meeting of the directors to a director if:

	 	(a)	the meeting is to be held immediately following a meeting
of shareholders at which that director was elected or appointed or is the
meeting of the directors at which that director is appointed;

	 	(b)	the director has filed a waiver under Article
13.9; or

	 	(c)	the
director attends such meeting.

	13.8	Meeting
valid despite failure to give notice

	 	The accidental omission to give notice
of any meeting of directors to any director, or the non-receipt of any notice
by any director, does not invalidate any proceedings at that meeting.

	13.9	Waiver
of notice of meetings

	 	Any director may file with the Company
a notice waiving notice of any past, present or future meeting of the directors
and may at any time withdraw that waiver with respect to meetings of the
directors held after that withdrawal.

	13.10	Effect
of waiver

	 	After a director files a waiver under
Article 13.9 with respect to future meetings of the directors, and until that
waiver is withdrawn, notice of any meeting of the directors need not be given
to that director unless the director otherwise requires in writing to the
Company.

	13.11	Quorum

	 	The quorum necessary for the
transaction of the business of the directors may be set by the directors and,
if not so set, is a majority of the directors.

	13.12	If
only one director

	 	If, in accordance with Article 11.1, the number of
directors is one, the quorum necessary for the transaction of the business of
the directors is one director, and that director may constitute a meeting.

 - 19 -

PART 14 –
COMMITTEES OF DIRECTORS 

	14.1	Appointment of committees

	 	The directors may, by resolution:

	 	(a)	appoint
one or more committees consisting of the director or directors that they
consider appropriate;

	 	(b)	delegate
to a committee appointed under paragraph (a) any of the directors’ powers,
except:

	 	(i)	the power to fill vacancies in the board,

	 	(ii)	the power
to change the membership of, or fill vacancies in, any committee of the board,
and

	 	(iii)	the
power to appoint or remove officers appointed by the board; and

	 	(c)	make
any delegation referred to in paragraph (b) subject to the conditions set out in
the resolution.

	14.2	Obligations
of committee

	 	Any committee formed under Article
14.1, in the exercise of the powers delegated to it, must:

	 	(a)	conform to any rules that may from time to time
be imposed on it by the directors; and

	 	(b)	report
every act or thing done in exercise of those powers to the earliest meeting of
the directors to be held after the act or thing has been done.

	14.3	Powers of
board

	 	The board may, at any time:

	 	(a)	revoke the authority given to a committee, or override a
decision made by a committee, except as to acts done before such revocation or
overriding;

	 	(b)	terminate the appointment of, or change the
membership of, a committee; and

	 	(c)	fill
vacancies in a committee.

	14.4	Committee
meetings

	 	Subject to Article 14.2(a):

	 	(a)	the members of a directors’ committee may meet
and adjourn as they think proper;

	 	(b)	a directors’ committee may elect a chair of its meetings
but, if no chair of the meeting is elected, or if at any meeting the chair of
the meeting is not present within 15 minutes after the time set for holding the
meeting, the directors present who are members of the committee may choose one
of their number to chair the meeting;

	 	(c)	a majority of the members of a directors’
committee constitutes a quorum of the committee; and

	 	(d)	questions
arising at any meeting of a directors’ committee are determined by a majority
of votes of the members present, and in case of an equality of votes, the chair
of the meeting has no second or casting vote.

 - 20 -

PART 15 – OFFICERS 

	15.1	Appointment of officers

	 	The board may, from time to time,
appoint a president, secretary or any other officers that it considers
necessary or desirable, and none of the individuals appointed as officers need
be a member of the board.

	15.2	Functions,
duties and powers of officers

	 	The board may, for each officer:

	 	(a)	determine the functions and duties the officer
is to perform;

	 	(b)	entrust to and confer on the officer any of the powers
exercisable by the directors on such terms and conditions and with such
restrictions as the directors think fit; and

	 	(c)	from time
to time revoke, withdraw, alter or vary all or any of the functions, duties and
powers of the officer.

	15.3	Remuneration

	 	All appointments of officers are to be
made on the terms and conditions and at the remuneration (whether by way of
salary, fee, commission, participation in profits or otherwise) that the board
thinks fit and are subject to termination at the pleasure of the board.

PART 16 – CERTAIN
PERMITTED ACTIVITIES OF DIRECTORS 

	16.1	Other
office of director

	 	A director may hold any office or place
of profit with the Company (other than the office of auditor of the Company) in
addition to his or her office of director for the period and on the terms (as
to remuneration or otherwise) that the directors may determine.

	16.2	No
disqualification

	 	No director or intended director is
disqualified by his or her office from contracting with the Company either with
regard to the holding of any office or place of profit the director holds with
the Company or as vendor, purchaser or otherwise.

	16.3	Professional services by director or officer

	 	Subject to compliance with the
provisions of the Business Corporations Act, a director or officer of
the Company, or any corporation or firm in which that individual has an
interest, may act in a professional capacity for the Company, except as auditor
of the Company, and the director or officer or such corporation or firm is
entitled to remuneration for professional services as if that individual were
not a director or officer.

	16.4	Remuneration and benefits received from certain entities

	 	A director or officer may be or become a director,
officer or employee of, or may otherwise be or become interested in, any
corporation, firm or entity in which the Company may be interested as a
shareholder or otherwise, and, subject to compliance with the provisions of the
Business Corporations Act, the director or officer is not accountable to
the Company for any remuneration or other benefits received by him or her as
director, officer or employee of, or from his or her interest in, such other
corporation, firm or entity.

 - 21 -

PART 17 – INDEMNIFICATION 

	17.1	Indemnification of directors

	 	The directors must cause the Company to
indemnify its directors and former directors, and their respective heirs and
personal or other legal representatives to the greatest extent permitted by
Division 5 of Part 5 of the Business Corporations Act.

	17.2	Deemed contract

	 	Each director is deemed to have
contracted with the Company on the terms of the indemnity referred to in
Article 17.1.

PART 18 – AUDITOR 

	18.1	Remuneration of an
auditor

	 	The directors may set the remuneration
of the auditor of the Company.

	18.2	Waiver of appointment
of an auditor

	 	The Company shall not be required to
appoint an auditor if all of the shareholders of the Company, whether or not
their shares otherwise carry the right to vote, resolve by a unanimous
resolution to waive the appointment of an auditor. Such waiver may be given
before, on or after the date on which an auditor is required to be appointed
under the Business Corporations Act, and is effective for one financial
year only.

PART 19 – DIVIDENDS 

	19.1	Declaration of
dividends

	 	Subject to the rights, if any, of
shareholders holding shares with special rights as to dividends, the directors
may from time to time declare and authorize payment of any dividends the
directors consider appropriate.

	19.2	No notice required

	 	The directors need not give notice to
any shareholder of any declaration under Article 19.1.

	19.3	Directors may
determine when dividend payable

	 	Any dividend declared by
the directors may be made payable on such date as is fixed by the directors.

	19.4	Dividends to be
paid in accordance with number of shares

	 	Subject to the rights of shareholders,
if any, holding shares with special rights as to dividends, all dividends on
shares of any class or series of shares must be declared and paid according to
the number of such shares held.

	19.5	Manner of paying
dividend

	 	A resolution declaring a dividend may
direct payment of the dividend wholly or partly by the distribution of specific
assets or of paid up shares or fractional shares, bonds, debentures or other
debt obligations of the Company, or in any one or more of those ways, and, if
any difficulty arises in regard to the distribution, the directors may settle
the difficulty as they consider expedient, and, in particular, may set the
value for distribution of specific assets.

	19.6	Dividend bears no
interest

	 	No dividend bears interest against the Company.

 - 22 -

	19.7	Fractional
dividends

	 	If a dividend to which a shareholder is
entitled includes a fraction of the smallest monetary unit of the currency of
the dividend, that fraction may be disregarded in making payment of the
dividend and that payment represents full payment of the dividend.

	19.8	Payment of
dividends

	 	Any dividend or other distribution
payable in cash in respect of shares may be paid by cheque, made payable to the
order of the person to whom it is sent, and mailed:

	 	(a)	subject to paragraphs (b) and (c), to the
address of the shareholder;

	 	(b)	subject to paragraph (c), in the case of joint
shareholders, to the address of the joint shareholder whose name stands first
on the central securities register in respect of the shares; or

	 	(c)	to
the person and to the address as the shareholder or joint shareholders may
direct in writing.

	19.9	Receipt
by joint shareholders

	 	If several persons are joint shareholders
of any share, any one of them may give an effective receipt for any dividend,
bonus or other money payable in respect of the share.

PART 20 – ACCOUNTING
RECORDS 

	20.1	Recording
of financial affairs

	 	The board must cause adequate
accounting records to be kept to record properly the financial affairs and
condition of the Company and to comply with the provisions of the Business
Corporations Act.

PART 21 – EXECUTION OF
INSTRUMENTS 

	21.1	Who
may attest seal

	 	The Company’s seal, if any, must not be
impressed on any record except when that impression is attested by the
signature or signatures of:

	 	(a)	any 2 directors;

	 	(b)	any officer, together with any director;

	 	(c)	if the Company has only one director, that
director; or

	 	(d)	any
one or more directors or officers or persons as may be determined by resolution
of the directors.

	21.2	Sealing
copies

	 	For the purpose of certifying under
seal a true copy of any resolution or other document, the seal must be
impressed on that copy and, despite Article 21.1, may be attested by the
signature of any director or officer.

	21.3	Execution
of documents not under seal

	 	Any instrument, document or agreement for which the
seal need not be affixed may be executed for and on behalf of and in the name
of the Company by any one director or officer of the Company, or by any other
person appointed by the directors for such purpose.

 - 23 -

PART 22 – NOTICES 

	22.	Method of giving notice

	 	Unless the Business Corporations Act
or these Articles provides otherwise, a notice, statement, report or other
record required or permitted by the Business Corporations Act or these
Articles to be sent by or to a person may be sent by any one of the following
methods:

	 	(a)	mail
addressed to the person at the applicable address for that person as follows:

	 	(i)	for a record mailed to a shareholder, the
shareholder’s registered address,

	 	(ii)	for a
record mailed to a director or officer, the prescribed address for mailing
shown for the director or officer in the records kept by the Company or the
mailing address provided by the recipient for the sending of that record or
records of that class, or

	 	(iii)	in any
other case, the mailing address of the intended recipient;

	 	(b)	delivery
at the applicable address for that person as follows, addressed to the person:

	 	(i)	for a record delivered to a shareholder, the
shareholder’s registered address,

	 	(ii)	for a
record delivered to a director or officer, the prescribed address for delivery
shown for the director or officer in the records kept by the Company or the
delivery address provided by the recipient for the sending of that record or
records of that class,

	 	(iii)	in any
other case, the delivery address of the intended recipient;

	 	(c)	sending the record by fax to the fax number provided by
the intended recipient for the sending of that record or records of that class;

	 	(d)	sending the record by email to the email address provided
by the intended recipient for the sending of that record or records of that
class;

	 	(e)	physical delivery to the intended recipient; or

	 	(f)	such other
manner of delivery as is permitted by applicable legislation governing
electronic delivery.

	22.	Deemed
receipt of mailing

	 	A record that is mailed to a person by
ordinary mail to the applicable address for that person referred to in Article
22.1 is deemed to be received by the person to whom it was mailed on the day,
Saturdays, Sundays and holidays excepted, following the date of mailing.

	22.	Certificate
of sending

	 	A certificate signed by the secretary,
if any, or other officer of the Company or of any other corporation acting in
that behalf for the Company stating that a notice, statement, report or other
record was addressed as required by Article 22.1, prepaid and mailed or
otherwise sent as permitted by Article 22.1 is conclusive evidence of that
fact.

	22.	Notice to
joint shareholders

	 	A notice, statement, report or other record may be
provided by the Company to the joint registered shareholders of a share by
providing the notice to the joint registered shareholder first named in the
central securities register in respect of the share.

 - 24 -

	22.5	Notice to
trustees

	 	A notice, statement, report or other
record may be provided by the Company to the persons entitled to a share in
consequence of the death, bankruptcy or incapacity of a shareholder by:

	 	(a)	mailing
the record, addressed to them:

	 	(i)	by name, by the title of the legal personal
representative of the deceased or incapacitated shareholder, by the title of
trustee of the bankrupt shareholder or by any similar description, and

	 	(ii)	at the
address, if any, supplied to the Company for that purpose by the persons
claiming to be so entitled; or

	 	(b)	if an
address referred to in Article 22.5(a)(ii) has not been supplied to the
Company, by giving the notice in a manner in which it might have been given if
the death, bankruptcy or incapacity had not occurred.

PART 23 – RESTRICTION ON
SHARE TRANSFER 

	23.1	Application

	 	Article 23.2 does not apply to the
Company if and for so long as it is a public company.

	23.2	2 Consent
required for transfer

	 	No shares may be sold, transferred or
otherwise disposed of without the consent of the directors and the directors
are not required to give any reason for refusing to consent to any such sale,
transfer or other disposition.

PART 24 - SPECIAL RIGHTS
AND RESTRICTIONS 

	24.1	Preferred
shares issuable in series

	 	The Preferred shares may include one or
more series and, subject to the Business Corporations Act, the directors
may, by resolution, if none of the shares of any particular series are issued,
alter the Articles of the Company and authorize the alteration of the Notice of
Articles of the Company, as the case may be, to do one or more of the
following:

	 	(a)	determine the maximum number of shares of that series
that the Company is authorized to issue, determine that there is no such
maximum number, or alter any such determination;

	 	(b)	create an identifying name for the shares of that
series, or alter any such identifying name; and

	 	(c)	attach
special rights or restrictions to the shares of that series, or alter any such
special rights or restrictions.

	 	 
	 	 
	Full Name and signature of incorporator 	Date of Signing 
	 	 
	 	    <>
	 	 
	 	 
	 	 
	 	 
	_________________________________________	 
	<>	 

 - 25 -

 - 26 -

SCHEDULE E

 LIST OF INTELLECTUAL PROPERTY 

	1.	Website domains;

	2.	Logo branding;
and

	3.	Plant diagrams
and schematics.

 - 27 -

SCHEDULE F 

WARATAH ROYALTIES 

Eco Endeavors and Waratah Capital Ltd. (“WCL”)
entered into a Royalty Deed dated June 1, 2012, whereby Eco Endeavors agreed to
pay WCL a royalty calculated as 3% of all revenue determined and calculated on
a quarterly basis each year. Royalties are calculated by including in such
revenues all revenues receivable by any of Eco Endeavors subsidiaries. 

 - 28 -

SCHEDULE G 

DISCLOSURE STATEMENT 

Section 3.1(b) 

Eco Endeavors owes Palladio Projects Kft 75,000 Euros
pursuant to the terms of a consulting agreement. Payment is overdue pursuant to
the closing of the sale of Kenderes Biogaz to Kenderesh (the “Palladio
Agreement”). 

Kenderes Biogaz owes Palladio Projects Kft certain
sums pursuant to the terms of the Kenderes Biogaz Royalty. 

Kenderes Biogaz owes Középtiszai Mez Kenderes Biogaz owes Középtiszai Mez gazdasági Zártkör en M köd Részvénytársaság (“Középtiszai”) 13,333,333 Hungarian Forints pursuant to the terms of a Biowaste utilization contract (Biohulladék Hasznosítási Szerz dés) and an operating agreement (Együttm ködési Szerz dés).

Eco Endeavors owes Waratah certain
sums pursuant to the terms of the Deed of Undertaking, which, for greater
certainty, is anticipated to increase until the Effective Date as Waratah
continues to fund Eco Endeavors until such date.

General indebtedness occurred in the normal course of
business. 

Section 3.1(g) 

Payments required pursuant to Palladio
Agreement. 

Payments required to Középtiszai pursuant to the Biowaste
utilization contract and the operating agreement. 

Section 3.1(n) 

Waratah Royalty
Kenderes Biogaz Royalty 

Section 3.1(o) 

See Section 3.1(n) disclosure of
royalties set out in this Schedule above which information is incorporated into this section by reference. 

Section 3.1(t)

 Eco
Endeavors has not filed tax returns for its fiscal years ended March 31, 2012
or 2013. 

Section 3.1(w) 

Monthly payments of 2,222,223 Hungarian Forints
are due to Középtiszai on the 10th day of each month. If the payments are not made,
Kenderes Biogaz will be in breach of the contract and run the risk of Középtiszai
confiscating the Sorghum, which is used to run the biogas plant. In this case,
the plant would likely not be able to run in a profitable fashion.

 - 29 -

Section 3.1(bb) 

See Section 3.1(w) set out
in this Schedule above which information is incorporated into this section by
reference. 

Section 3.1(ff) 

Supply has been secured
through to August 2013. Following this date, raw material supply is uncertain
and significant investment will be required to secure supply for the coming
year. If sufficient funding is not received, Kenderes Biogaz will not have
adequate supply and it will have a material adverse effect on the revenues and
operations of Kenderes Biogaz. 

Kenderes Biogaz has an arrangement with Középtiszai
whereby they remove all fertilizer produced by the plant and spread it over
their farms. This arrangement will terminate in October of 2013, although the
farmer has refused to remove the fertilizer thus far in 2013. Kenderes Biogaz
will need to make significant investment in heat exchange infrastructure and
fertilizer certification to appropriately dispose of or sell the fertilizer.
Kenderes Biogaz has started the fertilizer certification, but requires further
funding for this endeavor and if sufficient funds are not received it will have
a material negative effect on the profitability of the plant.Exhibit10.1-Main Agreement

Exhibit 10.1    EXECUTION COPY

Cover 	
	
	CREDIT AGREEMENT

dated as of 

September 11, 2013

among

DIAMOND RESORTS CORPORATION,
as Borrower,

DIAMOND RESORTS INTERNATIONAL, INC.,

THE LENDERS PARTY HERETO

and

CREDIT SUISSE AG,
as Administrative Agent

                                                         

CREDIT SUISSE SECURITIES (USA) LLC,

J.P. MORGAN SECURITIES LLC

and

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

as Joint Bookrunners and Joint Lead Arrangers

[CS&M Ref. No. 5865-896]

Table of Contents

Page

 
	
				
	 
	 
	Page
	

	 
	ARTICLE I
	 

	 
	 
	 

	 
	Definitions
	 

	SECTION 1.01.
	Defined Terms
	1
	

	SECTION 1.02.
	Terms Generally
	35
	

	SECTION 1.03.
	Pro Forma Calculations
	36
	

	SECTION 1.04. 
	Classification of Loans and Borrowings
	36
	

	 
	ARTICLE II
	 

	 
	 
	 

	 
	The Credits
	 

	SECTION 2.01. 
	Commitments
	36
	

	SECTION 2.02. 
	Loans
	36
	

	SECTION 2.03.
	Borrowing Procedure
	38
	

	SECTION 2.04.
	Evidence of Debt; Repayment of Loans
	38
	

	SECTION 2.05. 
	Fees
	39
	

	SECTION 2.06.
	Interest on Loans
	39
	

	SECTION 2.07.
	Default Interest
	40
	

	SECTION 2.08. 
	Alternate Rate of Interest
	40
	

	SECTION 2.09.  
	Termination and Reduction of Commitments
	40
	

	SECTION 2.10.  
	Conversion and Continuation of Borrowings
	41
	

	SECTION 2.11. 
	RESERVED
	42
	

	SECTION 2.12. 
	Optional Prepayment
	42
	

	SECTION 2.13. 
	Mandatory Prepayments
	42
	

	SECTION 2.14. 
	Reserve Requirements; Change in Circumstances
	43
	

	SECTION 2.15. 
	Change in Legality
	44
	

	SECTION 2.16.
	Indemnity
	45
	

	SECTION 2.17.
	Pro Rata Treatment
	45
	

	SECTION 2.18.
	Sharing of Setoffs
	45
	

	SECTION 2.19. 
	Payments
	46
	

	SECTION 2.20.
	Taxes
	47
	

	SECTION 2.21. 
	Assignment of Commitments Under Certain Circumstances; Duty to Mitigate
	51
	

	 
	ARTICLE III
	 

	 
	 
	 

	 
	Representations and Warranties
	 

	SECTION 3.01. 
	Organization; Powers
	52
	

	SECTION 3.02. 
	 Authorization
	52
	

	SECTION 3.03. 
	Enforceability
	53
	

	SECTION 3.04.
	Governmental Approvals
	53
	

	 
	 
	 

	 
	 
	 

i

Table of Contents
(continued)

	
				
	 
	 
	Page
	

	SECTION 3.05. 
	Financial Statements
	53
	

	SECTION 3.06.  
	No Material Adverse Change
	54
	

	SECTION 3.07.  
	Title to Properties; Possession Under Leases
	54
	

	SECTION 3.08.  
	Subsidiaries
	54
	

	SECTION 3.09.  
	Litigation; Compliance with Laws
	55
	

	SECTION 3.10.  
	Agreements
	55
	

	SECTION 3.11. 
	Federal Reserve Regulations
	55
	

	SECTION 3.12. 
	Investment Company Act
	56
	

	SECTION 3.13. 
	Use of Proceeds
	56
	

	SECTION 3.14. 
	Tax Returns
	56
	

	SECTION 3.15. 
	No Material Misstatements
	56
	

	SECTION 3.16.  
	Employee Benefit Plans
	56
	

	SECTION 3.17.  
	Environmental Matters
	57
	

	SECTION 3.18.
	Insurance
	57
	

	SECTION 3.19.  
	Security Documents
	58
	

	SECTION 3.20. 
	Labor Matters
	58
	

	SECTION 3.21.  
	Solvency
	59
	

	SECTION 3.22.
	Sanctioned Persons
	59
	

	SECTION 3.23. 
	Intellectual Property
	59
	

	 
	ARTICLE IV
	 

	 
	 
	 

	 
	Conditions of Lending
	 

	SECTION 4.01. 
	All Borrowings
	60
	

	SECTION 4.02. 
	First Borrowing
	60
	

	 
	ARTICLE V
	 

	 
	 
	 

	 
	Affirmative Covenants
	 

	SECTION 5.01. 
	Existence; Compliance with Laws; Businesses and Properties
	63
	

	SECTION 5.02. 
	Insurance
	63
	

	SECTION 5.03.
	Obligations and Taxes
	63
	

	SECTION 5.04. 
	Financial Statements, Reports, etc
	64
	

	SECTION 5.05. 
	Litigation and Other Notices
	66
	

	SECTION 5.06. 
	Information Regarding Collateral
	66
	

	SECTION 5.07. 
	Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings
	66
	

	SECTION 5.08.
	Use of Proceeds
	67
	

	SECTION 5.09.
	Employee Benefits
	67
	

	SECTION 5.10.  
	Compliance with Environmental Laws
	67
	

	SECTION 5.11.
	[RESERVED.]
	67
	

	SECTION 5.12.  
	Further Assurances
	67
	

	SECTION 5.13. 
	Post-Closing Covenants
	68
	

	 
	 
	 

ii

Table of Contents
(continued)

	
				
	 
	ARTICLE VI
	Page
	

	 
	 
	 

	 
	Negative Covenants
	 

	 
	 
	 

	SECTION 6.01.
	Indenture Covenants
	69
	

	SECTION 6.02. 
	Prepayments or Modification of Certain Debt
	70
	

	SECTION 6.03. 
	Financial Covenants
	71
	

	SECTION 6.04.
	Business of Holdings
	71
	

	 
	ARTICLE VII
	 

	 
	 
	 

	 
	Events of Default
	 

	 
	ARTICLE VIII
	 

	 
	 
	 

	 
	The Administrative Agent and the Collateral Agent
	 

	 
	ARTICLE IX
	 

	 
	 
	 

	 
	Miscellaneous
	 

	SECTION 9.01.
	Notices; Electronic Communications
	77
	

	SECTION 9.02. 
	Survival of Agreement
	80
	

	SECTION 9.03.  
	Binding Effect
	80
	

	SECTION 9.04.  
	Successors and Assigns
	80
	

	SECTION 9.05.  
	Expenses; Indemnity
	85
	

	SECTION 9.06.  
	Right of Setoff
	86
	

	SECTION 9.07.
	Applicable Law
	86
	

	SECTION 9.08. 
	Waivers; Amendment
	86
	

	SECTION 9.09.
	Interest Rate Limitation
	87
	

	SECTION 9.10. 
	Entire Agreement
	88
	

	SECTION 9.11.  
	WAIVER OF JURY TRIAL
	88
	

	SECTION 9.12. 
	Severability
	88
	

	SECTION 9.13. 
	Counterparts
	88
	

	SECTION 9.14. 
	Headings
	89
	

	SECTION 9.15. 
	Jurisdiction; Consent to Service of Process
	89
	

	SECTION 9.16. 
	Confidentiality
	89
	

	SECTION 9.17.  
	Lender Action
	90
	

	SECTION 9.18.  
	USA PATRIOT Act Notice
	90
	

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

ANNEXES

		
	Annex A
	-    Select Negative Covenants

iii

SCHEDULES

		
	Schedule 1.01(a)
	-    Subsidiary Guarantors

		
	Schedule 2.01
	-    Lenders and Commitments

		
	Schedule 3.08(a)
	-    Restricted Subsidiaries

		
	Schedule 3.08(b) 
	-    Unrestricted Subsidiaries

		
	Schedule 3.09
	-    Litigation

		
	Schedule 3.17
	-    Environmental Matters

		
	Schedule 3.18
	-    Insurance

		
	Schedule 3.19(a)
	-    UCC Filing Offices

		
	Schedule 4.02(a)
	-    Local Counsel

		
	Schedule 4.02(j)
	-    Indebtedness

EXHIBITS

		
	Exhibit A
	-    Form of Administrative Questionnaire

		
	Exhibit B
	-    Form of Assignment and Acceptance

		
	Exhibit C
	-    Form of Borrowing Request

		
	Exhibit D
	-    Form of Security Agreement

		
	Exhibit E
	-    Form of Guarantee Agreement

		
	Exhibit F-1
	-    Form of Opinion of Katten Muchin Rosenman LLP

		
	Exhibit F-2
	-    Form of Opinion of Ballard Spahr LLP

		
	Exhibit F-3
	-    Form of Opinion of Holland & Knight

		
	Exhibit F-4
	-    Form of Opinion of Imanaka & Asato LLLC

		
	Exhibit F-5
	-    Form of Opinion of Summers Compton Wells LLC

		
	Exhibit G-1
	-    Form of U.S. Tax Compliance Certificate

		
	Exhibit G-2
	-    Form of U.S. Tax Compliance Certificate

		
	Exhibit G-3
	-    Form of U.S. Tax Compliance Certificate

		
	Exhibit G-4
	-    Form of U.S. Tax Compliance Certificate

		
	Exhibit H
	-    Compliance Certificate

		
	Exhibit I
	-    Perfection Certificate

i

CREDIT AGREEMENT dated as of September 11, 2013, among DIAMOND RESORTS CORPORATION, a Maryland corporation (the “Borrower”), DIAMOND RESORTS INTERNATIONAL, INC., a Delaware corporation (“Holdings”), the Lenders (as defined in Article I) and CREDIT SUISSE AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”) for the Lenders.
The Borrower has requested the Lenders to extend credit in the form of Loans at any time and from time to time prior to the Maturity Date, in an aggregate principal amount at any time outstanding not in excess of $25,000,000.  The proceeds of the Loans are to be used solely for general corporate purposes of the Borrower and the other Subsidiaries.
The Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.  Accordingly, the parties hereto agree as follows:

2

ARTICLE I 
 
Definitions
SECTION 1.01.    Defined Terms.  As used in this Agreement, the following terms shall have the meanings specified below:
“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.
“Acquired Indebtedness” shall mean, with respect to any specified person, (a) Indebtedness of any other person existing at the time such other person is merged with or into or becomes a subsidiary of such specified person, including Indebtedness incurred in connection with, or in contemplation of, such other person merging with or into or becoming a subsidiary of such specified person, and (b) Indebtedness secured by a Lien encumbering any asset acquired by such specified person.
“Adjusted EBITDA” for any period means the sum of Consolidated Net Income, plus the following to the extent deducted in calculating such Consolidated Net Income: (a) all income tax expense (benefit) for such period; plus (b) Consolidated Interest Expense for such period; plus (c) depreciation and amortization for such period; plus (d) vacation interest cost of sales for such period; plus (e) loss on extinguishment of debt for such period; plus (f) rebranding or restructuring costs and non-ordinary course expenses, in each case related to the Borrower’s European operations not to exceed an aggregate amount for all periods equal to $12,000,000; plus (g) impairments and other write-offs for such period; plus (h) loss on the sale of assets for such period; plus (i) amortization of loan origination costs for such period; plus (j) amortization of portfolio discount for such period; plus (k) any non-cash charges attributable to the FLRX Judgment or any Permitted FLRX Settlement; plus (l) all other non-cash charges for such period (excluding any such noncash charge to the extent that it represents an accrual of or reserve for cash expenditures in any future period); less (m) gain on the sale of assets for such period; less (n) amortization of portfolio premium for such period; less (o) to the extent not deducted in determining Consolidated Net Income for such period (or reflected in any previous non-cash charge referred to in clause (k) above), all cash payments made during such period attributable to the FLRX Judgment or any Permitted FLRX Settlement; less (p) all non-cash items of income for such period (excluding any noncash accruals of revenue in the ordinary course of business to the extent required by accrual-based accounting).  Notwithstanding the foregoing, items specified in clauses (a) and (c) through (p) above (other than clauses (k) and (o) above) that are attributable to a Restricted Subsidiary shall be added to Consolidated Net Income to compute Adjusted EBITDA only to the extent (and in the same proportion, including by reason of minority interests) that such items of such Restricted Subsidiary were included in calculating Consolidated Net Income and only, with respect to items specified in clauses (a) and (c) through (l) above (other than clause (k) above), if a corresponding amount would be permitted at the date of determination to be dividended to the Borrower by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its certificate 

3

or articles of incorporation or other constitutive document or any agreement or instrument or any provision of law, statute, rule or regulation or order of any court or other Governmental Authority, in each case applicable to such Restricted Subsidiary or its stockholders.
“Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such Interest Period and (b) Statutory Reserves.
“Administrative Agent” shall have the meaning assigned to such term in the introductory statement to this Agreement.
“Administrative Agent Fees” shall have the meaning assigned to such term in Section 2.05(b).
“Administrative Questionnaire” shall mean an Administrative Questionnaire in the form of Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent.
“Affiliate” of any person shall mean (a) any other person which directly, or indirectly through one or more intermediaries, Controls such person or (b) any other person which directly, or indirectly through one or more intermediaries, is Controlled by or is under common Control with such person.  For purposes of compliance with Section 4.07 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof, no (i) homeowners’ association at a property at which Holdings or any of the Subsidiaries either have sold Vacation Interests or act as management company or (ii) collection holding real estate interests underlying Points shall be deemed to be an Affiliate of Holdings, the Borrower or any other Restricted Subsidiary.
“Agents” shall have the meaning set forth in Article VII.
“Agreement” shall mean this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.
“Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one-month Interest Period commencing on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate determined on such day at approximately 11:00 a.m. (London time) by reference to the British Bankers’ Association Interest Settlement Rates (or to any replacement market convention therefor selected by the Administrative Agent) for deposits in dollars (as set forth by any service or vendor selected by the Administrative Agent that displays such rates).  If the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate or the Adjusted LIBO Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance 

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with the terms of the definition of Federal Funds Effective Rate or Adjusted LIBO Rate, the Alternate Base Rate shall be determined without regard to clause (b) or (c), as applicable, of the preceding sentence until the circumstances giving rise to such inability no longer exist.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective on the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may be.
“Applicable Percentage” shall mean, for any day (a) with respect to any Eurodollar Loan, 4.00% per annum, and (b) with respect to any ABR Loan, 3.00% per annum.
“Arranger” shall mean each of Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as joint bookrunner and joint lead arranger in respect of this Agreement.
“Asset Sale” shall mean:
(a)    any sale, lease, conveyance or other disposition of any assets or rights (including by way of a sale and leaseback) by Holdings, the Borrower or any other Restricted Subsidiary to any person (other than Holdings, the Borrower or any other Restricted Subsidiary) not in the ordinary course of business (provided that, without limiting paragraph (m) of Article VII hereof, the sale, lease, conveyance or other disposition of all or substantially all of the assets of Holdings, the Borrower and the other Restricted Subsidiaries, taken as a whole, shall be governed by the provisions set forth in Section 5.01 of the Senior Secured Notes Indenture and not by those set forth in Section 4.06 of the Senior Secured Notes Indenture, in each case as incorporated by reference herein pursuant to Section 6.01 hereof);
(b)    any issue or sale by Holdings, the Borrower or any other Restricted Subsidiary to any person (other than Holdings, the Borrower or any other Restricted Subsidiary) of Equity Interests of any of the Subsidiaries; and
(c)    any issue or sale by Holdings, the Borrower or any other Restricted Subsidiary to any person (other than Holdings, the Borrower or any other Restricted Subsidiary) of Equity Interests of the Borrower or any Subsidiary Guarantor;
in the case of either clause (a) or (b), whether in a single transaction or a series of related transactions that have a Fair Market Value in excess of $1,000,000 or for net proceeds in excess of $1,000,000.
Notwithstanding the foregoing, the term “Asset Sale” shall not include (i) a disposition that constitutes a Restricted Payment (or would constitute a Restricted Payment but for the exclusions from the definition thereof) and that is not prohibited by Section 4.04 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof, (ii) the transfer of Timeshare Loans and related rights and assets in connection with any Permitted Securitization, (iii) the disposition of cash or Cash Equivalents, 

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(iv) terminations of Hedging Obligations, (v) any financing transaction with respect to assets or rights of Holdings, the Borrower or any other Restricted Subsidiary, including any sale and leaseback of assets or rights not prohibited by Sections 4.03 or 4.12 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof, (vi) any surrender or waiver of contract rights or a settlement, release or surrender of contract, tort or other claims of any kind and (vii) the grant of any Lien not prohibited by this Agreement and any foreclosure or exercise in respect thereof.
“Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee, and accepted by the Administrative Agent, in the form of Exhibit B or such other form as shall be approved by the Administrative Agent.
“Attributable Debt” shall mean, in respect of a Sale/Leaseback Transaction, as at the time of determination, the present value (discounted at the interest rate borne by the Senior Secured Notes compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended); provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby shall be determined in accordance with the definition of the term “Capital Lease Obligation.”
“Average Life” shall mean, as of the date of determination, with respect to any Indebtedness, the quotient obtained by dividing (a) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment of or redemption or similar payment with respect to such Indebtedness multiplied by the amount of such payment by (b) the sum of all such payments.
“Board” shall mean the Board of Governors of the Federal Reserve System of the United States of America.
“Board of Directors” means, as to any person, the board of managers, board of directors or other similar body or person performing a similar function or any duly authorized committee thereof.  Unless otherwise specified, “Board of Directors” will mean the Board of Directors of Holdings.
“Borrower” shall have the meaning assigned to such term in the introductory statement to this Agreement.
“Borrower Materials” shall have the meaning assigned to such term in Section 9.01.
“Borrowing” shall mean Loans of the same Type made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

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“Borrowing Request” shall mean a request by the Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit C, or such other form as shall be approved by the Administrative Agent.
“Breakage Event” shall have the meaning assigned to such term in Section 2.16.
“Business Day” shall mean any day other than a Saturday, Sunday or day on which banks in New York City are authorized or required by law to close; provided, however, that when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.
“Capital Lease Obligations” of any person shall mean the obligations of such person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
“Capital Stock” shall mean (a) in the case of a corporation, corporate stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited) and (d) any other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing person.
“Cash Equivalents” shall mean (a) obligations (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States of America or (ii) issued by any agency of the United States of America the obligations of which are backed by the full faith and credit of the United States of America, in each case maturing within one year after the date of issuance thereof, or certificates representing an ownership interest in any such obligations, (b) securities issued or fully guaranteed by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after the date of issuance thereof and having, at the time of issuance, a rating of at least “A-1” (or the then equivalent grade) from S&P or at least “P-1” (or the then equivalent grade) from Moody’s, (c) demand and time deposit accounts, certificates of deposit and money market deposits maturing within one year after the date of acquisition thereof issued by any financial institution that is a member of the Federal Reserve System having combined capital, surplus and undivided profits aggregating in excess of $500,000,000 and that issues (or the parent of which issues) commercial paper rated at least “A-1” (or the then equivalent grade) by S&P or at least “P-1” (or the then equivalent grade) by Moody’s, (d) fully collateralized repurchase obligations with a term of not more than 30 days for underlying securities of the type described in clauses (b) and (c) of this definition entered into with any financial institution meeting the qualifications specified in clause (c) above, (e) commercial paper, maturing not more than one year after 

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the date of issuance thereof, issued by a corporation (other than Holdings or an Affiliate of Holdings) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time at which any investment therein is made of “P-1” (or the then equivalent grade) or higher from Moody’s or “A-1” (or the then equivalent grade) or higher from S&P, (f) investments in any “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, that invests substantially all of its assets in investments of the types described in clauses (a) through (e) of this definition, or (g) to the extent held by a Foreign Subsidiary, other short-term Investments utilized by such Foreign Subsidiary in accordance with normal investment practices for cash management in Investments of a type analogous to those described in clauses (a) through (f) of this definition.
“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, commercial credit card and merchant card services, stored value card services, electronic funds transfer and other cash management arrangements to any Loan Party.
“Cash Management Bank” means any person that (a) at the time it enters into a Cash Management Agreement, is a Lender, an Arranger or the Administrative Agent or an Affiliate of any of the foregoing or (b) in the case of any Cash Management Agreement in effect as of the Closing Date, is, as of the Closing Date, a Lender, an Arranger or the Administrative Agent or an Affiliate of any of the foregoing and a party to a Cash Management Agreement, in each case, in its capacity as a party to such Cash Management Agreement.
“Change of Control” means the occurrence of any of the following: (a) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of Holdings, the Borrower and the other Restricted Subsidiaries, taken as a whole, to any “person” (as such term is used in Section 13(d) of the Exchange Act) other than in the ordinary course of business, (b) the adoption of a plan relating to the liquidation or dissolution of Holdings or the Borrower, (c) any “person” (as defined above), other than one or more Permitted Holders, is or becomes the “beneficial owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition), directly or indirectly, of more than 50.0% of the Voting Stock of Holdings (measured by voting power rather than number of shares), (d) the Borrower ceases to be a wholly owned direct or indirect Subsidiary of Holdings, (e) Holdings consolidates with, or merges with or into, any person (other than a Permitted Holder), or any person (other than a Permitted Holder) consolidates with, or merges with or into, Holdings, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of Holdings is converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of Holdings outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock) 

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of the surviving person constituting a majority of the outstanding shares of such Voting Stock of such surviving person (immediately after giving effect to such issuance) and (f) a “change of control” (or other similar term) as defined in the documentation governing any Material Indebtedness of Holdings or any of its Subsidiaries.
“Change in Law” shall mean (a) the adoption of any law, rule, regulation or treaty after the Closing Date, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or by any lending office of such Lender or by such Lender’s holding company with any request, rule, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules guidelines or directives concerning capital adequacy and liquidity promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor similar authority) or the United States financial regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, whether enacted, adopted, promulgated or issued before or after the Closing Date.
“Charges” shall have the meaning assigned to such term in Section 9.09.
“Closing Date” shall mean September 11, 2013.
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
“Collateral” shall mean all the “Collateral” as defined in any Security Document.
“Collateral Agent” shall mean Wells Fargo Bank, National Association, in its capacity as collateral agent for the Secured Parties, together with its successors and assigns.
“Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Loans hereunder as set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender assumed its Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04.  
“Commitment Fee” shall have the meaning assigned to such term in Section 2.05(a).
“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
“Communications” shall have the meaning assigned to such term in Section 9.01.

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“Diamond Resorts Issuer 2008 LLC Indenture” shall mean the Fifth Amended and Restated Indenture dated as of April 1, 2013, among Diamond Resorts Issuer 2008 LLC, as issuer, Diamond Resorts Financial Services, Inc., as servicer, Wells Fargo Bank, National Association, as trustee, custodian and back-up servicer, and Credit Suisse AG, New York Branch, as administrative agent for the purchasers.
“Consolidated Interest Expense” means, for any period, the total interest expense of Holdings, the Borrower and the other Restricted Subsidiaries computed on a consolidated basis in accordance with GAAP (other than noncash interest expense attributable to convertible Indebtedness under Accounting Practices Bulletin 14-1 or any successor provision), plus, to the extent not included in such total interest expense and to the extent incurred by Holdings, the Borrower or any other Restricted Subsidiaries, without duplication: (a) interest expense attributable to Capital Lease Obligations, the interest portion of rent expense associated with Attributable Debt in respect of the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance with GAAP, and the interest component of any deferred payment obligations; (b) amortization of debt discount (including the amortization of original issue discount resulting from the issuance of Indebtedness at less than par) and debt issuance cost; provided, however, that any amortization of bond premium shall be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has otherwise reduced Consolidated Interest Expense; (c) capitalized interest; (d) noncash interest expense; provided, however, that any noncash interest expense or income attributable to the movement in the mark-to-mark valuation of obligations under Hedging Agreements or other derivative instruments pursuant to GAAP shall be excluded from the calculation of Consolidated Interest Expense; (e) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing; (f) net payments pursuant to obligations under Hedging Agreements; (g) the product of (i) all dividends accrued in respect of all Disqualified Stock of Holdings and all Preferred Stock of the Borrower or any other Restricted Subsidiary, in each case, held by persons other than Holdings, the Borrower or any other Restricted Subsidiary (other than dividends payable solely in Capital Stock (other than Disqualified Stock) of Holdings), times (ii) a fraction of the numerator of which is one and the denominator of which is one minus the effective combined tax rate of the issuer of such Preferred Stock (expressed as a decimal) for such period (as estimated by the chief financial officer of Holdings in good faith); (h) interest incurred in connection with Investments in discontinued operations; and (i) interest accruing on any Indebtedness of any other person to the extent such Indebtedness is Guaranteed by (or secured by a Lien on the assets of) Holdings, the Borrower or any other Restricted Subsidiary; provided, however, there shall be excluded from Consolidated Interest Expense the interest expense (including the expenses described in clauses (a) through (i) above) with respect to Nonrecourse Indebtedness incurred in connection with Permitted Securitizations.
“Consolidated Net Income” means, for any period, the net income or loss of Holdings, the Borrower and the other Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, provided that there shall be excluded: (a) the income of any Restricted Subsidiary to the extent that the declaration or payment of 

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dividends or similar distributions by such Restricted Subsidiary of that income is not at the time permitted by operation of the terms of its certificate or articles of incorporation or other constitutive document or any agreement or instrument or any provision of law, statute, rule or regulation or order of any court or other Governmental Authority, in each case applicable to such Restricted Subsidiary, (b) the income or loss of any person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with Holdings, the Borrower or any other Restricted Subsidiary or the date that such person’s assets are acquired by Holdings, the Borrower or any other Restricted Subsidiary, (c) the cumulative effect of any changes in accounting principles, (d) the income of any person in which any other person (other than Holdings, the Borrower or any Wholly Owned Restricted Subsidiary of Holdings or any director holding qualifying shares in accordance with applicable law) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Holdings, the Borrower or a Wholly Owned Restricted Subsidiary of Holdings by such person during such period, (e) any gains attributable to sales of assets out of the ordinary course of business and (f) in the case of any Specified Turbo Period, to the extent included in calculating Consolidated Net Income for the applicable period, the net interest income, if any, generated during such Specified Turbo Period by the Timeshare Loans subject to the applicable Securitization or conduit facility giving rise to such Specified Turbo Period.
“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto.
“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
“Default” shall mean any event or condition which upon notice, lapse of time or both would constitute an Event of Default.
“Defaulting Lender” shall mean any Lender that has (a) defaulted in its obligation to make a Loan required to be made by it hereunder, (b) notified the Administrative Agent or a Loan Party in writing that it does not intend to satisfy any such obligation or (c) become insolvent or the assets or management of which has been taken over by any Governmental Authority.
“Disqualified Stock” shall mean, with respect to any person, any Capital Stock which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event:  (a) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such person which is not itself Disqualified Stock) pursuant to a sinking fund obligation or otherwise, (b) is convertible or exchangeable at the option of the holder for Indebtedness or Disqualified Stock or (c) is mandatorily redeemable or must be purchased upon the occurrence of certain 

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events or otherwise, in whole or in part, in each case on or prior to the date that is 91 days after the Maturity Date; provided that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such person to purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the date that is 91 days after the Maturity Date shall not constitute Disqualified Stock if (i) such “asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the terms applicable to the Senior Secured Notes and set forth in Sections 4.06 and 4.09 of the Senior Secured Notes Indenture as in effect on the Closing Date, respectively and (ii) any such requirement only becomes operative after compliance with such terms applicable to the Senior Secured Notes, including the purchase of any Senior Secured Notes tendered pursuant thereto, and any analogous term concerning “asset sales” and “changes of control” set forth in this Agreement.  The amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant to this Agreement; provided that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price shall be the book value of such Disqualified Stock as reflected in the most recent financial statements of such person.
“dollars” or “$” shall mean lawful money of the United States of America.
“Eligible Assignee” shall mean any commercial bank, insurance company, investment or mutual fund or other entity (but not any natural person) that is an “accredited investor” (as defined in Regulation D under the Securities Act) that extends credit or invests in bank loans as one of its businesses; provided that none of Holdings, the Borrower or any of their respective Affiliates shall be an Eligible Assignee.
“Engagement Letter” shall mean the engagement letter dated as of July 15, 2013, among the Borrower and Credit Suisse Securities (USA) LLC.
“Environmental Laws” shall mean all former, current and future Federal, state, local and foreign laws (including common law), treaties, regulations, rules, ordinances, codes, decrees, judgments, directives, orders (including consent orders) and agreements, in each case, relating to protection of the environment, natural resources, human health and safety or the presence, Release of, or exposure to, Hazardous Materials, or the generation, manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the arrangement for such activities with respect to, Hazardous Materials.
“Environmental Liability” shall mean all liabilities, obligations, damages, losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages and remediation costs), whether contingent or otherwise, arising out of or relating to (a) compliance or non‐compliance with any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the 

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Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” shall mean Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).
“ERISA” shall mean the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder, as the same may be amended from time to time.
“ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA, with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) any failure by any Plan to satisfy the minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each case whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an application for a waiver of the minimum funding standard with respect to any Plan, (d) a determination that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code), (e) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan or the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan, (f) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (g) the receipt by the Borrower or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or in endangered or critical status, within the meaning of Section 305 of ERISA, (h) the occurrence of a “prohibited transaction” with respect to which the Borrower or any of the Subsidiaries is a “disqualified person” (within the meaning of Section 4975 of the Code) or with respect to which the Borrower or any such Subsidiary could otherwise be liable, (i) the occurrence of any Foreign Benefit Event or (j) any other event or condition with respect to a Plan or Multiemployer Plan that could result in liability of the Borrower or any other Subsidiary.
“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.

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“Events of Default” shall have the meaning assigned to such term in Article VII.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.
“Excluded Swap Guarantor” shall mean Holdings or any Subsidiary Guarantor all or a portion of whose Guarantee of, or grant of a security interest to secure, any Obligations arising under or otherwise with respect to any Secured Hedging Agreement (or any Guarantee thereof) is now or hereafter becomes illegal (disregarding for purposes of assessing any such illegality the last sentence of the definition of the term “Obligations”) under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof).
“Excluded Swap Obligations” shall mean, with respect to Holdings or any Subsidiary Guarantor, any Obligations arising under or otherwise with respect to any Secured Hedging Agreement if, and to the extent that, all or a portion of the Guarantee by Holdings or such Subsidiary Guarantor of, or the grant by Holdings or such Subsidiary Guarantor of a security interest to secure, such Obligations (or any Guarantee thereof) is now or hereafter becomes illegal (disregarding for purposes of assessing any such illegality the last sentence of the definition of the term “Obligations”) under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof).  If any such Obligation arises under a master agreement governing more than one hedging arrangement, such exclusion shall apply only to the portion of such Obligation that is attributable to hedging arrangements for which such Guarantee or security interest is or becomes illegal.
“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.21(a)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.20, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.20(f) and (d) any U.S. federal withholding Taxes imposed under FATCA.
“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion 

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to complete the transaction.  Fair Market Value of the property or assets in question shall be determined in good faith by an appropriate Financial Officer of Holdings unless such Fair Market Value (excluding the Fair Market Value of any portion of such asset or property consisting of cash or Cash Equivalents) is determined to be in excess of $15,000,000, in which case it shall be determined in good faith by the Board of Directors, whose determination shall be conclusive and, in the case of any determination made by the Board of Directors, evidenced by a resolution of the Board of Directors; provided, however, that if the Fair Market Value of the property or assets in question (excluding any portion of such property or assets consisting of cash or Cash Equivalents) is so determined to be in excess of (x) $30,000,000 in the case of any determination of Fair Market Value required by Section 4.04(a)(3)(B) of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof or (y) $20,000,000 in the case of any determination of Fair Market Value required by any other provisions set forth in Section 4.04 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof, such determination must be confirmed by an Independent Qualified Party.
“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.
“Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.
“Fees shall mean the Commitment Fees and the Administrative Agent Fees.
“Financial Officer” of any person shall mean the chief financial officer, principal accounting officer, treasurer or controller of such person.
“Fixed Charge Coverage Ratio” as of any date of determination means the ratio of (a)(i) for purposes of Section 6.03(b), the aggregate amount of Adjusted EBITDA for the period of the most recent four consecutive fiscal quarters ended on the last day of the applicable fiscal quarter or (ii) for all other purposes, the aggregate amount of Adjusted EBITDA for the period of the most recent four consecutive fiscal quarters for which financial statements of Holdings are available to (b) Consolidated Interest Expense for such four fiscal quarters; provided, however, that:
(i)    if Holdings, the Borrower or any other Restricted Subsidiary has incurred any Indebtedness since the beginning of such period that remains outstanding or if the transaction giving rise to the need to calculate the Fixed Charge 

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Coverage Ratio is an incurrence of Indebtedness, or both, Adjusted EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been incurred on the first day of such period;
(ii)    if Holdings, the Borrower or any other Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of such period or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged (in each case other than Indebtedness incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) on the date of the transaction giving rise to the need to calculate the Fixed Charge Coverage Ratio, Adjusted EBITDA and Consolidated Interest Expense for such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such period and as if Holdings, the Borrower or such Restricted Subsidiary had not earned the interest income actually earned during such period in respect of cash or Cash Equivalents used to repay, repurchase, defease or otherwise discharge such Indebtedness; 
(iii)    if since the beginning of such period Holdings, the Borrower or any other Restricted Subsidiary shall have made any Asset Sale, Adjusted EBITDA for such period shall be reduced by an amount equal to Adjusted EBITDA (if positive) directly attributable to the assets which are the subject of such Asset Sale for such period, or increased by an amount equal to Adjusted EBITDA (if negative), directly attributable thereto for such period and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of Holdings, the Borrower or any other Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to Holdings, the Borrower and the continuing Restricted Subsidiaries in connection with such Asset Sale for such period (or, if the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent Holdings, the Borrower and the continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale);
(iv)    if since the beginning of such period Holdings, the Borrower or any other Restricted Subsidiary (by merger or otherwise) shall have made an Investment in any Restricted Subsidiary (or any person which becomes a Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets occurring in connection with a transaction requiring a calculation to be made hereunder, which constitutes all or substantially all of an operating unit of a business (including, for clarity, the reorganization transactions in respect of Holdings and Diamond Resorts Parent, LLC as described in the Registration Statement), Adjusted EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto (including the incurrence of any Indebtedness) as if such Investment or acquisition had occurred on the first day of such period; and 

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(v)    if since the beginning of such period any person (that subsequently became a Restricted Subsidiary or was merged with or into Holdings, the Borrower or any other Restricted Subsidiary since the beginning of such period) shall have made any Asset Sale, any Investment or acquisition of assets that would have required an adjustment pursuant to clause (iii) or (iv) above if made by Holdings, the Borrower or any other Restricted Subsidiary during such period, Adjusted EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset Sale, Investment or acquisition had occurred on the first day of such period.
For purposes of this definition, whenever pro forma effect is to be given to an acquisition of assets, the amount of income or earnings relating thereto and the amount of Consolidated Interest Expense associated with any Indebtedness incurred in connection therewith, the pro forma calculations shall be determined in good faith by a Financial Officer of Holdings.  If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any interest rate hedging agreement applicable to such Indebtedness if such agreement has a remaining term in excess of 12 months).  If any Indebtedness is incurred under a revolving credit facility and is being given pro forma effect, the interest on such Indebtedness shall be calculated based on the average daily balance of such Indebtedness for the four fiscal quarters subject to the pro forma calculation to the extent that such Indebtedness was incurred solely for working capital purposes.
“FLRX” shall mean FLRX Inc., a subsidiary of Holdings.
“FLRX Judgment” shall mean the judgment in the amount of $31,124,430.30 rendered on January 11, 2010 against FLRX.
“Foreign Benefit Event” shall mean, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the failure to make the required contributions or payments under applicable law, on or before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of any such Foreign Pension Plan or (d) the incurrence of any liability by Holdings, the Borrower or any other Subsidiary under applicable law on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein that could reasonably be expected to result in a Material Adverse Effect or (e) the occurrence of any transaction that is prohibited under applicable law and that could reasonably be expected to result in the incurrence of any liability by Holdings, the Borrower or any other Subsidiary, or the imposition on Holdings, the Borrower or any other Subsidiary of any fine, excise tax or penalty resulting from any 

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noncompliance with any applicable law, in each case that could reasonably be expected to have a Material Adverse Effect.
“Foreign Lender” shall mean any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located.  For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
“Foreign Pension Plan” shall mean any pension plan that under applicable law of any jurisdiction other than the United States is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority.
“Foreign Subsidiary” shall mean any Restricted Subsidiary that is not organized under the laws of the United States of America or any State thereof or the District of Columbia.
“Funded Indebtedness” shall mean, at any time, the total consolidated Indebtedness of Holdings, the Borrower and the other Restricted Subsidiaries at such time (excluding (a) Indebtedness of the type described in clause (k) of the definition of such term, (b) Nonrecourse Indebtedness incurred in connection with Permitted Securitization, (c) Indebtedness of any Unrestricted Subsidiary and (d) obligations in respect of performance, bid, appeal, surety and similar bonds and completion guarantees provided by Holdings, the Borrower and the other Restricted Subsidiaries in the ordinary course of business).  It is understood that, when calculating Funded Indebtedness, the total consolidated Indebtedness of Holdings, the Borrower and the other Restricted Subsidiaries shall not be reduced by the amount of cash or Cash Equivalents held by or for the benefit of Holdings, the Borrower or any other Restricted Subsidiary.
“GAAP” shall mean United States generally accepted accounting principles applied on a consistent basis.
“Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra national body exercising such powers or functions, such as the European Union or the European Central Bank).
 “Granting Lender” shall have the meaning assigned to such term in Section 9.04(i).
“Guarantee” of or by any person shall mean any obligation, contingent or otherwise, of such person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such person, direct or indirect, (a) to 

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purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness or other obligation, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment of such Indebtedness or other obligation or (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation; provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business.
“Guarantee Agreement” shall mean the Guarantee Agreement, substantially in the form of Exhibit E, among Holdings, the Subsidiaries party thereto and the Administrative Agent for the benefit of the Secured Parties.
“Hazardous Materials” shall mean (a) any petroleum products or byproducts and all other hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances and (b) any chemical, material, substance or waste that is prohibited, limited or regulated by or pursuant to any Environmental Law.
“Hedge Bank” shall mean any person that (a) at the time it enters into a Hedging Agreement , is a Lender, an Arranger or the Administrative Agent or an Affiliate of any of the foregoing or (b) with respect to Hedging Agreements in effect as of the Closing Date, is, as of the Closing Date, a Lender, an Arranger or the Administrative Agent or an Affiliate of any of the foregoing and a party to a Hedging Agreement, in each case, in its capacity as a party to such Hedging Agreement.
“Hedging Agreement” shall mean any interest rate protection agreement, foreign currency exchange agreement or other interest or currency exchange rate hedging arrangement.
“Hedging Obligations” shall mean, with respect to any person, the obligations of such person under any Hedging Agreement.
“Holdings” shall have the meaning assigned to such term in the introductory statement to this Agreement.
“Holdings IPO” shall mean the issuance of shares of common stock of Holdings pursuant to an underwritten public offering in accordance with the Registration Statement and the other transactions contemplated thereby.
“Indebtedness” of any person shall mean, without duplication, (a) all obligations of such person for borrowed money, (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person upon which interest charges are customarily paid, (d) all obligations of such person under conditional sale or other title retention agreements relating to property or assets purchased by such 

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person, (e) all obligations of such person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such person, whether or not the obligations secured thereby have been assumed, (g) all Guarantees by such person of Indebtedness of others, (h) all Capital Lease Obligations and Synthetic Lease Obligations of such person, (i) all obligations of such person as an account party in respect of letters of credit, (j) all obligations of such person in respect of bankers’ acceptances and (k) all net payments that such person would have to make in the event of an early termination, on the date Indebtedness of such person is being determined, in respect of outstanding obligations under Hedging Agreements.  The Indebtedness of any person shall include the Indebtedness of any partnership in which such person is a general partner.
“Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.
“Indemnitee” shall have the meaning assigned to such term in Section 9.05(b).
“Independent Qualified Party” means an investment banking firm, accounting firm or appraisal firm of national standing; provided, however, that such firm is not an Affiliate of Holdings.
“Information” shall have the meaning assigned to such term in Section 9.16.
“Intellectual Property” has the meaning assigned to such term in the Security Agreement.
“Intercreditor Agreement” shall mean the Pari Passu Intercreditor Agreement or any Junior Lien Intercreditor Agreement.
“Interest Payment Date” shall mean (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December, and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable to such Borrowing.
“Interest Period” shall mean, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months thereafter, as the Borrower may elect; provided, however, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on 

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the next preceding Business Day, (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of such calendar month at the end of such Interest Period and (c) no Interest Period for any Loan shall extend beyond the maturity date of such Loan.  Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
“Intermediate Holdco” shall mean Diamond Resorts Holdings, LLC, a Nevada limited liability company and a wholly-owned Subsidiary of Holdings.
“Investment” shall mean, with respect to any person, any direct or indirect advance, loan (other than advances to customers in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such person.  If Holdings, the Borrower or any other Restricted Subsidiary issues, sells or otherwise disposes of any Capital Stock of a person that is a Restricted Subsidiary such that, after giving effect thereto, such person is no longer a Restricted Subsidiary, any Investment by Holdings, the Borrower or any other Restricted Subsidiary in such person remaining after giving effect thereto shall be deemed to be a new Investment at such time.  The acquisition by Holdings, the Borrower or any other Restricted Subsidiary of a person that holds an Investment in a third person shall be deemed to be an Investment by Holdings, the Borrower or such Restricted Subsidiary in such third person at such time.  Except as otherwise provided for herein, the amount of an Investment shall be its Fair Market Value at the time the Investment is made and without giving effect to subsequent changes in value.
For purposes of the definition of the term “Unrestricted Subsidiary” and Section 4.04 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof:
(a)    “Investment” shall include the portion (proportionate to Holdings’ Equity Interest in such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary, Holdings shall be deemed to continue to have a permanent “Investment” in such Unrestricted Subsidiary equal to an amount (if positive) equal to (1) Holdings’ “Investment” in such Unrestricted Subsidiary at the time of such redesignation less (2) the portion (proportionate to Holdings’ Equity Interests in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time of such redesignation; and

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(b)    any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.
“Junior Lien Intercreditor Agreement” shall mean an intercreditor agreement substantially in the form of Exhibit B attached to the Senior Secured Notes Indenture as in effect on the Closing Date.
“Lenders” shall mean (a) the persons listed on Schedule 2.01 (other than any such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance) and (b) any person that has become a party hereto pursuant to an Assignment and Acceptance.
“LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the commencement of such Interest Period by reference to the British Bankers’ Association Interest Settlement Rates (or to any replacement convention therefor selected by the Administrative Agent) for deposits in dollars (as set forth by any service or vendor selected by the Administrative Agent that displays such rates) for a period equal to such Interest Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be the interest rate per annum determined by the Administrative Agent to be the average of the rates per annum at which deposits in dollars are offered for such relevant Interest Period to major banks in the London interbank market in London, England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such Interest Period.
“Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
“Loan Documents” shall mean this Agreement, the Guarantee Agreement, the Security Documents, the promissory notes executed and delivered pursuant to Section 2.04(e) and any other document executed in connection with the foregoing.
“Loan Parties” shall mean Holdings, the Borrower and the Subsidiary Guarantors.
“Loans” shall mean the revolving loans made by the Lenders to the Borrower pursuant to Section 2.01.
“Margin Stock” shall have the meaning assigned to such term in Regulation U.
“Material Adverse Effect” shall mean (a) a materially adverse effect on the business, assets, liabilities, operations, condition (financial or otherwise), operating results or prospects of Holdings, the Borrower and the other Restricted Subsidiaries, taken as a whole, 

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(b) a material impairment of the ability of the Borrower or any other Loan Party to perform any of its obligations under any Loan Document to which it is or will be a party or (c) a material impairment of the rights and remedies of or benefits available to the Lenders under any Loan Document.
“Material Indebtedness” shall mean Indebtedness (other than the Loans and any Nonrecourse Indebtedness of any Special Purpose Subsidiary), or obligations in respect of one or more Hedging Agreements, of any one or more of Holdings, the Borrower or any other Restricted Subsidiary in an aggregate principal amount exceeding $10,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of Holdings, the Borrower or any other Restricted Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Holdings, the Borrower or such Restricted Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.
“Maturity Date” shall mean September 11, 2017.
“Maximum Rate” shall have the meaning assigned to such term in Section 9.09.
“Moody’s” shall mean Moody’s Investors Service, Inc., or any successor thereto.
“Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Nonrecourse Indebtedness” shall mean, with respect to any Special Purpose Subsidiary, Indebtedness of such Special Purpose Subsidiary (a) as to which none of Holdings, the Borrower or any other Restricted Subsidiary (other than such Special Purpose Subsidiary) (i) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness, other than Standard Securitization Undertakings), (ii) is directly or indirectly liable as a guarantor or otherwise or (iii) constitutes the lender, (b) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against such Special Purpose Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of Holdings, the Borrower or any other Restricted Subsidiary (other than such Special Purpose Subsidiary) to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity and (c) as to which (i) the explicit terms provide that there is no recourse against any assets of Holdings, the Borrower or any other Restricted Subsidiary (other than such Special Purpose Subsidiary) or (ii) the lenders have been notified in writing that they will not have any recourse to the stock or assets of Holdings, the Borrower or any other Restricted Subsidiary (other than such Special Purpose Subsidiary); provided that Holdings, the Borrower or any other Restricted Subsidiary may grant a Lien on the Capital Stock of such Special Purpose Subsidiary to the creditors thereof which is not recourse to any other assets of Holdings, the Borrower or any other Restricted Subsidiary (other than such Special Purpose Subsidiary).

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“Obligations” shall mean all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, Secured Cash Management Agreement or Secured Hedging Agreement, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws naming such person as the debtor in such proceeding (or would accrue but for the operation of applicable Debtor Relief Laws), regardless of whether such interest and fees are allowed or allowable claims in such proceeding; provided that (a) obligations of the Loan Parties under any Secured Cash Management Agreement or Secured Hedging Agreement shall be secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and (b) any release of Collateral or Guarantees effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Secured Hedging Agreements or obligations under Secured Cash Management Agreements.  Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and of the Restricted Subsidiaries to the extent they have obligations under the Loan Documents) include (i) the obligation (including guarantee obligations) to pay principal, interest, reimbursement obligations, charges, expenses, fees, indemnities and other amounts payable by any Loan Party under any Loan Document and (ii) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that the Administrative Agent or Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party.  Notwithstanding the foregoing, in the case of any Excluded Swap Guarantor, “Obligations” shall not include Excluded Swap Obligations of such Excluded Swap Guarantor.
“OFAC” shall have the meaning assigned to such term in Section 3.22.
“Other Connection Taxes” shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.21).
“Pari Passu Intercreditor Agreement” shall mean the Pari Passu Intercreditor Agreement dated as of September 11, 2013, among the Collateral Agent, the Senior Secured 

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Notes Trustee, Holdings, the Borrower, the other Subsidiaries party thereto, the Administrative Agent, as initial additional authorized representative, and each additional representative from time to time party thereto.
“Participant Register” shall have the meaning assigned to such term in Section 9.04(f).
“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.
“Perfection Certificate” shall mean a certificate substantially in the form of Exhibit I, completed and supplemented with schedules and attachments contemplated thereby, duly executed by a Responsible Officer of the Borrower.
“Permitted Collateral Liens” shall mean:
(a)    (i) any Lien on the Collateral to secure (A) the Obligations, (B) the Senior Secured Notes (or any Guarantees thereof), (C) any other Indebtedness incurred pursuant to Section 4.03 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof, provided, however, that (x) no Default shall have occurred and be continuing at the time of the incurrence of such Indebtedness or after giving effect thereto and (y) the Secured Debt Ratio of Holdings, calculated on a pro forma basis after giving effect to the incurrence of such Indebtedness, shall not exceed 2.50 to 1.00, (D) any Refinancing Indebtedness of Indebtedness set forth in the foregoing clauses (B) or (C) or this clause (D) or (E) obligations of Holdings, the Borrower or any other Restricted Subsidiary under any Cash Management Agreement to the extent that the provider of services under such Cash Management Agreement has agreed to be bound by the terms of an Intercreditor Agreement or such provider’s interest in the Collateral is subject to the terms of an Intercreditor Agreement,  in each case which are subject to the terms of an Intercreditor Agreement, or (ii) any Lien on the Collateral that is a statutory Lien arising by operation of law; provided, however, that such Lien either ranks (A) equal to all other Liens on such Collateral securing unsubordinated Indebtedness of Holdings, the Borrower or the relevant Restricted Subsidiary, if the Lien secures unsubordinated Indebtedness, or (B) junior to the Liens securing the Obligations, and 
(b)    any Permitted Lien set forth in clauses (a), (c), (d), (e), (f), (g), (h), (i), (j), (l), (n), (o), (p), (q), (r), (s), (t), (u) and (v) of the definition of the term “Permitted Lien”; provided, however, that (i) such Permitted Lien (other than any Lien set forth in clauses (c), (i), (n), (o), (p) and (q) of such definition) is not a Lien on any of the Points and (ii) such Permitted Lien (other than any Lien set forth in clauses (c), (g) and (i) of such definition) is not a Lien on any cash or Cash Equivalents constituting Collateral and held by the Collateral Agent.
“Permitted Holder” shall mean (a) Stephen J. Cloobeck and David F. Palmer, their estates, descendants and legal representatives and any person that they control and (b) any person acting in the capacity of an underwriter (solely to the extent that and for so long as 

25

such person is acting in such capacity) in connection with a public or private offering of Capital Stock of Holdings.
“Permitted FLRX Settlement” shall mean a settlement or satisfaction of the FLRX Judgment in respect of which the sole consideration consists of assets of FLRX or any of its subsidiaries as of the date of the FLRX Judgment (or proceeds of such assets), without giving effect to any investment in, or transfer of assets to, FLRX or any of its subsidiaries by Holdings or any of the Subsidiaries, in each case since the date of the FLRX Judgment.
“Permitted Liens” shall mean:
(a)    Liens existing on the Closing Date; 
(b)    Liens on Timeshare Loans, and related rights and assets and the proceeds thereof incurred in connection with Permitted Securitizations;
(c)    Liens for taxes, assessments, charges or other governmental levies not yet due or as to which the period of grace, if any, related thereto has not expired or which are being contested in good faith by appropriate proceedings; provided, however, that, in the case of contested taxes, adequate reserves with respect thereto are maintained on the books of the applicable person in conformity with GAAP;
(d)    statutory Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, landlords’, repairmen’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or which are being contested in good faith by appropriate proceedings;
(e)    pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security or welfare legislation and deposits securing liability to insurance carriers under insurance or self-insurance arrangements;
(f)    easements, rights of way, restrictions, covenants and other similar encumbrances affecting real property and minor imperfections of title that would not in any case reasonably be expected to have a material adverse effect on the present or future use of the property to which it relates or a material adverse effect on the sale or lease of such property;
(g)    rights of setoff or bankers’ liens upon deposits of cash in favor of banks or other depository institutions, including Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) within general parameters customary in the banking industry;
(h)    Liens incurred on deposits to secure (i) the performance of tenders, bids, trade contracts, licenses and leases, fee and expense arrangements with trustees and fiscal agents, statutory obligations, and other obligations of a like nature incurred in the ordinary course 

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of business and not in connection with the borrowing of money, or (ii) indemnification obligations entered into in the ordinary course of business relating to any disposition permitted hereunder;
(i)    Liens securing judgments, awards or orders for the payment of money that do not constitute an Event of Default;
(j)    leases, subleases and other occupancy agreements with respect to real property owned or leased by Holdings, the Borrower or any other Restricted Subsidiary not interfering in any material respect with the business of Holdings, the Borrower or any other Restricted Subsidiary;
(k)    Permitted Collateral Liens, including Liens created under the Security Documents;
(l)    non-exclusive licenses of patents, trademarks, copyrights, and other intellectual property rights granted in the ordinary course of business;
(m)    Liens in favor of Holdings, the Borrower or any other Restricted Subsidiary (other than a Special Purpose Subsidiary);
(n)    Liens securing any Refinancing Indebtedness which is incurred to Refinance any Indebtedness that has been secured by a Lien permitted under this Agreement and that has been incurred in accordance with the provisions of this Agreement; provided, however, that such Liens do not extend to or cover any property or assets of Holdings, the Borrower or any other Restricted Subsidiary that would not have secured the Indebtedness so Refinanced had such Indebtedness not been Refinanced;
(o)    Liens securing Acquired Indebtedness incurred in accordance with Section 4.03 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof; provided, however, that (i) such Liens secured such Acquired Indebtedness at the time of and prior to the incurrence of such Acquired Indebtedness by Holdings, the Borrower or any other Restricted Subsidiary and were not granted in connection with, or in anticipation of, the incurrence of such Acquired Indebtedness by Holdings, the Borrower or any other Restricted Subsidiary and (ii) such Liens do not extend to or cover any property or assets of Holdings, the Borrower or any other Restricted Subsidiary other than the property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of Holdings, the Borrower or any other Restricted Subsidiary and are no more favorable to the lien holders than those securing the Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by Holdings, the Borrower or any other Restricted Subsidiary as determined by the management of Holdings and the Borrower in their reasonable and good faith judgment;
(p)    Liens securing performance, bid, appeal, surety (including utility deposits) and similar bonds and completion guarantees provided by Holdings, the Borrower or any other Restricted Subsidiary in the ordinary course of business;

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(q)    Liens securing Capital Lease Obligations, mortgage financings or purchase money obligations securing Indebtedness set forth in Section 4.03(b)(xiii) of the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01 hereof; provided, however, that any such Lien (i) covers only the assets acquired, constructed or improved with such Indebtedness and (ii) is created within 180 days of such acquisition, construction or improvement;
(r)    Liens on property existing at the time of acquisition thereof by Holdings, the Borrower or any other Restricted Subsidiary; provided, however, that such Liens were in existence prior to, and were not incurred in connection with or in contemplation of, such acquisition and do not extend to any property other than the property so acquired by Holdings, the Borrower or such Restricted Subsidiary;
(s)    deposits made in the ordinary course of business to secure liability to insurance carriers;
(t)    Liens on cash or Cash Equivalents securing Hedging Obligations incurred in the ordinary course of business and not for speculative purposes; 
(u)    Liens on rights of beneficiaries under trust arrangements to secure trust fees and other related fees and expenses; and
(v)    Liens other than any of the foregoing incurred by Holdings, the Borrower or any other Restricted Subsidiary with respect to Indebtedness or other obligations that do not, in the aggregate, exceed $10,000,000 at any time outstanding.
“Permitted Securitization” shall mean each transfer or encumbrance (each a “disposition”) of Timeshare Loans by Holdings, the Borrower or any other Restricted Subsidiary to one or more Special Purpose Subsidiaries or by one Special Purpose Subsidiary to another Special Purpose Subsidiary, conducted in accordance with the following requirements:  (a) each disposition shall identify with reasonable certainty the specific Timeshare Loans, (b) the only Indebtedness of Holdings, the Borrower or any other Restricted Subsidiary resulting from such disposition shall be Nonrecourse Indebtedness of one or more Special Purpose Subsidiaries and (c) both immediately before and after such disposition, no Default has occurred and is continuing.
“person” shall mean any natural person, corporation, business trust, joint venture, association, company, limited liability company, partnership, Governmental Authority or other entity.
“Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA or a “contributing sponsor” (as defined in Section 4001(a)(13) of ERISA.

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“Platform” shall have the meaning assigned to such term in Section 9.01.
“Points” shall mean vacation points which confer on an owner thereof the right to use a residential unit.
“Preferred Stock” as applied to the Capital Stock of any person, shall mean Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such person, over shares of Capital Stock of any other class of such person.
“Prime Rate” shall mean the rate of interest per annum determined from time to time by the Administrative Agent as its prime rate in effect at its principal office in New York City and notified to the Borrower.  The prime rate is a rate set by the Administrative Agent based upon various factors, including the Administrative Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such rate.
“Pro Rata Percentage” of any Lender at any time shall mean the percentage of the Total Commitment represented by such Lender’s Commitment.  In the event the Commitments shall have expired or been terminated, the Pro Rata Percentages shall be determined on the basis of the Commitments most recently in effect, giving effect to any subsequent assignments.
“Public Lender” shall have the meaning assigned to such term in Section 9.01.
“Recipient” shall mean (a) the Administrative Agent and (b) any Lender, as applicable.
“Refinance” means, in respect of any Indebtedness, to refinance, restructure, extend, renew, refund, pay, repay, prepay, redeem, defease, discharge or retire, or to issue a security or Indebtedness in exchange or replacement for, such Indebtedness in whole or in part.  “Refinanced” and “Refinancing” shall have correlative meanings.
“Refinancing Indebtedness” means Indebtedness that Refinances any Indebtedness of Holdings, the Borrower or any other Restricted Subsidiary existing on the Closing Date or incurred in compliance with this Agreement, including Indebtedness that Refinances any Refinancing Indebtedness; provided, however, that:  (a) such Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being Refinanced; (b) such Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is incurred that is equal to or greater than the Average Life of the Indebtedness being Refinanced; (c) such Refinancing Indebtedness has an aggregate principal amount (or if incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if incurred with original issue discount, the aggregate accreted value) then outstanding (plus fees and expenses, including any premium and defeasance costs) under the Indebtedness being Refinanced; (d) if the Indebtedness being 

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Refinanced is subordinated in right of payment to the Obligations in respect of the Loan Documents, such Refinancing Indebtedness is subordinated in right of payment to the Obligations on terms as favorable in all material respects to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced; (e) if the Indebtedness being Refinanced is (i) secured by a security interest in the Collateral (on an equal and ratable first lien, second lien or more junior priority basis) and/or subject to any intercreditor arrangements for the benefit of the Lenders, such Refinancing Indebtedness is secured with a priority no greater than the priority of, and subject to intercreditor arrangements on terms as favorable in all material respects to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced or (ii) unsecured, such Refinancing Indebtedness is unsecured; and (f) the terms and conditions (including, if applicable, as to collateral) of any such Refinancing Indebtedness are (i) either (A) customary for similar Indebtedness or debt securities in light of then-prevailing market conditions or (B) not materially less favorable to the Loan Parties or the Lenders than the terms and conditions of the Indebtedness being Refinanced and (ii) when taken as a whole (other than interest rate and prepayment or redemption premiums), not more restrictive to Holdings, the Borrower and the other Restricted Subsidiaries than those set forth in this Agreement; provided further, however, that Refinancing Indebtedness shall not include (x) Indebtedness of a Subsidiary that Refinances Indebtedness of Holdings or the Borrower or (y) Indebtedness of Holdings, the Borrower or any other Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary.
“Register” shall have the meaning assigned to such term in Section 9.04(d).
“Registration Statement” shall mean that certain registration statement on Form S-1 initially filed by Holdings with the SEC on June 14, 2013, as amended on July 9, 2013.
“Regulation T” shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
“Regulation U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
“Regulation X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
“Related Fund” shall mean, with respect to any Lender that is a fund or commingled investment vehicle that invests in bank loans, any other fund that invests in bank loans and is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.
“Related Parties” shall mean, with respect to any specified person, such person’s Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such person and such person’s Affiliates.

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“Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or within, under, from or upon any building, structure, facility or fixture.
“Required Lenders” shall mean, at any time, one or more Lenders having Loans and unused Commitments representing more than 50% of the sum of all Loans outstanding and unused Commitments at such time; provided that (a) at any time there are not more than three Lenders which are not Defaulting Lenders, “Required Lenders” shall mean Lenders having Loans and unused Commitments representing more than 662/3% of the sum of all Loans outstanding and unused Commitments at such time and (b) in any event, the Loans and unused Commitments of any Defaulting Lender shall be disregarded in the determination of the Required Lenders at any time.
“Responsible Officer” of any person shall mean the chairman of the board, the chief executive officer, the president, the chief financial officer, the chief accounting officer, the treasurer or any executive vice president (or any such other officer that performs similar duties) of such person.
“Restricted Payments” shall have the meaning assigned to such term in the Senior Secured Notes Indenture as in effect on the Closing Date.
“Restricted Subsidiary” shall mean, at any time, any direct or indirect Subsidiary of Holdings that is not then an Unrestricted Subsidiary; provided, however, that, upon an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall, to the extent that it remains a Subsidiary of Holdings at such time, be a Restricted Subsidiary.
“S&P” shall mean Standard & Poor’s Ratings Service, or any successor thereto.
“Sale/Leaseback Transaction” means an arrangement relating to property owned by Holdings, the Borrower or any other Restricted Subsidiary on the Closing Date or thereafter acquired by Holdings, the Borrower or any other Restricted Subsidiary whereby Holdings, the Borrower or any other Restricted Subsidiary transfers such property to a person and Holdings, the Borrower or such Restricted Subsidiary substantially concurrently leases it from such person.
“SEC” shall mean the Securities and Exchange Commission.
“Secured Cash Management Agreement” shall mean any Cash Management Agreement that is entered into by and between any Loan Party and any Cash Management Bank.
“Secured Debt Ratio” shall mean, as of any date of determination, the ratio of (a) Total Indebtedness that is secured by Liens on any of the Collateral as of the end of the most recent fiscal quarter for which financial statements of Holding are available immediately preceding the date on which such event for which such calculation is being made shall occur to (2) Adjusted EBITDA for the most recently ended four full fiscal quarters 

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for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to Total Indebtedness and Adjusted EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of the term “Fixed Charge Coverage Ratio”.
“Secured Hedging Agreement” means any Hedging Agreement permitted under Section 6.01 that is entered into by and between any Loan Party and any Hedge Bank, provided that no such Hedging Agreement shall constitute a “Secured Hedging Agreement” if and to the extent the Senior Secured Notes Documents (or following a refinancing thereof, the definitive documentation governing the applicable Refinancing Indebtedness) would not permit the obligations under such Hedging Agreement to be secured by the Collateral (after taking into account and granting priority to all Obligations (other than those pursuant to Secured Hedging Agreements)).  If any obligations are required to be excluded pursuant to the foregoing proviso, the excluded obligations shall be apportioned ratably among the Hedging Agreements that would otherwise constitute a Secured Hedging Agreements based on the net settlement amounts thereunder.
“Secured Parties” shall mean (a) the Administrative Agent, (b) the Collateral Agent, (c) the beneficiary of each indemnification obligation undertaken by any Loan Party under any Loan Document, (d) the Lenders, (e) the Hedge Banks to the extent they are party to one or more Secured Hedging Agreements, (f) the Cash Management Banks to the extent they are party to one or more Secured Cash Management Agreements and (g) the permitted successors and assigns of each of the foregoing.
“Securities Act” shall mean the Securities Act of 1933, as amended.  
“Securitization” shall mean a public or private transfer of Timeshare Loans in the ordinary course of business of Holdings and the Subsidiaries and by which Holdings, the Borrower or any of the Restricted Subsidiaries directly or indirectly securitizes a pool of specified Timeshare Loans, including any such transaction involving the sale of specified Timeshare Loans to a Special Purpose Subsidiary.
“Security Agreement” shall mean the Security Agreement, substantially in the form of Exhibit D, among Holdings, the Borrower, the other Subsidiaries party thereto and the Collateral Agent for the benefit of the Secured Parties.
“Security Documents” shall mean the Security Agreement, the Pari Passu Intercreditor Agreement, any Junior Lien Intercreditor Agreement required to be entered into pursuant to the terms of this Agreement, any joinder to any Intercreditor Agreement and each of the security agreements and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.12.
“Senior Secured Notes” shall mean the Borrower’s 12.00% senior secured notes due 2018, issued on August 13, 2010, in an aggregate principal amount of $425,000,000, 

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and the exchange notes issued in exchange therefor, in each case pursuant to the Senior Secured Notes Indenture.
“Senior Secured Notes Documents” shall mean the Senior Secured Notes, the Senior Secured Notes Indenture, the Senior Secured Notes Security Documents and all other documents executed and delivered with respect to the Senior Secured Notes or the Senior Secured Note Indenture.
“Senior Secured Notes Indenture” shall mean the Indenture for the Senior Secured Notes dated as of August 13, 2010, among Holdings (as successor by merger to Diamond Resorts Parent, LLC), the Borrower, the other Subsidiaries party thereto and the Senior Secured Notes Trustee, as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof.
“Senior Secured Notes Security Documents” shall mean the “Security Documents” as defined in the Senior Secured Notes Indenture.
“Senior Secured Notes Trustee” shall mean Wells Fargo Bank, National Association and its successors and assigns acting as trustee under the Senior Secured Notes Indenture.
“Significant Subsidiary” shall mean any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X of the Securities Act, as in effect from time to time.
“SPC” shall have the meaning assigned to such term in Section 9.04(i).
“Special Purpose Subsidiary” means any wholly owned direct or indirect Subsidiary established for the sole purpose of conducting one or more Permitted Securitizations and otherwise established and operated in accordance with customary industry practices.
“Specified Turbo Period” shall mean, with respect to any Indebtedness incurred in connection with a Securitization (including any conduit facility providing interim financing for a Securitization), such period of time (as determined in accordance with the definitive documentation governing such Indebtedness) for which collected receivables and other payments generated by the Timeshare Loans subject to such Securitization are not available for distribution to the obligor of such Indebtedness pursuant to the terms of the definitive documentation governing such Indebtedness, including as a result of the occurrence of an event analogous to an “Amortization Event” as defined in the Diamond Resorts Issuer 2008 LLC Indenture as in effect on the Closing Date.
“Standard Securitization Undertakings” shall mean representations, warranties, covenants, indemnities and guarantees of performance entered into by Holdings or any Subsidiary that are customary in a Securitization, including those relating to the servicing of the assets of a Special Purpose Subsidiary.

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“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the initial documentation governing such Indebtedness, including any date upon which a repurchase at the option of holders of such Indebtedness is required to be consummated, but excluding any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof so long as such obligations remain contingent.
“Statutory Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the Board).  Eurodollar Loans shall be deemed to constitute Eurocurrency Liabilities (as defined in Regulation D of the Board) and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D.  Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any corporation, partnership, limited liability company, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
“Subsidiary” shall mean any subsidiary of Holdings.
“Subsidiary Guarantor” shall mean each Subsidiary listed on Schedule 1.01(a), and each other Subsidiary that is or becomes a party to the Guarantee Agreement.
“Synthetic Lease Obligation” means the monetary obligation of a person under a so-called synthetic, off-balance sheet or tax retention lease.
“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Timeshare Loans” shall mean loans made by Holdings or any of the Subsidiaries to finance the purchase of Vacation Interests from Holdings or one of its Subsidiaries and 

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evidenced by a promissory note secured by Points or a fee simple interest in a residential unit.
“Total Commitment” shall mean, at any time, the aggregate amount of the Commitments, as in effect at such time.  The initial Total Commitment is $25,000,000.
“Total Indebtedness” shall mean, as at any date of determination, an amount equal to the sum of the aggregate amount of all outstanding Indebtedness of Holdings, the Borrower and the other Restricted Subsidiaries on a consolidated basis (excluding all Nonrecourse Indebtedness of Special Purpose Subsidiaries incurred in connection with Permitted Securitizations).
“Total Funded Indebtedness” means, as of any date, the sum of the aggregate amount of Funded Indebtedness outstanding as of such date minus the aggregate amount of unrestricted cash and Cash Equivalents held on such date by Holdings, the Borrower and the other Restricted Subsidiaries in excess of $10,000,000.
“Total Leverage Ratio” shall mean, with respect to the last day of any fiscal quarter, the ratio of (a) Total Funded Indebtedness on such date to (b) Adjusted EBITDA for the period of four consecutive fiscal quarters ended on such date.
“Transactions” shall mean, collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party, and, in the case of the Borrower, the making of the Borrowings hereunder and (b) the payment of fees and expenses related to the foregoing.
“Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing is determined.  For purposes hereof, the term “Rate” shall mean the Adjusted LIBO Rate and the Alternate Base Rate.
“Unrestricted Subsidiary” shall mean (a) each Subsidiary of the Borrower listed on Schedule 3.08(b), (b) any Subsidiary of the Borrower which at the time of determination is an Unrestricted Subsidiary (as designated by Holdings as provided below) and (c) any Subsidiary of an Unrestricted Subsidiary.  Holdings may designate any Restricted Subsidiary of the Borrower (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any of the Capital Stock of Holdings, the Borrower or any other Restricted Subsidiary or owns or holds any Indebtedness of or Lien on any property of Holdings, the Borrower or any other Restricted Subsidiary; provided, however, that (i) immediately before and after giving effect to such designation, no Default has occurred and is continuing, (ii) immediately after giving effect to such designation, Holdings and the Borrower shall be in compliance, on a pro forma basis, with the financial covenants set forth in Section 6.03, (iii) any Guarantee or other credit support by Holdings, the Borrower or any other Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated shall be deemed an incurrence of such Indebtedness and an Investment by Holdings, the Borrower or such Restricted Subsidiary at the time of such designation, (iv) 

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either (A) the Subsidiary being so designated shall have total assets of $1,000 or less or (B) if such Subsidiary has assets greater than $1,000, such designation shall be deemed an Investment based on the fair market value of such Unrestricted Subsidiary at the time of designation thereof and such Investment shall not at the time be prohibited by Section 4.04 of the Senior Secured Notes Indenture as incorporated by reference herein pursuant to Section 6.01 hereof, (v) no Subsidiary may be designated as an Unrestricted Subsidiary if it is a “Restricted Subsidiary” for the purpose of the Senior Secured Notes Indenture and (vi) Holdings shall have delivered to the Administrative Agent a certificate executed by a Responsible Officer of Holdings, certifying compliance with the requirements of preceding clauses (i) through (v).  Holdings may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that (i) immediately before and after giving effect to such designation, no Default has occurred and is continuing, (ii) immediately after giving effect to such designation, Holdings and the Borrower shall be in compliance, on a pro forma basis, with the financial covenants set forth in Section 6.03, (iii) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after such designation, if incurred at such time, shall have been permitted to be incurred (and shall be deemed to have been incurred) for all purposes of this Agreement and (iv) Holdings shall have delivered to the Administrative Agent a certificate executed by a Responsible Officer of Holdings, certifying compliance with the requirements of preceding clauses (i) through (iii).
“U.S. Person” means any person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.
“USA PATRIOT Act” shall mean The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).
“Vacation Interests” shall mean a timeshare interest or interval, however defined in the applicable condominium or timeshare declaration, trust agreement or other relevant document or instrument pursuant to which such timeshare interest or interval is created, whether or not coupled with a fee simple interest in real estate, together with all rights, benefits, privileges and interests appurtenant thereto, including the right to use and occupy a residential unit within the applicable residential real estate property and the common areas and common furnishings appurtenant to such unit for a specified period of time, on an annual or biennial basis, as more specifically described in the applicable declaration or other relevant document or instrument.  Vacation Interests shall include Points.
“Voting Stock” of any person as of any date means the Capital Stock of such person that (a) if such person is a corporation, is at the time entitled to vote in the election of such corporation’s board of directors or any committee thereof duly authorized to act on behalf of such board or (b) if such person is an entity other than a corporation, is at the time entitled to vote in the election of the group or individual exercising the authority with respect to such person generally vested in a board of directors of a corporation.
“Wholly Owned Restricted Subsidiary” of any person means a Restricted Subsidiary of such person, all of the outstanding Capital Stock or other ownership interests of which 

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(other than directors’ qualifying shares) shall at the time be owned by such person or by one or more wholly owned Restricted Subsidiaries of such person.
“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Withholding Agent” shall mean any Loan Party and the Administrative Agent.
SECTION 1.02.    Terms Generally.  The definitions in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any person shall be construed to include such person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.  Except as otherwise expressly provided herein, (a) any reference in this Agreement to any Loan Document shall mean such document as amended, restated, supplemented or otherwise modified from time to time and (b) all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, however, that, notwithstanding the foregoing, for purposes of this Agreement, GAAP shall be determined without giving effect to any change thereto occurring after the date hereof as a result of the adoption of any proposals set forth in the Proposed Accounting Standards Update, Leases (Topic 840), issued by the Financial Accounting Standards Board on August 17, 2010, or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect on the date hereof; provided further, however, that if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any provision contained or incorporated by reference in this Agreement or any related definition to eliminate the effect of any change in GAAP occurring after the date of this Agreement on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders 

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wish to amend any provision contained or incorporated by reference in this Agreement or any related definition for such purpose), then the Borrower’s compliance with such provision shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such provision is amended in a manner satisfactory to the Borrower and the Required Lenders.
SECTION 1.03.    Pro Forma Calculations.  Whenever it shall be necessary to calculate the Total Leverage Ratio hereunder, the Total Leverage Ratio shall be calculated after giving effect to all applicable adjustments contemplated by clauses (i) through (v) and the final paragraph of the definition of the term “Fixed Charge Coverage Ratio”.
SECTION 1.04.    Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”).  Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”).
ARTICLE II     
 
The Credits
SECTION 2.01.    Commitments.  Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly, to make Loans to the Borrower, at any time and from time to time on or after the date hereof, and until the earlier of the Maturity Date and the termination of the Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in the aggregate principal amount of such Lender’s outstanding Loans exceeding such Lender’s Commitment.  Within the limits set forth in the preceding sentence and subject to the terms, conditions and limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow Loans.
SECTION 2.02.    Loans.  (a)Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments; provided, however, that the failure of any Lender to make any Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender).  The Loans comprising any Borrowing shall be in an aggregate principal amount that is (i) an integral multiple of $500,000 and not less than $1,000,000 or (ii) equal to the remaining available balance of the applicable Commitments.
(b)    Subject to Sections 2.08 and 2.15, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request pursuant to Section 2.03.  Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.  Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled to request any 

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Borrowing that, if made, would result in more than five Eurodollar Borrowings outstanding hereunder at any time.  For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.
(c)    Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 4:00 p.m., New York City time, and the Administrative Agent shall promptly credit the amounts so received to an account designated by the Borrower in the applicable Borrowing Request or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Lenders.
(d)    Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with paragraph (c) above and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount.  If the Administrative Agent shall have so made funds available then, to the extent that such Lender shall not have made such portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower to but excluding the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrower, a rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short‐term funds (which determination shall be conclusive absent manifest error).  If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement.
(e)    Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.
SECTION 2.03.    Borrowing Procedure.  In order to request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 2:00 p.m., New York City time, three Business Days before a proposed Borrowing, and (b) in the case of an ABR Borrowing, not later than 2:00 p.m., New York City time, on the day of the proposed Borrowing.  Each such telephonic Borrowing Request shall be irrevocable, and shall be confirmed promptly by hand delivery or fax to the Administrative Agent of a written Borrowing Request and shall specify the following information: (i)  whether such Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the number and location of the account to which funds are to be disbursed; (iv) the amount of 

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such Borrowing; and (v) if such Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any contrary specification in any Borrowing Request, each requested Borrowing shall comply with the requirements set forth in Section 2.02.  If no election as to the Type of Borrowing is specified in any such notice, then the requested Borrowing shall be an ABR Borrowing.  If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  The Administrative Agent shall promptly advise the applicable Lenders of any notice given pursuant to this Section 2.03 (and the contents thereof), and of each Lender’s portion of the requested Borrowing.
SECTION 2.04.    Evidence of Debt; Repayment of Loans.  (a)The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan of such Lender on the Maturity Date, together with all accrued and unpaid interest thereon.
(b)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.
(c)    The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Type thereof and, if applicable, the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from Holdings, the Borrower or any Subsidiary Guarantor and each Lender’s share thereof.
(d)    The entries made in the accounts maintained pursuant to paragraphs (b) and (c) of this Section 2.04 shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans in accordance with their terms.
(e)    Any Lender may request that Loans made by it hereunder be evidenced by a promissory note.  In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in a form and substance reasonably acceptable to the Administrative Agent and the Borrower.  Notwithstanding any other provision of this Agreement, in the event any Lender shall request and receive such a promissory note, the interests represented by such note shall at all times (including after any assignment of all or part of such interests pursuant to Section 9.04) be represented by one or more promissory notes payable to the payee named therein or its registered assigns.
SECTION 2.05.    Fees.  (a)The Borrower agrees to pay to each Lender (other than a Defaulting Lender for so long as, and with respect to the period during which, such Lender is a Defaulting Lender), through the Administrative Agent, quarterly in arrears, on 

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the last Business Day of March, June, September and December in each year and on each date on which the Commitment of such Lender shall expire or be terminated as provided herein, a commitment fee (a “Commitment Fee”) equal to 0.75% per annum on the daily unused amount of the Commitment of such Lender during the applicable quarter (or other period commencing with the date hereof or ending with the Maturity Date or the date on which the Commitments of such Lender shall expire or be terminated).  All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days.  All Commitment Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among the Lenders.  Once paid, the Commitment Fees shall not be refundable under any circumstances.
(b)    The Borrower agrees to pay to the Administrative Agent, for its own account, the administrative fees set forth in the Engagement Letter at the times and in the amounts specified therein (the “Administrative Agent Fees”).  The Administrative Agent Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for its own account.  Once paid, the Administrative Agent Fees shall not be refundable under any circumstances.
SECTION 2.06.    Interest on Loans.  (a)Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days, and calculated from and including the date of such Borrowing to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Percentage in effect from time to time.
(b)    Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Percentage in effect from time to time.
(c)    Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan except as otherwise provided in this Agreement.  The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
SECTION 2.07.    Default Interest.  If (a) the Borrower shall default in the payment of any principal of or interest on any Loan, any Fee or any other amount due hereunder or under any other Loan Document, by acceleration or otherwise, or (b) if any Event of Default under Article VII (other than paragraphs (b) or (c) thereunder, which shall be covered by clause (a) above) has occurred and is continuing and the Required Lenders so request, then, in the case of clause (a) above, from the date of such default and until such defaulted amount shall have been paid in full or, in the case of clause (b) above, from the date of such request and until such Event of Default is no longer continuing, to the extent permitted by law, all amounts outstanding under this Agreement and the other Loan 

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Documents shall bear interest (after as well as before judgment), payable on demand, (i) in the case of principal, at the rate otherwise applicable to such Loan pursuant to Section 2.06 plus 2.00% per annum and (ii) in all other cases, at a rate per annum (computed on the basis of the actual number of days elapsed over a year of 360 days at all times) equal to the rate that would be applicable to an ABR Loan plus 2.00% per annum.
SECTION 2.08.    Alternate Rate of Interest.  In the event, and on each occasion, that on the day two Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing (a) the Administrative Agent shall have determined that dollar deposits in the principal amounts of the Loans comprising such Borrowing are not generally available in the London interbank market or that reasonable means do not exist for ascertaining the Adjusted LIBO Rate or (b) the Administrative Agent or the Required Lenders shall have determined that the rates at which such dollar deposits are being offered will not adequately and fairly reflect the cost to such Lenders of making or maintaining Eurodollar Loans during such Interest Period, the Administrative Agent shall, as soon as practicable thereafter, give written or fax notice of such determination to the Borrower and the Lenders.  In the event of any such determination, until the Administrative Agent shall have advised the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, any request by the Borrower for a Eurodollar Borrowing pursuant to Section 2.03 or 2.10 shall be deemed to be a request for an ABR Borrowing.  Each determination by the Administrative Agent under this Section 2.08 shall be conclusive absent manifest error.
SECTION 2.09.    Termination and Reduction of Commitments.  (a) The Commitments shall automatically terminate on the Maturity Date.
(b)    Upon at least three Business Days’ prior irrevocable written or fax notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Commitments; provided, however, that (i) each partial reduction of the Commitments shall be in an integral multiple of $500,000 and not less than $1,000,000 and (ii) the Total Commitment shall not be reduced to an amount that is less than the aggregate outstanding principal amount of the Loans at the time.
(c)    Each reduction in the Commitments hereunder shall be made ratably among the Lenders in accordance with their respective Commitments.  The Borrower shall pay to the Administrative Agent for the account of the applicable Lenders, on the date of each termination or reduction, the Commitment Fees on the amount of the Commitments so terminated or reduced accrued to but excluding the date of such termination or reduction.
SECTION 2.10.    Conversion and Continuation of Borrowings.  The Borrower shall have the right at any time upon prior irrevocable notice to the Administrative Agent (a) not later than 2:00 p.m., New York City time, on the day of conversion, to convert any Eurodollar Borrowing into an ABR Borrowing, (b) not later than 2:00 p.m., New York City time, three Business Days prior to conversion or continuation, to convert any ABR Borrowing into a Eurodollar Borrowing or to continue any Eurodollar Borrowing as a Eurodollar Borrowing for an additional Interest Period, and (c) not later than 2:00 p.m., New York City time, three Business Days prior to conversion, to convert the Interest Period with 

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respect to any Eurodollar Borrowing to another permissible Interest Period, subject in each case to the following:
(i)    each conversion or continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts of the Loans comprising the converted or continued Borrowing;
(ii)    if less than all the outstanding principal amount of any Borrowing shall be converted or continued, then each resulting Borrowing shall satisfy the limitations specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number of Borrowings of the relevant Type;
(iii)    each conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender the new Loan of such Lender resulting from such conversion and reducing the Loan (or portion thereof) of such Lender being converted by an equivalent principal amount; accrued interest on any Eurodollar Loan (or portion thereof) being converted shall be paid by the Borrower at the time of conversion;
(iv)    if any Eurodollar Borrowing is converted at a time other than the end of the Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to the Lenders pursuant to Section 2.16;
(v)    any portion of a Borrowing maturing or required to be repaid in less than one month may not be converted into or continued as a Eurodollar Borrowing;
(vi)    any portion of a Eurodollar Borrowing that cannot be converted into or continued as a Eurodollar Borrowing by reason of the immediately preceding clause shall be automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing; and
(vii)    upon notice to the Borrower from the Administrative Agent given at the request of the Required Lenders, after the occurrence and during the continuance of a Default or Event of Default, no outstanding Loan may be converted into, or continued as, a Eurodollar Loan.
Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this Agreement and specify (i) the identity and amount of the Borrowing that the Borrower requests be converted or continued, (ii) whether such Borrowing is to be converted to or continued as a Eurodollar Borrowing or an ABR Borrowing, (iii) if such notice requests a conversion, the date of such conversion (which shall be a Business Day) and (iv) if such Borrowing is to be converted to or continued as a Eurodollar Borrowing, the Interest Period with respect thereto.  If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a Eurodollar Borrowing, the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  The Administrative Agent shall advise the Lenders of any notice given pursuant to this Section 2.10 and of each Lender’s 

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portion of any converted or continued Borrowing.  If the Borrower shall not have given notice in accordance with this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice in accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued as an ABR Borrowing.
SECTION 2.11.    RESERVED
SECTION 2.12.    Optional Prepayment.  (a)The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three Business Days’ prior written or fax notice (or telephone notice promptly confirmed by written or fax notice) in the case of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by written or fax notice) on the Business Day of prepayment in the case of ABR Loans, to the Administrative Agent before 2:00 p.m., New York City time; provided, however, that each partial prepayment of a Borrowing shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000.
(b)    Each notice of prepayment shall specify the prepayment date and the principal amount of each Borrowing (or portion thereof) to be prepaid, shall be irrevocable unless conditioned upon a refinancing, in which case it shall still be subject to Section 2.16, and shall commit the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein.  All prepayments under this Section 2.12 (other than prepayments of ABR Loans that are not made in connection with the termination or permanent reduction of the Commitments) shall be subject to Section 2.16 but otherwise without premium or penalty.  All prepayments under this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.
SECTION 2.13.    Mandatory Prepayments.  (a)In the event of any termination of all the Commitments, the Borrower shall, on the date of such termination, repay or prepay all its outstanding Borrowings.  If, after giving effect to any partial reduction of the Commitments or at any other time, the aggregate principal amount of the outstanding Loans would exceed the Total Commitment, then the Borrower shall, on the date of such reduction or at such other time, repay or prepay Borrowings in an amount sufficient to eliminate such excess.
(b)    All prepayments of Borrowings under this Section 2.13 shall be subject to Section 2.16, but shall otherwise be without premium or penalty, and shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.
SECTION 2.14.    Reserve Requirements; Change in Circumstances.  
 
(a)Notwithstanding any other provision of this Agreement, if any Change in Law shall (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account 

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of or credit extended by any Lender (except any such reserve requirement which is reflected in the Adjusted LIBO Rate), (ii) impose on such Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Loans made by such Lender or (iii) subject any Recipient to any Taxes (other than (A) Excluded Taxes and (B) Indemnified Taxes), assessments or other charges  on its loans, loan principal, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender at the time set forth in paragraph (c) of this Section 2.14 such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.
(b)    If any Lender shall have determined that any Change in Law regarding capital adequacy or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made pursuant hereto to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.
(c)    A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as applicable, as specified in paragraph (a) or (b) above shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate delivered by it within 10 days after its receipt of the same.
(d)    Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.14 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be under any obligation to compensate any Lender under paragraph (a) or (b) above with respect to increased costs or reductions with respect to any period prior to the date that is 180 days prior to such request if such Lender knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions and of the fact that such circumstances would result in a claim for increased compensation by reason of such increased costs or reductions; provided further that the foregoing limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any Change in Law within such 180-day period.  The protection of this Section shall be available to each Lender regardless of any possible contention of the invalidity or inapplicability of the Change in Law that shall have occurred or been imposed.
SECTION 2.15.    Change in Legality.  (a)Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or 

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maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written notice to the Borrower and to the Administrative Agent:
(i)    such Lender may declare that Eurodollar Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder (or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be converted into Eurodollar Loans, whereupon any request for a Eurodollar Borrowing (or to convert an ABR Borrowing to a Eurodollar Borrowing or to continue a Eurodollar Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert a Eurodollar Loan into an ABR Loan, as the case may be), unless such declaration shall be subsequently withdrawn; and
(ii)    such Lender may require that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in paragraph (b) below.
In the event any Lender shall exercise its rights under clause (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans.
(b)    For purposes of this Section 2.15, a notice to the Borrower by any Lender shall be effective as to each Eurodollar Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar Loan; in all other cases such notice shall be effective on the date of receipt by the Borrower.
SECTION 2.16.    Indemnity.  The Borrower shall indemnify each Lender against any loss or expense that such Lender may sustain or incur as a consequence of (a) any event, other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such Lender receiving or being deemed to receive any amount on account of the principal of any Eurodollar Loan prior to the end of the Interest Period in effect therefor, (ii) the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of the Interest Period with respect to any Eurodollar Loan, in each case other than on the last day of the Interest Period in effect therefor, or (iii) any Eurodollar Loan to be made by such Lender (including any Eurodollar Loan to be made pursuant to a conversion or continuation under Section 2.10) not being made after notice of such Loan shall have been given by the Borrower hereunder (any of the events referred to in this clause (a) being called a “Breakage Event”) or (b) any default in the making of any payment or prepayment required to be made hereunder.  In the case of any Breakage Event, such loss shall include an amount equal to the excess, as reasonably determined by such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the subject of such Breakage Event for the period from the date 

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of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such Breakage Event for such period.  A certificate of any Lender setting forth any amount or amounts which such Lender is entitled to receive pursuant to this Section 2.16 shall be delivered to the Borrower and shall be conclusive absent manifest error.
SECTION 2.17.    Pro Rata Treatment.  Except as otherwise set forth herein, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans, each payment of the Commitment Fees, each reduction of the Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the Lenders in accordance with their respective Commitments (or, if the Commitments shall have expired or been terminated, in accordance with the respective principal amounts of their outstanding Loans).  Each Lender agrees that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower two decimal places.
SECTION 2.18.    Sharing of Setoffs.  Each Lender agrees that if it shall, through the exercise of a right of banker’s lien, setoff or counterclaim against the Borrower or any other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Loan or Loans as a result of which the unpaid principal portion of its Loans shall be proportionately less than the unpaid principal portion of the Loans of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a participation in the Loans of such other Lender, so that the aggregate unpaid principal amount of the Loans and participations in Loans held by each Lender shall be in the same proportion to the aggregate unpaid principal amount of all Loans then outstanding as the principal amount of its Loans prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the principal amount of all Loans outstanding prior to such exercise of banker’s lien, setoff or counterclaim or other event; provided, however, that (a) if any such purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustment restored without interest, and (b) the provisions of this Section 2.18 shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans.  Holdings and the Borrower expressly consent to the foregoing arrangements and agrees that any Lender holding a participation in a Loan deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and all moneys owing by Holdings 

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and the Borrower to such Lender by reason thereof as fully as if such Lender had made a Loan directly to the Borrower in the amount of such participation.
SECTION 2.19.    Payments.  (a)The Borrower shall make each payment (including principal of or interest on any Borrowing or any Fees or other amounts) hereunder and under any other Loan Document not later than 2:00 p.m., New York City time, on the date when due in immediately available dollars, without setoff, defense or counterclaim.  Each such payment shall be made to the Administrative Agent at its offices at Eleven Madison Avenue, New York, NY 10010.  All payments received by the Administrative Agent after 2:00 p.m., New York City time, shall be deemed received on the next Business Day (in the Administrative Agent’s sole discretion) and any applicable interest shall continue to accrue.  The Administrative Agent shall promptly distribute to each Lender any payments received by the Administrative Agent on behalf of such Lender.
(b)    Except as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing or any Fees or other amounts) hereunder or under any other Loan Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of interest or Fees, if applicable.
(c)    Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if the Borrower does not in fact make such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, and to pay interest thereon, for each day from and including the date such amount is distributed to it to, but excluding, the date of payment to the Administrative Agent, at a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error).
SECTION 2.20.    Taxes.  (a)Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the 

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applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(b)    Payment of Other Taxes by the Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
(c)    Indemnification by the Borrower. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(d)    Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(f) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).
(e)    Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.20, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(f)    Status of Lenders.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and 

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executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.20(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

(1)  in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

(2)  executed originals of IRS Form W-8ECI;

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) 

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of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a 
 
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or

(4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;

(C)  any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

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(g)      Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.20 (including by the payment of additional amounts pursuant to this Section 2.20), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.20 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other person.
(h)    Survival.  Each party's obligations under this Section 2.20 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
(i)     Defined Term.  For purposes of this Section 2.20, the term “applicable law” includes FATCA.
SECTION 2.21.    Assignment of Commitments Under Certain Circumstances; Duty to Mitigate.  (a)In the event (i) any Lender delivers a certificate requesting compensation pursuant to Section 2.14, (ii) any Lender delivers a notice described in Section 2.15, (iii) the Borrower is required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.20, (iv) any Lender becomes a Defaulting Lender or (v) any Lender refuses to consent to any amendment, waiver or other modification of any Loan Document requested by the Borrower that requires the consent of a greater percentage of the Lenders than the Required Lenders and such amendment, waiver or other modification is consented to by the Required Lenders, then, in each case, the Borrower may, at its sole expense and effort (including with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender and the Administrative Agent, require such Lender to transfer and assign, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all of its interests, rights and obligations under this 

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Agreement to an Eligible Assignee that shall assume such assigned obligations and, with respect to clause (v) above, shall consent to such requested amendment, waiver or other modification of any Loan Document (which Eligible Assignee may be another Lender, if a Lender accepts such assignment); provided that (x) such assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction, (y) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld or delayed, and (z) the Borrower or such Eligible Assignee shall have paid to the affected Lender in immediately available funds an amount equal to the sum of the principal of and interest accrued to the date of such payment on the outstanding Loans of such Lender, plus all Commitment Fees and other amounts accrued for the account of such Lender hereunder with respect thereto (including any amounts under Sections 2.14 and 2.16); provided further that, if prior to any such transfer and assignment the circumstances or event that resulted in such Lender’s claim for compensation under Section 2.14, notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may be, cease to cause such Lender to suffer increased costs or reductions in amounts received or receivable or reduction in return on capital, or cease to have the consequences specified in Section 2.15, or cease to result in amounts being payable under Section 2.20, as the case may be (including as a result of any action taken by such Lender pursuant to paragraph (b) below), or if such Lender shall waive its right to claim further compensation under Section 2.14 in respect of such circumstances or event or shall withdraw its notice under Section 2.15 or shall waive its right to further payments under Section 2.20 in respect of such circumstances or event or shall consent to the proposed amendment, waiver, consent or other modification, as the case may be, then such Lender shall not thereafter be required to make any such transfer and assignment hereunder.  Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Lender, as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s interests hereunder in the circumstances contemplated by this Section 2.21(a).
(b)    If (i) any Lender shall request compensation under Section 2.14, (ii) any Lender delivers a notice described in Section 2.15 or (iii) the Borrower is required to pay any Indemnified Taxes or any additional amount to any Lender or any Governmental Authority for the account of any Lender, pursuant to Section 2.20, then such Lender shall use reasonable efforts (which shall not require such Lender to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with its internal policies or legal or regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) (x) to file any certificate or document reasonably requested in writing by the Borrower or (y) to assign its rights and delegate and transfer its obligations hereunder to another of its offices, branches or affiliates, if such filing or assignment would reduce its claims for compensation under Section 2.14 or enable it to withdraw its notice pursuant to Section 2.15 or would reduce amounts payable pursuant to Section 2.20, as the case may be, in the future.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such filing or assignment, delegation and transfer.
ARTICLE III     
 
Representations and Warranties
Each of Holdings and the Borrower represents and warrants to the Administrative Agent and each of the Lenders that:

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SECTION 3.01.    Organization; Powers.  Each of Holdings, the Borrower and each of the Restricted Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to own its property and assets and to carry on its business as now conducted and as proposed to be conducted, (c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where the failure so to qualify could not reasonably be expected to result in a Material Adverse Effect, and (d) has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a party and, in the case of the Borrower, to borrow hereunder.
SECTION 3.02.    Authorization.  The Transactions (a) have been duly authorized by all requisite corporate or other organizational and, if required, stockholder action and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of Holdings, the Borrower or any other Restricted Subsidiary, (B) any order of any Governmental Authority or (C) any provision of any indenture, agreement or other instrument to which Holdings, the Borrower or any other Restricted Subsidiary is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture, agreement or other instrument or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by Holdings, the Borrower or any other Restricted Subsidiary (other than any Lien created hereunder, under the Security Documents or under the Senior Secured Notes Documents).
SECTION 3.03.    Enforceability.  This Agreement has been duly executed and delivered by Holdings and the Borrower and constitutes, and each other Loan Document when executed and delivered by each Loan Party party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against such Loan Party in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
SECTION 3.04.    Governmental Approvals.  No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the Transactions, except for (a) the filing of Uniform Commercial Code financing statements and filings with the United States Patent and Trademark Office and the United States Copyright Office and (b) such as have been made or obtained and are in full force and effect.
SECTION 3.05.    Financial Statements.  (a)Holdings has heretofore furnished to the Lenders the consolidated balance sheets and related statements of operations and comprehensive income, member capital and cash flows of Diamond Resorts Parent, LLC (i) as of and for the fiscal year ended December 31, 2012, audited by and accompanied by the opinion of BDO USA, LLP, independent registered public accounting firm, and (ii) as of and for the fiscal quarters ended March 31, 2013 and June 30, 2013.  Such financial statements present fairly the financial condition and results of operations and cash flows of Diamond Resorts Parent, LLC and its consolidated Subsidiaries as of such date and for such period.  Such balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of Diamond Resorts Parent LLC and its consolidated Subsidiaries as of the date thereof.  Such financial statements were prepared in accordance with GAAP applied on a consistent basis.
(b)    Holdings has heretofore furnished to the Lenders the consolidated balance sheets and related statements of operations, stockholder’s deficit and cash flows of Pacific Monarch Resorts, Inc. (i) as of and for the fiscal year ended December 31, 2011, audited by and accompanied by the opinion of BDO USA, LLP, independent registered public accounting firm, and (ii) as of and for the fiscal quarter ended March 31, 2012.  Such financial statements present fairly the financial condition and results of operations and cash flows of Pacific Monarch Resorts, Inc. and its consolidated Subsidiaries as of such date and for such period.  Such balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of Pacific Monarch Resorts, Inc. and its consolidated Subsidiaries as of the date thereof.  Such financial statements were prepared in accordance with GAAP applied on a consistent basis 
(c)    Holdings has heretofore furnished to the Lenders the consolidated balance sheets and related statements of operations, stockholder’s equity and cash flows of Island 

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One, Inc. (i) as of and for the fiscal year ended December 31, 2012, audited by and accompanied by the opinion of Cross, Fernandez & Riley LLP, independent registered public accounting firm, and (ii) as of and for the fiscal quarter ended March 31, 2013.  Such financial statements present fairly the financial condition and results of operations and cash flows of Island One, Inc. and its consolidated Subsidiaries as of such date and for such period.  Such balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of Island One, Inc. and its consolidated Subsidiaries as of the date thereof.  Such financial statements were prepared in accordance with GAAP applied on a consistent basis. 
(d)    Holdings has heretofore furnished to the Lenders the consolidated balance sheets and related statements of income, equity and cash flows of PMR Service Companies (i) as of and for the fiscal year ended December 31, 2012, audited by and accompanied by the opinion of BDO USA, LLP, independent registered public accounting firm, and (ii) as of and for the fiscal quarter ended March 31, 2013.  Such financial statements present fairly the financial condition and results of operations and cash flows of PMR Service Companies and its consolidated Subsidiaries as of such date and for such period.  Such balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of PMR Service Companies and its consolidated Subsidiaries as of the date thereof.  Such financial statements were prepared in accordance with GAAP applied on a consistent basis.
SECTION 3.06.    No Material Adverse Change.  No event, change or condition has occurred that has had, or could reasonably be expected to have, a material adverse effect on the business, assets, liabilities, operations, condition (financial or otherwise), operating results or prospects of Holdings, the Borrower and the other Restricted Subsidiaries, taken as a whole, since December 31, 2012.
SECTION 3.07.    Title to Properties; Possession Under Leases.  (a)Each of Holdings, the Borrower and the other Restricted Subsidiaries has good and marketable title to (including, in the case of real property, fee interests in) or valid leasehold interests in all its material properties and assets (including real property), except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes.  All such material properties and assets are free and clear of Liens, other than Permitted Liens.
(b)    Each of Holdings, the Borrower and the other Restricted Subsidiaries has complied with all obligations under all material leases to which it is a party and all such leases are in full force and effect.  Each of Holdings, the Borrower and the other Restricted Subsidiaries enjoys peaceful and undisturbed possession under all such material leases.
SECTION 3.08.    Subsidiaries.  (a) Schedule 3.08(a) sets forth as of the Closing Date a list of all Restricted Subsidiaries and the percentage ownership interest of Holdings, the Borrower and its Restricted Subsidiaries therein and the jurisdiction of incorporation of each Restricted Subsidiary.  The shares of capital stock or other ownership interests so indicated on Schedule 3.08 are fully paid and non-assessable and are owned by Holdings, directly or indirectly, free and clear of all Liens other than Permitted Liens.

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(b)    Schedule 3.08(b) sets forth as of the Closing Date a complete and accurate list of all Unrestricted Subsidiaries, the percentage ownership interest of Holdings, the Borrower or any other Subsidiary therein and the jurisdiction of incorporation of each Unrestricted Subsidiary.  The shares of capital stock or other ownership interests so indicated on Schedule 3.08(b) are fully paid and non-assessable and are owned by Holdings, directly or indirectly, free and clear of all Liens other than Permitted Liens.
SECTION 3.09.    Litigation; Compliance with Laws.  (a) Except as set forth on Schedule 3.09, there are no actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or, to the knowledge of Holdings or the Borrower, threatened against or affecting Holdings, the Borrower or any Subsidiary or any business, property or rights of any such person (i) that involve any Loan Document or the Transactions or (ii) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.
(b)    Since the date of this Agreement, there has been no change in the status of the matters disclosed on Schedule 3.09 that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.
(c)    None of Holdings, the Borrower or any of the Restricted Subsidiaries or any of their respective material properties or assets is in violation of, nor will the continued operation of their material properties and assets as currently conducted violate, any law, rule or regulation (including any zoning, building, ordinance, code or approval or any building permits), or is in default with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, in each case where such violation or default could reasonably be expected to result in a Material Adverse Effect.
SECTION 3.10.    Agreements.  (a) None of Holdings, the Borrower or any of the Restricted Subsidiaries is a party to any agreement or instrument or subject to any corporate restriction that has resulted or could reasonably be expected to result in a Material Adverse Effect.
(b)    None of Holdings, the Borrower or any of the Restricted Subsidiaries is in default in any manner under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound, where such default could reasonably be expected to result in a Material Adverse Effect.
SECTION 3.11.    Federal Reserve Regulations.  (a) None of Holdings, the Borrower or any of the Restricted Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock.
(b)    No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation 

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of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation T, U or X.
SECTION 3.12.    Investment Company Act.  None of Holdings, the Borrower or any other Restricted Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.
SECTION 3.13.    Use of Proceeds.  The Borrower will use the proceeds of the Loans only for the purposes specified in the introductory statement to this Agreement and not to purchase or carry Margin Stock.
SECTION 3.14.    Tax Returns.  Each of Holdings, the Borrower and the Subsidiaries has filed or caused to be filed all material Federal, state, local and foreign tax returns or materials required to have been filed by it with a Governmental Authority and has paid or caused to be paid all material taxes due and payable by it and all assessments received by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which Holdings, the Borrower or such Subsidiary, as applicable, shall have set aside on its books adequate reserves or (b) to the extent the failure to file any tax returns or materials or pay any Taxes could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
SECTION 3.15.    No Material Misstatements.  No information, report, financial statement, exhibit or schedule furnished by or on behalf of Holdings or the Borrower to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto contained, contains or will contain any material misstatement of fact or omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not misleading; provided that to the extent any such information, report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection, each of Holdings and the Borrower represents only that such forecasts and projections have been prepared in good faith based upon accounting principles consistent with the applicable historical audited financial statements and upon assumptions that are reasonable at the time made and at the time such forecasts and projections were made available to the Administrative Agent or any Lender.
SECTION 3.16.    Employee Benefit Plans.  (a) The Borrower and each of its ERISA Affiliates is in compliance in all material respects with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events, could reasonably be expected to result in material liability of the Borrower or any of its ERISA Affiliates.  The present value of all benefit liabilities under each Plan (based on the assumptions used for purposes of Accounting Standard Codifications No. 715, as amended or revised from time to time) did not, as of the last annual valuation date applicable thereto, exceed by more than $1,000,000 the fair market value of the assets of such Plan, and the present value of all benefit liabilities of all underfunded Plans (based on the assumptions used for purposes of Accounting Standard Codifications No. 715, as amended or revised from time to time) did not, as of the last annual valuation dates applicable thereto, exceed by more than $1,000,000 the fair market value of the assets of all such underfunded Plans.
(b)    Each Foreign Pension Plan is in compliance with all requirements of law applicable thereto and the respective requirements of the governing documents for such plan, except as could not reasonably be expected, individually or in the aggregate, to result 

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in a Material Adverse Effect.  With respect to each Foreign Pension Plan, none of Holdings or its Affiliates or any of their respective directors, officers, employees or agents has engaged in a transaction that could subject Holdings, the Borrower or any other Subsidiary, directly or indirectly, to a tax or civil penalty that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.  With respect to each Foreign Pension Plan, reserves have been established in the financial statements furnished to Lenders in respect of any unfunded liabilities in accordance with applicable law and prudent business practice or, where required, in accordance with ordinary accounting practices in the jurisdiction in which such Foreign Pension Plan is maintained.  The aggregate unfunded liabilities with respect to such Foreign Pension Plans could not reasonably be expected to result in a Material Adverse Effect; the present value of the aggregate accumulated benefit liabilities of all such Foreign Pension Plans (based on those assumptions used to fund each such Foreign Pension Plan) did not, as of the last annual valuation date applicable thereto, exceed the fair market value of the assets of all such Foreign Pension Plans by an amount that, if required to be paid by Holdings and the Subsidiaries, could reasonably be expected to result in a Material Adverse Effect.
SECTION 3.17.    Environmental Matters.  (a) Except as set forth in Schedule 3.17 and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, none of Holdings, the Borrower or any of the Restricted Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.
(b)    Since the date of this Agreement, there has been no change in the status of the matters disclosed on Schedule 3.17 that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.
SECTION 3.18.    Insurance.  Schedule 3.18 sets forth a true, complete and correct description of all insurance maintained by or on behalf of Holdings, the Borrower and the other Restricted Subsidiaries as of the Closing Date.  As of such date, such insurance is in full force and effect and all premiums have been duly paid.  Holdings, the Borrower and the other Restricted Subsidiaries have insurance in such amounts and covering such risks and liabilities as are in accordance with normal industry practice.
SECTION 3.19.    Security Documents.  (a) The Security Agreement, upon execution and delivery thereof by the parties thereto, will create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral (as defined in the Security Agreement) and the proceeds thereof and when financing statements or other filings in appropriate form are filed in the offices specified on Schedule 3.19(a) (or, in the case of Collateral delivered after the date hereof in accordance with the provisions of Section 5.12, in the appropriate filing offices), the Lien created under the Security Agreement will constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral (other than Intellectual Property), in each case prior and superior in right to any other person, other than Permitted Liens that may take priority as a matter of law, and as otherwise provided in the Pari Passu Intercreditor Agreement.
(b)    Upon the recordation of the Security Agreement (or a short-form security agreement in form and substance reasonably satisfactory to the Borrower and the Administrative Agent) with the United States Patent and Trademark Office and the United 

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States Copyright Office, together with the financing statements or such other filings in appropriate form filed in the offices specified on Schedule 3.19(a) (or, in the case of Collateral delivered after the date hereof in accordance with the provisions of Section 5.12, in the appropriate filing offices), the Lien created under the Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the Intellectual Property registered or applied for with the United States Patent and Trademark Office or Copyrights (as defined in the Security Agreement) registered or applied for with the United States Copyright Office, as the case may be, in each case prior and superior in right to any other person other than Permitted Liens that may take priority as a matter of law, and as otherwise provided in the Pari Passu Intercreditor Agreement (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered or applied for Patents, Trademarks or Copyrights (each as defined in the Security Agreement), acquired by the Loan Parties after the date hereof).
SECTION 3.20.    Labor Matters.  As of the Closing Date, there are no strikes, lockouts or slowdowns against Holdings, the Borrower or any other Subsidiary pending or, to the knowledge of Holdings or the Borrower, threatened.  The hours worked by and payments made to employees of Holdings, the Borrower and the other Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters, except any violations that could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  All payments due from Holdings, the Borrower or any other Subsidiary, or for which any claim may be made against Holdings, the Borrower or any other Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of Holdings, the Borrower or such other Subsidiary.  The consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which Holdings, the Borrower or any other Subsidiary is bound.
SECTION 3.21.    Solvency.  Immediately after the consummation of the Transactions to occur on the Closing Date and immediately following the making of each Loan and after giving effect to the application of the proceeds of each Loan (if any) on the Closing Date, (a) the fair value of the assets of Holdings, the Borrower and the other Restricted Subsidiaries on a consolidated basis, at a fair valuation, will exceed the total debts and liabilities, subordinated, contingent or otherwise, of Holdings, the Borrower and the other Restricted Subsidiaries; (b) the present fair saleable value of the property of Holdings, the Borrower and the other Restricted Subsidiaries will be greater than the amount that will be required to pay the probable liability of the total debts and other liabilities, subordinated, contingent or otherwise, of Holdings, the Borrower and the other Restricted Subsidiaries as such debts and other liabilities become absolute and matured; (c) Holdings, the Borrower and the Restricted Subsidiaries will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) Holdings, the Borrower and the other Restricted Subsidiaries will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted following the Closing Date.
SECTION 3.22.    Sanctioned Persons.  To the extent applicable, Holdings, the Borrower and each other Subsidiary is in compliance, in all material respects, with (a) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) the USA PATRIOT Act.  None of Holdings, the Borrower or any other Subsidiary or any director, officer, agent, employee or Affiliate of Holdings, the Borrower or any other Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).  No part of the proceeds of Loans will be used, directly or indirectly, or otherwise made available (i) for any payments to any officer or employee of a Governmental Authority, or any person controlled by a Governmental Authority, or any political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, or (ii) to any person, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.
SECTION 3.23.    Intellectual Property.  Holdings, the Borrower and the other Restricted Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other person.
ARTICLE IV     
 
Conditions of Lending
The obligations of the Lenders to make Loans hereunder are subject to the satisfaction of the following conditions:
SECTION 4.01.    All Borrowings.  On the date of each Borrowing (other than a conversion or a continuation of a Borrowing):
(a)    The Administrative Agent shall have received a notice of such Borrowing as required by Section 2.03.

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(b)    The representations and warranties set forth in Article III and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Borrowing with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.
(c)    At the time of and immediately after such Borrowing, no Default or Event of Default shall have occurred and be continuing.
Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date of such Borrowing as to the matters specified in paragraphs (b) and (c) of this Section 4.01.
SECTION 4.02.    First Borrowing.  On the Closing Date:
(a)    The Administrative Agent shall have received, on behalf of itself and the Lenders, a favorable written opinion of (i) Katten Muchin Rosenman LLP, counsel for the Borrower, substantially to the effect set forth in Exhibit F-1, and (ii) each local counsel listed on Schedule 4.02(a), substantially to the effect set forth in Exhibits F-2 through F-5, in each case (A) dated the Closing Date, (B) addressed to the Administrative Agent, the Collateral Agent and the Lenders, and (C) covering such other matters relating to the Loan Documents and the Transactions as the Administrative Agent shall reasonably request, and the Borrower hereby requests such counsel to deliver such opinions.
(b)    All legal matters incident to this Agreement, the Borrowings and extensions of credit hereunder and the other Loan Documents shall be satisfactory to the Lenders and to the Administrative Agent.
(c)    The Administrative Agent shall have received (i) a copy of the certificate or articles of incorporation, including all amendments thereto, of each Loan Party, certified as of a recent date by the Secretary of State of the state of its organization, and a certificate as to the good standing of each Loan Party as of a recent date, from such Secretary of State; (ii) a certificate of the Secretary or Assistant Secretary of each Loan Party dated the Closing Date and certifying (A) that attached thereto is a true and complete copy of the by-laws of such Loan Party as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which such person is a party and, in the case of the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation of such Loan Party have not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above, and (D) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party; (iii) a certificate of another officer as to the 

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incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above; and (iv) such other documents as the Lenders or the Administrative Agent may reasonably request.
(d)    The Administrative Agent shall have received a certificate, dated the Closing Date and signed by a Financial Officer of the Borrower, confirming compliance with the conditions precedent set forth in paragraphs (b) and (c) of Section 4.01.
(e)    The Administrative Agent shall have received from the Borrower (i) for the account of each Lender on the Closing Date, an upfront fee in an amount equal to 1.00% of the Commitment of such Lender on the Closing Date, and (ii) all other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all out‐of‐pocket expenses required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document.
(f)    The Engagement Letter, the Guarantee Agreement, the Security Agreement, the Pari Passu Intercreditor Agreement and the other Security Documents shall have been duly executed by each Loan Party that is to be a party thereto and shall be in full force and effect on the Closing Date.  The Collateral Agent on behalf of the Secured Parties shall have a shared first-priority security interest in the Collateral of the type described in each Security Document.
(g)    The Administrative Agent shall have received the Perfection Certificate with respect to the Loan Parties dated the Closing Date and duly executed by a Responsible Officer of the Borrower, and shall have received the results of a search of the Uniform Commercial Code filings (or equivalent filings) made with respect to the Loan Parties in the states (or other jurisdictions) of formation of such persons, as indicated on the Perfection Certificate, together with copies of the financing statements (or similar documents) disclosed by such search, and accompanied by evidence satisfactory to the Administrative Agent that the Liens indicated in any such financing statement (or similar document) would be Permitted Liens or have been or will be contemporaneously released or terminated.
(h)    The Administrative Agent shall have received a copy of, or a certificate as to coverage under, the insurance policies required by Section 5.02 and the applicable provisions of the Security Documents, each of which shall be endorsed or otherwise amended to include a customary lender’s loss payable endorsement and to name the Collateral Agent as additional insured, in form and substance reasonably satisfactory to the Administrative Agent.
(i)    Holdings shall have applied the net proceeds from the Holdings IPO as disclosed under the caption “Use of Proceeds” in the Registration Statement (other than any such application that by its nature or terms cannot be completed on or prior to the date hereof).
(j)    Immediately after giving effect to the Transactions and the other transactions contemplated hereby, Holdings, the Borrower and the other Restricted Subsidiaries shall 

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have outstanding no Indebtedness other than (a) Indebtedness outstanding under this Agreement, (b) Indebtedness outstanding under the Senior Secured Notes Indenture, (c) Indebtedness permitted under the Senior Secured Notes Indenture and (d) Indebtedness outstanding and set forth on Schedule 4.02(j).
(k)    The Lenders shall have received the financial statements and opinions referred to in Section 3.05, none of which shall demonstrate a material adverse change in the financial condition of Holdings, the Borrower and the other Restricted Subsidiaries taken as a whole from (and shall not otherwise be materially inconsistent with) the financial statements or forecasts previously provided to the Lenders.
(l)    The Administrative Agent shall have received a certificate from a Financial Officer of Holdings, in form and substance reasonably satisfactory to the Administrative Agent, certifying that Holdings, the Borrower and the other Restricted Subsidiaries, on a consolidated basis after giving effect to the Transactions to occur on the Closing Date, are solvent (determined in a manner consistent with the representation in Section 3.21).
(m)    The Lenders shall have received, to the extent requested, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act.
(n)    All requisite Governmental Authorities and third parties shall have approved or consented to the Transactions and the other transactions contemplated hereby to the extent required, all applicable appeal periods shall have expired and there shall not be any pending or threatened litigation, governmental, administrative or judicial action that could reasonably be expected to restrain, prevent or impose burdensome conditions on the Transactions or the other transactions contemplated hereby.  There shall be no actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or threatened against or affecting Holdings, the Borrower or any other Subsidiary or any business, property or rights of any such person that involve any Loan Document or the Transactions.
ARTICLE V     
 
Affirmative Covenants
Each of Holdings and the Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full, unless the Required Lenders shall otherwise consent in writing, each of Holdings and the Borrower will, and will cause each of the Restricted Subsidiaries to:
SECTION 5.01.    Existence; Compliance with Laws; Businesses and Properties.  (a) Do or cause to be done all things necessary to preserve, renew and keep in 

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full force and effect its legal existence, except as would otherwise be permitted in compliance with Article VI.
(b)    Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect the rights, licenses, permits, franchises, authorizations, patents, copyrights, trademarks and trade names material to the conduct of its business; maintain and operate such business in substantially the manner in which it is presently conducted and operated; comply in all material respects with all applicable laws, rules, regulations and decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted; and at all times maintain and preserve all property material to the conduct of such business and keep such property in good repair, working order and condition and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times.
SECTION 5.02.    Insurance.  (a) Keep its insurable properties adequately insured at all times by financially reputable insurers; maintain such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies in the same or similar businesses operating in the same or similar locations, including public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by it; and maintain such other insurance as may be required by law.
(b)    Cause all such policies covering any Collateral to be endorsed or otherwise amended to include a customary lender’s loss payable endorsement, in form and substance satisfactory to the Administrative Agent.
SECTION 5.03.    Obligations and Taxes.  Pay its Indebtedness and other obligations promptly and in accordance with their terms and pay and discharge promptly when due all material taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, as well as all lawful claims for labor, materials and supplies or otherwise, before the same shall become delinquent or in default, that, if unpaid, might give rise to a Lien upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with respect to any such tax, assessment, charge, levy or claim so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings and Holdings shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP and, with respect to a contested obligation, such contest operates to suspend collection and enforcement of a Lien.
SECTION 5.04.    Financial Statements, Reports, etc.  In the case of Holdings, furnish to the Administrative Agent, which shall furnish to each Lender:
(a)    within 90 days after the end of each fiscal year, beginning with the fiscal year ended December 31, 2013, (i) its consolidated balance sheet and related statements of 

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operations and comprehensive income, stockholders’ equity and cash flows showing the financial condition of Holdings and its consolidated Subsidiaries as of the close of such fiscal year and the results of its operations and the operations of such Subsidiaries during such year, together with comparative figures for the immediately preceding fiscal year, all audited by BDO USA, LLP or any other independent registered public accounting firm of recognized national standing and (ii) an opinion of such accountants (which opinion shall be without a “going concern” explanatory note or any similar qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that the consolidated financial statements delivered pursuant to clause (i) above fairly present the financial condition and results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;
(b)    within 45 days after the end of each of the first three fiscal quarters of each fiscal year, beginning with the fiscal quarter ending September 30, 2013, (i) its consolidated balance sheet and related statements of operations and comprehensive income, stockholders’ equity and cash flows showing the financial condition of Holdings and its consolidated Subsidiaries as of the close of such fiscal quarter and the results of its operations and the operations of such Subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, and comparative figures for the same periods in the immediately preceding fiscal year and (ii) a certificate of a Financial Officer of Holdings certifying that the consolidated financial statements delivered pursuant to clause (i) above fairly present the financial condition and results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments;
(c)    notwithstanding the foregoing, (i) in the event that Holdings delivers to the Administrative Agent an Annual Report for Holdings on Form 10-K for such fiscal year, as filed with the SEC, within 90 days after the end of such fiscal year, such Form 10-K shall satisfy the requirements of paragraph (a) above; provided that, such Form 10-K, when filed with the SEC, is accompanied by an opinion of BDO USA, LLP or any other independent registered public accounting firm of recognized national standing that satisfies the requirements of clause (ii) of paragraph (a) above and (ii) in the event that Holdings delivers to the Administrative Agent a Quarterly Report for Holdings on Form 10-Q for such fiscal quarter, as filed with the SEC, within 45 days after the end of such fiscal quarter, such Form 10-Q shall satisfy the requirements of paragraph (b) above; 
(d)    concurrently with any delivery of financial statements under paragraph (a) or (b) above, a certificate of a Financial Officer of Holdings in the form of Exhibit H (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (ii) setting forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the covenants contained in Sections 6.03;

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(e)    concurrently with the delivery of financial statements under paragraph (a) or (b) above, (i) such financial statements (in substantially the same form) prepared on the basis of consolidating the accounts of Holdings, the Borrower and the other Restricted Subsidiaries and treating the Unrestricted Subsidiaries as if they were not consolidated with Holdings and otherwise eliminating all accounts of Unrestricted Subsidiaries, and (ii) a certificate of a Financial Officer of Holdings stating that such financial statements accurately reflect all adjustments necessary to treat the Unrestricted Subsidiaries as if they were not consolidated with Holdings and to otherwise eliminate all accounts of the Unrestricted Subsidiaries and reflect no other adjustments from the related GAAP financial statements (except as otherwise disclosed in such financial statements);
(f)    promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by Holdings, the Borrower or any other Restricted Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed to its shareholders, as the case may be;
(g)    promptly after the receipt thereof by Holdings, the Borrower or any of the Restricted Subsidiaries, a copy of any “management letter” received by any such person from its certified public accountants and the management’s response thereto;
(h)    promptly after the request by any Lender, all documentation and other information that such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act; 
(i)    promptly after the request by the Administrative Agent or any Lender, copies of (i) any documents described in Section 101(k)(1) of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(l)(1) of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan; provided that if the Borrower or any of its ERISA Affiliates has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the Borrower or the applicable ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof; and
(j)    promptly, from time to time, such other information regarding the operations, business affairs and financial condition of Holdings, the Borrower or any other Restricted Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request.
Information required to be delivered pursuant to clause (a), (b) or (f) of this Section shall be deemed to have been delivered if such information shall be publicly available on the website of the SEC at http://www.sec.gov.  Information required to be delivered pursuant 

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to this Section may also be delivered by electronic communications pursuant to procedures approved by the Administrative Agent.
SECTION 5.05.    Litigation and Other Notices.  Furnish to the Administrative Agent and each Lender prompt written notice of the following:
(a)    any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with respect thereto;
(b)    the filing or commencement of, or any threat or notice of intention of any person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority, against the Borrower or any of its Affiliates that could reasonably be expected to result in a Material Adverse Effect;
(c)    the occurrence of any ERISA Event that, alone or together with any other ERISA Event that has occurred, could reasonably be expected to result in liability of Holdings and the Subsidiaries in an aggregate amount exceeding $1,000,000;
(d)    any development that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.
SECTION 5.06.    Information Regarding Collateral.  Furnish to the Administrative Agent prompt written notice of any change (i) in any Loan Party’s corporate name, (ii) in the jurisdiction of organization or formation of any Loan Party, (iii) in any Loan Party’s identity or corporate structure or (iv) in any Loan Party’s Federal Taxpayer Identification Number.  Each of Holdings and the Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral.  Each of Holdings and the Borrower also agrees promptly to notify the Administrative Agent if any material portion of the Collateral is damaged or destroyed.
SECTION 5.07.    Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings.  (a) Keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all requirements of law are made of all dealings and transactions in relation to its business and activities.  Each Loan Party will, and will cause each of its subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender to visit and inspect the financial records and the properties of such person at reasonable times and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any representatives designated by the Administrative Agent or any Lender to discuss the affairs, finances and condition of such person with the officers thereof and independent accountants therefor.

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(b)    In the case of the Borrower, use commercially reasonable efforts to maintain a public corporate credit rating from S&P and a public corporate family rating from Moody’s, in each case in respect of the Borrower.
SECTION 5.08.    Use of Proceeds.  Use the proceeds of the Loans only for the purposes specified in the introductory statement to this Agreement.
SECTION 5.09.    Employee Benefits.  (a) Comply in all material respects with the applicable provisions of ERISA and the Code and (b) furnish to the Administrative Agent as soon as possible after, and in any event within ten days after any responsible officer of Holdings, the Borrower or any ERISA Affiliate knows or has reason to know that, any ERISA Event has occurred that, alone or together with any other ERISA Event could reasonably be expected to result in liability of the Borrower or any ERISA Affiliate in an aggregate amount exceeding $1,000,000, a statement of a Financial Officer of Holdings, setting forth details as to such ERISA Event and the action, if any, that Holdings or the Borrower proposes to take with respect thereto.
SECTION 5.10.    Compliance with Environmental Laws.  Comply, and cause all lessees and other persons occupying its properties to comply, in all material respects with all Environmental Laws applicable to its operations and properties; obtain and renew all material environmental permits necessary for its operations and properties; and conduct any remedial action in accordance with Environmental Laws; provided, however, that none of Holdings, the Borrower or any other Subsidiary shall be required to undertake any remedial 
action required by Environmental Laws to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.
SECTION 5.11.    [RESERVED.]
SECTION 5.12.    Further Assurances.  Execute any and all further documents, financing statements, agreements and instruments, and take all further action (including filing Uniform Commercial Code and other financing statements) that may be required under applicable law, or that the Required Lenders or the Administrative Agent may reasonably request, in order to effectuate the transactions contemplated by the Loan Documents and in order to grant, preserve, protect and perfect the validity and first priority of the security interests created or intended to be created by the Security Documents.  Each of Holdings and the Borrower will cause any Restricted Subsidiary that shall Guarantee the Senior Secured Notes (or any Refinancing Indebtedness in respect thereof) or any other Material Indebtedness to become a Loan Party by executing or joining the Guarantee Agreement and each applicable Security Document in favor of the Collateral Agent.  In addition, from time to time, each Loan Party will, at its cost and expense, promptly secure the Obligations by pledging or creating, or causing to be pledged or created, in accordance hereunder and with the applicable Security Documents, perfected first-priority security interests with respect to such of its assets and properties as the Administrative Agent or the Required Lenders shall designate (it being understood that it is the intent of the parties that the Obligations shall be secured by substantially all the assets of Holdings, the Borrower and the other Restricted Subsidiaries (including properties acquired subsequent to the Closing Date) that secure the Senior Secured Notes (or any Refinancing Indebtedness in respect thereof) or any other Material Indebtedness).  Such security interests and Liens will be created under the Security Documents and other security agreements and other instruments and documents in form and substance satisfactory to the Administrative Agent, and the relevant Loan Party shall deliver or cause to be delivered to the Lenders all such instruments and documents (including legal opinions, title insurance policies and lien searches) as the Administrative Agent shall reasonably request to evidence compliance with this Section.  Each of the Loan Parties agrees to provide such evidence as the Administrative Agent shall reasonably request as to the perfection and priority status of each such security interest and Lien.
SECTION 5.13.    Post-Closing Covenants.  In the case of Holdings and the Borrower:

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(a)    Within 30 days after the Closing Date (or such later date as the Administrative Agent may determine in its sole discretion), deliver to the Administrative Agent evidence of release of Liens indicated by the following financing statements filed with the Florida Secured Transaction Registry:
(i)     #940000258168;
(ii)    #200809457510;
(iii)    #990000070435;
(iv)    #200000065132;
(v)    #200000177094;
(vi)    #200305754643;
(vii)    #200602173416;
(viii)    #200706509836;
(ix)    #200807824095;
(x)    #200807911702;
(xi)    #20080841124X;
(xii)    #200808807984; and
(xiii)    #201003337935.
(b)    Within 14 days after the Closing Date (or such later date as the Administrative Agent may determine in its sole discretion), deliver to the Collateral Agent the following stock certificates, accompanied, in each case, by an undated stock power executed in blank:
(i)    stock certificate(s) representing 100% of the issued shares of Capital Stock of Galaxy Exchange Company; 
(ii)    stock certificate(s) representing 100% of the issued shares of Capital Stock of Navigo Vacation Exchange Club, Inc;
(iii)    stock certificate number 3 representing 100% of the issued shares of Capital Stock of Island One, Inc.; and
(iv)    stock certificate number 58 representing 100% of the issued shares of Capital Stock of Island One Resorts Management Corporation.  

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(c)    Within 14 days after the Closing Date (or such later date as the Administrative Agent may determine in its sole discretion), deliver to the Collateral Agent the promissory note dated January 13, 2012 issued by ILX Acquisition, Inc. in favor of the Borrower pursuant to the Credit and Security Agreement dated as of January 13, 2012, by and between ILX Acquisition, Inc. and the Borrower.
ARTICLE VI     
 
Negative Covenants
Each of Holdings and the Borrower hereby covenants and agrees with the Administrative Agent and each Lender that, so long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document have been paid in full, unless the Required Lenders shall otherwise consent in writing:
SECTION 6.01.    Indenture Covenants.  Each of Holdings and the Borrower will, and will cause each of the Restricted Subsidiaries to, comply (for the benefit of, and enforceable by, the Administrative Agent and the Lenders) with the covenants set forth in Section 4.03 (Limitation on Indebtedness), Section 4.04 (Limitation on Restricted Payments), Section 4.05 (Dividend and Other Payment Restrictions Affecting Subsidiaries), Section 4.06 (Limitation on Asset Sales), Section 4.07 (Limitation on Affiliate Transactions), Section 4.08 (Limitation on Line of Business), Section 4.12 (Limitation on Liens), Section 4.15 (Sale/Leaseback Transactions) and, without limiting paragraph (m) of Article VII hereof, Section 5.01 (Mergers or Asset Transfers) of the Senior Secured Notes Indenture, in each case as in effect on the Closing Date (which for convenience of reference are set forth on Annex A hereto) and modified by the proviso set forth in this Section 6.01 (regardless of whether the Senior Secured Notes Indenture shall hereafter be amended, replaced, refinanced or otherwise discharged), and each such covenant, as so modified, and the definitions of terms used therein as defined in the Senior Secured Notes Indenture as in effect on the Closing Date but only to the extent not defined in this Agreement, is hereby incorporated by reference herein mutatis mutandis as if set forth herein in full (including, for the avoidance of doubt, references therein to the “Indenture”, “Notes”, “Notes Guarantee”, “Notes Obligations”, “Issue Date” and other terms used therein being deemed to be or include, as the context may require, references to this Agreement, Obligations in respect of the Loan Documents, Guarantee of the Obligations in respect of the Loan Documents, the Obligations, the Closing Date and corresponding terms in respect of the revolving credit facility provided hereunder, respectively, as the context may require); provided that the following sections of the Senior Secured Notes Indenture are incorporated by reference herein with the modifications set forth below:
(a)    Clause (i) of Section 4.03(b) of the Senior Secured Notes Indenture is hereby replaced in its entirety with the words “Indebtedness incurred under this Agreement”;
(b)    Clause (ix) of Section 4.04(b) of the Senior Secured Notes Indenture is hereby deleted in its entirety;

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(c)    The parenthetical “(other than Loans under this Agreement)” is hereby inserted after each occurrence of the words “Applicable Senior Indebtedness” in Section 4.06 of the Senior Secured Notes Indenture, other than in clause (b)(1) thereof;
(d)    The word “Company” set forth in Section 4.08 of the Senior Secured Notes Indenture is hereby replaced with the word “Borrower”; 
(e)    The proviso in clause (i) of Section 4.12 of the Senior Secured Notes Indenture is hereby deleted in its entirety;
SECTION 6.02.    Prepayments or Modification of Certain Debt.  Without limiting the obligations of Holdings, the Borrower and the other Restricted Subsidiaries under Section 6.01, each of Holdings and the Borrower will not, nor will it cause or permit any of the Restricted Subsidiaries to (a) make any distribution, whether in cash, property, securities or a combination thereof, other than regular scheduled payments of principal and interest as and when due, in respect of, or pay, or commit to pay, or directly or indirectly redeem, repurchase, retire or otherwise acquire for consideration, or set apart any sum for the aforesaid purposes, any Material Indebtedness (including the Senior Secured Notes), except (i) prepayments of such Material Indebtedness in exchange for, or with the net cash proceeds of, Refinancing Indebtedness and (ii) as and to the extent required by the Senior Secured Notes Indenture as in effect on the Closing Date (or as and to the extent required by the initial documentation governing any Refinancing Indebtedness in respect thereof to the extent the relevant provisions therein requiring the same are not materially less favorable to the Loan Parties or the Lenders than the analogous provisions in the Senior Secured Notes Indenture as in effect on the Closing Date) or (b) permit any waiver, supplement, modification, amendment, termination or release of any indenture, instrument or agreement (including the Senior Secured Notes Indenture) pursuant to which any Material Indebtedness of Holdings, the Borrower or any of the Restricted Subsidiaries is outstanding if the effect of such waiver, supplement, modification, amendment, termination or release would be materially adverse to the Lenders.
SECTION 6.03.    Financial Covenants.
(a)    Total Leverage Ratio.  Each of Holdings and the Borrower will not permit the Total Leverage Ratio as of the last day of any fiscal quarter, commencing with the fiscal quarter ended September 30, 2013, to be greater than 5.00:1.00.
(b)    Fixed Charge Coverage Ratio.  Each of Holdings and the Borrower will not permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter, commencing with the fiscal quarter ended September 30, 2013, to be less than 1.50:1.00.
(c)    Minimum Liquidity.  Each of Holdings and the Borrower will not permit the aggregate unrestricted cash and Cash Equivalents held by Holdings, the Borrower and the other Restricted Subsidiaries on the last day of any fiscal quarter, commencing with the fiscal quarter ended September 30, 2013, to be less than $10,000,000.
SECTION 6.04.    Business of Holdings.  (a) Holdings shall not engage in any material business activities or have any material assets or liabilities other than its ownership of Capital Stock of Intermediate Holdco and liabilities incidental thereto, including its liabilities pursuant to the Guarantee Agreement and the Security Documents to which it is a party.
(b)    Intermediate Holdco shall not engage in any material business activities or have any material assets or liabilities other than its ownership of Intellectual Property and Capital Stock of the Borrower and liabilities incidental to the foregoing, including its 

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liabilities pursuant to the Guarantee Agreement and the Security Documents to which it is a party.
ARTICLE VII     
 
Events of Default
If any of the following events shall occur (“Events of Default”):
(a)    any representation or warranty made or deemed made in or in connection with any Loan Document or the borrowings hereunder, or any representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument furnished in connection with or pursuant to any Loan Document, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished;
(b)    default shall be made in the payment of any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise;
(c)    default shall be made in the payment of any interest on any Loan or any Fee or any other amount (other than an amount referred to in (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of three Business Days;
(d)    default shall be made in the due observance or performance by Holdings, the Borrower or Intermediate Holdco of any covenant, condition or agreement contained in Section 5.01(a), 5.05 or 5.08 or in Article VI;
(e)    default shall be made in the due observance or performance by Holdings, the Borrower or any other Restricted Subsidiary of any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraph (b), (c) or (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender to the Borrower;
(f)    (i)  Holdings, the Borrower or any other Restricted Subsidiary shall fail to pay any principal, interest or other amount due in respect of any Material Indebtedness, when and as the same shall become due and payable or (ii) any other event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice and/or the lapse of any applicable grace period) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity or that results in the termination or permits (with or without the giving of notice and/or the lapse of 

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any applicable grace period) any counterparty to terminate any Hedging Agreement the obligations under which constitute Material Indebtedness; provided that this clause (ii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;
(g)    an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of Holdings, the Borrower or any Significant Subsidiary of Holdings, or of a substantial part of the property or assets of Holdings, the Borrower or a Significant Subsidiary of Holdings, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings, the Borrower or any Significant Subsidiary of Holdings or for a substantial part of the property or assets of Holdings, the Borrower or a Significant Subsidiary of Holdings or (iii) the winding-up or liquidation of Holdings, the Borrower or any Significant Subsidiary of Holdings; and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;
(h)    Holdings, the Borrower or any Significant Subsidiary of Holdings shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in (g) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings, the Borrower or any Significant Subsidiary of Holdings or for a substantial part of the property or assets of Holdings, the Borrower or any Significant Subsidiary of Holdings, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any action for the purpose of effecting any of the foregoing;
(i)    one or more judgments (other than the FLRX Judgment to the extent existing on the Closing Date and disclosed in the Registration Statement, provided that, for the avoidance of doubt, the foregoing exclusion shall not apply to any judgment that holds Holdings, the Borrower or any other Restricted Subsidiary liable for all or any portion of the FLRX Judgment) shall be rendered against Holdings, the Borrower, any Significant Subsidiary of Holdings or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of Holdings, the Borrower or any Significant Subsidiary of Holdings to enforce any such judgment and such judgment is for the payment of money in an aggregate amount in excess of 

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$10,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment and does not deny or fail to acknowledge coverage);
(j)    an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other such ERISA Events, could reasonably be expected to result in liability of the Borrower and its ERISA Affiliates in an aggregate amount exceeding $10,000,000;
(k)    any Guarantee under the Guarantee Agreement for any reason shall cease to be in full force and effect, or Holdings or any Subsidiary Guarantor shall deny in writing that it has any further liability under the Guarantee Agreement (in each case, other than, in the case of any Subsidiary Guarantor, in accordance with its terms or other than as a result of the discharge or sale or other disposition of such Subsidiary Guarantor in accordance with the terms of the Loan Documents);
(l)    (i) a default by Holdings, the Borrower or any Subsidiary Guarantor in the performance of the Security Documents which adversely affects the enforceability, validity, perfection or priority of the Collateral Agent’s Lien on the Collateral in any material respect, (ii) repudiation or disaffirmation by Holdings, the Borrower or any Subsidiary Guarantor of any of its material obligations under the Security Documents or (iii) the determination in a judicial proceeding that any one or more material provisions of the Security Documents are unenforceable or invalid against Holdings, the Borrower or any Subsidiary Guarantor (or as between the Secured Parties and others with a competing security interest in any of the Collateral) for any reason except to the extent any such unenforceability or invalidity is caused by the failure of the Collateral Agent to maintain possession of certificates representing securities pledged under the Security Agreement or to make filings, renewals and continuations (or other equivalent filings) which Holdings has indicated in the Perfection Certificate are required to be made; or
(m)    there shall have occurred a Change in Control;
then, and in every such event (other than an event with respect to Holdings or the Borrower described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times:  (i) terminate forthwith the Commitments and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower and the other Loan Parties accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, anything contained herein or in any other Loan Document to the contrary notwithstanding; and in any event with respect to Holdings or the Borrower described in paragraph (g) or (h) above, the 

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Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower and the Loan Parties accrued hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, anything contained herein or in any other Loan Document to the contrary notwithstanding.
ARTICLE VIII     
 
The Administrative Agent and the Collateral Agent
Each of the Lenders hereby irrevocably appoints the Administrative Agent and the Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the Collateral Agent are referred to collectively as the “Agents”) its agent and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.  Without limiting the generality of the foregoing, the Agents are hereby expressly authorized to execute any and all documents (including releases) with respect to the Collateral and any rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Security Documents.
The institution serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with Holdings, the Borrower or any other Subsidiary or other Affiliate thereof as if it were not an Agent hereunder.
Neither Agent shall have any duties or obligations except those expressly set forth in the Loan Documents.  Without limiting the generality of the foregoing, (a) neither Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) neither Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders or Secured Parties as shall be necessary under the circumstances as provided in Section 9.08 or in the Pari Passu Intercreditor Agreement, as applicable), and (c) except as expressly set forth in the Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to Holdings, the Borrower or any of the other Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of their Affiliates in any capacity.  Neither Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders or Secured Parties as shall be necessary under the circumstances as provided in Section 9.08 or in the Pari Passu Intercreditor Agreement, as applicable) or in the absence of its own gross negligence or 

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willful misconduct.  Neither Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given to such Agent by Holdings, the Borrower or a Lender, and neither Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to such Agent.
Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper person.  Each Agent may also rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon.  Each Agent may consult with legal counsel (who may be counsel for Holdings or the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
Each Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it.  Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent.
Subject to the provisions below, either Agent may resign at any time by notifying the Lenders and the Borrower.  Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor.  If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank.  If no successor Agent has been appointed pursuant to the immediately preceding sentence by the 30th day after the date such notice of resignation was given by such Agent, such resignation shall become effective and the Required Lenders shall thereafter perform all the duties of such Agent hereunder and/or under any other Loan Document until such time, if any, as the Required Lenders appoint a successor Administrative Agent and/or Collateral Agent, as the case may be.  Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents.  The fees payable by the 

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Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After an Agent’s resignation hereunder, the provisions of this Article and Section 9.05 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while acting as Agent.
Each Lender acknowledges that it has, independently and without reliance upon the Agents or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the Agents or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any other Loan Document, any related agreement or any document furnished hereunder or thereunder.
Each Lender hereby consents to and approves each and all of the provisions of the Pari Passu Intercreditor Agreement and, in the event any Loan Party incurs any obligations in respect of Indebtedness that is secured by Liens on any Collateral having second lien or more junior priority on such Collateral, the Junior Lien Intercreditor Agreement and irrevocably authorizes and directs the Agents to execute and deliver the same and to exercise and enforce its rights and remedies and perform its obligations thereunder.
Without limiting the foregoing, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Agents on behalf of the Secured Parties in accordance with the terms thereof (subject, in the case of the Collateral, to the provisions of the Pari Passu Intercreditor Agreement).  In the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition, and the Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale, to use and apply any of the Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Agent on behalf of the Secured Parties at such sale or other disposition.  Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the foregoing provisions.  The provisions of this paragraph are for the sole benefit of the Lenders and shall not afford any right to, or contribute a defense available to, any Loan Party.
Notwithstanding any other provision of this Agreement or any provision of any other Loan Document, each of the persons named on the cover page hereof as Joint Bookrunner and Joint Lead Arranger is named as such for recognition purposes only, and in its capacity 

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as such shall have no duties, responsibilities or liabilities with respect to this Agreement or any other Loan Document; it being understood and agreed that each such person and its Affiliates shall be entitled to all indemnification and reimbursement rights in favor of the Agents provided herein and in the other Loan Documents.  Without limitation of the foregoing, no such person, in its capacity as Joint Bookrunner or Joint Lead Arranger shall, by reason of this Agreement or any other Loan Document, have any fiduciary relationship in respect of any Lender, Loan Party or any other person.
ARTICLE IX     
 
Miscellaneous
SECTION 9.01.    Notices; Electronic Communications.  Notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows:
(a)    if to Holdings, the Borrower or any other Subsidiary Guarantor, to Holdings at 10600 West Charleston Boulevard, Las Vegas, NV 89135, Attention of Chief Financial Officer (Fax No. (702) 754-2860), Email: Alan.Bentley@diamondresorts.com;  
(b)    if to the Administrative Agent, to Credit Suisse AG, Eleven Madison Avenue, 23rd Floor, New York, NY 10010, Attention of Loan Operations – Agency Manager (Fax No. (212) 322-2291), Email: agency.loanops@credit-suisse.com; and
(c)    if to a Lender, to it at its address (or fax number) set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Lender shall have become a party hereto.
All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by fax or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01.  As agreed to among Holdings, the Borrower, the Administrative Agent and the applicable Lenders from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person.
Each of Holdings and the Borrower hereby agrees, unless directed otherwise by the Administrative Agent or unless the electronic mail address referred to below has not been provided by the Administrative Agent to Holdings and the Borrower, that it will, or will cause the other Subsidiaries to, provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents or to the Lenders under Article V, including all notices, requests, financial statements, financial and other reports, certificates and other information 

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materials, but excluding any such communication that (a) is or relates to a Borrowing Request or a notice pursuant to Section 2.10, (b) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (c) provides notice of any Default or Event of Default under this Agreement or any other Loan Document or (d) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing hereunder (all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium that is properly identified in a format acceptable to the Administrative Agent to an electronic mail address as directed by the Administrative Agent.  In addition, each of Holdings and the Borrower agrees, and agrees to cause the other Subsidiaries, to continue to provide the Communications to the Administrative Agent or the Lenders, as the case may be, in the manner specified in the Loan Documents but only to the extent requested by the Administrative Agent.
Each of Holdings and the Borrower hereby acknowledges that (a) the Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of it hereunder (including, for the avoidance of doubt, all information delivered pursuant to Section 5.4) (collectively, the “Borrower Materials”) by posting the Borrower Materials on Intralinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to Holdings and its Subsidiaries or their securities) (each, a “Public Lender”).  Each of Holdings and the Borrower hereby agrees that (i) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (ii) by marking Borrower Materials “PUBLIC,” Holdings and the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to Holdings and its Subsidiaries or their securities for purposes of United States federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.16); (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public Investor;” and (iv) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not marked as “Public Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be deemed to be marked “PUBLIC”, unless Holdings or the Borrower notifies the Administrative Agent promptly that any such document contains material non-public information: (A) the Loan Documents, (B) notification of changes in the terms of this Agreement and (C) all information delivered pursuant to Section 5.4.
Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable law, including United States Federal and state securities laws, to make reference 

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to, and receive, Communications that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to Holdings and its Subsidiaries or their securities for purposes of United States Federal or state securities laws. 
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”.  NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM.  IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents.  Each Lender agrees that receipt of notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.  Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice may be sent to such e-mail address.
Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.
SECTION 9.02.    Survival of Agreement.  All covenants, agreements, representations and warranties made by Holdings and the Borrower herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by 

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the Lenders and shall survive the making by the Lenders of the Loans, regardless of any investigation made by the Lenders or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid and so long as the Commitments have not been terminated.  The provisions of Sections 2.14, 2.16, 2.20 and 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, 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 the Administrative Agent, the Collateral Agent or any Lender.
SECTION 9.03.    Binding Effect.  This Agreement shall become effective when it shall have been executed by Holdings, the Borrower and the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto.
SECTION 9.04.    Successors and Assigns.  (a) 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 Holdings, the Borrower, the Administrative Agent or the Lenders that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.
(b)    Each Lender may assign to one or more Eligible Assignees all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided, however, that (i) each of the Borrower and the Administrative Agent must also give its prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed) (provided that (A) the consent of the Borrower and the Administrative Agent shall not be required to any such assignment made to another Lender or an Affiliate of a Lender or a Related Fund and (B) the consent of the Borrower (1) shall not be required after the occurrence and during the continuance of any Event of Default and (2) shall be deemed given unless the Borrower shall have objected to such assignment by written notice to the Administrative Agent within five Business Days after having received notice thereof), (ii) the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall be not less than, $1,000,000 (or, if less, the entire remaining amount of such Lender’s Commitment or Loans); provided that simultaneous assignments by or to two or more Related Funds shall be combined for purposes of determining whether the minimum assignment requirement is met, (iii) the parties to each such assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and the parties to each such assignment (except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund) shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee may 

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be waived or reduced in the sole discretion of the Administrative Agent), and (iv) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire (in which the assignee shall designate one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws) and all applicable tax forms described in Section 2.20(e) and 2.20(f).  Upon acceptance and recording pursuant to paragraph (e) of this Section 9.04, from and after the effective date specified in each Assignment and Acceptance, (A) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.16, 2.20 and 9.05, as well as to any Commitment Fees accrued for its account and not yet paid).
(c)    By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows:  (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that its Commitment, and the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment and Acceptance, (ii) except as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of Holdings, the Borrower or any other Subsidiary or the performance or observance by Holdings, the Borrower or any other Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such assignee represents and warrants that it is an Eligible Assignee and is legally authorized to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred to in Section 3.05 or delivered pursuant to Section 5.04, the Pari Passu Intercreditor Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) such assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vi) such assignee agrees to be bound by the terms of the Pari Passu Intercreditor Agreement; (vii) such assignee appoints and authorizes 

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the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms hereof, together with such powers as are reasonably incidental thereto; and (viii) such assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.
(d)    The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in The City of New York a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive and the Borrower, the Administrative Agent, the Collateral Agent and the Lenders may treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower, the Collateral Agent and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(e)    Upon its receipt of, and consent to, a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) above, if applicable, and the written consent of the Administrative Agent and, if required, the Borrower to such assignment and any applicable tax forms described in Section 2.20(e) and 2.20(f), the Administrative Agent shall (i) accept such Assignment and Acceptance and (ii) record the information contained therein in the Register.  No assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (e).
(f)    Each Lender may without the consent of the Borrower or the Administrative Agent sell participations to one or more banks or other persons in all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided, however, that (i) such Lender’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participating banks or other persons shall be entitled to the benefit of the cost protection provisions contained in Sections 2.14, 2.16 and 2.20 (subject to the requirements and limitations therein, including the requirements under Section 2.20(f) (it being understood that the documentation required under Section 2.20(f) shall be delivered to the participating Lender)) to the same extent as if they were Lenders (but, with respect to any particular participant, to no greater extent than the Lender that sold the participation to such participant, except to the extent that such entitlement to receive a greater payment results from a Change in Law that occurs after the applicable banks or other persons acquired the applicable participation) and (iv) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and 

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obligations under this Agreement and the other Loan Documents, and such Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Loans and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents (other than amendments, modifications or waivers decreasing any fees payable to such participating bank or person hereunder or the amount of principal of or the rate at which interest is payable on the Loans in which such participating bank or person has an interest, extending any scheduled principal payment date or date fixed for the payment of interest on the Loans in which such participating bank or person has an interest, increasing or extending the Commitments in which such participating bank or person has an interest or releasing one or more Subsidiary Guarantors representing all or substantially all of the value of the aggregate Guarantees provided by the Subsidiary Guarantors or all or substantially all of the Collateral).  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any person (including the identity of any participant or any information relating to a participant’s interest in any Commitments, Loans, or its other obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(g)    Any Lender or participant may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure of information designated by the Borrower as confidential, each such assignee or participant or proposed assignee or participant shall execute an agreement whereby such assignee or participant shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential information on terms no less restrictive than those applicable to the Lenders pursuant to Section 9.16.
(h)    Any Lender may at any time assign all or any portion of its rights under this Agreement to secure extensions of credit to such Lender or in support of obligations owed by such Lender; provided that no such assignment shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.
(i)    Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent 

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and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof.  The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender.  Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender).  In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof.  In addition, notwithstanding anything to the contrary contained in this Section 9.04, any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC.
(j)    Neither Holdings nor the Borrower shall assign or delegate any of its rights or duties hereunder without the prior written consent of the Administrative Agent and each Lender, and any attempted assignment without such consent shall be null and void.
SECTION 9.05.    Expenses; Indemnity.  (a) Each of Holdings and the Borrower agrees to pay all out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation and administration of this Agreement and the other Loan Documents or in connection with any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall be consummated) or incurred by the Administrative Agent or any Lender in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents or in connection with the Loans made hereunder, including the fees, charges and disbursements of counsel, including local counsel in each appropriate jurisdiction.
(b)    Each of Holdings and the Borrower agrees to, jointly and severally, indemnify the Administrative Agent, each Lender and each Related Party of any of the foregoing persons (each such person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or 

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delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated thereby, (ii) the use of the proceeds of the Loans, (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or by the Borrower, any other Loan Party or any of their respective Affiliates), or (iv) any actual or alleged presence or Release of Hazardous Materials on any property currently or formerly owned or operated by Holdings, the Borrower or any other Subsidiary, or any Environmental Liability related in any way to Holdings, the Borrower or the other Subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee.  
(c)    To the extent that Holdings or the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Pro Rata Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such.
(d)    To the extent permitted by applicable law, neither Holdings nor the Borrower shall assert, and hereby waives, any claim against any Indemnitee, 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 or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof.
(e)    The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, 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 the Administrative Agent, the Collateral Agent or any Lender.  All amounts due under this Section 9.05 shall be payable on written demand therefor.
SECTION 9.06.    Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, except to the extent prohibited by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of Holdings or the Borrower against any of and all the obligations of Holdings or the Borrower now or hereafter existing under this Agreement and other Loan Documents held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other 

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Loan Document and although such obligations may be unmatured.  The rights of each Lender under this Section 9.06 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.
SECTION 9.07.    Applicable Law.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) AND ALL CLAIMS AND CONTROVERSIES IN CONNECTION THEREWITH SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 9.08.    Waivers; Amendment.  (a) No failure or delay of the Administrative Agent, the Collateral Agent or any Lender in exercising any power or right 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 Collateral Agent 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 any other Loan Document or consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  No notice or demand on Holdings or the Borrower in any case shall entitle Holdings or the Borrower to any other or further notice or demand in similar or other circumstances.
(b)    Neither this Agreement nor any provision hereof nor any other Loan Document or any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by Holdings, the Borrower and the Required Lenders; provided, however, that no such agreement shall (i) decrease the principal amount of, or extend the maturity of or any scheduled principal payment date or date for the payment of any interest on any Loan, or waive or excuse any such payment or any part thereof, or decrease the rate of interest on any Loan, without the prior written consent of each Lender directly adversely affected thereby, (ii) increase or extend the Commitment or decrease or extend the date for payment of any Fees of any Lender without the prior written consent of such Lender, (iii) amend or modify the pro rata requirements of Section 2.17, the provisions of Section 9.04(j) or the provisions of this Section or release one or more Subsidiary Guarantors representing all or substantially all of the value of the aggregate Guarantees provided by the Subsidiary Guarantors or all or substantially all of the Collateral, without the prior written consent of each Lender, (iv)  modify the protections afforded to an SPC pursuant to the provisions of Section 9.04(i) without the written consent of such SPC or (v) reduce the percentage contained in the definition of the term “Required Lenders” without the prior written consent of each Lender (it being understood that with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same basis as 

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the Commitments on the date hereof); provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of the Administrative Agent.
(c)    The Administrative Agent and the Borrower may amend any Loan Document to correct administrative or manifest errors or omissions, or to effect administrative changes that are not adverse to any Lender; provided, however, that no such amendment shall become effective until the fifth Business Day after it has been posted to the Lenders, and then only if the Required Lenders have not objected in writing thereto within such five Business Day period.
SECTION 9.09.    Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 9.09 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.
SECTION 9.10.    Entire Agreement.  This Agreement and the other Loan Documents constitute the entire contract between the parties relative to the subject matter hereof.  Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents.  Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent and the Lenders) any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents.
SECTION 9.11.    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 RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS.  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, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11.
SECTION 9.12.    Severability.  In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).  The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
SECTION 9.13.    Counterparts.  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, and shall become effective as provided in Section 9.03.  Delivery of an executed signature page to this Agreement by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall be as effective as delivery of a manually signed counterpart of this Agreement.
SECTION 9.14.    Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement 

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and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
SECTION 9.15.    Jurisdiction; Consent to Service of Process.  (a) Each of Holdings and the Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, 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, the Collateral Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against Holdings, the Borrower or their respective properties in the courts of any jurisdiction.
(b)    Each of Holdings and the Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which 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 or the other Loan Documents in any New York State or Federal court.  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.
(c)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
SECTION 9.16.    Confidentiality.  The Administrative Agent and each of the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees and agents, including accountants, legal counsel and other advisors (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or quasi-regulatory authority (such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) in connection with the exercise of any remedies hereunder or under the other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights hereunder or thereunder, (e) subject to an agreement containing provisions substantially the same as those of this Section 9.16, to (i) any actual or prospective assignee of or participant in any of its rights or obligations under this Agreement and the other Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Holdings or 

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any Subsidiary or any of their respective obligations, (f) with the consent of the Borrower, (g) to the extent such Information becomes publicly available other than as a result of a breach of this Section 9.16, (h) to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the revolving credit facility provided hereunder or (i) to market data collectors or providers of similar services, providers to the lending industry and other service providers to the Administrative Agent in connection with the administration and management of this Agreement and the other Loan Documents.  For the purposes of this Section, “Information” shall mean all information received from Holdings or the Borrower and related to Holdings or any Subsidiary, or their respective business, other than any such information that was available to the Administrative Agent or any Lender on a nonconfidential basis prior to its disclosure by Holdings or the Borrower; provided that, in the case of Information received from Holdings or the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any person required to maintain the confidentiality of Information as provided in this Section 9.16 shall be considered to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality of such Information as such person would accord its own confidential information.
SECTION 9.17.    Lender Action.  Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against any Loan Party or any other obligor under any of the Loan Documents (including the exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence any remedial procedures, in each case with respect to any Collateral owned by such Loan Party, unless expressly provided for herein or in any other Loan Document, without the prior written consent of the Administrative Agent.  The provisions of this Section 9.17 are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party.
SECTION 9.18.    USA PATRIOT Act Notice.  Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Holdings and the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies Holdings and the Borrower, which information includes the name and address of Holdings and the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify Holdings and the Borrower in accordance with the USA PATRIOT Act.
[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

	
		
	DIAMOND RESORTS INTERNATIONAL, INC.,

	by

	 
	/s/ Yanna Huang

	 
	Name:  Yanna Huang

	 
	Title:  Treasurer

	
		
	DIAMOND RESORTS CORPORATION,

	by

	 
	/s/ Yanna Huang

	 
	Name:  Yanna Huang

	 
	Title:  Treasurer

[Signature Page to Credit Agreement]
[[NYCORP:3417681v12:3122W: 09/10/2013--03:28 PM]]

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent,

	by

	 
	/s/ Bill O'Daly

	 
	Name:  Bill O'Daly

	 
	Title:  Authorized Signatory

	
		
	by

	 
	/s/ Michael D'Onofrio

	 
	Name:  Michael D'Onofrio

	 
	Title:  Authorized Signatory

[Signature Page to Credit Agreement]

LENDER SIGNATURE PAGES TO
DIAMOND RESORTS CORPORATION
CREDIT AGREEMENT

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

	by

	 
	/s/ Bill O'Daly

	 
	Name:  Bill O'Daly

	 
	Title:  Authorized Signatory

	
		
	by

	 
	/s/ Michael D'Onofrio

	 
	Name:  Michael D'Onofrio

	 
	Title:  Authorized Signatory

[Signature Page to Credit Agreement]

LENDER SIGNATURE PAGES TO
DIAMOND RESORTS CORPORATION
CREDIT AGREEMENT

	
		
	JPMORGAN CHASE BANK, N.A.,

	by

	 
	/s/ Marc Costantino

	 
	Name:  Marc Costantino

	 
	Title:  Executive Director

[Signature Page to Credit Agreement]

LENDER SIGNATURE PAGES TO
DIAMOND RESORTS CORPORATION
CREDIT AGREEMENT

	
		
	BANK OF AMERICA, N.A.,

	by

	 
	/s/ Suzanne Eaddy

	 
	Name:  Suzanne Eaddy

	 
	Title:  Vice President

[Signature Page to Credit Agreement]

Annex A – Select Negative Covenants
SECTION 4.03.  Limitation on Indebtedness.  (1)The Company shall not and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness; provided, however, that the Company, the Issuer or any Subsidiary Guarantor will be entitled to incur Indebtedness if, on the date of such incurrence and after giving effect thereto on a pro forma basis, the Fixed Charge Coverage Ratio exceeds 2.0 to 1.0 (any Indebtedness incurred pursuant to this Section 4.03(a) being herein referred to as “Ratio Indebtedness”).
(a)    Section 4.03(a) shall not apply to the incurrence of any of the following items of Indebtedness (collectively, “Permitted Indebtedness”):
(i)    Indebtedness incurred pursuant to any Credit Facility, including the Guarantees thereof by the Guarantors, in an aggregate amount outstanding at any time not to exceed $25,000,000 (any Indebtedness incurred pursuant to the provisions set forth in this clause (i) being herein referred to as “Credit Facility Indebtedness”);
(ii)    Indebtedness represented by the Notes issued on the Issue Date and the related Notes Guarantees;
(iii)    Nonrecourse Indebtedness incurred by a Special Purpose Subsidiary under a Permitted Securitization and any Refinancing Indebtedness of such Special Purpose Subsidiary with respect thereto that is Nonrecourse Indebtedness;
(iv)    Indebtedness of the Company or any Restricted Subsidiary existing on the Issue Date (other than Indebtedness set forth in clauses (i), (ii) and (iii) of this Section 4.03(b));
(v)    Refinancing Indebtedness incurred by the Company or any Restricted Subsidiaries to Refinance any Indebtedness that was incurred as Ratio Indebtedness or as Permitted Indebtedness pursuant to clause (ii), (iv) or (v) of this Section 4.03(b);
(vi)    Indebtedness owing to and held by the Company or any Restricted Subsidiaries; provided, however, that (A) if the Company or the Guarantor is the obligor on such Indebtedness, such Indebtedness is expressly subordinated to the prior payment in full in cash of all Notes Obligations and (B)(1) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being owed to or held by a Person other than the Company or a Restricted Subsidiary and (2) any sale or other transfer of any such Indebtedness to a Person that is neither the Company nor a Restricted Subsidiary shall be deemed, in each case, to 

constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (vi);
(vii)    Hedging Obligations incurred in the ordinary course of business and not for speculative purposes;
(viii)    Guarantees of the Notes and Guarantees of Indebtedness that was incurred as Ratio Indebtedness or as Permitted Indebtedness pursuant to clause (v) (to the extent the Refinanced Indebtedness was so guaranteed), (vii), (ix), (x), (xi), (xiii) or (xv) of this Section 4.03(b); provided, however, that if the Indebtedness being Guaranteed is subordinated in right of payment to the Notes or a Notes Guarantee, then such Guarantee shall be subordinated in right of payment to the Notes or such Notes Guarantee to the same extent as the Indebtedness guaranteed;
(ix)    Indebtedness constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to obligations in the nature of reimbursement obligations regarding workers’ compensation claims;
(x)    Indebtedness arising from agreements of the Company or any Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case incurred in connection with the disposition of any business, assets or a Subsidiary;
(xi)    obligations in respect of performance, bid, appeal, surety and similar bonds and completion guarantees provided by the Company or any Restricted Subsidiary in the ordinary course of business;
(xii)    Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of its incurrence;
(xiii)    Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used or useful in a Related Business (where, in the case of a purchase, such purchase may be effected either directly or through the purchase of the Capital Stock of the Person owning such property, plant or equipment), and any Indebtedness incurred to Refinance such Indebtedness, in an aggregate amount at any time outstanding not in excess of $10,000,000;

(xiv)    Acquired Indebtedness; provided, however, that, after giving effect to the merger or acquisition giving rise to the incurrence thereof, immediately after such merger or acquisition the Company would be permitted to incur at least $1.00 of additional Ratio Indebtedness pursuant to Section 4.03(a); and
(xv)    additional Indebtedness of the Company, the Issuer or any Subsidiary Guarantor in an aggregate amount at any time outstanding not in excess $10,000,000.
(b)    The Company and the Issuer shall not, and shall not permit any Subsidiary Guarantor to, incur any Indebtedness that is contractually subordinated to any Indebtedness of the Company, the Issuer or such Guarantor unless such Indebtedness is also contractually subordinated to the Notes or the applicable Notes Guarantee on substantially identical terms; provided, however, that no Indebtedness shall be deemed to be contractually subordinated to any other Indebtedness solely by virtue of being unsecured or having a junior security interest in shared collateral.
(c)    For purposes of determining compliance with this Section 4.03,
(i)    in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness set forth in Section 4.03(b) or is entitled to be incurred as Ratio Indebtedness, the Company shall, in its sole discretion, classify such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 4.03, and such item of Indebtedness (or any portion thereof) shall be treated as having been incurred pursuant to the provisions set forth in only one of such clauses or pursuant to Section 4.03(a); provided, however, that the Notes issued on the Issue Date shall be deemed to have been incurred as Permitted Indebtedness pursuant to Section 4.03(b)(ii);
(ii)    the Company shall be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness set forth above; and
(iii)    any Permitted Indebtedness originally classified as incurred pursuant to the provisions set forth in one of the clauses of Section 4.03(b) (other than pursuant to clause (i), (ii) or (iii) of Section 4.03(b)) may later be reclassified by the Company such that it shall be deemed to have been incurred as Ratio Indebtedness pursuant to Section 4.03(a) or as Permitted Indebtedness pursuant to another clause of Section 4.03(b), as applicable, to the extent that such reclassified Indebtedness could be incurred pursuant to such paragraph or clause at the time of such reclassification.
(d)    Accrual of interest, the accretion of accreted value, the payment of interest or dividends in the form of additional Indebtedness of the same instrument, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in interest rates or in the exchange rate of currencies shall not be deemed to be an incurrence of Indebtedness for purposes of this Indenture.  Guarantees of, or 

obligations in respect of letters of credit relating to, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided, however, that the incurrence of the Indebtedness underlying such Guarantee or letter of credit, as the case may be, was subject to and in compliance with this Section 4.03.
(e)    For purposes of determining compliance with any U.S. dollar restriction on the incurrence of Indebtedness where the Indebtedness incurred is denominated in a different currency, the amount of such Indebtedness shall be the U.S. Dollar Equivalent determined on the date of the incurrence of such Indebtedness; provided, however, that if any such Indebtedness denominated in a different currency is subject to a currency agreement with respect to U.S. dollars covering all principal, premium, if any, and interest payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars shall be as provided in such currency agreement.  The maximum amount of Indebtedness that the Company and the Restricted Subsidiaries may incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result of fluctuations in interest rates or the exchange rate of currencies.
SECTION 4.04.  Limitation on Restricted Payments.  (a)  The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly,
(i)    declare or pay any dividends or make any other distributions of any sort in respect of its Equity Interests (including any payment in connection with any merger or consolidation involving such Person) or similar payment to the direct or indirect holders of its Equity Interests (other than (A) dividends or distributions payable solely in Qualified Equity Interests of the Company, (B) dividends or distributions payable solely to the Company or a Restricted Subsidiary and (C) pro rata dividends or other distributions made by a Subsidiary that is not a Wholly Owned Restricted Subsidiary to minority stockholders (or owners of minority interests in the case of a Subsidiary that is an entity other than a corporation));
(ii)    purchase, repurchase, redeem, defease or make any other acquisition or retirement for value of any Equity Interests of the Company held by any Person (other than by a Restricted Subsidiary) or of any Equity Interests of a Restricted Subsidiary held by any Affiliate of the Company (other than by a Restricted Subsidiary), including in connection with any merger or consolidation and including the exercise of any option to exchange any Equity Interests (other than into Qualified Equity Interests of the Company);
(iii)    purchase, repurchase, redeem, defease or make any other acquisition or retirement for value, prior to scheduled maturity, scheduled repayment, principal installment or scheduled sinking fund payment of any Subordinated Obligations of the Company, the Issuer or any Subsidiary Guarantor (other than (A) from the Company or a Restricted Subsidiary or (B) the purchase, repurchase, redemption, defeasance or other acquisition or retirement of 

Subordinated Obligations purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such purchase, repurchase, redemption, defeasance or other acquisition or retirement); or
(iv)    make any Investment (other than a Permitted Investment) in any Person,
(all such payments and other actions set forth in clauses (i) through (iv) of this Section 4.04(a) being collectively referred to as “Restricted Payments”) unless, at the time of and after giving effect to such Restricted Payment:
(1) no Default shall have occurred and be continuing (or would result therefrom);
(2) the Company is entitled to Incur an additional $1.00 of Ratio Indebtedness pursuant to Section 4.03(a); and
(3) the aggregate amount of such Restricted Payment and all other Restricted Payments since the Issue Date would not exceed the sum of (without duplication):
(A) 50.0% of the Consolidated Net Income accrued during the period (treated as one accounting period) from April 1, 2010 to the end of the most recent fiscal quarter ending immediately prior to the date of such Restricted Payment (or, in case such Consolidated Net Income shall be a deficit, minus 100.0% of such deficit); plus
(B) 100.0% of the aggregate Net Cash Proceeds or Fair Market Value of any asset (other than cash) received by the Company either (x) from the issuance or sale of its Qualified Equity Interests subsequent to the Issue Date (but excluding the issuance or sale of Qualified Equity Interests in the Concurrent Equity Transaction) or (y) as a contribution in respect of its Qualified Equity Interests from its equity holders subsequent to the Issue Date, but excluding in each case any Net Cash Proceeds that are used to redeem Notes in accordance with Section 3.07(c) or are used to purchase Notes in accordance with a Public Offering Offer; plus
(C) the amount by which the principal amount of Indebtedness of the Company (other than Nonrecourse Indebtedness and Indebtedness owing to a Subsidiary) is reduced upon the conversion or exchange subsequent to the Issue Date of any Indebtedness of the Company converted or exchanged for Qualified Equity Interests of the Company (less the amount of any cash, or the fair value of any other property, distributed by the Company upon such conversion or exchange); provided, however, that the foregoing amount shall not exceed the gross proceeds 

(prior to fees and transaction expenses) received by the Company or any Restricted Subsidiary from the sale of such Indebtedness (excluding such gross proceeds from sales to a Subsidiary of the Company or to a Company Equity Plan); plus
(D) an amount equal to the sum of (x) the aggregate amount of cash and the Fair Market Value of any asset (other than cash) received by the Company or any Restricted Subsidiary subsequent to the Issue Date with respect to Investments (other than Permitted Investments) made by the Company or any Restricted Subsidiary in any Person subsequent to the Issue Date and resulting from repurchases, repayments, liquidations or redemptions of such Investments by such Person, proceeds realized on the sale of such Investment and proceeds representing the return of capital, and (y) in the event that the Company redesignates an Unrestricted Subsidiary to be a Restricted Subsidiary, the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary; provided, however, that the foregoing sum shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made by the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary.
(b) The foregoing provisions shall not prohibit:
(i) any Restricted Payment made out of the Net Cash Proceeds of the substantially concurrent sale of, or made in exchange for, Qualified Equity Interests of the Company or a substantially concurrent cash capital contribution received by the Company from its equity holders with respect to its Qualified Equity Interests, including the Concurrent Equity Transaction; provided, however, that (A) such Restricted Payment shall be excluded in the calculation of the amount of Restricted Payments and (B) the Net Cash Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of amounts under Section 4.04(a)(3)(B);
(ii) any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Obligations of a Person made in exchange for, or out of the proceeds of the substantially concurrent incurrence of, Indebtedness of such Person which is permitted to be incurred pursuant to Section 4.03; provided, however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments;
(iii) the payment of any dividend, distribution or redemption of any Equity Interests or Subordinated Indebtedness within 60 days after the date of declaration thereof or call for redemption if, at such date of declaration or call for redemption, 

such payment or redemption was permitted by Section 4.04(a) (the declaration of such payment shall be deemed a Restricted Payment under Section 4.04(a) as of the date of declaration and the payment itself shall be deemed to have been paid on such date of declaration and shall not also be deemed a Restricted Payment under Section 4.04(a)); provided, however, that any Restricted Payment made in reliance on the provisions set forth in this clause (iii) shall reduce the amount available for Restricted Payments pursuant to Section 4.04(a)(3) only once;
(iv) the declaration and payments of dividends on Disqualified Stock issued pursuant to Section 4.03; provided, however, that such dividends shall be excluded in the calculation of the amount of Restricted Payments;
(v) repurchases of Equity Interests deemed to occur upon exercise of stock options if such Equity Interests represents a portion of the exercise price of such options; provided, however, that such Restricted Payments shall be excluded in the calculation of the amount of Restricted Payments;
(vi) cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Company in an aggregate amount not in excess of $500,000; provided, however, that any such cash payment shall not be for the purpose of evading the limitation of this Section 4.04 (as determined in good faith by the Board of Directors); provided further, however, that such payments shall be excluded in the calculation of the amount of Restricted Payments;
(vii) in the event of a Change of Control, and if no Default shall have occurred and be continuing, the payment, purchase, redemption, defeasance, discharge, cash-collateralization or other acquisition or retirement of Subordinated Obligations, in each case, at a purchase price not greater than 101.0% of the principal amount of such Subordinated Obligations, plus any accrued and unpaid interest thereon; provided, however, that prior to such payment, purchase, redemption, defeasance, discharge, cash-collateralization or other acquisition or retirement, the Company (or a third party to the extent permitted by this Indenture) has made a Change of Control Offer with respect to the Notes as a result of such Change of Control and has repurchased (or deposited with the Trustee funds sufficient to repurchase) all Notes validly tendered and not withdrawn in connection with such Change of Control Offer; provided further, however, that such payments, purchases, redemptions, defeasances, discharges, cash-collateralizations or other acquisitions or retirements shall be included in the calculation of the amount of Restricted Payments;
(viii) payments of intercompany subordinated Permitted Indebtedness, the incurrence of which was permitted by Section 4.03(b)(vi); provided, however, with respect to payments other than to the Company or a Guarantor, that no Default has occurred and is continuing or would otherwise result therefrom; 

provided further, however, that such payments shall be excluded in the calculation of the amount of Restricted Payment; 
(ix) for each taxable year, distributions to each direct or indirect equity owner of the Company (each, a “Company Holder”) to satisfy U.S. Federal, state and local income tax obligations of such Company Holder for such taxable year in an amount not to exceed the lesser of:
(A) the amount of tax distributions provided for in the limited liability company agreement of the Company as in effect on the Issue Date; and
(B) an amount which, when combined with all other tax distributions to such Company Holder in the current and all preceding taxable years, equals the product of the highest combined U.S. Federal, state and local marginal income tax rate applicable to any Company Holder (taking into account the deductibility of state and local income taxes for U.S. Federal income tax purposes) and the excess, if any, of (i) the aggregate net taxable income attributable to the Company and allocated to such Company Holder in the current and all preceding taxable years over (ii) the aggregate net taxable loss attributable to the Company and allocated to such Company Holder in all preceding taxable years;
provided, however,  that the Company may make such distributions after the end of the taxable year or may make quarterly distributions during the taxable year (subject to adjustment after the end of the year) to reflect estimated tax obligations of the Company Holders provided that such quarterly distributions shall not, when taken together, exceed the annual limitations set forth in this Section 4.04(b)(ix); and provided further, however, that any amounts distributed to a Company Holder pursuant to this Section 4.04(b)(ix) shall be excluded in the calculation of the amount of Restricted Payments; or
(x) other Restricted Payments in an amount which, when taken together with all other Restricted Payments made pursuant to this clause (x), does not exceed $5,000,000; provided, however, that such Restricted Payment shall be excluded in the calculation of the amount of Restricted Payments.
(c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment of the assets (other than cash) proposed to be transferred.  In the event that a Restricted Payment meets the criteria of more than one of the exceptions set forth in clauses (i) through (x) of Section 4.04(b) or is permitted to be made by Section 4.04(a), the Company, in its sole discretion, may divide and classify such Restricted Payment in any manner that complies with this Section 4.04.
SECTION 4.05.  Dividend and Other Payment Restrictions Affecting Subsidiaries.  The Company shall not, and shall not permit any Restricted Subsidiaries to, 

directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to:
(i) (A) pay dividends or make any other distributions to the Company or any Restricted Subsidiaries on its Equity Interests or with respect to any other interest or participation in, or measured by, its profits, or (B) pay any Indebtedness owed to the Company or any Restricted Subsidiaries,
(ii) make loans or advances to the Company or any Restricted Subsidiaries, or
(iii) transfer any of its properties or assets to the Company or any Restricted Subsidiaries,
except, in each case, for such encumbrances or restrictions existing under or by reason of:
(1) this Indenture, the Notes and the Security Documents;
(2) agreements existing on the Issue Date to the extent and in the manner such agreements are in effect on the Issue Date;
(3) applicable law;
(4) any instrument governing Acquired Indebtedness or Equity Interests of a Person acquired by the Company or any Restricted Subsidiary as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided, however, that, in the case of an instrument governing Acquired Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;
(5) other Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors pursuant to an agreement governing such Indebtedness, incurred by such Restricted Subsidiary and permitted to be incurred subsequent to the Issue Date pursuant to Section 4.03, if (i) the encumbrances and restrictions contained in any such agreement taken as a whole are not materially more restrictive to the applicable Restricted Subsidiary than the encumbrances and restrictions contained in the agreements described in clause (1) or (2) of this Section 4.05 (as determined in good faith by the Company), or (ii) such encumbrance or restriction is not materially more restrictive to the applicable Restricted Subsidiary than is customary in comparable financings (as determined in good faith by the Company) and either (x) the Company determines in 

good faith that such encumbrance or restriction will not materially affect the Issuer’s ability to make the principal or interest payments on the Notes or (y) such encumbrance or restriction applies only if a default occurs in respect of a payment or financial covenant relating to such Indebtedness;
(6) customary non-assignment provisions in leases entered into in the ordinary course of business and consistent with past practices;
(7) purchase money obligations for property or assets acquired in the ordinary course of business that impose restrictions of the nature set forth in clause (iii) of this Section 4.05 on the property or assets so acquired;
(8) any encumbrance or restriction in an agreement effecting a Refinancing of Indebtedness incurred pursuant to an agreement referred to in clause (1), (2), (4) or (5) of this Section 4.05 or this clause (8) or contained in any amendment to an agreement enumerated in such clause (1), (2), (4) or (5) or this clause (8); provided, however, that the encumbrances and restrictions contained in any such refinancing agreement or amendment are not materially less favorable to the Company (as determined by the Board of Directors in its reasonable and good faith judgment) than encumbrances and restrictions contained in such predecessor agreements;
(9) the requirements of any Permitted Securitization that are exclusively applicable to any bankruptcy remote Special Purpose Subsidiary formed in connection therewith;
(10) the requirements of any Standard Securitization Undertakings;
(11) in the case of clause (iii) of this Section 4.05, restrictions contained in security agreements or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such restrictions restrict the transfer of the property subject to the Liens created thereby, or to the extent not constituting Collateral, the Equity Interests of the Person whose assets consist, directly or indirectly, primarily of the real property securing such Indebtedness; provided, however, that such Liens were otherwise permitted to be incurred under this Indenture;
(12) restrictions with respect to any Investment imposed in connection with the making of such Investment;
(13) any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of all or substantially all of the Equity Interests or assets of such Restricted Subsidiary pending the closing of such sale or disposition; or

(14) assignment provisions and provisions with respect to the distribution of assets or property or joint venture or partnership interests in joint venture or partnership agreements and other similar agreements entered into in the ordinary course of business that are customary for such agreements; provided, however, that such provisions in the aggregate, in the opinion of the management of the Company, do not materially and adversely affect the ability of the Issuer to make principal or interest payments on the Notes.
SECTION 4.06.  Limitation on Asset Sales.  (a)  The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate an Asset Sale unless:
(i) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of;
(ii) at least 75.0% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of cash or Cash Equivalents;
(iii) an amount equal to 100% of the Net Cash Proceeds from such Asset Sale is applied by the Company (or such Restricted Subsidiary, as the case may be):
(A) to the extent the Company elects, to acquire Replacement Assets within one year from the later of the date of such Asset Sale or the receipt of such Net Cash Proceeds; and
(B) to the extent of the balance of such Net Cash Proceeds after application in accordance with clause (A) above, to make an offer to the Holders of the Notes (and to holders of other Applicable Senior Indebtedness designated by the Company) to purchase Notes (and such other Applicable Senior Indebtedness) pursuant to and subject to the conditions contained in this Indenture; provided, however, that in connection with any purchase of Indebtedness pursuant to this clause (B), the Company or such Restricted Subsidiary shall permanently retire such Indebtedness and shall cause the related loan commitment (if any) to be permanently reduced in an amount equal to the principal amount so purchased; and
(iv) on a pro forma basis after giving effect to such Asset Sale, no Default shall have occurred and be continuing (or would result therefrom).
(b) Notwithstanding Section 4.06(a), the Company and the Restricted Subsidiaries will not be required to apply any Net Cash Proceeds in accordance with this Section 4.06 except 

to the extent that the aggregate Net Cash Proceeds from all Asset Sales which are not applied in accordance with this covenant exceeds $10,000,000.  Pending application of Net Cash Proceeds pursuant to this Section 4.06, such Net Cash Proceeds shall be invested in cash or Cash Equivalents or applied to temporarily reduce revolving credit Indebtedness.
For the purposes of this Section 4.06, the following are deemed to be cash or Cash Equivalents:
(1) the assumption or discharge of Applicable Senior Indebtedness of the Company or any Restricted Subsidiary and the release of the Company or such Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Sale; 
(2) any securities received by the Company or any Restricted Subsidiary from the transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days of receipt thereof, to the extent of the cash received in that conversion; and 
(3) any Designated Non-cash Consideration received by the Company or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (3) that is at that time outstanding, not to exceed an amount equal to $10,000,000 at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value).
The requirement of Section 4.06(a)(iii)(A) will be deemed to be satisfied if an agreement committing to make the acquisitions or expenditures referred to therein is entered into by the Company or a Restricted Subsidiary within the time period specified in such clause and such Net Cash Proceeds is subsequently applied in accordance with such agreement within six months following the date of such agreement.
(c) In the event of an Asset Sale that requires the purchase of Notes (and other Applicable Senior Indebtedness) pursuant to clause (a)(iii)(B) of this Section 4.06, the Issuer will purchase Notes tendered pursuant to an offer by the Issuer for the Notes (and such other Applicable Senior Indebtedness) at a purchase price of 100% of their principal amount (or, in the event such other Applicable Senior Indebtedness was issued with significant original issue discount, 100% of the accreted value thereof), without premium, plus accrued but unpaid interest (or, in respect of such other Applicable Senior Indebtedness, such lesser price, if any, as may be provided for by the terms of such Applicable Senior Indebtedness) in accordance with the procedures (including prorating in the event of oversubscription) set forth in this Indenture.  If the aggregate purchase price of the Indebtedness tendered exceeds the Net Cash Proceeds allotted to its purchase, the Issuer will select the Indebtedness to be purchased on a pro rata basis but in round denominations, which in the case of the Notes will be denominations of $2,000 principal amount or integral multiples of $1,000 in excess thereof.  The Issuer shall not be required to make such an offer to purchase Notes (and other Applicable Senior Indebtedness) pursuant to this covenant if the Net Cash Proceeds available therefor is less than $15,000,000 (which lesser amount shall be carried forward for purposes of determining whether such an offer is required with respect to the Net Cash Proceeds from any subsequent Asset Sale).  Upon 

completion of such an offer to purchase, any remaining Net Cash Proceeds may be applied by the Company for any purpose otherwise permitted by this Indenture, and the amount of Net Cash Proceeds shall be reduced by the aggregate amount of the offer made pursuant to this Section 4.06(c).
The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.06.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.06, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.06 by virtue of its compliance with such securities laws or regulations.
SECTION 4.07.  Limitation on Affiliate Transactions.  (a)  The Company shall not, and shall not permit any Restricted Subsidiary to, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property, employee compensation arrangements or the rendering of any service) with, or for the benefit of, any Affiliate of the Company (an “Affiliate Transaction”), unless:
(i) the terms of the Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary than those that could be obtained at the time of the Affiliate Transaction in arm’s-length dealings with a Person who is not an Affiliate; or
(ii) if such Affiliate Transaction involves an amount in excess of $1,000,000, the terms of the Affiliate Transaction are set forth in writing and a majority of the non-employee members of the Board of Directors of the Company disinterested with respect to such Affiliate Transaction have determined in good faith that the criteria set forth in clause (1) are satisfied and have approved the relevant Affiliate Transaction as evidenced by a resolution of such Board of Directors; and
(iii) if such Affiliate Transaction involves an amount in excess of $2,500,000, the Board of Directors of the Company shall also have received a written opinion from an Independent Qualified Party to the effect that such Affiliate Transaction is fair, from a financial standpoint, to the Company and its Restricted Subsidiaries or is not less favorable to the Company and its Restricted Subsidiaries than could reasonably be expected to be obtained at the time in an arm’s-length transaction with a Person who was not an Affiliate; provided, however, that such an opinion shall not be required for (x) a management contract entered into between the Company or a Restricted Subsidiary and an Unrestricted Subsidiary pursuant to which the Company or such Restricted Subsidiary provides services to such Unrestricted Subsidiary for a fee or other consideration so long as the owners of any other equity interests in such Unrestricted Subsidiary are not Affiliates (other than a Restricted Subsidiary) of the Company or any Restricted Subsidiary (any such Unrestricted Subsidiary being herein referred to as a 

“Special Unrestricted Subsidiary”) or (y) transactions with Guggenheim providing for any financial advisory, financing, underwriting or placement services or in respect of other lending or investment banking activities.
(b) Section 4.07(a) shall not apply to the following:
(A) any employment, consulting, service, indemnification, termination or severance agreement or compensation plan or arrangement entered into by the Company or any Restricted Subsidiary, and the transactions customarily provided for by any such agreement, plan or arrangement;
(B) reasonable compensation (including bonuses) and other benefits (including retirement, health, stock option and other benefit plans and transactions contemplated thereby) for directors, officers, employees and consultants of the Company and its Subsidiaries;
(C) transactions between or among the Company and/or any Restricted Subsidiaries;
(D) any transaction with any non-Affiliate that becomes an Affiliate as a result of such transaction;
(E) (x) any agreement existing on the Issue Date, as in effect on the Issue Date, or as modified, amended, amended and restated, supplemented or replaced so long as the terms of such agreement as modified, amended, amended and restated, supplemented or replaced, taken as a whole, are not materially more disadvantageous to the Company and the Restricted Subsidiaries, taken as a whole, than the terms of such agreement as in effect on the Issue Date, as determined in good faith by the Board of Directors, and (y) any transaction provided for by any such agreement;
(F) loans or advances to employees or consultants (other than to a Permitted Holder) in the ordinary course of business or approved by the Board of Directors, but in any event not to exceed $2,000,000 in the aggregate outstanding at any one time, and cancellation or forgiveness or modification of the terms of such loans or advances;
(G) the issuance or sale of any Equity Interests (other than Disqualified Stock) of the Company;
(H) transactions with a Person that is an Affiliate of the Company or a Restricted Subsidiary solely because the Company directly or indirectly owns Equity Interests in, or controls, such Affiliate, other than transactions with Unrestricted Subsidiaries;

(I) the transfer of Timeshare Loans and related rights and assets in connection with any Permitted Securitization, and any other transaction effected in the ordinary course as part of a Permitted Securitization;
(J) any Investment (other than a Permitted Investment) or other Restricted Payment, in each case permitted to be made pursuant to (but only to the extent included in the calculation of the amount of Restricted Payments made pursuant to) paragraph (a)(3) of Section 4.04; and
(K) the acquisition of Vacation Interests and any related rights from a Special Unrestricted Subsidiary; provided, however, that the entire consideration for such acquisition consists of cash proceeds that have been received from the sale by the Company or a Restricted Subsidiary of Vacation Interests representing the Vacation Interests being so acquired.
SECTION 4.08.  Limitation on Line of Business.  The Company shall not, and shall not permit any Restricted Subsidiary to, engage in any business other than Related Businesses.
SECTION 4.12.  Limitation on Liens.  The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind upon any of their assets, now owned or hereafter acquired, other than:
(i) in the case of any asset that does not constitute Collateral, Permitted Liens; provided, however, that any Lien on such asset shall be permitted notwithstanding that it is not a Permitted Lien if all payments due under this Indenture and the Notes are secured on an equal and ratable basis with the obligations so secured until such time as such obligations are no longer secured by a Lien; and
(ii) in the case of any asset that constitutes Collateral, Permitted Collateral Liens.
In the case of the proviso in clause (i) of this Section 4.12, if the obligations so secured are expressly subordinated by their terms to the Notes, the Lien securing such obligations shall also be so subordinated by its terms at least to the same extent.
SECTION 4.15.  Sale/Leaseback Transactions.  The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction with respect to any property unless:
(i) the Company or such Restricted Subsidiary would be entitled to (A) incur Indebtedness in an amount equal to the Attributable Debt with respect to such Sale/Leaseback Transaction pursuant to Section 4.03 and (B) create a Lien 

on such property securing such Attributable Debt without equally and ratably securing the Notes pursuant to Section 4.12;
(ii) the net proceeds received by the Company or any Restricted Subsidiary in connection with such Sale/Leaseback Transaction are at least equal to the Fair Market Value of such property; and
(iii) the Company applies the proceeds of such transaction in compliance with Section 4.06.
SECTION 5.01.  Mergers or Asset Transfers.  (a) Neither the Company, Intermediate Holdco nor the Issuer shall consolidate or merge with or into (whether or not the Company, Intermediate Holdco or the Issuer is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, another Person unless:
(i) the Company, Intermediate Holdco or the Issuer, as the case may be, is the surviving entity (which in the case of the Issuer must be a corporation) or the Person formed by or surviving any such consolidation or merger (if other than the Company, Intermediate Holdco or the Issuer, as the case may be) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is organized or existing under the laws of the United States, any state thereof or the District of Columbia;
(ii) the Person formed by or surviving any such consolidation or merger (if other than the Company, Intermediate Holdco or the Issuer, as the case may be) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of the Company, Intermediate Holdco or the Issuer, as the case may be, under this Indenture and with respect to the Notes or its Notes Guarantee, as the case may be, pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee;
(iii) except in the case of a merger or consolidation of the Company, Intermediate Holdco or the Issuer with or into a Wholly Owned Restricted Subsidiary of the Company, immediately before and after such transaction no Default has occurred and is continuing; and
(iv) except in the case of a merger or consolidation of the Company, Intermediate Holdco or the Issuer with or into a Wholly Owned Restricted Subsidiary of the Company, the Person formed by or surviving any such consolidation or merger (if other than the Company, Intermediate Holdco or the Issuer, as the case may be), or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made shall, at the time of such transaction and after giving pro forma effect thereto as if such transaction had occurred at the end of the applicable fiscal quarter, either (A) be permitted to incur at least $1.00 of additional Ratio Indebtedness pursuant to Section 4.03(a) or 

(B) have a Fixed Charge Coverage Ratio no less than that of the Company at such time without giving such pro forma effect thereto.
Upon the consummation of any transaction effected in accordance with this Section 5.01(a), if the Company, Intermediate Holdco or the Issuer, as the case may be, is not the continuing Person, the resulting, surviving or transferee Person shall succeed to, and be substituted for, and may exercise every right and power of, the Company, Intermediate Holdco or the Issuer, as applicable, under this Indenture and with respect to the Notes or its Notes Guarantee, as the case may be, with the same effect as if such successor Person had been named as the Company, Intermediate Holdco or the Issuer, as applicable, in this Indenture.  Upon such substitution the Company, Intermediate Holdco or the Issuer, as applicable, except in the case of a lease, shall be released from its obligations under this Indenture, and with respect to the Notes or its Notes Guarantee, as the case may be, and the Security Documents.
(b) Each Subsidiary Guarantor (other than any Guarantor whose Notes Guarantee is to be released in accordance with Section 10.06) shall not, and the Company shall not cause or permit any such Subsidiary Guarantor to, consolidate with or merge with or into any Person other than the Company, the Issuer or another Subsidiary Guarantor unless:
(i) the Person formed by or surviving any such consolidation or merger or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is organized and existing under the laws of the United States, any State thereof or the District of Columbia;
(ii) the Person formed by or surviving any such consolidation or merger or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all of the obligations of the applicable Guarantor under its Notes Guarantee;
(iii) immediately before and after giving effect to such transaction, no Default has occurred and is continuing; and
(iv) except in the case of a merger or consolidation of a Guarantor with or into a Wholly Owned Restricted Subsidiary of the Company, immediately after giving effect to such transaction and the use of any net proceeds therefrom on a pro forma basis, the Company could satisfy Section 5.01(a)(iv).
(c) The following additional conditions shall apply to each transaction set forth in Sections 5.01(a) and 5.01(b):
(i) the Company, Intermediate Holdco, the Issuer, the Subsidiary Guarantor or the relevant surviving entity, as applicable, shall cause such amendments or other instruments to be filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien of the Security Documents on the Collateral owned by or transferred to such Person, together with such financing statements as may be required to perfect any security interests 

in such Collateral which may be perfected by the filing of a financing statement under the Uniform Commercial Code of the relevant states;
(ii) the Collateral owned by or transferred to the Company, Intermediate Holdco, the Issuer, the Subsidiary Guarantor or the relevant surviving entity, as applicable, shall
(1) continue to constitute Collateral under the Security Documents and this Indenture;
(2) be subject to the Lien in favor of the Collateral Agent (to the extent that such Lien is not prohibited by any related Acquired Indebtedness that is secured by such assets); and
(3) not be subject to any Lien other than Liens permitted by the Security Documents and this Indenture;
(iii) the assets of the Person which is merged or consolidated with or into the relevant surviving entity, to the extent that they are assets of the types which would constitute Collateral under the Security Documents and which would be required to be pledged thereunder, shall be treated as after–acquired property and such surviving entity shall take such action as may be reasonably necessary to cause such assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in the Security Documents and this Indenture; and
(iv) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with the applicable provisions of this Indenture and, with respect to the Officers’ Certificate only, that all conditions precedent in this Indenture relating to such transaction have been satisfied and, with respect to the Opinion of Counsel only, that such supplemental indenture and Security Documents are legal, valid, binding and enforceable, subject to customary qualifications;
provided, however, that clauses (iii) and (iv) of each of Sections 5.01(a) and 5.01(b) shall not be applicable to the Company or a Restricted Subsidiary merging with an Affiliate of the Company solely for the purpose of reincorporating the Company or such Restricted Subsidiary in another permitted jurisdiction.

SCHEDULE 1.01(a)

SUBSIDIARY GUARANTORS
	
			
	Entity Name
	Jurisdiction 
of 
Organization

	1.    AKGI-St. Maarten N.V.
	DE

	2.    Chestnut Farms, LLC
	NV

	3.    Cumberland Gate, LLC
	DE

	4.    Diamond Resorts California Collection Development, LLC
	DE

	5.    Diamond Resorts Centralized Services Company
	DE
	 

	6.    Diamond Resorts Citrus Share Holding, LLC
	DE

	7.    Diamond Resorts Coral Sands Development, LLC
	DE
	 

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	DE
	 

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	DE
	 

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	DE
	 

	11.    Diamond Resorts Daytona Development, LLC
	DE
	 

	12.    Diamond Resorts Developer and Sales Holding Company
	DE
	 

	13.    Diamond Resorts DPM Development LLC
	NV
	 

	14.    Diamond Resorts Epic Mortgage Holdings, LLC 
	DE

	15.    Diamond Resorts Fall Creek Development, LLC
	DE

	16.    Diamond Resorts Finance Holding Company
	DE

	17.    Diamond Resorts Financial Services, Inc.
	NV

	18.    Diamond Resorts Grand Beach I Development, LLC
	DE

	19.    Diamond Resorts Grand Beach II Development, LLC
	DE

	20.    Diamond Resorts Greensprings Development, LLC
	DE

	21.    Diamond Resorts Hawaii Collection Development, LLC
	DE

	22.    Diamond Resorts Hilton Head Development, LLC
	DE

	23.    Diamond Resorts Holdings, LLC
24.    Diamond Resorts International Club, Inc.
	NV
FL

	25.    Diamond Resorts International Marketing, Inc.
	CA

	26.    Diamond Resorts International Marketing Mexico, LLC
	NV

	27.    Diamond Resorts Las Vegas Development, LLC 
	DE

	28.    Diamond Resorts Management & Exchange Holding Company
	DE

	29.    Diamond Resorts Management, Inc.
	AZ

	
			
	Entity Name
	Jurisdiction 
of 
Organization

	30.    Diamond Resorts MGV Development LLC
	NV

	31.    Diamond Resorts Mortgage Holdings, LLC
	DE

	32.    Diamond Resorts Mystic Dunes Development, LLC
	NV

	33.    Diamond Resorts Palm Springs Development, LLC 
	DE

	34.    Diamond Resorts Poco Diablo Development, LLC
	DE

	35.    Diamond Resorts Poipu Development, LLC 
	DE

	36.    Diamond Resorts Polo Development, LLC
	NV

	37.    Diamond Resorts Port Royal Development, LLC
	DE

	38.    Diamond Resorts Powhatan Development, LLC
	DE

	39.    Diamond Resorts Residual Assets Development, LLC
	DE

	40.    Diamond Resorts Residual Assets Finance, LLC
	DE

	41.    Diamond Resorts Residual Assets M&E, LLC
	DE

	42.    Diamond Resorts Ridge on Sedona Development, LLC
	DE

	43.    Diamond Resorts Ridge Pointe Development, LLC
	DE

	44.    Diamond Resorts San Luis Bay Development, LLC
	DE

	45.    Diamond Resorts Santa Fe Development, LLC
	DE

	46.    Diamond Resorts Scottsdale Development, LLC 
	DE

	47.    Diamond Resorts Sedona Springs Development, LLC
	DE

	48.    Diamond Resorts Sedona Summit Development, LLC
	DE

	49.    Diamond Resorts St. Croix Development, LLC
	DE

	50.    Diamond Resorts Steamboat Development, LLC
	DE

	51.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	DE

	52.    Diamond Resorts Teton Club Development, LLC
	NV

	53.    Diamond Resorts U.S. Collection Development, LLC
	DE

	54.    Diamond Resorts Villa Mirage Development, LLC
	DE

	55.    Diamond Resorts Villas of Sedona Development, LLC
	DE

	56.    Diamond Resorts West Maui Development, LLC
	DE

	57.    Foster Shores, LLC
	MO

	58.    George Acquisition Subsidiary, Inc.
	NV

	59.    Ginger Creek, LLC
	DE

	60.    Grand Escapes, LLC
	DE

	61.    International Timeshares Marketing, LLC
	DE

	62.    Lake Tahoe Resort Partners, LLC
	CA

	
			
	Entity Name
	Jurisdiction 
of 
Organization

	63.    Mazatlan Development Inc.
	WA

	64.    MMG Development Corp.
	FL

	65.    Poipu Resort Partners, L.P.
	HI

	66.    Resort Management International, Inc.
	CA

	67.    Resorts Development International, Inc.
	NV

	68.    Walsham Lake, LLC
	MO

	69.    West Maui Resort Partners, L.P.
70.    Crescent One, LLC
71.    Island One, Inc.
72.    Island One Resorts Management Corporation
73.    Galaxy Exchange Company
74.    Navigo Vacation Club, Inc.
	DE
FL
FL
FL
FL
FL

SCHEDULE 2.01
Lenders and Commitments
	
		
	Lender
	Commitments

	Credit Suisse AG
Eleven Madison Avenue
New York, NY 10010
	$[    ]

	Bank of America, N.A.
One Bryant Park
New York, NY 10036
	$[    ]

	JPMorgan Chase Bank, N.A.
383 Madison Avenue
New York, NY 10179
	$[    ]

	Total:
	$25,000,000

SCHEDULE 3.08(a)

Restricted Subsidiaries 

CERTIFICATED INTERESTS
	
													
	 
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	 
	1.    AKGI-St. Maarten N.V.
	DE
	Diamond Resorts Corporation
	100%
	6,000 Common
	2

	 
	2.    Diamond Resorts International Club, Inc. 
	FL
	Diamond Resorts Management & Exchange Holding Company
	100%
	1,000 Common
	4

	 
	3.    George Acquisition Subsidiary, Inc.
	NV
	Diamond Resorts Corporation
	100%
	1,000 Common

	2

	 
	4.    Mazatlan Development Inc.
	WA
	Diamond Resorts Developer and Sales Holding Company
	100%
	1,000 Common

	7

	 
	5.    MMG Development Corp.
	FL
	Diamond Resorts Developer and Sales Holding Company
	100%
	1,000 Common

	11

	 
	6.    Resort Management International, Inc.
	CA
	Diamond Resorts Management & Exchange Holding Company
	100%
	1,000 Common

	7

	 
	7.    Diamond Resorts International Marketing, Inc. 
	CA
	Diamond Resorts Developer and Sales Holding Company
	100%
	2,000 Common
	7

	 
	8.    Resorts Development International, Inc.
	NV
	Diamond Resorts Residual Assets Development, LLC
	100%
	100 Common
	8

	 
	9.    Diamond Resorts Centralized Services Company
	DE
	Diamond Resorts Corporation
	100%
	100 Common
	2

	
													
	 
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	 
	10.    Diamond Resorts Developer and Sales Holding Company
	DE
	Diamond Resorts Corporation
	100%
	100 Common
	M-4

	 
	11.    Diamond Resorts Finance Holding Company
	DE
	Diamond Resorts Corporation
	100%
	100 Common
	2

	 
	12.    Diamond Resorts Financial Services, Inc.
	NV
	Diamond Resorts Finance Holding Company
	100%
	100 Common
	3

	 
	13.    Diamond Resorts Management & Exchange Holding Company
	DE
	Diamond Resorts Corporation
	100%
	100 Common
	2

	 
	14.    Diamond Resorts Management, Inc.
	AZ
	Diamond Resorts Management & Exchange Holding Company
	100%
	1,000 Common
	5

	 
	15.    Diamond Resorts Corporation
	MD
	Diamond Resorts Holdings, LLC
	100%
	100 Common
	1

	 
	16.    Diamond Resorts Europe (Holdings) Limited 
	England & Wales
	Diamond Resorts Corporation
	100%
	32,339,637 Ordinary
	6

	 
	17.    Island One Resorts Management Corporation
	FL
	Island One, Inc.
	100%
	199,894.5 Common
	1

	 
	18.    Island One, Inc.
	FL
	Diamond Resorts Corporation
	100%
	1,000,000 Common
	1

	 
	19.    Galaxy Exchange Company
	FL
	Island One Resorts Management Corporation

	100%
	2,000 Common

	1

	 
	20.    Island One, Inc.
	FL
	Island One Resorts Management Corporation

	100%
	7,500 Common

	1

NON-CERTIFICATED INTERESTS

	
						
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	21.    Chestnut Farms, LLC
	NV
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	22.    Cumberland Gate, LLC
	DE
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	23.    Diamond Resorts California Collection Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	24.    Diamond Resorts Hawaii Collection Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	25.    Diamond Resorts Holdings, LLC
	NV
	Diamond Resort International, Inc.
	100%
	100% membership interest
	Non-certificated

	26.    Diamond Resorts U.S. Collection Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	27.    Grand Escapes, LLC
	DE
	Diamond Resorts Management & Exchange Holding Company
	100%
	100% membership interest
	Non-certificated

	28.    International Timeshares Marketing LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	29.    Lake Tahoe Resort Partners, LLC
	CA
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	30.    Poipu Resort Partners, L.P. 
	HI
	GP: Diamond Resorts Poipu Development, LLC
LP: Diamond Resorts Developer and Sales Holding Company
	1.0%
 
99%
	1% General Partner Interest; 99% Limited Partner Interest
	Non-certificated

	
						
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	31.    Diamond Resorts Citrus Share Holding, LLC 
	DE
	Diamond Resorts Corporation
	100%
	100% membership interest
	Non-certificated

	32.    Diamond Resorts Coral Sands Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	33.    Diamond Resorts Cypress Pointe I Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	34.    Diamond Resorts Cypress Pointe II Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	35.    Diamond Resorts Cypress Pointe III Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	36.    Diamond Resorts Daytona Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	37.    Diamond Resorts DPM Development, LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	38.    Diamond Resorts Epic Mortgage Holdings, LLC 
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	39.    Diamond Resorts Fall Creek Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	40.    Diamond Resorts Grand Beach I Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	41.    Diamond Resorts Grand Beach II Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	42.    Diamond Resorts Greensprings Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	
						
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	43.    Diamond Resorts Hilton Head Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	44.    Diamond Resorts MGV Development, LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	45.    Diamond Resorts International Marketing Mexico, LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	46.    Diamond Resorts Poipu Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	47.    Diamond Resorts Las Vegas Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	48.    Diamond Resorts Mortgage Holdings, LLC
	DE
	Diamond Resorts Finance Holding Company
Diamond Resorts Financial Services, Inc.
	98%

2%
	98% membership interest

2% membership interest
	Non-certificated

	49.    Diamond Resorts Mystic Dunes Development, LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	50.    Diamond Resorts Palm Springs Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	51.    Diamond Resorts Poco Diablo Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	52.    Diamond Resorts Polo Development, LLC
	NV
	Diamond Resorts Holdings, LLC
Diamond Resorts Las Vegas Development, LLC
	95%

 5%
	95% membership interest

5% membership interest
	Non-certificated

	
						
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	53.    Diamond Resorts Port Royal Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	54.    Diamond Resorts Powhatan Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	55.    Diamond Resorts Residual Assets Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	56.    Diamond Resorts Residual Assets Finance, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	57.    Diamond Resorts Residual Assets M&E, LLC
	DE
	Diamond Resorts Management & Exchange Holding Company
	100%
	100% membership interest
	Non-certificated

	58.    Diamond Resorts Ridge on Sedona Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	59.    Diamond Resorts Ridge Pointe Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	60.    Diamond Resorts San Luis Bay Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	61.    Diamond Resorts Santa Fe Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	62.    Diamond Resorts Scottsdale Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	63.    Diamond Resorts Sedona Springs Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	64.    Diamond Resorts Sedona Summit Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	
						
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	65.    Diamond Resorts St. Croix Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	66.    Diamond Resorts Steamboat Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	67.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	68.    Diamond Resorts Teton Club Development, LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	69.    Diamond Resorts Villa Mirage Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	70.    Diamond Resorts Villas of Sedona Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	71.    Diamond Resorts West Maui Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	72.    West Maui Resort Partners, L.P.
	DE
	GP: Diamond Resorts West Maui Development, LLC; 
LP: Diamond Resorts Developer and Sales Holding Company
	1.0%
99%
	1% General Partner Interest;

99% Limited Partner Interest
	Non-certificated

	73.    Foster Shores, LLC
	MO
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	74.    Ginger Creek, LLC
	DE
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	75.    Walsham Lake, LLC
	MO
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	
						
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	76.    Crescent One, LLC
	FL
	Diamond Resorts Corporation
	100%
	100% membership interest
	Non-certificated

SPECIAL PURPOSE SECURITIZATION ENTITIES
	
						
	Restricted Subsidiary, as Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	77.    DRI Quorum 2010, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	78.    Diamond Resorts Seller 2009-1, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	79.    Diamond Resorts Owner Trust 2009-1
	DE
	Diamond Resorts Seller 2009-1, LLC
	100%
	100% membership interest
	Non-certificated

	80.    Diamond Resorts Seller 2011-1, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	81.    Diamond Resorts Owner Trust 2011-1
	DE
	Diamond Resorts Seller 2011-1, LLC
	100%
	100% membership interest
	Non-certificated

	82.    Diamond Resorts Seller 2013-1, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	83.    Diamond Resorts Owner Trust 2013-1
	DE
	Diamond Resorts Seller 2013-1, LLC
	100%
	100% membership interest
	Non-certificated

	84.    Diamond Resorts Depositor 2008, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	85.    Diamond Resorts Issuer 2008, LLC
	DE
	Diamond Resorts Depositor 2008, LLC
	100%
	100% membership interest
	Non-certificated

SCHEDULE 3.08(b)
Unrestricted Subsidiaries
	
						
	Unrestricted Subsidiary, as Issuer
	Jurisdiction
	Registered
Owner
	Percentage
of Equity Interests
	Number and Class of Equity Interest
	Number of
Certificate

	1.    Tempus Holdings, LLC
	Delaware
	Diamond Resorts Corporation
	100%
	100% membership interest
	Non-Certificated

	2.    Tempus Acquisition, LLC
	Delaware
	Tempus Holdings, LLC
	100%
	100% membership interest
	Non-Certificated

	3.    Mystic Dunes, LLC
	Delaware
	Tempus Acquisition, LLC
	100%
	100% membership interest
	Non-Certificated

	4.    Ameristate Title, LLC
	Delaware
	Mystic Dunes, LLC
	100%
	100% membership interest
	Non-Certificated

	5.    Myrtle Beach Receivables, LLC
	Delaware
	Mystic Dunes, LLC
	100%
	100% membership interest
	Non-Certificated

	6.    Mystic Dunes Myrtle Beach, LLC
	Delaware
	Mystic Dunes, LLC
	100%
	100% membership interest
	Non-Certificated

	7.    DPM Holdings, LLC
	Delaware
	Diamond Resorts Corporation
	100%
	100% membership interest
	Non-Certificated

	
						
	Unrestricted Subsidiary, as Issuer
	Jurisdiction
	Registered
Owner
	Percentage
of Equity Interests
	Number and Class of Equity Interest
	Number of
Certificate

	8.    ILX Acquisition, Inc.
	Delaware
	Diamond Resorts Corporation
	100%
	100 common shares
	Non-Certificated

	9.    ILX Acquisition, LLC
	Delaware
	ILX Acquisition, Inc.

	100%
	100% membership interest
	Non-Certificated

	10.    DPM Acquisition, LLC
	Delaware
	DPM Holdings, LLC
	100%
	100% membership interest
	Non-Certificated

	11.    DPM Loanco, LLC
	Delaware
	DPM Acquisition, LLC
	100%
	100% membership interest
	Non-Certificated

	12.    DPM RP Subsidiary, LLC
	Delaware
	DPM Acquisition, LLC
	100%
	100% membership interest
	Non-Certificated

	13.    ILX Resorts Acquisition, S de R.L. de C.V.
	Mexico
	ILX Acquisition, Inc.
ILX Acquisition, LLC
	99.97%
0.03%
	100% membership interest
	Non-Certificated

	14.    DPM Acquisition Mexico S de R.L. de C.V.
	Mexico
	DPM Acquisition, LLC
DPM Holdings, LLC
	99%
1%
	100% membership interest
	Non-Certificated

	15.    Operating DPM S de R.L. de C.V.
	Mexico
	DPM Acquisition, LLC
DPM Holdings, LLC
	99%
1%
	100% membership interest
	Non-Certificated

	
						
	Unrestricted Subsidiary, as Issuer
	Jurisdiction
	Registered
Owner
	Percentage
of Equity Interests
	Number and Class of Equity Interest
	Number of
Certificate

	16.    Sales DPM S de R.L. de C.V.
	Mexico
	DPM Acquisition, LLC
DPM Holdings, LLC
	99%
1%
	100% membership interest
	Non-Certificated

	17.    IOI Funding I, LLC
	Florida
	Island One, Inc.
	100%
	100% membership interest
	Non-Certificated

	18.    IOI Funding II, LLC
	Florida
	Island One, Inc.
	100%
	100% membership interest
	Non-Certificated

Schedule 3.09

Litigation

FLRX Litigation

FLRX is a defendant in a lawsuit originally filed in July 2003, alleging the breach of certain contractual terms relating to the obligations under a stock purchase agreement for the acquisition of FLRX in 1998, as well as certain violations under applicable consumer protection acts. FLRX currently conducts no operations and has no material assets other than an indirect interest in two undeveloped real estate parcels in Mexico. In January 2010, following a jury trial, a Washington state court entered a judgment against FLRX, awarded plaintiffs damages of $30.0 million plus post-judgment interest at a rate of 12% per annum and attorney’s fees of approximately $1.5 million plus accrued interest, and ordered specific performance of certain ongoing contractual obligations pursuant to the breach of contract claim.

FLRX appealed the verdict. On November 14, 2011, we received notice that the Court of Appeals for the State of Washington affirmed the lower court decision upholding the judgment against FLRX. On February 27, 2012, FLRX filed a petition for review with the State Supreme Court. On June 6, 2012, the petition was denied. Any liability in this matter is not covered by insurance. Neither Diamond Resorts Corporation nor any of its other subsidiaries is party to this lawsuit. Sunterra Corporation was originally named as a defendant in this matter, but it was later dismissed from the case. It is possible that FLRX may at some point determine to file for protection under the Federal Bankruptcy Code. 

In April 2012, the plaintiffs in the FLRX case filed a lawsuit in King County Superior Court in the State of Washington against Diamond LLC and Diamond Resorts Corporation. The complaint, which alleges two claims for alter ego and fraudulent conveyance, seeks to hold Diamond Resorts Parent, LLC and Diamond Resorts Corporation liable for the judgment entered against FLRX. Plaintiffs claim that the defendants manipulated the corporate form of FLRX and caused fraudulent transfers of assets from FLRX.

On May 18, 2012, the case was removed to the U.S. District Court for the Western District of Washington, Case No. 2:12-cv-00870. On August 29, 2012, Diamond Resorts Corporation filed an answer to the complaint, denying all material allegations therein and raising various affirmative defenses. On September 24, 2012, the court entered an order dismissing Diamond LLC. The court has set the case for trial on December 3, 2013. The parties are currently engaged in written discovery. We intend to vigorously defend against these claims. Although we believe that we will not have any material liability when these matters are ultimately resolved, there can be no assurance that this will be the case. As of March 31, 2013 and December 31, 2012, we had an estimated litigation accrual of $1.1 million in accrued liabilities, as reflected in the accompanying consolidated balance sheets, which represents the write-down of FLRX’s investment in subsidiaries to $0. Legal fees associated with these cases are expensed as incurred.

SCHEDULE 3.17
Environmental Matters
None.

SCHEDULE 3.18
Insurance
	
						
	Type of Coverage
	Company & 
Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	Comments

	Primary Property 
$50M
	Lexington Ins. Co. (26.5%) 
Dom #025031454 Fgn #025031459 
Liberty Mutual (10%) 
Dom #YS2L9L447878013 Fgn #1ARL9L447878013 
Ironshore (10%) #440802413A
Zurich (15%) #PPR5490535-01
Lloyd's- QBP (7.5%) #WB1300204
Lloyd's- SJC (7%) Primary ($15M)  #WB1300117 
Lloyd's- AFB (7.5%) Primary ($15M) #WB1300117
Lloyd's- HIS (7.5%)Primary ($15M) #WB1300117
Lloyd's- MSP (4%) Primary ($15M) #WB1300117
Lloyd's- AMA (8.67%) ($10M xs $15M) #WB1300206
Lloyd's- AML (7.22%) ($10M xs $15M) #WB1300206
Lloyd's- ASC (7.22%) ($10M xs $15M) #WB1300206
Lloyd's- HCC (2.89%) ($10M xs $15M) #WB1300206
Essex (10%) ($25M xs $25M) #ESP7955
Lloyd's- RNR (10%) ($25M xs $25M) #WB1300218
Lloyd's- JCD (6%) ($25M xs $25M) #WB1300218
	3/1/13 
3/1/14
	$300,000,000 - Blanket Limit
$300,000,000 - Windstorm 
$250,000,000 - Named Windstorm 
$300,000,000  - Flood 
$100,000,000 - Critical Flood (Zones A&V) 
Excluded - Flood (Ntherlands) 
$10,000,000 - Flood (Germany) 
$300,000,000 - Earthquake 
$100,000,000 - CA Earthquake 
$250,000,000 - Earthquake - Alaska, Hawaii, New Madrid, Pacific Northwest, Foreign High Hazard 

$100K All Other Perils
5% of TIV, min $250K for EQ in CA, HI & Mexico
5% of TIV, min $250K for Named Wind in FL and NA
3% per unit, min $250K for Named Wind PPR and PHR
3% of TIV, min $250K for All Other Tier One Named Wind
$1M for Branson, MO Flood
5% of TIV, min $1M for SFHA Flood
	$5,745,061
	Worldwide Coverage 
Does not include taxes/fees

	 

	Property Excess               
$200M xs $50M
	MARP (25%) #78A3XP0000204-04 
RSUI (12.5%) #LHD380451 
Torus (10%) #10928A133APR 
Tokio (2.5%) #LCP-6480721-00 
Swiss Re (20%) #31-3-74437 
ACE BDA(20%) #DIAMOND01381PAxis (10%) #ENG76590812
	3/1/13 
3/1/14
	$200M per occur excess of $50M
	Included above
	2nd Excess Property Layer

	
						
	Type of Coverage
	Company & 
Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	Comments

	Property Excess                
$50M xs $250M
	Axis (50%) #ENG772212-13
	3/1/13 
3/1/14
	$50M excess of $250M
	Included above
	3rd Excess Property Layer

	ERISA
	Old Republic Surety Company 
Policy # W150153461
	03/13/13 
03/13/14
	$500K Limit
	$150.00
	Insured: DRI Profit Sharing & Savings Plan 
ERISA policy/bond to be provided annually to Benefits Director for audit purposes.

	Environmental
	Illinois Union Insurance Company 
Policy # PPLG24877267001
	3/17/09 
3/17/15
	New pollution conditions: 
$25M per pollution condition 
$25M aggregate / $100K SIR 
Pre-existing conditions: 
$25M per pollution condition 
$25M aggregate / $100K SIR 
Foreign Jurisdiction Pollution Conditions: 
$25M per pollution condition 
$25M aggregate / $100K SIR
	$600,000 
 
Extension Premium: $270,632
	 

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	Corporate D&O Liability
	National Union Fire Co of Pittsburg, PA
Policy # 02-140-92-62
	4/26/13

7/19/14
	$10M Limit of Liability$350,000 All Other Loss Retention$500,000 Securities Retention
	

	$230,045
	

	 

	Employment Practices Liability
	National Union Fire Company of Pittsburg, PA 
Policy # 02-140-75-15
	4/26/13
4/26/14
	$10M Limit of Liability
$350,000 Retention
	

	$187,558
	

	 

	Fiduciary Liability
	National Union Fire Ins Co of Pittsburgh, PA.
Policy # 02-140-72-67
	4/26/13
4/26/14
	$10M Limit of Liability
$25,000 Retention                                                   
	

	$22,321
	

	Covers 401k & Benefit Plan Liability & ERISA claims

	Blanket Crime
	National Union Fire Ins. Co. of Pittsburgh, PA
Policy# 02-140-92-63
	4/26/13
4/26/14
	$3M Limit of Liability
	

	$43,165
	

	Covers all Diamond Resorts locations and managed locations.

	Excess Crime
	Westchester Fire (Quota Share)
Policy No.: G24581275 005
	4/26/13
4/26/14
	$7M p/o $23M xs $3M
	

	$19,951
	

	 

	Excess Crime
	Zurich American Insurance Company (Quota Share)
Policy No.: FID 489216504
	4/26/13
4/26/14
	$11M p/o $23M xs $3M
	

	$31,353
	

	 

	Excess Crime
	US Specialty Insurance Company (Quota Share)
Policy No.: 64-MGU-13-A29518
	4/26/13
4/26/14
	$5M p/o $23M xs $3M
	

	$14,250
	

	 

	Professional Liability E&O
	Illinois Union Insurance Company
Policy # G2363496A 006
	4/26/13
4/26/14
	$5M Limit of Liaiblity / Agg
$250,000 Retention
	

	$124,652
	

	 

	Excess Corporate
D&O Liability
	Axis Insurance Company
Policy # MLN773624/01/2013
	4/26/13

7/19/14
	$10M xs $10M
	

	$172,550
	

	 

	Excess Corporate 
D&O Liability
	Berkley Insurance Co (Monitor) 
Policy # 11210384
	4/26/13 
7/19/14
	$5M xs $20M
	

	$65,000
	

	 

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	Excess Corporate 
D&O Liability
	Lloyd's of London (Beazley)
Policy # FD1380999
	7/19/13 
7/19/14
	$10M xs $25M
	

	$110,000
	

	 

	Excess Corporate 
D&O Liability
	ACE American Insurance Company
Policy #: DOX G23673617 001
	7/19/13 
7/19/14
	$5M xs $35M
	

	$52,250
	

	 

	Excess Corporate 
D&O Liability
	RSUI Indemnity Company
Policy #: NHS652924
	7/19/13 
7/19/14
	$10M xs $40M
	

	$100,000
	

	 

	Excess Corporate 
D&O Liability
	XL Insurance
Policy #: ELU130723-13
	7/19/13 
7/19/14
	$5M xs $50M
	

	$75,000
	

	 

	Excess Corporate 
D&O Liability
	HCC Global
Policy #: 14-MGU-13-A29813
	7/19/13 
7/19/14
	$5M xs $55M
	

	$63,750
	

	 

	Excess Corporate 
D&O Liability
	Starr Indemnity & Liability Co
Policy #: SISIXFL21128513
	7/19/13 
7/19/14
	$5M xs $60M
	

	$57,375
	

	 

	Excess Corporate 
D&O Liability
	Ironshore Insurance Services
Policy #: 001737200
	7/19/13 
7/19/14
	$5M xs $65M
	

	$51,840
	

	 

	Excess Corporate 
D&O Liability
	XL Insurance
Policy #: ELU130722-13
	7/19/13 
7/19/14
	$5M xs $70M
	

	$125,000
	

	 

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	HOA D&O

HOA D&O Continued

HOA D&O Continued

HOA D&O Continued

	National Union Fire Ins Co of Pittsburgh, PA.
Policy# 02-139-55-69

National Union Fire Ins Co of Pittsburgh, PA.
Policy# 02-139-55-69

National Union Fire Ins Co of Pittsburgh, PA.
Policy# 02-139-55-69

National Union Fire Ins Co of Pittsburgh, PA.
Policy# 02-139-55-69

	4/26/13
4/26/14

4/26/13
4/26/14

4/26/13
4/26/14

4/26/13
4/26/14

	$2M Per HOA
$118M Aggregate 
$5K Deductible

$2M Per HOA
$118M Aggregate 
$5K Deductible

$2M Per HOA
$118M Aggregate 
$5K Deductible

$2M Per HOA
$118M Aggregate 
$5K Deductible

	

	$130,618
	

	Total Premium

	

	$3058
	

	Diamond Resorts US Collection Owners Association, Inc.

	

	$1494
	

	Diamond Resorts California Collection Owners Association, Inc.

	

	$1838
	

	Diamond Resorts Hawaii Collection Owners Association, Inc.

	

	$2980
	

	Sedona Summit

	

	$1686
	

	Scottsdale Villa Mirage Resort Condo Assoc, Inc.

	

	$1569
	

	Villa Mirage UDI Assoc. Inc.

	

	$1531
	

	The Ridge on Sedona Golf Resort Condo Assoc Inc.

	

	$1938
	

	Scottsdale Links Resort

	

	$2288
	

	Lake Tahoe Vacation Ownership Resort Owners Assoc

	

	$3993
	

	Grand Beach Resort Condo Assoc, Inc.

	

	$3993
	

	Grand Beach Resort II Condo Assoc, Inc.

	

	$1327
	

	Polynesian Isles Resort Master Assoc, Inc.,

	

	$1589
	

	Daytona Beach Regency

	

	$2387
	

	Poipu Point Vacation Owners Association

	

	$2423
	

	The Assoc of Apartment Owners of Poipu Point

	

	$3889
	

	Assoc of Apartment Owners of Kaanapali Beach Resort

	

	$4267
	

	Kaanapali Beach Vacation Owners Assoc

	
								
	

	$3631
	

	Suites at Fall Creek Condominium Association

	

	$1465
	

	Villas de Santa Fe Condo Assoc, Inc.

	

	$1531
	

	Desert Paradise Resort Owners Association

	

	$2568
	

	Bent Creek Golf Village Condo Association, Inc.

	

	$2156
	

	Greensprings Vacation Resort Owners Association

	

	$3479
	

	The Historic Powhatan Resort Owners Association

	

	$1793
	

	The Villas at Polo Towers, Inc.

	

	$2679
	

	Polo Towers Vacation Ownership Owners Assoc, Inc.

	

	$1467
	

	Polo Towers Master Owners Assoc,

	

	$943
	

	Golden Eagle Resort Condo Assoc, Inc.

	

	$1071
	

	Kohl's Ranch Owners Association

	

	$1020
	

	Premiere Vacation Club

	

	$1375
	

	Sedona Vacation Club Incorporated

	

	$1434
	

	The Inn at Los Abrigados Owners Association

	

	$1609
	

	Varsity Clubs of America - South Bend Chapter

	

	$1779
	

	Varsity Clubs of America - Tucson Chapter

	

	$4121
	

	Mystic Dunes

	

	$1377
	

	The Casitas at Rancho Manana

	

	$1162
	

	Dunes Village Vacation Owners Assoc, Inc.

	

	$1065
	

	Dunes Village Fractional Owners Assoc, Inc.

	

	$2381
	

	Cypress Pointe II Condo Assoc

	
								
	

	$1981
	

	Palm Springs Marquis Villas Owners Assoc

	

	$1837
	

	Barefoot’n in the Keys

	

	$1916
	

	Bryan’s Spanish Cove

	

	$5451
	

	Isle of Bali II

	

	$2691
	

	Bali Condominium Association

	

	$2735
	

	ORBIT Condo Association

	

	$2691
	

	Parkway International Association

	

	$1519
	

	Parkway International II

	

	$4341
	

	Charter Club of Naples Bay

	

	$2297
	

	Plantation Cove Condo

	

	$2642
	

	Cove II Owners

	

	$1916
	

	Crescent Resort Owners

	

	$3173
	

	Palm Canyon Resort & Spa

	

	$2884
	

	Riviera Beach & Spa Resort

	

	$2372
	

	Riviera Shores

	

	$2140
	

	Riviera Oaks Resort

	

	$1983
	

	Cedar Breaks Lodge & Spa

	

	$2180
	

	Brian Head North

	

	$2001
	

	Monarch Grand Vacation

	

	$1251
	

	Polynesian Isles Resort Condo Assoc, Inc.

	

	$1434
	

	Polynesian Isles Resort Condo IV Assoc, Inc.

	
								
	U.S. General Liability
	Liberty Mutual Insurance Company
Policy # EB1-661-065428-022
	11/30/12
11/30/13
	LIMITS: $2M Ea Occur
$4M Gen Agg
$15M Policy Agg
$2M Prod & Compl Ops Agg
$2M Personal & Advertising Injury
$1M Employee Benefits       
$1M Liquor Liability 
SIR: $100K Each Occur                                                                                                                                                                                                           
	

	$297,995
	

	Covers all US Locations                                                                                                                                                           (A.M. Best Rating: A XV)

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	Foreign General Liability
	Liberty Mutual Insurance Company 
Policy # LC7-F61-065428-162 
Local Policy Numbers:   
Austria 01604382 
France 62094 
Italy G100238 
Mexico 100000466-1 
Portugal 0019863 
Spain SP060-S00135-09 
St Maarten PL11094444 
United Kingdom YMM830894
	11/30/12 
11/30/13
	$1M Ea Occur 
$2M General Agg 
$2M Products & Compl Ops Agg  
$1M Personal & Advertising Injury   
SIR:  Guaranteed Cost
	$31,600 DIC 
 
$113,400 Locally Admitted
	

	A.M. Best Rating: A XV

	U.S. Automobile
	Liberty Mutual Fire Ins  Corp 
Policy # AS2-661-065428-032
	11/30/12 
11/30/13
	$1M Single Limit / $1M 
GK Liability  
$1K Coll Ded/$1K Comp Ded. 
$1K GK Coll Ded/$1K GK Comp Ded   
$1M Unind Motorist / Underinsured Motorist
	

	$140,094
	

	A.M. Best Rating: A XV

	Foreign Automobile
	Liberty Mutual Insurance Company 
Policy # LC7-F61-065428-162
	11/30/12 
11/30/13
	$1M Per Accident 
Med Payment $10K ea person 
$50K ea accident
	Included in Foreign GL
	

	A.M. Best Rating: A XV

	U.S. Workers Compensation
	Liberty Insurance Corporation 
Policy # WC2-661-065428-012
	11/30/12 
11/30/13
	$1M Limit Per Accident  
$1M Disease Policy Limit 
$1M Disease - Ea Employee
	

	$2,047,238
	

	A.M. Best Rating: A XV 
Plus Est Assessments & Surcharges of $14,929

	HMCS Workers Compensation
	Liberty Insurance Corporation 
Policy # WC1-661-065428-192
	11/30/12 
11/30/13
	$1M Limit Per Accident  
$1M Disease Policy Limit 
$1M Disease - Ea Employee
	

	$8,596
	

	A.M. Best Rating: A XV

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	Foreign Voluntary Compensation &  Employers Liability
	Liberty Mutual Insurance Company 
Policy # WC7-F61-065428-152
	11/30/12 
11/30/13
	$1M Limit Per Accident 
$1M Disease Policy Limit 
$1M Disease - Each Employee 
$500K Each Employee 
Ea Accident for Excess Repatriation Expenses
	

	$9,000
	

	A.M. Best Rating: A XV

	SRM Branson Marina
	Atlantic Specialty Insurance Company 
Policy # B5JH 71806
	11/30/12 
11/30/13
	$1M Marina Ops Legal Liab 
$2,500 Ded 
$1M Protection & Indemnity                                                                                                                    
$1K Ded 
$89,049 Owned Watercraft Physical Damage  
$1,000 per accident
	

	$11,166
	

	 

	Umbrella  $25M
	Great American Insurance Co. of New York 
Policy # UMB 4646744
	11/30/12 
11/30/13
	$25M Ea Occur  
$25M Agg 
SIR:  $100K
	

	$262,500
	

	A.M. Best Rating: A XII 
Fee Offset of $39,375

	1st Excess Liability 
$50M X $25M
	Firemans Fund Insurance Company 
Policy # SHX00014985972
	11/30/12 
11/30/13
	$50M Per Occur 
Agg Excess of $25M
	

	$79,779
	

	A.M. Best Rating: A XV 
Fee Offset of $11,967

	2nd Excess Liability 
$25M X $75M
	XL Insurance America, Inc. 
Policy # US00064470LI12A
	11/30/12 
11/30/13
	$25M Ea Occur 
Agg Excess of $75M
	

	$25,000
	

	A.M. Best Rating: A XV 
Fee Offset of $3,750

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	Island One, Inc. 
Workers Comp
	Bridgefield Employers Ins Co
830-49746
	12/31/12
12/31/13
	$500K Ea Acc
$500K Ea Emp
$500 Policy Limit
	

	$374,248
	

	 

	Island One ET AL
Boiler & Machinery
	Liberty Mutual
YB-L9L-458593-013
	2/1/13
3/1/14
	$1M Property Damage
$15K Fungus, Wet Rot & Dry Rot
$5K Deductible
	

	$6,642
	

	 

	Island One, Inc.
Flood & Earthquake
	Certain Underwriters  at Lloyds - AMR-32320
$178,192.41
Indian Harbor Insurance Company - AMP7520522-00
$113,329.26
QBE Specialty Insurance Company - MSP-11671-03
$30,251.06
Steadfast Insurance Company - CPP9653059-03
$120,881.63
	2/1/12
2/1/14
	$10K AOP
Flood - Max NFIP, wether purchased or not, plus $100K per Occur
$50K Earthquake
NS Wind/Hail 3% w/ a minimum of $50K per Occur
$50K AO Wind/Hail
	

	$442,654
	

	 

	Island One, Inc.
Inland Marine
	Travelers Property Casualty Company of America
QT-660-9289A128-TIL-13
	2/1/13
2/1/14
	 
	

	$4,500
	

	 

	Island One - Isle of Bali 2 Condominium Association
Property - Blanket
	Continental Casualty Company
PSR4022143339
	2/1/13
3/1/14
	Policy Limits
$82,578,000 TIV
$70,914,000 Blanket Real
$9,600,000 Blanket Personal Property
$2,064,000 Blanket BI
	

	$167,157
	

	 

	Plantation Cove COA, Inc.
Property – Flood
	Hartford Insurance Co of the Midwest
24953876422013
	1/23/13
1/23/14
	$7,775,700 Bldg Contents/$1K Ded
$31,300K Contents/$1K Ded
	

	$7,397
	

	 

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	Crescent Resort Owners Association Inc
Property – Flood
	Fidelity Ntnl Indemnity Ins Co
09 1150295488
	4/11/13
4/11/14
	$3,109,300 Bldg Contents/$1K Ded
$100K Contents/$1K Ded
	

	$3,300
	

	 

	Charter Club of Naples Bay
Property – Flood
	Hartford Insurance Co of the Midwest
77016119342012
	7/23/13
7/23/14
	$2,571,000 Bldg Contents/$1K Ded
$100K Contents/$1K Ded
	

	$1,630
	

	Bldg #1 (15 units)

	Charter Club of Naples Bay
Property – Flood
	Hartford Insurance Co of the Midwest
77016119522012
	7/23/13
7/23/14
	$1,551,600 Bldg Contents/$1K Ded
$100K Contents/$1K Ded
	

	$1,145
	

	Bldg #2 (9 units)

	Charter Club of Naples Bay
Property – Flood
	Hartford Insurance Co of the Midwest
77016119622012
	7/23/13
7/23/14
	$1,551,500 Bldg Contents/$1K Ded
$100K Contents/$1K Ded
	

	$1,145
	

	Bldg #3 (9 units)

	Charter Club of Naples Bay
Property – Flood
	Hartford Insurance Co of the Midwest
99013959802012
	9/6/12
9/6/13
	$252,600 Bldg Contents/$1K Ded
$31,300K Contents/$1K Ded
	

	$1,006
	

	Administration Bldg

	Parkway International Owners Association, Inc.
Property – Flood
	Fidelity Ntnl Indemnity Ins Co
09 1150188512
	12/6/12
12/6/13
	$1,813,000 Bldg Contents/$1K Ded
$100K Contents/$1K Ded
	

	$2,413
	

	Flood Coverage for Bldg F

	Parkway International Owners Association, Inc.
Property – Flood
	Fidelity Ntnl Indemnity Ins Co
09 1150188515
	12/6/12
12/6/13
	$1,813,000 Bldg Contents/$1K Ded
$100K Contents/$1K Ded
	

	$2,413
	

	Flood Coverage for Bldg G

	Island One Inc
Crime - Corporate
	Travelers Casualty & Surety Company of America
105632239
	7/1/12
10/1/13
	Fidelity:
$250K EE Theft/$5 SIR
$250K ERISA Fidelity/$2500 SIR
$50K EE Theft of Client Prop/$2500 SIR
Computer Fraud $250K/$2500 SIR
Funds Txfr Fraud $250K/$2500 SIR
Claim Expense $5K
	

	$4,407
	

	 

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	Bali Condo Assoc Inc
Crime
	Travelers Casualty and Surety Company of America
105618630
	7/1/11
7/1/14
	Fidelity:
$250K EE Theft/$1K SIR
$250K ERISA Fidelity
$25K Forgery or Alteration/$1K SIR
$25K On Premises/$1K SIR
$1K In Transit/$1K SIR
$25K Money Orders & Counterfeit Money/$1K SIR
Computer Fraud $100K/$1K SIR
Funds Txfr Fraud $100K/$1K SIR
Claim Expense $5K
	

	$2,049
	

	 

	Barefoot’n the Keys at Old Town Master Assoc Inc
Crime
	Travelers Casualty and Surety Company of America
105621821
	7/1/11
7/1/14
	

	$2,078
	

	 

	Bryans Spanish Cove Owners Assoc Inc
Crime
	Travelers Casualty and Surety Company of America
105612401
	7/1/11
7/1/14
	

	$2,078
	

	 

	Charter Club of Naples Bay Owners Assoc Inc
Crime
	Travelers Casualty and Surety Company of America
105618660
	7/1/11
7/1/14
	

	$2,049
	

	 

	Cove II Owners Association Inc
Crime
	Travelers Casualty and Surety Company of America
105621850
	7/1/11
7/1/14
	

	$2,247
	

	 

	Isle of Bali II Condominium Assoc Inc
Crime
	Travelers Casualty and Surety Company of America
105613264
	7/1/11
7/1/14
	

	$2,049
	

	 

	O.R.B.I.T. Ownrs Association, Inc
Crime
	Travelers Casualty and Surety Company of America
105617998
	7/1/11
7/1/14
	

	$2,049
	

	 

	Parkway International II, A Condominium
Crime
	Travelers Casualty and Surety Company of America
105613250
	7/1/11
7/1/14
	 
	

	$2,668
	

	 

	Parkway International Owners Association Inc
Crime
	Travelers Casualty and Surety Company of America
105613120
	7/1/11
7/1/14
	

	$2,049
	

	 

	Plantation Cove Condo Association Inc
Crime
	Travelers Casualty and Surety Company of America
105618619
	7/1/11
7/1/14
	

	$2,049
	

	 

	Crescent Resort Owners Assoc Inc
Crime
	Travelers Casualty and Surety Company of America
105621766
	7/1/11
7/1/14
	

	$2,049
	

	 

	
								
	Type of Coverage
	Company & Policy Number
	Policy 
Period
	Limits/Deductible
	Premium
	

	Comments

	Bali Condominium Association Inc
Excess Crime
	Hartford Fire Insurance Co.
00 FA 0232030-10
	7/1/10
10/1/13
	$2,650,000 EE Theft/ $251,000 Ded
	

	$6,988
	

	 

	Barefoot N the Keys at Old Town Master Assoc Inc
Excess Crime
	Hartford Fire Insurance Co.
00 FA 0253064-10
	7/1/10
10/1/13
	$351,000 EE Theft/ $251,000 Ded
	

	$1,404
	

	 

	Bryans Spanish Cove Owners Association Inc
Excess Crime
	Hartford Fire Insurance Co.
00 FA 0234358-10
	7/1/10
10/1/13
	$1,347,000 EE Theft/ $251,000 Ded
	

	$3,707
	

	 

	Charter Club of Naples Bay Owners Assoc Inc
Excess Crime
	Hartford Fire Insurance Co.
00 FA 0253063-10
	7/1/10
10/1/13
	$360,000 EE Theft/ $251,000 Ded
	

	$964
	

	 

	Isle of Bali II Condo Assoc
Excess Crime
	Hartford Fire Insurance Co.
00 FA 0234357-10
	7/1/10
10/1/13
	$4,506,000 EE Theft/ $251,000 Ded
	

	$10,935
	

	 

	ORBIT One Owners Association, Inc.
Excess Crime
	Hartford Fire Insurance Co.
00 FA 0234359-10
	7/1/10
10/1/13
	$2,271,000 EE Theft/ $251,000 Ded
	

	$5,894
	

	 

	Parkway International Owners Association Inc
Excess Crime
	Hartford Fire Insurance Co.
00 FA 0234355-10
	7/1/10
10/1/13
	$2,550,000 EE Theft/ $251,000 Ded
	

	$6,456
	

	 

	Plantation Cove Condominium Association
Excess Crime
	Hartford Fire Insurance Co.
00 FA 0253062-10
	7/1/10
10/1/13
	$335,000 EE Theft/ $251,000 Ded
	

	$872
	

	 

	Island One Inc, Island One Resorts Management Corp
Fiduciary Liability
	Chubb Group of Insurance Companies
8198-3190
	7/1/12
10/1/13
	$1M Agg / $0 DEDUCTIBLE
	

	$3,209
	

	 

	Island One Resorts Management Corporation
Professional Liability
	Westchester Fire Insurance Co
G24294869
	7/1/12
10/1/13
	$1M Ea Claim
$1M Agg
$5K Claims Expenses
	

	$17,800
	

	 

SCHEDULE 3.19(a)

UCC Filing Offices

	
				
	Name
	Filing
	Filing Office

	1.    Diamond Resorts Corporation
	UCC-1
	Maryland
	Department of Assessment and Taxation

	2.    Diamond Resorts Holdings, LLC
	UCC-1
	Nevada
	Secretary of State

	3.    Diamond Resorts International, Inc.
	UCC-1
	Delaware
	Secretary of State

	4.    AKGI-St. Maarten N.V.
	UCC-1
	Delaware
	Secretary of State

	5.    Chestnut Farms, LLC
	UCC-1
	Nevada
	Secretary of State

	6.    Cumberland Gate, LLC
	UCC-1
	Delaware
	Secretary of State

	7.    Diamond Resorts California Collection Development, LLC
	UCC-1
	Delaware
	Secretary of State

	8.    Diamond Resorts Centralized Services Company
	UCC-1
	Delaware
	Secretary of State

	9.    Diamond Resorts Citrus Share Holding, LLC
	UCC-1
	Delaware
	Secretary of State

	10.    Diamond Resorts Coral Sands Development, LLC
	UCC-1
	Delaware
	Secretary of State

	11.    Diamond Resorts Cypress Pointe I Development, LLC
	UCC-1
	Delaware
	Secretary of State

	12.    Diamond Resorts Cypress Pointe II Development, LLC
	UCC-1
	Delaware
	Secretary of State

	13.    Diamond Resorts Cypress Pointe III Development, LLC
	UCC-1
	Delaware
	Secretary of State

	14.    Diamond Resorts Daytona Development, LLC
	UCC-1
	Delaware
	Secretary of State

	15.    Diamond Resorts Developer and Sales Holding Company
	UCC-1
	Delaware
	Secretary of State

	16.    Diamond Resorts DPM Development LLC
	UCC-1
	Nevada
	Secretary of State

	17.    Diamond Resorts Epic Mortgage Holdings, LLC
	UCC-1
	Delaware
	Secretary of State

	18.    Diamond Resorts Fall Creek Development, LLC
	UCC-1
	Delaware
	Secretary of State

	19.    Diamond Resorts Finance Holding Company
	UCC-1
	Delaware
	Secretary of State

	20.    Diamond Resorts Financial Services, Inc.
	UCC-1
	Nevada
	Secretary of State

	21.    Diamond Resorts Grand Beach I Development, LLC
	UCC-1
	Delaware
	Secretary of State

	22.    Diamond Resorts Grand Beach II Development, LLC
	UCC-1
	Delaware
	Secretary of State

	23.    Diamond Resorts Greensprings Development, LLC
	UCC-1
	Delaware
	Secretary of State

	
				
	Name
	Filing
	Filing Office

	24.    Diamond Resorts Hawaii Collection Development, LLC
	UCC-1
	Delaware
	Secretary of State

	25.    Diamond Resorts Hilton Head Development, LLC
	UCC-1
	Delaware
	Secretary of State

	26.    Diamond Resorts International Club, Inc.
	UCC-1
	Florida
	Secured Transaction Registry

	27.    Diamond Resorts International Marketing, Inc.
	UCC-1
	California
	Secretary of State

	28.    Diamond Resorts International Marketing Mexico, LLC
	UCC-1
	Nevada
	Secretary of State

	29.    Diamond Resorts Las Vegas Development, LLC
	UCC-1
	Delaware
	Secretary of State

	30.    Diamond Resorts Management & Exchange Holding Company
	UCC-1
	Delaware
	Secretary of State

	31.    Diamond Resorts Management, Inc.  
	UCC-1
	Arizona
	Secretary of State

	32.    Diamond Resorts MGV Development LLC
	UCC-1
	Nevada
	Secretary of State

	33.    Diamond Resorts Mortgage Holdings, LLC
	UCC-1
	Delaware
	Secretary of State

	34.    Diamond Resorts Mystic Dunes Development, LLC
	UCC-1
	Nevada
	Secretary of State

	35.    Diamond Resorts Palm Springs Development, LLC
	UCC-1
	Delaware
	Secretary of State

	36.    Diamond Resorts Poco Diablo Development, LLC
	UCC-1
	Delaware
	Secretary of State

	37.    Diamond Resorts Poipu Development, LLC
	UCC-1
	Delaware
	Secretary of State

	38.    Diamond Resorts Polo Development, LLC
	UCC-1
	Nevada
	Secretary of State

	39.    Diamond Resorts Port Royal Development, LLC
	UCC-1
	Delaware
	Secretary of State

	40.    Diamond Resorts Powhatan Development, LLC
	UCC-1
	Delaware
	Secretary of State

	41.    Diamond Resorts Residual Assets Development, LLC
	UCC-1
	Delaware
	Secretary of State

	42.    Diamond Resorts Residual Assets Finance, LLC
	UCC-1
	Delaware
	Secretary of State

	43.    Diamond Resorts Residual Assets M&E, LLC
	UCC-1
	Delaware
	Secretary of State

	44.    Diamond Resorts Ridge on Sedona Development, LLC
	UCC-1
	Delaware
	Secretary of State

	45.    Diamond Resorts Ridge Pointe Development, LLC
	UCC-1
	Delaware
	Secretary of State

	46.    Diamond Resorts San Luis Bay Development, LLC
	UCC-1
	Delaware
	Secretary of State

	47.    Diamond Resorts Santa Fe Development, LLC
	UCC-1
	Delaware
	Secretary of State

	48.    Diamond Resorts Scottsdale Development, LLC
	UCC-1
	Delaware
	Secretary of State

	
				
	Name
	Filing
	Filing Office

	49.    Diamond Resorts Sedona Springs Development, LLC
	UCC-1
	Delaware
	Secretary of State

	50.    Diamond Resorts Sedona Summit Development, LLC
	UCC-1
	Delaware
	Secretary of State

	51.    Diamond Resorts St. Croix Development, LLC
	UCC-1
	Delaware
	Secretary of State

	52.    Diamond Resorts Steamboat Development, LLC
	UCC-1
	Delaware
	Secretary of State

	53.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	UCC-1
	Delaware
	Secretary of State

	54.    Diamond Resorts Teton Club Development, LLC
	UCC-1
	Nevada
	Secretary of State

	55.    Diamond Resorts U.S. Collection Development, LLC
	UCC-1
	Delaware
	Secretary of State

	56.    Diamond Resorts Villa Mirage Development, LLC
	UCC-1
	Delaware
	Secretary of State

	57.    Diamond Resorts Villas of Sedona Development, LLC
	UCC-1
	Delaware
	Secretary of State

	58.    Diamond Resorts West Maui Development, LLC
	UCC-1
	Delaware
	Secretary of State

	59.    Foster Shores, LLC
	UCC-1
	Missouri
	Secretary of State

	60.    George Acquisition Subsidiary, Inc.
	UCC-1
	Nevada
	Secretary of State

	61.    Ginger Creek, LLC
	UCC-1
	Delaware
	Secretary of State

	62.    Grand Escapes, LLC
	UCC-1
	Delaware
	Secretary of State

	63.    International Timeshares Marketing, LLC
	UCC-1
	Delaware
	Secretary of State

	64.    Lake Tahoe Resort Partners, LLC
	UCC-1
	California
	Secretary of State

	65.    Mazatlan Development Inc.
	UCC-1
	Washington
	Department of Licensing

	66.    MMG Development Corp.
	UCC-1
	Florida
	Secured Transaction Registry

	67.    Poipu Resort Partners, L.P.
	UCC-1
	Hawaii
	Bureau of Conveyances

	68.    Resort Management International, Inc.
	UCC-1
	California
	Secretary of State

	69.    Resorts Development International, Inc.
	UCC-1
	Nevada
	Secretary of State

	70.    Walsham Lake, LLC
	UCC-1
	Missouri
	Secretary of State

	71.    West Maui Resort Partners, L.P.
	UCC-1
	Delaware
	Secretary of State

	72.    Crescent One, LLC
	UCC-1
	Florida
	Secured Transaction Registry

	73.    Island One, Inc.
	UCC-1
	Florida
	Secured Transaction Registry

	74.    Island One Resorts Management Corporation
	UCC-1
	Florida
	Secured Transaction Registry

	
				
	Name
	Filing
	Filing Office

	75.    Galaxy Exchange Company
	UCC-1
	Florida
	Secured Transaction Registry

	76.    Navigo Vacation Club, Inc.
	UCC-1
	Florida
	Secured Transaction Registry

Schedule 3.20(b)
Leased Real Property
	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	1464 St. Hwy 248 
Branson, MO
	Diamond Resorts International Marketing, Inc.
	LSREF2 Baron Sub Holdings, LLC
	Yes
	$2,850
	through 7/31/2014
	N/A
	N/A
	N/A
	Ticket Branson;                                     contract # 4235

	OPC
	313 East Main Street Suite 1  Branson, MO 65616
	Diamond Resorts International Marketing, Inc.
	Cherryden LLC
	Yes
	$3,000
	1/1/12-12/31/13
	n/a
	n/a
	n/a
	OPC booth;                         Contract 5052

	OPC
	Ramada Inn                                          1700 W 76 Country Blvd                Branson, MO 65616
	Diamond Resorts International Marketing Inc
	DiscoverBranson.com, LLC                 1294 A. State Hwy 248                              Branson, MO 65616
	Yes
	$75 per qualified tour + purchase 11,000 VIP coupon books
	2/20/2012-2/28/2014
	 
	 
	30 day written notice, no auto renewal
	Contract 5181

	OPC
	Quality Inn                                             3269 Shepherd Hills Express Way                                                             Branson, MO 65616
	Diamond Resorts International Marketing Inc
	Discover Branson.com, LLC                 1294 A. State Hwy 248                              Branson, MO 65616
	yes
	$75 per qualified tour + purchase 11,000 VIP coupon books
	2/20/2012-2/28/2014
	 
	 
	30 day written notice, no auto renewal
	Contract 5181

	OPC
	Branson Mall                              Lease space 31 and 32                              US Highway 76                                   Branson, MO
	Diamond Resorts International Marketing Inc
	Z&K Investments, LLC                            2470 St. Rose Pkwy, Suite 314           Henderson, NV 89074
	 
	$20,000 + $75 per tour
	3/1/2013-12/31/2015
	600sf
	 
	option to autorenew for additional 2 renewal terms of 3 years each
	$60,000 security deposit;                       Contract 5391

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	

OPC
	Battlefield Mall                                     101 Battlefield Mall                              Springfield, MO 65804
	Diamond Resorts International Marketing Inc
	Battlefield Mall, LLC
	 
	$1500 per month
	3/1/2013-12/31/2013
	 
	 
	90 day trial
	Contracts 5401 and 5755

	Concierge Desk
	104 Ka'anapali Shores Place 
Lahaina, HI
	West Maui Resort Partners, L.P.
	AOAO Ka'napali Beach
	Yes
	$2,603
	10/1/08-9/30/2011                                           10/1/11-9/30/14
	50
	N/A
	N/A
	Lease common area space for VIP concierge location. Round area not charged.

	OPC
	Chopper Shop  
Ste K20 
2360 Kihuna Plantation 
Koloa, HI 96756
	Poipu Resort Partners, LP
	BG Kauai Holdings, LLC 
Poipu Shopping Village 
Mailcode 61128 
PO Box 1300 
Honolulu, HI 96807-1300
	Yes
	$13,463
	5/1/2008-4/30/2016
	256
	N/A
	No
	Contract 5640

	OPC
	602 A Front Street  
Lahaina, HI
	West Maui Resort Partners, LP
	Robert J. Zizka 
18491 Calle Tramonto 
Rancho Santa Fe, CA 92091 
 
Steven Gatchell 
SGG, LLC 
PO Box 10727 
Lahaina, HI 
808.283.0396                           SGG , LLC and RJZ, LLC
	Yes
	$10,500 + CAM + GET
	10/26/2004-2/28/2014
	666
	N/A
	N/A
	After 2 years, option to renew for additional 2 years

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	870 Front Street 
Lahaina, HI
	West Maui Resort Partners, LP
	Fantasy Islands Activities and Tours, Inc 
Robert Grossman 
111 Oili Rd 
Haiku, HI 96708
	Yes
	$6,000 +4%tax= $6,240  $65commission per tours $50commision per sales
	8/1/09-7/31/14
	 
	 
	extended to 7/31/2014
	 

	OPC
	The Marketplace at Lahaina 
790 Front Street, 
 Buiding #2 E-101 
Lahaina, HI
	West Maui Resort Partners, LP
	The Harry and Jaenette Weinberg Foundation 
3660 Waialae Ave, Ste 400 
Honolulu, HI 96816-3260
	Yes
	Rent: $10,000+CAM$130 + Ad$13+ Minimum License Fee+ %License Fee+RE Taxes+Utilities=$10,565.56
	1/1/10-12/31/14
	130
	 
	yes, 2yr period, automatically
	Extended 12/31/2010 for additional 2 yrs thru 12/31/2012 .Extended additional 2 yrs thru 12/31/2014.                                          Contract 1083

	OPC
	Burrow Investments LTD              2511 S. Kihei Road, Suite 107A   Kihei, HI 96753
	West Maui Resort Partners, LP
	Burrow Investments LTD              2511 S. Kihei Road, Suite 107A   Kihei, HI 96753
	Yes
	$3,000
	5/1/2012-3/31/2014
	286
	 
	one 1-year option to renew; option period rent: $3,250
	Extension letter signed 12.25.12 through 3/31/2014; base rent$3000

	OPC
	Anchor Cove Center                       3416 Rice St. Lihue, HI 96746
	Poipu Resort Partners, LP
	PCH Group                                                 P.O. Box 223510                                              Princevilee, HI 96722
	Yes
	$4,000 + tax
	11/15/2012-11/14/2013
	125
	 
	2 one year options to renew through 2015
	 

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	Marvin Otsuji
	West Maui Resort Partners, L.P.
	Marvin Otsuji                                                  2827 Poipu Road                                       Koloa, HI 96756
	 
	$1,100 + tax
	3/1/2013-3/1/2014
	 
	 
	 
	30 day written notice to terminate; $1,145 initial deposit

	OPC
	OPC Ski Run Marina in Lake Tahoe
	Resort Marketing International, Inc.
	East River Terrace Partners
	Yes
	$10,000
	06/01/2004 - 05/31/2014
	400
	N/A
	Option to renew, 90 days notice
	Negotiating with landlord for reduced rent and looking for a sub-lessee to occupy.

	OPC
	Embassy Suites Resort- 
Lake Tahoe 
4130 Lake Tahoe Blvd. 
S. Lake Tahoe, CA 96150
	Diamond Resorts International® Marketing, Inc.
	Promus Hotels, Inc. as managing agent for Roppongi Tahoe, LP.
	Yes
	$9,785
	03/01/2008 - 02/28/2014
	~ 100
	No
	 
	to be renewed through 2/28/14

	OPC
	1001 Heavenly Village Way, Space 30A, South Lake Tahoe, CA 96150
	Diamond Resorts International Marketing, Inc.
	Trans-Sierra Investments, Inc
	Yes
	$3,411
	3/10/2010-3/15/2014
	1,137
	n/a
	2 renewal options, 5 yrs renewal
	60 days written notice to terminate

	OPC
	1001 Heavenly Village Way, Space 11, South Lake Tahoe, CA 96150
	Diamond Resorts International Marketing, Inc.
	TSI Investments, Inc
	Yes
	$6190.00+ $2,997.62 in additional charges for taxes+CAM & Advertising with $5000 Sec Deposit
	3/10/2010-3/14/2014
	2,476
	n/a
	2 renewal options, 5 yrs renewal
	60 days written notice to terminate

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	Sierra at Lake Tahoe
	Diamond Resorts International Marketing, Inc.
	Sierra at Tahoe
	Yes
	$0.00 (only the purchase of ski lift tickets)
	Annual renewal
	250
	N/A
	N/A
	Occupancy in winter months only (Nov-Apr)

	Concierge Desk
	Scottsdale Villa Mirage
	Diamond Resorts International Marketing Inc
	Scottsdale Villa Mirage Resort 
7887 E. Princess Blvd. 
Scottsdale, AZ 85255
	Yes
	$700
	01/01/2012 - 12/31/2015
	300
	N/A
	3 yr option to renew, 90 days written notice, 10% increase in rent.
	Contract 2828

	Concierge Desk
	Sedona Summit
	Diamond Resorts International Marketing Inc
	Sedona Summit Resort Lobby 
500 Navoti Drive 
Sedona, AZ 86336
	Yes
	$600
	01/01/2001 - 12/31/2015 (original term)
	250
	N/A
	3 yr option to renew, 90 days written notice, 10% increase in rent.
	Contract 2830

	Concierge Desk
	The Ridge on Sedona Golf Resort
	Diamond Resorts International Marketing Inc
	Ridge on Sedona Golf Resort 
55 Sunridge Circle 
Sedona, AZ 86351
	Yes
	$500
	01/01/2001 - 12/31/2015 (original term)
	225
	N/A
	3 yr option to renew, 90 days written notice, 10% increase in rent.
	Contract 2829

	OPC
	Candlestick OPC 
276 SR N Highway 89A 
Sedona, AZ 86336
	Diamond Resorts International Marketing Inc
	Canyon Portal LLC 
270 SR North 89A, Suite 11 
Sedona, AZ 86339
	Yes
	$8,683.32 base rent 
$528.50 CAM 
$49.50 CAM not tx 
$347.35 Mgmt+ $9,895.96
	6/1/09-5/31/14
	432
	N/A
	N/A
	 

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	Old Pueblo West 
321 SR North 89A, Ste C 
Sedona, AZ 86336
	Diamond Resorts International Marketing Inc
	Carla Rose d/b/a Oaxaca Restaurant 
Sedona, AZ 86339
	Yes
	OPC $4,805.55 
+ $49.06 RE tax 
+ $197.03 Rent tax 
+ $7,494.96 Store 
$12,704.92 - $6,500 = $6,204.92
	4/1/07-4/30/16
	N/A
	N/A
	N/A
	Income of $6,500 from sublessees:                                    $5,500  Jolie Gallery                      $1,000 Gypsy Jennys

	OPC
	Giant (fka Shell) VOC 
6501 SR Hwy 179 
Sedona, AZ 86351
	Diamond Resorts International Marketing, Inc.
	Crescent Properties, LLC 
132 Horse Ranch Rd. 
Sedona, AZ 86351
	Yes
	$5,193.26
	04/01/2003 - 01/01/2015
	N/A
	N/A
	5 yr option to renew, 90 days written notice-exercised
	 

	OPC
	Felsot Building 
265 SR North 89A 
Sedona, AZ 86336
	Resort Marketing International, Inc.
	Felsot Family Ltd Partnership 
P.O. Box 2273 
Sedona, AZ 86339
	N/A
	$10,700 - $6,300 = $4,400
	10/31/2015
	N/A
	N/A
	N/A
	Subleased for $6,300 per month through 2013.  Lease grants Diamond exclusivity on the entire block.

	ART Display
	Felsot Building 
265 SR North 89A 
Sedona, AZ 86336
	Diamond Resorts International Marketing, Inc
	Felsot Family Ltd Partnership 
P.O. Box 2273 
Sedona, AZ 86339
	 
	$1,349.84
	1/1/08-10/31/2015
	 
	 
	 
	 

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	"Hot Dog" 
Space 11 
Oak Creek Marketplace 
235 SR North 89A 
Sedona, AZ 86336
	Diamond Resorts International Marketing, Inc.
	Sedona Centre Development Group LLC 
The Gilomen Company 
PO Box 4106 
Sedona, AZ, 86340
	Yes
	As of 5/1/2011 Base Rent $10,925.80                            11,243.27 total 
 
(No CAM 
+ $327.47 tx) 
(Letter in file)
	04/30/2019
	N/A
	N/A
	N/A
	2nd Amendment extended original (05/01/02 lease) until 04/30/19 
$5,700 Security Deposit

	OPC
	"Kodak" 
252 SR North 89A 
Sedona, AZ 86336
	Diamond Resorts International Marketing, Inc.
	Kachina Building 
Ed Kramer, CPA 
7327 E. Thomas Rd. 
Scottsdale, AZ 85251-3358
	Yes
	$2,150 
+ $271 APS 
+ $15 Sewer 
+ 3% tax ($65) 
+ $10 Water  
$2,871 - $350 = $2,521
	03/31/2009 - 03/31/2014
	N/A
	N/A
	N/A
	Subleased to Day In West for $350/month.

	Welcome Center
	 
	Diamond Resorts International Marketing, Inc.
	Tequa Festival Marketplace  
7000 Hwy 179 Ste 104A  
Sedona, AZ 86351
	No
	$1,887
	10/31/2015
	1,378
	N/A
	N/A
	 

	OPC
	Krazy Kyote #2  
841 HWY 179  
Sedona, AZ 86336
	Diamond Resorts International Marketing, Inc.
	Murland Miller & Tom Daley
	Yes
	$7,363
	Start: 12/31/2004 Last option to renew
	N/A
	N/A
	Two 5 yr. options to renew. 90 day notice. Annual increase.
	First option to renew exercised through 5/1/2014

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	Dakota Territory Tour Inc dba Sedona Air Tour                                                                1225 Airport Road #14                           Sedona, AZ 86336
	Diamond Resorts International Marketing, Inc
	Dakota Territory Tour, Inc dba Sedona Air Tour
	Yes
	0
	4/30/2012-4/30/2013
	 
	 
	 
	No rent

	OPC
	Miller Bros LLC                                   c/o Ben Miller                                       15 Cultural Park Place   Sedona, AZ 86336    928.203.4102
	Diamond Resorts International Marketing, Inc
	Miller Bros LLC                                                c/o Ben Miller                                                                                15 Cultural Park Place   Sedona, AZ 86336    928.203.4102
	Yes
	Year 1  $5,797                                 Year 2  $5,971                               Year 3  $ 6,150
	9/1/2012-8/31/2015
	5,797
	 
	One 2 year option
	30 day out                                                Security deposit: $16, 696

	OPC
	Raven's Nest                         1145 W. SR 89A               Sedona, AZ 86336
	Diamond Resorts International Marketing, Inc.
	Raven's Nest                                                                      1145 W. SR 89A                                                        Sedona, AZ 86336                                            Bob Colony                        928.204.2728
	Yes
	$6,500/mo + 3% City Sales Tax= $6,695
	9/1/2011-8/31/2012
	 
	 
	yes
	two 1 year extensions                        60 day written notice    First option to renew exercised-through 8/31/2012

	OPC
	Rencia Investments, LLC 
10 Ranch Huose Circle 
Sedona, AZ 86336
	Diamond Resorts International Marketing, Inc.
	Rencia Investments, LLC 
10 Ranch House Circle 
Sedona, AZ 86336 
928.282.8433
	Yes
	$4,874.67  
per 2009 tax decrease
	09/01/11 to 08/13/2014
	 
	 
	yes
	option to extend  for three succesive 3 year terms 
 
90-120 day written notice   Option to renew 8/31/2014

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	Not OPC - Sales\See comments
	Indian Wells Partners
	Diamond Resorts International Marketing, Inc
	Indian Wells Partners
	Yes
	$6,667
	through 6/30/2014
	 
	 
	 
	Day Care for Los Abrigados Resort.

	Lease
	Antelope Valley Mall
	Diamond Resorts International Marketing, Inc
	Forest City Commercial Management, Inc
	Yes
	$2,300
	8/1/2012-6/30/2013    7/1/2013-12/31/2013
	 
	 
	yes
	as of 7.11.13, renewal contract not executed

	Lease
	Buena Park Mall
	Diamond Resorts International Marketing Inc
	Conventry II DDR Buena Park
	 
	$800
	4/1/2013-6/30/2013
	 
	 
	 
	 

	Lease
	General Growth Properties
	Diamond Resorts International Marketing Inc
	General Growth Management Inc
	 
	$10,000
	through 12/31/2013
	 
	 
	 
	Contract 6027

	Lease
	The Macerich AZ
	Diamond Resorts International Marketing Inc
	The Macerich Partnerhip LP
	 
	$17,104
	8/1/2012-6/30/2013      7/1/2013-12/31/2013
	 
	 
	 
	as of 7.11.13, renewal conracts not executed

	Lease
	The Macerich CA
	Diamond Resorts International Marketing Inc
	The Macerich Partnerhip LP
	 
	$13,200
	8/1/2012-6/30/2013      7/1/2013-12/31/2013
	 
	 
	 
	as of 7.11.13, renewal conracts not executed

	Lease
	National CineMedia
	Diamond Resorts International Marketing Inc
	National CineMedia LLC
	 
	$45,000 over the life of contract
	10/12/2012-1/3/2013    1/4/2013-3/29/2013                   6/21/2013-9/19/2013
	 
	 
	 
	As of7/10/2013, renewed contract not fully executed (6023)

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	Lease
	Simon Mall
	Diamond Resorts International Marketing Inc
	Simo Property Group LP
	 
	$19,739.25
	8/1/2012-6/30/2013                           7/1/2013-12/31/2013
	 
	 
	 
	Rent reducing to $18,981.06 as of 1/1/13; as of 7/11/13-renewal contract not executed

	Lease
	Southbay Pavilion
	Diamond Resorts International Marketing Inc
	VCG-SouthBay Pavilion, LLC
	 
	$1,000
	8/1/2012-6/30/2013     7/1/2013-12/31/2013
	 
	 
	 
	as of 7.11.13, renewal conracts not executed

	Lease
	Westfield
	Diamond Resorts International Marketing Inc
	Westfield America LP
	 
	$10,900
	4/1/2013-6/30/2013                7/1/2013-12/31/2013
	 
	 
	 
	rent decreased to $13,500 as of 1/1/13;

	Lease
	Moreno Valley Mall
	Diamond Resorts International Marketing, Inc
	2250 Town Circle Holdings LLC         22500 Town Circle Suite 1206            Moreno Valley CA 92553
	 
	$1,000
	4/1/2013-6/30/2013  7/1/2013-12/31/2013
	 
	 
	 
	security deposit $1,000; as of 7/24, renewal contract not fully executed

	Lease
	Arizona Mills
	Diamond Resorts International Marketing, Inc
	Arizona Mills LLC                                 5000 S. Arizona Mills Circle                              Tempe, AZ 85282
	 
	$2,200
	5/1/2013-6/30/2013                            7/1/2013-12/31/2013
	 
	 
	 
	 

	OPC
	2000 Las Vegas Bkvd S, Las Vegas, NV 89104
	Diamond Resorts International Marketing, Inc.
	Stratosphere Casino Hotel
	Yes
	10% of net sale
	12/1/2011-12/31/2013
	100
	n/a
	60 day notice
	month to month after term

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	2880 Las Vegas Blvd S, Las Vegas, NV 89109
	Diamond Resorts Interantional Marketing, Inc.
	Circus Circus Hotel and Casino
	Yes
	7.5% of net sale
	2/1/10-1/31/12
	n/a
	n/a
	60 day notice
	renegotiating terms per S. Cummings 4.3.12

	OPC
	129 E. Fremont Street, Las Vegas, NV 89101
	Diamond Resorts International Marketing, Inc.
	GNLV Corp dba Golden Nugget Hotel & Casino
	 
	$30,000 per month + purchase of gaming vouchers $360,000 annually
	1/11/12-12/31/2013
	 
	 
	60 day written notice after 7/11/2012
	2 booths

	OPC
	Las Vegas Xtrain
	Diamond Resorts International Marketing, Inc.
	Las Vegas Railway Express, Inc        6650 Via Austi Pkwy, Suite 170         Las Vegas, NV 89119
	 
	10% of net sale
	4/1/2013-3/31/2018
	 
	 
	30 day written notice
	Contract 5745; as of 4/19/2013, this lease is not fully executed

	OPC
	CNL Income Legacy TRS Corp dba Coco Key Hotel & Water Resort                                       7400 International Drive                          Orlando, FL 32819
	Diamond Resorts International Marketing, Inc.
	CNL Income Legacy TRS Corp dba Coco Key Hotel & Water Resort
	 
	$10,492 March -Sept 2013       $8,000 Oct 2012-Feb 2013
	10/1/2012-9/30/2013
	 
	 
	30 day written notice
	1 year lease-no auto renewal

	OPC
	Universal
	Diamond Resorts International Marketing, Inc.
	Universal City Development Partners, LTD
	 
	base rent $31,063/mo; height $41,269/mo inclusive of tax
	10/1/2011-12/31/2013
	 
	 
	60 day written notice
	 

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	Holiday INN Resort Lake Buena Vista                                         13351 State Rd 535                            Orlando, FL 32821
	Diamond Resorts International Marketing, Inc.
	Vista Property Management, LLC                            2-8 Hawley Street                     Binghamton, NY 13901
	 
	$27,500 + tax
	2/1/2013-1/31/2016
	 
	 
	n/a
	option to terminate in Year 2, 120 days written notice;           subleased to All Guest Services from 1/8/13-receiving $5,000 per month-contract #5179

	OPC
	Holiday Villas
	Diamond Resorts International Marketing, Inc.
	UK-US Partner LLC dba Holiday Villas                                                                     7862 W. Irlo Branson Hwy 124                Kissimmee, FL 34747
	 
	$1,500
	11/1/2012-10/31/2013
	 
	 
	30 day written notice; no auto renewal
	 

	OPC
	Beach Bazaar of Daytona    203 N. Atlantic Ave                          Dayton Beach, FL 32114
	Diamond Resorts International Marketing Inc
	Beach Bazaar of Daytona                                             Timothy Kostidakis                                            203 N Atlantic Ave                              Daytona Beach FL 32114
	 
	$1,500
	3/1/2013-3/1/2014
	 
	 
	30 day written notice
	Contract # 5612

	Commercial Lease Agreement
	Mini Market/Gift Shop
	Mystic Dunes, LLC
	Suncare Central                                    7061 Grand National  Drive                     Suite 134                                                                     Orlando, FL 32819
	 
	10% commision on the gross revenue of the mini market sales
	4/25/2013-4/24/2015
	 
	 
	90 days written notice
	Contract # 5772

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	OPC
	Tropicana Inn
	Sales DPM S de RL de CV
	Operadora Okamoto SA de CV         BLVD Mijares 30                                         San Jose del Cabo                                    Mexico
	 
	$150 per qualified tour
	2/1/2013-1/31/2014
	 
	 
	month to month after term expires with 30 day written notie; 60 days prior to end of term
	 

	OPC Lease
	Bluebeard Charters                         #10 Billy Folly Road                           Pelican Key                                           St. Maarten
	Diamond Resorts Flamingo Development, N.V.
	SXM Destination Maangement, N.V. dba Bluebeard Charters                  #10 Billy Folly Road                                    Pelican Key                                                    St. Maarten
	 
	$75 per voucher + override based on month;y sales effeciency scale
	1/8/2013-1/8/2014
	 
	 
	30 day written notice
	Contract #5365;                                                      as of 4/19/2013, this lease is not fully executed

	Marketing Office Space
	222 Fall Creek Drive                                Branson, MO 65616
	Diamond Resorts International Marketing Inc
	Carolyn F. Strauch                                    349 Sherwood Dr                           Branson, MO 65616
	 
	$3,000
	8/31/2008-8/31/2013
	 
	 
	 
	auto renrewal for 3 additional terms for 1 year each

	Office Space
	San Luis Bay, CA
	Diamond Resorts International Marketing Inc
	San Luis Bay Timeshare Association
	Yes
	$14,069
	01/01/2008 - 12/31/2013
	4,750
	N/A
	Option to renew one 2-year term; no 30 day out
	Sales center at San Luis Bay granting exclusive use of sales center and lobby kiosk.  Paid quarterly, 3.5% annual increase.

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	Sales Office Space
	Ontario, CA
	Diamond Resorts International Marketing Inc
	The Realty Associates Fund IX, L.P.                                                                   c/o TA Associates Realty                     1301 Dove Street, Suite 860             Neport Beach, CA 92660
	 
	$15,658 yr 1                                         $16,128.46 yr 2                                $16,612.31 yr 3
	1/1/2013-12/31/2015
	9,211
	 
	N/A
	option to terminate as of the last day of the 18th month, 9 months advance notice; Security Deposit: $22,725.14

	Office Space
	10600 W. Charleston Ave. 
Las Vegas, NV
	Diamond Resorts International®
	H/MX Health Management Solutions - Charleston Building
	Yes
	$189,899
	01/16/2008 - 09/30/2018
	N/A
	N/A
	Two renewals for 5 years each; 3.5% increase
	 

	Office Space
	1450 Center Crossing Business Center, Suite 100                                 Las Vegas, NV 89144
	Diamond Resorts Corporation
	1450 Center Crossing Drive, LLC
	Yes
	$99,375.11
	6/1/2012-start date
	52,975sf
	 
	6 year, 4 mos term
	rent increases every year;                     one 5 year option to renew

	Office Space-Sales Center
	17800 Bali Blvd                                    Winter Garden, FL 34787
	Diamond Resorts International Marketing Inc
	Island One, Inc.
	 
	 
	5/23/11-7/22/11
	 
	 
	 
	 

	Office Space
	Jordan Road Office 
Sedona, AZ
	Diamond Resorts International Marketing, Inc.
	Falcon Land Company, LLC
	Yes
	$10,191
	02/01/2014
	N/A
	N/A
	N/A
	 

	Office Space
	6560 SR 179 # 212 
Sedona, AZ 86351
	Diamond Resorts International Marketing, Inc.
	Truly Sand LLC 
6560 SR 179, Suite 100 
Sedona, AZ 86351
	Yes
	$1,768
	08/01/2007 - 07/31/2015
	789
	N/A
	Two 5 yr. options to renew.  Annual 3.5% increase.
	Broker's Office

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	Office Space-Sales Center
	1100 Easter Circle, Building 1              Greensprings Plantation Commerce Center
	Diamond Resorts International Marketing Inc
	Greensprings Office Park Associates, LLC                                                                   4029 Ironbound Rd, Suite 200       Williamsburg, VA 23188
	Yes
	$3,220
	5/1/2011-4/30/2014
	3,416
	 
	 
	Extended for additional year through 4/30/13

	Marketing Office Space
	742 Industry Drive                             Unit 756, Building 16     Tukwila, Washington
	Diamond Resorts International Marketing Inc
	Blue Dog Properties Trust
	 
	$1,201.33  yr1                                     $1,237.37  yr2                                  $1,274.49 yr3
	1/1/2013-3/31/2016
	 
	 
	n/a
	3yr, 3mos term; Security Deposit $3,774

	Self Storage
	Koloa, HI
	Poipu Resort Partners, LP
	Koloa Self Storage
	Yes
	# 105 = $290                                    # 45 = $235                                     # 65 = $235                                       # 94 = $290
	MTM
	516
	N/A
	N/A
	Off-site storage of contracts & records per Records Retention Policy

	Self Storage
	Lawai, HI 
Unit #139
	Poipu Resort Partners, LP
	Lawai Cannery Storage
	Yes
	$327
	Start: 03/06/2008 (MTM)
	240
	N/A
	N/A
	Off-site storage of furniture, contracts & records per Records Retention Policy

	Record Retention Storage for Fin. Records
	6555 S. Tenaya Way,           Suite 100                                                Las Vegas, NV 89113
	Diamond Resorts Centralized Services
	EJM Arroyo North I Property LLC                                                            9061 Santa Monica Blvd                          Los Angeles, CA 90069
	 
	$2,772 yr1                                         $2,855 yr 2                                           $2,941 yr3
	2/1/2013-1/31/2016
	3,640
	 
	no autorenewal; no 30 day out
	Security Deposit:$2941

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	Self Storage
	Sedona, AZ 
Unit #607
	Diamond Resorts International® Marketing, Inc.
	Castle Rock Ministorage 
45 Castlerock Road, Ste. 8 
Sedona, AZ 86351-8806
	Yes
	$97
	Start: 08/26/2008 (MTM)
	N/A
	N/A
	N/A
	 

	Self Storage
	Sedona, AZ 
Unit #614
	Diamond Resorts International® Marketing, Inc.
	Castle Rock Ministorage 
45 Castlerock Road, Ste. 8 
Sedona, AZ 86351-8806
	Yes
	$97
	MTM
	N/A
	N/A
	N/A
	 

	Self Storage
	Sedona, AZ 
Unit #128
	Diamond Resorts International® Marketing, Inc.
	Castle Rock Ministorage 
45 Castlerock Road, Ste. 8 
Sedona, AZ 86351-8806
	Yes
	$138
	Start: 09/15/2008 (MTM)
	N/A
	N/A
	N/A
	 

	Self Storage
	Sedona, AZ 
Unit #73
	Diamond Resorts International® Marketing, Inc.
	Castle Rock Ministorage 
45 Castlerock Road, Ste. 8 
Sedona, AZ 86351-8806
	Yes
	$138
	Start: 07/21/2008 (MTM)
	N/A
	N/A
	N/A
	 

	Self Storage
	Scottsdale Garden Plaza           8341 E. Evans, Suite 102      Scottsdale, AZ 85260
	Diamond Resorts International® Marketing, Inc.
	Scottsdale Garden Plaza                    4510 N 34th Place                       Phoenix, AZ 85018
	 
	$1,197.65 + rental tax
	1/1/2013-1231/2013
	 
	 
	 
	$2000 security deposit

	
											
	Description of Property
	Address / Location
	Lessee
	Lessor
	Currently in Use?  
(Y / N)
	Monthly Rent
	Term (Start and  End Date)
	Square Footage
	Option to Purchase?
	Option to Renew (and Terms)
	Comments

	Self Storage
	9061 Santa Monica Blvd       Los Angeles, CA 90069
	Diamond Resorts Centralized Services
	EJM Arroyo North I Property LLC                                                            9061 Santa Monica Blvd       Los Angeles, CA 90069
	 
	$2,280
	10/1/2012-12/31/2015
	4,000
	 
	No 30 day out
	$2492 Sec deposit;   lease for financial records related to PMR and other acquisitions

	40 parking spaces
	40 Sunridge Circle  
Sedona, AZ 86351
	Diamond Resorts International Marketing, Inc
	Joel & Sheila Gilgoff 
2675 W. State Route 89A, #401 
Sedona, AZ 86336
	Yes
	$1,400
	12/1/11-11/30/13
	 
	 
	No renewal option
	Year to year.

	Self Storage
	Unit 00B18
	DRI
	A-1 Affordable Mini Storage 
3702 W SR 260 
Camp Verde, AZ 86322
	yes
	$198
	MTM
	 
	 
	 
	 

	Commercial space
	8680 Commodity Circle, Orlando, FL 32819
	Island One, Inc.
	Equity Row Partners, LLC
	 
	 
	 
	 
	 
	 
	 

Schedule 4.02(a)
Local Counsel
		
	1.
	Arizona Counsel

		
	a.
	Ballard Spahr LLP

201 South Main Street, Suite 800
Salt Lake City, Utah 84111
		
	2.
	California Counsel

		
	a.
	Ballard Spahr LLP

201 South Main Street, Suite 800
Salt Lake City, Utah 84111
		
	3.
	Florida Counsel

		
	a.
	Holland & Knight

200 South Orange Avenue, Suite 2600
Orlando, Florida 32801
		
	4.
	Hawaii Counsel

		
	a.
	Imanaka & Asato LLLC

TOPA Financial Center
Fort Street Tower
745 Fort Street Mall, 17th Floor
Honolulu, Hawaii 96813
		
	5.
	Maryland Counsel

		
	a.
	Ballard Spahr LLP

201 South Main Street, Suite 800
Salt Lake City, Utah 84111
		
	6.
	Missouri Counsel 

		
	a.
	 Summers Compton Wells LLC

 8909 Ladue Road
 St. Louis, Missouri 63124
		
	7.
	Nevada Counsel

		
	a.
	Ballard Spahr LLP

201 South Main Street, Suite 800
Salt Lake City, Utah 84111

Schedule 4.02(j)
Indebtedness
	
						
	Issuer
	Creditor
	Principal Amount
	Outstanding Amount
	Date of Note
	Maturity Date

	Diamond Resorts Europe (Holding) Ltd.
	Diamond Resorts Corporation
	£33 million (term)
	£33 million
	Amended and Restated 3/5/2007 and amended 12/1/2008
	12/16/2014

	Diamond Resorts Europe (Holding) Ltd.
	Diamond Resorts Corporation
	£16 million (revolving)
	£16 million
	1/13/2012
	12/16/2014

	ILX Acquisition, Inc.
	Diamond Resorts Corporation
	$3.7 million
	$3.7 million
	Amended and Restated 3/5/2007 and amended 12/1/2008
	8/31/2015

EXHIBIT A

FORM OF
ADMINISTRATIVE QUESTIONNAIRE

DIAMOND RESORTS CORPORATION

Agent Information                Agent Closing Contact
Credit Suisse AG                Attention: Loan Operations – Agency Manager
Eleven Madison Avenue                         Fax: (212) 322-2291
23rd Floor                    Email: agency.loanops@credit-suisse.com
New York, NY   10010                
                        
Agent Wire Instructions
BANK OF NEW YORK MELLON, NY
ABA 021 000 018
Account Name:  CS - AGENCY CAYMAN ACCT
Account Number:  8900492627

	
					
	It is very important that all of the requested information be completed accurately and that this questionnaire be returned promptly.  If your institution is sub-allocating its allocation, please fill out an administrative questionnaire for each legal entity.

	 
	 
	 
	 
	 

Legal Name of Lender to appear in Documentation:

___________________________________________________________________________________

Signature Block Information:     __________________________________________________________

		
	•
	   Signing Credit Agreement                            Yes             No    

		
	•
	   Coming in via Assignment                          Yes             No    

Type of Lender: _____________________________________________________________________

(Bank, Asset Manager, Broker/Dealer, CLO/CDO; Finance Company, Hedge Fund, Insurance, Mutual Fund, Pension Fund, Other Regulated Investment Fund, Special Purpose Vehicle, Other — please specify)  

Lender Parent: ___________________________________________________________________
Lender Domestic Address                                                                         Lender Eurodollar Address

Contacts/Notification Methods:  Borrowings, Paydowns, Interest, Fees, etc.

Primary Credit Contact            Secondary Credit Contact    
Name:                                                
Company:                                            
Title:                                                
Address:                                            
                                                
Telephone:                                            
Facsimile:                                            
E-Mail Address:                                        

Primary Operations Contact          Secondary Operations Contact
Name:                                                
Company:                                            
Title:                                                
Address:                                            
                                                
Telephone:                                            
Facsimile:                                            
E-Mail Address:                                        

Lender’s Domestic Wire Instructions

Bank Name:                                            
ABA/Routing No.:                                        
Account Name:                                            
Account No.:                                            
FFC Account Name:                                        
FFC Account No.:                                        
Attention:                                            
Reference:                                            

        

Tax Documents

NON-U.S. LENDER INSTITUTIONS:

I. Corporations:
If your institution is incorporated outside of the United States for U.S. Federal income tax purposes, and is the beneficial owner of the interest and other income it receives, you must complete one of the following three tax forms, as applicable to your institution: a.) Form W-8BEN (Certificate of Foreign Status of Beneficial Owner), b.) Form W-8ECI (Income Effectively Connected to a U.S. Trade or Business), or c.) Form W-8EXP (Certificate of Foreign Government or Governmental Agency). 

A U.S. taxpayer identification number is required for any institution submitting Form W-8ECI.  It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax treaty with the U.S.  Please refer to the instructions when completing the form applicable to your institution.  In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms.  An original tax form must be submitted. 
 
II. Flow-Through Entities: 
If your institution is organized outside the U.S., and is classified for U.S. Federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non-U.S. flow-through entity, an original Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding) must be completed by the intermediary together with a withholding statement.  Flow-through entities other than Qualified Intermediaries are required to include tax forms for each of the underlying beneficial owners. 

Please refer to the instructions when completing this form.  In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms.  Original tax form(s) must be submitted. 
 
U.S. LENDER INSTITUTIONS:

If your institution is incorporated or organized within the United States, you must complete and return Form W-9 (Request for Taxpayer Identification Number and Certification).  Please be advised that we request that you submit an original Form W-9.

Pursuant to the language contained in the tax section of the Credit Agreement, the applicable tax form for your institution must be completed and returned prior to the first payment of income.  Failure to provide the proper tax form when requested may subject your institution to U.S. tax withholding.

EXHIBIT B

FORM OF ASSIGNMENT AND ACCEPTANCE
Reference is made to the Credit Agreement dated as of September 11, 2013 (as amended, supplemented or modified from time to time, the “Credit Agreement”), among Diamond Resorts Corporation, a Maryland corporation (the “Borrower”), Diamond Resorts International, Inc., a Delaware corporation (“Holdings”), the lenders from time to time party thereto (the “Lenders”) and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”) for the Lenders. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Credit Agreement. 
1.  The Assignor hereby sells and assigns, without recourse, to the Assignee, and the Assignee hereby purchases and assumes, without recourse, from the Assignor, subject to and in accordance with the Credit Agreement, effective as of the Effective Date set forth below (but not prior to the acceptance by the Administrative Agent of this Assignment and Acceptance and the registration of the information contained herein in the Register pursuant to Section 9.04(e) of the Credit Agreement), the interests set forth below (the “Assigned Interest”) in the Assignor’s rights and obligations under the Credit Agreement and the other Loan Documents, including, without limitation, the amounts and percentages set forth below of (i) the Commitments of the Assignor on the Effective Date set forth below and (ii) the Loans owing to the Assignor which are outstanding on the Effective Date.  Each of the Assignor and the Assignee hereby makes and agrees to be bound by all the representations, warranties and agreements set forth in Annex I and by those set forth in Section 9.04(c) of the Credit Agreement, a copy of which has been received by each such party.  From and after the Effective Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the interests assigned by this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under the other Loan Documents and (ii) the Assignor shall, to the extent of the interests assigned by this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement; provided that the obligations of the Assignor under Section 9.16 of the Credit Agreement shall survive the execution of this Assignment and Acceptance and the assignment of interests effected hereby.
2.  This Assignment and Acceptance is being delivered to the Administrative Agent together with (i) any documentation referred to in Section 2.20(f) of the Credit Agreement, duly completed and executed by such Assignee, (ii) if the Assignee is not already a Lender under the Credit Agreement, a completed Administrative Questionnaire in the form of Exhibit A to the Credit Agreement and (iii) if required by Section 9.04(b) of the Credit Agreement, a processing and recordation fee of $3,500. 
3.  This Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York.

2

Date of Assignment: _______________________________________________________    

Legal Name of Assignor (“Assignor”): ________________________________________    

Legal Name of Assignee (“Assignee”):  _______________________________________    
[and is a [Lender] [an Affiliate/Related Fund of [Identify Lender]]]1

Effective Date of Assignment (“Effective Date”): _______________________________    
[TO BE INSERTED BY THE ADMINISTRATIVE AGENT WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR] 

	
			
	Aggregate Amount of Commitments/Loans for all Lenders
	Principal Amount of Commitments/Loans Assigned2
	Percentage Assigned of Commitments/Loans (set forth, to at least 9 decimals, as a percentage of the aggregate Commitments/Loans of all Lenders thereunder)

	$25,000,000
	$[                 ]
	%

[Remainder of page intentionally left blank]

____________________
1Select as applicable
2Amount of Commitments and/or Loans assigned is governed by Section 9.04(b) of the Credit Agreement 

The terms set forth in this Assignment and Assumption are hereby agreed to:
	
		
	ASSIGNOR
[NAME OF ASSIGNOR],

	by

	 
	 

	 
	Name:

	 
	Title:

	
		
	ASSIGNEE
[NAME OF ASSIGNEE],

	by

	 
	 

	 
	Name:

	 
	Title:

[Consented to and] 1 Accepted:
	
		
	CREDIT SUISSE AG, as Administrative Agent,

	by

	 
	 

	 
	Name:

	 
	Title:

[Consented to:
	
		
	DIAMOND RESORTS CORPORATION,

	by

	 
	 

	 
	Name:

	 
	Title:                                               ] 2

___________________________________

 1 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.
2  To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

1

STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ACCEPTANCE

1.  Representations and Warranties.  
1.1  Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) its Commitment, and the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth herein and (iv) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other instrument or document furnished  pursuant thereto, (iii) the financial condition of Holdings, the Borrower or any of their respective Subsidiaries or Affiliates or any other person obligated in respect of any Loan Document or any other instrument or document pursuant thereto or (iv) the performance or observance by Holdings, the Borrower or any of their respective Subsidiaries or Affiliates or any other person of any of their respective obligations under any Loan Document.
1.2.  Assignee.  The Assignee (a) represents and warrants that (i) it is an Eligible Assignee and has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements referred to in Section 3.05 thereof or delivered pursuant to Section 5.04 thereof, as applicable, the Pari Passu Intercreditor Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, the Collateral Agent, the Assignor or any other Lender and (v) if it is a Foreign Lender, attached to the Assignment and Acceptance is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will be bound by the terms of the Pari Passu Intercreditor Agreement, (ii) it will, independently and without reliance on the Administrative Agent, the Collateral Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (iii) it appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement, 

2

the Pari Passu Intercreditor Agreement and the other Loan Documents as are delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms thereof, together with such powers as are reasonably incidental thereto, and (iii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement and other Loan Documents are required to be performed by it as a Lender.
2.  Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.
3.  General Provisions.  This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by facsimile shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance.  This Assignment and Acceptance shall be construed in accordance with and governed by the laws of the State of New York.  
    

EXHIBIT C

FORM OF BORROWING REQUEST
Credit Suisse AG, as Administrative Agent 
Eleven Madison Avenue, 23rd Floor  
New York, New York 10010
Attention: Loan Operations – Agency Manager
Fax: (212) 322-2291
Email: agency.loanops@credit-suisse.com 

[DATE]1
Ladies and Gentlemen:
Reference is made to the Credit Agreement dated as of September 11, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Diamond Resorts Corporation, a Maryland corporation (the “Borrower”), Diamond Resorts International, Inc., a Delaware corporation (“Holdings”), the lenders from time to time party thereto (the “Lenders”) and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”) for the Lenders.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.
The Borrower hereby gives you notice, irrevocably, pursuant to Section 2.03 of the Credit Agreement that it requests a Borrowing under the Credit Agreement, and in that connection sets forth below the terms on which such Borrowing is requested to be made:
(A)    Type of Borrowing:2            ______________________
(B)    Date of Borrowing:3            ______________________
(C)    Account Number and Location:    ______________________
(D)    Principal Amount of Borrowing:    ______________________
______________________________
1Signed Borrowing Request must be delivered irrevocably by hand or fax (a) in the case of a Eurodollar Borrowing, not later than 2:00 p.m. (New York City time) three Business Days before a proposed Borrowing, and (b) in the case of an ABR Borrowing, not later than 2:00 p.m. (New York City time) on the day of the proposed Borrowing.
2Specify Eurodollar Borrowing or ABR Borrowing. 
3Date of Borrowing must be a Business Day. 

2

[(E)    Interest Period:            ______________________]4

_______________________________
4    If such Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto.

3

The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this Borrowing Request and on the date of the related Borrowing, the conditions to lending specified in paragraphs (b) and (c) of Section 4.01 of the Credit Agreement have been satisfied.

	
			
	DIAMOND RESORTS CORPORATION,

	 

	 
	by

	 
	 
	 

	 
	 
	Name:
Title: 

EXHIBIT D

SECURITY AGREEMENT
dated as of
September 11, 2013,
among
DIAMOND RESORTS INTERNATIONAL, INC.,

DIAMOND RESORTS CORPORATION,

the other Subsidiaries of Holdings 
from time to time party hereto

and
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Collateral Agent

[CS&M Ref. No. 5865-896]

EXHIBIT D

	
				
	 
	TABLE OF CONTENTS
	 

	 
	 
	Page
	

	 
	ARTICLE I
	 

	 
	 
	 

	 
	Definitions
	 

	SECTION 1.01.
	Credit Agreement
	1
	

	SECTION 1.02.
	Other Defined Terms
	2
	

	 
	ARTICLE II
	 

	 
	 
	 

	 
	Pledge of Securities
	 

	SECTION 2.01.
	Pledge
	10
	

	SECTION 2.02.
	Delivery of the Pledged Collateral
	11
	

	SECTION 2.03.
	Representations, Warranties and Covenants
	12
	

	SECTION 2.04.
	Certification of Limited Liability Company Interests and Limited Partnership Interests
	13
	

	SECTION 2.05.
	Registration in Nominee Name; Denominations
	13
	

	SECTION 2.06.
	Voting Rights; Dividends and Interest, Etc
	14
	

	 
	ARTICLE III
	 

	 
	 
	 

	 
	Security Interests in Personal Property
	 

	SECTION 3.01.
	Security Interest
	16
	

	SECTION 3.02.
	Representations and Warranties
	18
	

	SECTION 3.03.
	Covenants
	20
	

	SECTION 3.04.
	Other Actions
	24
	

	SECTION 3.05.
	Covenants Regarding Patent, Trademark and Copyright Collateral
	27
	

	 
	ARTICLE IV
	 

	 
	 
	 

	 
	Remedies
	 

	SECTION 4.01.
	Remedies Upon Default
	28
	

	SECTION 4.02.
	Application of Proceeds
	30
	

	SECTION 4.03.
	Grant of License to Use Intellectual Property
	31
	

	SECTION 4.04.
	Securities Act, Etc
	31
	

	SECTION 4.05.
	Registration
	32
	

	SECTION 4.06.
	Disposition of Collateral
	33
	

	 
	ARTICLE V
	 

	 
	 
	 

	 
	Indemnity, Subrogration and Subordination
	 

	SECTION 5.01.
	Indemnity and Subrogation
	33
	

	SECTION 5.02.
	Contribution and Subrogation
	33
	

	SECTION 5.03.
	Subordination
	33
	

	 
	ARTICLE VI
	 

	 
	 
	 

	 
	Miscellaneous
	 

	SECTION 6.01.
	Notices
	34
	

	 
	 
	 

	 
	 
	 

EXHIBIT D

	
				
	 
	TABLE OF CONTENTS
	 

	 
	 
	Page
	

	SECTION 6.02.
	Security Interest Absolute
	34
	

	SECTION 6.03.
	Survival of Agreement
	34
	

	SECTION 6.04.
	Binding Effect; Several Agreement
	35
	

	SECTION 6.05.
	Successors and Assigns
	35
	

	SECTION 6.06.
	Collateral Agent's Fees and Expenses; Indemnification
	35
	

	SECTION 6.07.
	Collateral Agent Appointed Attorney-in-Fact
	36
	

	SECTION 6.08.
	Applicable Law
	37
	

	SECTION 6.09.
	Waivers; Amendment
	37
	

	SECTION 6.10.
	WAIVER OF JURY TRIAL
	38
	

	SECTION 6.11.
	Severability
	38
	

	SECTION 6.12.
	Counterparts
	38
	

	SECTION 6.13.
	Headings
	38
	

	SECTION 6.14.
	Jurisdiction; Consent to Service of Process
	38
	

	SECTION 6.15.
	Termination or Release
	39
	

	SECTION 6.16.
	Additional Subsidiaries
	40
	

	SECTION 6.17.
	Right of Setoff
	40
	

	SECTION 6.18.
	Maximum Liability
	40
	

	 
	ARTICLE VII
	 

	 
	 
	 

	 
	Concerning the Collateral Agent
	 

	SECTION 7.01.
	Confirmation of Appointment
	40
	

	SECTION 7.02.
	Duties or Obligations
	41
	

	SECTION 7.03.
	Reliance; Sub-Agents
	41
	

	SECTION 7.04.
	Resignation of the Collateral Agent
	42
	

	SECTION 7.05.
	Other Matters Concerning the Collateral Agent
	42
	

	SECTION 7.06.
	Pari Passu Indebtedness; Junior Lien Indebtedness; Intercreditor Agreements
	44
	

EXHIBIT D

	
		
	Schedules
	 

	Schedule I
	Subsidiary Grantors

	Schedule II
	Equity Interests; Pledged Debt Securities

	Schedule III
	Excluded Equity Interests

	Schedule IV
	Resorts

	Schedule V
	Intellectual Property

	 
	 

	Exhibits
	 

	Exhibit A
	Form of Supplement

	Exhibit B
	Form of Perfection Certificate

	Exhibit C
	Credit Agreement

SECURITY AGREEMENT dated as of September 11, 2013 (this “Agreement”), among DIAMOND RESORTS CORPORATION, a Maryland corporation (the “Borrower”), DIAMOND RESORTS INTERNATIONAL, INC., a Delaware corporation (“Holdings”), the other Subsidiaries of Holdings from time to time party hereto (the “Subsidiary Grantors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent (in such capacity, together with its successors and assigns, the “Collateral Agent”).
Preliminary Statement
Reference is made to (a) the Credit Agreement dated as of September 11, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, Holdings, the lenders from time to time party thereto (the “Lenders”) and 

EXHIBIT D

Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”), which Credit Agreement, in the form existing on the date hereof, is attached as Exhibit C hereto solely for convenience of reference and for no other purpose, (b) the Indenture dated as of August 13, 2010 (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof and the terms of the Credit Agreement, the “Senior Secured Notes Indenture”), among the Borrower, as issuer, Holdings (as successor by merger to Diamond Resorts Parent, LLC), Diamond Resorts Holdings, LLC, the other Subsidiaries party thereto and Wells Fargo Bank, National Association, as trustee (in such capacity, together with its successors and assigns, the “Senior Secured Notes Trustee”) and as Collateral Agent, and (c) the Pari Passu Intercreditor Agreement dated as of September 11, 2013, among the Collateral Agent, the Senior Secured Notes Trustee, Holdings, the Borrower, the other Subsidiaries party thereto, the Administrative Agent, as initial additional authorized representative, and each additional representative from time to time party thereto.  Wells Fargo Bank, National Association is entering into this Agreement as Collateral Agent for the Secured Parties in accordance with the Senior Secured Notes Documents.
The obligations of the Lenders to extend credit to the Borrower are conditioned upon, among other things, the execution and delivery of this Agreement by the Borrower and each other Grantor.  Each Grantor (other than the Borrower) is an affiliate of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement, and each Grantor is willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit.  Accordingly, the parties hereto agree as follows:
ARTICLE I
Definitions
SECTION 1.01. Defined Terms. As used in this Agreement, the following terms
shall have the meanings specified below:

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined
by reference to the Alternate Base Rate.

“Acquired Indebtedness” shall mean, with respect to any specified person,
(a) Indebtedness of any other person existing at the time such other person is merged with
or into or becomes a subsidiary of such specified person, including Indebtedness incurred
in connection with, or in contemplation of, such other person merging with or into or
becoming a subsidiary of such specified person, and (b) Indebtedness secured by a Lien
encumbering any asset acquired by such specified person.

“Adjusted EBITDA” for any period means the sum of Consolidated Net Income,
plus the following to the extent deducted in calculating such Consolidated Net Income:
(a) all income tax expense (benefit) for such period; plus (b) Consolidated Interest
Expense for such period; plus (c) depreciation and amortization for such period; plus (d)
vacation interest cost of sales for such period; plus (e) loss on extinguishment of debt for
such period; plus (f) rebranding or restructuring costs and non-ordinary course expenses,

EXHIBIT D

in each case related to the Borrower’s European operations not to exceed an aggregate
amount for all periods equal to $12,000,000; plus (g) impairments and other write-offs
for such period; plus (h) loss on the sale of assets for such period; plus (i) amortization of
loan origination costs for such period; plus (j) amortization of portfolio discount for such
period; plus (k) any non-cash charges attributable to the FLRX Judgment or any
Permitted FLRX Settlement; plus (l) all other non-cash charges for such period
(excluding any such noncash charge to the extent that it represents an accrual of or
reserve for cash expenditures in any future period); less (m) gain on the sale of assets for
such period; less (n) amortization of portfolio premium for such period; less (o) to the
extent not deducted in determining Consolidated Net Income for such period (or reflected
in any previous non-cash charge referred to in clause (k) above), all cash payments made
during such period attributable to the FLRX Judgment or any Permitted FLRX
Settlement; less (p) all non-cash items of income for such period (excluding any noncash
accruals of revenue in the ordinary course of business to the extent required by accrualbased
accounting). Notwithstanding the foregoing, items specified in clauses (a) and (c)
through (p) above (other than clauses (k) and (o) above) that are attributable to a
Restricted Subsidiary shall be added to Consolidated Net Income to compute Adjusted
EBITDA only to the extent (and in the same proportion, including by reason of minority
interests) that such items of such Restricted Subsidiary were included in calculating
Consolidated Net Income and only, with respect to items specified in clauses (a) and (c)
through (l) above (other than clause (k) above), if a corresponding amount would be
permitted at the date of determination to be dividended to the Borrower by such
Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the
terms of its certificate or articles of incorporation or other constitutive document or any
agreement or instrument or any provision of law, statute, rule or regulation or order of
any court or other Governmental Authority, in each case applicable to such Restricted
Subsidiary or its stockholders.

“Adjusted LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for
any Interest Period, an interest rate per annum equal to the product of (a) the LIBO Rate
in effect for such Interest Period and (b) Statutory Reserves.

“Administrative Agent” shall have the meaning assigned to such term in the
introductory statement to this Agreement.

“Administrative Agent Fees” shall have the meaning assigned to such term in
Section 2.05(b).

“Administrative Questionnaire” shall mean an Administrative Questionnaire in
the form of Exhibit A, or such other form as may be supplied from time to time by the
Administrative Agent.

“Affiliate” of any person shall mean (a) any other person which directly, or
indirectly through one or more intermediaries, Controls such person or (b) any other
person which directly, or indirectly through one or more intermediaries, is Controlled by

EXHIBIT D

or is under common Control with such person. For purposes of compliance with Section
4.07 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to
Section 6.01 hereof, no (i) homeowners’ association at a property at which Holdings or
any of the Subsidiaries either have sold Vacation Interests or act as management
company or (ii) collection holding real estate interests underlying Points shall be deemed
to be an Affiliate of Holdings, the Borrower or any other Restricted Subsidiary.

“Agents” shall have the meaning set forth in Article VII.

“Agreement” shall mean this Credit Agreement, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

“Alternate Base Rate” shall mean, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate
in effect on such day plus 1/2 of 1% and (c) the Adjusted LIBO Rate for a one-month
Interest Period commencing on such day (or if such day is not a Business Day, the
immediately preceding Business Day) plus 1%; provided that, for the avoidance of doubt,
the Adjusted LIBO Rate for any day shall be based on the rate determined on such day at
approximately 11:00 a.m. (London time) by reference to the British Bankers’ Association
Interest Settlement Rates (or to any replacement market convention therefor selected by
the Administrative Agent) for deposits in dollars (as set forth by any service or vendor
selected by the Administrative Agent that displays such rates). If the Administrative
Agent shall have determined (which determination shall be conclusive absent manifest
error) that it is unable to ascertain the Federal Funds Effective Rate or the Adjusted LIBO
Rate for any reason, including the inability or failure of the Administrative Agent to
obtain sufficient quotations in accordance with the terms of the definition of Federal
Funds Effective Rate or Adjusted LIBO Rate, the Alternate Base Rate shall be
determined without regard to clause (b) or (c), as applicable, of the preceding sentence
until the circumstances giving rise to such inability no longer exist. Any change in the
Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate
or the Adjusted LIBO Rate shall be effective on the effective date of such change in the
Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may
be.

“Applicable Percentage” shall mean, for any day (a) with respect to any
Eurodollar Loan, 4.00% per annum, and (b) with respect to any ABR Loan, 3.00% per
annum.

“Arranger” shall mean each of Credit Suisse Securities (USA) LLC, J.P. Morgan
Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity
as joint bookrunner and joint lead arranger in respect of this Agreement.

“Asset Sale” shall mean:

(a) any sale, lease, conveyance or other disposition of any assets or rights

EXHIBIT D

(including by way of a sale and leaseback) by Holdings, the Borrower or any other
Restricted Subsidiary to any person (other than Holdings, the Borrower or any other
Restricted Subsidiary) not in the ordinary course of business (provided that, without
limiting paragraph (m) of Article VII hereof, the sale, lease, conveyance or other
disposition of all or substantially all of the assets of Holdings, the Borrower and the other
Restricted Subsidiaries, taken as a whole, shall be governed by the provisions set forth in
Section 5.01 of the Senior Secured Notes Indenture and not by those set forth in Section
4.06 of the Senior Secured Notes Indenture, in each case as incorporated by reference
herein pursuant to Section 6.01 hereof);

(b) any issue or sale by Holdings, the Borrower or any other Restricted
Subsidiary to any person (other than Holdings, the Borrower or any other Restricted
Subsidiary) of Equity Interests of any of the Subsidiaries; and

(c) any issue or sale by Holdings, the Borrower or any other Restricted
Subsidiary to any person (other than Holdings, the Borrower or any other Restricted
Subsidiary) of Equity Interests of the Borrower or any Subsidiary Guarantor;

in the case of either clause (a) or (b), whether in a single transaction or a series of related
transactions that have a Fair Market Value in excess of $1,000,000 or for net proceeds in
excess of $1,000,000.

Notwithstanding the foregoing, the term “Asset Sale” shall not include (i) a disposition
that constitutes a Restricted Payment (or would constitute a Restricted Payment but for
the exclusions from the definition thereof) and that is not prohibited by Section 4.04 of
the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section
6.01 hereof, (ii) the transfer of Timeshare Loans and related rights and assets in
connection with any Permitted Securitization, (iii) the disposition of cash or Cash
Equivalents, (iv) terminations of Hedging Obligations, (v) any financing transaction with
respect to assets or rights of Holdings, the Borrower or any other Restricted Subsidiary,
including any sale and leaseback of assets or rights not prohibited by Sections 4.03 or
4.12 of the Senior Secured Notes Indenture incorporated by reference herein pursuant to
Section 6.01 hereof, (vi) any surrender or waiver of contract rights or a settlement,
release or surrender of contract, tort or other claims of any kind and (vii) the grant of any
Lien not prohibited by this Agreement and any foreclosure or exercise in respect thereof.

“Assignment and Acceptance” shall mean an assignment and acceptance entered
into by a Lender and an assignee, and accepted by the Administrative Agent, in the form
of Exhibit B or such other form as shall be approved by the Administrative Agent.

“Attributable Debt” shall mean, in respect of a Sale/Leaseback Transaction, as at
the time of determination, the present value (discounted at the interest rate borne by the
Senior Secured Notes compounded annually) of the total obligations of the lessee for
rental payments during the remaining term of the lease included in such Sale/Leaseback
Transaction (including any period for which such lease has been extended); provided,

EXHIBIT D

however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation,
the amount of Indebtedness represented thereby shall be determined in accordance with
the definition of the term “Capital Lease Obligation.”

“Average Life” shall mean, as of the date of determination, with respect to any
Indebtedness, the quotient obtained by dividing (a) the sum of the products of the number
of years from the date of determination to the date of each successive scheduled principal
payment of or redemption or similar payment with respect to such Indebtedness
multiplied by the amount of such payment by (b) the sum of all such payments.

“Board” shall mean the Board of Governors of the Federal Reserve System of the
United States of America.

“Board of Directors” means, as to any person, the board of managers, board of
directors or other similar body or person performing a similar function or any duly
authorized committee thereof. Unless otherwise specified, “Board of Directors” will
mean the Board of Directors of Holdings.

“Borrower” shall have the meaning assigned to such term in the introductory
statement to this Agreement.

“Borrower Materials” shall have the meaning assigned to such term in
Section 9.01.

“Borrowing” shall mean Loans of the same Type made, converted or continued
on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period
is in effect.

“Borrowing Request” shall mean a request by the Borrower in accordance with
the terms of Section 2.03 and substantially in the form of Exhibit C, or such other form as
shall be approved by the Administrative Agent.

“Breakage Event” shall have the meaning assigned to such term in Section 2.16.

“Business Day” shall mean any day other than a Saturday, Sunday or day on
which banks in New York City are authorized or required by law to close; provided,
however, that when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in dollar deposits in
the London interbank market.

“Capital Lease Obligations” of any person shall mean the obligations of such
person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases on a balance sheet of such
person under GAAP, and the amount of such obligations shall be the capitalized amount

EXHIBIT D

thereof determined in accordance with GAAP.

“Capital Stock” shall mean (a) in the case of a corporation, corporate stock, (b) in
the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock, (c) in the case of a
partnership or limited liability company, partnership or membership interests (whether
general or limited) and (d) any other interest or participation that confers on a person the
right to receive a share of the profits and losses of, or distributions of assets of, the
issuing person.

“Cash Equivalents” shall mean (a) obligations (i) issued or directly and
unconditionally guaranteed as to interest and principal by the United States of America or
(ii) issued by any agency of the United States of America the obligations of which are
backed by the full faith and credit of the United States of America, in each case maturing
within one year after the date of issuance thereof, or certificates representing an
ownership interest in any such obligations, (b) securities issued or fully guaranteed by
any state of the United States of America or any political subdivision of any such state or
any public instrumentality thereof, in each case maturing within one year after the date of
issuance thereof and having, at the time of issuance, a rating of at least “A-1” (or the then
equivalent grade) from S&P or at least “P-1” (or the then equivalent grade) from
Moody’s, (c) demand and time deposit accounts, certificates of deposit and money
market deposits maturing within one year after the date of acquisition thereof issued by
any financial institution that is a member of the Federal Reserve System having
combined capital, surplus and undivided profits aggregating in excess of $500,000,000
and that issues (or the parent of which issues) commercial paper rated at least “A-1” (or
the then equivalent grade) by S&P or at least “P-1” (or the then equivalent grade) by
Moody’s, (d) fully collateralized repurchase obligations with a term of not more than 30
days for underlying securities of the type described in clauses (b) and (c) of this
definition entered into with any financial institution meeting the qualifications specified
in clause (c) above, (e) commercial paper, maturing not more than one year after the date
of issuance thereof, issued by a corporation (other than Holdings or an Affiliate of
Holdings) organized and in existence under the laws of the United States of America or
any foreign country recognized by the United States of America with a rating at the time
at which any investment therein is made of “P-1” (or the then equivalent grade) or higher
from Moody’s or “A-1” (or the then equivalent grade) or higher from S&P, (f)
investments in any “money market funds” within the meaning of Rule 2a-7 of the
Investment Company Act of 1940, as amended, that invests substantially all of its assets
in investments of the types described in clauses (a) through (e) of this definition, or (g) to
the extent held by a Foreign Subsidiary, other short-term Investments utilized by such
Foreign Subsidiary in accordance with normal investment practices for cash management
in Investments of a type analogous to those described in clauses (a) through (f) of this
definition.

“Cash Management Agreement” means any agreement to provide cash
management services, including treasury, depository, overdraft, commercial credit card

EXHIBIT D

and merchant card services, stored value card services, electronic funds transfer and other
cash management arrangements to any Loan Party.

“Cash Management Bank” means any person that (a) at the time it enters into a
Cash Management Agreement, is a Lender, an Arranger or the Administrative Agent or
an Affiliate of any of the foregoing or (b) in the case of any Cash Management
Agreement in effect as of the Closing Date, is, as of the Closing Date, a Lender, an
Arranger or the Administrative Agent or an Affiliate of any of the foregoing and a party
to a Cash Management Agreement, in each case, in its capacity as a party to such Cash
Management Agreement.

“Change of Control” means the occurrence of any of the following: (a) the sale,
lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the
assets of Holdings, the Borrower and the other Restricted Subsidiaries, taken as a whole,
to any “person” (as such term is used in Section 13(d) of the Exchange Act) other than in
the ordinary course of business, (b) the adoption of a plan relating to the liquidation or
dissolution of Holdings or the Borrower, (c) any “person” (as defined above), other than
one or more Permitted Holders, is or becomes the “beneficial owner” (as such term is
defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that a person shall
be deemed to have “beneficial ownership” of all securities that such person has the right
to acquire, whether such right is currently exercisable or is exercisable only upon the
occurrence of a subsequent condition), directly or indirectly, of more than 50.0% of the
Voting Stock of Holdings (measured by voting power rather than number of shares), (d)
the Borrower ceases to be a wholly owned direct or indirect Subsidiary of Holdings, (e)
Holdings consolidates with, or merges with or into, any person (other than a Permitted
Holder), or any person (other than a Permitted Holder) consolidates with, or merges with
or into, Holdings, in any such event pursuant to a transaction in which any of the
outstanding Voting Stock of Holdings is converted into or exchanged for cash, securities
or other property, other than any such transaction where the Voting Stock of Holdings
outstanding immediately prior to such transaction is converted into or exchanged for
Voting Stock (other than Disqualified Stock) of the surviving person constituting a
majority of the outstanding shares of such Voting Stock of such surviving person
(immediately after giving effect to such issuance) and (f) a “change of control” (or other
similar term) as defined in the documentation governing any Material Indebtedness of
Holdings or any of its Subsidiaries.

“Change in Law” shall mean (a) the adoption of any law, rule, regulation or
treaty after the Closing Date, (b) any change in any law, rule, regulation or treaty or in the
interpretation or application thereof by any Governmental Authority after the Closing
Date or (c) compliance by any Lender or by any lending office of such Lender or by such
Lender’s holding company with any request, rule, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the Closing
Date; provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or

EXHIBIT D

directives thereunder or issued in connection therewith and (ii) all requests, rules
guidelines or directives concerning capital adequacy and liquidity promulgated by the
Bank for International Settlements, the Basel Committee on Banking Regulations and
Supervisory Practices (or any successor similar authority) or the United States financial
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to
be a “Change in Law”, whether enacted, adopted, promulgated or issued before or after
the Closing Date.

“Charges” shall have the meaning assigned to such term in Section 9.09.

“Closing Date” shall mean September 11, 2013.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to
time.

“Collateral” shall mean all the “Collateral” as defined in any Security Document.

“Collateral Agent” shall mean Wells Fargo Bank, National Association, in its
capacity as collateral agent for the Secured Parties, together with its successors and
assigns.

“Commitment” shall mean, with respect to each Lender, the commitment of such
Lender to make Loans hereunder as set forth on Schedule 2.01, or in the Assignment and
Acceptance pursuant to which such Lender assumed its Commitment, as applicable, as
the same may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced
or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04.

“Commitment Fee” shall have the meaning assigned to such term in
Section 2.05(a).

“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C.
§ 1 et seq.), as amended from time to time, and any successor statute.

“Communications” shall have the meaning assigned to such term in Section 9.01.

“Diamond Resorts Issuer 2008 LLC Indenture” shall mean the Fifth Amended
and Restated Indenture dated as of April 1, 2013, among Diamond Resorts Issuer 2008
LLC, as issuer, Diamond Resorts Financial Services, Inc., as servicer, Wells Fargo Bank,
National Association, as trustee, custodian and back-up servicer, and Credit Suisse AG,
New York Branch, as administrative agent for the purchasers.

“Consolidated Interest Expense” means, for any period, the total interest expense
of Holdings, the Borrower and the other Restricted Subsidiaries computed on a
consolidated basis in accordance with GAAP (other than noncash interest expense

EXHIBIT D

attributable to convertible Indebtedness under Accounting Practices Bulletin 14-1 or any
successor provision), plus, to the extent not included in such total interest expense and to
the extent incurred by Holdings, the Borrower or any other Restricted Subsidiaries,
without duplication: (a) interest expense attributable to Capital Lease Obligations, the
interest portion of rent expense associated with Attributable Debt in respect of the
relevant lease giving rise thereto, determined as if such lease were a capitalized lease in
accordance with GAAP, and the interest component of any deferred payment obligations;
(b) amortization of debt discount (including the amortization of original issue discount
resulting from the issuance of Indebtedness at less than par) and debt issuance cost;
provided, however, that any amortization of bond premium shall be credited to reduce
Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond
premium has otherwise reduced Consolidated Interest Expense; (c) capitalized interest;
(d) noncash interest expense; provided, however, that any noncash interest expense or
income attributable to the movement in the mark-to-mark valuation of obligations under
Hedging Agreements or other derivative instruments pursuant to GAAP shall be excluded
from the calculation of Consolidated Interest Expense; (e) commissions, discounts and
other fees and charges owed with respect to letters of credit and bankers’ acceptance
financing; (f) net payments pursuant to obligations under Hedging Agreements; (g) the
product of (i) all dividends accrued in respect of all Disqualified Stock of Holdings and
all Preferred Stock of the Borrower or any other Restricted Subsidiary, in each case, held
by persons other than Holdings, the Borrower or any other Restricted Subsidiary (other
than dividends payable solely in Capital Stock (other than Disqualified Stock) of
Holdings), times (ii) a fraction of the numerator of which is one and the denominator of
which is one minus the effective combined tax rate of the issuer of such Preferred Stock
(expressed as a decimal) for such period (as estimated by the chief financial officer of
Holdings in good faith); (h) interest incurred in connection with Investments in
discontinued operations; and (i) interest accruing on any Indebtedness of any other person
to the extent such Indebtedness is Guaranteed by (or secured by a Lien on the assets of)
Holdings, the Borrower or any other Restricted Subsidiary; provided, however, there shall
be excluded from Consolidated Interest Expense the interest expense (including the
expenses described in clauses (a) through (i) above) with respect to Nonrecourse
Indebtedness incurred in connection with Permitted Securitizations.

“Consolidated Net Income” means, for any period, the net income or loss of
Holdings, the Borrower and the other Restricted Subsidiaries for such period determined
on a consolidated basis in accordance with GAAP, provided that there shall be excluded:
(a) the income of any Restricted Subsidiary to the extent that the declaration or payment
of dividends or similar distributions by such Restricted Subsidiary of that income is not at
the time permitted by operation of the terms of its certificate or articles of incorporation
or other constitutive document or any agreement or instrument or any provision of law,
statute, rule or regulation or order of any court or other Governmental Authority, in each
case applicable to such Restricted Subsidiary, (b) the income or loss of any person
accrued prior to the date it becomes a Restricted Subsidiary or is merged into or
consolidated with Holdings, the Borrower or any other Restricted Subsidiary or the date
that such person’s assets are acquired by Holdings, the Borrower or any other Restricted

EXHIBIT D

Subsidiary, (c) the cumulative effect of any changes in accounting principles, (d) the
income of any person in which any other person (other than Holdings, the Borrower or
any Wholly Owned Restricted Subsidiary of Holdings or any director holding qualifying
shares in accordance with applicable law) has a joint interest, except to the extent of the
amount of dividends or other distributions actually paid to Holdings, the Borrower or a
Wholly Owned Restricted Subsidiary of Holdings by such person during such period, (e)
any gains attributable to sales of assets out of the ordinary course of business and (f) in
the case of any Specified Turbo Period, to the extent included in calculating Consolidated
Net Income for the applicable period, the net interest income, if any, generated during
such Specified Turbo Period by the Timeshare Loans subject to the applicable
Securitization or conduit facility giving rise to such Specified Turbo Period.

“Control” shall mean the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of a person, whether through the
ownership of voting securities, by contract or otherwise, and the terms “Controlling” and
“Controlled” shall have meanings correlative thereto.

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all
other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally.

“Default” shall mean any event or condition which upon notice, lapse of time or
both would constitute an Event of Default.

“Defaulting Lender” shall mean any Lender that has (a) defaulted in its
obligation to make a Loan required to be made by it hereunder, (b) notified the
Administrative Agent or a Loan Party in writing that it does not intend to satisfy any such
obligation or (c) become insolvent or the assets or management of which has been taken
over by any Governmental Authority.

“Disqualified Stock” shall mean, with respect to any person, any Capital Stock
which by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable at the option of the holder) or upon the happening of any event:
(a) matures or is mandatorily redeemable (other than redeemable only for Capital Stock
of such person which is not itself Disqualified Stock) pursuant to a sinking fund
obligation or otherwise, (b) is convertible or exchangeable at the option of the holder for
Indebtedness or Disqualified Stock or (c) is mandatorily redeemable or must be
purchased upon the occurrence of certain events or otherwise, in whole or in part, in each
case on or prior to the date that is 91 days after the Maturity Date; provided that any
Capital Stock that would not constitute Disqualified Stock but for provisions thereof
giving holders thereof the right to require such person to purchase or redeem such Capital
Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the
date that is 91 days after the Maturity Date shall not constitute Disqualified Stock if

EXHIBIT D

(i) such “asset sale” or “change of control” provisions applicable to such Capital Stock
are not more favorable to the holders of such Capital Stock than the terms applicable to
the Senior Secured Notes and set forth in Sections 4.06 and 4.09 of the Senior Secured
Notes Indenture as in effect on the Closing Date, respectively and (ii) any such
requirement only becomes operative after compliance with such terms applicable to the
Senior Secured Notes, including the purchase of any Senior Secured Notes tendered
pursuant thereto, and any analogous term concerning “asset sales” and “changes of
control” set forth in this Agreement. The amount of any Disqualified Stock that does not
have a fixed redemption, repayment or repurchase price shall be calculated in accordance
with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed,
repaid or repurchased on any date on which the amount of such Disqualified Stock is to
be determined pursuant to this Agreement; provided that if such Disqualified Stock could
not be required to be redeemed, repaid or repurchased at the time of such determination,
the redemption, repayment or repurchase price shall be the book value of such
Disqualified Stock as reflected in the most recent financial statements of such person.

“dollars” or “$” shall mean lawful money of the United States of America.

“Eligible Assignee” shall mean any commercial bank, insurance company,
investment or mutual fund or other entity (but not any natural person) that is an
“accredited investor” (as defined in Regulation D under the Securities Act) that extends
credit or invests in bank loans as one of its businesses; provided that none of Holdings,
the Borrower or any of their respective Affiliates shall be an Eligible Assignee.

“Engagement Letter” shall mean the engagement letter dated as of July 15, 2013,
among the Borrower and Credit Suisse Securities (USA) LLC.

“Environmental Laws” shall mean all former, current and future Federal, state,
local and foreign laws (including common law), treaties, regulations, rules, ordinances,
codes, decrees, judgments, directives, orders (including consent orders) and agreements,
in each case, relating to protection of the environment, natural resources, human health
and safety or the presence, Release of, or exposure to, Hazardous Materials, or the
generation, manufacture, processing, distribution, use, treatment, storage, transport,
recycling or handling of, or the arrangement for such activities with respect to, Hazardous
Materials.

“Environmental Liability” shall mean all liabilities, obligations, damages, losses,
claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs
(including administrative oversight costs, natural resource damages and remediation
costs), whether contingent or otherwise, arising out of or relating to (a) compliance or
non-compliance with any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to
any Hazardous Materials, (d) the Release of any Hazardous Materials or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing.

EXHIBIT D

“Equity Interests” shall mean Capital Stock and all warrants, options or other
rights to acquire Capital Stock (but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).

“ERISA” shall mean the Employee Retirement Income Security Act of 1974 and
the rules and regulations promulgated thereunder, as the same may be amended from time
to time.

“ERISA Affiliate” shall mean any trade or business (whether or not incorporated)
that, together with the Borrower, is treated as a single employer under Section 414(b) or
(c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the
Code, is treated as a single employer under Section 414 of the Code.

“ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043
of ERISA, with respect to a Plan (other than an event for which the 30-day notice period
is waived), (b) any failure by any Plan to satisfy the minimum funding standard (within
the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such
Plan, in each case whether or not waived, (c) the filing pursuant to Section 412(c) of the
Code or Section 302(c) of ERISA, of an application for a waiver of the minimum funding
standard with respect to any Plan, (d) a determination that any Plan is, or is expected to
be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of
the Code), (e) the incurrence by the Borrower or any of its ERISA Affiliates of any
liability under Title IV of ERISA with respect to the termination of any Plan or the
withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any
Plan or Multiemployer Plan, (f) the receipt by the Borrower or any of its ERISA
Affiliates from the PBGC or a plan administrator of any notice relating to the intention to
terminate any Plan or Plans or to appoint a trustee to administer any Plan, (g) the receipt
by the Borrower or any of its ERISA Affiliates of any notice, or the receipt by any
Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice,
concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the
meaning of Title IV of ERISA or in endangered or critical status, within the meaning of
Section 305 of ERISA, (h) the occurrence of a “prohibited transaction” with respect to
which the Borrower or any of the Subsidiaries is a “disqualified person” (within the
meaning of Section 4975 of the Code) or with respect to which the Borrower or any such
Subsidiary could otherwise be liable, (i) the occurrence of any Foreign Benefit Event or
(j) any other event or condition with respect to a Plan or Multiemployer Plan that could
result in liability of the Borrower or any other Subsidiary.

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a
rate determined by reference to the Adjusted LIBO Rate.

“Events of Default” shall have the meaning assigned to such term in Article VII.

EXHIBIT D

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder.

“Excluded Swap Guarantor” shall mean Holdings or any Subsidiary Guarantor
all or a portion of whose Guarantee of, or grant of a security interest to secure, any
Obligations arising under or otherwise with respect to any Secured Hedging Agreement
(or any Guarantee thereof) is now or hereafter becomes illegal (disregarding for purposes
of assessing any such illegality the last sentence of the definition of the term
“Obligations”) under the Commodity Exchange Act or any rule, regulation or order of the
Commodity Futures Trading Commission (or the application or official interpretation of
any thereof).

“Excluded Swap Obligations” shall mean, with respect to Holdings or any
Subsidiary Guarantor, any Obligations arising under or otherwise with respect to any
Secured Hedging Agreement if, and to the extent that, all or a portion of the Guarantee by
Holdings or such Subsidiary Guarantor of, or the grant by Holdings or such Subsidiary
Guarantor of a security interest to secure, such Obligations (or any Guarantee thereof) is
now or hereafter becomes illegal (disregarding for purposes of assessing any such
illegality the last sentence of the definition of the term “Obligations”) under the
Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation of any thereof). If any
such Obligation arises under a master agreement governing more than one hedging
arrangement, such exclusion shall apply only to the portion of such Obligation that is
attributable to hedging arrangements for which such Guarantee or security interest is or
becomes illegal.

“Excluded Taxes” shall mean any of the following Taxes imposed on or with
respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated),
franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such
Recipient being organized under the laws of, or having its principal office or, in the case
of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the
case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for
the account of such Lender with respect to an applicable interest in a Loan or
Commitment pursuant to a law in effect on the date on which (i) such Lender acquires
such interest in the Loan or Commitment (other than pursuant to an assignment request
by the Borrower under Section 2.21(a)) or (ii) such Lender changes its lending office,
except in each case to the extent that, pursuant to Section 2.20, amounts with respect to
such Taxes were payable either to such Lender's assignor immediately before such
Lender became a party hereto or to such Lender immediately before it changed its
lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section
2.20(f) and (d) any U.S. federal withholding Taxes imposed under FATCA.

“Fair Market Value” means, with respect to any asset or property, the price

EXHIBIT D

which could be negotiated in an arm’s length, free market transaction, for cash, between a
willing seller and a willing and able buyer, neither of whom is under undue pressure or
compulsion to complete the transaction. Fair Market Value of the property or assets in
question shall be determined in good faith by an appropriate Financial Officer of
Holdings unless such Fair Market Value (excluding the Fair Market Value of any portion
of such asset or property consisting of cash or Cash Equivalents) is determined to be in
excess of $15,000,000, in which case it shall be determined in good faith by the Board of
Directors, whose determination shall be conclusive and, in the case of any determination
made by the Board of Directors, evidenced by a resolution of the Board of Directors;
provided, however, that if the Fair Market Value of the property or assets in question
(excluding any portion of such property or assets consisting of cash or Cash Equivalents)
is so determined to be in excess of (x) $30,000,000 in the case of any determination of
Fair Market Value required by Section 4.04(a)(3)(B) of the Senior Secured Notes
Indenture incorporated by reference herein pursuant to Section 6.01 hereof or
(y) $20,000,000 in the case of any determination of Fair Market Value required by any
other provisions set forth in Section 4.04 of the Senior Secured Notes Indenture
incorporated by reference herein pursuant to Section 6.01 hereof, such determination
must be confirmed by an Independent Qualified Party.

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or
official interpretations thereof and any agreements entered into pursuant to Section
1471(b)(1) of the Code.

“Federal Funds Effective Rate” shall mean, for any day, the weighted average of
the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is not so published for
any day that is a Business Day, the average of the quotations for the day for such
transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it.

“Fees shall mean the Commitment Fees and the Administrative Agent Fees.

“Financial Officer” of any person shall mean the chief financial officer, principal
accounting officer, treasurer or controller of such person.

“Fixed Charge Coverage Ratio” as of any date of determination means the ratio
of (a)(i) for purposes of Section 6.03(b), the aggregate amount of Adjusted EBITDA for
the period of the most recent four consecutive fiscal quarters ended on the last day of the
applicable fiscal quarter or (ii) for all other purposes, the aggregate amount of Adjusted
EBITDA for the period of the most recent four consecutive fiscal quarters for which
financial statements of Holdings are available to (b) Consolidated Interest Expense for
such four fiscal quarters; provided, however, that:

EXHIBIT D

(i) if Holdings, the Borrower or any other Restricted Subsidiary has
incurred any Indebtedness since the beginning of such period that remains
outstanding or if the transaction giving rise to the need to calculate the Fixed
Charge Coverage Ratio is an incurrence of Indebtedness, or both, Adjusted
EBITDA and Consolidated Interest Expense for such period shall be calculated
after giving effect on a pro forma basis to such Indebtedness as if such
Indebtedness had been incurred on the first day of such period;

(ii) if Holdings, the Borrower or any other Restricted Subsidiary has
repaid, repurchased, defeased or otherwise discharged any Indebtedness since the
beginning of such period or if any Indebtedness is to be repaid, repurchased,
defeased or otherwise discharged (in each case other than Indebtedness incurred
under any revolving credit facility unless such Indebtedness has been permanently
repaid and has not been replaced) on the date of the transaction giving rise to the
need to calculate the Fixed Charge Coverage Ratio, Adjusted EBITDA and
Consolidated Interest Expense for such period shall be calculated on a pro forma
basis as if such discharge had occurred on the first day of such period and as if
Holdings, the Borrower or such Restricted Subsidiary had not earned the interest
income actually earned during such period in respect of cash or Cash Equivalents
used to repay, repurchase, defease or otherwise discharge such Indebtedness;

(iii) if since the beginning of such period Holdings, the Borrower or any
other Restricted Subsidiary shall have made any Asset Sale, Adjusted EBITDA
for such period shall be reduced by an amount equal to Adjusted EBITDA (if
positive) directly attributable to the assets which are the subject of such Asset
Sale for such period, or increased by an amount equal to Adjusted EBITDA (if
negative), directly attributable thereto for such period and Consolidated Interest
Expense for such period shall be reduced by an amount equal to the Consolidated
Interest Expense directly attributable to any Indebtedness of Holdings, the
Borrower or any other Restricted Subsidiary repaid, repurchased, defeased or
otherwise discharged with respect to Holdings, the Borrower and the continuing
Restricted Subsidiaries in connection with such Asset Sale for such period (or, if
the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest
Expense for such period directly attributable to the Indebtedness of such
Restricted Subsidiary to the extent Holdings, the Borrower and the continuing
Restricted Subsidiaries are no longer liable for such Indebtedness after such sale);

(iv) if since the beginning of such period Holdings, the Borrower or any
other Restricted Subsidiary (by merger or otherwise) shall have made an
Investment in any Restricted Subsidiary (or any person which becomes a
Restricted Subsidiary) or an acquisition of assets, including any acquisition of
assets occurring in connection with a transaction requiring a calculation to be
made hereunder, which constitutes all or substantially all of an operating unit of a
business (including, for clarity, the reorganization transactions in respect of
Holdings and Diamond Resorts Parent, LLC as described in the Registration

EXHIBIT D

Statement), Adjusted EBITDA and Consolidated Interest Expense for such period
shall be calculated after giving pro forma effect thereto (including the incurrence
of any Indebtedness) as if such Investment or acquisition had occurred on the first
day of such period; and

(v) if since the beginning of such period any person (that subsequently
became a Restricted Subsidiary or was merged with or into Holdings, the
Borrower or any other Restricted Subsidiary since the beginning of such period)
shall have made any Asset Sale, any Investment or acquisition of assets that
would have required an adjustment pursuant to clause (iii) or (iv) above if made
by Holdings, the Borrower or any other Restricted Subsidiary during such period,
Adjusted EBITDA and Consolidated Interest Expense for such period shall be
calculated after giving pro forma effect thereto as if such Asset Sale, Investment
or acquisition had occurred on the first day of such period.
For purposes of this definition, whenever pro forma effect is to be given to an acquisition
of assets, the amount of income or earnings relating thereto and the amount of
Consolidated Interest Expense associated with any Indebtedness incurred in connection
therewith, the pro forma calculations shall be determined in good faith by a Financial
Officer of Holdings. If any Indebtedness bears a floating rate of interest and is being
given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate
in effect on the date of determination had been the applicable rate for the entire period
(taking into account any interest rate hedging agreement applicable to such Indebtedness
if such agreement has a remaining term in excess of 12 months). If any Indebtedness is
incurred under a revolving credit facility and is being given pro forma effect, the interest
on such Indebtedness shall be calculated based on the average daily balance of such
Indebtedness for the four fiscal quarters subject to the pro forma calculation to the extent
that such Indebtedness was incurred solely for working capital purposes.

“FLRX” shall mean FLRX Inc., a subsidiary of Holdings.

“FLRX Judgment” shall mean the judgment in the amount of $31,124,430.30
rendered on January 11, 2010 against FLRX.

“Foreign Benefit Event” shall mean, with respect to any Foreign Pension Plan,
(a) the existence of unfunded liabilities in excess of the amount permitted under any
applicable law, or in excess of the amount that would be permitted absent a waiver from a
Governmental Authority, (b) the failure to make the required contributions or payments
under applicable law, on or before the due date for such contributions or payments, (c)
the receipt of a notice by a Governmental Authority relating to the intention to terminate
any such Foreign Pension Plan or to appoint a trustee or similar official to administer any
such Foreign Pension Plan, or alleging the insolvency of any such Foreign Pension Plan
or (d) the incurrence of any liability by Holdings, the Borrower or any other Subsidiary
under applicable law on account of the complete or partial termination of such Foreign
Pension Plan or the complete or partial withdrawal of any participating employer therein
that could reasonably be expected to result in a Material Adverse Effect or (e) the

EXHIBIT D

occurrence of any transaction that is prohibited under applicable law and that could
reasonably be expected to result in the incurrence of any liability by Holdings, the
Borrower or any other Subsidiary, or the imposition on Holdings, the Borrower or any
other Subsidiary of any fine, excise tax or penalty resulting from any noncompliance with
any applicable law, in each case that could reasonably be expected to have a Material
Adverse Effect.

“Foreign Lender” shall mean any Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is located. For purposes of this
definition, the United States of America, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

“Foreign Pension Plan” shall mean any pension plan that under applicable law of
any jurisdiction other than the United States is required to be funded through a trust or
other funding vehicle other than a trust or funding vehicle maintained exclusively by a
Governmental Authority.

“Foreign Subsidiary” shall mean any Restricted Subsidiary that is not organized
under the laws of the United States of America or any State thereof or the District of
Columbia.

“Funded Indebtedness” shall mean, at any time, the total consolidated
Indebtedness of Holdings, the Borrower and the other Restricted Subsidiaries at such
time (excluding (a) Indebtedness of the type described in clause (k) of the definition of
such term, (b) Nonrecourse Indebtedness incurred in connection with Permitted
Securitization, (c) Indebtedness of any Unrestricted Subsidiary and (d) obligations in
respect of performance, bid, appeal, surety and similar bonds and completion guarantees
provided by Holdings, the Borrower and the other Restricted Subsidiaries in the ordinary
course of business). It is understood that, when calculating Funded Indebtedness, the
total consolidated Indebtedness of Holdings, the Borrower and the other Restricted
Subsidiaries shall not be reduced by the amount of cash or Cash Equivalents held by or
for the benefit of Holdings, the Borrower or any other Restricted Subsidiary.

“GAAP” shall mean United States generally accepted accounting principles
applied on a consistent basis.

“Governmental Authority” shall mean any nation or government, any state or
other political subdivision thereof, any agency, authority, instrumentality, regulatory
body, court, administrative tribunal, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra national body exercising such powers or
functions, such as the European Union or the European Central Bank).

“Granting Lender” shall have the meaning assigned to such term in Section
9.04(i).

EXHIBIT D

“Guarantee” of or by any person shall mean any obligation, contingent or
otherwise, of such person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other obligation of any other person (the “primary obligor”) in any
manner, whether directly or indirectly, and including any obligation of such person,
direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other obligation or to purchase (or to advance or supply
funds for the purchase of) any security for the payment of such Indebtedness or other
obligation, (b) to purchase or lease property, securities or services for the purpose of
assuring the owner of such Indebtedness or other obligation of the payment of such
Indebtedness or other obligation or (c) to maintain working capital, equity capital or any
other financial statement condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation; provided, however, that the
term “Guarantee” shall not include endorsements for collection or deposit in the ordinary
course of business.

“Guarantee Agreement” shall mean the Guarantee Agreement, substantially in
the form of Exhibit E, among Holdings, the Subsidiaries party thereto and the
Administrative Agent for the benefit of the Secured Parties.

“Hazardous Materials” shall mean (a) any petroleum products or byproducts and
all other hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation,
polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances
and (b) any chemical, material, substance or waste that is prohibited, limited or regulated
by or pursuant to any Environmental Law.

“Hedge Bank” shall mean any person that (a) at the time it enters into a Hedging
Agreement , is a Lender, an Arranger or the Administrative Agent or an Affiliate of any
of the foregoing or (b) with respect to Hedging Agreements in effect as of the Closing
Date, is, as of the Closing Date, a Lender, an Arranger or the Administrative Agent or an
Affiliate of any of the foregoing and a party to a Hedging Agreement, in each case, in its
capacity as a party to such Hedging Agreement.

“Hedging Agreement” shall mean any interest rate protection agreement, foreign
currency exchange agreement or other interest or currency exchange rate hedging
arrangement.

“Hedging Obligations” shall mean, with respect to any person, the obligations of
such person under any Hedging Agreement.

“Holdings” shall have the meaning assigned to such term in the introductory
statement to this Agreement.

“Holdings IPO” shall mean the issuance of shares of common stock of Holdings
pursuant to an underwritten public offering in accordance with the Registration Statement

EXHIBIT D

and the other transactions contemplated thereby.

“Indebtedness” of any person shall mean, without duplication, (a) all obligations
of such person for borrowed money, (b) all obligations of such person evidenced by
bonds, debentures, notes or similar instruments, (c) all obligations of such person upon
which interest charges are customarily paid, (d) all obligations of such person under
conditional sale or other title retention agreements relating to property or assets
purchased by such person, (e) all obligations of such person issued or assumed as the
deferred purchase price of property or services (excluding trade accounts payable and
accrued obligations incurred in the ordinary course of business), (f) all Indebtedness of
others secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien on property owned or acquired by
such person, whether or not the obligations secured thereby have been assumed, (g) all
Guarantees by such person of Indebtedness of others, (h) all Capital Lease Obligations
and Synthetic Lease Obligations of such person, (i) all obligations of such person as an
account party in respect of letters of credit, (j) all obligations of such person in respect of
bankers’ acceptances and (k) all net payments that such person would have to make in the
event of an early termination, on the date Indebtedness of such person is being
determined, in respect of outstanding obligations under Hedging Agreements. The
Indebtedness of any person shall include the Indebtedness of any partnership in which
such person is a general partner.

“Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed
on or with respect to any payment made by or on account of any obligation of any Loan
Party under any Loan Document and (b) to the extent not otherwise described in (a),
Other Taxes.

“Indemnitee” shall have the meaning assigned to such term in Section 9.05(b).

“Independent Qualified Party” means an investment banking firm, accounting
firm or appraisal firm of national standing; provided, however, that such firm is not an
Affiliate of Holdings.

“Information” shall have the meaning assigned to such term in Section 9.16.

“Intellectual Property” has the meaning assigned to such term in the Security
Agreement.

“Intercreditor Agreement” shall mean the Pari Passu Intercreditor Agreement or
any Junior Lien Intercreditor Agreement.

“Interest Payment Date” shall mean (a) with respect to any ABR Loan, the last
Business Day of each March, June, September and December, and (b) with respect to any
Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which
such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of

EXHIBIT D

more than three months’ duration, each day that would have been an Interest Payment
Date had successive Interest Periods of three months’ duration been applicable to such
Borrowing.

“Interest Period” shall mean, with respect to any Eurodollar Borrowing, the
period commencing on the date of such Borrowing and ending on the numerically
corresponding day (or, if there is no numerically corresponding day, on the last day) in
the calendar month that is 1, 2, 3 or 6 months thereafter, as the Borrower may elect;
provided, however, that (a) if any Interest Period would end on a day other than a
Business Day, such Interest Period shall be extended to the next succeeding Business Day
unless such next succeeding Business Day would fall in the next calendar month, in
which case such Interest Period shall end on the next preceding Business Day, (b) any
Interest Period that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such
Interest Period) shall end on the last Business Day of such calendar month at the end of
such Interest Period and (c) no Interest Period for any Loan shall extend beyond the
maturity date of such Loan. Interest shall accrue from and including the first day of an
Interest Period to but excluding the last day of such Interest Period. For purposes hereof,
the date of a Borrowing initially shall be the date on which such Borrowing is made and
thereafter shall be the effective date of the most recent conversion or continuation of such
Borrowing.

“Intermediate Holdco” shall mean Diamond Resorts Holdings, LLC, a Nevada
limited liability company and a wholly-owned Subsidiary of Holdings.

“Investment” shall mean, with respect to any person, any direct or indirect
advance, loan (other than advances to customers in the ordinary course of business that
are recorded as accounts receivable on the balance sheet of the lender) or other extensions
of credit (including by way of Guarantee or similar arrangement) or capital contribution
to (by means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or acquisition of
Capital Stock, Indebtedness or other similar instruments issued by, such person. If
Holdings, the Borrower or any other Restricted Subsidiary issues, sells or otherwise
disposes of any Capital Stock of a person that is a Restricted Subsidiary such that, after
giving effect thereto, such person is no longer a Restricted Subsidiary, any Investment by
Holdings, the Borrower or any other Restricted Subsidiary in such person remaining after
giving effect thereto shall be deemed to be a new Investment at such time. The
acquisition by Holdings, the Borrower or any other Restricted Subsidiary of a person that
holds an Investment in a third person shall be deemed to be an Investment by Holdings,
the Borrower or such Restricted Subsidiary in such third person at such time. Except as
otherwise provided for herein, the amount of an Investment shall be its Fair Market Value
at the time the Investment is made and without giving effect to subsequent changes in
value.

For purposes of the definition of the term “Unrestricted Subsidiary” and Section 4.04 of

EXHIBIT D

the Senior Secured Notes Indenture incorporated by reference herein pursuant to Section
6.01 hereof:

(a) “Investment” shall include the portion (proportionate to Holdings’ Equity
Interest in such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary
at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Unrestricted Subsidiary as a Restricted
Subsidiary, Holdings shall be deemed to continue to have a permanent “Investment” in
such Unrestricted Subsidiary equal to an amount (if positive) equal to (1) Holdings’
“Investment” in such Unrestricted Subsidiary at the time of such redesignation less
(2) the portion (proportionate to Holdings’ Equity Interests in such Subsidiary) of the Fair
Market Value of the net assets of such Unrestricted Subsidiary at the time of such
redesignation; and

(b) any property transferred to or from an Unrestricted Subsidiary shall be
valued at its Fair Market Value at the time of such transfer.

“Junior Lien Intercreditor Agreement” shall mean an intercreditor agreement
substantially in the form of Exhibit B attached to the Senior Secured Notes Indenture as
in effect on the Closing Date.

“Lenders” shall mean (a) the persons listed on Schedule 2.01 (other than any such
person that has ceased to be a party hereto pursuant to an Assignment and Acceptance)
and (b) any person that has become a party hereto pursuant to an Assignment and
Acceptance.

“LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any
Interest Period, the rate per annum determined by the Administrative Agent at
approximately 11:00 a.m. (London time) on the date that is two Business Days prior to
the commencement of such Interest Period by reference to the British Bankers’
Association Interest Settlement Rates (or to any replacement convention therefor selected
by the Administrative Agent) for deposits in dollars (as set forth by any service or vendor
selected by the Administrative Agent that displays such rates) for a period equal to such
Interest Period; provided that, to the extent that an interest rate is not ascertainable
pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be the
interest rate per annum determined by the Administrative Agent to be the average of the
rates per annum at which deposits in dollars are offered for such relevant Interest Period
to major banks in the London interbank market in London, England by the
Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two
Business Days prior to the beginning of such Interest Period.

“Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, encumbrance, charge or security interest in or on such asset, (b) the interest of a
vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any

EXHIBIT D

of the foregoing) relating to such asset and (c) in the case of securities, any purchase
option, call or similar right of a third party with respect to such securities.

“Loan Documents” shall mean this Agreement, the Guarantee Agreement, the
Security Documents, the promissory notes executed and delivered pursuant to
Section 2.04(e) and any other document executed in connection with the foregoing.

“Loan Parties” shall mean Holdings, the Borrower and the Subsidiary
Guarantors.

“Loans” shall mean the revolving loans made by the Lenders to the Borrower
pursuant to Section 2.01.

“Margin Stock” shall have the meaning assigned to such term in Regulation U.

“Material Adverse Effect” shall mean (a) a materially adverse effect on the
business, assets, liabilities, operations, condition (financial or otherwise), operating
results or prospects of Holdings, the Borrower and the other Restricted Subsidiaries,
taken as a whole, (b) a material impairment of the ability of the Borrower or any other
Loan Party to perform any of its obligations under any Loan Document to which it is or
will be a party or (c) a material impairment of the rights and remedies of or benefits
available to the Lenders under any Loan Document.

“Material Indebtedness” shall mean Indebtedness (other than the Loans and any
Nonrecourse Indebtedness of any Special Purpose Subsidiary), or obligations in respect
of one or more Hedging Agreements, of any one or more of Holdings, the Borrower or
any other Restricted Subsidiary in an aggregate principal amount exceeding $10,000,000.
For purposes of determining Material Indebtedness, the “principal amount” of the
obligations of Holdings, the Borrower or any other Restricted Subsidiary in respect of
any Hedging Agreement at any time shall be the maximum aggregate amount (giving
effect to any netting agreements) that Holdings, the Borrower or such Restricted
Subsidiary would be required to pay if such Hedging Agreement were terminated at such
time.

“Maturity Date” shall mean September 11, 2017.

“Maximum Rate” shall have the meaning assigned to such term in Section 9.09.

“Moody’s” shall mean Moody’s Investors Service, Inc., or any successor thereto.

“Multiemployer Plan” shall mean a multiemployer plan as defined in
Section 4001(a)(3) of ERISA.

EXHIBIT D

“Nonrecourse Indebtedness” shall mean, with respect to any Special Purpose
Subsidiary, Indebtedness of such Special Purpose Subsidiary (a) as to which none of
Holdings, the Borrower or any other Restricted Subsidiary (other than such Special
Purpose Subsidiary) (i) provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness, other than Standard
Securitization Undertakings), (ii) is directly or indirectly liable as a guarantor or
otherwise or (iii) constitutes the lender, (b) no default with respect to which (including
any rights that the holders of the Indebtedness may have to take enforcement action
against such Special Purpose Subsidiary) would permit upon notice, lapse of time or both
any holder of any other Indebtedness of Holdings, the Borrower or any other Restricted
Subsidiary (other than such Special Purpose Subsidiary) to declare a default on such
other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable
prior to its Stated Maturity and (c) as to which (i) the explicit terms provide that there is
no recourse against any assets of Holdings, the Borrower or any other Restricted
Subsidiary (other than such Special Purpose Subsidiary) or (ii) the lenders have been
notified in writing that they will not have any recourse to the stock or assets of Holdings,
the Borrower or any other Restricted Subsidiary (other than such Special Purpose
Subsidiary); provided that Holdings, the Borrower or any other Restricted Subsidiary
may grant a Lien on the Capital Stock of such Special Purpose Subsidiary to the creditors
thereof which is not recourse to any other assets of Holdings, the Borrower or any other
Restricted Subsidiary (other than such Special Purpose Subsidiary).

“Obligations” shall mean all advances to, and debts, liabilities, obligations,
covenants and duties of, any Loan Party arising under any Loan Document or otherwise
with respect to any Loan, Secured Cash Management Agreement or Secured Hedging
Agreement, in each case whether direct or indirect (including those acquired by
assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against
any Loan Party of any proceeding under any Debtor Relief Laws naming such person as
the debtor in such proceeding (or would accrue but for the operation of applicable Debtor
Relief Laws), regardless of whether such interest and fees are allowed or allowable
claims in such proceeding; provided that (a) obligations of the Loan Parties under any
Secured Cash Management Agreement or Secured Hedging Agreement shall be secured
and guaranteed pursuant to the Security Documents only to the extent that, and for so
long as, the other Obligations are so secured and guaranteed and (b) any release of
Collateral or Guarantees effected in the manner permitted by this Agreement shall not
require the consent of holders of obligations under Secured Hedging Agreements or
obligations under Secured Cash Management Agreements. Without limiting the
generality of the foregoing, the Obligations of the Loan Parties under the Loan
Documents (and of the Restricted Subsidiaries to the extent they have obligations under
the Loan Documents) include (i) the obligation (including guarantee obligations) to pay
principal, interest, reimbursement obligations, charges, expenses, fees, indemnities and
other amounts payable by any Loan Party under any Loan Document and (ii) the
obligation of any Loan Party to reimburse any amount in respect of any of the foregoing
that the Administrative Agent or Lender, in its sole discretion, may elect to pay or

EXHIBIT D

advance on behalf of such Loan Party. Notwithstanding the foregoing, in the case of any
Excluded Swap Guarantor, “Obligations” shall not include Excluded Swap Obligations of
such Excluded Swap Guarantor.

“OFAC” shall have the meaning assigned to such term in Section 3.22.

“Other Connection Taxes” shall mean, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the
jurisdiction imposing such Tax (other than connections arising from such Recipient
having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in
any Loan or Loan Document).

“Other Taxes” shall mean all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under,
from the execution, delivery, performance, enforcement or registration of, from the
receipt or perfection of a security interest under, or otherwise with respect to, any Loan
Document, except any such Taxes that are Other Connection Taxes imposed with respect
to an assignment (other than an assignment made pursuant to Section 2.21).

“Pari Passu Intercreditor Agreement” shall mean the Pari Passu Intercreditor
Agreement dated as of September 11, 2013, among the Collateral Agent, the Senior
Secured Notes Trustee, Holdings, the Borrower, the other Subsidiaries party thereto, the
Administrative Agent, as initial additional authorized representative, and each additional
representative from time to time party thereto.

“Participant Register” shall have the meaning assigned to such term in Section
9.04(f).

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and
defined in ERISA.

“Perfection Certificate” shall mean a certificate substantially in the form of
Exhibit I, completed and supplemented with schedules and attachments contemplated
thereby, duly executed by a Responsible Officer of the Borrower.

“Permitted Collateral Liens” shall mean:
(a) (i) any Lien on the Collateral to secure (A) the Obligations, (B) the Senior
Secured Notes (or any Guarantees thereof), (C) any other Indebtedness incurred pursuant
to Section 4.03 of the Senior Secured Notes Indenture incorporated by reference herein
pursuant to Section 6.01 hereof, provided, however, that (x) no Default shall have
occurred and be continuing at the time of the incurrence of such Indebtedness or after
giving effect thereto and (y) the Secured Debt Ratio of Holdings, calculated on a pro
forma basis after giving effect to the incurrence of such Indebtedness, shall not exceed

EXHIBIT D

2.50 to 1.00, (D) any Refinancing Indebtedness of Indebtedness set forth in the foregoing
clauses (B) or (C) or this clause (D) or (E) obligations of Holdings, the Borrower or any
other Restricted Subsidiary under any Cash Management Agreement to the extent that the
provider of services under such Cash Management Agreement has agreed to be bound by
the terms of an Intercreditor Agreement or such provider’s interest in the Collateral is
subject to the terms of an Intercreditor Agreement, in each case which are subject to the
terms of an Intercreditor Agreement, or (ii) any Lien on the Collateral that is a statutory
Lien arising by operation of law; provided, however, that such Lien either ranks (A) equal
to all other Liens on such Collateral securing unsubordinated Indebtedness of Holdings,
the Borrower or the relevant Restricted Subsidiary, if the Lien secures unsubordinated
Indebtedness, or (B) junior to the Liens securing the Obligations, and

(b) any Permitted Lien set forth in clauses (a), (c), (d), (e), (f), (g), (h), (i), (j), (l),
(n), (o), (p), (q), (r), (s), (t), (u) and (v) of the definition of the term “Permitted Lien”;
provided, however, that (i) such Permitted Lien (other than any Lien set forth in clauses
(c), (i), (n), (o), (p) and (q) of such definition) is not a Lien on any of the Points and (ii)
such Permitted Lien (other than any Lien set forth in clauses (c), (g) and (i) of such
definition) is not a Lien on any cash or Cash Equivalents constituting Collateral and held
by the Collateral Agent.

“Permitted Holder” shall mean (a) Stephen J. Cloobeck and David F. Palmer,
their estates, descendants and legal representatives and any person that they control and
(b) any person acting in the capacity of an underwriter (solely to the extent that and for so
long as such person is acting in such capacity) in connection with a public or private
offering of Capital Stock of Holdings.

“Permitted FLRX Settlement” shall mean a settlement or satisfaction of the
FLRX Judgment in respect of which the sole consideration consists of assets of FLRX or
any of its subsidiaries as of the date of the FLRX Judgment (or proceeds of such assets),
without giving effect to any investment in, or transfer of assets to, FLRX or any of its
subsidiaries by Holdings or any of the Subsidiaries, in each case since the date of the
FLRX Judgment.

“Permitted Liens” shall mean:

(a) Liens existing on the Closing Date;

(b) Liens on Timeshare Loans, and related rights and assets and the proceeds
thereof incurred in connection with Permitted Securitizations;

(c) Liens for taxes, assessments, charges or other governmental levies not yet
due or as to which the period of grace, if any, related thereto has not expired or which are
being contested in good faith by appropriate proceedings; provided, however, that, in the
case of contested taxes, adequate reserves with respect thereto are maintained on the
books of the applicable person in conformity with GAAP;

EXHIBIT D

(d) statutory Liens such as carriers’, warehousemen’s, mechanics’,
materialmen’s, landlords’, repairmen’s or other like Liens arising in the ordinary course
of business that are not overdue for a period of more than 30 days or which are being
contested in good faith by appropriate proceedings;

(e) pledges or deposits in connection with workers’ compensation,
unemployment insurance and other social security or welfare legislation and deposits
securing liability to insurance carriers under insurance or self-insurance arrangements;

(f) easements, rights of way, restrictions, covenants and other similar
encumbrances affecting real property and minor imperfections of title that would not in
any case reasonably be expected to have a material adverse effect on the present or future
use of the property to which it relates or a material adverse effect on the sale or lease of
such property;

(g) rights of setoff or bankers’ liens upon deposits of cash in favor of banks or
other depository institutions, including Liens of a collection bank arising under Section 4-
210 of the Uniform Commercial Code on items in the course of collection in favor of
banking institutions arising as a matter of law encumbering deposits (including the right
of set-off) within general parameters customary in the banking industry;

(h) Liens incurred on deposits to secure (i) the performance of tenders, bids,
trade contracts, licenses and leases, fee and expense arrangements with trustees and fiscal
agents, statutory obligations, and other obligations of a like nature incurred in the
ordinary course of business and not in connection with the borrowing of money, or (ii)
indemnification obligations entered into in the ordinary course of business relating to any
disposition permitted hereunder;

(i) Liens securing judgments, awards or orders for the payment of money that do
not constitute an Event of Default;

(j) leases, subleases and other occupancy agreements with respect to real
property owned or leased by Holdings, the Borrower or any other Restricted Subsidiary
not interfering in any material respect with the business of Holdings, the Borrower or any
other Restricted Subsidiary;

(k) Permitted Collateral Liens, including Liens created under the Security
Documents;

(l) non-exclusive licenses of patents, trademarks, copyrights, and other
intellectual property rights granted in the ordinary course of business;

(m) Liens in favor of Holdings, the Borrower or any other Restricted Subsidiary
(other than a Special Purpose Subsidiary);

EXHIBIT D

(n) Liens securing any Refinancing Indebtedness which is incurred to Refinance
any Indebtedness that has been secured by a Lien permitted under this Agreement and
that has been incurred in accordance with the provisions of this Agreement; provided,
however, that such Liens do not extend to or cover any property or assets of Holdings, the
Borrower or any other Restricted Subsidiary that would not have secured the
Indebtedness so Refinanced had such Indebtedness not been Refinanced;

(o) Liens securing Acquired Indebtedness incurred in accordance with
Section 4.03 of the Senior Secured Notes Indenture incorporated by reference herein
pursuant to Section 6.01 hereof; provided, however, that (i) such Liens secured such
Acquired Indebtedness at the time of and prior to the incurrence of such Acquired
Indebtedness by Holdings, the Borrower or any other Restricted Subsidiary and were not
granted in connection with, or in anticipation of, the incurrence of such Acquired
Indebtedness by Holdings, the Borrower or any other Restricted Subsidiary and (ii) such
Liens do not extend to or cover any property or assets of Holdings, the Borrower or any
other Restricted Subsidiary other than the property or assets that secured the Acquired
Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of
Holdings, the Borrower or any other Restricted Subsidiary and are no more favorable to
the lien holders than those securing the Acquired Indebtedness prior to the incurrence of
such Acquired Indebtedness by Holdings, the Borrower or any other Restricted
Subsidiary as determined by the management of Holdings and the Borrower in their
reasonable and good faith judgment;

(p) Liens securing performance, bid, appeal, surety (including utility deposits)
and similar bonds and completion guarantees provided by Holdings, the Borrower or any
other Restricted Subsidiary in the ordinary course of business;

(q) Liens securing Capital Lease Obligations, mortgage financings or purchase
money obligations securing Indebtedness set forth in Section 4.03(b)(xiii) of the Senior
Secured Notes Indenture incorporated by reference herein pursuant to Section 6.01
hereof; provided, however, that any such Lien (i) covers only the assets acquired,
constructed or improved with such Indebtedness and (ii) is created within 180 days of
such acquisition, construction or improvement;

(r) Liens on property existing at the time of acquisition thereof by Holdings, the
Borrower or any other Restricted Subsidiary; provided, however, that such Liens were in
existence prior to, and were not incurred in connection with or in contemplation of, such
acquisition and do not extend to any property other than the property so acquired by
Holdings, the Borrower or such Restricted Subsidiary;

(s) deposits made in the ordinary course of business to secure liability to
insurance carriers;

(t) Liens on cash or Cash Equivalents securing Hedging Obligations incurred in
the ordinary course of business and not for speculative purposes;

EXHIBIT D

(u) Liens on rights of beneficiaries under trust arrangements to secure trust fees
and other related fees and expenses; and

(v) Liens other than any of the foregoing incurred by Holdings, the Borrower or
any other Restricted Subsidiary with respect to Indebtedness or other obligations that do
not, in the aggregate, exceed $10,000,000 at any time outstanding.

“Permitted Securitization” shall mean each transfer or encumbrance (each a
“disposition”) of Timeshare Loans by Holdings, the Borrower or any other Restricted
Subsidiary to one or more Special Purpose Subsidiaries or by one Special Purpose
Subsidiary to another Special Purpose Subsidiary, conducted in accordance with the
following requirements: (a) each disposition shall identify with reasonable certainty the
specific Timeshare Loans, (b) the only Indebtedness of Holdings, the Borrower or any
other Restricted Subsidiary resulting from such disposition shall be Nonrecourse
Indebtedness of one or more Special Purpose Subsidiaries and (c) both immediately
before and after such disposition, no Default has occurred and is continuing.

“person” shall mean any natural person, corporation, business trust, joint venture,
association, company, limited liability company, partnership, Governmental Authority or
other entity.

“Plan” shall mean any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the
Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA
Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be
deemed to be) an “employer” as defined in Section 3(5) of ERISA or a “contributing
sponsor” (as defined in Section 4001(a)(13) of ERISA.

“Platform” shall have the meaning assigned to such term in Section 9.01.

“Points” shall mean vacation points which confer on an owner thereof the right to
use a residential unit.

“Preferred Stock” as applied to the Capital Stock of any person, shall mean
Capital Stock of any class or classes (however designated) which is preferred as to the
payment of dividends or distributions, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such person, over shares of Capital
Stock of any other class of such person.

“Prime Rate” shall mean the rate of interest per annum determined from time to
time by the Administrative Agent as its prime rate in effect at its principal office in
New York City and notified to the Borrower. The prime rate is a rate set by the
Administrative Agent based upon various factors, including the Administrative Agent’s
costs and desired return, general economic conditions and other factors, and is used as a

EXHIBIT D

reference point for pricing some loans, which may be priced at, above, or below such
rate.

“Pro Rata Percentage” of any Lender at any time shall mean the percentage of
the Total Commitment represented by such Lender’s Commitment. In the event the
Commitments shall have expired or been terminated, the Pro Rata Percentages shall be
determined on the basis of the Commitments most recently in effect, giving effect to any
subsequent assignments.

“Public Lender” shall have the meaning assigned to such term in Section 9.01.

“Recipient” shall mean (a) the Administrative Agent and (b) any Lender, as
applicable.

“Refinance” means, in respect of any Indebtedness, to refinance, restructure,
extend, renew, refund, pay, repay, prepay, redeem, defease, discharge or retire, or to issue
a security or Indebtedness in exchange or replacement for, such Indebtedness in whole or
in part. “Refinanced” and “Refinancing” shall have correlative meanings.

“Refinancing Indebtedness” means Indebtedness that Refinances any
Indebtedness of Holdings, the Borrower or any other Restricted Subsidiary existing on
the Closing Date or incurred in compliance with this Agreement, including Indebtedness
that Refinances any Refinancing Indebtedness; provided, however, that: (a) such
Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the
Indebtedness being Refinanced; (b) such Refinancing Indebtedness has an Average Life
at the time such Refinancing Indebtedness is incurred that is equal to or greater than the
Average Life of the Indebtedness being Refinanced; (c) such Refinancing Indebtedness
has an aggregate principal amount (or if incurred with original issue discount, an
aggregate issue price) that is equal to or less than the aggregate principal amount (or if
incurred with original issue discount, the aggregate accreted value) then outstanding (plus
fees and expenses, including any premium and defeasance costs) under the Indebtedness
being Refinanced; (d) if the Indebtedness being Refinanced is subordinated in right of
payment to the Obligations in respect of the Loan Documents, such Refinancing
Indebtedness is subordinated in right of payment to the Obligations on terms as favorable
in all material respects to the Lenders as those contained in the documentation governing
the Indebtedness being Refinanced; (e) if the Indebtedness being Refinanced is
(i) secured by a security interest in the Collateral (on an equal and ratable first lien,
second lien or more junior priority basis) and/or subject to any intercreditor arrangements
for the benefit of the Lenders, such Refinancing Indebtedness is secured with a priority
no greater than the priority of, and subject to intercreditor arrangements on terms as
favorable in all material respects to the Lenders as those contained in the documentation
governing the Indebtedness being Refinanced or (ii) unsecured, such Refinancing
Indebtedness is unsecured; and (f) the terms and conditions (including, if applicable, as to
collateral) of any such Refinancing Indebtedness are (i) either (A) customary for similar
Indebtedness or debt securities in light of then-prevailing market conditions or (B) not

EXHIBIT D

materially less favorable to the Loan Parties or the Lenders than the terms and conditions
of the Indebtedness being Refinanced and (ii) when taken as a whole (other than interest
rate and prepayment or redemption premiums), not more restrictive to Holdings, the
Borrower and the other Restricted Subsidiaries than those set forth in this Agreement;
provided further, however, that Refinancing Indebtedness shall not include
(x) Indebtedness of a Subsidiary that Refinances Indebtedness of Holdings or the
Borrower or (y) Indebtedness of Holdings, the Borrower or any other Restricted
Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary.

“Register” shall have the meaning assigned to such term in Section 9.04(d).

“Registration Statement” shall mean that certain registration statement on Form
S-1 initially filed by Holdings with the SEC on June 14, 2013, as amended on July 9,
2013.

“Regulation T” shall mean Regulation T of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof.

“Regulation U” shall mean Regulation U of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof.

“Regulation X” shall mean Regulation X of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof.

“Related Fund” shall mean, with respect to any Lender that is a fund or
commingled investment vehicle that invests in bank loans, any other fund that invests in
bank loans and is managed or advised by the same investment advisor as such Lender or
by an Affiliate of such investment advisor.

“Related Parties” shall mean, with respect to any specified person, such person’s
Affiliates and the respective directors, trustees, officers, employees, agents and advisors
of such person and such person’s Affiliates.

“Release” shall mean any release, spill, emission, leaking, dumping, injection,
pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the
environment or within, under, from or upon any building, structure, facility or fixture.

“Required Lenders” shall mean, at any time, one or more Lenders having Loans
and unused Commitments representing more than 50% of the sum of all Loans
outstanding and unused Commitments at such time; provided that (a) at any time there
are not more than three Lenders which are not Defaulting Lenders, “Required Lenders”
shall mean Lenders having Loans and unused Commitments representing more than
662/3% of the sum of all Loans outstanding and unused Commitments at such time and
(b) in any event, the Loans and unused Commitments of any Defaulting Lender shall be
disregarded in the determination of the Required Lenders at any time.

EXHIBIT D

“Responsible Officer” of any person shall mean the chairman of the board, the
chief executive officer, the president, the chief financial officer, the chief accounting
officer, the treasurer or any executive vice president (or any such other officer that
performs similar duties) of such person.

“Restricted Payments” shall have the meaning assigned to such term in the Senior
Secured Notes Indenture as in effect on the Closing Date.

“Restricted Subsidiary” shall mean, at any time, any direct or indirect Subsidiary
of Holdings that is not then an Unrestricted Subsidiary; provided, however, that, upon an
Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall,
to the extent that it remains a Subsidiary of Holdings at such time, be a Restricted
Subsidiary.

“S&P” shall mean Standard & Poor’s Ratings Service, or any successor thereto.

“Sale/Leaseback Transaction” means an arrangement relating to property owned
by Holdings, the Borrower or any other Restricted Subsidiary on the Closing Date or
thereafter acquired by Holdings, the Borrower or any other Restricted Subsidiary
whereby Holdings, the Borrower or any other Restricted Subsidiary transfers such
property to a person and Holdings, the Borrower or such Restricted Subsidiary
substantially concurrently leases it from such person.

“SEC” shall mean the Securities and Exchange Commission.

“Secured Cash Management Agreement” shall mean any Cash Management
Agreement that is entered into by and between any Loan Party and any Cash
Management Bank.

“Secured Debt Ratio” shall mean, as of any date of determination, the ratio of
(a) Total Indebtedness that is secured by Liens on any of the Collateral as of the end of
the most recent fiscal quarter for which financial statements of Holding are available
immediately preceding the date on which such event for which such calculation is being
made shall occur to (2) Adjusted EBITDA for the most recently ended four full fiscal
quarters for which internal financial statements are available immediately preceding the
date on which such event for which such calculation is being made shall occur, in each
case with such pro forma adjustments to Total Indebtedness and Adjusted EBITDA as are
appropriate and consistent with the pro forma adjustment provisions set forth in the
definition of the term “Fixed Charge Coverage Ratio”.

“Secured Hedging Agreement” means any Hedging Agreement permitted under
Section 6.01 that is entered into by and between any Loan Party and any Hedge Bank,
provided that no such Hedging Agreement shall constitute a “Secured Hedging
Agreement” if and to the extent the Senior Secured Notes Documents (or following a

EXHIBIT D

refinancing thereof, the definitive documentation governing the applicable Refinancing
Indebtedness) would not permit the obligations under such Hedging Agreement to be
secured by the Collateral (after taking into account and granting priority to all
Obligations (other than those pursuant to Secured Hedging Agreements)). If any
obligations are required to be excluded pursuant to the foregoing proviso, the excluded
obligations shall be apportioned ratably among the Hedging Agreements that would
otherwise constitute a Secured Hedging Agreements based on the net settlement amounts
thereunder.

“Secured Parties” shall mean (a) the Administrative Agent, (b) the Collateral
Agent, (c) the beneficiary of each indemnification obligation undertaken by any Loan
Party under any Loan Document, (d) the Lenders, (e) the Hedge Banks to the extent they
are party to one or more Secured Hedging Agreements, (f) the Cash Management Banks
to the extent they are party to one or more Secured Cash Management Agreements and
(g) the permitted successors and assigns of each of the foregoing.

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

“Securitization” shall mean a public or private transfer of Timeshare Loans in the
ordinary course of business of Holdings and the Subsidiaries and by which Holdings, the
Borrower or any of the Restricted Subsidiaries directly or indirectly securitizes a pool of
specified Timeshare Loans, including any such transaction involving the sale of specified
Timeshare Loans to a Special Purpose Subsidiary.

“Security Agreement” shall mean the Security Agreement, substantially in the
form of Exhibit D, among Holdings, the Borrower, the other Subsidiaries party thereto
and the Collateral Agent for the benefit of the Secured Parties.

“Security Documents” shall mean the Security Agreement, the Pari Passu
Intercreditor Agreement, any Junior Lien Intercreditor Agreement required to be entered
into pursuant to the terms of this Agreement, any joinder to any Intercreditor Agreement
and each of the security agreements and other instruments and documents executed and
delivered pursuant to any of the foregoing or pursuant to Section 5.12.

“Senior Secured Notes” shall mean the Borrower’s 12.00% senior secured notes
due 2018, issued on August 13, 2010, in an aggregate principal amount of $425,000,000,
and the exchange notes issued in exchange therefor, in each case pursuant to the Senior
Secured Notes Indenture.

“Senior Secured Notes Documents” shall mean the Senior Secured Notes, the
Senior Secured Notes Indenture, the Senior Secured Notes Security Documents and all
other documents executed and delivered with respect to the Senior Secured Notes or the
Senior Secured Note Indenture.

“Senior Secured Notes Indenture” shall mean the Indenture for the Senior

EXHIBIT D

Secured Notes dated as of August 13, 2010, among Holdings (as successor by merger to
Diamond Resorts Parent, LLC), the Borrower, the other Subsidiaries party thereto and the
Senior Secured Notes Trustee, as amended, supplemented or otherwise modified from
time to time in accordance with the terms hereof and thereof.

“Senior Secured Notes Security Documents” shall mean the “Security
Documents” as defined in the Senior Secured Notes Indenture.

“Senior Secured Notes Trustee” shall mean Wells Fargo Bank, National
Association and its successors and assigns acting as trustee under the Senior Secured
Notes Indenture.

“Significant Subsidiary” shall mean any Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X of the Securities Act, as
in effect from time to time.

“SPC” shall have the meaning assigned to such term in Section 9.04(i).

“Special Purpose Subsidiary” means any wholly owned direct or indirect
Subsidiary established for the sole purpose of conducting one or more Permitted
Securitizations and otherwise established and operated in accordance with customary
industry practices.

“Specified Turbo Period” shall mean, with respect to any Indebtedness incurred
in connection with a Securitization (including any conduit facility providing interim
financing for a Securitization), such period of time (as determined in accordance with the
definitive documentation governing such Indebtedness) for which collected receivables
and other payments generated by the Timeshare Loans subject to such Securitization are
not available for distribution to the obligor of such Indebtedness pursuant to the terms of
the definitive documentation governing such Indebtedness, including as a result of the
occurrence of an event analogous to an “Amortization Event” as defined in the Diamond
Resorts Issuer 2008 LLC Indenture as in effect on the Closing Date.

“Standard Securitization Undertakings” shall mean representations, warranties,
covenants, indemnities and guarantees of performance entered into by Holdings or any
Subsidiary that are customary in a Securitization, including those relating to the servicing
of the assets of a Special Purpose Subsidiary.

“Stated Maturity” means, with respect to any installment of interest or principal
on any series of Indebtedness, the date on which such payment of interest or principal
was scheduled to be paid in the initial documentation governing such Indebtedness,
including any date upon which a repurchase at the option of holders of such Indebtedness
is required to be consummated, but excluding any contingent obligations to repay,
redeem or repurchase any such interest or principal prior to the date originally scheduled
for the payment thereof so long as such obligations remain contingent.

EXHIBIT D

“Statutory Reserves” shall mean a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one
minus the aggregate of the maximum reserve percentages (including any marginal,
special, emergency or supplemental reserves) expressed as a decimal established by the
Board and any other banking authority, domestic or foreign, to which the Administrative
Agent or any Lender (including any branch, Affiliate or other fronting office making or
holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the
Board). Eurodollar Loans shall be deemed to constitute Eurocurrency Liabilities (as
defined in Regulation D of the Board) and to be subject to such reserve requirements
without benefit of or credit for proration, exemptions or offsets that may be available
from time to time to any Lender under such Regulation D. Statutory Reserves shall be
adjusted automatically on and as of the effective date of any change in any reserve
percentage.

“subsidiary” shall mean, with respect to any person (herein referred to as the
“parent”), any corporation, partnership, limited liability company, association or other
business entity (a) of which securities or other ownership interests representing more than
50% of the equity or more than 50% of the ordinary voting power or more than 50% of
the general partnership interests are, at the time any determination is being made, owned,
Controlled or held, or (b) that is, at the time any determination is made, otherwise
Controlled, by the parent or one or more subsidiaries of the parent or by the parent and
one or more subsidiaries of the parent.

“Subsidiary” shall mean any subsidiary of Holdings.

“Subsidiary Guarantor” shall mean each Subsidiary listed on Schedule 1.01(a),
and each other Subsidiary that is or becomes a party to the Guarantee Agreement.

“Synthetic Lease Obligation” means the monetary obligation of a person under a
so-called synthetic, off-balance sheet or tax retention lease.

“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed
by any Governmental Authority, including any interest, additions to tax or penalties
applicable thereto.

“Timeshare Loans” shall mean loans made by Holdings or any of the
Subsidiaries to finance the purchase of Vacation Interests from Holdings or one of its
Subsidiaries and evidenced by a promissory note secured by Points or a fee simple
interest in a residential unit.

“Total Commitment” shall mean, at any time, the aggregate amount of the
Commitments, as in effect at such time. The initial Total Commitment is $25,000,000.

EXHIBIT D

“Total Indebtedness” shall mean, as at any date of determination, an amount
equal to the sum of the aggregate amount of all outstanding Indebtedness of Holdings, the
Borrower and the other Restricted Subsidiaries on a consolidated basis (excluding all
Nonrecourse Indebtedness of Special Purpose Subsidiaries incurred in connection with
Permitted Securitizations).

“Total Funded Indebtedness” means, as of any date, the sum of the aggregate
amount of Funded Indebtedness outstanding as of such date minus the aggregate amount
of unrestricted cash and Cash Equivalents held on such date by Holdings, the Borrower
and the other Restricted Subsidiaries in excess of $10,000,000.

“Total Leverage Ratio” shall mean, with respect to the last day of any fiscal
quarter, the ratio of (a) Total Funded Indebtedness on such date to (b) Adjusted EBITDA
for the period of four consecutive fiscal quarters ended on such date.

“Transactions” shall mean, collectively, (a) the execution, delivery and
performance by the Loan Parties of the Loan Documents to which they are a party, and,
in the case of the Borrower, the making of the Borrowings hereunder and (b) the payment
of fees and expenses related to the foregoing.

“Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by
reference to which interest on such Loan or on the Loans comprising such Borrowing is
determined. For purposes hereof, the term “Rate” shall mean the Adjusted LIBO Rate
and the Alternate Base Rate.

“Unrestricted Subsidiary” shall mean (a) each Subsidiary of the Borrower listed
on Schedule 3.08(b), (b) any Subsidiary of the Borrower which at the time of
determination is an Unrestricted Subsidiary (as designated by Holdings as provided
below) and (c) any Subsidiary of an Unrestricted Subsidiary. Holdings may designate
any Restricted Subsidiary of the Borrower (including any newly acquired or newly
formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any of
the Capital Stock of Holdings, the Borrower or any other Restricted Subsidiary or owns
or holds any Indebtedness of or Lien on any property of Holdings, the Borrower or any
other Restricted Subsidiary; provided, however, that (i) immediately before and after
giving effect to such designation, no Default has occurred and is continuing,
(ii) immediately after giving effect to such designation, Holdings and the Borrower shall
be in compliance, on a pro forma basis, with the financial covenants set forth in Section
6.03, (iii) any Guarantee or other credit support by Holdings, the Borrower or any other
Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated shall be
deemed an incurrence of such Indebtedness and an Investment by Holdings, the Borrower
or such Restricted Subsidiary at the time of such designation, (iv) either (A) the
Subsidiary being so designated shall have total assets of $1,000 or less or (B) if such
Subsidiary has assets greater than $1,000, such designation shall be deemed an
Investment based on the fair market value of such Unrestricted Subsidiary at the time of

EXHIBIT D

designation thereof and such Investment shall not at the time be prohibited by Section
4.04 of the Senior Secured Notes Indenture as incorporated by reference herein pursuant
to Section 6.01 hereof, (v) no Subsidiary may be designated as an Unrestricted Subsidiary
if it is a “Restricted Subsidiary” for the purpose of the Senior Secured Notes Indenture
and (vi) Holdings shall have delivered to the Administrative Agent a certificate executed
by a Responsible Officer of Holdings, certifying compliance with the requirements of
preceding clauses (i) through (v). Holdings may designate any Unrestricted Subsidiary to
be a Restricted Subsidiary; provided, however, that (i) immediately before and after
giving effect to such designation, no Default has occurred and is continuing,
(ii) immediately after giving effect to such designation, Holdings and the Borrower shall
be in compliance, on a pro forma basis, with the financial covenants set forth in Section
6.03, (iii) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding
immediately after such designation, if incurred at such time, shall have been permitted to
be incurred (and shall be deemed to have been incurred) for all purposes of this
Agreement and (iv) Holdings shall have delivered to the Administrative Agent a
certificate executed by a Responsible Officer of Holdings, certifying compliance with the
requirements of preceding clauses (i) through (iii).

“U.S. Person” means any person that is a “United States Person” as defined in
Section 7701(a)(30) of the Code.

“USA PATRIOT Act” shall mean The Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
(Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

“Vacation Interests” shall mean a timeshare interest or interval, however defined
in the applicable condominium or timeshare declaration, trust agreement or other relevant
document or instrument pursuant to which such timeshare interest or interval is created,
whether or not coupled with a fee simple interest in real estate, together with all rights,
benefits, privileges and interests appurtenant thereto, including the right to use and
occupy a residential unit within the applicable residential real estate property and the
common areas and common furnishings appurtenant to such unit for a specified period of
time, on an annual or biennial basis, as more specifically described in the applicable
declaration or other relevant document or instrument. Vacation Interests shall include
Points.

“Voting Stock” of any person as of any date means the Capital Stock of such
person that (a) if such person is a corporation, is at the time entitled to vote in the election
of such corporation’s board of directors or any committee thereof duly authorized to act
on behalf of such board or (b) if such person is an entity other than a corporation, is at the
time entitled to vote in the election of the group or individual exercising the authority
with respect to such person generally vested in a board of directors of a corporation.

“Wholly Owned Restricted Subsidiary” of any person means a Restricted
Subsidiary of such person, all of the outstanding Capital Stock or other ownership

EXHIBIT D

interests of which (other than directors’ qualifying shares) shall at the time be owned by
such person or by one or more wholly owned Restricted Subsidiaries of such person.

“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of
a complete or partial withdrawal from such Multiemployer Plan, as such terms are
defined in Part I of Subtitle E of Title IV of ERISA.

“Withholding Agent” shall mean any Loan Party and the Administrative Agent.
SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall apply
equally to both the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”. The word “will” shall be construed to have the same
meaning and effect as the word “shall”. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to
any person shall be construed to include such person’s successors and assigns, (c) the
words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement, (e) any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from
time to time and (f) the words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights. Except as otherwise
expressly provided herein, (a) any reference in this Agreement to any Loan Document
shall mean such document as amended, restated, supplemented or otherwise modified
from time to time and (b) all terms of an accounting or financial nature shall be construed
in accordance with GAAP, as in effect from time to time; provided, however, that,
notwithstanding the foregoing, for purposes of this Agreement, GAAP shall be
determined without giving effect to any change thereto occurring after the date hereof as
a result of the adoption of any proposals set forth in the Proposed Accounting Standards
Update, Leases (Topic 840), issued by the Financial Accounting Standards Board on
August 17, 2010, or any other proposals issued by the Financial Accounting Standards
Board in connection therewith, in each case if such change would require treating any
lease (or similar arrangement conveying the right to use) as a capital lease where such
lease (or similar arrangement) was not required to be so treated under GAAP as in effect
on the date hereof; provided further, however, that if the Borrower notifies the
Administrative Agent that the Borrower wishes to amend any provision contained or
incorporated by reference in this Agreement or any related definition to eliminate the
effect of any change in GAAP occurring after the date of this Agreement on the operation
of such provision (or if the Administrative Agent notifies the Borrower that the Required

EXHIBIT D

Lenders wish to amend any provision contained or incorporated by reference in this
Agreement or any related definition for such purpose), then the Borrower’s compliance
with such provision shall be determined on the basis of GAAP in effect immediately
before the relevant change in GAAP became effective, until either such notice is
withdrawn or such provision is amended in a manner satisfactory to the Borrower and the
Required Lenders.

SECTION 1.03. Pro Forma Calculations. Whenever it shall be necessary to
calculate the Total Leverage Ratio hereunder, the Total Leverage Ratio shall be
calculated after giving effect to all applicable adjustments contemplated by clauses (i)
through (v) and the final paragraph of the definition of the term “Fixed Charge Coverage
Ratio”.

SECTION 1.04. Classification of Loans and Borrowings. For purposes of this
Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”).
Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar
Borrowing”).

ARTICLE II
The Credits
SECTION 2.01. Commitments. Subject to the terms and conditions and relying
upon the representations and warranties herein set forth, each Lender agrees, severally
and not jointly, to make Loans to the Borrower, at any time and from time to time on or
after the date hereof, and until the earlier of the Maturity Date and the termination of the
Commitment of such Lender in accordance with the terms hereof, in an aggregate
principal amount at any time outstanding that will not result in the aggregate principal
amount of such Lender’s outstanding Loans exceeding such Lender’s Commitment.
Within the limits set forth in the preceding sentence and subject to the terms, conditions
and limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow
Loans.

SECTION 2.02. Loans. (a) Each Loan shall be made as part of a Borrowing
consisting of Loans made by the Lenders ratably in accordance with their respective
Commitments; provided, however, that the failure of any Lender to make any Loan shall
not in itself relieve any other Lender of its obligation to lend hereunder (it being
understood, however, that no Lender shall be responsible for the failure of any other
Lender to make any Loan required to be made by such other Lender). The Loans
comprising any Borrowing shall be in an aggregate principal amount that is (i) an integral
multiple of $500,000 and not less than $1,000,000 or (ii) equal to the remaining available
balance of the applicable Commitments.

(b) Subject to Sections 2.08 and 2.15, each Borrowing shall be comprised
entirely of ABR Loans or Eurodollar Loans as the Borrower may request pursuant to
Section 2.03. Each Lender may at its option make any Eurodollar Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that

EXHIBIT D

any exercise of such option shall not affect the obligation of the Borrower to repay such
Loan in accordance with the terms of this Agreement. Borrowings of more than one
Type may be outstanding at the same time; provided, however, that the Borrower shall
not be entitled to request any Borrowing that, if made, would result in more than five
Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing,
Borrowings having different Interest Periods, regardless of whether they commence on
the same date, shall be considered separate Borrowings.

(c) Each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds to such account in
New York City as the Administrative Agent may designate not later than 4:00 p.m., New
York City time, and the Administrative Agent shall promptly credit the amounts so
received to an account designated by the Borrower in the applicable Borrowing Request
or, if a Borrowing shall not occur on such date because any condition precedent herein
specified shall not have been met, return the amounts so received to the respective
Lenders.

(d) Unless the Administrative Agent shall have received notice from a Lender
prior to the date of any Borrowing that such Lender will not make available to the
Administrative Agent such Lender’s portion of such Borrowing, the Administrative
Agent may assume that such Lender has made such portion available to the
Administrative Agent on the date of such Borrowing in accordance with paragraph (c)
above and the Administrative Agent may, in reliance upon such assumption, make
available to the Borrower on such date a corresponding amount. If the Administrative
Agent shall have so made funds available then, to the extent that such Lender shall not
have made such portion available to the Administrative Agent, such Lender and the
Borrower severally agree to repay to the Administrative Agent forthwith on demand such
corresponding amount together with interest thereon, for each day from the date such
amount is made available to the Borrower to but excluding the date such amount is repaid
to the Administrative Agent at (i) in the case of the Borrower, a rate per annum equal to
the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in
the case of such Lender, a rate determined by the Administrative Agent to represent its
cost of overnight or short-term funds (which determination shall be conclusive absent
manifest error). If such Lender shall repay to the Administrative Agent such
corresponding amount, such amount shall constitute such Lender’s Loan as part of such
Borrowing for purposes of this Agreement.

(e) Notwithstanding any other provision of this Agreement, the Borrower shall
not be entitled to request any Borrowing if the Interest Period requested with respect
thereto would end after the Maturity Date.

SECTION 2.03. Borrowing Procedure. In order to request a Borrowing, the
Borrower shall notify the Administrative Agent of such request by telephone (a) in the
case of a Eurodollar Borrowing, not later than 2:00 p.m., New York City time, three
Business Days before a proposed Borrowing, and (b) in the case of an ABR Borrowing,

EXHIBIT D

not later than 2:00 p.m., New York City time, on the day of the proposed Borrowing.
Each such telephonic Borrowing Request shall be irrevocable, and shall be confirmed
promptly by hand delivery or fax to the Administrative Agent of a written Borrowing
Request and shall specify the following information: (i) whether such Borrowing is to be
a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Borrowing (which
shall be a Business Day); (iii) the number and location of the account to which funds are
to be disbursed; (iv) the amount of such Borrowing; and (v) if such Borrowing is to be a
Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that,
notwithstanding any contrary specification in any Borrowing Request, each requested
Borrowing shall comply with the requirements set forth in Section 2.02. If no election as
to the Type of Borrowing is specified in any such notice, then the requested Borrowing
shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar
Borrowing is specified in any such notice, then the Borrower shall be deemed to have
selected an Interest Period of one month’s duration. The Administrative Agent shall
promptly advise the applicable Lenders of any notice given pursuant to this Section 2.03
(and the contents thereof), and of each Lender’s portion of the requested Borrowing.

SECTION 2.04. Evidence of Debt; Repayment of Loans. (a) The Borrower
hereby unconditionally promises to pay to the Administrative Agent for the account of
each Lender the then unpaid principal amount of each Loan of such Lender on the
Maturity Date, together with all accrued and unpaid interest thereon.

(b) Each Lender shall maintain in accordance with its usual practice an account
or accounts evidencing the indebtedness of the Borrower to such Lender resulting from
each Loan made by such Lender from time to time, including the amounts of principal
and interest payable and paid to such Lender from time to time under this Agreement.

(c) The Administrative Agent shall maintain accounts in which it will record
(i) the amount of each Loan made hereunder, the Type thereof and, if applicable, the
Interest Period applicable thereto, (ii) the amount of any principal or interest due and
payable or to become due and payable from the Borrower to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder from
Holdings, the Borrower or any Subsidiary Guarantor and each Lender’s share thereof.

(d) The entries made in the accounts maintained pursuant to paragraphs (b)
and (c) of this Section 2.04 shall be prima facie evidence of the existence and amounts of
the obligations therein recorded; provided, however, that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any
manner affect the obligations of the Borrower to repay the Loans in accordance with their
terms.

(e) Any Lender may request that Loans made by it hereunder be evidenced by a
promissory note. In such event, the Borrower shall execute and deliver to such Lender a
promissory note payable to such Lender and its registered assigns and in a form and
substance reasonably acceptable to the Administrative Agent and the Borrower.

EXHIBIT D

Notwithstanding any other provision of this Agreement, in the event any Lender shall
request and receive such a promissory note, the interests represented by such note shall at
all times (including after any assignment of all or part of such interests pursuant to
Section 9.04) be represented by one or more promissory notes payable to the payee
named therein or its registered assigns.

SECTION 2.05. Fees. (a) The Borrower agrees to pay to each Lender (other
than a Defaulting Lender for so long as, and with respect to the period during which, such
Lender is a Defaulting Lender), through the Administrative Agent, quarterly in arrears,
on the last Business Day of March, June, September and December in each year and on
each date on which the Commitment of such Lender shall expire or be terminated as
provided herein, a commitment fee (a “Commitment Fee”) equal to 0.75% per annum on
the daily unused amount of the Commitment of such Lender during the applicable quarter
(or other period commencing with the date hereof or ending with the Maturity Date or the
date on which the Commitments of such Lender shall expire or be terminated). All
Commitment Fees shall be computed on the basis of the actual number of days elapsed in
a year of 360 days. All Commitment Fees shall be paid on the dates due, in immediately
available funds, to the Administrative Agent for distribution, if and as appropriate, among
the Lenders. Once paid, the Commitment Fees shall not be refundable under any
circumstances.

(b) The Borrower agrees to pay to the Administrative Agent, for its own account,
the administrative fees set forth in the Engagement Letter at the times and in the amounts
specified therein (the “Administrative Agent Fees”). The Administrative Agent Fees
shall be paid on the dates due, in immediately available funds, to the Administrative
Agent for its own account. Once paid, the Administrative Agent Fees shall not be
refundable under any circumstances.

SECTION 2.06. Interest on Loans. (a) Subject to the provisions of
Section 2.07, the Loans comprising each ABR Borrowing shall bear interest (computed
on the basis of the actual number of days elapsed over a year of 360 days, and calculated
from and including the date of such Borrowing to but excluding the date of repayment
thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable
Percentage in effect from time to time.

(b) Subject to the provisions of Section 2.07, the Loans comprising each
Eurodollar Borrowing shall bear interest (computed on the basis of the actual number of
days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Percentage
in effect from time to time.

(c) Interest on each Loan shall be payable on the Interest Payment Dates
applicable to such Loan except as otherwise provided in this Agreement. The applicable
Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an
Interest Period, as the case may be, shall be determined by the Administrative Agent, and

EXHIBIT D

such determination shall be conclusive absent manifest error.

SECTION 2.07. Default Interest. If (a) the Borrower shall default in the
payment of any principal of or interest on any Loan, any Fee or any other amount due
hereunder or under any other Loan Document, by acceleration or otherwise, or (b) if any
Event of Default under Article VII (other than paragraphs (b) or (c) thereunder, which
shall be covered by clause (a) above) has occurred and is continuing and the Required
Lenders so request, then, in the case of clause (a) above, from the date of such default and
until such defaulted amount shall have been paid in full or, in the case of clause (b)
above, from the date of such request and until such Event of Default is no longer
continuing, to the extent permitted by law, all amounts outstanding under this Agreement
and the other Loan Documents shall bear interest (after as well as before judgment),
payable on demand, (i) in the case of principal, at the rate otherwise applicable to such
Loan pursuant to Section 2.06 plus 2.00% per annum and (ii) in all other cases, at a rate
per annum (computed on the basis of the actual number of days elapsed over a year of
360 days at all times) equal to the rate that would be applicable to an ABR Loan plus
2.00% per annum.

SECTION 2.08. Alternate Rate of Interest. In the event, and on each occasion,
that on the day two Business Days prior to the commencement of any Interest Period for
a Eurodollar Borrowing (a) the Administrative Agent shall have determined that dollar
deposits in the principal amounts of the Loans comprising such Borrowing are not
generally available in the London interbank market or that reasonable means do not exist
for ascertaining the Adjusted LIBO Rate or (b) the Administrative Agent or the Required
Lenders shall have determined that the rates at which such dollar deposits are being
offered will not adequately and fairly reflect the cost to such Lenders of making or
maintaining Eurodollar Loans during such Interest Period, the Administrative Agent
shall, as soon as practicable thereafter, give written or fax notice of such determination to
the Borrower and the Lenders. In the event of any such determination, until the
Administrative Agent shall have advised the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, any request by the Borrower for
a Eurodollar Borrowing pursuant to Section 2.03 or 2.10 shall be deemed to be a request
for an ABR Borrowing. Each determination by the Administrative Agent under this
Section 2.08 shall be conclusive absent manifest error.

SECTION 2.09. Termination and Reduction of Commitments. (a) The
Commitments shall automatically terminate on the Maturity Date.

(b) Upon at least three Business Days’ prior irrevocable written or fax notice to
the Administrative Agent, the Borrower may at any time in whole permanently terminate,
or from time to time in part permanently reduce, the Commitments; provided, however,
that (i) each partial reduction of the Commitments shall be in an integral multiple of
$500,000 and not less than $1,000,000 and (ii) the Total Commitment shall not be
reduced to an amount that is less than the aggregate outstanding principal amount of the
Loans at the time.

EXHIBIT D

(c) Each reduction in the Commitments hereunder shall be made ratably among
the Lenders in accordance with their respective Commitments. The Borrower shall pay
to the Administrative Agent for the account of the applicable Lenders, on the date of each
termination or reduction, the Commitment Fees on the amount of the Commitments so
terminated or reduced accrued to but excluding the date of such termination or reduction.

SECTION 2.10. Conversion and Continuation of Borrowings. The Borrower
shall have the right at any time upon prior irrevocable notice to the Administrative Agent
(a) not later than 2:00 p.m., New York City time, on the day of conversion, to convert any
Eurodollar Borrowing into an ABR Borrowing, (b) not later than 2:00 p.m., New York
City time, three Business Days prior to conversion or continuation, to convert any ABR
Borrowing into a Eurodollar Borrowing or to continue any Eurodollar Borrowing as a
Eurodollar Borrowing for an additional Interest Period, and (c) not later than 2:00 p.m.,
New York City time, three Business Days prior to conversion, to convert the Interest
Period with respect to any Eurodollar Borrowing to another permissible Interest Period,
subject in each case to the following:

(i) each conversion or continuation shall be made pro rata among the
Lenders in accordance with the respective principal amounts of the Loans
comprising the converted or continued Borrowing;

(ii) if less than all the outstanding principal amount of any Borrowing
shall be converted or continued, then each resulting Borrowing shall satisfy the
limitations specified in Sections 2.02(a) and 2.02(b) regarding the principal
amount and maximum number of Borrowings of the relevant Type;

(iii) each conversion shall be effected by each Lender and the
Administrative Agent by recording for the account of such Lender the new Loan
of such Lender resulting from such conversion and reducing the Loan (or portion
thereof) of such Lender being converted by an equivalent principal amount;
accrued interest on any Eurodollar Loan (or portion thereof) being converted shall
be paid by the Borrower at the time of conversion;

(iv) if any Eurodollar Borrowing is converted at a time other than the end
of the Interest Period applicable thereto, the Borrower shall pay, upon demand,
any amounts due to the Lenders pursuant to Section 2.16;

(v) any portion of a Borrowing maturing or required to be repaid in less
than one month may not be converted into or continued as a Eurodollar
Borrowing;

(vi) any portion of a Eurodollar Borrowing that cannot be converted into
or continued as a Eurodollar Borrowing by reason of the immediately preceding
clause shall be automatically converted at the end of the Interest Period in effect

EXHIBIT D

for such Borrowing into an ABR Borrowing; and

(vii) upon notice to the Borrower from the Administrative Agent given at
the request of the Required Lenders, after the occurrence and during the
continuance of a Default or Event of Default, no outstanding Loan may be
converted into, or continued as, a Eurodollar Loan.

Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to
this Agreement and specify (i) the identity and amount of the Borrowing that the
Borrower requests be converted or continued, (ii) whether such Borrowing is to be
converted to or continued as a Eurodollar Borrowing or an ABR Borrowing, (iii) if such
notice requests a conversion, the date of such conversion (which shall be a Business Day)
and (iv) if such Borrowing is to be converted to or continued as a Eurodollar Borrowing,
the Interest Period with respect thereto. If no Interest Period is specified in any such
notice with respect to any conversion to or continuation as a Eurodollar Borrowing, the
Borrower shall be deemed to have selected an Interest Period of one month’s duration.
The Administrative Agent shall advise the Lenders of any notice given pursuant to this
Section 2.10 and of each Lender’s portion of any converted or continued Borrowing. If
the Borrower shall not have given notice in accordance with this Section 2.10 to continue
any Borrowing into a subsequent Interest Period (and shall not otherwise have given
notice in accordance with this Section 2.10 to convert such Borrowing), such Borrowing
shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the
terms hereof), automatically be continued as an ABR Borrowing.

SECTION 2.11. RESERVED

SECTION 2.12. Optional Prepayment. (a) The Borrower shall have the right at
any time and from time to time to prepay any Borrowing, in whole or in part, upon at
least three Business Days’ prior written or fax notice (or telephone notice promptly
confirmed by written or fax notice) in the case of Eurodollar Loans, or written or fax
notice (or telephone notice promptly confirmed by written or fax notice) on the Business
Day of prepayment in the case of ABR Loans, to the Administrative Agent before
2:00 p.m., New York City time; provided, however, that each partial prepayment of a
Borrowing shall be in an amount that is an integral multiple of $500,000 and not less than
$1,000,000.

(b) Each notice of prepayment shall specify the prepayment date and the
principal amount of each Borrowing (or portion thereof) to be prepaid, shall be
irrevocable unless conditioned upon a refinancing, in which case it shall still be subject to
Section 2.16, and shall commit the Borrower to prepay such Borrowing by the amount
stated therein on the date stated therein. All prepayments under this Section 2.12 (other
than prepayments of ABR Loans that are not made in connection with the termination or
permanent reduction of the Commitments) shall be subject to Section 2.16 but otherwise
without premium or penalty. All prepayments under this Section 2.12 shall be
accompanied by accrued and unpaid interest on the principal amount to be prepaid to but

EXHIBIT D

excluding the date of payment.

SECTION 2.13. Mandatory Prepayments. (a) In the event of any termination of
all the Commitments, the Borrower shall, on the date of such termination, repay or
prepay all its outstanding Borrowings. If, after giving effect to any partial reduction of
the Commitments or at any other time, the aggregate principal amount of the outstanding
Loans would exceed the Total Commitment, then the Borrower shall, on the date of such
reduction or at such other time, repay or prepay Borrowings in an amount sufficient to
eliminate such excess.

(b) All prepayments of Borrowings under this Section 2.13 shall be subject to
Section 2.16, but shall otherwise be without premium or penalty, and shall be
accompanied by accrued and unpaid interest on the principal amount to be prepaid to but
excluding the date of payment.

SECTION 2.14. Reserve Requirements; Change in Circumstances.
(a) Notwithstanding any other provision of this Agreement, if any Change in Law shall
(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account
of or credit extended by any Lender (except any such reserve requirement which is
reflected in the Adjusted LIBO Rate), (ii) impose on such Lender or the London
interbank market any other condition, cost or expense affecting this Agreement or
Eurodollar Loans made by such Lender or (iii) subject any Recipient to any Taxes (other
than (A) Excluded Taxes and (B) Indemnified Taxes), assessments or other charges on
its loans, loan principal, commitments or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; and the result of any of the foregoing shall be to
increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of
maintaining its obligation to make any such Loan) or to reduce the amount of any sum
received or receivable by such Lender hereunder (whether of principal, interest or
otherwise), then the Borrower will pay to such Lender at the time set forth in paragraph
(c) of this Section 2.14 such additional amount or amounts as will compensate such
Lender for such additional costs incurred or reduction suffered.

(b) If any Lender shall have determined that any Change in Law regarding
capital adequacy or liquidity requirements has or would have the effect of reducing the
rate of return on such Lender’s capital or on the capital of such Lender’s holding
company, if any, as a consequence of this Agreement or the Loans made pursuant hereto
to a level below that which such Lender or such Lender’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s policies
and the policies of such Lender’s holding company with respect to capital adequacy and
liquidity), then from time to time the Borrower shall pay to such Lender such additional
amount or amounts as will compensate such Lender or such Lender’s holding company
for any such reduction suffered.

(c) A certificate of a Lender setting forth the amount or amounts necessary to

EXHIBIT D

compensate such Lender or its holding company, as applicable, as specified in
paragraph (a) or (b) above shall be delivered to the Borrower and shall be conclusive
absent manifest error. The Borrower shall pay such Lender the amount shown as due on
any such certificate delivered by it within 10 days after its receipt of the same.

(d) Failure or delay on the part of any Lender to demand compensation pursuant
to this Section 2.14 shall not constitute a waiver of such Lender’s right to demand such
compensation; provided that the Borrower shall not be under any obligation to
compensate any Lender under paragraph (a) or (b) above with respect to increased costs
or reductions with respect to any period prior to the date that is 180 days prior to such
request if such Lender knew or could reasonably have been expected to know of the
circumstances giving rise to such increased costs or reductions and of the fact that such
circumstances would result in a claim for increased compensation by reason of such
increased costs or reductions; provided further that the foregoing limitation shall not
apply to any increased costs or reductions arising out of the retroactive application of any
Change in Law within such 180-day period. The protection of this Section shall be
available to each Lender regardless of any possible contention of the invalidity or
inapplicability of the Change in Law that shall have occurred or been imposed.

SECTION 2.15. Change in Legality. (a) Notwithstanding any other provision of
this Agreement, if any Change in Law shall make it unlawful for any Lender to make or
maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby
with respect to any Eurodollar Loan, then, by written notice to the Borrower and to the
Administrative Agent:

(i) such Lender may declare that Eurodollar Loans will not thereafter (for
the duration of such unlawfulness) be made by such Lender hereunder (or be
continued for additional Interest Periods) and ABR Loans will not thereafter (for
such duration) be converted into Eurodollar Loans, whereupon any request for a
Eurodollar Borrowing (or to convert an ABR Borrowing to a Eurodollar
Borrowing or to continue a Eurodollar Borrowing for an additional Interest
Period) shall, as to such Lender only, be deemed a request for an ABR Loan (or a
request to continue an ABR Loan as such for an additional Interest Period or to
convert a Eurodollar Loan into an ABR Loan, as the case may be), unless such
declaration shall be subsequently withdrawn; and

(ii) such Lender may require that all outstanding Eurodollar Loans made
by it be converted to ABR Loans, in which event all such Eurodollar Loans shall
be automatically converted to ABR Loans as of the effective date of such notice
as provided in paragraph (b) below.

In the event any Lender shall exercise its rights under clause (i) or (ii) above, all
payments and prepayments of principal that would otherwise have been applied to repay
the Eurodollar Loans that would have been made by such Lender or the converted
Eurodollar Loans of such Lender shall instead be applied to repay the ABR Loans made

EXHIBIT D

by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans.

(b) For purposes of this Section 2.15, a notice to the Borrower by any Lender
shall be effective as to each Eurodollar Loan made by such Lender, if lawful, on the last
day of the Interest Period then applicable to such Eurodollar Loan; in all other cases such
notice shall be effective on the date of receipt by the Borrower.

SECTION 2.16. Indemnity. The Borrower shall indemnify each Lender against
any loss or expense that such Lender may sustain or incur as a consequence of (a) any
event, other than a default by such Lender in the performance of its obligations
hereunder, which results in (i) such Lender receiving or being deemed to receive any
amount on account of the principal of any Eurodollar Loan prior to the end of the Interest
Period in effect therefor, (ii) the conversion of any Eurodollar Loan to an ABR Loan, or
the conversion of the Interest Period with respect to any Eurodollar Loan, in each case
other than on the last day of the Interest Period in effect therefor, or (iii) any Eurodollar
Loan to be made by such Lender (including any Eurodollar Loan to be made pursuant to
a conversion or continuation under Section 2.10) not being made after notice of such
Loan shall have been given by the Borrower hereunder (any of the events referred to in
this clause (a) being called a “Breakage Event”) or (b) any default in the making of any
payment or prepayment required to be made hereunder. In the case of any Breakage
Event, such loss shall include an amount equal to the excess, as reasonably determined by
such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the subject
of such Breakage Event for the period from the date of such Breakage Event to the last
day of the Interest Period in effect (or that would have been in effect) for such Loan over
(ii) the amount of interest likely to be realized by such Lender in redeploying the funds
released or not utilized by reason of such Breakage Event for such period. A certificate
of any Lender setting forth any amount or amounts which such Lender is entitled to
receive pursuant to this Section 2.16 shall be delivered to the Borrower and shall be
conclusive absent manifest error.

SECTION 2.17. Pro Rata Treatment. Except as otherwise set forth herein, each
Borrowing, each payment or prepayment of principal of any Borrowing, each payment of
interest on the Loans, each payment of the Commitment Fees, each reduction of the
Commitments and each conversion of any Borrowing to or continuation of any
Borrowing as a Borrowing of any Type shall be allocated pro rata among the Lenders in
accordance with their respective Commitments (or, if the Commitments shall have
expired or been terminated, in accordance with the respective principal amounts of their
outstanding Loans). Each Lender agrees that in computing such Lender’s portion of any
Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round
each Lender’s percentage of such Borrowing to the next higher or lower two decimal
places.

SECTION 2.18. Sharing of Setoffs. Each Lender agrees that if it shall, through
the exercise of a right of banker’s lien, setoff or counterclaim against the Borrower or any
other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the

EXHIBIT D

United States Code or other security or interest arising from, or in lieu of, such secured
claim, received by such Lender under any applicable bankruptcy, insolvency or other
similar law or otherwise, or by any other means, obtain payment (voluntary or
involuntary) in respect of any Loan or Loans as a result of which the unpaid principal
portion of its Loans shall be proportionately less than the unpaid principal portion of the
Loans of any other Lender, it shall be deemed simultaneously to have purchased from
such other Lender at face value, and shall promptly pay to such other Lender the purchase
price for, a participation in the Loans of such other Lender, so that the aggregate unpaid
principal amount of the Loans and participations in Loans held by each Lender shall be in
the same proportion to the aggregate unpaid principal amount of all Loans then
outstanding as the principal amount of its Loans prior to such exercise of banker’s lien,
setoff or counterclaim or other event was to the principal amount of all Loans outstanding
prior to such exercise of banker’s lien, setoff or counterclaim or other event; provided,
however, that (a) if any such purchase or purchases or adjustments shall be made
pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be
recovered, such purchase or purchases or adjustments shall be rescinded to the extent of
such recovery and the purchase price or prices or adjustment restored without interest,
and (b) the provisions of this Section 2.18 shall not be construed to apply to any payment
made by the Borrower pursuant to and in accordance with the express terms of this
Agreement or any payment obtained by a Lender as consideration for the assignment of
or sale of a participation in any of its Loans. Holdings and the Borrower expressly
consent to the foregoing arrangements and agrees that any Lender holding a participation
in a Loan deemed to have been so purchased may exercise any and all rights of banker’s
lien, setoff or counterclaim with respect to any and all moneys owing by Holdings and
the Borrower to such Lender by reason thereof as fully as if such Lender had made a
Loan directly to the Borrower in the amount of such participation.

SECTION 2.19. Payments. (a) The Borrower shall make each payment
(including principal of or interest on any Borrowing or any Fees or other amounts)
hereunder and under any other Loan Document not later than 2:00 p.m., New York City
time, on the date when due in immediately available dollars, without setoff, defense or
counterclaim. Each such payment shall be made to the Administrative Agent at its
offices at Eleven Madison Avenue, New York, NY 10010. All payments received by the
Administrative Agent after 2:00 p.m., New York City time, shall be deemed received on
the next Business Day (in the Administrative Agent’s sole discretion) and any applicable
interest shall continue to accrue. The Administrative Agent shall promptly distribute to
each Lender any payments received by the Administrative Agent on behalf of such
Lender.

(b) Except as otherwise expressly provided herein, whenever any payment
(including principal of or interest on any Borrowing or any Fees or other amounts)
hereunder or under any other Loan Document shall become due, or otherwise would
occur, on a day that is not a Business Day, such payment may be made on the next
succeeding Business Day, and such extension of time shall in such case be included in the
computation of interest or Fees, if applicable.

EXHIBIT D

(c) Unless the Administrative Agent shall have received notice from the
Borrower prior to the date on which any payment is due to the Administrative Agent for
the account of the Lenders hereunder that the Borrower will not make such payment, the
Administrative Agent may assume that the Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the
Lenders the amount due. In such event, if the Borrower does not in fact make such
payment, then each of the Lenders severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender, and to pay interest
thereon, for each day from and including the date such amount is distributed to it to, but
excluding, the date of payment to the Administrative Agent, at a rate determined by the
Administrative Agent to represent its cost of overnight or short-term funds (which
determination shall be conclusive absent manifest error).

SECTION 2.20. Taxes. (a) Payments Free of Taxes. Any and all payments by
or on account of any obligation of any Loan Party under any Loan Document shall be
made without deduction or withholding for any Taxes, except as required by applicable
law. If any applicable law (as determined in the good faith discretion of an applicable
Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be
entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the
applicable Loan Party shall be increased as necessary so that after such deduction or
withholding has been made (including such deductions and withholdings applicable to
additional sums payable under this Section) the applicable Recipient receives an amount
equal to the sum it would have received had no such deduction or withholding been
made.

(b) Payment of Other Taxes by the Borrower. The Loan Parties shall timely pay
to the relevant Governmental Authority in accordance with applicable law, or at the
option of the Administrative Agent timely reimburse it for the payment of, any Other
Taxes.

(c) Indemnification by the Borrower. The Loan Parties shall jointly and severally
indemnify each Recipient, within 10 days after demand therefor, for the full amount of
any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section) payable or paid by such Recipient or
required to be withheld or deducted from a payment to such Recipient and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the
Borrower by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error.

EXHIBIT D

(d) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender (but only to the extent that any Loan Party has not
already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 9.04(f) relating to the
maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Administrative Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes the Administrative Agent to set off and
apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this paragraph (d).

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by
any Loan Party to a Governmental Authority pursuant to this Section 2.20, such Loan
Party shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent.

(f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times
reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the
Administrative Agent as will permit such payments to be made without withholding or at
a reduced rate of withholding. In addition, any Lender, if reasonably requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed
by applicable law or reasonably requested by the Borrower or the Administrative Agent
as will enable the Borrower or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set
forth in Section 2.20(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the
Lender's reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice
the legal or commercial position of such Lender.

(ii) Without limiting the generality of the foregoing, in the event that the
Borrower is a U.S. Person,

EXHIBIT D

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying
that such Lender is exempt from U.S. Federal backup withholding tax;

(B) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent), whichever of the
following is applicable:

(1) in the case of a Foreign Lender claiming the benefits of an
income tax treaty to which the United States is a party (x) with respect to
payments of interest under any Loan Document, executed originals of IRS
Form W-8BEN establishing an exemption from, or reduction of, U.S.
Federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any
Loan Document, IRS Form W-8BEN establishing an exemption from, or
reduction of, U.S. Federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty;
    
(2) executed originals of IRS Form W-8ECI;

(3) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate substantially in the form of Exhibit G-1 to the effect that such
Foreign Lender is not a “bank” within the meaning of Section
881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower
within the meaning of Section 881(c)(3)(B) of the Code, or a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of
IRS Form W-8BEN; or

(4) to the extent a Foreign Lender is not the beneficial owner,
executed originals of IRS Form W-8IMY, accompanied by IRS Form W-
8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate
substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9,
and/or other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and one or
more direct or indirect partners of such Foreign Lender are claiming the
portfolio interest exemption, such Foreign Lender may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit G-4 on behalf
of each such direct and indirect partner;

EXHIBIT D

(C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent), executed originals of
any other form prescribed by applicable law as a basis for claiming exemption from or a
reduction in U.S. Federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the
Borrower or the Administrative Agent to determine the withholding or deduction
required to be made; and

(D) if a payment made to a Lender under any Loan Document would be
subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail
to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent at the time or times prescribed by
law and at such time or times reasonably requested by the Borrower or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the
Borrower and the Administrative Agent to comply with their obligations under FATCA
and to determine that such Lender has complied with such Lender's obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely
for purposes of this clause (D), "FATCA" shall include any amendments made to
FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires
or becomes obsolete or inaccurate in any respect, it shall update such form or certification
or promptly notify the Borrower and the Administrative Agent in writing of its legal
inability to do so.

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 2.20 (including by the payment of additional
amounts pursuant to this Section 2.20), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this
Section 2.20 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund). Such
indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event
that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event

EXHIBIT D

will the indemnified party be required to pay any amount to an indemnifying party
pursuant to this paragraph (g) the payment of which would place the indemnified party in
a less favorable net after-Tax position than the indemnified party would have been in if
the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This paragraph shall not be construed to
require any indemnified party to make available its Tax returns (or any other information
relating to its Taxes that it deems confidential) to the indemnifying party or any other
person.

(h) Survival. Each party's obligations under this Section 2.20 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or
the replacement of, a Lender, the termination of the Commitments and the repayment,
satisfaction or discharge of all obligations under any Loan Document.

(i) Defined Term. For purposes of this Section 2.20, the term “applicable law”
includes FATCA.

SECTION 2.21. Assignment of Commitments Under Certain Circumstances;
Duty to Mitigate. (a) In the event (i) any Lender delivers a certificate requesting
compensation pursuant to Section 2.14, (ii) any Lender delivers a notice described in
Section 2.15, (iii) the Borrower is required to pay any Indemnified Taxes or additional
amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.20, (iv) any Lender becomes a Defaulting Lender or (v) any Lender
refuses to consent to any amendment, waiver or other modification of any Loan
Document requested by the Borrower that requires the consent of a greater percentage of
the Lenders than the Required Lenders and such amendment, waiver or other
modification is consented to by the Required Lenders, then, in each case, the Borrower
may, at its sole expense and effort (including with respect to the processing and
recordation fee referred to in Section 9.04(b)), upon notice to such Lender and the
Administrative Agent, require such Lender to transfer and assign, without recourse (in
accordance with and subject to the restrictions contained in Section 9.04), all of its
interests, rights and obligations under this Agreement to an Eligible Assignee that shall
assume such assigned obligations and, with respect to clause (v) above, shall consent to
such requested amendment, waiver or other modification of any Loan Document (which
Eligible Assignee may be another Lender, if a Lender accepts such assignment); provided
that (x) such assignment shall not conflict with any law, rule or regulation or order of any
court or other Governmental Authority having jurisdiction, (y) the Borrower shall have
received the prior written consent of the Administrative Agent, which consent shall not
unreasonably be withheld or delayed, and (z) the Borrower or such Eligible Assignee
shall have paid to the affected Lender in immediately available funds an amount equal to
the sum of the principal of and interest accrued to the date of such payment on the
outstanding Loans of such Lender, plus all Commitment Fees and other amounts accrued
for the account of such Lender hereunder with respect thereto (including any amounts
under Sections 2.14 and 2.16); provided further that, if prior to any such transfer and

EXHIBIT D

assignment the circumstances or event that resulted in such Lender’s claim for
compensation under Section 2.14, notice under Section 2.15 or the amounts paid pursuant
to Section 2.20, as the case may be, cease to cause such Lender to suffer increased costs
or reductions in amounts received or receivable or reduction in return on capital, or cease
to have the consequences specified in Section 2.15, or cease to result in amounts being
payable under Section 2.20, as the case may be (including as a result of any action taken
by such Lender pursuant to paragraph (b) below), or if such Lender shall waive its right
to claim further compensation under Section 2.14 in respect of such circumstances or
event or shall withdraw its notice under Section 2.15 or shall waive its right to further
payments under Section 2.20 in respect of such circumstances or event or shall consent to
the proposed amendment, waiver, consent or other modification, as the case may be, then
such Lender shall not thereafter be required to make any such transfer and assignment
hereunder. Each Lender hereby grants to the Administrative Agent an irrevocable power
of attorney (which power is coupled with an interest) to execute and deliver, on behalf of
such Lender, as assignor, any Assignment and Acceptance necessary to effectuate any
assignment of such Lender’s interests hereunder in the circumstances contemplated by
this Section 2.21(a).

(b) If (i) any Lender shall request compensation under Section 2.14, (ii) any
Lender delivers a notice described in Section 2.15 or (iii) the Borrower is required to pay
any Indemnified Taxes or any additional amount to any Lender or any Governmental
Authority for the account of any Lender, pursuant to Section 2.20, then such Lender shall
use reasonable efforts (which shall not require such Lender to incur an unreimbursed loss
or unreimbursed cost or expense or otherwise take any action inconsistent with its
internal policies or legal or regulatory restrictions or suffer any disadvantage or burden
deemed by it to be significant) (x) to file any certificate or document reasonably
requested in writing by the Borrower or (y) to assign its rights and delegate and transfer
its obligations hereunder to another of its offices, branches or affiliates, if such filing or
assignment would reduce its claims for compensation under Section 2.14 or enable it to
withdraw its notice pursuant to Section 2.15 or would reduce amounts payable pursuant
to Section 2.20, as the case may be, in the future. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such filing
or assignment, delegation and transfer.

ARTICLE III
Representations and Warranties

Each of Holdings and the Borrower represents and warrants to the Administrative
Agent and each of the Lenders that:

SECTION 3.01. Organization; Powers. Each of Holdings, the Borrower and
each of the Restricted Subsidiaries (a) is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization, (b) has all requisite power
and authority to own its property and assets and to carry on its business as now conducted
and as proposed to be conducted, (c) is qualified to do business in, and is in good

EXHIBIT D

standing in, every jurisdiction where such qualification is required, except where the
failure so to qualify could not reasonably be expected to result in a Material Adverse
Effect, and (d) has the power and authority to execute, deliver and perform its obligations
under each of the Loan Documents and each other agreement or instrument contemplated
thereby to which it is or will be a party and, in the case of the Borrower, to borrow
hereunder.

SECTION 3.02. Authorization. The Transactions (a) have been duly authorized
by all requisite corporate or other organizational and, if required, stockholder action and
(b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the
certificate or articles of incorporation or other constitutive documents or by-laws of
Holdings, the Borrower or any other Restricted Subsidiary, (B) any order of any
Governmental Authority or (C) any provision of any indenture, agreement or other
instrument to which Holdings, the Borrower or any other Restricted Subsidiary is a party
or by which any of them or any of their property is or may be bound, (ii) be in conflict
with, result in a breach of or constitute (alone or with notice or lapse of time or both) a
default under, or give rise to any right to accelerate or to require the prepayment,
repurchase or redemption of any obligation under any such indenture, agreement or other
instrument or (iii) result in the creation or imposition of any Lien upon or with respect to
any property or assets now owned or hereafter acquired by Holdings, the Borrower or any
other Restricted Subsidiary (other than any Lien created hereunder, under the Security
Documents or under the Senior Secured Notes Documents).

SECTION 3.03. Enforceability. This Agreement has been duly executed and
delivered by Holdings and the Borrower and constitutes, and each other Loan Document
when executed and delivered by each Loan Party party thereto will constitute, a legal,
valid and binding obligation of such Loan Party enforceable against such Loan Party in
accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability.

SECTION 3.04. Governmental Approvals. No action, consent or approval of,
registration or filing with or any other action by any Governmental Authority is or will be
required in connection with the Transactions, except for (a) the filing of Uniform
Commercial Code financing statements and filings with the United States Patent and
Trademark Office and the United States Copyright Office and (b) such as have been
made or obtained and are in full force and effect.

SECTION 3.05. Financial Statements. (a) Holdings has heretofore furnished to
the Lenders the consolidated balance sheets and related statements of operations and
comprehensive income, member capital and cash flows of Diamond Resorts Parent, LLC
(i) as of and for the fiscal year ended December 31, 2012, audited by and accompanied by
the opinion of BDO USA, LLP, independent registered public accounting firm, and (ii) as
of and for the fiscal quarters ended March 31, 2013 and June 30, 2013. Such financial
statements present fairly the financial condition and results of operations and cash flows

EXHIBIT D

of Diamond Resorts Parent, LLC and its consolidated Subsidiaries as of such date and for
such period. Such balance sheets and the notes thereto disclose all material liabilities,
direct or contingent, of Diamond Resorts Parent LLC and its consolidated Subsidiaries as
of the date thereof. Such financial statements were prepared in accordance with GAAP
applied on a consistent basis.

(b) Holdings has heretofore furnished to the Lenders the consolidated balance
sheets and related statements of operations, stockholder’s deficit and cash flows of
Pacific Monarch Resorts, Inc. (i) as of and for the fiscal year ended December 31, 2011,
audited by and accompanied by the opinion of BDO USA, LLP, independent registered
public accounting firm, and (ii) as of and for the fiscal quarter ended March 31, 2012.
Such financial statements present fairly the financial condition and results of operations
and cash flows of Pacific Monarch Resorts, Inc. and its consolidated Subsidiaries as of
such date and for such period. Such balance sheets and the notes thereto disclose all
material liabilities, direct or contingent, of Pacific Monarch Resorts, Inc. and its
consolidated Subsidiaries as of the date thereof. Such financial statements were prepared
in accordance with GAAP applied on a consistent basis

(c) Holdings has heretofore furnished to the Lenders the consolidated balance
sheets and related statements of operations, stockholder’s equity and cash flows of Island
One, Inc. (i) as of and for the fiscal year ended December 31, 2012, audited by and
accompanied by the opinion of Cross, Fernandez & Riley LLP, independent registered
public accounting firm, and (ii) as of and for the fiscal quarter ended March 31, 2013.
Such financial statements present fairly the financial condition and results of operations
and cash flows of Island One, Inc. and its consolidated Subsidiaries as of such date and
for such period. Such balance sheets and the notes thereto disclose all material liabilities,
direct or contingent, of Island One, Inc. and its consolidated Subsidiaries as of the date
thereof. Such financial statements were prepared in accordance with GAAP applied on a
consistent basis.

(d) Holdings has heretofore furnished to the Lenders the consolidated balance
sheets and related statements of income, equity and cash flows of PMR Service
Companies (i) as of and for the fiscal year ended December 31, 2012, audited by and
accompanied by the opinion of BDO USA, LLP, independent registered public
accounting firm, and (ii) as of and for the fiscal quarter ended March 31, 2013. Such
financial statements present fairly the financial condition and results of operations and
cash flows of PMR Service Companies and its consolidated Subsidiaries as of such date
and for such period. Such balance sheets and the notes thereto disclose all material
liabilities, direct or contingent, of PMR Service Companies and its consolidated
Subsidiaries as of the date thereof. Such financial statements were prepared in
accordance with GAAP applied on a consistent basis.

SECTION 3.06. No Material Adverse Change. No event, change or condition
has occurred that has had, or could reasonably be expected to have, a material adverse
effect on the business, assets, liabilities, operations, condition (financial or otherwise),

EXHIBIT D

operating results or prospects of Holdings, the Borrower and the other Restricted
Subsidiaries, taken as a whole, since December 31, 2012.

SECTION 3.07. Title to Properties; Possession Under Leases. (a) Each of
Holdings, the Borrower and the other Restricted Subsidiaries has good and marketable
title to (including, in the case of real property, fee interests in) or valid leasehold interests
in all its material properties and assets (including real property), except for minor defects
in title that do not interfere with its ability to conduct its business as currently conducted
or to utilize such properties and assets for their intended purposes. All such material
properties and assets are free and clear of Liens, other than Permitted Liens.
(b) Each of Holdings, the Borrower and the other Restricted Subsidiaries has
complied with all obligations under all material leases to which it is a party and all such
leases are in full force and effect. Each of Holdings, the Borrower and the other
Restricted Subsidiaries enjoys peaceful and undisturbed possession under all such
material leases.

SECTION 3.08. Subsidiaries. (a) Schedule 3.08(a) sets forth as of the Closing
Date a list of all Restricted Subsidiaries and the percentage ownership interest of
Holdings, the Borrower and its Restricted Subsidiaries therein and the jurisdiction of
incorporation of each Restricted Subsidiary. The shares of capital stock or other
ownership interests so indicated on Schedule 3.08 are fully paid and non-assessable and
are owned by Holdings, directly or indirectly, free and clear of all Liens other than
Permitted Liens.

(b) Schedule 3.08(b) sets forth as of the Closing Date a complete and accurate
list of all Unrestricted Subsidiaries, the percentage ownership interest of Holdings, the
Borrower or any other Subsidiary therein and the jurisdiction of incorporation of each
Unrestricted Subsidiary. The shares of capital stock or other ownership interests so
indicated on Schedule 3.08(b) are fully paid and non-assessable and are owned by
Holdings, directly or indirectly, free and clear of all Liens other than Permitted Liens.

SECTION 3.09. Litigation; Compliance with Laws. (a) Except as set forth on
Schedule 3.09, there are no actions, suits or proceedings at law or in equity or by or
before any Governmental Authority now pending or, to the knowledge of Holdings or the
Borrower, threatened against or affecting Holdings, the Borrower or any Subsidiary or
any business, property or rights of any such person (i) that involve any Loan Document
or the Transactions or (ii) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect.

(b) Since the date of this Agreement, there has been no change in the status of
the matters disclosed on Schedule 3.09 that, individually or in the aggregate, has resulted
in, or materially increased the likelihood of, a Material Adverse Effect.

(c) None of Holdings, the Borrower or any of the Restricted Subsidiaries or any

EXHIBIT D

of their respective material properties or assets is in violation of, nor will the continued
operation of their material properties and assets as currently conducted violate, any law,
rule or regulation (including any zoning, building, ordinance, code or approval or any
building permits), or is in default with respect to any judgment, writ, injunction, decree or
order of any Governmental Authority, in each case where such violation or default could
reasonably be expected to result in a Material Adverse Effect.

SECTION 3.10. Agreements. (a) None of Holdings, the Borrower or any of the
Restricted Subsidiaries is a party to any agreement or instrument or subject to any
corporate restriction that has resulted or could reasonably be expected to result in a
Material Adverse Effect.

(b) None of Holdings, the Borrower or any of the Restricted Subsidiaries is in
default in any manner under any provision of any indenture or other agreement or
instrument evidencing Indebtedness, or any other material agreement or instrument to
which it is a party or by which it or any of its properties or assets are or may be bound,
where such default could reasonably be expected to result in a Material Adverse Effect.

SECTION 3.11. Federal Reserve Regulations. (a) None of Holdings, the
Borrower or any of the Restricted Subsidiaries is engaged principally, or as one of its
important activities, in the business of extending credit for the purpose of buying or
carrying Margin Stock.

(b) No part of the proceeds of any Loan will be used, whether directly or
indirectly, and whether immediately, incidentally or ultimately, for any purpose that
entails a violation of, or that is inconsistent with, the provisions of the Regulations of the
Board, including Regulation T, U or X.

SECTION 3.12. Investment Company Act. None of Holdings, the Borrower or
any other Restricted Subsidiary is an “investment company” as defined in, or subject to
regulation under, the Investment Company Act of 1940, as amended.

SECTION 3.13. Use of Proceeds. The Borrower will use the proceeds of the
Loans only for the purposes specified in the introductory statement to this Agreement and
not to purchase or carry Margin Stock.

SECTION 3.14. Tax Returns. Each of Holdings, the Borrower and the
Subsidiaries has filed or caused to be filed all material Federal, state, local and foreign
tax returns or materials required to have been filed by it with a Governmental Authority
and has paid or caused to be paid all material taxes due and payable by it and all
assessments received by it, except (a) Taxes that are being contested in good faith by
appropriate proceedings and for which Holdings, the Borrower or such Subsidiary, as
applicable, shall have set aside on its books adequate reserves or (b) to the extent the
failure to file any tax returns or materials or pay any Taxes could not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect.

EXHIBIT D

SECTION 3.15. No Material Misstatements. No information, report, financial
statement, exhibit or schedule furnished by or on behalf of Holdings or the Borrower to
the Administrative Agent or any Lender in connection with the negotiation of any Loan
Document or included therein or delivered pursuant thereto contained, contains or will
contain any material misstatement of fact or omitted, omits or will omit to state any
material fact necessary to make the statements therein, in the light of the circumstances
under which they were, are or will be made, not misleading; provided that to the extent
any such information, report, financial statement, exhibit or schedule was based upon or
constitutes a forecast or projection, each of Holdings and the Borrower represents only
that such forecasts and projections have been prepared in good faith based upon
accounting principles consistent with the applicable historical audited financial
statements and upon assumptions that are reasonable at the time made and at the time
such forecasts and projections were made available to the Administrative Agent or any
Lender.

SECTION 3.16. Employee Benefit Plans. (a) The Borrower and each of its
ERISA Affiliates is in compliance in all material respects with the applicable provisions
of ERISA and the Code and the regulations and published interpretations thereunder. No
ERISA Event has occurred or is reasonably expected to occur that, when taken together
with all other such ERISA Events, could reasonably be expected to result in material
liability of the Borrower or any of its ERISA Affiliates. The present value of all benefit
liabilities under each Plan (based on the assumptions used for purposes of Accounting
Standard Codifications No. 715, as amended or revised from time to time) did not, as of
the last annual valuation date applicable thereto, exceed by more than $1,000,000 the fair
market value of the assets of such Plan, and the present value of all benefit liabilities of
all underfunded Plans (based on the assumptions used for purposes of Accounting
Standard Codifications No. 715, as amended or revised from time to time) did not, as of
the last annual valuation dates applicable thereto, exceed by more than $1,000,000 the
fair market value of the assets of all such underfunded Plans.

(b) Each Foreign Pension Plan is in compliance with all requirements of law
applicable thereto and the respective requirements of the governing documents for such
plan, except as could not reasonably be expected, individually or in the aggregate, to
result in a Material Adverse Effect. With respect to each Foreign Pension Plan, none of
Holdings or its Affiliates or any of their respective directors, officers, employees or
agents has engaged in a transaction that could subject Holdings, the Borrower or any
other Subsidiary, directly or indirectly, to a tax or civil penalty that could reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect. With
respect to each Foreign Pension Plan, reserves have been established in the financial
statements furnished to Lenders in respect of any unfunded liabilities in accordance with
applicable law and prudent business practice or, where required, in accordance with
ordinary accounting practices in the jurisdiction in which such Foreign Pension Plan is
maintained. The aggregate unfunded liabilities with respect to such Foreign Pension
Plans could not reasonably be expected to result in a Material Adverse Effect; the present

EXHIBIT D

value of the aggregate accumulated benefit liabilities of all such Foreign Pension Plans
(based on those assumptions used to fund each such Foreign Pension Plan) did not, as of
the last annual valuation date applicable thereto, exceed the fair market value of the
assets of all such Foreign Pension Plans by an amount that, if required to be paid by
Holdings and the Subsidiaries, could reasonably be expected to result in a Material
Adverse Effect.

SECTION 3.17. Environmental Matters. (a) Except as set forth in
Schedule 3.17 and except with respect to any other matters that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect, none
of Holdings, the Borrower or any of the Restricted Subsidiaries (i) has failed to comply
with any Environmental Law or to obtain, maintain or comply with any permit, license or
other approval required under any Environmental Law, (ii) has become subject to any
Environmental Liability, (iii) has received notice of any claim with respect to any
Environmental Liability or (iv) knows of any basis for any Environmental Liability.

(b) Since the date of this Agreement, there has been no change in the status of
the matters disclosed on Schedule 3.17 that, individually or in the aggregate, has resulted
in, or materially increased the likelihood of, a Material Adverse Effect.

SECTION 3.18. Insurance. Schedule 3.18 sets forth a true, complete and correct
description of all insurance maintained by or on behalf of Holdings, the Borrower and the
other Restricted Subsidiaries as of the Closing Date. As of such date, such insurance is in
full force and effect and all premiums have been duly paid. Holdings, the Borrower and
the other Restricted Subsidiaries have insurance in such amounts and covering such risks
and liabilities as are in accordance with normal industry practice.

SECTION 3.19. Security Documents. (a) The Security Agreement, upon
execution and delivery thereof by the parties thereto, will create in favor of the Collateral
Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable
security interest in the Collateral (as defined in the Security Agreement) and the proceeds
thereof and when financing statements or other filings in appropriate form are filed in the
offices specified on Schedule 3.19(a) (or, in the case of Collateral delivered after the date
hereof in accordance with the provisions of Section 5.12, in the appropriate filing
offices), the Lien created under the Security Agreement will constitute a fully perfected
Lien on, and security interest in, all right, title and interest of the Loan Parties in such
Collateral (other than Intellectual Property), in each case prior and superior in right to any
other person, other than Permitted Liens that may take priority as a matter of law, and as
otherwise provided in the Pari Passu Intercreditor Agreement.

(b) Upon the recordation of the Security Agreement (or a short-form security
agreement in form and substance reasonably satisfactory to the Borrower and the
Administrative Agent) with the United States Patent and Trademark Office and the
United States Copyright Office, together with the financing statements or such other
filings in appropriate form filed in the offices specified on Schedule 3.19(a) (or, in the

EXHIBIT D

case of Collateral delivered after the date hereof in accordance with the provisions of
Section 5.12, in the appropriate filing offices), the Lien created under the Security
Agreement shall constitute a fully perfected Lien on, and security interest in, all right,
title and interest of the Loan Parties in the Intellectual Property registered or applied for
with the United States Patent and Trademark Office or Copyrights (as defined in the
Security Agreement) registered or applied for with the United States Copyright Office, as
the case may be, in each case prior and superior in right to any other person other than
Permitted Liens that may take priority as a matter of law, and as otherwise provided in
the Pari Passu Intercreditor Agreement (it being understood that subsequent recordings in
the United States Patent and Trademark Office and the United States Copyright Office
may be necessary to perfect a Lien on registered or applied for Patents, Trademarks or
Copyrights (each as defined in the Security Agreement), acquired by the Loan Parties
after the date hereof).

SECTION 3.20. Labor Matters. As of the Closing Date, there are no strikes,
lockouts or slowdowns against Holdings, the Borrower or any other Subsidiary pending
or, to the knowledge of Holdings or the Borrower, threatened. The hours worked by and
payments made to employees of Holdings, the Borrower and the other Subsidiaries have
not been in violation of the Fair Labor Standards Act or any other applicable Federal,
state, local or foreign law dealing with such matters, except any violations that could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect. All payments due from Holdings, the Borrower or any other Subsidiary, or for
which any claim may be made against Holdings, the Borrower or any other Subsidiary,
on account of wages and employee health and welfare insurance and other benefits, have
been paid or accrued as a liability on the books of Holdings, the Borrower or such other
Subsidiary. The consummation of the Transactions will not give rise to any right of
termination or right of renegotiation on the part of any union under any collective
bargaining agreement to which Holdings, the Borrower or any other Subsidiary is bound.

SECTION 3.21. Solvency. Immediately after the consummation of the
Transactions to occur on the Closing Date and immediately following the making of each
Loan and after giving effect to the application of the proceeds of each Loan (if any) on
the Closing Date, (a) the fair value of the assets of Holdings, the Borrower and the other
Restricted Subsidiaries on a consolidated basis, at a fair valuation, will exceed the total
debts and liabilities, subordinated, contingent or otherwise, of Holdings, the Borrower
and the other Restricted Subsidiaries; (b) the present fair saleable value of the property of
Holdings, the Borrower and the other Restricted Subsidiaries will be greater than the
amount that will be required to pay the probable liability of the total debts and other
liabilities, subordinated, contingent or otherwise, of Holdings, the Borrower and the other
Restricted Subsidiaries as such debts and other liabilities become absolute and matured;
(c) Holdings, the Borrower and the Restricted Subsidiaries will be able to pay their debts
and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured; and (d) Holdings, the Borrower and the other Restricted
Subsidiaries will not have unreasonably small capital with which to conduct the business
in which they are engaged as such business is now conducted and is proposed to be

EXHIBIT D

conducted following the Closing Date.

SECTION 3.22. Sanctioned Persons. To the extent applicable, Holdings, the
Borrower and each other Subsidiary is in compliance, in all material respects, with (a) the
Trading with the Enemy Act, as amended, and each of the foreign assets control
regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as
amended) and any other enabling legislation or executive order relating thereto, and (b)
the USA PATRIOT Act. None of Holdings, the Borrower or any other Subsidiary or any
director, officer, agent, employee or Affiliate of Holdings, the Borrower or any other
Subsidiary is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”). No part of the
proceeds of Loans will be used, directly or indirectly, or otherwise made available (i) for
any payments to any officer or employee of a Governmental Authority, or any person
controlled by a Governmental Authority, or any political party, official of a political
party, candidate for political office, or anyone else acting in an official capacity, in order
to obtain, retain or direct business or obtain any improper advantage, in violation of the
United States Foreign Corrupt Practices Act of 1977, as amended, or (ii) to any person,
for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC.

SECTION 3.23. Intellectual Property. Holdings, the Borrower and the other
Restricted Subsidiaries own, or possess the right to use, all of the trademarks, service
marks, trade names, copyrights, patents, patent rights, franchises, licenses and other
intellectual property rights that are reasonably necessary for the operation of their
respective businesses, without conflict with the rights of any other person.

ARTICLE IV
Conditions of Lending

The obligations of the Lenders to make Loans hereunder are subject to the
satisfaction of the following conditions:

SECTION 4.01. All Borrowings. On the date of each Borrowing (other than a
conversion or a continuation of a Borrowing):

(a) The Administrative Agent shall have received a notice of such Borrowing as
required by Section 2.03.

(b) The representations and warranties set forth in Article III and in each other
Loan Document shall be true and correct in all material respects on and as of the date of
such Borrowing with the same effect as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties shall have been true and correct in all material
respects on and as of such earlier date.

EXHIBIT D

(c) At the time of and immediately after such Borrowing, no Default or Event of
Default shall have occurred and be continuing.
Each Borrowing shall be deemed to constitute a representation and warranty by
the Borrower on the date of such Borrowing as to the matters specified in paragraphs (b)
and (c) of this Section 4.01.

SECTION 4.02. First Borrowing. On the Closing Date:

(a) The Administrative Agent shall have received, on behalf of itself and the
Lenders, a favorable written opinion of (i) Katten Muchin Rosenman LLP, counsel for
the Borrower, substantially to the effect set forth in Exhibit F-1, and (ii) each local
counsel listed on Schedule 4.02(a), substantially to the effect set forth in Exhibits F-2
through F-5, in each case (A) dated the Closing Date, (B) addressed to the Administrative
Agent, the Collateral Agent and the Lenders, and (C) covering such other matters relating
to the Loan Documents and the Transactions as the Administrative Agent shall
reasonably request, and the Borrower hereby requests such counsel to deliver such
opinions.

(b) All legal matters incident to this Agreement, the Borrowings and extensions
of credit hereunder and the other Loan Documents shall be satisfactory to the Lenders
and to the Administrative Agent.

(c) The Administrative Agent shall have received (i) a copy of the certificate or
articles of incorporation, including all amendments thereto, of each Loan Party, certified
as of a recent date by the Secretary of State of the state of its organization, and a
certificate as to the good standing of each Loan Party as of a recent date, from such
Secretary of State; (ii) a certificate of the Secretary or Assistant Secretary of each Loan
Party dated the Closing Date and certifying (A) that attached thereto is a true and
complete copy of the by-laws of such Loan Party as in effect on the Closing Date and at
all times since a date prior to the date of the resolutions described in clause (B) below,
(B) that attached thereto is a true and complete copy of resolutions duly adopted by the
Board of Directors of such Loan Party authorizing the execution, delivery and
performance of the Loan Documents to which such person is a party and, in the case of
the Borrower, the borrowings hereunder, and that such resolutions have not been
modified, rescinded or amended and are in full force and effect, (C) that the certificate or
articles of incorporation of such Loan Party have not been amended since the date of the
last amendment thereto shown on the certificate of good standing furnished pursuant to
clause (i) above, and (D) as to the incumbency and specimen signature of each officer
executing any Loan Document or any other document delivered in connection herewith
on behalf of such Loan Party; (iii) a certificate of another officer as to the incumbency
and specimen signature of the Secretary or Assistant Secretary executing the certificate
pursuant to clause (ii) above; and (iv) such other documents as the Lenders or the
Administrative Agent may reasonably request.

EXHIBIT D

(d) The Administrative Agent shall have received a certificate, dated the Closing
Date and signed by a Financial Officer of the Borrower, confirming compliance with the
conditions precedent set forth in paragraphs (b) and (c) of Section 4.01.

(e) The Administrative Agent shall have received from the Borrower (i) for the
account of each Lender on the Closing Date, an upfront fee in an amount equal to 1.00%
of the Commitment of such Lender on the Closing Date, and (ii) all other amounts due
and payable on or prior to the Closing Date, including, to the extent invoiced,
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or
paid by the Borrower hereunder or under any other Loan Document.

(f) The Engagement Letter, the Guarantee Agreement, the Security Agreement,
the Pari Passu Intercreditor Agreement and the other Security Documents shall have been
duly executed by each Loan Party that is to be a party thereto and shall be in full force
and effect on the Closing Date. The Collateral Agent on behalf of the Secured Parties
shall have a shared first-priority security interest in the Collateral of the type described in
each Security Document.

(g) The Administrative Agent shall have received the Perfection Certificate with
respect to the Loan Parties dated the Closing Date and duly executed by a Responsible
Officer of the Borrower, and shall have received the results of a search of the Uniform
Commercial Code filings (or equivalent filings) made with respect to the Loan Parties in
the states (or other jurisdictions) of formation of such persons, as indicated on the
Perfection Certificate, together with copies of the financing statements (or similar
documents) disclosed by such search, and accompanied by evidence satisfactory to the
Administrative Agent that the Liens indicated in any such financing statement (or similar
document) would be Permitted Liens or have been or will be contemporaneously released
or terminated.

(h) The Administrative Agent shall have received a copy of, or a certificate as to
coverage under, the insurance policies required by Section 5.02 and the applicable
provisions of the Security Documents, each of which shall be endorsed or otherwise
amended to include a customary lender’s loss payable endorsement and to name the
Collateral Agent as additional insured, in form and substance reasonably satisfactory to
the Administrative Agent.

(i) Holdings shall have applied the net proceeds from the Holdings IPO as
disclosed under the caption “Use of Proceeds” in the Registration Statement (other than
any such application that by its nature or terms cannot be completed on or prior to the
date hereof).

(j) Immediately after giving effect to the Transactions and the other transactions
contemplated hereby, Holdings, the Borrower and the other Restricted Subsidiaries shall
have outstanding no Indebtedness other than (a) Indebtedness outstanding under this
Agreement, (b) Indebtedness outstanding under the Senior Secured Notes Indenture, (c)

EXHIBIT D

Indebtedness permitted under the Senior Secured Notes Indenture and (d) Indebtedness
outstanding and set forth on Schedule 4.02(j).

(k) The Lenders shall have received the financial statements and opinions
referred to in Section 3.05, none of which shall demonstrate a material adverse change in
the financial condition of Holdings, the Borrower and the other Restricted Subsidiaries
taken as a whole from (and shall not otherwise be materially inconsistent with) the
financial statements or forecasts previously provided to the Lenders.

(l) The Administrative Agent shall have received a certificate from a Financial
Officer of Holdings, in form and substance reasonably satisfactory to the Administrative
Agent, certifying that Holdings, the Borrower and the other Restricted Subsidiaries, on a
consolidated basis after giving effect to the Transactions to occur on the Closing Date,
are solvent (determined in a manner consistent with the representation in Section 3.21).

(m) The Lenders shall have received, to the extent requested, all documentation
and other information required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including the USA
PATRIOT Act.

(n) All requisite Governmental Authorities and third parties shall have approved
or consented to the Transactions and the other transactions contemplated hereby to the
extent required, all applicable appeal periods shall have expired and there shall not be any
pending or threatened litigation, governmental, administrative or judicial action that
could reasonably be expected to restrain, prevent or impose burdensome conditions on
the Transactions or the other transactions contemplated hereby. There shall be no
actions, suits or proceedings at law or in equity or by or before any Governmental
Authority now pending or threatened against or affecting Holdings, the Borrower or any
other Subsidiary or any business, property or rights of any such person that involve any
Loan Document or the Transactions.

ARTICLE V
Affirmative Covenants

Each of Holdings and the Borrower covenants and agrees with each Lender that
so long as this Agreement shall remain in effect and until the Commitments have been
terminated and the principal of and interest on each Loan, all Fees and all other expenses
or amounts payable under any Loan Document shall have been paid in full, unless the
Required Lenders shall otherwise consent in writing, each of Holdings and the Borrower
will, and will cause each of the Restricted Subsidiaries to:

SECTION 5.01. Existence; Compliance with Laws; Businesses and Properties.
(a) Do or cause to be done all things necessary to preserve, renew and keep in full force
and effect its legal existence, except as would otherwise be permitted in compliance with

EXHIBIT D

Article VI.

(b) Do or cause to be done all things necessary to obtain, preserve, renew, extend
and keep in full force and effect the rights, licenses, permits, franchises, authorizations,
patents, copyrights, trademarks and trade names material to the conduct of its business;
maintain and operate such business in substantially the manner in which it is presently
conducted and operated; comply in all material respects with all applicable laws, rules,
regulations and decrees and orders of any Governmental Authority, whether now in effect
or hereafter enacted; and at all times maintain and preserve all property material to the
conduct of such business and keep such property in good repair, working order and
condition and from time to time make, or cause to be made, all needful and proper
repairs, renewals, additions, improvements and replacements thereto necessary in order
that the business carried on in connection therewith may be properly conducted at all
times.

SECTION 5.02. Insurance. (a) Keep its insurable properties adequately insured
at all times by financially reputable insurers; maintain such other insurance, to such
extent and against such risks, including fire and other risks insured against by extended
coverage, as is customary with companies in the same or similar businesses operating in
the same or similar locations, including public liability insurance against claims for
personal injury or death or property damage occurring upon, in, about or in connection
with the use of any properties owned, occupied or controlled by it; and maintain such
other insurance as may be required by law.

(b) Cause all such policies covering any Collateral to be endorsed or otherwise
amended to include a customary lender’s loss payable endorsement, in form and
substance satisfactory to the Administrative Agent.

SECTION 5.03. Obligations and Taxes. Pay its Indebtedness and other
obligations promptly and in accordance with their terms and pay and discharge promptly
when due all material taxes, assessments and governmental charges or levies imposed
upon it or upon its income or profits or in respect of its property, as well as all lawful
claims for labor, materials and supplies or otherwise, before the same shall become
delinquent or in default, that, if unpaid, might give rise to a Lien upon such properties or
any part thereof; provided, however, that such payment and discharge shall not be
required with respect to any such tax, assessment, charge, levy or claim so long as the
validity or amount thereof shall be contested in good faith by appropriate proceedings
and Holdings shall have set aside on its books adequate reserves with respect thereto in
accordance with GAAP and, with respect to a contested obligation, such contest operates
to suspend collection and enforcement of a Lien.

SECTION 5.04. Financial Statements, Reports, etc. In the case of Holdings,
furnish to the Administrative Agent, which shall furnish to each Lender:

(a) within 90 days after the end of each fiscal year, beginning with the fiscal year

EXHIBIT D

ended December 31, 2013, (i) its consolidated balance sheet and related statements of
operations and comprehensive income, stockholders’ equity and cash flows showing the
financial condition of Holdings and its consolidated Subsidiaries as of the close of such
fiscal year and the results of its operations and the operations of such Subsidiaries during
such year, together with comparative figures for the immediately preceding fiscal year,
all audited by BDO USA, LLP or any other independent registered public accounting
firm of recognized national standing and (ii) an opinion of such accountants (which
opinion shall be without a “going concern” explanatory note or any similar qualification
or exception and without any qualification or exception as to the scope of such audit) to
the effect that the consolidated financial statements delivered pursuant to clause (i) above
fairly present the financial condition and results of operations of Holdings and its
consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied;

(b) within 45 days after the end of each of the first three fiscal quarters of each
fiscal year, beginning with the fiscal quarter ending September 30, 2013, (i) its
consolidated balance sheet and related statements of operations and comprehensive
income, stockholders’ equity and cash flows showing the financial condition of Holdings
and its consolidated Subsidiaries as of the close of such fiscal quarter and the results of its
operations and the operations of such Subsidiaries during such fiscal quarter and the then
elapsed portion of the fiscal year, and comparative figures for the same periods in the
immediately preceding fiscal year and (ii) a certificate of a Financial Officer of Holdings
certifying that the consolidated financial statements delivered pursuant to clause (i) above
fairly present the financial condition and results of operations of Holdings and its
consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments;

(c) notwithstanding the foregoing, (i) in the event that Holdings delivers to the
Administrative Agent an Annual Report for Holdings on Form 10-K for such fiscal year,
as filed with the SEC, within 90 days after the end of such fiscal year, such Form 10-K
shall satisfy the requirements of paragraph (a) above; provided that, such Form 10-K,
when filed with the SEC, is accompanied by an opinion of BDO USA, LLP or any other
independent registered public accounting firm of recognized national standing that
satisfies the requirements of clause (ii) of paragraph (a) above and (ii) in the event that
Holdings delivers to the Administrative Agent a Quarterly Report for Holdings on Form
10-Q for such fiscal quarter, as filed with the SEC, within 45 days after the end of such
fiscal quarter, such Form 10-Q shall satisfy the requirements of paragraph (b) above;

(d) concurrently with any delivery of financial statements under paragraph (a) or
(b) above, a certificate of a Financial Officer of Holdings in the form of Exhibit H (i)
certifying that no Event of Default or Default has occurred or, if such an Event of Default
or Default has occurred, specifying the nature and extent thereof and any corrective
action taken or proposed to be taken with respect thereto and (ii) setting forth
computations in reasonable detail satisfactory to the Administrative Agent demonstrating
compliance with the covenants contained in Sections 6.03;

EXHIBIT D

(e) concurrently with the delivery of financial statements under paragraph (a) or
(b) above, (i) such financial statements (in substantially the same form) prepared on the
basis of consolidating the accounts of Holdings, the Borrower and the other Restricted
Subsidiaries and treating the Unrestricted Subsidiaries as if they were not consolidated
with Holdings and otherwise eliminating all accounts of Unrestricted Subsidiaries, and
(ii) a certificate of a Financial Officer of Holdings stating that such financial statements
accurately reflect all adjustments necessary to treat the Unrestricted Subsidiaries as if
they were not consolidated with Holdings and to otherwise eliminate all accounts of the
Unrestricted Subsidiaries and reflect no other adjustments from the related GAAP
financial statements (except as otherwise disclosed in such financial statements);

(f) promptly after the same become publicly available, copies of all periodic and
other reports, proxy statements and other materials filed by Holdings, the Borrower or
any other Restricted Subsidiary with the SEC, or any Governmental Authority succeeding
to any or all of the functions of the SEC, or with any national securities exchange, or
distributed to its shareholders, as the case may be;

(g) promptly after the receipt thereof by Holdings, the Borrower or any of the
Restricted Subsidiaries, a copy of any “management letter” received by any such person
from its certified public accountants and the management’s response thereto;

(h) promptly after the request by any Lender, all documentation and other
information that such Lender reasonably requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the USA PATRIOT Act;

(i) promptly after the request by the Administrative Agent or any Lender, copies
of (i) any documents described in Section 101(k)(1) of ERISA that the Borrower or any
of its ERISA Affiliates may request with respect to any Multiemployer Plan and (ii) any
notices described in Section 101(l)(1) of ERISA that the Borrower or any of its ERISA
Affiliates may request with respect to any Multiemployer Plan; provided that if the
Borrower or any of its ERISA Affiliates has not requested such documents or notices
from the administrator or sponsor of the applicable Multiemployer Plan, the Borrower or
the applicable ERISA Affiliate shall promptly make a request for such documents or
notices from such administrator or sponsor and shall provide copies of such documents
and notices promptly after receipt thereof; and

(j) promptly, from time to time, such other information regarding the operations,
business affairs and financial condition of Holdings, the Borrower or any other Restricted
Subsidiary, or compliance with the terms of any Loan Document, as the Administrative
Agent or any Lender may reasonably request.
Information required to be delivered pursuant to clause (a), (b) or (f) of this Section shall
be deemed to have been delivered if such information shall be publicly available on the
website of the SEC at http://www.sec.gov. Information required to be delivered pursuant

EXHIBIT D

to this Section may also be delivered by electronic communications pursuant to
procedures approved by the Administrative Agent.

SECTION 5.05. Litigation and Other Notices. Furnish to the Administrative
Agent and each Lender prompt written notice of the following:

(a) any Event of Default or Default, specifying the nature and extent thereof and
the corrective action (if any) taken or proposed to be taken with respect thereto;

(b) the filing or commencement of, or any threat or notice of intention of any
person to file or commence, any action, suit or proceeding, whether at law or in equity or
by or before any Governmental Authority, against the Borrower or any of its Affiliates
that could reasonably be expected to result in a Material Adverse Effect;

(c) the occurrence of any ERISA Event that, alone or together with any other
ERISA Event that has occurred, could reasonably be expected to result in liability of
Holdings and the Subsidiaries in an aggregate amount exceeding $1,000,000;

(d) any development that has resulted in, or could reasonably be expected to
result in, a Material Adverse Effect.

SECTION 5.06. Information Regarding Collateral. Furnish to the
Administrative Agent prompt written notice of any change (i) in any Loan Party’s
corporate name, (ii) in the jurisdiction of organization or formation of any Loan Party,
(iii) in any Loan Party’s identity or corporate structure or (iv) in any Loan Party’s Federal
Taxpayer Identification Number. Each of Holdings and the Borrower agrees not to effect
or permit any change referred to in the preceding sentence unless all filings have been
made under the Uniform Commercial Code or otherwise that are required in order for the
Collateral Agent to continue at all times following such change to have a valid, legal and
perfected security interest in all the Collateral. Each of Holdings and the Borrower also
agrees promptly to notify the Administrative Agent if any material portion of the
Collateral is damaged or destroyed.

SECTION 5.07. Maintaining Records; Access to Properties and Inspections;
Maintenance of Ratings. (a) Keep proper books of record and account in which full,
true and correct entries in conformity with GAAP and all requirements of law are made
of all dealings and transactions in relation to its business and activities. Each Loan Party
will, and will cause each of its subsidiaries to, permit any representatives designated by
the Administrative Agent or any Lender to visit and inspect the financial records and the
properties of such person at reasonable times and as often as reasonably requested and to
make extracts from and copies of such financial records, and permit any representatives
designated by the Administrative Agent or any Lender to discuss the affairs, finances and
condition of such person with the officers thereof and independent accountants therefor.

(b) In the case of the Borrower, use commercially reasonable efforts to maintain

EXHIBIT D

a public corporate credit rating from S&P and a public corporate family rating from
Moody’s, in each case in respect of the Borrower.

SECTION 5.08. Use of Proceeds. Use the proceeds of the Loans only for the
purposes specified in the introductory statement to this Agreement.

SECTION 5.09. Employee Benefits. (a) Comply in all material respects with the
applicable provisions of ERISA and the Code and (b) furnish to the Administrative Agent
as soon as possible after, and in any event within ten days after any responsible officer of
Holdings, the Borrower or any ERISA Affiliate knows or has reason to know that, any
ERISA Event has occurred that, alone or together with any other ERISA Event could
reasonably be expected to result in liability of the Borrower or any ERISA Affiliate in an
aggregate amount exceeding $1,000,000, a statement of a Financial Officer of Holdings,
setting forth details as to such ERISA Event and the action, if any, that Holdings or the
Borrower proposes to take with respect thereto.

SECTION 5.10. Compliance with Environmental Laws. Comply, and cause all
lessees and other persons occupying its properties to comply, in all material respects with
all Environmental Laws applicable to its operations and properties; obtain and renew all
material environmental permits necessary for its operations and properties; and conduct
any remedial action in accordance with Environmental Laws; provided, however, that
none of Holdings, the Borrower or any other Subsidiary shall be required to undertake
any remedial action required by Environmental Laws to the extent that its obligation to
do so is being contested in good faith and by proper proceedings and appropriate reserves
are being maintained with respect to such circumstances in accordance with GAAP.

SECTION 5.11. [RESERVED.]

SECTION 5.12. Further Assurances. Execute any and all further documents,
financing statements, agreements and instruments, and take all further action (including
filing Uniform Commercial Code and other financing statements) that may be required
under applicable law, or that the Required Lenders or the Administrative Agent may
reasonably request, in order to effectuate the transactions contemplated by the Loan
Documents and in order to grant, preserve, protect and perfect the validity and first
priority of the security interests created or intended to be created by the Security
Documents. Each of Holdings and the Borrower will cause any Restricted Subsidiary
that shall Guarantee the Senior Secured Notes (or any Refinancing Indebtedness in
respect thereof) or any other Material Indebtedness to become a Loan Party by executing
or joining the Guarantee Agreement and each applicable Security Document in favor of
the Collateral Agent. In addition, from time to time, each Loan Party will, at its cost and
expense, promptly secure the Obligations by pledging or creating, or causing to be
pledged or created, in accordance hereunder and with the applicable Security Documents,
perfected first-priority security interests with respect to such of its assets and properties
as the Administrative Agent or the Required Lenders shall designate (it being understood
that it is the intent of the parties that the Obligations shall be secured by substantially all

EXHIBIT D

the assets of Holdings, the Borrower and the other Restricted Subsidiaries (including
properties acquired subsequent to the Closing Date) that secure the Senior Secured Notes
(or any Refinancing Indebtedness in respect thereof) or any other Material Indebtedness).
Such security interests and Liens will be created under the Security Documents and other
security agreements and other instruments and documents in form and substance
satisfactory to the Administrative Agent, and the relevant Loan Party shall deliver or
cause to be delivered to the Lenders all such instruments and documents (including legal
opinions, title insurance policies and lien searches) as the Administrative Agent shall
reasonably request to evidence compliance with this Section. Each of the Loan Parties
agrees to provide such evidence as the Administrative Agent shall reasonably request as
to the perfection and priority status of each such security interest and Lien.

SECTION 5.13. Post-Closing Covenants. In the case of Holdings and the
Borrower:

(a) Within 30 days after the Closing Date (or such later date as the
Administrative Agent may determine in its sole discretion), deliver to the Administrative
Agent evidence of release of Liens indicated by the following financing statements filed
with the Florida Secured Transaction Registry:

(i) #940000258168;
(ii) #200809457510;
(iii) #990000070435;
(iv) #200000065132;
(v) #200000177094;
(vi) #200305754643;
(vii) #200602173416;
(viii) #200706509836;
(ix) #200807824095;
(x) #200807911702;
(xi) #20080841124X;
(xii) #200808807984; and
(xiii) #201003337935.

(b) Within 14 days after the Closing Date (or such later date as the
Administrative Agent may determine in its sole discretion), deliver to the Collateral
Agent the following stock certificates, accompanied, in each case, by an undated stock
power executed in blank:

(i) stock certificate(s) representing 100% of the issued shares of Capital
Stock of Galaxy Exchange Company;

(ii) stock certificate(s) representing 100% of the issued shares of Capital
Stock of Navigo Vacation Exchange Club, Inc;

EXHIBIT D

(iii) stock certificate number 3 representing 100% of the issued shares of
Capital Stock of Island One, Inc.; and

(iv) stock certificate number 58 representing 100% of the issued shares of
Capital Stock of Island One Resorts Management Corporation.

(c) Within 14 days after the Closing Date (or such later date as the
Administrative Agent may determine in its sole discretion), deliver to the Collateral
Agent the promissory note dated January 13, 2012 issued by ILX Acquisition, Inc. in
favor of the Borrower pursuant to the Credit and Security Agreement dated as of January
13, 2012, by and between ILX Acquisition, Inc. and the Borrower.

ARTICLE VI
Negative Covenants

Each of Holdings and the Borrower hereby covenants and agrees with the
Administrative Agent and each Lender that, so long as this Agreement shall remain in
effect and until the Commitments have been terminated and the principal of and interest
on each Loan, all Fees and all other expenses or amounts payable under any Loan
Document have been paid in full, unless the Required Lenders shall otherwise consent in
writing:

SECTION 6.01. Indenture Covenants. Each of Holdings and the Borrower will,
and will cause each of the Restricted Subsidiaries to, comply (for the benefit of, and
enforceable by, the Administrative Agent and the Lenders) with the covenants set forth in
Section 4.03 (Limitation on Indebtedness), Section 4.04 (Limitation on Restricted
Payments), Section 4.05 (Dividend and Other Payment Restrictions Affecting
Subsidiaries), Section 4.06 (Limitation on Asset Sales), Section 4.07 (Limitation on
Affiliate Transactions), Section 4.08 (Limitation on Line of Business), Section 4.12
(Limitation on Liens), Section 4.15 (Sale/Leaseback Transactions) and, without limiting
paragraph (m) of Article VII hereof, Section 5.01 (Mergers or Asset Transfers) of the
Senior Secured Notes Indenture, in each case as in effect on the Closing Date (which for
convenience of reference are set forth on Annex A hereto) and modified by the proviso
set forth in this Section 6.01 (regardless of whether the Senior Secured Notes Indenture
shall hereafter be amended, replaced, refinanced or otherwise discharged), and each such
covenant, as so modified, and the definitions of terms used therein as defined in the
Senior Secured Notes Indenture as in effect on the Closing Date but only to the extent not
defined in this Agreement, is hereby incorporated by reference herein mutatis mutandis
as if set forth herein in full (including, for the avoidance of doubt, references therein to
the “Indenture”, “Notes”, “Notes Guarantee”, “Notes Obligations”, “Issue Date” and
other terms used therein being deemed to be or include, as the context may require,
references to this Agreement, Obligations in respect of the Loan Documents, Guarantee
of the Obligations in respect of the Loan Documents, the Obligations, the Closing Date
and corresponding terms in respect of the revolving credit facility provided hereunder,

EXHIBIT D

respectively, as the context may require); provided that the following sections of the
Senior Secured Notes Indenture are incorporated by reference herein with the
modifications set forth below:

(a) Clause (i) of Section 4.03(b) of the Senior Secured Notes Indenture is hereby
replaced in its entirety with the words “Indebtedness incurred under this Agreement”;

(b) Clause (ix) of Section 4.04(b) of the Senior Secured Notes Indenture is
hereby deleted in its entirety;

(c) The parenthetical “(other than Loans under this Agreement)” is hereby
inserted after each occurrence of the words “Applicable Senior Indebtedness” in Section
4.06 of the Senior Secured Notes Indenture, other than in clause (b)(1) thereof;

(d) The word “Company” set forth in Section 4.08 of the Senior Secured Notes
Indenture is hereby replaced with the word “Borrower”;

(e) The proviso in clause (i) of Section 4.12 of the Senior Secured Notes
Indenture is hereby deleted in its entirety;

ECTION 6.02. Prepayments or Modification of Certain Debt. Without
limiting the obligations of Holdings, the Borrower and the other Restricted Subsidiaries
under Section 6.01, each of Holdings and the Borrower will not, nor will it cause or
permit any of the Restricted Subsidiaries to (a) make any distribution, whether in cash,
property, securities or a combination thereof, other than regular scheduled payments of
principal and interest as and when due, in respect of, or pay, or commit to pay, or directly
or indirectly redeem, repurchase, retire or otherwise acquire for consideration, or set apart
any sum for the aforesaid purposes, any Material Indebtedness (including the Senior
Secured Notes), except (i) prepayments of such Material Indebtedness in exchange for, or
with the net cash proceeds of, Refinancing Indebtedness and (ii) as and to the extent
required by the Senior Secured Notes Indenture as in effect on the Closing Date (or as
and to the extent required by the initial documentation governing any Refinancing
Indebtedness in respect thereof to the extent the relevant provisions therein requiring the
same are not materially less favorable to the Loan Parties or the Lenders than the
analogous provisions in the Senior Secured Notes Indenture as in effect on the Closing
Date) or (b) permit any waiver, supplement, modification, amendment, termination or
release of any indenture, instrument or agreement (including the Senior Secured Notes
Indenture) pursuant to which any Material Indebtedness of Holdings, the Borrower or any
of the Restricted Subsidiaries is outstanding if the effect of such waiver, supplement,
modification, amendment, termination or release would be materially adverse to the
Lenders.

SECTION 6.03. Financial Covenants.
(a) Total Leverage Ratio. Each of Holdings and the Borrower will not permit
the Total Leverage Ratio as of the last day of any fiscal quarter, commencing with the

EXHIBIT D

fiscal quarter ended September 30, 2013, to be greater than 5.00:1.00.

(b) Fixed Charge Coverage Ratio. Each of Holdings and the Borrower will not
permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter,
commencing with the fiscal quarter ended September 30, 2013, to be less than 1.50:1.00.

(c) Minimum Liquidity. Each of Holdings and the Borrower will not permit the
aggregate unrestricted cash and Cash Equivalents held by Holdings, the Borrower and the
other Restricted Subsidiaries on the last day of any fiscal quarter, commencing with the
fiscal quarter ended September 30, 2013, to be less than $10,000,000.

SECTION 6.04. Business of Holdings. (a) Holdings shall not engage in any
material business activities or have any material assets or liabilities other than its
ownership of Capital Stock of Intermediate Holdco and liabilities incidental thereto,
including its liabilities pursuant to the Guarantee Agreement and the Security Documents
to which it is a party.

(b) Intermediate Holdco shall not engage in any material business activities or
have any material assets or liabilities other than its ownership of Intellectual Property and
Capital Stock of the Borrower and liabilities incidental to the foregoing, including its
liabilities pursuant to the Guarantee Agreement and the Security Documents to which it is
a party.

ARTICLE VII
Events of Default

If any of the following events shall occur (“Events of Default”):
(a) any representation or warranty made or deemed made in or in
connection with any Loan Document or the borrowings hereunder, or any
representation, warranty, statement or information contained in any report,
certificate, financial statement or other instrument furnished in connection with or
pursuant to any Loan Document, shall prove to have been false or misleading in
any material respect when so made, deemed made or furnished;

(b) default shall be made in the payment of any principal of any Loan
when and as the same shall become due and payable, whether at the due date
thereof or at a date fixed for prepayment thereof or by acceleration thereof or
otherwise;

(c) default shall be made in the payment of any interest on any Loan or
any Fee or any other amount (other than an amount referred to in (b) above) due
under any Loan Document, when and as the same shall become due and payable,
and such default shall continue unremedied for a period of three Business Days;

EXHIBIT D

(d) default shall be made in the due observance or performance by
Holdings, the Borrower or Intermediate Holdco of any covenant, condition or
agreement contained in Section 5.01(a), 5.05 or 5.08 or in Article VI;

(e) default shall be made in the due observance or performance by
Holdings, the Borrower or any other Restricted Subsidiary of any covenant,
condition or agreement contained in any Loan Document (other than those
specified in paragraph (b), (c) or (d) above) and such default shall continue
unremedied for a period of 30 days after notice thereof from the Administrative
Agent or any Lender to the Borrower;

(f) (i) Holdings, the Borrower or any other Restricted Subsidiary shall fail
to pay any principal, interest or other amount due in respect of any Material
Indebtedness, when and as the same shall become due and payable or (ii) any
other event or condition occurs that results in any Material Indebtedness
becoming due prior to its scheduled maturity or that enables or permits (with or
without the giving of notice and/or the lapse of any applicable grace period) the
holder or holders of any Material Indebtedness or any trustee or agent on its or
their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled
maturity or that results in the termination or permits (with or without the giving of
notice and/or the lapse of any applicable grace period) any counterparty to
terminate any Hedging Agreement the obligations under which constitute
Material Indebtedness; provided that this clause (ii) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the
property or assets securing such Indebtedness;

(g) an involuntary proceeding shall be commenced or an involuntary
petition shall be filed in a court of competent jurisdiction seeking (i) relief in
respect of Holdings, the Borrower or any Significant Subsidiary of Holdings, or of
a substantial part of the property or assets of Holdings, the Borrower or a
Significant Subsidiary of Holdings, under Title 11 of the United States Code, as
now constituted or hereafter amended, or any other Federal, state or foreign
bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for
Holdings, the Borrower or any Significant Subsidiary of Holdings or for a
substantial part of the property or assets of Holdings, the Borrower or a
Significant Subsidiary of Holdings or (iii) the winding-up or liquidation of
Holdings, the Borrower or any Significant Subsidiary of Holdings; and such
proceeding or petition shall continue undismissed for 60 days or an order or
decree approving or ordering any of the foregoing shall be entered;

(h) Holdings, the Borrower or any Significant Subsidiary of Holdings shall

(i) voluntarily commence any proceeding or file any petition seeking relief under

EXHIBIT D

Title 11 of the United States Code, as now constituted or hereafter amended, or
any other Federal, state or foreign bankruptcy, insolvency, receivership or similar
law, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or the filing of any petition described in (g) above,
(iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for Holdings, the Borrower or any
Significant Subsidiary of Holdings or for a substantial part of the property or
assets of Holdings, the Borrower or any Significant Subsidiary of Holdings,
(iv) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of creditors,
(vi) become unable, admit in writing its inability or fail generally to pay its debts
as they become due or (vii) take any action for the purpose of effecting any of the
foregoing;

(i) one or more judgments (other than the FLRX Judgment to the extent
existing on the Closing Date and disclosed in the Registration Statement, provided
that, for the avoidance of doubt, the foregoing exclusion shall not apply to any
judgment that holds Holdings, the Borrower or any other Restricted Subsidiary
liable for all or any portion of the FLRX Judgment) shall be rendered against
Holdings, the Borrower, any Significant Subsidiary of Holdings or any
combination thereof and the same shall remain undischarged for a period of 60
consecutive days during which execution shall not be effectively stayed, or any
action shall be legally taken by a judgment creditor to levy upon assets or
properties of Holdings, the Borrower or any Significant Subsidiary of Holdings to
enforce any such judgment and such judgment is for the payment of money in an
aggregate amount in excess of $10,000,000 (to the extent not covered by
independent third-party insurance as to which the insurer has been notified of
such judgment and does not deny or fail to acknowledge coverage);

(j) an ERISA Event shall have occurred that, in the opinion of the
Required Lenders, when taken together with all other such ERISA Events, could
reasonably be expected to result in liability of the Borrower and its ERISA
Affiliates in an aggregate amount exceeding $10,000,000;

(k) any Guarantee under the Guarantee Agreement for any reason shall
cease to be in full force and effect, or Holdings or any Subsidiary Guarantor shall
deny in writing that it has any further liability under the Guarantee Agreement (in
each case, other than, in the case of any Subsidiary Guarantor, in accordance with
its terms or other than as a result of the discharge or sale or other disposition of
such Subsidiary Guarantor in accordance with the terms of the Loan Documents);

(l) (i) a default by Holdings, the Borrower or any Subsidiary Guarantor in
the performance of the Security Documents which adversely affects the
enforceability, validity, perfection or priority of the Collateral Agent’s Lien on the
Collateral in any material respect, (ii) repudiation or disaffirmation by Holdings,

EXHIBIT D

the Borrower or any Subsidiary Guarantor of any of its material obligations under
the Security Documents or (iii) the determination in a judicial proceeding that any
one or more material provisions of the Security Documents are unenforceable or
invalid against Holdings, the Borrower or any Subsidiary Guarantor (or as
between the Secured Parties and others with a competing security interest in any
of the Collateral) for any reason except to the extent any such unenforceability or
invalidity is caused by the failure of the Collateral Agent to maintain possession
of certificates representing securities pledged under the Security Agreement or to
make filings, renewals and continuations (or other equivalent filings) which
Holdings has indicated in the Perfection Certificate are required to be made; or

(m) there shall have occurred a Change in Control;
then, and in every such event (other than an event with respect to Holdings or the
Borrower described in paragraph (g) or (h) above), and at any time thereafter during the
continuance of such event, the Administrative Agent may, and at the request of the
Required Lenders shall, by notice to the Borrower, take either or both of the following
actions, at the same or different times: (i) terminate forthwith the Commitments and
(ii) declare the Loans then outstanding to be forthwith due and payable in whole or in
part, whereupon the principal of the Loans so declared to be due and payable, together
with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the
Borrower and the other Loan Parties accrued hereunder and under any other Loan
Document, shall become forthwith due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly waived by the
Borrower and the other Loan Parties, anything contained herein or in any other Loan
Document to the contrary notwithstanding; and in any event with respect to Holdings or
the Borrower described in paragraph (g) or (h) above, the Commitments shall
automatically terminate and the principal of the Loans then outstanding, together with
accrued interest thereon and any unpaid accrued Fees and all other liabilities of the
Borrower and the Loan Parties accrued hereunder and under any other Loan Document,
shall automatically become due and payable, without presentment, demand, protest or
any other notice of any kind, all of which are hereby expressly waived by the Borrower
and the other Loan Parties, anything contained herein or in any other Loan Document to
the contrary notwithstanding.

ARTICLE VIII
The Administrative Agent and the Collateral Agent

Each of the Lenders hereby irrevocably appoints the Administrative Agent and
the Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the
Collateral Agent are referred to collectively as the “Agents”) its agent and authorizes the
Agents to take such actions on its behalf and to exercise such powers as are delegated to
such Agent by the terms of the Loan Documents, together with such actions and powers
as are reasonably incidental thereto. Without limiting the generality of the foregoing, the

EXHIBIT D

Agents are hereby expressly authorized to execute any and all documents (including
releases) with respect to the Collateral and any rights of the Secured Parties with respect
thereto, as contemplated by and in accordance with the provisions of this Agreement and
the Security Documents.

The institution serving as the Administrative Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not an Agent, and such bank and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with
Holdings, the Borrower or any other Subsidiary or other Affiliate thereof as if it were not
an Agent hereunder.

Neither Agent shall have any duties or obligations except those expressly set forth
in the Loan Documents. Without limiting the generality of the foregoing, (a) neither
Agent shall be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing, (b) neither Agent shall have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby that such Agent is instructed in writing to exercise
by the Required Lenders (or such other number or percentage of the Lenders or Secured
Parties as shall be necessary under the circumstances as provided in Section 9.08 or in the
Pari Passu Intercreditor Agreement, as applicable), and (c) except as expressly set forth in
the Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable
for the failure to disclose, any information relating to Holdings, the Borrower or any of
the other Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent and/or Collateral Agent or any of their Affiliates in any capacity.
Neither Agent shall be liable for any action taken or not taken by it with the consent or at
the request of the Required Lenders (or such other number or percentage of the Lenders
or Secured Parties as shall be necessary under the circumstances as provided in Section
9.08 or in the Pari Passu Intercreditor Agreement, as applicable) or in the absence of its
own gross negligence or willful misconduct. Neither Agent shall be deemed to have
knowledge of any Default unless and until written notice thereof is given to such Agent
by Holdings, the Borrower or a Lender, and neither Agent shall be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with any Loan Document, (ii) the contents of any certificate,
report or other document delivered thereunder or in connection therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or
conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness
or genuineness of any Loan Document or any other agreement, instrument or document,
or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan
Document, other than to confirm receipt of items expressly required to be delivered to
such Agent.

Each Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or
other writing believed by it to be genuine and to have been signed or sent by the proper

EXHIBIT D

person. Each Agent may also rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper person, and shall not incur any
liability for relying thereon. Each Agent may consult with legal counsel (who may be
counsel for Holdings or the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

Each Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by it. Each Agent and any such subagent
may perform any and all its duties and exercise its rights and powers by or through
their respective Related Parties. The exculpatory provisions of the preceding paragraphs
shall apply to any such sub-agent and to the Related Parties of each Agent and any such
sub-agent.

Subject to the provisions below, either Agent may resign at any time by notifying
the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall
have the right, in consultation with the Borrower, to appoint a successor. If no successor
shall have been so appointed by the Required Lenders and shall have accepted such
appointment within 30 days after the retiring Agent gives notice of its resignation, then
the retiring Agent may, on behalf of the Lenders, appoint a successor Agent which shall
be a bank with an office in New York, New York, or an Affiliate of any such bank. If no
successor Agent has been appointed pursuant to the immediately preceding sentence by
the 30th day after the date such notice of resignation was given by such Agent, such
resignation shall become effective and the Required Lenders shall thereafter perform all
the duties of such Agent hereunder and/or under any other Loan Document until such
time, if any, as the Required Lenders appoint a successor Administrative Agent and/or
Collateral Agent, as the case may be. Upon the acceptance of its appointment as Agent
hereunder by a successor, such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be
discharged from its duties and obligations hereunder and under the other Loan
Documents. The fees payable by the Borrower to a successor Agent shall be the same as
those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After an Agent’s resignation hereunder, the provisions of this Article and
Section 9.05 shall continue in effect for the benefit of such retiring Agent, its sub-agents
and their respective Related Parties in respect of any actions taken or omitted to be taken
by any of them while acting as Agent.

Each Lender acknowledges that it has, independently and without reliance upon
the Agents or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon the Agents or any other Lender and based on such documents and
information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement or any other
Loan Document, any related agreement or any document furnished hereunder or

EXHIBIT D

thereunder.

Each Lender hereby consents to and approves each and all of the provisions of the
Pari Passu Intercreditor Agreement and, in the event any Loan Party incurs any
obligations in respect of Indebtedness that is secured by Liens on any Collateral having
second lien or more junior priority on such Collateral, the Junior Lien Intercreditor
Agreement and irrevocably authorizes and directs the Agents to execute and deliver the
same and to exercise and enforce its rights and remedies and perform its obligations
thereunder.

Without limiting the foregoing, no Secured Party shall have any right individually
to realize upon any of the Collateral or to enforce any Guarantee of the Obligations, it
being understood and agreed that all powers, rights and remedies under the Loan
Documents may be exercised solely by the Agents on behalf of the Secured Parties in
accordance with the terms thereof (subject, in the case of the Collateral, to the provisions
of the Pari Passu Intercreditor Agreement). In the event of a foreclosure by the Collateral
Agent on any of the Collateral pursuant to a public or private sale or other disposition,
any Lender may be the purchaser or licensor of any or all of such Collateral at any such
sale or other disposition, and the Collateral Agent, as agent for and representative of the
Secured Parties (but not any Lender or Lenders in its or their respective individual
capacities) shall be entitled, for the purpose of bidding and making settlement or payment
of the purchase price for all or any portion of the Collateral sold at any such sale, to use
and apply any of the Obligations as a credit on account of the purchase price for any
Collateral payable by the Collateral Agent on behalf of the Secured Parties at such sale or
other disposition. Each Secured Party, whether or not a party hereto, will be deemed, by
its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations
provided under the Loan Documents, to have agreed to the foregoing provisions. The
provisions of this paragraph are for the sole benefit of the Lenders and shall not afford
any right to, or contribute a defense available to, any Loan Party.

Notwithstanding any other provision of this Agreement or any provision of any
other Loan Document, each of the persons named on the cover page hereof as Joint
Bookrunner and Joint Lead Arranger is named as such for recognition purposes only, and
in its capacity as such shall have no duties, responsibilities or liabilities with respect to
this Agreement or any other Loan Document; it being understood and agreed that each
such person and its Affiliates shall be entitled to all indemnification and reimbursement
rights in favor of the Agents provided herein and in the other Loan Documents. Without
limitation of the foregoing, no such person, in its capacity as Joint Bookrunner or Joint
Lead Arranger shall, by reason of this Agreement or any other Loan Document, have any
fiduciary relationship in respect of any Lender, Loan Party or any other person.

ARTICLE IX
Miscellaneous

EXHIBIT D

SECTION 9.01. Notices; Electronic Communications. Notices and other
communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by fax, as follows:

(a) if to Holdings, the Borrower or any other Subsidiary Guarantor, to Holdings
at 10600 West Charleston Boulevard, Las Vegas, NV 89135, Attention of Chief Financial
Officer (Fax No. (702) 754-2860), Email: Alan.Bentley@diamondresorts.com;

(b) if to the Administrative Agent, to Credit Suisse AG, Eleven Madison
Avenue, 23rd Floor, New York, NY 10010, Attention of Loan Operations – Agency
Manager (Fax No. (212) 322-2291), Email: agency.loanops@credit-suisse.com; and

(c) if to a Lender, to it at its address (or fax number) set forth on Schedule 2.01
or in the Assignment and Acceptance pursuant to which such Lender shall have become a
party hereto.

All notices and other communications given to any party hereto in accordance
with the provisions of this Agreement shall be deemed to have been given on the date of
receipt if delivered by hand or overnight courier service or sent by fax or on the date five
Business Days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this
Section 9.01 or in accordance with the latest unrevoked direction from such party given
in accordance with this Section 9.01. As agreed to among Holdings, the Borrower, the
Administrative Agent and the applicable Lenders from time to time, notices and other
communications may also be delivered by e-mail to the e-mail address of a representative
of the applicable person provided from time to time by such person.

Each of Holdings and the Borrower hereby agrees, unless directed otherwise by
the Administrative Agent or unless the electronic mail address referred to below has not
been provided by the Administrative Agent to Holdings and the Borrower, that it will, or
will cause the other Subsidiaries to, provide to the Administrative Agent all information,
documents and other materials that it is obligated to furnish to the Administrative Agent
pursuant to the Loan Documents or to the Lenders under Article V, including all notices,
requests, financial statements, financial and other reports, certificates and other
information materials, but excluding any such communication that (a) is or relates to a
Borrowing Request or a notice pursuant to Section 2.10, (b) relates to the payment of any
principal or other amount due under this Agreement prior to the scheduled date therefor,
(c) provides notice of any Default or Event of Default under this Agreement or any other
Loan Document or (d) is required to be delivered to satisfy any condition precedent to the
effectiveness of this Agreement and/or any Borrowing hereunder (all such non-excluded
communications being referred to herein collectively as “Communications”), by
transmitting the Communications in an electronic/soft medium that is properly identified
in a format acceptable to the Administrative Agent to an electronic mail address as
directed by the Administrative Agent. In addition, each of Holdings and the Borrower
agrees, and agrees to cause the other Subsidiaries, to continue to provide the

EXHIBIT D

Communications to the Administrative Agent or the Lenders, as the case may be, in the
manner specified in the Loan Documents but only to the extent requested by the
Administrative Agent.

Each of Holdings and the Borrower hereby acknowledges that (a) the
Administrative Agent will make available to the Lenders materials and/or information
provided by or on behalf of it hereunder (including, for the avoidance of doubt, all
information delivered pursuant to Section 5.4) (collectively, the “Borrower Materials”)
by posting the Borrower Materials on Intralinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders may be “public side” Lenders (i.e., Lenders
that do not wish to receive material non-public information with respect to Holdings and
its Subsidiaries or their securities) (each, a “Public Lender”). Each of Holdings and the
Borrower hereby agrees that (i) all Borrower Materials that are to be made available to
Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page
thereof; (ii) by marking Borrower Materials “PUBLIC,” Holdings and the Borrower shall
be deemed to have authorized the Administrative Agent and the Lenders to treat such
Borrower Materials as not containing any material non-public information with respect to
Holdings and its Subsidiaries or their securities for purposes of United States federal and
state securities laws (provided, however, that to the extent such Borrower Materials
constitute Information, they shall be treated as set forth in Section 9.16); (iii) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a
portion of the Platform designated as “Public Investor;” and (iv) the Administrative
Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as
being suitable only for posting on a portion of the Platform not marked as “Public
Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be
deemed to be marked “PUBLIC”, unless Holdings or the Borrower notifies the
Administrative Agent promptly that any such document contains material non-public
information: (A) the Loan Documents, (B) notification of changes in the terms of this
Agreement and (C) all information delivered pursuant to Section 5.4.
Each Public Lender agrees to cause at least one individual at or on behalf of such
Public Lender to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to enable such
Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable law, including United States Federal and state securities laws,
to make reference to, and receive, Communications that are not made available through
the “Public Side Information” portion of the Platform and that may contain material nonpublic
information with respect to Holdings and its Subsidiaries or their securities for
purposes of United States Federal or state securities laws.
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. NEITHER THE
ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS
THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE
ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS
LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO
WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING

EXHIBIT D

ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE
ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN
CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO
EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED
PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR
ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT
BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR
EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT
OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION
OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT
THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A
COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY
FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
The Administrative Agent agrees that the receipt of the Communications by the
Administrative Agent at its e-mail address set forth above shall constitute effective
delivery of the Communications to the Administrative Agent for purposes of the Loan
Documents. Each Lender agrees that receipt of notice to it (as provided in the next
sentence) specifying that the Communications have been posted to the Platform shall
constitute effective delivery of the Communications to such Lender for purposes of the
Loan Documents. Each Lender agrees to notify the Administrative Agent in writing
(including by electronic communication) from time to time of such Lender’s e-mail
address to which the foregoing notice may be sent by electronic transmission and that the
foregoing notice may be sent to such e-mail address.
Nothing herein shall prejudice the right of the Administrative Agent or any
Lender to give any notice or other communication pursuant to any Loan Document in any
other manner specified in such Loan Document.

SECTION 9.02. Survival of Agreement. All covenants, agreements,
representations and warranties made by Holdings and the Borrower herein and in the
certificates or other instruments prepared or delivered in connection with or pursuant to
this Agreement or any other Loan Document shall be considered to have been relied upon
by the Lenders and shall survive the making by the Lenders of the Loans, regardless of
any investigation made by the Lenders or on their behalf, and shall continue in full force
and effect as long as the principal of or any accrued interest on any Loan or any Fee or
any other amount payable under this Agreement or any other Loan Document is
outstanding and unpaid and so long as the Commitments have not been terminated. The
provisions of Sections 2.14, 2.16, 2.20 and 9.05 shall remain operative and in full force
and effect regardless of the expiration of the term of this Agreement, the consummation
of the transactions contemplated hereby, the repayment of any of the Loans, the
expiration of the Commitments, 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 the Administrative Agent, the Collateral Agent or any Lender.

EXHIBIT D

SECTION 9.03. Binding Effect. This Agreement shall become effective when it
shall have been executed by Holdings, the Borrower and the Administrative Agent and
when the Administrative Agent shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties hereto.

SECTION 9.04. Successors and Assigns. (a) 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 Holdings, the Borrower, the Administrative Agent or the
Lenders that are contained in this Agreement shall bind and inure to the benefit of their
respective successors and assigns.

(b) Each Lender may assign to one or more Eligible Assignees all or a portion of
its interests, rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans at the time owing to it); provided, however, that (i) each of
the Borrower and the Administrative Agent must also give its prior written consent to
such assignment (which consent shall not be unreasonably withheld or delayed)
(provided that (A) the consent of the Borrower and the Administrative Agent shall not be
required to any such assignment made to another Lender or an Affiliate of a Lender or a
Related Fund and (B) the consent of the Borrower (1) shall not be required after the
occurrence and during the continuance of any Event of Default and (2) shall be deemed
given unless the Borrower shall have objected to such assignment by written notice to the
Administrative Agent within five Business Days after having received notice thereof),
(ii) the amount of the Commitment or Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Acceptance with respect to
such assignment is delivered to the Administrative Agent) shall be not less than,
$1,000,000 (or, if less, the entire remaining amount of such Lender’s Commitment or
Loans); provided that simultaneous assignments by or to two or more Related Funds shall
be combined for purposes of determining whether the minimum assignment requirement
is met, (iii) the parties to each such assignment shall execute and deliver to the
Administrative Agent an Assignment and Acceptance via an electronic settlement system
acceptable to the Administrative Agent (or, if previously agreed with the Administrative
Agent, manually), and the parties to each such assignment (except in the case of an
assignment to a Lender, an Affiliate of a Lender or a Related Fund) shall pay to the
Administrative Agent a processing and recordation fee of $3,500 (which fee may be
waived or reduced in the sole discretion of the Administrative Agent), and (iv) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire (in which the assignee shall designate one or more credit
contacts to whom all syndicate-level information (which may contain material non-public
information about the Loan Parties and their Related Parties or their respective securities)
will be made available and who may receive such information in accordance with the
assignee’s compliance procedures and applicable laws, including Federal and state
securities laws) and all applicable tax forms described in Section 2.20(e) and 2.20(f).
Upon acceptance and recording pursuant to paragraph (e) of this Section 9.04, from and

EXHIBIT D

after the effective date specified in each Assignment and Acceptance, (A) the assignee
thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Acceptance, be released from its obligations under this
Agreement (and, in the case of an Assignment and Acceptance covering all or the
remaining portion of an assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the
benefits of Sections 2.14, 2.16, 2.20 and 9.05, as well as to any Commitment Fees
accrued for its account and not yet paid).

(c) By executing and delivering an Assignment and Acceptance, the assigning
Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree
with each other and the other parties hereto as follows: (i) such assigning Lender
warrants that it is the legal and beneficial owner of the interest being assigned thereby
free and clear of any adverse claim and that its Commitment, and the outstanding
balances of its Loans, in each case without giving effect to assignments thereof which
have not become effective, are as set forth in such Assignment and Acceptance,
(ii) except as set forth in (i) above, such assigning Lender makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with this Agreement, or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement, any other
Loan Document or any other instrument or document furnished pursuant hereto, or the
financial condition of Holdings, the Borrower or any other Subsidiary or the performance
or observance by Holdings, the Borrower or any other Subsidiary of any of its obligations
under this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto; (iii) such assignee represents and warrants that it is an Eligible
Assignee and is legally authorized to enter into such Assignment and Acceptance;
(iv) such assignee confirms that it has received a copy of this Agreement, together with
copies of the most recent financial statements referred to in Section 3.05 or delivered
pursuant to Section 5.04, the Pari Passu Intercreditor Agreement and such other
documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into such Assignment and Acceptance; (v) such assignee will
independently and without reliance upon the Administrative Agent, the Collateral Agent,
such assigning Lender or any other Lender and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under this Agreement; (vi) such assignee agrees to be bound
by the terms of the Pari Passu Intercreditor Agreement; (vii) such assignee appoints and
authorizes the Administrative Agent and the Collateral Agent to take such action as agent
on its behalf and to exercise such powers under the Loan Documents as are delegated to
the Administrative Agent and the Collateral Agent, respectively, by the terms hereof,
together with such powers as are reasonably incidental thereto; and (viii) such assignee
agrees that it will perform in accordance with their terms all the obligations which by the
terms of this Agreement are required to be performed by it as a Lender.

EXHIBIT D

(d) The Administrative Agent, acting for this purpose as a non-fiduciary agent of
the Borrower, shall maintain at one of its offices in The City of New York a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitment of, and principal amount of the Loans
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive and the Borrower, the Administrative
Agent, the Collateral Agent and the Lenders may treat each person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower, the Collateral Agent and any Lender, at any
reasonable time and from time to time upon reasonable prior notice.

(e) Upon its receipt of, and consent to, a duly completed Assignment and
Acceptance executed by an assigning Lender and an assignee, an Administrative
Questionnaire completed in respect of the assignee (unless the assignee shall already be a
Lender hereunder), the processing and recordation fee referred to in paragraph (b) above,
if applicable, and the written consent of the Administrative Agent and, if required, the
Borrower to such assignment and any applicable tax forms described in Section 2.20(e)
and 2.20(f), the Administrative Agent shall (i) accept such Assignment and Acceptance
and (ii) record the information contained therein in the Register. No assignment shall be
effective unless it has been recorded in the Register as provided in this paragraph (e).

(f) Each Lender may without the consent of the Borrower or the Administrative
Agent sell participations to one or more banks or other persons in all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans owing to it); provided, however, that (i) such Lender’s obligations under
this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender
shall remain solely responsible to the other parties hereto for the performance of such
obligations, (iii) the participating banks or other persons shall be entitled to the benefit of
the cost protection provisions contained in Sections 2.14, 2.16 and 2.20 (subject to the
requirements and limitations therein, including the requirements under Section 2.20(f) (it
being understood that the documentation required under Section 2.20(f) shall be delivered
to the participating Lender)) to the same extent as if they were Lenders (but, with respect
to any particular participant, to no greater extent than the Lender that sold the
participation to such participant, except to the extent that such entitlement to receive a
greater payment results from a Change in Law that occurs after the applicable banks or
other persons acquired the applicable participation) and (iv) the Borrower, the
Administrative Agent and the Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement and
the other Loan Documents, and such Lender shall retain the sole right to enforce the
obligations of the Borrower relating to the Loans and to approve any amendment,
modification or waiver of any provision of this Agreement and the other Loan
Documents (other than amendments, modifications or waivers decreasing any fees
payable to such participating bank or person hereunder or the amount of principal of or
the rate at which interest is payable on the Loans in which such participating bank or

EXHIBIT D

person has an interest, extending any scheduled principal payment date or date fixed for
the payment of interest on the Loans in which such participating bank or person has an
interest, increasing or extending the Commitments in which such participating bank or
person has an interest or releasing one or more Subsidiary Guarantors representing all or
substantially all of the value of the aggregate Guarantees provided by the Subsidiary
Guarantors or all or substantially all of the Collateral). Each Lender that sells a
participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each participant
and the principal amounts (and stated interest) of each participant’s interest in obligations
under this Agreement (the “Participant Register”); provided that no Lender shall have
any obligation to disclose all or any portion of the Participant Register to any person
(including the identity of any participant or any information relating to a participant’s
interest in any Commitments, Loans, or its other obligations under this Agreement)
except to the extent that such disclosure is necessary to establish that such commitment,
loan or other obligation is in registered form under Section 5f.103-1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register.

(g) Any Lender or participant may, in connection with any assignment or
participation or proposed assignment or participation pursuant to this Section 9.04,
disclose to the assignee or participant or proposed assignee or participant any information
relating to the Borrower furnished to such Lender by or on behalf of the Borrower;
provided that, prior to any such disclosure of information designated by the Borrower as
confidential, each such assignee or participant or proposed assignee or participant shall
execute an agreement whereby such assignee or participant shall agree (subject to
customary exceptions) to preserve the confidentiality of such confidential information on
terms no less restrictive than those applicable to the Lenders pursuant to Section 9.16.

(h) Any Lender may at any time assign all or any portion of its rights under this
Agreement to secure extensions of credit to such Lender or in support of obligations
owed by such Lender; provided that no such assignment shall release a Lender from any
of its obligations hereunder or substitute any such assignee for such Lender as a party
hereto.

(i) Notwithstanding anything to the contrary contained herein, any Lender (a
“Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”),
identified as such in writing from time to time by the Granting Lender to the
Administrative Agent and the Borrower, the option to provide to the Borrower all or any
part of any Loan that such Granting Lender would otherwise be obligated to make to the
Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a
commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such

EXHIBIT D

option or otherwise fails to provide all or any part of such Loan, the Granting Lender
shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan
by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same
extent, and as if, such Loan were made by such Granting Lender. Each party hereto
hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation
under this Agreement (all liability for which shall remain with the Granting Lender). In
furtherance of the foregoing, each party hereto hereby agrees (which agreement shall
survive the termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper or other senior
indebtedness of any SPC, it will not institute against, or join any other person in
instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under the laws of the United States or any State thereof. In
addition, notwithstanding anything to the contrary contained in this Section 9.04, any
SPC may (i) with notice to, but without the prior written consent of, the Borrower and the
Administrative Agent and without paying any processing fee therefor, assign all or a
portion of its interests in any Loans to the Granting Lender or to any financial institutions
(consented to by the Borrower and Administrative Agent) providing liquidity and/or
credit support to or for the account of such SPC to support the funding or maintenance of
Loans and (ii) disclose on a confidential basis any non-public information relating to its
Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee
or credit or liquidity enhancement to such SPC.

(j) Neither Holdings nor the Borrower shall assign or delegate any of its rights or
duties hereunder without the prior written consent of the Administrative Agent and each
Lender, and any attempted assignment without such consent shall be null and void.

SECTION 9.05. Expenses; Indemnity. (a) Each of Holdings and the Borrower
agrees to pay all out-of-pocket expenses incurred by the Administrative Agent in
connection with the preparation and administration of this Agreement and the other Loan
Documents or in connection with any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions hereby or thereby
contemplated shall be consummated) or incurred by the Administrative Agent or any
Lender in connection with the enforcement or protection of its rights in connection with
this Agreement and the other Loan Documents or in connection with the Loans made
hereunder, including the fees, charges and disbursements of counsel, including local
counsel in each appropriate jurisdiction.

(b) Each of Holdings and the Borrower agrees to, jointly and severally,
indemnify the Administrative Agent, each Lender and each Related Party of any of the
foregoing persons (each such person being called an “Indemnitee”) against, and to hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses, including reasonable counsel fees, charges and disbursements, incurred
by or asserted against any Indemnitee arising out of, in any way connected with, or as a
result of (i) the execution or delivery of this Agreement or any other Loan Document or
any agreement or instrument contemplated thereby, the performance by the parties

EXHIBIT D

thereto of their respective obligations thereunder or the consummation of the
Transactions and the other transactions contemplated thereby, (ii) the use of the proceeds
of the Loans, (iii) any claim, litigation, investigation or proceeding relating to any of the
foregoing, whether or not any Indemnitee is a party thereto (and regardless of whether
such matter is initiated by a third party or by the Borrower, any other Loan Party or any
of their respective Affiliates), or (iv) any actual or alleged presence or Release of
Hazardous Materials on any property currently or formerly owned or operated by
Holdings, the Borrower or any other Subsidiary, or any Environmental Liability related in
any way to Holdings, the Borrower or the other Subsidiaries; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted primarily from the
gross negligence or willful misconduct of such Indemnitee.

(c) To the extent that Holdings or the Borrower fails to pay any amount required
to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section,
each Lender severally agrees to pay to the Administrative Agent such Lender’s Pro Rata
Percentage (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount; provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against the Administrative Agent in its capacity as such.

(d) To the extent permitted by applicable law, neither Holdings nor the Borrower
shall assert, and hereby waives, any claim against any Indemnitee, 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 or
any agreement or instrument contemplated hereby, the Transactions, any Loan or the use
of the proceeds thereof.

(e) The provisions of this Section 9.05 shall remain operative and in full force
and effect regardless of the expiration of the term of this Agreement, the consummation
of the transactions contemplated hereby, the repayment of any of the Loans, the
expiration of the Commitments, 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 the Administrative Agent, the Collateral Agent or any Lender. All
amounts due under this Section 9.05 shall be payable on written demand therefor.

SECTION 9.06. Right of Setoff. If an Event of Default shall have occurred and
be continuing, each Lender is hereby authorized at any time and from time to time,
except to the extent prohibited by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other indebtedness
at any time owing by such Lender to or for the credit or the account of Holdings or the
Borrower against any of and all the obligations of Holdings or the Borrower now or
hereafter existing under this Agreement and other Loan Documents held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this

EXHIBIT D

Agreement or such other Loan Document and although such obligations may be
unmatured. The rights of each Lender under this Section 9.06 are in addition to other
rights and remedies (including other rights of setoff) which such Lender may have.

SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER
LOAN DOCUMENTS) AND ALL CLAIMS AND CONTROVERSIES IN
CONNECTION THEREWITH SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the
Administrative Agent, the Collateral Agent or any Lender in exercising any power or
right 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 Collateral Agent 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 any
other Loan Document or consent to any departure by the Borrower or any other Loan
Party therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) below, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice or demand on Holdings
or the Borrower in any case shall entitle Holdings or the Borrower to any other or further
notice or demand in similar or other circumstances.

(b) Neither this Agreement nor any provision hereof nor any other Loan
Document or any provision thereof may be waived, amended or modified except pursuant
to an agreement or agreements in writing entered into by Holdings, the Borrower and the
Required Lenders; provided, however, that no such agreement shall (i) decrease the
principal amount of, or extend the maturity of or any scheduled principal payment date or
date for the payment of any interest on any Loan, or waive or excuse any such payment
or any part thereof, or decrease the rate of interest on any Loan, without the prior written
consent of each Lender directly adversely affected thereby, (ii) increase or extend the
Commitment or decrease or extend the date for payment of any Fees of any Lender
without the prior written consent of such Lender, (iii) amend or modify the pro rata
requirements of Section 2.17, the provisions of Section 9.04(j) or the provisions of this
Section or release one or more Subsidiary Guarantors representing all or substantially all
of the value of the aggregate Guarantees provided by the Subsidiary Guarantors or all or
substantially all of the Collateral, without the prior written consent of each
Lender, (iv) modify the protections afforded to an SPC pursuant to the provisions of
Section 9.04(i) without the written consent of such SPC or (v) reduce the percentage
contained in the definition of the term “Required Lenders” without the prior written
consent of each Lender (it being understood that with the consent of the Required
Lenders, additional extensions of credit pursuant to this Agreement may be included in

EXHIBIT D

the determination of the Required Lenders on substantially the same basis as the
Commitments on the date hereof); provided further that no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent hereunder or
under any other Loan Document without the prior written consent of the Administrative
Agent.

(c) The Administrative Agent and the Borrower may amend any Loan Document
to correct administrative or manifest errors or omissions, or to effect administrative
changes that are not adverse to any Lender; provided, however, that no such amendment
shall become effective until the fifth Business Day after it has been posted to the Lenders,
and then only if the Required Lenders have not objected in writing thereto within such
five Business Day period.

SECTION 9.09. Interest Rate Limitation. Notwithstanding anything herein to
the contrary, if at any time the interest rate applicable to any Loan, together with all fees,
charges and other amounts which are treated as interest on such Loan under applicable
law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender
holding such Loan in accordance with applicable law, the rate of interest payable in
respect of such Loan hereunder, together with all Charges payable in respect thereof,
shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges
that would have been payable in respect of such Loan but were not payable as a result of
the operation of this Section 9.09 shall be cumulated and the interest and Charges payable
to such Lender in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at
the Federal Funds Effective Rate to the date of repayment, shall have been received by
such Lender.

SECTION 9.10. Entire Agreement. This Agreement and the other Loan
Documents constitute the entire contract between the parties relative to the subject matter
hereof. Any other previous agreement among the parties with respect to the subject
matter hereof is superseded by this Agreement and the other Loan Documents. Nothing
in this Agreement or in the other Loan Documents, expressed or implied, is intended to
confer upon any person (other than the parties hereto and thereto, their respective
successors and assigns permitted hereunder and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent and
the Lenders) any rights, remedies, obligations or liabilities under or by reason of this
Agreement or the other Loan Documents.

SECTION 9.11. 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 RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN
DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO

EXHIBIT D

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, AS APPLICABLE, BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 9.11.

SECTION 9.12. Severability. In the event any one or more of the provisions
contained in this Agreement or in any other Loan Document should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and therein shall not in any way be affected or
impaired thereby (it being understood that the invalidity of a particular provision in a
particular jurisdiction shall not in and of itself affect the validity of such provision in any
other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of
which comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

SECTION 9.13. Counterparts. 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, and
shall become effective as provided in Section 9.03. Delivery of an executed signature
page to this Agreement by facsimile or other customary means of electronic transmission
(e.g., “pdf”) shall be as effective as delivery of a manually signed counterpart of this
Agreement.

SECTION 9.14. 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 are not to affect the construction of, or to be taken into consideration in
interpreting, this Agreement.

SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) Each of
Holdings and the Borrower hereby irrevocably and unconditionally submits, for itself and
its property, to the exclusive jurisdiction of any New York State court or Federal court of
the United States of America sitting in New York City, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or the
other Loan Documents, 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,

EXHIBIT D

the Collateral Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or the other Loan Documents against Holdings, the Borrower
or their respective properties in the courts of any jurisdiction.

(b) Each of Holdings and the Borrower hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection which 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 or the other Loan Documents in any New York State
or Federal court. 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.

(c) Each party to this Agreement irrevocably consents to service of process in
the manner provided for notices in Section 9.01. Nothing in this Agreement will affect
the right of any party to this Agreement to serve process in any other manner permitted
by law.

SECTION 9.16. Confidentiality. The Administrative Agent and each of the
Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its and its Affiliates’ officers, directors,
employees and agents, including accountants, legal counsel and other advisors (it being
understood that the persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority or quasi-regulatory
authority (such as the National Association of Insurance Commissioners), (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d) in connection with the exercise of any remedies hereunder or under the other
Loan Documents or any suit, action or proceeding relating to the enforcement of its rights
hereunder or thereunder, (e) subject to an agreement containing provisions substantially
the same as those of this Section 9.16, to (i) any actual or prospective assignee of or
participant in any of its rights or obligations under this Agreement and the other Loan
Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to Holdings or any Subsidiary or any of their respective
obligations, (f) with the consent of the Borrower, (g) to the extent such Information
becomes publicly available other than as a result of a breach of this Section 9.16, (h) to
the CUSIP Service Bureau or any similar agency in connection with the issuance and
monitoring of CUSIP numbers with respect to the revolving credit facility provided
hereunder or (i) to market data collectors or providers of similar services, providers to the
lending industry and other service providers to the Administrative Agent in connection
with the administration and management of this Agreement and the other Loan
Documents. For the purposes of this Section, “Information” shall mean all information
received from Holdings or the Borrower and related to Holdings or any Subsidiary, or
their respective business, other than any such information that was available to the
Administrative Agent or any Lender on a nonconfidential basis prior to its disclosure by
Holdings or the Borrower; provided that, in the case of Information received from

EXHIBIT D

Holdings or the Borrower after the date hereof, such information is clearly identified at
the time of delivery as confidential. Any person required to maintain the confidentiality
of Information as provided in this Section 9.16 shall be considered to have complied with
its obligation to do so if such person has exercised the same degree of care to maintain
the confidentiality of such Information as such person would accord its own confidential
information.

SECTION 9.17. Lender Action. Each Lender agrees that it shall not take or
institute any actions or proceedings, judicial or otherwise, for any right or remedy against
any Loan Party or any other obligor under any of the Loan Documents (including the
exercise of any right of setoff, rights on account of any banker’s lien or similar claim or
other rights of self-help), or institute any actions or proceedings, or otherwise commence
any remedial procedures, in each case with respect to any Collateral owned by such Loan
Party, unless expressly provided for herein or in any other Loan Document, without the
prior written consent of the Administrative Agent. The provisions of this Section 9.17
are for the sole benefit of the Lenders and shall not afford any right to, or constitute a
defense available to, any Loan Party.

SECTION 9.18. USA PATRIOT Act Notice. Each Lender and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
Holdings and the Borrower that pursuant to the requirements of the USA PATRIOT Act,
it is required to obtain, verify and record information that identifies Holdings and the
Borrower, which information includes the name and address of Holdings and the
Borrower and other information that will allow such Lender or the Administrative Agent,
as applicable, to identify Holdings and the Borrower in accordance with the USA
PATRIOT Act.
[Remainder of page intentionally left blank.]

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

EXHIBIT D

	
		
	DIAMOND RESORTS CORPORATION,

	by

	 
	 

	 
	Name:

	 
	Title:

	
		
	DIAMOND RESORTS INTERNATIONAL, INC.,

	by

	 
	 

	 
	Name:

	 
	Title:

AKGI-ST. MAARTEN N.V.
CHESTNUT FARMS, LLC
CUMBERLAND GATE, LLC
DIAMOND RESORTS CALIFORNIA COLLECTION DEVELOPMENT, LLC
DIAMOND RESORTS CENTRALIZED SERVICES COMPANY
DIAMOND RESORTS CITRUS SHARE HOLDING, LLC
DIAMOND RESORTS CORAL SANDS DEVELOPMENT, LLC
DIAMOND RESORTS CYPRESS POINTE I DEVELOPMENT, LLC
DIAMOND RESORTS CYPRESS POINTE II DEVELOPMENT, LLC
DIAMOND RESORTS CYPRESS POINTE III DEVELOPMENT, LLC
DIAMOND RESORTS DAYTONA DEVELOPMENT, LLC
DIAMOND RESORTS DEVELOPER AND SALES HOLDING COMPANY

EXHIBIT D

DIAMOND RESORTS DPM DEVELOPMENT LLC
DIAMOND RESORTS EPIC MORTGAGE HOLDINGS, LLC
DIAMOND RESORTS FALL CREEK DEVELOPMENT, LLC
DIAMOND RESORTS FINANCE HOLDING COMPANY
DIAMOND RESORTS FINANCIAL SERVICES, INC.
DIAMOND RESORTS GRAND BEACH I DEVELOPMENT, LLC
DIAMOND RESORTS GRAND BEACH II DEVELOPMENT, LLC
DIAMOND RESORTS GREENSPRINGS DEVELOPMENT, LLC
DIAMOND RESORTS HAWAII COLLECTION DEVELOPMENT, LLC
DIAMOND RESORTS HILTON HEAD DEVELOPMENT, LLC
DIAMOND RESORTS HOLDINGS, LLC
DIAMOND RESORTS INTERNATIONAL CLUB, INC.
DIAMOND RESORTS INTERNATIONAL MARKETING, INC.
DIAMOND RESORTS INTERNATIONAL MARKETING MEXICO, LLC
DIAMOND RESORTS LAS VEGAS DEVELOPMENT, LLC
DIAMOND RESORTS MANAGEMENT & EXCHANGE HOLDING COMPANY
DIAMOND RESORTS MANAGEMENT, INC.
DIAMOND RESORTS MGV DEVELOPMENT LLC
DIAMOND RESORTS MORTGAGE HOLDINGS, LLC
DIAMOND RESORTS MYSTIC DUNES DEVELOPMENT, LLC
DIAMOND RESORTS PALM SPRINGS DEVELOPMENT, LLC
DIAMOND RESORTS POCO DIABLO DEVELOPMENT, LLC
DIAMOND RESORTS POIPU DEVELOPMENT, LLC
DIAMOND RESORTS POLO DEVELOPMENT, LLC
DIAMOND RESORTS PORT ROYAL DEVELOPMENT, LLC
DIAMOND RESORTS POWHATAN DEVELOPMENT, LLC
DIAMOND RESORTS RESIDUAL ASSETS DEVELOPMENT, LLC
DIAMOND RESORTS RESIDUAL ASSETS FINANCE, LLC
DIAMOND RESORTS RESIDUAL ASSETS M&E, LLC
DIAMOND RESORTS RIDGE ON SEDONA DEVELOPMENT, LLC
DIAMOND RESORTS RIDGE POINTE DEVELOPMENT, LLC
DIAMOND RESORTS SAN LUIS BAY DEVELOPMENT, LLC
DIAMOND RESORTS SANTA FE DEVELOPMENT, LLC
DIAMOND RESORTS SCOTTSDALE DEVELOPMENT, LLC
DIAMOND RESORTS SEDONA SPRINGS DEVELOPMENT, LLC
DIAMOND RESORTS SEDONA SUMMIT DEVELOPMENT, LLC
DIAMOND RESORTS ST. CROIX DEVELOPMENT, LLC
DIAMOND RESORTS STEAMBOAT DEVELOPMENT, LLC
DIAMOND RESORTS TAHOE BEACH & SKI DEVELOPMENT, LLC
DIAMOND RESORTS TETON CLUB DEVELOPMENT, LLC
DIAMOND RESORTS U.S. COLLECTION DEVELOPMENT, LLC
DIAMOND RESORTS VILLA MIRAGE DEVELOPMENT, LLC
DIAMOND RESORTS VILLAS OF SEDONA DEVELOPMENT, LLC
DIAMOND RESORTS WEST MAUI DEVELOPMENT, LLC
FOSTER SHORES, LLC
GEORGE ACQUISITION SUBSIDIARY, INC.
GINGER CREEK, LLC
GRAND ESCAPES, LLC
INTERNATIONAL TIMESHARES MARKETING, LLC
LAKE TAHOE RESORT PARTNERS, LLC
MAZATLAN DEVELOPMENT INC.
MMG DEVELOPMENT CORP.
POIPU RESORT PARTNERS, L.P.
RESORT MANAGEMENT INTERNATIONAL, INC.
RESORTS DEVELOPMENT INTERNATIONAL, INC.
WALSHAM LAKE, LLC
WEST MAUI RESORT PARTNERS, L.P.

EXHIBIT D

CRESCENT ONE, LLC
ISLAND ONE, INC.
ISLAND ONE RESORTS MANAGEMENT CORPORATION 
GALAXY EXCHANGE COMPANY
NAVIGO VACATION CLUB, INC.

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

	 
	 

	 
	Acting on behalf of each of the Subsidiary

EXHIBIT D

Schedule I to the 
Security Agreement 

SUBSIDIARY GRANTORS
	
			
	Entity Name
	Jurisdiction 
of 
Organization

	1.    AKGI-St. Maarten N.V.
	DE

	2.    Chestnut Farms, LLC
	NV

	3.    Cumberland Gate, LLC
	DE

	4.    Diamond Resorts California Collection Development, LLC
	DE

	5.    Diamond Resorts Centralized Services Company
	DE
	 

	6.    Diamond Resorts Citrus Share Holding, LLC
	DE

	7.    Diamond Resorts Coral Sands Development, LLC
	DE
	 

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	DE
	 

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	DE
	 

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	DE
	 

	11.    Diamond Resorts Daytona Development, LLC
	DE
	 

	12.    Diamond Resorts Developer and Sales Holding Company
	DE
	 

	13.    Diamond Resorts DPM Development LLC
	NV
	 

	14.    Diamond Resorts Epic Mortgage Holdings, LLC 
	DE

	15.    Diamond Resorts Fall Creek Development, LLC
	DE

	16.    Diamond Resorts Finance Holding Company
	DE

	17.    Diamond Resorts Financial Services, Inc.
	NV

	18.    Diamond Resorts Grand Beach I Development, LLC
	DE

	19.    Diamond Resorts Grand Beach II Development, LLC
	DE

	20.    Diamond Resorts Greensprings Development, LLC
	DE

	21.    Diamond Resorts Hawaii Collection Development, LLC
	DE

	22.    Diamond Resorts Hilton Head Development, LLC
	DE

	23.    Diamond Resorts Holdings, LLC
24.    Diamond Resorts International Club, Inc.
	NV
FL

	25.    Diamond Resorts International Marketing, Inc.
	CA

	26.    Diamond Resorts International Marketing Mexico, LLC
	NV

	27.    Diamond Resorts Las Vegas Development, LLC 
	DE

	28.    Diamond Resorts Management & Exchange Holding Company
	DE

EXHIBIT D

	
			
	Entity Name
	Jurisdiction 
of 
Organization

	29.    Diamond Resorts Management, Inc.
	AZ

	30.    Diamond Resorts MGV Development LLC
	NV

	31.    Diamond Resorts Mortgage Holdings, LLC
	DE

	32.    Diamond Resorts Mystic Dunes Development, LLC
	NV

	33.    Diamond Resorts Palm Springs Development, LLC 
	DE

	34.    Diamond Resorts Poco Diablo Development, LLC
	DE

	35.    Diamond Resorts Poipu Development, LLC 
	DE

	36.    Diamond Resorts Polo Development, LLC
	NV

	37.    Diamond Resorts Port Royal Development, LLC
	DE

	38.    Diamond Resorts Powhatan Development, LLC
	DE

	39.    Diamond Resorts Residual Assets Development, LLC
	DE

	40.    Diamond Resorts Residual Assets Finance, LLC
	DE

	41.    Diamond Resorts Residual Assets M&E, LLC
	DE

	42.    Diamond Resorts Ridge on Sedona Development, LLC
	DE

	43.    Diamond Resorts Ridge Pointe Development, LLC
	DE

	44.    Diamond Resorts San Luis Bay Development, LLC
	DE

	45.    Diamond Resorts Santa Fe Development, LLC
	DE

	46.    Diamond Resorts Scottsdale Development, LLC 
	DE

	47.    Diamond Resorts Sedona Springs Development, LLC
	DE

	48.    Diamond Resorts Sedona Summit Development, LLC
	DE

	49.    Diamond Resorts St. Croix Development, LLC
	DE

	50.    Diamond Resorts Steamboat Development, LLC
	DE

	51.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	DE

	52.    Diamond Resorts Teton Club Development, LLC
	NV

	53.    Diamond Resorts U.S. Collection Development, LLC
	DE

	54.    Diamond Resorts Villa Mirage Development, LLC
	DE

	55.    Diamond Resorts Villas of Sedona Development, LLC
	DE

	56.    Diamond Resorts West Maui Development, LLC
	DE

	57.    Foster Shores, LLC
	MO

	58.    George Acquisition Subsidiary, Inc.
	NV

	59.    Ginger Creek, LLC
	DE

	60.    Grand Escapes, LLC
	DE

	61.    International Timeshares Marketing, LLC
	DE

EXHIBIT D

	
			
	Entity Name
	Jurisdiction 
of 
Organization

	62.    Lake Tahoe Resort Partners, LLC
	CA

	63.    Mazatlan Development Inc.
	WA

	64.    MMG Development Corp.
	FL

	65.    Poipu Resort Partners, L.P.
	HI

	66.    Resort Management International, Inc.
	CA

	67.    Resorts Development International, Inc.
	NV

	68.    Walsham Lake, LLC
	MO

	69.    West Maui Resort Partners, L.P.
	DE

	70.    Crescent One, LLC
	FL

	71.    Island One, Inc.
	FL

	72.    Island One Resorts Management Corporation
	FL

	73.    Galaxy Exchange Company
	FL

	74.    Navigo Vacation Club, Inc.
	FL

EXHIBIT D

PLEDGED EQUITY INTERESTS
CERTIFICATED INTERESTS
	
													
	 
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	 
	1.    AKGI-St. Maarten N.V.
	DE
	Diamond Resorts Corporation
	100%
	6,000 Common
	2

	 
	2.    Diamond Resorts International Club, Inc. 
	FL
	Diamond Resorts Management & Exchange Holding Company
	100%
	1,000 Common
	4

	 
	3.    George Acquisition Subsidiary, Inc.
	NV
	Diamond Resorts Corporation
	100%
	1,000 Common

	2

	 
	4.    Mazatlan Development Inc.
	WA
	Diamond Resorts Developer and Sales Holding Company
	100%
	1,000 Common

	7

	 
	5.    MMG Development Corp.
	FL
	Diamond Resorts Developer and Sales Holding Company
	100%
	1,000 Common

	11

	 
	6.    Resort Management International, Inc.
	CA
	Diamond Resorts Management & Exchange Holding Company
	100%
	1,000 Common

	7

	 
	7.    Diamond Resorts International Marketing, Inc. 
	CA
	Diamond Resorts Developer and Sales Holding Company
	100%
	2,000 Common
	7

	 
	8.    Resorts Development International, Inc.
	NV
	Diamond Resorts Residual Assets Development, LLC
	100%
	100 Common
	8

	 
	9.    Diamond Resorts Centralized Services Company
	DE
	Diamond Resorts Corporation
	100%
	100 Common
	2

	 
	10.    Diamond Resorts Developer and Sales Holding Company
	DE
	Diamond Resorts Corporation
	100%
	100 Common
	M-4

	 
	11.    Diamond Resorts Finance Holding Company
	DE
	Diamond Resorts Corporation
	100%
	100 Common
	2

EXHIBIT D

	
													
	 
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	 
	12.    Diamond Resorts Financial Services, Inc.
	NV
	Diamond Resorts Finance Holding Company
	100%
	100 Common
	3

	 
	13.    Diamond Resorts Management & Exchange Holding Company
	DE
	Diamond Resorts Corporation
	100%
	100 Common
	2

	 
	14.    Diamond Resorts Management, Inc.
	AZ
	Diamond Resorts Management & Exchange Holding Company
	100%
	1,000 Common
	5

	 
	15.    Diamond Resorts Corporation
	MD
	Diamond Resorts Holdings, LLC
	100%
	100 Common
	1

	 
	16.    Diamond Resorts Europe (Holdings) Ltd.
	England & Wales
	Diamond Resorts Corporation
	100%
	32,339,637 Ordinary
	6

	 
	17.    Island One Resorts Management Corporation
	FL
	Island One, Inc.
	100%
	5,000,000 Common
	1

	 
	18.    Island One, Inc.
	FL
	Diamond Resorts Corporation
	100%
	1,000,000 Common
	1

	19.    Galaxy Exchange Company
	FL
	Island One Resorts Management Corporation
	100%
	2,000 Common
	1
	 

	20.    Navigo Vacation Club, Inc.
	FL
	Island One Resorts Management Corporation
	100%
	5,000,000 Common
	1
	 

EXHIBIT D

NON-CERTIFICATED INTERESTS
	
						
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	21.    Chestnut Farms, LLC
	NV
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	22.    Cumberland Gate, LLC
	DE
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	23.    Diamond Resorts California Collection Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	24.    Diamond Resorts Hawaii Collection Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	25.    Diamond Resorts Holdings, LLC
	NV
	Diamond Resort International, Inc.
	100%
	100% membership interest
	Non-certificated

	26.    Diamond Resorts U.S. Collection Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	27.    Grand Escapes, LLC
	DE
	Diamond Resorts Management & Exchange Holding Company
	100%
	100% membership interest
	Non-certificated

	28.    International Timeshares Marketing LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	29.    Lake Tahoe Resort Partners, LLC
	CA
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

EXHIBIT D

	
						
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	30.    Poipu Resort Partners, L.P. 
	HI
	GP: Diamond Resorts Poipu Development, LLC
LP: Diamond Resorts Developer and Sales Holding Company
	1.0%
 
99%
	1% General Partner Interest; 99% Limited Partner Interest
	Non-certificated

	31.    Diamond Resorts Citrus Share Holding, LLC 
	DE
	Diamond Resorts Corporation
	100%
	100% membership interest
	Non-certificated

	32.    Diamond Resorts Coral Sands Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	33.    Diamond Resorts Cypress Pointe I Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	34.    Diamond Resorts Cypress Pointe II Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	35.    Diamond Resorts Cypress Pointe III Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	36.    Diamond Resorts Daytona Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	37.    Diamond Resorts DPM Development LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	38.    Diamond Resorts Epic Mortgage Holdings, LLC 
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	39.    Diamond Resorts Fall Creek Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

EXHIBIT D

	
						
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	40.    Diamond Resorts Grand Beach I Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	41.    Diamond Resorts Grand Beach II Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	42.    Diamond Resorts Greensprings Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	43.    Diamond Resorts Hilton Head Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	44.    Diamond Resorts MGV Development LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	45.    Diamond Resorts International Marketing Mexico, LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	46.    Diamond Resorts Poipu Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	47.    Diamond Resorts Las Vegas Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	48.    Diamond Resorts Mortgage Holdings, LLC
	DE
	Diamond Resorts Finance Holding Company
Diamond Resorts Financial Services, Inc.
	98%

2%
	98% membership interest

2% membership interest
	Non-certificated

EXHIBIT D

	
						
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	49.    Diamond Resorts Mystic Dunes Development, LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	50.    Diamond Resorts Palm Springs Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	51.    Diamond Resorts Poco Diablo Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	52.    Diamond Resorts Polo Development, LLC
	NV
	Diamond Resorts Holdings, LLC
Diamond Resorts Las Vegas Development, LLC
	95%

 5%
	95% membership interest

5% membership interest
	Non-certificated

	53.    Diamond Resorts Port Royal Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	54.    Diamond Resorts Powhatan Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	55.    Diamond Resorts Residual Assets Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	56.    Diamond Resorts Residual Assets Finance, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	57.    Diamond Resorts Residual Assets M&E, LLC
	DE
	Diamond Resorts Management & Exchange Holding Company
	100%
	100% membership interest
	Non-certificated

EXHIBIT D

	
						
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	58.    Diamond Resorts Ridge on Sedona Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	59.    Diamond Resorts Ridge Pointe Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	60.    Diamond Resorts San Luis Bay Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	61.    Diamond Resorts Santa Fe Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	62.    Diamond Resorts Scottsdale Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	63.    Diamond Resorts Sedona Springs Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	64.    Diamond Resorts Sedona Summit Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	65.    Diamond Resorts St. Croix Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	66.    Diamond Resorts Steamboat Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	67.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	68.    Diamond Resorts Teton Club Development, LLC
	NV
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

EXHIBIT D

	
						
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	69.    Diamond Resorts Villa Mirage Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	70.    Diamond Resorts Villas of Sedona Development, LLC
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	71.    Diamond Resorts West Maui Development, LLC 
	DE
	Diamond Resorts Developer and Sales Holding Company
	100%
	100% membership interest
	Non-certificated

	72.    West Maui Resort Partners, L.P.
	DE
	GP: Diamond Resorts West Maui Development, LLC; 
LP: Diamond Resorts Developer and Sales Holding Company
	1.0%
99%
	1% General Partner Interest;

99% Limited Partner Interest
	Non-certificated

	73.    Foster Shores, LLC
	MO
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	74.    Ginger Creek, LLC
	DE
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	75.    Walsham Lake, LLC
	MO
	Potter's Mill, Inc.
	100%
	100% membership interest
	Non-certificated

	76.    Crescent One, LLC
	FL
	Diamond Resorts Corporation
	100%
	100% membership interest
	Non-certificated

SPECIAL PURPOSE SECURITIZATION ENTITIES

EXHIBIT D

	
						
	Issuer
	Jurisdiction of Organization/Formation
	Registered
Owner
	Percentage
of Equity Interests
	Number and
Class of
Equity Interest
	Number of
Certificate

	1.    DRI Quorum 2010, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	2.    Diamond Resorts Seller 2009-1, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	3.    Diamond Resorts Owner Trust 2009-1
	DE
	Diamond Resorts Seller 2009-1, LLC
	100%
	100% membership interest
	Non-certificated

	4.    Diamond Resorts Seller 2011-1, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	5.    Diamond Resorts Owner Trust 2011-1
	DE
	Diamond Resorts Seller 2011-1, LLC
	100%
	100% membership interest
	Non-certificated

	6.    Diamond Resorts Seller 2013-1, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	7.    Diamond Resorts Owner Trust 2013-1
	DE
	Diamond Resorts Seller 2013-1, LLC
	100%
	100% membership interest
	Non-certificated

	8.    Diamond Resorts Depositor 2008, LLC
	DE
	Diamond Resorts Finance Holding Company
	100%
	100% membership interest
	Non-certificated

	9.    Diamond Resorts Issuer 2008, LLC
	DE
	Diamond Resorts Depositor 2008, LLC
	100%
	100% membership interest
	Non-certificated

	10.    IOI Funding I, LLC
	FL
	Island One, Inc.
	100%
	100% membership interest
	Non-certificated

	11.    IOI Funding II, LLC
	FL
	Island One, Inc.
	100%
	100% membership interest
	Non-certificated

EXHIBIT D

PLEDGED DEBT SECURITIES
	
						
	Issuer
	Creditor
	Principal Amount
	Outstanding Amount
	Date of Note
	Maturity Date

	Diamond Resorts Europe (Holding) Ltd.
	Diamond Resorts Corporation
	£33 million (term)
	£33 million
	Amended and Restated 3/5/2007 and amended 12/1/2008
	12/16/2014

	Diamond Resorts Europe (Holding) Ltd.
	Diamond Resorts Corporation
	£16 million (revolving)
	£16 million
	1/13/2012
	12/16/2014

	ILX Acquisition, Inc.
	Diamond Resorts Corporation
	$3.7 million
	$3.7 million
	Amended and Restated 3/5/2007 and amended 12/1/2008
	8/31/2015

EXHIBIT D

Schedule III to the 
Security Agreement

EXCLUDED EQUITY INTERESTS

FLRX, Inc., a Washington corporation, and its Subsidiaries

EXHIBIT D

Schedule IV to the 
Security Agreement

RESORTS

	
				
	Name of Resort
	Location of Sales1,2, 3
	Point Based Resort?
	If Points Based, Owner of Real Property Rights

	Bent Creek Golf Village
	Sevier County, Tennessee;         
DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Cypress Pointe
	Orange County, FL;    DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Daytona Beach Regency
	No on-site sales;        DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Desert Paradise
	Clark County, NV;     DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Grand Beach I
	Orange County, FL;     DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Grand Beach II
	Orange County, FL;      DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Greensprings Vacation Resort
	James City County, VA; DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	The Historic Powhatan  Resort
	James City County, VA; DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Island Links
	No on-site sales;          DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Kaanapali Beach Club
	Maui, HI;                     DRHC locations
	Yes
	First American Trust, FSB, as Trustee

	Lake Tahoe Vacation Resort
	El Dorado County, CA; DRUSC and DRCC locations
	Yes
	First American Trust, FSB, as Trustee

	London Bridge Resort
	No on-site sales;          DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Marquis Villas Resort
	No sales at this time
	No
	N/A

	The Point at Poipu
	Kauai, HI; also permitted in Nevada and Texas; DRHC locations
	Yes
	First American Trust, FSB, as Trustee

	Polo Towers Suites
	Clark County, Nevada;  DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Polynesian Isles
	No on-site sales;    DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	The Ridge on Sedona Golf
	Yavapai County, AZ; DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Ridge Pointe
	No on-site sales;    DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Royal Dunes at Port Royal
	No sales at this time
	No
	N/A

EXHIBIT D

	
				
	Name of Resort
	Location of Sales1,2, 3
	Point Based Resort?
	If Points Based, Owner of Real Property Rights

	San Luis Bay Inn
	San Luis Obispo County, CA; 
DRUSC and DRCC locations

	Yes
	First American Trust, FSB, as Trustee

	Scottsdale Links Resort
	Maricopa County, AZ; DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Scottsdale Villa Mirage
	Maricopa County, AZ; DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Sedona Springs
	No on-site sales;          DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Sedona Summit
	Yavapai County, AZ; DRUSC and DRHC locations
	Yes
	First American Trust, FSB, as Trustee

	The Suites at Fall Creek
	Taney County, MO; DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Tahoe Beach & Ski Club
	No on-site sales;       DRCC locations
	Yes
	First American Trust, FSB, as Trustee

	Villas at Poco Diablo
	No on-site sales;      DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Villas at Polo Towers
	Clark County, NV;      DRUSC and DRHC locations
	Yes 

	First American Trust, FSB, as Trustee

	Villas de Santa Fe
	No on-site sales; DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Villas of Sedona
	No on-site sales; DRUSC locations
	Yes
	First American Trust, FSB, as Trustee

	Teton Club
	No sales at this time
	No
	N/A

	Bryan’s Spanish Cove
	No sales at this time
	No
	N/A

	Charter Club Resort of Naples Bay
	No sales at this time
	No
	N/A

	The Cove on Ormond Beach
	Orange County, FL ; DRUSC locations
	No
	N/A

	Cove II on Ormond Beach
	No sales at this time
	No
	N/A

	Liki Tiki Village I
	Orange County, FL ; 
DRUSC locations
	No
	N/A

	Liki Tiki Village II
	 No sales at this time
	No
	N/A

	Orbit One Vacation Villas
	No sales at this time
	No
	N/A

	Parkway International Resort
	No sales at this time
	No
	N/A

	Crescent Resort One South Beach
	No sales at this time
	No
	N/A

	Barefoot’n Resorts
	No sales at this time
	No
	N/A

EXHIBIT D

1     Diamond Resorts U.S. Collection (“DRUSC”) memberships are currently sold at sales centers located in the following states: Arizona, California, Florida, Missouri, Nevada, Tennessee, and Virginia (collectively referred to as “DRUSC locations”).  DRUSC is registered, or exempt from registration or other regulations, to market or sell memberships in the following states:  Alabama, Alaska, Arkansas, Arizona, California, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, and Wyoming.
2     Diamond Resorts Hawaii Collection (“DRHC”) memberships are currently sold at sales centers located in the following states: Hawaii (collectively referred to as “DRHC locations”).  DRHC is registered, or exempt from registration or other regulations, to market or sell memberships in the following states:  Alaska, Arizona, California, Georgia, Hawaii, Kansas, Michigan, Nevada, North Carolina, Texas, Vermont, Wisconsin, and Wyoming.
3     Diamond Resorts California Collection (“DRCC”) memberships are currently sold at sales centers located in the following states:  California (collectively referred to as “DRCC locations”).  DRCC is registered, or exempt from registration or other regulations, to market or sell memberships in the following states:  Alaska, California, Georgia, Kansas, Michigan, North Carolina, Vermont, Washington, Wisconsin and Wyoming.

Schedule V to the 
Security Agreement
COPYRIGHTS OWNED BY BORROWER AND SUBSIDIARY GRANTORS
U.S. Copyright Registrations
	
			
	Title
	Reg. No.
	Author

	 
	 
	 

	NONE
	 
	 

	 
	 
	 

Pending U.S. Copyright Applications for Registration
	
				
	Title
	Author
	Class
	Date Filed

	 
	 
	 
	 

	NONE
	 
	 
	 

	 
	 
	 
	 

Non-U.S. Copyright Registrations
	
				
	Country
	Title
	Reg. No.
	Author

	 
	 
	 
	 

	NONE
	 
	 
	 

	 
	 
	 
	 

EXHIBIT D

Non-U.S. Pending Copyright Applications for Registration
	
					
	Country
	Title
	Author
	Class
	Date Filed

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

EXHIBIT D

COPYRIGHTS OWNED BY HOLDINGS
U.S. Copyright Registrations
	
			
	Title
	Reg. No.
	Author

	 
	 
	 

	NONE
	 
	 

	 
	 
	 

Pending U.S. Copyright Applications for Registration
	
				
	Title
	Author
	Class
	Date Filed

	 
	 
	 
	 

	NONE
	 
	 
	 

	 
	 
	 
	 

Non-U.S. Copyright Registrations
	
				
	Country
	Title
	Reg. No.
	Author

	 
	 
	 
	 

	NONE
	 
	 
	 

	 
	 
	 
	 

Non-U.S. Pending Copyright Applications for Registration
	
					
	Country
	Title
	Author
	Class
	Date Filed

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

EXHIBIT D

PATENTS OWNED BY BORROWER AND SUBSIDIARY GRANTORS

U.S. Patents
	
		
	Patent No.
	Issue Date

	 
	 

	NONE
	 

	 
	 

U.S. Patent Applications
	
		
	Patent Application No.
	Filing Date

	 
	 

	NONE
	 

	 
	 

Non-U.S. Patents
	
			
	Country
	Issue Date
	Patent No.

	 
	 
	 

	NONE
	 
	 

	 
	 
	 

Non-U.S. Patent Applications
	
			
	Country
	Filing Date
	Patent Application No.

	 
	 
	 

	NONE
	 
	 

	 
	 
	 

EXHIBIT D

PATENTS OWNED BY HOLDINGS

U.S. Patents
	
		
	Patent No.
	Issue Date

	 
	 

	NONE
	 

	 
	 

U.S. Patent Applications
	
		
	Patent Application No.
	Filing Date

	 
	 

	NONE
	 

	 
	 

Non-U.S. Patents
	
			
	Country
	Issue Date
	Patent No.

	 
	 
	 

	NONE
	 
	 

	 
	 
	 

Non-U.S. Patent Applications
	
			
	Country
	Filing Date
	Patent Application No.

	 
	 
	 

	NONE
	 
	 

	 
	 
	 

EXHIBIT D

TRADEMARK/TRADE NAMES OWNED BY BORROWER AND SUBSIDIARY GRANTORS
U.S. Trademark Registrations
	
				
	Owner Entity
	Mark
	Reg. Date
	Reg. No.

	Diamond Resorts Holdings, LLC
	Diamond Resorts International(Class 36)
	02/27/2001
	2432190

	Diamond Resorts Holdings, LLC
	Polo Towers
	12/08/1998
	2207804

	Diamond Resorts Holdings, LLC
	Diamond Resorts International (Class 43)
	12/05/2000
	2411329

	Diamond Resorts Holdings, LLC
	D and design (Classes 36 and 43)
	06/02/2009
	3633049

	Diamond Resorts Holdings, LLC
	Relaxation ...Simplified (Classes 36 and 43)
	04/07/2009
	3604216

	Diamond Resorts Holdings, LLC
	3 Arches Design (Miscellaneous Design) (Classes 36 and 43)
	09/08/2009

	3681417

	Diamond Resorts Holdings, LLC
	Diamond Resorts
	02/09/2010
	3746815

	Diamond Resorts Holdings, LLC
	DRIVEN
	04/27/2010
	3780598

	Diamond Resorts Holdings, LLC
	Diamond Resorts International (Class 16)
	05/04/2010
	3784735

	Diamond Resorts Holdings, LLC
	D Composite Logo  (Classes 36 and 43)
	05/04/2010
	3784823

	Diamond Resorts Holdings, LLC
	THE Club
	01/20/2009
	3566128

	Diamond Resorts Holdings, LLC
	The Maui Pizza Company
	06/22/2010
	3808531

	Diamond Resorts Holdings, LLC
	Simplicity. Choice. Comfort
	05/11/2010
	3786963

	Diamond Resorts Holdings, LLC
	The Meaning of Yes (Classes 36 and 43)
	07/06/2010
	3815737

	Diamond Resorts Holdings, LLC
	Discover the Meaning of Aloha
	11/16/2010
	3877116

	Diamond Resorts Holdings, LLC
	Maui Pizza Company
	03/19/2013
	4305509

	Diamond Resorts Holdings, LLC
	Four C’s Hospitality Systems
	12/18/2012
	4261678

	Diamond Resorts Holdings, LLC
	Share The Diamond Difference
	02/21/2012
	4101489

	Diamond Resorts Holdings, LLC
	Travelscapes
	03/13/2012
	4113118

	Diamond Resorts Holdings, LLC
	Perfectly Cut Events
	09/25/2012
	4214978

	Diamond Resorts Holdings, LLC
	Perfectly Cut Events
	09/25/2012
	4214980

	Diamond Resorts Holdings, LLC
	Simply...Paradise
	02/22/2011
	3,923,849

	Diamond Resorts Holdings, LLC
	Diamond Loyalty
	12/06/2011
	4,067,822

U.S. Trademark Applications

EXHIBIT D

	
				
	Applicant Entity
	Mark
	Filing Date
	Application No.

	Diamond Resorts Holdings, LLC
	Discover the Diamond Difference
	04/08/2010
	85009818

	Diamond Resorts Holdings, LLC
	The Creature Club
	05/04/2010
	85030173

	Diamond Resorts Holdings, LLC
	Be Unique
	09/2/2011
	85/387,088

	Diamond Resorts Holdings, LLC
	SJC Fashion Stefano Jiuseppi Carrera
	10/13/2011
	85/414,188

	Diamond Resorts Holdings, LLC
	Diamond Resorts International
	10/13/2011
	85/446,890

	Diamond Resorts Holdings, LLC
	D and Design
	02/05/2013
	85/446,882

	Diamond Resorts Holdings, LLC
	Diamond Dream
	04/08/2010
	85/841,081

State Trademark Registrations
	
				
	State
	Mark
	Reg. Date
	Reg. No.

	 
	 
	 
	 

	Arizona
	Krazy Kyote (Class 16)
	8/25/2020
	44270

	Arizona
	Krazy Kyote (Class 18)
	8/25/2020
	44271

	Arizona
	Krazy Kyote (Class 20)
	8/25/2020
	44272

	Arizona
	Krazy Kyote (Class 25)
	8/25/2020
	44273

	Arizona
	Krazy Kyote (Class 28)
	8/25/2020
	44274

	Arizona
	Krazy Kyote (Class 30)
	8/25/2020
	44275

	Arizona
	Krazy Kyote (Class 32)
	8/25/2020
	44276

	Arizona
	Krazy Kyote (Class 35)
	8/25/2020
	44277

	Arizona
	Krazy Kyote (Class 36)
	8/25/2020
	44278

	Arizona
	Krazy Kyote (Class 39)
	8/25/2020
	44279

	Arizona
	Krazy Kyote (Class 42)
	8/25/2020
	44280

	Arizona
	Krazy Kyote (Class 43)
	8/25/2020
	44281

	 
	 
	 
	 

	*Owner entity for all of the above trademark registrations is Diamond Resorts International Marketing, Inc.

Non-U.S. Trademark Registrations
	
				
	Country
	Mark
	Reg. Date
	Reg. No.

	Belgium
	Diamond Resorts
	07/22/2008
	6139463

	CTM (European Community)
	Diamond Resorts International
	12/04/2008
	6550487

	CTM (European Community)
	Diamond Resorts
	02/22/2010
	8507808

	Canada
	Diamond Resorts International
	05/20/2010
	TMA767565

EXHIBIT D

	
				
	Australia
	Diamond Resorts International
	07/20/2012
	1456094

	Australia
	D And Design
	07/20/2012
	1456095

	Bermuda
	D And Design
	12/21/2012
	51293

	Bermuda
	Diamond Resorts International
	12/21/2012
	51291

	Bermuda
	Diamond Resorts International
	12/21/2012
	51290

	Bermuda
	D And Design
	12/21/2012
	51292

	Community Trademark
	Creature Club
	01/24/2011
	9310749

	Community Trademark
	D & Design
	01/24/2011
	9310582

	Community Trademark
	Diamond Difference
	01/24/2011
	9310301

	Community Trademark
	Diamond Experience Ambassador
	01/24/2011
	9310509

	Community Trademark
	Diamond Service Excellence
	01/24/2011
	9310426

	Community Trademark
	Discover the Diamond Difference
	01/24/2011
	9310376

	Community Trademark
	The Diamond Advantage
	01/24/2011
	9310251

	Community Trademark
	The Diamond Way
	01/24/2011
	9310632

	Community Trademark
	The Maui Pizza Co.
	12/28/2010
	9310673

	Community Trademark
	The Meaning of Yes & D Design
	02/04/2011
	9333931

	Community Trademark
	Driven & D Design
	02/04/2011
	9333981

	Community Trademark
	Simply...Paradise & D Design
	02/04/2011
	9333832

	Community Trademark
	Relaxation...Simplified & D Design
	02/04/2011
	9333477

	Community Trademark
	Simplicity, Choice, Comfort & D Design
	02/04/2011
	9333782

	Community Trademark
	Say Yes To the Guest & D Design
	02/04/2011
	9334021

	Community Trademark
	Diamond Resorts International
	04/18/2012
	10368751

	Community Trademark
	D & Design
	04/18/2012
	10368777

	Costa Rica
	D And Design
	04/12/2012
	217437

	Costa Rica
	D And Design
	04/12/2012
	217438

	France
	The Club
	12/24/2010
	103756309

	Italy
	The Club
	02/25/2011
	1424619

	Jamaica
	Diamond Resorts International
	07/03/2012
	59318

	Jamaica
	D and Design
	07/03/2012
	59319

	Japan
	Diamond Resorts International
	07/06/2012
	5506173

	Japan
	D & Design
	07/06/2012
	5506174

	Mexico
	D and Design
	05/22/2012
	1286932

EXHIBIT D

	
				
	Mexico
	Diamond Resorts International
	05/16/2012
	1285735

	Mexico
	Diamond Resorts International
	05/23/2012
	1287141

	Mexico
	D And Design
	05/22/2012
	1286931

	Morocco
	Diamond Resorts International
	12/17/2011
	141646

	Morocco
	D And Design
	12/17/2011
	141647

	Norway
	Diamond Resorts International
	03/28/2012
	264710

	Norway
	D and Design
	07/06/2012
	266302

	Portugal
	The Club
	10/25/2010
	470019

	Saint Maarten
	D and Design
	04/10/2012
	13859

	Saint Maarten
	Diamond Resorts International
	04/10/2012
	13860

	South Korea
	Diamond Resorts International
	01/11/2013
	41-0249052

	South Korea
	D and Design
	01/11/2013
	41-0249051

	Spain
	The Club
	12/23/2010
	2942561

	St. Kitts-Nevis
	Diamond Resorts International
	12/06/2011
	2011/0412S

	St. Kitts-Nevis
	D and Design
	12/06/2011
	2011/0413S

	Turkey
	Diamond Resorts International
	03/06/2013
	2011/119048

	Turkey
	D and Design
	02/12/2013
	2011/119084

* Owner entity for all the above trademark registrations is Diamond Resorts Holdings, LLC.

Non-U.S. Trademark Applications
	
				
	Country
	Mark
	Application Date
	Application No.

	Antigua & Barbado
	Diamond Resorts International
	01/31/2012
	35/2012

	Antigua & Barbado
	D & Design
	01/31/2012
	32/2012

	Argentina
	D And Design
	11/25/2011
	3131418

	Argentina
	Diamond Resorts International
	11/25/2011
	3131421

	Argentina
	Diamond Resorts International
	11/25/2011
	3131419

	Argentina
	D And Design
	11/25/2011
	313416

	Bahamas
	D And Design
	02/09/2012
	35533

	Bahamas
	Diamond Resorts International
	02/13/2012
	35540

EXHIBIT D

	
				
	Bahamas
	Diamond Resorts International
	02/13/2012
	35541

	Bahamas
	D And Design
	02/09/2012
	35532

	Barbados
	D And Design
	11/25/2011
	81/28866

	Barbados
	Diamond Resorts International
	11/25/2011
	81/28864

	Barbados
	Diamond Resorts International
	11/25/2011
	81/28863

	Barbados
	D And Design
	11/25/2011
	81/28865

	Brazil
	D And Design
	12/07/2011
	831277777

	Brazil
	D And Design
	12/07/2011
	831277785

	Brazil
	Diamond Resorts International
	03/13/2012
	831277807

	Brazil
	Diamond Resorts International
	12/07/2011
	831277726

	Brazil
	Diamond Resorts International
	12/07/2011
	831277793

	Brazil
	D And Design
	12/07/2011
	831277750

	Canada
	Diamond Resorts 
International
	10/25/2011
	1549141

	Canada
	D & Design
	10/25/2011
	1549143

	Chile
	Diamond Resorts International
	01/11/2012
	988297

	Chile
	D And Design
	01/11/2012
	988295

	China P.R.
	D And Design
	12/01/2011
	10256764

	China P.R.
	Diamonds Resorts International
	12/01/2011
	10256761

	China P.R.
	Diamonds Resorts International
	03/14/2012
	10256762

	China P.R.
	D And Design
	12/01/2011
	10256765

	Costa Rica
	Diamond Resorts International
	11/29/2011
	2011-11781

	Costa Rica
	Diamond Resorts International
	11/29/2011
	2011-11780

	CTM (European Community)
	THE Club
	02/12/2009
	7598451

	Dominican Republic
	Diamond Resorts International
	01/06/2012
	2012-491

	Dominican Republic
	D And Design
	01/06/2012
	2012-490

	India
	Diamond Resorts International
	12/23/2011
	2255480

	India
	D And Design
	12/23/2011
	2255479

	Indonesia
	Diamond Resorts International
	11/24/2011
	J00.2011.047872

	Indonesia
	D And Design
	11/24/2011
	J00.2011.047875

	Malaysia
	D And Design
	12/06/2011
	2011021403

EXHIBIT D

	
				
	Malaysia
	Diamond Resorts International
	12/06/2011
	2011021401

	Malaysia
	Diamond Resorts International
	12/06/2011
	2011021400

	Malaysia
	D And Design
	12/06/2011
	2011021402

	Mexico
	The Club
	07/24/2012
	1294357

	Mexico
	The Club
	07/24/2012
	1294358

	Mexico
	The Club At Diamond Resorts International
	03/11/2013
	1356248

	Mexico
	The Club At Diamond Resorts International
	03/11/2013
	1356249

	Panama
	D and Design
	10/25/2011
	205743

	Panama
	Diamond Resorts International
	10/25/2011
	205736

	Panama
	Diamond Resorts International
	10/25/2011
	205745

	Panama
	D And Design
	10/25/2011
	205746

	South Africa
	D And Design
	12/05/2011
	2011/31170

	South Africa
	Diamond Resorts International
	12/05/2011
	2011/31172

	South Africa
	Diamond Resorts International
	12/05/2011
	2011/31171

	South Africa
	D And Design
	12/05/2011
	2011/31169

	Thailand
	D And Design
	12/02/2011
	828000

	Thailand
	Diamond Resorts International
	12/02/2011
	827998

	Thailand
	Diamond Resorts International
	12/02/2011
	827997

	Thailand
	D And Design
	12/02/2011
	827999

	Uruguay
	Diamond Resorts International
	11/26/2011
	429845

	Uruguay
	D And Design
	11/26/2011
	429844

* Owner entity for all the above trademark applications is Diamond Resorts Holdings, LLC.
Trade Names

EXHIBIT D

	
			
	Owner Entity
	Country Where Used
	Trade Names

	These trade names are active and currently in use.

	MMG Development Corporation
	United States, Tennessee
	Bent Creek Golf Course – Expires 02/09/2014

	West Maui Resort Partners, LLP
	United States, Hawaii
	Activity Warehouse – Expires 08/22/2016

	Diamond Resorts Corporation
	United States, Nevada
	Diamond Resorts International – Expires 12/31/2014

	Diamond Resorts International Club, Inc.
	Unites States, Florida
	THE Club – Expires 06/20/2018

	Diamond Resorts International Marketing, Inc.
	United States, Arizona
	Arizona Tourism Center – Expires 06/19/2016

	Diamond Resorts International Marketing, Inc.
	United States, Arizona
	Kyote Krazy Activities and Tours – Expires 03/03/2016

	Diamond Resorts International Marketing, Inc.
	United States, Nevada
	Activity Warehouse – Expires 12/31/2015

EXHIBIT D

TRADEMARK/TRADE NAMES OWNED BY HOLDINGS
U.S. Trademark Registrations
None.
U.S. Trademark Applications
None.

State Trademark Registrations
None.
Non-U.S. Trademark Registrations
None.
Non-U.S. Trademark Applications
None.
Trade Names
None.

EXHIBIT D

LICENSES
Licenses/Sublicenses of Borrower and Subsidiary Grantors as Licensor/Sublicensor on Date Hereof
A.  Copyrights
U.S. Copyrights
	
					
	Licensee Name
and Address
	Date of License/
Sublicense
	Title of
U.S.
Copyright
	Author
	Reg. No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

Non-U.S. Copyrights
	
						
	Country
	Licensee Name
and Address
	Date of
License/
Sublicense
	Title of
Non-U.S.
Copyrights
	Author
	Reg. No.

	 
	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

B.  Patents
U.S. Patents
	
				
	Licensee Name
and Address
	Date of License/
Sublicense
	Issue Date
	Patent No.

	 
	 
	 
	 

	NONE
	 
	 
	 

	 
	 
	 
	 

U.S. Patent Applications

EXHIBIT D

	
				
	Licensee Name
and Address
	Date of License/
Sublicense
	Date Filed
	Application No.

	 
	 
	 
	 

	NONE
	 
	 
	 

	 
	 
	 
	 

Non-U.S. Patents
	
					
	Country
	Licensee Name
and Address
	Date of License/
Sublicense
	Issue
Date
	Non-U.S.
Patent No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

Non-U.S. Patent Applications
	
					
	Country
	Licensee Name
and Address
	Date of License/
Sublicense
	Date
Filed
	Application No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

C.  Trademarks
U.S. Trademarks
	
					
	Licensee Name
and Address
	Date of License/
Sublicense
	U.S. Mark
	Reg. Date
	Reg. No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

U.S. Trademark Applications

EXHIBIT D

	
					
	Licensee Name
and Address
	Date of License/
Sublicense
	U.S. Mark
	Date Filed
	Application No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

Non-U.S. Trademarks
	
						
	Country
	Licensee Name
and Address
	Date of License/
Sublicense
	Non-U.S.
Mark
	Reg. Date
	Reg. No.

	 
	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

Non-U.S. Trademark Applications
	
						
	Country
	Licensee Name
and Address
	Date of License/
Sublicense
	Non-U.S.
Mark
	Date
Filed
	Application No.

	 
	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

D.  Others
	
			
	Licensee Name
and Address
	Date of License/
Sublicense
	Subject
Matter

	 
	 
	 

	NONE
	 
	 

	 
	 
	 

EXHIBIT D

LICENSES

Licenses/Sublicenses of Holdings as Licensor/Sublicensor on Date Hereof
A.  Copyrights
U.S. Copyrights
	
					
	Licensee Name
and Address
	Date of License/
Sublicense
	Title of
U.S.
Copyright
	Author
	Reg. No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

Non-U.S. Copyrights
	
						
	Country
	Licensee Name
and Address
	Date of
License/
Sublicense
	Title of
Non-U.S.
Copyrights
	Author
	Reg. No.

	 
	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

B.  Patents
U.S. Patents
	
				
	Licensee Name
and Address
	Date of License/
Sublicense
	Issue Date
	Patent No.

	 
	 
	 
	 

	NONE
	 
	 
	 

	 
	 
	 
	 

EXHIBIT D

U.S. Patent Applications
	
				
	Licensee Name
and Address
	Date of License/
Sublicense
	Date Filed
	Application No.

	 
	 
	 
	 

	NONE
	 
	 
	 

	 
	 
	 
	 

Non-U.S. Patents
	
					
	Country
	Licensee Name
and Address
	Date of License/
Sublicense
	Issue
Date
	Non-U.S.
Patent No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

Non-U.S. Patent Applications
	
					
	Country
	Licensee Name
and Address
	Date of License/
Sublicense
	Date
Filed
	Application No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

C.  Trademarks
U.S. Trademarks
	
					
	Licensee Name
and Address
	Date of License/
Sublicense
	U.S. Mark
	Reg. Date
	Reg. No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

U.S. Trademark Applications

EXHIBIT D

	
					
	Licensee Name
and Address
	Date of License/
Sublicense
	U.S. Mark
	Date Filed
	Application No.

	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 

	 
	 
	 
	 
	 

Non-U.S. Trademarks
	
						
	Country
	Licensee Name
and Address
	Date of License/
Sublicense
	Non-U.S.
Mark
	Reg. Date
	Reg. No.

	 
	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

Non-U.S. Trademark Applications
	
						
	Country
	Licensee Name
and Address
	Date of License/
Sublicense
	Non-U.S.
Mark
	Date
Filed
	Application No.

	 
	 
	 
	 
	 
	 

	NONE
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

D.  Others
	
			
	Licensee Name
and Address
	Date of License/
Sublicense
	Subject
Matter

	 
	 
	 

	NONE
	 
	 

	 
	 
	 

Exhibit A to the 
Security Agreement

SUPPLEMENT NO. [●] (this “Supplement”) dated as of [●], 20[●] to the Security Agreement dated as of September 11, 2013 (the “Security Agreement”), among DIAMOND RESORTS CORPORATION, a Maryland Corporation (the “Borrower”), DIAMOND RESORTS INTERNATIONAL, INC., a Delaware 

EXHIBIT D

corporation (“Holdings”), the other Subsidiaries of Holdings from time to time party thereto (each such Subsidiary individually a “Subsidiary Grantor” and collectively, the “Subsidiary Grantors”; the Subsidiary Grantors, the Borrower and Holdings are referred to collectively herein as the “Grantors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as collateral agent (in such capacity, together with its successors and assigns, the “Collateral Agent”) for the Secured Parties (as defined therein).
A.  Reference is made to the Credit Agreement dated as of September 11, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, Holdings, the lenders from time to time party thereto (the “Lenders”) and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”).  The Lenders have agreed to extend credit to the Borrower pursuant to, and upon the terms and subject to the conditions set forth in, the Credit Agreement.
B.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement or the Security Agreement, as applicable.
C.  The Grantors have entered into the Security Agreement in order to induce the Lenders to make Loans.  Section 6.16 of the Security Agreement provides that additional Subsidiaries of Holdings may become Subsidiary Grantor under the Security Agreement by execution and delivery of an instrument in the form of this Supplement.  The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Subsidiary Grantor under the Security Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made.
Accordingly, the Collateral Agent and the New Subsidiary agree as follows:
SECTION 1.  In accordance with Section 6.16 of the Security Agreement, the New Subsidiary by its signature below becomes a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Grantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct on and as of the date hereof.  In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Obligations (as defined in the Security Agreement), does hereby create and grant to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all of the New Subsidiary’s right, title and interest in and to the Collateral (as defined in the Security Agreement) of the New Subsidiary.  Each reference to a “Subsidiary Grantor” in the Security Agreement shall be deemed to include the New Subsidiary.  The Security Agreement is hereby incorporated herein by reference.
SECTION 2.  The New Subsidiary represents and warrants to the Collateral Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered 

EXHIBIT D

by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.
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. This Supplement shall become effective when the Collateral Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Subsidiary and the Collateral Agent.  Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Supplement.
SECTION 4.  The New Subsidiary hereby represents and warrants that (a) set forth on Schedule I attached hereto is a true and correct schedule of (i) any and all Equity Interests and Pledged Debt Securities now owned by the New Subsidiary and (ii) any and all Intellectual Property now owned by the New Subsidiary and (b) set forth under its signature hereto, is the true and correct legal name of the New Subsidiary and its jurisdiction of organization.
SECTION 5.  Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect.
SECTION 6.  THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
SECTION 7.  In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Security Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
SECTION 8.  All communications and notices hereunder shall (except as otherwise expressly permitted by the Security Agreement) be in writing and given as provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to the New Subsidiary shall be given to it in care of the Borrower as provided in Section 9.01 of the Credit Agreement.
SECTION 9.  The New Subsidiary agrees to reimburse the Collateral Agent for its out-of-pocket expenses in connection with this Supplement, including the fees, other charges and disbursements of counsel for the Collateral Agent.

EXHIBIT D

IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this Supplement to the Security Agreement as of the day and year first above written.
	
		
	[NAME OF NEW SUBSIDIARY],

	by

	 
	 

	 
	Name:

	 
	Title:

	 
	Address:

	 
	Legal Name:

	 
	Jurisdiction of Formation:

	
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent,

	by

	 
	 

	 
	Name:

	 
	Title:

EXHIBIT D

Schedule I to 
Supplement No. [●] to the 
Security Agreement 

Collateral of the New Subsidiary
EQUITY INTERESTS
	
					
	Issuer
	Number of 
Certificate
	Registered 
Owner
	Number and 
Class of 
Equity Interest
	Percentage 
of Equity Interests

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

PLEDGED DEBT SECURITIES
	
				
	Issuer
	Principal 
Amount
	Date of Note
	Maturity Date

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

INTELLECTUAL PROPERTY

[Follow format of Schedule V to the 
Security Agreement.]

Exhibit B to the 
Security Agreement 
FORM OF PERFECTION CERTIFICATE

EXHIBIT E

GUARANTEE AGREEMENT
dated as of
September 11, 2013,
among
DIAMOND RESORTS CORPORATION,
DIAMOND RESORTS INTERNATIONAL, INC.,
the other Subsidiaries of Holdings 
from time to time party hereto

and
CREDIT SUISSE AG,
as Administrative Agent

EXHIBIT E

TABLE OF CONTENTS
	
			
	 
	 
	Page

	 
	ARTICLE I
	 

	 
	 
	 

	 
	Definitions
	 

	SECTION 1.01
	Credit Agreement
	1

	SECTION 1.02
	Other Defined Terms
	1

	 
	 
	 

	 
	ARTICLE II
	 

	 
	 
	 

	 
	Guarantee
	 

	SECTION 2.01
	Guarantee
	3

	SECTION 2.02
	Guarantee of Payment
	3

	SECTION 2.03
	No Limitations, Etc
	3

	SECTION 2.04
	Reinstatement
	4

	SECTION 2.05
	Agreement To Pay; Subrogation
	4

	SECTION 2.06
	Information
	5

	SECTION 2.07
	Limitation on 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
	6

	 
	ARTICLE IV
	 

	 
	 
	 

	 
	Representations and Warranties
	 

	 
	 
	 

	 
	ARTICLE V
	 

	 
	 
	 

	 
	Miscellaneous
	 

	SECTION 5.01
	Notices
	6

	SECTION 5.02
	Survival of Agreement
	6

	SECTION 5.03
	Binding Effect; Several Agreement
	7

	SECTION 5.04
	Successors and Assigns
	7

	SECTION 5.05
	Administrative Agent's Fees and Expenses; Indemnification
	7

	SECTION 5.06
	 Applicable Law
	8

	SECTION 5.07
	Waivers; Amendment
	8

	SECTION 5.08
	WAIVER OF JURY TRIAL
	9

	SECTION 5.09
	Severability
	9

EXHIBIT E

	
			
	SECTION 5.10
	Counterparts
	9

	SECTION 5.11
	Headings
	9

	SECTION 5.12
	Jurisdiction; Consent to Service of Process
	9

	SECTION 5.13
	Termination or Release
	10

	SECTION 5.14
	 Additional Guarantors
	10

	SECTION 5.15
	Right of Setoff
	11

	 
	 
	 

	Schedules
	 
	 

	Schedule I
	Subsidiary Guarantors
	 

	 
	 
	 

	Exhibits
	 
	 

	Exhibit A
	Form of Supplement to the Guarantee Agreement
	 

EXHIBIT E

Schedules
Schedule I    Subsidiary Guarantors

Exhibits

Exhibit A    Form of Supplement to the Guarantee Agreement

EXHIBIT E

GUARANTEE AGREEMENT dated as of September 11, 2013 (this “Agreement”), among DIAMOND RESORTS CORPORATION, a Maryland corporation (the “Borrower”), DIAMOND RESORTS INTERNATIONAL, INC., a Delaware corporation (“Holdings”), the Subsidiaries of Holdings from time to time party hereto and CREDIT SUISSE AG, as administrative agent (in such capacity, together with it successors and assigns, the “Administrative Agent”).
PRELIMINARY STATEMENT

Reference is made to the Credit Agreement dated as of September 11, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, Holdings, the lenders from time to time party thereto (the “Lenders”) and Credit Suisse AG, as Administrative Agent.  The Lenders have agreed to extend credit to the Borrower pursuant to, and upon the terms and subject to the conditions set forth in, the Credit Agreement.
The obligations of the Lenders to extend credit to the Borrower are conditioned upon, among other things, the execution and delivery of this Agreement by the Borrower, Holdings and each Subsidiary Guarantor.  Each Guarantor is an affiliate of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement, and each Guarantor is willing to execute and deliver this Agreement in order to induce the Lenders 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 preliminary statement hereto) and not otherwise defined herein have the meanings set forth in the Credit Agreement.
(b)    The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement.
SECTION 1.02.    Other Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“Administrative Agent” shall have the meaning assigned to such term in the preamble hereto.
“Agreement” shall have the meaning assigned to such term in the preamble hereto.
“Borrower” shall have the meaning assigned to such term in the preamble hereto.

EXHIBIT E

“Collateral Agent” shall mean Wells Fargo Bank, National Association and its successors and assigns, in its capacity as collateral agent under the Security Agreement referred to in the Credit Agreement.
“Credit Agreement” shall have the meaning assigned to such term in the preliminary statement.
“Guarantors” shall mean Holdings and the Subsidiary Guarantors.
“Holdings” has the meaning assigned to such term in the preamble hereto.
“Lenders” shall have the meaning assigned to such term in the preliminary statement.
“Obligations” shall mean all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and the Restricted Subsidiaries arising under any Loan Document or otherwise with respect to any Loan, Secured Cash Management Agreement or Secured Hedging Agreement, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or Restricted Subsidiary of any proceeding under any Debtor Relief Laws naming such person as the debtor in such proceeding (or would accrue but for the operation of applicable Debtor Relief Laws), regardless of whether such interest and fees are allowed or allowable claims in such proceeding; provided that (a) obligations of the Loan Parties under any Secured Cash Management Agreement or Secured Hedging Agreement shall be secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and (b) any release of Collateral or Guarantees effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Secured Hedging Agreements or obligations under Secured Cash Management Agreements.  Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and of the Restricted Subsidiaries to the extent they have obligations under the Loan Documents) include (i) the obligation (including guarantee obligations) to pay principal, interest, reimbursement obligations, charges, expenses, fees, indemnities and other amounts payable by any Loan Party under any Loan Document and (ii) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that the Administrative Agent or Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party.  Notwithstanding the foregoing, in the case of any Excluded Swap Guarantor, “Obligations” shall not include Excluded Swap Obligations of such Excluded Swap Guarantor.
“Secured Parties” shall mean (a) the Administrative Agent, (b) the Collateral Agent, (c) the beneficiary of each indemnification obligation undertaken by any Loan Party under any Loan Document, (d) the Lenders, (e) the Hedge Banks to the extent they are party to one or more Secured Hedging Agreements, (f) the Cash Management Banks to the extent they are party to one or more Secured Cash Management Agreements and (g) the permitted successors and assigns of each of the foregoing.

EXHIBIT E

“Subsidiary Guarantors” shall mean (a) the Subsidiaries identified on Schedule I hereto as Subsidiary Guarantors and (b) each other Subsidiary that becomes a party to this Agreement as a Subsidiary Guarantor after the Closing Date.
ARTICLE II     
 
Guarantee
SECTION 2.01.    Guarantee.  Each Guarantor irrevocably and unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, by way of independent payment obligation, the due and punctual payment and performance of the Obligations.  Each Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from such Guarantor, and that such Guarantor will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation.  Each Guarantor waives presentment to, demand of payment from and protest to the Borrower or any other Loan Party of any Obligation, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment.  Each Guarantor waives notice of any default under the Obligations or any of the Loan Documents.  
SECTION 2.02.    Guarantee of Payment.  Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by the Collateral Agent or any other Secured Party to any Collateral held for the payment of the Obligations or to any balance of any deposit account or credit on the books of the Collateral Agent or any other Secured Party in favor of the Borrower or any other person.  Each Guarantor further agrees that, upon the occurrence and continuance of an Event of Default, the Administrative Agent or any other Secured Party may, subject, in the case of enforcing against any Collateral, to the Security Agreement and the applicable Intercreditor Agreement, institute legal proceedings directly against such Guarantor without first proceeding against the Borrower.
SECTION 2.03.    No Limitations, Etc.  (a) Except for the limitations set forth in Section 2.07 and/or the termination or release of a Guarantor’s obligations hereunder as expressly provided in Section 5.13, to the fullest extent permitted by applicable law, the Obligations of each Guarantor shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise.  Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i) the failure of the Administrative Agent or any other Secured Party 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 or modification of, or any release from any of the terms or provisions of, any Loan Document or any other agreement (other than the termination or release of such Guarantor’s obligations hereunder as expressly provided in Section 5.13), including with respect to any other Guarantor under this Agreement, (iii) the release or any impairment of or failure to perfect any Collateral held by the Collateral Agent or any other 

EXHIBIT E

Secured Party as security for any of the Obligations, (iv) any default, failure or delay, willful or otherwise, in the performance of the Obligations, (v) the failure of the Administrative Agent or any other Secured Party to exercise any right or remedy against any other guarantor of the Obligations, (vi) except as expressly set forth in Section 5.13, any change in ownership of such Guarantor or (vii) 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 indefeasible payment in full in cash of all the Obligations).  Each Guarantor expressly acknowledges and agrees that the Collateral Agent may take and hold any Collateral for the payment and performance of the Obligations, may exchange, waive or release any or all such Collateral (with or without consideration), may enforce or apply such Collateral and direct the order and manner of any sale thereof in its sole discretion or may release or substitute any one or more other guarantors or obligors upon or in respect of the 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 (including any defenses based on suretyship or impairment of collateral) or the unenforceability of the 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 indefeasible payment in full in cash of all the Obligations.  Upon the occurrence and during the continuation of an Event of Default, the Collateral Agent and the other Secured Parties may, at their election and to the extent permitted by the Loan Documents and by applicable law, foreclose on any Collateral held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure, compromise or adjust any part of the 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 Obligations have been fully and indefeasibly paid in full in cash.  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 Collateral.
SECTION 2.04.    Reinstatement.  Each Guarantor agrees that 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 Obligation is rescinded or must otherwise be restored by the Administrative Agent or any other Secured Party upon the bankruptcy or reorganization 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 Secured 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 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 shall, upon receipt of written demand by the Administrative Agent pay, or cause to be paid, 

EXHIBIT E

in cash, to the Administrative Agent for distribution to the applicable Secured Parties, the amount of such unpaid 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 Guarantor 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 Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any other Secured Party will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks.
SECTION 2.07.    Limitation on Liability.  Notwithstanding any provisions in this Agreement or any other Loan Document to the contrary, the maximum aggregate amount of the Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Agreement, as it relates to such Guarantor, voidable under applicable laws relating to financial assistance, corporate benefit, fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.
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), the Borrower agrees that (a) in the event a payment 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 and (b) in the event any assets of any Guarantor shall be sold pursuant to any Security Document to satisfy in whole or in part a claim of any Secured Party, the Borrower shall indemnify such Guarantor in an amount equal to the greater of the book value or the fair market value of the assets so sold.  
SECTION 3.02.    Contribution and Subrogation.  Each Guarantor (a “Contributing Guarantor”) agrees (subject to Section 3.03) that, in the event a payment shall be made by any other Guarantor hereunder in respect of any Obligation or assets of any other Guarantor shall be sold pursuant to any Security Document to satisfy any Obligation owed to any Secured Party and such other Guarantor (the “Claiming Guarantor”) shall not have been fully indemnified by the Borrower as provided in Section 3.01, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to (a) the amount of such payment or (ii) the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 5.14, the date of the 

EXHIBIT E

supplement hereto executed and delivered by such Guarantor).  Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 3.02 shall be subrogated to the rights of such Claiming Guarantor under Section 3.01 to the extent of such payment.
SECTION 3.03.    Subordination.  (a) Notwithstanding any provision of this Agreement to the contrary, 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 indefeasible payment in full in cash of the 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 its obligations hereunder.
(b)    The Borrower and each Guarantor hereby agree that all Indebtedness and other monetary obligations owed by it to the Borrower or any other Subsidiary shall be fully subordinated to the indefeasible payment in full in cash of the Obligations.
ARTICLE IV     
 
Representations and Warranties
Each Guarantor represents and warrants to the Administrative Agent and the other Secured Parties that (a) the execution, delivery and performance by such Guarantor of this Agreement are within such Guarantor’s corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational and, if required, stockholder or other equityholder action, and this Agreement has been duly executed and delivered by such Guarantor and is the legally valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability, and (b) as of the date hereof, all representations and warranties set forth in the Credit Agreement as to such Guarantor are true and correct. 
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 Guarantor shall be given to it in care of the Borrower as provided in Section 9.01 of the Credit Agreement.
SECTION 5.02.    Survival of Agreement.  All covenants, agreements, representations and warranties made by the Guarantors in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any 

EXHIBIT E

other Loan Document shall be considered to have been relied upon by the Secured Parties and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that the Administrative Agent or any other Secured Party may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended pursuant to the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan, any fee or any other amount payable under any Loan Document is outstanding and unpaid and so long as the Commitments have not expired or been terminated.
SECTION 5.03.    Binding Effect; Several Agreement.  This Agreement shall become effective as to any Loan Party when a counterpart hereof executed on behalf of such Loan Party 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 Loan Party and the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Loan Party, the Administrative Agent and the other Secured Parties and their respective successors and assigns, except that no Loan Party 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 contemplated or permitted by this Agreement or the Credit Agreement.  This Agreement shall be construed as a separate agreement with respect to each Loan Party and may be amended, modified, supplemented, waived or released with respect to any Loan Party without the approval of any other Loan Party and without affecting the obligations of any other Loan Party hereunder.
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 Loan Party or the Administrative Agent that are contained in this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns. 
SECTION 5.05.    Administrative Agent’s Fees and Expenses; Indemnification.  (a) The parties hereto agree that the Administrative Agent shall be entitled to reimbursement of its expenses incurred hereunder in accordance with Section 9.05 of the Credit Agreement. 
(b)    Without limitation of its indemnification obligations under the other Loan Documents, each Loan Party jointly and severally agrees to indemnify the Administrative Agent, the other Secured Parties and each Related Party of any of the Secured Parties against, and hold each Secured Party and its Related Parties harmless from, any and all losses, claims, damages, liabilities, and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Secured Party and its Related Parties incurred by or asserted against any Secured Party or its Related Parties arising out of, in any way connected with, or as a result of, the execution, delivery or performance of this Agreement or any agreement or instrument contemplated hereby or any claim, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any Secured Party or any of its Related Parties is a party thereto or whether initiated by a third party or by any Loan Party or any Affiliate thereof; provided that such indemnity shall not, 

EXHIBIT E

as to any Secured Party or any of its Related Parties, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such Secured Party or such Related Party.  To the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives any claim against any Secured Party and its Related Parties, 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, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loans or the use of proceeds thereof.
(b)    Any such amounts payable as provided hereunder shall be additional Obligations guaranteed hereunder and secured by the other Security Documents. The provisions of this Section 5.05 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, the repayment of any of the 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 the Administrative Agent or any other Secured Party.  All amounts due under this Section 5.05 shall be payable on written demand therefor and shall bear interest at the rate specified in Section 2.06(a) of the Credit Agreement.
SECTION 5.06.    Applicable Law.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 5.07.    Waivers; Amendment.  (a) No failure or delay by the Administrative Agent or any other Secured Party in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver hereof or 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 and the other Secured Parties 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 any Loan Document 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 5.07, 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 under the Credit Agreement shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent or any other Secured Party may have had notice or knowledge of such Default or Event of 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 Loan Party or Loan Parties with respect to which such waiver, 

EXHIBIT E

amendment or modification is to apply, subject to any consent required in accordance with Section 9.08 of the Credit Agreement.
SECTION 5.08.    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 RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (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, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.08.
SECTION 5.09.    Severability.  In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
SECTION 5.10.    Counterparts.  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, and shall become effective as provided in Section 5.03.  Delivery of an executed signature page to this Agreement by facsimile transmission or other electronic means shall be as effective as delivery of a manually signed counterpart of this Agreement.
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 are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
SECTION 5.12.    Jurisdiction; Consent to Service of Process.  (a) Each Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, 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 Guarantor 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 Guarantor agrees that a final judgment 

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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 or any other Loan Document shall affect any right that the Administrative Agent or any other Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.
(b)    Each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which 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 or any other Loan Document in any court referred to in paragraph (a) of this Section 5.12.  Each party 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.
(c)    Each Guarantor hereby irrevocably consents to service of process in the manner provided for notices in Section 5.01.  Nothing in this Agreement or any other Loan Document will affect the right of the Administrative Agent to serve process in any other manner permitted by law.
SECTION 5.13.    Termination or Release.  (a) This Agreement and the guarantees made herein shall terminate when all the Obligations (other than contingent indemnification obligations as to which no claim has been made) have been indefeasibly paid in full and the Lenders have no further commitment to lend under the Credit Agreement.
(b)    A Subsidiary Guarantor shall automatically be released from its obligations hereunder upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Subsidiary Guarantor ceases to be a Subsidiary.
(c)    In connection with any termination or release pursuant to paragraph (a) or (b) above, the Administrative Agent shall promptly 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 pursuant to this Section 5.13 shall be without recourse to or representation or warranty by the Administrative Agent or any other Secured Party.  Without limiting the provisions of Section 5.05, the Borrower shall reimburse the Administrative Agent upon demand for all costs and out of pocket expenses, including the fees, charges and expenses of counsel, incurred by it in connection with any action contemplated by this Section 5.13. 
SECTION 5.14.    Additional Guarantors.  Any Subsidiary that is required to become a party hereto pursuant to Section 5.12 of the Credit Agreement shall enter into this Agreement as a Guarantor and a Subsidiary Guarantor.  Upon execution and delivery by the Administrative Agent and such Subsidiary of a supplement in the form of Exhibit A hereto (a “Supplement”), such Subsidiary shall become a Guarantor and a Subsidiary Guarantor hereunder with the same force and effect as if originally named as a Guarantor and Subsidiary Guarantor herein.  The execution and delivery of any Supplement shall not require the consent of any other Loan Party hereunder. The rights and obligations of each Loan Party hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement.

EXHIBIT E

SECTION 5.15.    Right of Setoff.  If an Event of Default shall have occurred and is continuing, each Secured Party is hereby authorized at any time and from time to time, except to the extent prohibited by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Secured Party to or for the credit or the account of any Loan Party against any of and all the obligations of such Loan Party now or hereafter existing under this Agreement and the other Loan Documents held by such Secured Party, irrespective of whether or not such Secured Party shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured.  The rights of each Secured Party under this Section 5.15 are in addition to other rights and remedies (including other rights of setoff) which such Secured Party may have.
[Remainder of page intentionally left blank.]

EXHIBIT E

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

	by

	 
	 

	 
	Name:

	 
	Title:

	
		
	DIAMOND RESORTS INTERNATIONAL, INC.,

	by

	 
	 

	 
	Name:

	 
	Title:

EXHIBIT E

AKGI-ST. MAARTEN N.V.
CHESTNUT FARMS, LLC
CUMBERLAND GATE, LLC
DIAMOND RESORTS CALIFORNIA COLLECTION DEVELOPMENT, LLC
DIAMOND RESORTS CENTRALIZED SERVICES COMPANY
DIAMOND RESORTS CITRUS SHARE HOLDING, LLC
DIAMOND RESORTS CORAL SANDS DEVELOPMENT, LLC
DIAMOND RESORTS CYPRESS POINTE I DEVELOPMENT, LLC
DIAMOND RESORTS CYPRESS POINTE II DEVELOPMENT, LLC
DIAMOND RESORTS CYPRESS POINTE III DEVELOPMENT, LLC
DIAMOND RESORTS DAYTONA DEVELOPMENT, LLC
DIAMOND RESORTS DEVELOPER AND SALES HOLDING COMPANY
DIAMOND RESORTS DPM DEVELOPMENT LLC
DIAMOND RESORTS EPIC MORTGAGE HOLDINGS, LLC
DIAMOND RESORTS FALL CREEK DEVELOPMENT, LLC
DIAMOND RESORTS FINANCE HOLDING COMPANY
DIAMOND RESORTS FINANCIAL SERVICES, INC.
DIAMOND RESORTS GRAND BEACH I DEVELOPMENT, LLC
DIAMOND RESORTS GRAND BEACH II DEVELOPMENT, LLC
DIAMOND RESORTS GREENSPRINGS DEVELOPMENT, LLC
DIAMOND RESORTS HAWAII COLLECTION DEVELOPMENT, LLC
DIAMOND RESORTS HILTON HEAD DEVELOPMENT, LLC
DIAMOND RESORTS HOLDINGS, LLC,
DIAMOND RESORTS INTERNATIONAL CLUB, INC.
DIAMOND RESORTS INTERNATIONAL MARKETING, INC.
DIAMOND RESORTS INTERNATIONAL MARKETING MEXICO, LLC
DIAMOND RESORTS LAS VEGAS DEVELOPMENT, LLC
DIAMOND RESORTS MANAGEMENT & EXCHANGE HOLDING COMPANY
DIAMOND RESORTS MANAGEMENT, INC.
DIAMOND RESORTS MGV DEVELOPMENT LLC
DIAMOND RESORTS MORTGAGE HOLDINGS, LLC
DIAMOND RESORTS MYSTIC DUNES DEVELOPMENT, LLC
DIAMOND RESORTS PALM SPRINGS DEVELOPMENT, LLC
DIAMOND RESORTS POCO DIABLO DEVELOPMENT, LLC
DIAMOND RESORTS POIPU DEVELOPMENT, LLC
DIAMOND RESORTS POLO DEVELOPMENT, LLC
DIAMOND RESORTS PORT ROYAL DEVELOPMENT, LLC
DIAMOND RESORTS POWHATAN DEVELOPMENT, LLC
DIAMOND RESORTS RESIDUAL ASSETS DEVELOPMENT, LLC
DIAMOND RESORTS RESIDUAL ASSETS FINANCE, LLC
DIAMOND RESORTS RESIDUAL ASSETS M&E, LLC
DIAMOND RESORTS RIDGE ON SEDONA DEVELOPMENT, LLC
DIAMOND RESORTS RIDGE POINTE DEVELOPMENT, LLC
DIAMOND RESORTS SAN LUIS BAY DEVELOPMENT, LLC
DIAMOND RESORTS SANTA FE DEVELOPMENT, LLC
DIAMOND RESORTS SCOTTSDALE DEVELOPMENT, LLC
DIAMOND RESORTS SEDONA SPRINGS DEVELOPMENT, LLC
DIAMOND RESORTS SEDONA SUMMIT DEVELOPMENT, LLC
DIAMOND RESORTS ST. CROIX DEVELOPMENT, LLC
DIAMOND RESORTS STEAMBOAT DEVELOPMENT, LLC
DIAMOND RESORTS TAHOE BEACH & SKI DEVELOPMENT, LLC
DIAMOND RESORTS TETON CLUB DEVELOPMENT, LLC
DIAMOND RESORTS U.S. COLLECTION DEVELOPMENT, LLC
DIAMOND RESORTS VILLA MIRAGE DEVELOPMENT, LLC
DIAMOND RESORTS VILLAS OF SEDONA DEVELOPMENT, LLC
DIAMOND RESORTS WEST MAUI DEVELOPMENT, LLC
FOSTER SHORES, LLC

EXHIBIT E

GEORGE ACQUISITION SUBSIDIARY, INC.
GINGER CREEK, LLC
GRAND ESCAPES, LLC
INTERNATIONAL TIMESHARES MARKETING, LLC
LAKE TAHOE RESORT PARTNERS, LLC
MAZATLAN DEVELOPMENT INC.
MMG DEVELOPMENT CORP.
POIPU RESORT PARTNERS, L.P.
RESORT MANAGEMENT INTERNATIONAL, INC.
RESORTS DEVELOPMENT INTERNATIONAL, INC.
WALSHAM LAKE, LLC
WEST MAUI RESORT PARTNERS, L.P.
CRESCENT ONE, LLC
ISLAND ONE, INC.
ISLAND ONE RESORTS MANAGEMENT CORPORATION
GALAXY EXCHANGE COMPANY
NAVIGO VACATION CLUB, INC.

EXHIBIT E

	
		
	 

	By:
	 

	 
	Name:

	 
	Title:

	 
	 

	 
	Acting on behalf of each of the Subsidiary Guarantors set forth above

EXHIBIT E

Schedule I to the Guarantee Agreement
SUBSIDIARY GUARANTORS
	
			
	 Entity Name
	Jurisdiction 
of 
Organization

	1.    AKGI-St. Maarten N.V.
	DE

	2.    Chestnut Farms, LLC
	NV

	3.    Cumberland Gate, LLC
	DE

	4.    Diamond Resorts California Collection Development, LLC
	DE

	5.    Diamond Resorts Centralized Services Company
	DE
	 

	6.    Diamond Resorts Citrus Share Holding, LLC
	DE

	7.    Diamond Resorts Coral Sands Development, LLC
	DE
	 

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	DE
	 

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	DE
	 

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	DE
	 

	11.    Diamond Resorts Daytona Development, LLC
	DE
	 

	12.    Diamond Resorts Developer and Sales Holding Company
	DE
	 

	13.    Diamond Resorts DPM Development LLC
	NV
	 

	14.    Diamond Resorts Epic Mortgage Holdings, LLC 
	DE

	15.    Diamond Resorts Fall Creek Development, LLC
	DE

	16.    Diamond Resorts Finance Holding Company
	DE

	17.    Diamond Resorts Financial Services, Inc.
	NV

	18.    Diamond Resorts Grand Beach I Development, LLC
	DE

	19.    Diamond Resorts Grand Beach II Development, LLC
	DE

	20.    Diamond Resorts Greensprings Development, LLC
	DE

	21.    Diamond Resorts Hawaii Collection Development, LLC
	DE

	22.    Diamond Resorts Hilton Head Development, LLC
	DE

	23.    Diamond Resorts Holdings, LLC
24.    Diamond Resorts International Club, Inc.
	NV
FL

	25.    Diamond Resorts International Marketing, Inc.
	CA

	26.    Diamond Resorts International Marketing Mexico, LLC
	NV

	27.    Diamond Resorts Las Vegas Development, LLC 
	DE

	28.    Diamond Resorts Management & Exchange Holding Company
	DE

	29.    Diamond Resorts Management, Inc.
	AZ

	30.    Diamond Resorts MGV Development LLC
	NV

EXHIBIT E

	
			
	 Entity Name
	Jurisdiction 
of 
Organization

	31.    Diamond Resorts Mortgage Holdings, LLC
	DE

	32.    Diamond Resorts Mystic Dunes Development, LLC
	NV

	33.    Diamond Resorts Palm Springs Development, LLC 
	DE

	34.    Diamond Resorts Poco Diablo Development, LLC
	DE

	35.    Diamond Resorts Poipu Development, LLC 
	DE

	36.    Diamond Resorts Polo Development, LLC
	NV

	37.    Diamond Resorts Port Royal Development, LLC
	DE

	38.    Diamond Resorts Powhatan Development, LLC
	DE

	39.    Diamond Resorts Residual Assets Development, LLC
	DE

	40.    Diamond Resorts Residual Assets Finance, LLC
	DE

	41.    Diamond Resorts Residual Assets M&E, LLC
	DE

	42.    Diamond Resorts Ridge on Sedona Development, LLC
	DE

	43.    Diamond Resorts Ridge Pointe Development, LLC
	DE

	44.    Diamond Resorts San Luis Bay Development, LLC
	DE

	45.    Diamond Resorts Santa Fe Development, LLC
	DE

	46.    Diamond Resorts Scottsdale Development, LLC 
	DE

	47.    Diamond Resorts Sedona Springs Development, LLC
	DE

	48.    Diamond Resorts Sedona Summit Development, LLC
	DE

	49.    Diamond Resorts St. Croix Development, LLC
	DE

	50.    Diamond Resorts Steamboat Development, LLC
	DE

	51.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	DE

	52.    Diamond Resorts Teton Club Development, LLC
	NV

	53.    Diamond Resorts U.S. Collection Development, LLC
	DE

	54.    Diamond Resorts Villa Mirage Development, LLC
	DE

	55.    Diamond Resorts Villas of Sedona Development, LLC
	DE

	56.    Diamond Resorts West Maui Development, LLC
	DE

	57.    Foster Shores, LLC
	MO

	58.    George Acquisition Subsidiary, Inc.
	NV

	59.    Ginger Creek, LLC
	DE

	60.    Grand Escapes, LLC
	DE

	61.    International Timeshares Marketing, LLC
	DE

	62.    Lake Tahoe Resort Partners, LLC
	CA

	63.    Mazatlan Development Inc.
	WA

EXHIBIT E

	
			
	 Entity Name
	Jurisdiction 
of 
Organization

	64.    MMG Development Corp.
	FL

	65.    Poipu Resort Partners, L.P.
	HI

	66.    Resort Management International, Inc.
	CA

	67.    Resorts Development International, Inc.
	NV

	68.    Walsham Lake, LLC
	MO

	69.    West Maui Resort Partners, L.P.
	DE

	70.    Crescent One, LLC
	FL

	71.    Island One, Inc.
	FL

	72.    Island One Resorts Management Corporation
	FL

	73.    Galaxy Exchange Company
	FL

	74.    Navigo Vacation Club, Inc.
	FL

EXHIBIT E

Exhibit A to the Guarantee Agreement
SUPPLEMENT NO. [●] (this “Supplement”) dated as of [●], to the Guarantee Agreement dated as of September 11, 2013 (the “Guarantee Agreement”), among DIAMOND RESORTS CORPORATION, a Maryland corporation (the “Borrower”), DIAMOND RESORTS INTERNATIONAL, INC., a Delaware corporation (“Holdings”), certain Subsidiaries of Holdings from time to time party thereto (each such Subsidiary individually a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”; the Subsidiary Guarantors and Holdings are collectively referred to herein as the “Guarantors”) and CREDIT SUISSE AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”).
A.  Reference is made to the Credit Agreement dated as of September 11, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, Holdings, the lenders from time to time party thereto (the “Lenders”) and Credit Suisse AG, as Administrative Agent.  The Lenders have agreed to extend credit to the Borrower pursuant to, and upon the terms and subject to the conditions set forth in, the Credit Agreement.
B.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Guarantee Agreement.
C.  The Guarantors have entered into the Guarantee Agreement in order to induce the Lenders to make Loans.  Section 5.14 of the Guarantee Agreement provides that additional Subsidiaries of Holdings may become Guarantors and Subsidiary Guarantors under the Guarantee Agreement by execution and delivery of an instrument in the form of this Supplement.  The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor and a Subsidiary Guarantor under the Guarantee Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made.
Accordingly, the Administrative Agent and the New Subsidiary agree as follows:
SECTION 1. In accordance with Section 5.14 of the Guarantee Agreement, the New Subsidiary by its signature below becomes a Guarantor and a Subsidiary Guarantor under the Guarantee Agreement with the same force and effect as if originally named therein as a Guarantor and a Subsidiary Guarantor, and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Guarantee Agreement applicable to it as a Guarantor and a Subsidiary Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor and a Subsidiary Guarantor thereunder are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.  Each reference to a “Guarantor” or a “Subsidiary 

EXHIBIT E

Guarantor” in the Guarantee Agreement shall be deemed to include the New Subsidiary.  The Guarantee Agreement is hereby incorporated herein by reference.
SECTION 2.  The New Subsidiary represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
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. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Subsidiary and the Administrative Agent.  Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic means shall be as effective as delivery of a manually signed counterpart of this Supplement.
SECTION 4.  Except as expressly supplemented hereby, the Guarantee Agreement shall remain in full force and effect.
SECTION 5.  THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
SECTION 6.  In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guarantee Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
SECTION 7.  All communications and notices hereunder shall (except as otherwise expressly permitted by the Guarantee Agreement) be in writing and given as provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to the New Subsidiary shall be given to it in care of the Borrower as provided in Section 9.01 of the Credit Agreement.
SECTION 8. The New Subsidiary agrees to reimburse the Administrative Agent for its out of pocket expenses in connection with this Supplement, including the fees, other charges and disbursements of counsel for the Administrative Agent, as and to the extent provided in Section 5.05 of the Guarantee Agreement and Section 9.05 of the Credit Agreement. 
[Remainder of this page intentionally left blank]

EXHIBIT E

IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly executed this Supplement to the Guarantee Agreement as of the day and year first above written.
	
		
	[NAME OF NEW SUBSIDIARY],

	by

	 
	 

	 
	Name:

	 
	Title:

	 
	Address:

	 
	Legal Name:

	 
	Jurisdiction of Formation:

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent,

	by

	 
	 

	 
	Name:

	 
	Title:

	
		
	 

	by

	 
	 

	 
	Name:

	 
	Title:

EXHIBIT F-1

 Katten 
 KattenMuchinRosenman LLP 
 525 W. Monroe Street 
 Chicago. IL 80661-3693 
 312.902.5200 tel 
 312-902·1061 fx 
September 11, 2013 
Credit Suisse AG, as Administrative Agent, and 
Credit Suisse AG 

JPMorgan Chase Bank, N.A. 
 Bank of America, N.A. (collectively, the "Lenders"), and 
 Each of the addressees on Schedule 1 
 attached hereto and made a part hereof 
		
	Re: 
	$25,000,000 Diamond Resorts Corporation Senior Secured Revolving Credit Facility (the "Facility") 

Ladies and Gentlemen: 
We have acted as special counsel to Diamond Resorts Corporation, a Maryland corporation (the "Company"), Diamond Resorts Holdings, LLC, a Nevada limited liability company ("Holdings"), Diamond Resorts International, Inc., a Delaware corporation ("Parent"), each of the direct and indirect U.S. subsidiaries of the Company (each, a "Subsidiary, and collectively, the "Subsidiaries"), which are guaranteeing the payment and performance of the Obligations, as indicated on Schedule 2 (and, together with Parent and Holdings, each, a "Guarantor" and collectively, the "Guarantors"), in connection with that certain Credit Agreement dated as of September 11, 2013 (the "Agreement") among the Company, Parent, the Lenders and Credit Suisse AG, as Administrative Agent, governing the extension of credit under the Facility by the Lenders to and for the benefit of the Company, as described in the Agreement and the other Transaction Documents itemized on Schedule 3 attached hereto and made a part hereof (collectively, the "Transaction"). This opinion is being rendered at the request of the Company, together with Holdings, Parent and the other Guarantors (collectively, the "Loan Parties") and is being delivered pursuant to Section 4.02(a)(i) of the Agreement. 
Capitalized terms used but not defined herein have the respective meanings given to such terms in the Agreement or the Security of Agreement, as defined below, as applicable . 
In connection with this opinion, we have examined copies or forms of each of the Transaction Documents, each dated, unless otherwise noted, as of the date hereof. 
We have examined the original or certified copies of those limited liability company, partnership, corporate and other records, agreements and instruments of the Loan Parties, certificates of public officials and of officers and other representatives of the Loan Parties, and such other documents and records, and those matters of law, as we have deemed appropriate as a basis for the opinions hereinafter expressed. The partnership agreements, limited liability company agreements, certificates or articles of incorporation or formation, by-laws, operating agreements and the other organizational documents of the Loan Parties, including those listed on Schedule 4, are sometimes referred to herein collectively as the "Organizational Documents." As to questions of fact material to this opinion, we have, when relevant facts were not independently established by us, relied upon the representations and warranties of the Loan Parties contained in the Transaction Documents. 
In making such examination, with your permission, we have assumed: 
		
	(i)
	the genuineness of all signatures other than those of the Loan Parties; 

		
	(ii) 
	all natural persons who are signatories to the Transaction Documents have sufficient legal competency to enter into and perform their respective obligations thereunder; and the copies of all documents submitted to us are accurate and complete and conform to originals; 

		
	(iii) 
	that each of the parties to the Transaction Documents (other than the Loan Parties) has the power to enter into and perform each of its respective obligations thereunder; 

		
	(iv) 
	the due authorization, execution and delivery of each of the Transaction Documents by each of the parties thereto (other than the Loan Parties); 

		
	(v) 
	the accuracy of representations and warranties of the Loan Parties set forth in the Transaction Documents as to factual matters only (and not as to legal conclusions); 

		
	(vi) 
	the conduct of the parties to the Transaction Documents complies with any requirement of good faith, fair dealing, conscionability and commercial reasonableness; 

		
	(vii) 
	there has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence with respect to any party. 

We express no opinion as to the laws of any jurisdiction other than the laws of the State of New York including, without limitation, the Uniform Commercial Code as in effect in the State of New York (the "NY-UCC"), the Limited Liability Company Act as in effect in the State of Delaware, the Revised Uniform Limited Partnership Act as in effect in the State of Delaware, the General Corporation Law as in effect in the State of Delaware, the Uniform Commercial Code as in effect in the State of Delaware (the "DE-UCC"; and the NY-UCC and the DE-UCC are hereinafter collectively referred to as the "UCC") and federal statutes of the United States (collectively, the "Subject Laws"). As to all matters regarding the existence and good standing of Loan Parties organized under the laws of the States of Arizona, California, Delaware, Florida, Hawaii, Nevada, Maryland, Missouri and Washington, we have relied upon the applicable Organizational Documents of such Loan Party. As to all matters regarding the laws of the States of Maryland, California, Arizona and Nevada, we have relied exclusively, without further investigation, upon the opinion of Ballard Spahr LLP, dated as of the date hereof, a copy of which is attached hereto as Exhibit A. As to all matters regarding the laws of the State of Florida, we have relied exclusively, without further investigation, upon the opinion of Holland & Knight, dated as of the date hereof, a copy of which is attached hereto as Exhibit B. As to all matters regarding the laws of the State of Hawaii, we have relied exclusively, without further investigation, upon the opinion of Imanaka Asato LLLC, dated as of the date hereof, a copy of which is attached hereto as Exhibit C. As to all matters regarding the laws of the State of Missouri, we have relied exclusively, without further investigation. upon the opinion of Summers Compton Wells LLC, dated as of the date hereof, a copy of which is attached hereto as Exhibit D. The opinions attached as Exhibits A through D are hereinafter collectively referred to as the "Local Opinions." 
We have reviewed and have relied upon, and assume for all purposes of this opinion the completeness and accuracy of, National Corporate Research, Ltd. 's lien search reports for the Loan Parties (collectively, the "UCC Search Reports"), which were ordered by the Loan Parties. We confirm that the UCC Search Reports set forth the proper filing offices as to each Loan Party and the proper debtors (which we assume are only the Loan Parties) necessary to identify those persons who, under the applicable UCC, have on file financing statements against the searched parties covering the Collateral as of various dates through the date hereof. We confirm that the UCC Search Reports identify no Person that filed any such financing statement describing any collateral that does or could include the Collateral except as set forth in the summary of the various financing statements and secured parties attached hereto as Exhibit E (collectively, the "Filed Statements"). 

Based upon the foregoing and subject to the comments and qualifications set forth below, we are of the opinion that: 
		
	1
	The Company is duly organized and validly existing as a corporation in good standing under the laws of the State of Maryland. Parent is duly organized and validly existing as a corporation in good standing under the laws of the State of Delaware. Holdings is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Nevada. Each other Loan Party is duly organized, validly existing and in good standing under the laws of its respective jurisdiction of formation, as delineated in Schedule 2. Each Loan Party has all necessary corporate, partnership or limited liability power and authority to execute and deliver and perform its obligations under each of the Transaction Documents to which it is a party and to perform its obligations thereunder. 

		
	2
	Each Loan Party is duly qualified as a foreign corporation, limited liability company or limited partnership, as applicable, to transact business as now conducted and as proposed to be conducted and is in good standing in each jurisdiction in which the ownership or leasing of its properties or the conduct of its business requires such qualification, other than jurisdictions in which the failure so to qualify would not have a Material Adverse Effect. 

		
	3
	The execution and delivery by each Loan Party of the Transaction Documents to which it is a party, the performance by it of its obligations thereunder, the obtaining of credit thereunder, the guarantee of the Obligations and the grant of security interests pursuant to the Transaction Documents do not (a) violate the Organizational Documents of such Loan Party, (b) violate any law, rule or regulation of the United States of America, the State of New York or the respective jurisdiction of organization of each Loan Party that we, in the exercise of customary professional diligence, would reasonably recognize as being directly applicable to the Loan Parties or the Transaction, or generally applicable to transactions similar to the Transaction, or ( c) to our knowledge, result in a breach of or a default under any provision of any indenture or other agreement or instrument evidencing indebtedness, or any other agreement or instrument to which such Loan Party is a party or by which any of its assets are bound. 

		
	4
	None of the Loan Parties is in violation of its respective charter or by-laws or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation agreement, covenant or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of the properties of any of them is subject, 

except such defaults that would not, individually or in the aggregate, have a Material Adverse Effect. 
		
	5. 
	The Transaction Documents have each been duly executed and delivered by each Loan Party that is a party thereto. Each of the Transaction Documents constitutes a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against such Loan Party in accordance with its terms, subject in each case to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws relating to or affecting creditors' rights generally from time to time in effect and to general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether considered in a proceeding in equity or at law. 

(a)     The execution and delivery by each Guarantor of the Guarantee Agreement and 
the performance of its obligations thereunder have been duly authorized by all corporate, 

partnership or limited liability company action on the part of such Guarantor and has been duly executed and delivered by such Guarantor. The Guarantee of each Guarantor constitutes valid and legally binding obligations of such Guarantor, enforceable in accordance with its terms. 

		
	(b) 
	The execution and delivery by each of the Company and each Guarantor of the Security Agreement, the performance of its obligations thereunder and the grant of security interests pursuant thereto have been duly authorized by all corporate, partnership or limited liability company action on the part of the Company and each of the Guarantors and constitutes a valid and legally binding agreement of the Company and each of the Guarantors enforceable against the Company and each of the Guarantors, in accordance with its terms and entitled to the benefits and security provided by the Transaction Documents. The Security Agreement, when duly executed and delivered, will create valid and (when all required filings and recordings with respect to, and deliveries of, Collateral have been made as described in the Security Agreement) perfected security interests in the Collateral (subject to the exceptions contemplated or permitted by the Agreement and the Security Agreement). Upon timely delivery to the Collateral Agent of the Pledged Securities (to the extent not previously delivered to the Collateral Agent) in the State of New York, endorsed in blank or accompanied by stock powers endorsed to the Collateral Agent or in blank, the Collateral Agent, for the benefit of the Secured Parties, will have a security interest in the Pledged Securities perfected by control of the Pledged Securities under the NY-UCC. Upon the execution and delivery of the Security Agreement and Pari Passu Intercreditor Agreement, the Collateral Agent will have, for the benefit of the Secured Parties, a security interest in the Pledged Securities delivered to the Collateral Agent prior to the date hereof pursuant to the Senior Secured Notes Documents, perfected by control of such Pledged Securities under the NY -UCC. Subject to the terms of the Pari Passu Intercreditor Agreement, no interest of any other creditor of such applicable grantor.

 
		
	(c) 
	The execution and delivery by each of the Loan Parties of the Agreement, the Pari Passu Intercreditor Agreement and the other Transaction Documents (other than the Security Agreement and the Guarantee Agreement) to which it is a party, the performance of its obligations thereunder and the grant of security interests pursuant to such Transaction Documents have been duly authorized by all corporate, partnership or limited liability action on the part of such Loan Party. The Agreement has been duly authorized, executed and delivered by the Company and the Guarantors. 

		
	(d) 
	Each of the Financing Statements attached hereto in Annex A to be filed with the Secretary of State for the State of Delaware is in proper form for filing with the Secretary of State for the State of Delaware. The filing of the Financing Statements in the office of the Secretary of State for the State of Delaware are the only filings necessary to perfect by filing the security interest in those items of the Collateral covered by Article 9 of the DE-UCC as described in such Financing Statement which is owned by the applicable Delaware-formed Loan Party. 

		
	6.
	No consent, approval, authorization or order of, or filing with, any person (including any governmental agency or body or any court) is required for the consummation of the transactions contemplated by the Transaction Documents in connection with the Transaction, except for such consents, approvals, authorizations, orders and registrations or qualifications (i) as have been 

obtained on or prior to the Closing Date or (ii) with respect to the perfection of security interests in the Collateral. 

		
	7.
	Assuming that the Company complies with the provisions of the Agreement relating to the use of proceeds of Loans under the Facility, the execution and delivery of the Agreement by the Company and Parent and the extension of credit under the Agreement and the use of the proceeds thereof will not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System. 

		
	8. 
	None of the Loan Parties is, and after giving effect to the making and borrowing of Loans under the Facility and the application of the proceeds thereof, no Loan Party shall be an "investment company" as defmed in the Investment Company Act of 1940, as amended. 

		
	9. 
	To our knowledge, other than as set forth in the schedules to the Transaction Documents, there are no pending actions, suits or proceedings against or affecting the Company, the Guarantors or any of their respective subsidiaries or any of their respective properties that, if determined adversely to the Company, the Guarantors or any of their respective subsidiaries, would, individually or in the aggregate, have a Material Adverse Effect, or would materially and adversely affect the ability of the Company or the Guarantors to perform their obligations under the Transaction Documents or which are otherwise material in the context of the Transaction; and no such actions, suits or proceedings are threatened or, to our knowledge, contemplated. 

		
	10. 
	To our knowledge, the execution, delivery and performance of the Transaction Documents and compliance with the terms and provisions thereof will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, or, except for the Security Agreement, result in the imposition of any material lien, charge or encumbrance upon any property or assets of the Company, the Guarantors or any of their respective subsidiaries pursuant to the charter or by-laws of the Company, the Guarantors or any of their respective subsidiaries, any statute, rule, regulation or order of any governmental agency or body or any court having jurisdiction over the Company, the Guarantors or any of their respective subsidiaries or any of their properties or any material agreement or instrument to which the Company, the Guarantors or any of their respective subsidiaries is a party or by which the Company, the Guarantors or any of their respective subsidiaries is bound or to which any of the properties of the Company, the Guarantors or any of their respective subsidiaries is subject, or the charter or by-laws of the Company, the Guarantors or any of their respective subsidiaries. 

		
	11. 
	To our knowledge, the Company, the Guarantors and their respective subsidiaries have good and marketable title to all real properties and all other properties and assets owned by them, in each case free from liens, charges, encumbrances and defects that would materially affect the value thereof or materially interfere with the use made or to be made thereof by them, except (i) as disclosed in the schedules to the Transaction Documents, (ii) as created pursuant to the Security Agreement or (iii) liens permitted under the Agreement and the Security Agreement; and, except as disclosed in the schedule to the Transaction Documents, the Company, the Guarantors and their respective subsidiaries hold any leased real or personal property under valid and enforceable leases with no terms or provisions that would materially interfere with the use made, or to be made, thereof by them. 

		
	12. 
	All the outstanding shares of capital stock or other equity interests of each Subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non--assessable and all of the outstanding shares of capital stock or other equity interests of the Company's subsidiaries 

are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party, except for those created pursuant to the Security Agreement and as disclosed in the schedules to the Transaction Documents. 
The opinions expressed in Paragraph 5(b) are subject to the following additional qualifications: 
(i)     We call your attention to the fact that the Collateral Agent's security interest in the Collateral may be subject to the rights of account debtors in respect of the Collateral, claims and defenses of such account debtors and the terms of agreements with such account debtors. 
(ii)    We have assumed that none of the Collateral arises or will arise under agreements that prohibit, restrict or condition the assignment of any portion of the Collateral. We express no opinion as to the effect of any such prohibitions, restrictions or conditions on assignment contained in any account, lease, instrument, chattel paper, payment intangible, health care receivable or letter of credit right. We note that any such prohibition or restriction is subject to the provisions of Sections 9-406,9-407,9-408 and 9-409 of the applicable UCC. 

The opinions expressed above are, in addition to any other assumptions, comments or qualification set forth in this letter, subject to the following qualifications and comments: 
(a)     There may be possible limitations imposed by law (together with associated delays and costs of enforcement) upon the exercise of certain provisions of any or all of the Transaction Documents, provided that such limitations do not, in our opinion, make the remedies and provisions (taken as a whole) contained in the Transaction Documents invalid as a whole or, subject to increased costs and delay that may be occasioned by such limitations, rendered inadequate for the practical realization of the material rights and benefits afforded thereby. 
(b)     We express no opinion as to the enforceability of any rights to contribution or indemnification provided for in the Transaction Documents which are violative of the public policy underlying any law, rule or regulation (including any federal or state securities law, rule or regulation). 

(c)     In connection with our opinions expressed in Paragraph 5(b) above, the provisions of Section 552 of the Bankruptcy Code would prevent the Collateral Agent from extending its security interest to property acquired by any Loan Party after the commencement by or against such Loan Party of a case under the United States Bankruptcy Code, unless such property constitutes proceeds, products, offspring, rents or profits of property owned by such Loan Party, prior to commencement of any such case. 
(d)     Continuation of the validity, perfection and priority of the Collateral Agent's security interest in proceeds of any Collateral is limited to the extent set forth in Section 9-315 of the UCC. 
(e)     Article 9 of the UCC requires the filing of continuation statements within specified periods prior to the expiration of five years from the date of the original filing in order to maintain the perfection of the filings referred to in Paragraph 5(b). 
(f)     In the case of Collateral acquired by any Loan Party more than a specified period after such Loan Party changes its name, identity or corporate structure as to make UCC Financing Statements seriously misleading, the security interest will not be perfected or have priority unless new appropriate financing statements indicating the new name, identity or corporate structure of the appropriate Loan 

Party are properly filed before the expiration of such specified period. 
(g)     Except as provided in the opinions expressed in Paragraphs 5(b), 5( d) and 11 above, no opinion is expressed as to the creation, attachment, perfection or priority of any lien or security interest or as to title to any real or personal property. 
(h)     In Paragraphs 3, 9, 10, and 11 of this opinion, when we indicate that our opinion is based on our knowledge, our opinion is based solely on (x) the current actual knowledge of the attorneys currently with this Firm who have participated in our representation of the Loan Parties, and (y) the representations and warranties of the parties contained in the Transaction Documents as to factual matters and not as to legal conclusions. We have made no independent investigation as to any such factual matters (however we know of no facts which lead us to believe that such factual matters are untrue or inaccurate). 
(i)     Other than as specifically set forth herein, we express no opinion with respect to federal or state taxation, antitrust, money laundering, pension or employee benefit, insurance, securities or so-called "Blue-Sky" laws. 

This opinion has been rendered solely for your benefit and each of your respective successors and assigns, in connection with the Facility and the Transaction and may not be relied upon for any other purpose without our prior written consent, and is rendered solely as of the date hereof and no responsibility is undertaken for any future changes or development in any statutes, regulations, judicial decisions or other law. 
Very truly yours, 
        /s/ Katten Muchin Rosenman, LLP   
KATTEN MUCHIN ROSENMAN LLP 

SCHEDULE 1 
ADDRESSEES 
Credit Suisse AG, as Administrative Agent 
Eleven Madison Avenue 
New York, New York 10010 

Credit Suisse AG 
Eleven Madison Avenue 
New York, New York 10010 

JPMorgan Chase Bank, N.A. 
383 Madison Avenue 
New York, New York 10179
 
Bank of America, N.A. 
One Bryant Park 
New York, New York 10036 

Wells Fargo Bank, National Association, as Trustee and Collateral Agent 
707 Wilshire Boulevard, 17th Floor 
Los Angeles, California 90017 

Diamond Resorts International, Inc. 
10600 W. Charleston Blvd.
 Las Vegas, Nevada 89135 

Diamond Resorts Holdings, LLC 
10600 W. Charleston Blvd. 
Las Vegas, Nevada 89135 

Diamond Resorts Corporation 
10600 W. Charleston Blvd. 
Las Vegas, Nevada 89135 

SCHEDULE 2 
GUARANTORS 
Entity Name                                  Jurisdiction of Organization 
PARENT GUARANTORS
Diamond Resorts International, Inc.                             DE 
Diamond Resorts Holdings, LLC                                 NV 

COMPANY'S U.S. RESTRICTED SUBSIDIARIES                         (other than Company's special purpose securitization vehicles 
1AKGI-St. Maarten N.V.                                 DE 
2Chestnut Farms, LLC                                 NV 
3Cumberland Gate, LLC                                 DE 
4Diamond Resorts California Collection Development, LLC             DE
5Diamond Resorts Centralized Services Company                 DE 
6Diamond Resorts Citrus Share Holding, LLC                     DE 
7Diamond Resorts Coral Sands Development, LLC                 DE 
8Diamond Resorts Cypress Pointe I Development, LLC                 DE
9Diamond Resorts Cypress Pointe II Development, LLC                 DE
10Diamond Resorts Cypress Pointe III Development, LLC                 DE
11Diamond Resorts Daytona Development, LLC                     DE 
12Diamond Resorts Developer and Sales Holding Company             DE
13Diamond Resorts DPM Development, LLC                     NV 
14Diamond Resorts Epic Mortgage Holdings, LLC                 DE 
15Diamond Resorts Fall Creek Development, LLC                 DE 
16Diamond Resorts Finance Holding Company                     DE 
17Diamond Resorts Financial Services, Inc.                     NV 

Entity Name                             Jurisdiction of Organization 
    18  Diamond Resorts Grand Beach I Development, LLC                 DE
19. Diamond Resorts Grand Beach II Development, LLC                 DE
20Diamond Resorts Greensprings Development, LLC                 DE
21Diamond Resorts Hawaii Collection Development, LLC                DE 
22Diamond Resorts Hilton Head Development, LLC                 DE
23Diamond Resorts International Club, Inc.                     FL
24Diamond Resorts International Marketing, Inc.                     CA
25      Diamond Resorts International Marketing Mexico, LLC                NV 
26      Diamond Resorts Las Vegas Development, LLC                    DE 
27Diamond Resorts Management & Exchange Holding Company             DE
28Diamond Resorts Management, Inc.                         AZ
29Diamond Resorts MGV Development, LLC                     NV

30Diamond Resorts Mortgage Holdings, LLC                     DE

Entity Name                             Jurisdiction of Organization 
31Diamond Resorts Mystic Dunes Development, LLC                 NV
32Diamond Resorts Palm Springs Development, LLC                 DE
33Diamond Resorts Poco Diablo Development, LLC                DE 
34Diamond Resorts Poipu Development, LLC                     DE
35Diamond Resorts Polo Development, LLC                     NV
36Diamond Resorts Port Royal Development, LLC                 DE
37Diamond Resorts Powhatan Development, LLC                     DE
38Diamond Resorts Residual Assets Development, LLC                 DE
39Diamond Resorts Residual Assets Finance, LLC                     DE
40Diamond Resorts Residual Assets M&E, LLC                     DE
41Diamond Resorts Ridge on Sedona Development, LLC                DE 
42Diamond Resorts Ridge Pointe Development, LLC                 DE
43Diamond Resorts San Luis Bay Development, LLC                 DE
44Diamond Resorts Santa Fe Development, LLC                     DE
45Diamond Resorts Scottsdale Development, LLC                    DE 
46Diamond Resorts Sedona Springs Development, LLC                 DE
47Diamond Resorts Sedona Summit Development, LLC                 DE
48Diamond Resorts St. Croix Development, LLC                     DE
49Diamond Resorts Steamboat Development, LLC                 DE
50Diamond Resorts Tahoe Beach & Ski Development, LLC             DE
51Diamond Resorts Teton Club Development, LLC                 NV
52Diamond Resorts U.S. Collection Development, LLC                 DE
53Diamond Resorts Villa Mirage Development, LLC                 DE
54Diamond Resorts Villas of Sedona Development, LLC                 DE
55Diamond Resorts West Maui Development, LLC                 DE
56Foster Shores, LLC                                 MO
57George Acquisition Subsidiary, Inc.                         NV
58Ginger Creek, LLC                                 DE
59Grand Escapes, LLC                                 DE
60International Timeshares Marketing, LLC                     DE
61Lake Tahoe Resort Partners, LLC                         CA
62Mazatlan Development Inc.                             WA
63MMG Development Corp.                             FL
64Poipu Resort Partners, L.P.                             HI
65Resort Management International, Inc.                                  CA 
66Resorts Development International, Inc.                         NV
67Walsham Lake, LLC                                MO 
68West Maui Resort Partners, L.P.                             DE
69Crescent One, LLC                                 FL
70Island One, Inc.                                 FL
71Island One Resorts Management Corporation                     FL
72Galaxy Exchange Company                             FL
73Navigo Vacation Club, Inc.                             FL

SCHEDULE 3 
TRANSACTION DOCUMENTS 
		
	1
	Credit Agreement dated as of September 11, 2013, among Diamond Resorts Corporation ("Company"), Diamond Resorts International, Inc.("Parent'), the Lenders named therein and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the "Administrative Agent") for the Lenders. 

2Revolving Promissory Note dated as of September 11, 2013, made by Company to JPMorgan 
             Chase Bank, N.A. 

		
	3
	Guarantee Agreement dated as of September 11, 2013, among Company, Parent, the other Subsidiaries of Parent from time to time party thereto and the Administrative Agent. 

		
	4
	Security Agreement dated as of September 11,2013, among Company, Parent, the other Subsidiaries of Parent from time to time party thereto and Wells Fargo Bank, National Association, as Collateral Agent. 

		
	5
	Pari Passu Intercreditor Agreement dated as of September 11, 2013, among Company, the other Grantors party thereto, Wells Fargo Bank, National Association, as the Collateral Agent and the Authorized Representative for the Indenture Secured Parties, Credit Suisse AG, as the Initial Additional Authorized Representative, and each Additional Authorized Representative from time to time party thereto. 

		
	6
	Trademark Security Agreement dated as of September 11, 2013, among Company, Parent, the other Subsidiaries of Parent from time to time party thereto, and Wells Fargo Bank, National Association, as Collateral Agent. 

		
	7
	UCC Financing Statements naming Company, Parent, and the Subsidiaries of Parent, as debtors, and Wells Fargo Bank, National Association, as secured party. 

SCHEDULE 4
LOAN PARTY ORGANIZATIONAL DOCUMENTS

Item No.                 Loan Party             Jurisdiction of Organization
BORROWER

1.         Diamond Resorts Corporation                         MD
a) Charter Documents
i.     Articles of Incorporation filed 5/28/96
ii.     Articles of Amendment filed 6/13/96
iii.     Articles of Amendment filed 8/20/96
iv.     Articles of Merger filed 8/20/96
v.     Articles of Merger filed 8/20/96
vi.     Articles of Merger filed 8/20/96
vii.     Articles of Merger filed 8/20/96
viii.     Articles of Merger filed 8/20/96
ix.     Articles of Merger filed 8/20/96
x.     Articles of Merger filed 8/20/96
xi.     Articles of Merger filed 8/20/96
xii.     Articles of Merger filed 8/20/96
xiii.     Articles of Merger filed 8/20/96
xiv.     Articles of Amendment filed 7/14/98
xv.     Articles of Restatement filed 7/14/98
xvi.     Certificate of Resolution filed 10/15/98
xvii.     Articles of Amendment and Restatement filed 7/29/01
xviii.     Resolution to Change Principal Office or Resident Agent filed 6/23/04
xix.     Articles of Amendment filed 6125/04
xx.     Resident Agent's Notice of Change of Address filed 9/5/06
xxi.     Articles of Merger filed 4/27/07
xxii.     Articles of Amendment and Restatement filed 4/27/07
xxiii.     Resolution to Change Principal Office or Resident Agent filed 5/2/07 
xxiv.     Articles of Amendment filed 10119/07
xxiiv    Resident Agent's Notice of Change of Address filed 1/30/13
b) Good Standing*/Foreign Qualification
i.     State of NV Certificate issued 9/4/13
ii.     State of MD Certificate issued 9/4/13*

PARENT GUARANTORS
2.         Diamond Resorts Holdings, LLC                         NV
a) Charter Documents
i.     Articles of Incorporation filed 1/11/13
b) Good Standing
i.     State of NV Certificate issued 9/4/13

Item No.                 Loan Party             Jurisdiction of Organization
3.         Diamond Resorts International, Inc.                     DE
a) Charter Documents
i.     Articles of Incorporation filed 1/11/13
ii.     Amended and Restated Certificate filed 7/23/13
iii .     Certificate of Merger filed 7/24/13
b) Good Standing
i.     State of DE Certificate issued 9/4/13

SUBSIDIARY GUARANTORS
4.         AKGI-St. Maarten N.V.                             DE
a) Charter Documents
i.     Certificate of Domestication issued 8/14/96
ii.     Certificate of Incorporation issued 8/14/96
iii.     Certificate of Change of Registered Agent and
Registered Office issued 8/19/98
iv.     Certificate of Change of Location of Registered
Office and of Registered Agent issued 1/23/04
b) Good Standing
i.     State of DE Certificate issued 9/4/13
5.         Chestnut Farms LLC                             NV
a) Charter Document
i.     Articles of Organization filed 3/27/08
b) Good Standing
i.     State of NY Certificate issued 9/4/13
6.         Cumberland Gate, LLC                             DE
a) Charter Document
i.     Certificate of Formation filed 6/4/08
b) Good Standing
i.     State of DE Certificate issued 9/4/13
7.         Diamond Resorts California Collection Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/19/02
ii.     Certificate of Amendment filed 10/07/03
iii.     Certificate of Amendment filed 12/10/03
iv.     Certificate of Amendment filed 12/15/03
v.     Certificate of Amendment filed 1/23/04
vi.     Certificate of Amendment filed 2/18/05
vii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualifications
i.     State of DE Certificate issued 9/4/13*
ii.     State of NY Certificate issued 9/4/13
iii.     State of    CA Certificate issued 9/5/13
iv.     State of W A Certificate issued 9/6/13
8.         Diamond Resorts Centralized Services Company                 DE
a) Charter Documents
i.     Certificate of Incorporation filed 7/9/02
ii.     Certificate of Change of Location of Registered

Office and of Registered Agent filed 1/23/04
iii.    Certificate of Amendment filed 10/17/07
iv.     Certificate of Merger filed 12/31/09

Item No.             Loan Party                 Jurisdiction of Organization
b) Good Standing */Foreign Qualification
i.     State of    NV Certificate issued 9/4/13
ii.     State of DE Certificate issued 9/4/13*
9.         Diamond Resorts Citrus Share Holding, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing
i.     State of DE Certificate issued 9/4/13
10.         Diamond Resorts Coral Sands Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing
i.     State of DE Certificate issued 9/4/13
11.         Diamond Resorts Cypress Pointe I Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23104 
iii     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of    FL Certificate issued 9/4/13
12.         Diamond Resorts Cypress Pointe II Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of    FL Certificate issued 9/4/13
13.         Diamond Resorts Cypress Pointe III Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 2/11/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing
i.     State of DE Certificate issued 9/4/13
14.         Diamond Resorts Daytona Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 10/07/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*

ii.     State of FL Certificate issued 9/4/13

Item No.             Loan Party                 Jurisdiction of Organization
15.         Diamond Resorts Developer and Sales Holding Company             DE
a) Charter Documents
i.     Certificate of Incorporation filed 8/16/93
ii.     Certificate of Merger filed 8/20/93
iii.     Certificate of Amendment filed 10/12/93
iv.     Certificate of Merger filed 2/07/97
v.     Certificate of Amendment filed 3/18/98
vi.     Certificate of Amendment filed 7/09/02
vii.     Certificate of Change of Location of Registered
Office and of Registered Agent filed 1/23/04
viii.     Certificate of Merger filed 1/11/06
ix.     Certificate of Amendment filed 10/17/07
x.     Certificate of Merger filed 1/9/08
b) Good Standing*/Foreign Qualifications
i.     State of    MO Certificate issued 9/4/13
ii.     State of    CA Certificate issued 9/5/13
iii.     State of AZ Certificate issued 9/4/13
iv.     State of DE Certificate issued 9/4/13*
v.     State of    NV Certificate issued 9/4/13
16.         Diamond Resorts DPM Development, LLC                     NV
a) Charter Document
i.     Articles of Organization filed 11/16/12
b) Good Standing
i.     State of    NV Certificate issued 9/4/13
17.         Diamond Resorts Epic Mortgage Holdings, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 10/07/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Merger filed 1/04/06
v.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of    NV Certificate issued 9/4/13
18.         Diamond Resorts Fall Creek Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of    MO Certificate issued 9/4/13
19.         Diamond Resorts Finance Holding Company                 DE
a) Charter Documents
i.     Certificate of Incorporation filed 7/9/02
ii.    Certificate of Change of Location of Registered
Office and of Registered Agent filed 1/22/04

iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
iv.     State of    NV Certificate issued 9/4/13

Item No.                     Loan Party             Jurisdiction of Organization
ii. State of DE Certificate issued 9/4/13*
20.         Diamond Resorts Financial Services Inc.                     NV
a) Charter Documents
i.     Articles of Incorporation filed 10/26/98
ii.    Certificate of Amendment filed 10/29/07
b) Good Standing
i. State of NV Certificate issued 9/4/13
21.         Diamond Resorts Grand Beach I Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04
iii.     Certificate of Merger filed 1/11/06
iv.     Certificate of Amendment 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of    FL Certificate issued 9/4/13
22.         Diamond Resorts Grand Beach II Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of    FL Certificate issued 9/4/13
23.         Diamond Resorts Greensprings Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Merger filed 12/04/02
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     Commonwealth of VA Certificate issued 9/4/13
24.         Diamond Resorts Hawaii Collection Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 11/12/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 6/23/04
v.     Certificate of Amendment filed 7/29/04
vi.     Certificate of Amendment filed 2/18/05
vii.     Certificate of Amendment filed 9/09/05
viii.     Certificate of Amendment filed 10/17/07
ix.     Certificate of Amendment filed 11/19/09
b) Good Standing*/Foreign Qualifications
i.     State of DE Certificate issued 9/4/13*
ii.     State of AZ Certificate issued 9/4/13

iii.     State of    NV Certificate issued 9/4/13
iv.     State of CA Certificate issued 9/5/13
v.     State of HI Certificate issued 9/4/13

Item No.             Loan Party                 Jurisdiction of Organization
25.         Diamond Resorts Hilton Head Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.    Certificate of Amendment filed 10/07/03
iii.     Certificate of Amendment filed 1/23/04 
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of SC Certificate issued 9/5/13
26.         Diamond Resorts International Club, Inc.                     FL
a) Charter Documents
i.     Articles of Incorporation filed 4/17/98
ii.     Articles of Amendment filed 10/19/07
b) Good Standing*/Foreign Qualifications
i.     State of WV Certificate issued 9/4/13
ii.     State of NV Certificate issued 9/4/13
iii.     State of NE Certificate issued 915/13
                 iv.     State of MO Certificate issued 9/4/13
v.     State of MD Certificate issued 9/4/13
vi.     State of FL Certificate issued 9/4/13*
             vii.     State of CA Certificate issued 9/5/13
viii.     State of CO Certificate issued 9/4/13
ix.     State of AR Certificate issued 9/4/13
x.     Commonwealth of V A Certificate issued 9/4/13
xi.     State of    NC Certificate issued 9/4/13
xii.      State of IL Certificate issued 9/4/13
xiii.     State of HI Certificate issued 9/4/13
xiv.     State of NM Certificate issued 9/5/13
xv.     State of OR Certificate issued 9/4/13
xvi.     State of TN Certificate issued 9/4/13
27.         Diamond Resorts International Marketing, Inc.                 CA
a) Charter Documents
i.     Articles of Incorporation filed 3/24/94
ii.     Certificate of Amendment filed 11/2/07
b) Good Standing*/Foreign Qualifications
i.     State of SC Certificate issued 9/5/13
ii.     State of NH Certificate issued 9/5/13
iii.     State of NM Certificate issued 9/5/13
iv.     State of NV Certificate issued 9/4/13
v.     Commonwealth of KY Certificate issued 9/4/13
vi.     State of IL Certificate issued 9/4/13
vii.     State of WI Certificate issued 9/6/13
viii.      State of UT Certificate issued 9/4/13
ix.     State of TX Certificate issued 9/4/13
x.     State of KS Certificate issued 9/4/13
xi.     State of GA Certificate issued 9/4/13
xii.    State of FL Certificate issued 9/4/13
xiii.     State of CO Certificate issued 9/4/13

xiv.     State of CA Certificate issued 9/5/13*
xv.     State of AZ Certificate issued 9/4/13

Item No.             Loan Party                 Jurisdiction of Organization
xvi.     Commonwealth of VA Certificate issued 9/4/13
xvii.     State of VT Certificate issued 9/5/13
xviii.     State of MO Certificate issued 9/4/13
xix.     Government of DC Certificate issued 9/4/13
xx.    State of IN Certificate issued 9/4/13
xxi.     State of NJ Certificate issued 914113
xxii.     State of PA Certificate issued 9/4/13
xxiii.     State of TN Certificate issued 9/4/13
xxiv.     State of WA Certificate issued 916/13
xxv.     State of OK Certificate issued 9/4/13
xxvi.     State of OH Certificate issued 9/4/13
28.         Diamond Resorts International Marketing Mexico LLC                 NV
a) Charter Documents
i.     Articles of Incorporation filed 6/6/12
b) Good Standing
i.     State of NV Certificate issued 9/4/13
29.        Diamond Resorts Las Vegas Development, LLC                     DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 10/07/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i     State of DE Certificate issued 9/4/13*
ii.     State of NV Certificate issued 9/4/13
30.         Diamond Resorts Management & Exchange Holding Company             DE
a) Charter Documents
i.     Certificate of Incorporation filed 7/16/02
ii.     Certificate of Change of Location of Registered
Office and of Registered Agent filed 1/23/04
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualifications
i.     State of DE Certificate issued 9/4/13*
ii.     State of    NV Certificate issued 9/4/13 
iii.    State of MO Certificate issued 9/4/13
31.         Diamond Resorts Management, Inc.                         AZ
a) Charter Documents
i.     Articles of Incorporation filed 12/09/91
ii.     Articles of Merger filed 4/08/99
iii.     Articles of Merger filed 3/31/03
iv.     Articles of Amendment 2/16/05
v.     Articles of Amendment 10/23/07
b) Good Standing*/Foreign Qualifications
i.     State of NM Certificate issued 9/5/13
ii.     State of TN Certificate issued 9/4/13
iii.     State of NV Certificate issued 9/4/13
iv.     State of FL Certificate issued 9/4/13
v.     State o fCA Certificate issued 9/5/13

vi.     State of AZ Certificate issued 9/4/13 *
vii.     Commonwealth of VA Certificate issued 9/4/13

Item No.                 Loan Party             Jurisdiction of Organization
viii.     State of MO Certificate issued 9/4/13
ix.     State of CO Certificate issued 9/4/13
32.         Diamond Resorts MGV Development, LLC                     NV
a) Charter Document
i.     Articles of Organization filed 11/16/12
b) Good Standing
i.     State of NV Certificate issued 9/4/13
33.         Diamond Resorts Mortgage Holdings, LLC                     DE
a) Charter Documents
i.     Certificate of Formation filed 7/09/02
ii.     Certificate of Merger filed 12/05/02
iii.     Certificate of Merger filed 12/05/02
iv.     Certificate of Amendment filed 1/23/04
v.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of NV Certificate issued 9/4/13
34.         Diamond Resorts Mystic Dunes Development, LLC                 NV
a) Charter Document
i.     Articles of Organization filed 11/16/12
b) Good Standing
i.     State of NV Certificate issued 9/4/13
35.         Diamond Resorts Palm Springs Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 10/07/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of CA Certificate issued 9/5/13
36.         Diamond Resorts Poco Diablo Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Merger filed 4/08/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification ·
i.     State of DE Certificate issued 9/4/13*
ii.     State of AZ Certificate issued 9/4/13
37.         Diamond Resorts Poipu Development, LLC                     DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04
iii.     Certificate of Amendment 7/10/07
iv.     Certificate of Merger filed 7/11/07
v.     Certificate of Amendment filed 10/17/07
b) Good Standing

i.     State of DE Certificate issued 9/4/13
38.         Diamond Resorts Polo Development, LLC                     NV

Item No.             Loan Party                 Jurisdiction of Organization
a) Charter Document
i.     Articles of Organization filed 5/3/07
ii.     Amendment to Articles of Organization filed 10/18/07
b) Good Standing
i.    State of NV Certificate issued 9/4/13
39.         Diamond Resorts Port Royal Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Merger filed 12/27/02
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing
i.     State of DE Certificate issued 9/4/13
40.         Diamond Resorts Powhatan Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Merger filed 12/04/02
iii.     Certificate of Amendment filed 1/23/03
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     Commonwealth of VA Certificate issued 9/4/13
41.         Diamond Resorts Residual Assets Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Merger filed 12/04/02
iii.     Certificate of Merger filed 12/04/02
iv.     Certificate of Merger filed 12/04/02
v.     Certificate of Merger filed 12/12/02
vi.     Certificate of Merger filed 12/12/02
vii.     Certificate of Merger filed 12/18/02
viii.     Certificate of Merger filed 12/27/02
ix.     Certificate of Merger filed 12/27/02
x.     Certificate of Merger filed 4/09/03
xi.     Certificate of Merger filed 1/23/04
xii.     Certificate of Merger filed 1/06/06
xiii.     Certificate of Merger filed 1/11/06
xiv.     Certificate of Merger filed 9/18/06
xv.     Certificate of Merger filed 12/11/06
xvi.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of NV Certificate issued 9/4/13
42.         Diamond Resorts Residual Assets Finance, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/18/02
ii.     Certificate of Merger filed 3/31/03
iii.     Certificate of Merger filed 3/31/03

iv.     Certificate of Amendment filed 1/23/04

Item No.                 Loan Party             Jurisdiction of Organization
v.     Certificate of Merger filed 1/04/06
vi.     Certificate of Merger filed 1/05/06
vii.     Certificate of Merger filed 1/06/06
viii.     Certificate of Merger filed 9/18/06
ix.     Certificate of Amendment 10/17/07
b) Good Standing*/Foreign Qualification
i.    State of DE Certificate issued 9/4/13*
ii.     State of NV Certificate of Existence issued 9/4/13
43.         Diamond Resorts Residual Assets M&E, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/18/02
ii.     Certificate of Merger filed 12/30/02
iii.     Certificate of Amendment filed 1/22/04
iv.     Certificate of Merger filed 1/11/06
v.     Certificate of Amendment 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of NV Certificate issued 9/4/13
44.         Diamond Resorts Ridge on Sedona Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.    Certificate of Amendment 1/23/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of AZ Certificate issued 9/4/13
45.         Diamond Resorts Ridge Pointe Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Merger filed 3/19/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of NV Certificate issued 9/4/13
46.         Diamond Resorts San Luis Bay Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii     Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing* /Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of CA Certificate issued 9/5/13
47.         Diamond Resorts Santa Fe Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.    Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment 10/17/07

b) Good Standing*/Foreign Qualification
i.     State of DE Certificate of issued 9/4/13*

Item No.                Loan Party             Jurisdiction of Organization
ii.     State of NM Certificate issued 9/5/13
48.         Diamond Resorts Scottsdale Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 10/07/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed  10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of AZ Certificate issued 9/4/13
49.         Diamond Resorts Sedona Springs Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of AZ Certificate issued 9/4/13
50.         Diamond Resorts Sedona Summit Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.    State of AZ Certificate issued 9/4/13
51.         Diamond Resorts St Croix Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing
i.     State of DE Certificate issued 9/4/13
52.         Diamond Resorts Steamboat Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of CO Certificate issued 9/4/13
53.         Diamond Resorts Tahoe Beach & Ski Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04 
iii.    Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*

ii.     State of CA Certificate issued 9/5/13
54.         Diamond Resorts Teton Club Development, LLC                 NV

Item No.                 Loan Party                                        Jurisdiction of Organization
a) Charter Document
i.     Articles of Organization filed 10/26/11
b) Good Standing
i.     State of NV Certificate issued 9/4/13
55.         Diamond Resorts U.S. Collection Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 8/15/03
iii.     Certificate of Amendment filed 1/23/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualifications
i.     State of AZ Certificate issued 9/4/13
ii.     State of NV Certificate issued 9/4/13
iii.      State of CO Certificate issued 9/4/13
iv.     Commonwealth of KY Certificate issued 9/4/13
v.     State of MO Certificate issued 9/4/13
vi.     State of KS Certificate issued 9/4/13
vii.     State of  IL Certificate issued 9/4/13
viii.     State of DE Certificate issued 9/4/13*
ix.     State of TN Certificate issued 9/4/13
x.     State of OR Certificate issued 9/4/13
xi.     State of NH Certificate issued 9/5/13
xii.     State of OH Certificate issued 9/4/13
xiii.     State of NM Certificate issued 9/5/13
xiv.     State of UT Certificate issued 9/6/13
xv.     State of FL Certificate issued 9/4/13
xvi.     Commonwealth of V A Certificate issued 9/4/13
xvii.     State of CA Certificate issued 9/5/13
xviii.     State of TX Certificate issued 9/6/13
xix.     State of CT Certificate issued 9/4/13
xx.     State of NY Certificate issued 9/4/13
56.         Diamond Resorts Villa Mirage Development, LLC                 DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 914/13*
ii.     State of AZ Certificate issued 9/4/13
57.         Diamond Resorts Villas of Sedona Development, LLC             DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Amendment filed 1/23/04 
iii.     Certificate of Amendment filed 10/17/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of AZ Certificate issued 9/4/13
58.         Diamond Resorts West Maui Development, LLC                 DE

a) Charter Documents
i.     Certificate of Formation filed 7/16/02

Item No.                 Loan Party             Jurisdiction of Organization
ii.     Certificate of Amendment filed 1/23/04
iii.     Certificate of Amendment filed 5/21/04
iv.     Certificate of Amendment filed 10/17/07
b) Good Standing
i.     State of DE Certificate issued 9/4/13
59.         Foster Shores, LLC                             MO
a) Charter Document
i.     Certificate of Organization filed 3/31/08
b) Good Standing
i.     State of MO Certificate issued 9/4/13
60.         George Acquisition Subsidiary, Inc.                     NV
a) Charter Document
i.     Articles of Incorporation filed 10/15/97
b) Good Standing
i.     State of NV Certificate issued 9/4/13
61.         Ginger Creek, LLC                             DE
a) Charter Document
i.     Certificate of Formation filed 6/4/08
b) Good Standing
i.     State of DE Certificate issued 9/4/13
62.         Grand Escapes, LLC                             DE
a) Charter Document
i.     Certificate of Formation filed 11/15/04
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of CA Certificate issued 9/5/13
63.         International Timeshares Marketing, LLC                    DE
a) Charter Documents
i.     Certificate of Formation filed 7/16/02
ii.     Certificate of Merger filed 12/31/02 
iii.     Certificate of Amendment filed 1/23/04
b) Good Standing*/Foreign Qualifications
i.     State of DE Certificate issued 9/4/13*
ii.     State of NV Certificate issued 9/4/13 
iii.     Commonwealth of VA Certificate issued 9/4/13
64.         Lake Tahoe Resort Partners, LLC                         CA
a) Charter Document
i.     Articles o f Incorporation filed 3/1/96
b) Good Standing
i.     State of CA Certificate issued 9/5/13
65.         Mazatlan Development Inc.                         WA
a) Charter Documents
i.     Articles of Incorporation filed 7/18/84
ii.     Certificate of Administrative Dissolution filed 10/11/85
iii.     Certificate of Reinstatement filed 12/09/85
iv.     Articles of Amendment filed 5/16/89
b) Good Standing

i.     State of WA Certificate issued 9/6/13
66.         MMG Development Corp                            FL

Item No.             Loan Party                 Jurisdiction of Organization
a) Charter Document
i.     Articles of Incorporation filed 8/23/94
b) Good Standing*/Foreign Qualifications
i.     State of MO Certificate issued 9/4/13
ii.     State of FL Certificate issued 9/4/13*
iii.    State of TN Certificate issued 9/5/13
67.         Poipu Resort Partners, L.P.                         HI
a) Charter Documents
i.    Certificate of Limited Partnership filed 10/27/94
ii.     Certificate of Amendment filed 11/28/94
iii.     Certificate of Amendment filed 1/10/95
iv.     Registration of Trade Name filed 3/9/95
v.     Certificate of Amendment filed 5/16/95
vi.     Designation of Registered Agent 8/23/02
vii.     Certificate of Amendment filed 1/28/03
viii.     Statement of Change of Registered Agent filed 1/23/04
ix.     Registration of Trade Name filed 7/9/04
x.     Certificate of Amendment filed 9/28/05
xi.     Certificate of Amendment filed 12/30/05
xii.     Registration of Trade Name filed 4/19/06
xiii.     Registration of Trade Name filed 8/7/06
xiv.     Certificate of Amendment filed 7/24/07
b) Good Standing
i.     State of HI Certificate issued 9/4/13
68.         Resort Management International Inc.                     CA
a) Charter Document
i.     Articles of Incorporation filed 5/10/96
b) Good Standing*/Foreign Qualification
i.     State of HI Certificate issued 9/4/13
ii.     State of CA Certificate issued 9/5/13*
69.         Resorts Development International, Inc.                     NV 
a) Charter Document
i.     Articles of Incorporation filed 11/17/82
b) Good Standing
i.     State of NY Certificate issued 9/4/13
70.         Walsham Lake, LLC                             MO
a) Charter Document
i.     Certificate of Organization filed 3/31/08
ii.     Statement of Change of Address filed 2/4/13
b) Good Standing
i.     State of MO Certificate issued 9/4/13
71.         West Maui Resort Partners, L.P.                         DE
a) Charter Documents
i.     Certificate of Limited Partnership filed 3/20/96
ii.     Restated Certificate filed 1/7/97
iii.     Certificate to Restore filed 8/6/97
iv.     Restated Certificate filed 11/10/97
v.     Certificate of Amendment filed 1/23/04

vi.    Certificate of Amendment filed 7/08/04

Item No.             Loan Party                 Jurisdiction of Organization
vii.     Certificate of Amendment filed 4/07/05
viii.     Certificate of Amendment filed 1/25/07
b) Good Standing*/Foreign Qualification
i.     State of DE Certificate issued 9/4/13*
ii.     State of HI Certificate issued 9/4/13
72.         Crescent One, LLC                             FL
a) Charter Document
i.     Articles of Organization filed 3/4/04
ii.     Articles and Certificate of Merger filed 4/1/04
iii.     Amended and Restated Articles of Organization filed 5/27/11
b) Good Standing*/Foreign Qualifications
i.     State of FL Certificate issued 9/4/13
73.         Island One, Inc.                                 FL
a) Charter Document
i.     Articles of Incorporation filed 8/28/81
ii.     Articles of Amendment filed 11/1/82
iii.     Articles of Amendment filed 11/12/82
iv.     Articles of Amendment filed 11/12/82
v.     Articles of Merger filed 12/27/89
vi.    Articles of Amendment filed 3/8/00
vii.    Certificate of Amendment filed 5/27/11
b) Good Standing*/Foreign Qualifications
i.     State of FL Certificate issued 9/4/13
74.         Island One Resorts Management Corporation                 FL
a) Charter Document
i.     Articles of Incorporation filed 1/21/83
ii.     Articles of Amendment filed 2/16/87
iii.     Articles of Amendment filed 1/1/89
iv.     Articles of Amendment filed 11/2/94
v.     Articles of Amendment filed 2/23/99
vi.     Articles of Amendment filed 3/8/00
vii.     Certificate of Amendment filed 5/27/11
b) Good Standing*/Foreign Qualifications
i.     State of FL Certificate issued 9/4/13
75.         Galaxy Exchange Company                         FL
a) Charter Document
i.      Articles of Incorporation filed 5/13/99
b) Good Standing*/Foreign Qualifications
i.     State of FL Certificate issued 9/4/13
76.        Navigo Vacation Club, Inc.                         FL
a) Charter Document
i.     Articles of Incorporation filed 5/13/99
ii.     Certificate of Amendment filed 5/27/11
b) Good Standing*/Foreign Qualifications
i.    State of FL Certificate issued 9/4/13

EXHIBIT F-2

Ballard Spahr

One Utah Center, Suite 800
201 South Main Street
Salt Lake City, UT 84111-2221
Tel 801.531.3000
FAX 801.531.3001
www.ballardspahr.com

September 11, 2013

To: The Parties on the Attached Exhibit A

Re: Diamond Resorts Corporation $25,000,000 Revolving Credit Facility

Ladies and Gentlemen:

We have acted as counsel to the parties listed on Schedule 1 attached hereto (collectively, the "Covered Entities") in connection with the transactions described in that certain Credit Agreement dated as of September 11,2013 (the "Credit Agreement"), among Diamond Resorts Corporation, a Maryland corporation (the "Borrower"), Diamond Resorts International, Inc., a Delaware corporation ("DRI"), the Lenders named therein (the "Lenders"), and Credit Suisse AG, as administrative agent for the Lenders (in such capacity, together with its successors and assigns, "Administrative Agent"), relating to
the $25,000,000.00 revolving credit facility established pursuant to the terms of, and subject to the conditions set forth in, the Credit Agreement. 

All entities listed on Schedule 1 other than the Borrower are referred to herein sometimes
as the "Covered Guarantor Entities."

This opinion is being furnished to you pursuant to Section 4.02(a)(ii) of the Credit Agreement. Unless otherwise defined herein, capitalized terms used herein have the meanings set forth in the Credit Agreement. 

In connection with this opinion, we have examined copies of each of the following
documents (collectively, the "Documents"), each dated, unless otherwise noted, as of the
date hereof:
(1)     The Credit Agreement;

(2)     The Security Agreement dated as of September 11, 2013, ("Security Agreement") among DRI, the Borrower, the other Subsidiaries of DRI from time to time party thereto, and Wells Fargo Bank, National Association ("WFB"), as collateral agent (in such capacity, together with its successors and
assigns, the "Collateral "Agent"). 

(3)     The Pari Passu Intercreditor Agreement dated as of September 11, 2013, among Borrower, the other Grantors (as defined in the Security Agreement) party thereto, WFB in its capacity as Collateral Agent and the Authorized Representative for the Indenture Secured Parties, Credit Suisse AG, as the Initial Additional Authorized Representative, and each Additional Authorized Representative from time to time party thereto;

(4)     The Guarantee Agreement dated as of September 11, 2013, among the
Borrower, DRI, the other Subsidiaries of DRI from time to time party thereto, and Administrative Agent;
(5)     The Trademark Security Agreement dated as of September 11, 2013, among the Borrower, DRI, the Other Subsidiaries of DRI from time to time party thereto and the Collateral Agent for the benefit of the Secured Parties;

(6)     The Revolving Promissory Note dated as of September 11, 2013, made
by the Borrower to JPMorgan Chase Bank, N.A.

(7)     The Uniform Commercial Code financing statements attached as Annex 1 hereto (collectively, the "Financing Statements");

(8)     The articles or certificates of incorporation and by-laws of each of the Covered Corporate Entities (as defined below) listed on Schedule 2 hereto, each C    certified by the Secretary or other officer of such Covered Corporate Entity;

(9)     The articles or certificates of formation and operating or limited liability company agreements of the Covered LLC Entities (as defined below) listed on Schedule 2 hereto, each certified by the secretary or other officer of such Covered LLC Entity;

(10)     The good standing certificates issued as of a date recent hereto by the Secretary of State, or similar governmental entity having the power to issue such certificates, of the jurisdiction in which each Covered Entity has been incorporated or formed; and

(11)     The Officer's Certificate of the applicable officers of the Covered
Entities (the "Officer's Certificate"). 

The documents listed above in paragraphs (1) through (7) are hereinafter collectively referred to as the "Transaction Documents." The articles or certificates of organization or incorporation, the operating agreements or limited liability company agreements and by-laws of the Covered Entities described above in items (8) and (9) above and listed on Schedule 2 attached hereto are referred to herein collectively as the "Organizational Documents." The good standing certificates described above in item (l0) above and
listed on Schedule 2 are referred to herein collectively as the "Good Standing Certificates. "

We have examined certificates of public officials and such other documents and records and those matters of law as we have deemed appropriate as a basis for the opinions hereinafter expressed. We have not examined any records of any court, administrative tribunal or other similar entity in connection with our opinion.

As to questions of fact material to this opinion, we have, when relevant facts were not independently established by us, relied upon the representations and warranties of the Covered Entities contained in the Documents.

The terms "AZ Corporate Entity," "CA Corporate Entities," "CA LLC Entities," "MD Corporate Entity," "NV Corporate Entities," and "NV LLC Entities" are designated in Schedule 2 hereto. The AZ Corporate Entity, the CA Corporate Entities, the MD Corporate Entity and the NY Corporate Entities are collectively referred to herein as the "Covered Corporate Entities." The CA LLC Entities and the NV LLC Entities are collectively referred to herein as the "Covered LLC Entities."

Our opinions are expressly limited to:

(i)     the laws of the State Arizona under the Arizona Business Corporation Act (Title 10, Chapters 1 through 17 of the Arizona Revised Statutes) (the "AZ Corporation Act") in the case of the AZ Corporate Entity;

(ii)     the laws of the State of California under the General Corporation Law (Corporations Code §100 et seq.) (the "CA GCL") in the case of the CA Corporate Entities, and the laws of the State of California under the Beverly-Killea Limited Liability Company Act (Corporations Code § 17000 et seq.) (the "CA LLC Act") in the case of the CA LLC Entities;

(iii)     the laws of the State of Maryland under the Maryland General Corporation Law (Titles I through 3, inclusive, of the Corporations and Associations Article of the Annotated Code of Maryland (the "MD Corporate Act") in the case of the MD Corporate Entity;

(iv)     the laws of the State of Nevada under the Nevada Revised Statutes, Chapter 78, Private Corporations (the "NV Corporate Code") in the case of the NV Corporate Entities, the laws of the State of Nevada under the Nevada Revised Statutes, Chapter 86, Limited-Liability Companies (the "NV LLC Statutes") in the case of the NV LLC Entities; and

(v)     (i) the Uniform Commercial Code as in effect in the State of Arizona (the "Arizona UCC"), (ii) the Uniform Commercial Code as in effect in the State of California (the "California UCC"), (iii) the Uniform Commercial Code as in effect in the State of Maryland pursuant to Title 1 through Title 9 of the Commercial Law Article of the Annotated Code of Maryland (the "Maryland UCC"), and (iv) the Uniform Commercial Code as in effect in the State of Nevada (the "Nevada UCC"), but solely as

to the perfection requirements of the Uniform Commercial Code in such states. 

The Applicable Laws (as defined below) under the AZ Corporation Act, the CA GCL, the CA LLC Act, the MD Corporate Act, the NV Corporate Code, the NV LLC Statutes, the Arizona UCC, the California UCC, the Maryland UCC and the Nevada UCC  are collectively referred to herein as the "Covered Laws." As used herein, the term "Applicable Laws" means all present statutes, rules or regulations which in our experience are normally applicable both to entities that are not engaged in regulated business activities and to transactions of the type contemplated by the Transaction Documents. 

The Security Agreement provides that all references to the Uniform Commercial Code shall mean the New York UCC. In addition, the Transaction Documents purport to be governed by the laws of the State of New York. Notwithstanding the choice of law in the Transaction Documents, (1) our opinion in paragraph 8 is given as if the Arizona UCC, the California UCC, the Maryland UCC and the Nevada UCC govern the Security Agreement and Arizona Financing Statements, the Security Agreement and California Financing Statements, the Security Agreement and Maryland Financing Statement and the Security Agreement and Nevada Financing Statements, respectively, and (2) all other opinions herein are provided under the Covered Laws only. Further, we assume that the result of the application of New York law as specified in the Transaction Documents will not be contrary to a fundamental policy of the law of any other state with which the parties may have material or relevant contact in connection with the transaction contemplated by the Transaction Documents, and as to which there is a materially greater
interest in determining an issue of the choice of law.

In making such examination, with your permission, we have assumed:

(i)     the genuineness of all signatures other than those of representatives of the
Covered Entities;

		
	(ii) 
	that all natural persons who are signatories to the Documents have sufficient legal competency to enter into and perform their respective

		
	(iii) 
	that the copies of all documents (including without limitation drafts of the Transaction Documents) submitted to us are accurate and complete and conform exactly to the final executed originals of all such documents; 

		
	(iv) 
	that each of the parties to the Transaction Documents (other than the Borrower and the Covered Guarantor Entities) is duly organized, validly existing and in good standing under the laws of the jurisdiction in which such party is organized, and has the power and authority to enter into and perform each of its respective obligations thereunder; 

		
	(v) 
	the due execution and delivery of each of the Transaction Documents by each of the parties thereto (other than the Borrower and the Covered Guarantor Entities);

		
	(vi) 
	the due authorization of each of the Transaction Documents by each of the parties thereto other than the Borrower and the Covered Guarantor Entities;

		
	(vii) 
	that the execution, delivery and performance of the Transaction Documents by each of the parties to the Transaction Documents (other than the Borrower and the Covered Guarantor Entities) will not violate the Organizational Documents of such entity;

		
	(viii) 
	the accuracy of representations and warranties of the Borrower and the Covered Guarantor Entities set forth in the Transaction Documents as to factual matters only (and not as to legal conclusions); and that the conduct of the parties to the Transaction Documents complies with any requirement of good faith, fair dealing, conscionability and commercial reasonableness;

		
	(ix) 
	that there has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence with respect to any party;

		
	(x) 
	that (i) each of the Secured Parties (as defined below) has given adequate value for the liens and security interests granted by the Borrower and the Covered Guarantor Entities under the Transaction Documents, (ii) the security interests granted by the Borrower and the Covered Guarantor Entities under the Transaction Documents have been properly created, (iii) each of the debtors named in the Financing Statements owns the collateral

described in such Financing Statements, has good title to such collateral, such collateral exists and each such debtor has, or has the power to transfer, rights within the meaning of the Applicable UCC (as defined below) in such collateral, (iv) the descriptions of the collateral in, or attached as schedules to, the Financing Statements, sufficiently describe
the collateral intended to be covered by the Financing Statements, (v) each debtor named in the Financing Statements is organized solely under the state of its organization as set forth on Schedule 1 attached hereto, as the case may be, (vi) the MD Corporate Entity is not a "transmitting utility" as defined in Section 9-102 of the Maryland UCC (vii) the Financing Statements will be duly and properly filed in the applicable Filing Office,
and (viii) the Financing Statements accurately state the correct name of the Secured Party and the correct address of the Secured Party from which information concerning the security interest to be perfected thereby may be obtained; and 

		
	(xi) 
	the NV Corporate Entities and NV LLC Entities do not engage in the business of gaming, liquor, financial institutions, public utilities, insurance or cemeteries.

Based upon the foregoing and subject to the comments and qualifications set forth
below, we are of the opinion that:

1.     Based solely on the applicable Organizational Documents and the respective Good Standing Certificates, each of the AZ Corporate Entity, the CA Corporate Entities, the MD Corporate Entity and the NV Corporate Entities is duly incorporated and validly existing as a corporation and in good standing under the laws of the States of Arizona, California, Maryland, and Nevada, respectively, with full power to own its existing properties and conduct its business pursuant to its respective
Organizational Documents as identified on Schedule 2.

2.     Based solely on the applicable Organizational Documents and the respective Good Standing Certificates, each of the CA LLC Entities and the NV LLC Entities is a limited liability company duly formed, validly existing and in good standing under the laws of the States of California and Nevada, respectively, with full power to own its existing properties and conduct its business pursuant to its respective Organizational Documents as identified on Schedule 2.

3.    Each of the Borrower and each Covered Guarantor Entity has all necessary corporate or limited liability company (as applicable) power and authority to execute and deliver and perform its respective obligations under each of the Transaction Documents to which it is a party.

4.     Based solely on the respective Good Standing Certificates, each Covered Entity is duly qualified as a foreign corporation or foreign limited liability company, as applicable, to transact business and is in good standing in the jurisdictions set forth on Schedule 3 next to each Covered Entity.

5.     The execution and delivery by each of the Borrower and each Covered Guarantor Entity of the Transaction Documents to which it is a party have been duly authorized by all requisite corporate or limited liability company (as applicable) action on the part of the Borrower and each Covered Guarantor Entity.

6.     The execution and delivery by each of the Borrower and each Covered Guarantor Entity of the Transaction Documents to which it is a party do not, as of the date hereof: (a) violate the applicable Organizational Documents of the Borrower or such Covered Guarantor Entity, (b) to our knowledge, violate any Covered Law that we have, in the exercise of customary professional diligence, recognized as being directly applicable to the Borrower or such Covered Guarantor Entity or the transactions contemplated by the Transaction Documents, or (c) violate any judgment, order or decree of any Arizona, California, Maryland or Nevada court or regulatory authority known to us and applicable by name to the Covered Entities.

7.     To our knowledge, no consent or approval of, or notice to or filing with, any state regulatory authority is required by the Borrower or any Covered Guarantor Entity under the Covered Laws to which the Borrower or such Covered Guarantor Entity is subject to in connection with the execution and delivery by the Borrower or such Covered Guarantor Entity of the Transaction Documents to which it is a party other than (i) those that have been made or obtained and are in full force and
effect or as to which the failure to be made or obtained or to be in full force and effect would not result, individually or in the aggregate, in a Material Adverse Effect (as defined in the Credit Agreement) or (ii) such registrations, filings or approvals that may be required in order to perfect or record security interests granted under the Security Agreement.

8.     Each Financing Statement attached hereto in Annex 1 is in proper form for filing in the applicable Filing Office (as defined in the Applicable UCC) in the State of Arizona, the State of California, the State of Maryland and the State of Nevada, as applicable.

For purposes of the opinions given in this paragraph 8, "Secured Parties" shall mean collectively the secured parties named in the Financing Statements. The "Arizona Financing Statement" shall mean the financing statement attached hereto in Annex 1 naming the AZ Corporate Entity as debtor. The "California Financing Statements" shall mean the financing statements attached hereto in Annex 1 naming the CA Corporate Entities and the CA LLC Entities as debtor. The "Maryland Financing
Statement" shall mean the financing statement attached hereto in Annex 1 naming the MD Corporate Entity as debtor. The "Nevada Financing Statements" shall mean the financing statements attached hereto in Annex 1 naming the NV Corporate Entities and the NV LLC Entities as debtor. "Financing Statements" shall mean collectively, the Arizona Financing Statement, the California Financing Statements, the Maryland Financing Statement and the Nevada Financing Statements. The term "Applicable UCC" shall mean (i) the Arizona UCC for the Security Agreement and the AZ Financing
Statement, (ii) the California UCC for the Security Agreement and the California Financing Statements, (iii) the Maryland UCC for the Security Agreement and the Maryland Financing Statement and (iv) the Nevada UCC for the Security Agreement and the Nevada Financing Statements.

(a)     Upon the filing and acceptance of the Arizona Financing Statement with the Arizona Secretary of State, the security interest in the collateral described in the Security Agreement in which a security interest may be created under Article 9 of the Arizona UCC and perfected by the filing of a financing statement under Article 9 of the Arizona UCC will be perfected;

(b)     Upon the filing and acceptance of the California Financing Statements with the California Secretary of State, the security interest in the collateral described in the Security Agreement in which a security interest may be created under Division 9 of the California UCC and perfected by the filing of a financing statement under Division 9 of the California UCC will be perfected;

(c)     Upon the filing of the Maryland Financing Statement with the Maryland State Department of Assessments and Taxation, the security interest in the collateral described in the Security Agreement in which a security interest may be created under Article 9 of the Maryland UCC and perfected by the filing of a financing statement under Article 9 of the Maryland UCC will be perfected; and

(d)     Upon the filing and acceptance of the Nevada Financing Statements with the Nevada Secretary of State, the security interest in the collateral described in the Security Agreement in which a security interest may be created under Article 9 of the Nevada UCC and perfected by the filing of a financing statement under Article 9 of the Nevada UCC will be perfected.

The opinions given above in this paragraph 8 with respect to the perfection of security interests under the Security Agreement are subject to the following exceptions:

(1)     in the case of property as to which the security interest attaches
after the date hereof, Section 552 of the Federal Bankruptcy Code
limits the extent to which property acquired by a debtor after the
commencement of a case under the Federal Bankruptcy Code may
be subject to a security interest arising from a security agreement
entered into by the debtor before the commencement of such case;

(2)     the Secured Parties' security interest will terminate upon a
disposition authorized by the Secured Parties as to such disposed property;

(3)     in the case of any interest in or claim in or under any policy of
insurance, the Secured Parties' security interest is limited to 
proceeds payable to the each of the debtors named therein and not
to any other party named as loss payee under such policies;

(4)     continued perfection of any security interest in proceeds is subject
to Section 9-315 of the Applicable UCC;

(5)     in the case of any collateral consisting of goods, the Secured
Parties' security interest is subject to the rights of buyers of the
goods under Section 9-320 of the Applicable UCC and the rights
of lessees of the goods under Section 9-321 of the Applicable UCC;

(6)     in the case of any collateral consisting of general intangibles, the
Secured Parties' security interest is subject to the rights of
licensees in the ordinary course of business under Section 9-321 of

the Applicable UCC; and

(7)     the continued perfection of the security interests perfected by the
filing of the Financing Statements will depend upon the filing of
periodic continuation statements relating to the Financing
Statements in accordance with the Applicable UCC, and may
depend upon (x) the continued formation of the Borrower and each
Covered Guarantor Entity in its applicable state of formation, and
(y) the continuation of the Borrower's and each Covered Guarantor
Entity's present name.

The foregoing opinions are subject to the following exceptions, limitations and qualifications:

(a)     Our opinion is subject to the effect of applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer, marshalling or similar laws affecting creditors' rights and remedies generally; general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether such enforceability is considered in a proceeding in equity or at law).

(b)     We express no opinion as to the validity of any provision of the Transaction Documents which (i) permits the Secured Parties to increase the rate of interest or to collect a late charge in the event of delinquency or default to the extent deemed to be penalties or forfeitures; (ii) purports to grant the Secured Parties a power-of-attorney; (iii) purports to entitle the Secured Parties to take possession of any
collateral in any manner other than peaceably and by reason of the peaceable surrender of such possession by the applicable party or by reason of appropriate judicial proceedings;  (iv) purports to require that waivers must be in writing to the extent that an oral agreement or implied agreement by trade practice or course of conduct modifying provisions of the Transaction Documents has been made; (v) purports to be a waiver of the right to a jury trial, a waiver of any right to object to jurisdiction or venue, a waiver of
any right to claim damages or to service of process or a waiver of any other rights or benefits bestowed by operation of law or the waiver of which is limited by applicable law; (vi) purports to be a waiver of the obligations of good faith, fair dealing, diligence, mitigation of damages or commercial reasonableness; (vii) purports to exculpate any party from its own negligent acts or limit any party from certain liabilities; (viii) purports to entitle the Secured Parties to the appointment of a receiver as a matter of right; (ix)
purports to require the payment of attorneys' fees to the extent such fees exceed reasonable attorneys' fees; or (x) purports to authorize the Secured Parties to set off and apply any deposits at any time held, and any other indebtedness at any time owing, by the Secured Parties to or for the account of any party or which purports to provide that any purchaser of a participation from the Secured Parties may exercise setoff or similar rights with respect to such participation.

( c)     We express no opinion as to the application or requirements of federal or state securities, patent, trademark, copyright, antitrust and unfair competition, pension or employee benefit, labor, environmental, health and safety, tax or bankruptcy
laws.

(d)     Except as set forth in our opinion paragraph 8 above, we express no opinion as to the attachment, creation, perfection or priority of any security interests. We express no opinion with respect to any collateral of a type described in Section 9- 501(a)(1) of the Applicable UCC, or represented by a certificate of title, or any collateral consisting of consumer loans. Our opinion in paragraph 8 is limited to Article 9 or Division 9 (as applicable) of the Applicable UCC.

(e)     We express no opinion as to the enforceability of any Transaction Document or any provision thereof.

(f)     We express no opinion as to any laws other than the Covered Laws. 

The word knowledge" as used in this opinion means the personal, current and actual consciousness of lawyers of this firm who have actively participated in the rendering of this opinion letter only, without inquiry or investigation, and shall not imply that anyone else's knowledge is imputed to such individuals. Without limiting the generality of the foregoing, we have not examined any of our clients' files, we have not examined any of our files relating to matters other than the transaction contemplated by the Transaction Documents, we have not made any special inquiry of our client, and we have not
examined any records of any court, administrative tribunal or other similar entity in
connection with our opinion. 

This opinion is limited to the matters expressly stated herein. No implied opinion may be inferred to extend this opinion beyond the matters expressly stated herein. We do not undertake to advise you or anyone else of any changes in the opinions expressed herein resulting from changes in law, changes in facts or any other matters that hereafter might occur or be brought to our attention.

This opinion is being furnished by us to you in connection with the transactions described herein and is solely for the benefit of the Administrative Agent, the Collateral Agent, Lenders and each of the permitted successors and assigns of each of the foregoing and Katten Muchin Rosenman LLP. Except as otherwise expressly consented to by us in writing, this opinion may not be relied upon by any other person or for any other purpose.

This opinion (other than portions related to the AZ Corporate Entity and the Covered Laws of the State of Arizona) shall be interpreted in accordance with the Legal Opinion Principles issued by the Committee on Legal Opinions of the American Bar Association's Section of Business Law as published in 53 Business Lawyer 831 (May 1998).

Those portions of the opinion related to the AZ Corporate Entity and the Covered Laws of Arizona shall be interpreted in accordance with the First Amended and Restated Report of the State Bar of Arizona Business Law Section Committee on Rendering Legal Opinions in Business Transaction dated October 20, 2004.

Very truly yours,

     /s/ Ballard Spahr, LLP
Ballard Spahr, LLP

Exhibit A
Addresses of the Opinion

Credit Suisse AG, as Administrative Agent
Eleven Madison Avenue
New York, New York 10010

JP Morgan Chase Bank, N.A.
383 Madison Avenue
New York, New York 10179

Bank of America, N.A.
One Bryant Park
New York, New York 10030

Wells Fargo Bank, National Association,
as Trustee and Collateral Agent
707 Wilshire Boulevard, 17th Floor
Los Angeles, California 90017

Diamond Resorts International, Inc.
10600 West Charleston Boulevard
Las Vegas, Nevada 89135

Diamond Resorts Holdings, LLC
10600 West Charleston Boulevard
Las Vegas, Nevada 89135

Diamond Resorts Corporation
10600 West Charleston Boulevard
Las Vegas, Nevada 89135

Katten Muchin Rosenman LLP
525 West Monroe Street
Chicago, Illinois 60661

Exhibit A-1

SCHEDULE 1

Covered Entities

(AZ, CA, MD and NV)

Entity Name                                                     Jurisdiction of Organization
Diamond Resorts Management, Inc. (f/k/a RPM                         AZ
Management, Inc.)

Lake Tahoe Resort Partners, LLC                             CA

Resort Management International, Inc.                             CA

Diamond Resorts International Marketing, Inc.                         CA
(f/k/a Resort Marketing International, Inc.)

Diamond Resorts Corporation                                 MD

Diamond Resorts Holdings, LLC                             NV

Chestnut Farms, LLC                                     NV

Diamond Resorts Financial Services, Inc.                         NV

Diamond Resorts Polo Development, LLC                         NV

George Acquisition Subsidiary, Inc.                             NV

Resorts Development International, Inc.                             NV

Diamond Resorts International Marketing Mexico, LLC                    NV

Diamond Resorts MGV Development LLC                         NV

Diamond Resorts DPM Development LLC                         NV

Diamond Resorts Mystic Dunes Development, LLC                     NV

Diamond Resorts Teton Club Development, LLC                     NV

Schedule-1

SCHEDULE 2

Organizational Documents and Good Standing Certificates
of
Covered Entities

AZ Corporate Entity
		
	A.
	Diamond Resorts Management, Inc. (f/k/a Sunterra Resort Management, Inc., f/k/a RPM Management, Inc.)

Organizational Documents
1.      Bylaws of RPM Management, Inc., dated January 15, 1992
2.     Articles of lncorporation of RPM Management, Inc., dated December 9, 1991
3.     Articles of Merger of Vacation Travel Club, Inc. into RPM Management, Inc., dated
April 15, 1999
4.     Articles of Merger of Resort Management International, Inc. into RPM
Management, Inc., dated March 31, 2003
5.     Articles of Amendment dated February 16, 2005, changing the name of RPM
Management, Inc. to Sunterra Resort Management, Inc.
6.     Articles of Amendment dated October 18, 2007, changing the name of Sun terra
Resort Management, Inc. to Diamond Resorts Management, Inc.
Good Standing (and Foreign Qualification) Certificates
7.     Certificate of Good Standing issued by the Corporation Commission of the State of
Arizona on September 4, 2013
8.     Certificate of Good Standing issued by State Corporation Commission of the
Commonwealth of Virginia on September 4, 2013
9.     Certificate of Good Standing issued by Secretary of State of the State of Missouri on
September 4, 2013
10.     Certificate of Good Standing issued by the Department of State of the State of
Florida on September 4, 2013
11.     Certificate of Good Standing issued by the Secretary of State of the State of Nevada
on September 4, 2013
12.     Certificate of Good Standing issued by the Secretary of State of the State of
California on September 5, 2013
13.     Certificate of Existence/Authorization issued by the Secretary of State of the State of
Tennessee on September 4, 2013
14.     Certificate of Good Standing and Compliance issued by the Office of the Public
Regulation Commission of the State of New Mexico on September 5, 2013
15.     Certificate of Good Standing issued by the Secretary of State of the State of
Colorado on September 4, 2013

Schedule 2-1

CA Corporate Entities

		
	B.
	Diamond Resorts International Marketing, Inc. (f/k/a Resort Marketing International, Inc.)

Organizational Documents
		
	1.
	Articles of Incorporation filed on March 24, 1994 and Certificate of Amendment

filed November 2, 2007, both certified by CA Secretary of State on July 19, 2013
		
	2.
	Bylaws effective as of March 24, 1994, as amended by Amendment dated January 1,

                  2000

Good Standing (and Foreign Qualification) Certificates
		
	3.
	Certificate of Status issued by CA Secretary of State on September  4,  2013

		
	4.
	Certificate of Good Standing issued by the Corporation Commission of the State of

Arizona on September 4, 2013
		
	5.
	Certificate of Good Standing issued by the Secretary of State of Colorado on

                   September 4, 2013
		
	6.
	Certificate of Good Standing issued by the Department of Consumer and

                    Regulatory Affairs of the District of Columbia on September 4, 2013
		
	7.
	Certificate of Good Standing issued by the Department of State of the State of

                    Florida on September 4, 2013
		
	8.
	Certificate of Existence issued by the Secretary of State of Georgia on September 4, 2013

		
	9.
	Certificate of Authorization issued by the Secretary of State of Indiana on September 4, 2013

		
	10.
	Certificate of Good Standing issued by the Secretary of State of Kansas on September 4, 2013

		
	11.
	Certificate of Authorization issued by the Secretary of State of the Commonwealth of Kentucky on September 4, 2013

		
	12.
	Certificate of Good Standing issued by the Secretary of State of Missouri on September 4, 2013

		
	13.
	Certificate of Good Standing issued by the Department of the Treasury Division

of Revenue and Enterprise Services of the State of New Jersey on September 4, 2013
		
	14.
	Certificate of Existence with Status in Good Standing issued by the Secretary of

State of Nevada on September 4, 2013
		
	15.
	Certificate of Good Standing issued by the Secretary of State of Ohio on

September 4, 2013
		
	16.
	Certificate of Good Standing issued by the Secretary of State of Oklahoma on

September 4, 20 13
		
	17.
	Subsistence Certificate issued by the Department of State of the Commonwealth

of Pennsylvania on September 4, 2013
		
	18.
	Certificate of Authorization issued by the Secretary of State of Tennessee on

September 4, 2013
		
	19.
	Certificate of Fact issued by the Secretary of State of Texas on September 4, 2013

Schedule 2-2

20. Certificate of Existence issued by the Utah Department of Commerce on
September 4, 2013
21. Certificate of Good Standing issued by the State Corporation Commission of the
Commonwealth of Virginia on September 4, 2013
22. Certificate of Good Standing issued by the Secretary of State of Vermont on
September 5, 2013
23. Certificate of Good Standing issued by the Department of Financial Institutions
of the State of Wisconsin on September 6, 2013
24. Certificate of Good Standing and Compliance issued by the Secretary of State of
New Mexico on September 5, 2013
25. Certificate of Good Standing issued by the Secretary of State of Illinois on
September 4, 2013
26. Certificate of Good Standing issued by Department of State of New Hampshire
on September 5, 2013
27. Certificate of Authorization issued by the Secretary of State of South Carolina on
September 5, 2013
28. Certificate of Existence/Authorization issued by the Secretary of State of
Washington on September 6, 2013
		
	C.
	Resort Management International, Inc.

Organizational Documents
1. Articles of Incorporation filed May 10, 1996 and certified by the CA Secretary of
State on July 19, 2013
2. Bylaws adopted as of March 1, 1996, as amended by Amendment dated November
6, 2001

Good Standing (and Foreign Qualification) Certificates
3. Certificate of Status issued by CA Secretary of State on September 5, 2013
4. Certificate of Good Standing issues by the Department of Commerce and Consumer
Affairs of the State of Hawaii on September 4, 2013

CA LLC Entities
		
	D.
	Lake Tahoe Resort Partners, LLC

Organizational Documents
1. Articles of Organization filed on March 1, 1996 and certified by the CA Secretary of
State on July 22, 2013
2. Operating Agreement dated March 1, 1996, as amended by Amendment dated April
30, 1996 and Second Amendment dated June 25, 2007

Good Standing Certificate
3. Certificate of Status issued by the CA Secretary of State on September 5, 2013

Schedule 2-3

MD Corporate Entity
		
	E.
	Diamond Resorts Corporation (f/k/a Sunterra Corporation, f/k/a Signature Resorts, Inc. f/k/a KGK Resorts, Inc)

Organizational Documents
1. Articles of Incorporation of KGK Resorts, Inc. filed with the Maryland State
Department of Assessments and Taxation ("SDA T") on May 28, 1996
2. Articles of Amendment of KGK Resorts, Inc. (changing its name to Signature
Resorts, Inc.) filed with SDAT on June 13, 1996
3. Articles of Amendment of Signature Resorts, Inc. filed with SDAT on August 20,
1996
4. Articles of Merger of Argosy Branson, Inc. into Signature Resorts, Inc. filed with
SDAT on August 20, 1996
5. Articles of Merger of AKGI San Luis, Inc. into Signature Resorts, Inc. filed with
SDAT on August 20, 1996
6. Articles of Merger of Resort Telephone & Cable of Orlando, Inc. into Signature
Resorts, Inc. filed with SDAT on August 20, 1996
7. Articles of Merger of Argosy Investments, Inc. into Signature Resorts, Inc. filed
with SDA T on August 20, 1996
8. Articles of Merger of Argosy Poipu, Inc. into Signature Resorts, Inc. filed with
SDAT on August 20, 1996
9. Articles of Merger of Argosy/Koar Group, Inc. into Signature Resorts, Inc. filed
with SDA T on August 20, 1996
10. Articles of Merger of Vacation Ownership Marketing, Inc. into Signature Resorts,
Inc. filed with SDAT on August 20, 1996
11. Articles of Merger of Vacation Resort Marketing of Missouri, Inc. into Signature
Resorts, Inc. filed with SDAT on August 20, 1996
12. Articles of Merger of KGK San Luis, Inc. into Signature Resorts, Inc. filed with
SDA T on August 20, 1996
13. Articles of Merger of Argosy Group, Inc. into Signature Resorts, Inc. filed with
SDAT on August 20, 1996
14. Articles of Amendment of Signature Resorts, Inc. (changing its name to Sunterra
Corporation) filed with SDAT on July 14, 1998
15. Articles of Restatement of Sun terra Corporation filed with SDAT on July 14, 1998
16. Certificate of Resolution of All Directors of Sunterra Corporation filed with SDAT
on October 15, 1998
17. Articles of Amendment and Restatement of Sunterra Corporation filed with SDA T
on July 29, 2002
18. Resolution to Change Principal Office or Resident Agent filed with SDA T on
January 23,  2004
19. Articles of Amendment of Sun terra Corporation filed with SDAT on June 25, 2004
20. Resident Agent's Notice of Change of Address filed with SDAT on September 7,
2006

Schedule 2-4

MD Corporate Entity
21. Articles of Merger of DRS Acquisition Corp. with and into Sunterra Corporation
filed with SDA T on April 27, 2007
22. Articles of Amendment and Restatement of Sunterra Corporation filed with SDAT
on April 27, 2007
23.  Resolution to Change Principal Office or Resident Agent filed with SDAT on May
2, 2007
24. Articles of Amendment of Sunterra Corporation (changing its name to Diamond
Resorts Corporation) filed with SDAT on October 18, 2007
25.  Amended and Restated Bylaws of Sunterra Corporation adopted on July 25, 2002
Second 
26. Amended and Restated Bylaws of Diamond Resorts Corporation adopted July 17, 2013
27. Unanimous Written Consent of the Board of Directors of Sunterra Corporation
(authorizing an amendment to the Amended and Restated Bylaws) effective October
20, 2003
28. Written Consent of the Board of Directors of Diamond Resorts Corporation
(authorizing Second Amended and Restated Bylaws) effective July 17, 2013
29. Second Amendment to the Amended and Restated Bylaws of Sunterra Corporation
adopted on December 23, 2004
30. Third Amendment to the Amended and Restated Bylaws of Sunterra Corporation
adopted on March 9, 2007
31. Resident Agent's Notice of Change of Address filed with SDA T on May 2, 2007
32. Resident Agent's Notice of Change of Address filed with SDAT on January 30, 2013
33. Resident Agent's Notice of Change of Address filed with SDAT on February 4, 2013

Good Standing (and Foreign Qualification) Certificates
34.  Certificate of Good Standing issued by SDA T on September 4, 2013
35.  Certificate of Existence with Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

NV Corporate Entities
		
	F.
	Diamond Resorts Financial Services, Inc.

Organizational Documents
		
	1.
	Articles of Incorporation filed on October 26, 1998 and Certificate of Amendment

filed on October 29, 2007, both filed with the NY Secretary of State
		
	2.
	Bylaws with no adoption date

Good Standing Certificate

Schedule 2-5

3. Certificate of Existence with Status in Good Standing issued by the NY Secretary of
State on September 4, 2013

		
	G.
	George Acquisition Subsidiary, Inc.

Organizational Documents
1. Articles of lncorporation filed on October 15 1997 with the NV Secretary of State
2. Bylaws adopted as of October 15, 1997

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

		
	H.
	Resorts Development International, Inc.

Organizational Documents
1. Articles of Incorporation filed on November 17, 1982 with the NY Secretary of State
2. Bylaws with no adoption date executed by Kirk Nairne, Hartley Richardson and Les
Cahan

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NY Secretary of
State on September 4, 2013

NV LLC Entities

		
	I.
	Diamond Resorts Polo Development, LLC

Organizational Documents
1. Articles of Organization filed on May 3, 2007 and Amendment to Articles of
Organization filed on October 18, 2007, both filed with the NY Secretary of State
2. Operating Agreement adopted as of May 31, 2007

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

		
	J.
	Diamond Resorts Holdings, LLC

Organizational Documents
1. Articles of Organization filed on March 14, 2007 and Certificate to Accompany
Restated Articles filed on March 28, 2007, both filed with the NY Secretary of State
2. Operating Agreement effective as of April 26, 2007

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 9, 2013

Schedule 2-6

		
	K.
	Chestnut Farms, LLC

Organizational Documents
1. Articles of Organization filed on March 27, 2008 with the NV Secretary of State
2. Limited Liability Company Agreement dated as of March 27, 2008

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

		
	L.
	Diamond Resorts International Marketing Mexico, LLC

Organizational Documents
1. Articles of Organization filed on June 4, 2012 with the NV Secretary of State
2. Limited Liability Company Agreement dated as of July 16, 2013

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

		
	M.
	Diamond Resorts MGV Development, LLC

Organizational Documents
1. Articles of Organization filed on November 16, 2012 with the NV Secretary of State
2. Limited Liability Company Agreement dated as of July 16, 2013

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

		
	N.
	Diamond Resorts DPM Development, LLC

Organizational Documents
1. Articles of Organization filed on November 16, 2012 with the NV Secretary of State
2. Limited Liability Company Agreement dated as of July 16, 2013

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

		
	O.
	Diamond Resorts Mystic Dunes, LLC

Organizational Documents
1. Articles of Organization filed on November 16, 2012 with the NV Secretary of State
2. Limited Liability Company Agreement dated as of July 16, 2013

Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

Schedule 2-7

		
	P.
	Diamond Resorts Teton Club Development, LLC

Organizational Documents
1. Articles of Organization filed on October 26, 2011 with the NV Secretary of State
2. Limited Liability Company Agreement dated as of July 16, 2013
Good Standing Certificate
3. Certificate of Existence With Status in Good Standing issued by the NV Secretary of
State on September 4, 2013

Schedule 2-8

SCHEDULE 3

Foreign Qualification Jurisdictions

Entity                                Foreign Jurisdictions Where Entity is
Qualified to Transact Business
Arizona Entity
1. Diamond Resorts Management, Inc.                      California
     (f/k/a RPM Management, Inc.)
 Virginia
 Florida
 Missouri
 New Mexico
 Nevada
 Tennessee
 Colorado

2. Diamond Resorts International Marketing,                  Arizona
     Inc. (f/k/a Resort Marketing International, Inc.)
 Colorado
 District of Columbia
 Florida
 Georgia
 Illinois
 Indiana
 Kansas
 Kentucky
 Missouri
 New Hampshire
 New Jersey
 New Mexico
 Nevada
 Ohio
 Oklahoma
 Pennsylvania
 South Carolina
 Tennessee
 Texas
 Utah
 Vermont
 Virginia
 Washington
 Wisconsin

California Entities
3. Diamond Resorts International Marketing,                  Arizona
    Inc. (f/k/a Resort Marketing International, Inc.)

4. Lake Tahoe Resort Partners, LLC                      None

5. Resort Management International, Inc.                  Hawaii

Maryland Entity
6. Diamond Resorts Corporation                      Nevada

Nevada Entities

7. None

ANNEX 1

Financing Statements

[To be Attached]

EXHIBIT F-3    

 Holland & Knight 
200 South Orange Avenue, Suite 2600 I Orlando, FL 32801 I T 407.425.8500 I F 407.244.5288 Holland &Knight LLP I www.hklaw.com 
September 11, 2013 
Each of the Parties listed on attached Exhibit "A"
Katten Muchin Rosenman LLP 
525 West Monroe Street 
Chicago, Illinois 60661 
		
	Re: 
	$25,000,000.00 Diamond Resorts Corporation Senior Secured Revolving Credit Facility (the "Facility") 

Ladies and Gentlemen: 
We have acted as special Florida counsel to Diamond Resorts International Club, Inc., a Florida corporation ("DRIC"); MMG Development Corp., a Florida corporation ("MMG"), Crescent One, LLC, a Florida limited liability company, Island One, Inc., a Florida corporation, Island One Resorts Management Corporation, a Florida corporation, Galaxy Exchange Company, a Florida corporation and Navigo Vacation Club, Inc., a Florida corporation (collectively the "Loan Parties" and individually, a "Loan Party"), in connection with the Facility and the transactions (collectively, the "Transaction") described in that certain Credit Agreement dated as of September 11, 2013 (the "Agreement"), by and among Diamond Resorts Corporation ("DRC"), Diamond Resorts International, Inc. ("Resorts"), the lenders, from time to time party thereto (the "Lenders") and Credit Suisse; as Administrative Agent. Capitalized terms used but not defined herein have the respective meanings given to such terms in the Agreement. 
This opinion is being furnished to you pursuant to Section 4.02(a)(ii) of the Agreement. 
In rendering this Opinion, we have examined the originals or certified, conformed or reproduced copies of the following documents: 
		
	1. 
	the Agreement; 

		
	2.
	Form of UCC-1 Financing Statements (the "Financing Statements ") to show each Loan Party, respectively, as debtor, to be filed with the Florida Secretary of State's Secured Transaction Registry (copies attached as Exhibit “B"); 

		
	3.
	the Security Agreement dated September 11, 2013 by and among DRC, Resorts, and Wells Fargo Bank, National Association, as Collateral Agent; 

		
	4.
	the Trademark Security Agreement dated September 11, 2013, by and among DRC, Holdings, Subsidiary Guarantors, and Wells Fargo Bank, National Association, as Collateral Agent; 

		
	5.
	the Guarantee Agreement dated September 11, 2013 by and among DRC, Resorts, Subsidiaries of Holdings, and Credit Suisse AG, as Administrative Agent; 

		
	6.
	The Pari Pasu Intercreditor Agreement dated September 11, 2013 by and among DRC, Resorts, the Lenders, and Credit Suisse AG, as Administrative Agent; 

		
	7.
	the Revolving Promissory Note dated September 11, 2103 made by DRC to JPMorgan Chase Bank, N.A. ("Promissory Note"); and 

		
	8.
	the Certificates of an officer of each Loan Party (the "Officer's Certificate") attached hereto as Exhibit "C-1" and Exhibit "C-2". 

The documents listed above in items 1 through 7 are collectively referred to herein as the "Documents" . 
We have examined the original or certified copies of those corporate and other records of the Loan Parties and certificates of public officials and those matters of law, as we have deemed appropriate as a basis for the opinions hereinafter expressed. The certificates of incorporation or formation, by-laws and other organizational documents of the Loan Parties identified in Exhibits "A" and "B" to each Officer's Certificate are sometimes referred to herein collectively as the "Organizational Documents." As to questions of fact material to this opinion, we have, when relevant facts were not independently established by us, relied upon the representations and warranties of the Loan Parties contained in the Documents. 
For purposes of this Opinion, we have assumed (a) the capacity of all natural persons, the genuineness of all signatures, the due authorization (other than by the Loan Parties), execution, and delivery by the parties thereto of all Documents referenced herein, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, and the authenticity of the originals of all documents submitted to us as copies, (b) that the Loan Parties have obtained all required licenses and permits to operate their respective businesses, and that all such licenses and permits are in full force and effect, (c) that the Organizational Documents are correct and complete, have not been further amended, and are in full force and effect as of the date hereof, (d) that descriptions of collateral in the Financing Statements (and any schedules thereto) are accurate and sufficiently describe the property intended to be covered thereby, (e) the proper filing and indexing of the Financing Statements in the Secured Transaction Registry of the Florida Secretary of State, and (f) that all representations and warranties of the Loan Parties set forth in the Documents are true and correct in all material respects as of the date hereof. 
Based upon the foregoing and subject to the comments and qualifications set forth below, we are of the opinion that: 
		
	1. 
	Each of the Loan Parties is validly existing and in good standing as a corporation or limited liability company under the laws of the State of Florida. Based solely on the certificates attached hereto as Schedule "1", DRIC is qualified to transact business as a foreign corporation in the states of Arkansas, California, Colorado, Illinois, Maryland, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oregon, Tennessee, Hawaii, Virginia and West Virginia. Based solely on the certificates attached hereto as Schedule "2",  MMG is qualified to transact business as a foreign corporation in the states of Missouri and Tennessee. Each Loan Party has (i) all necessary corporate or limited liability company, as applicable, power and authority to execute and deliver and perform its obligations under each of the Documents to which it is a party and to perform its obligations thereunder, (ii) full corporate or limited liability company, as applicable, power to own, lease, and operate its property and transact its business, and (iii) authorized the execution, delivery and performance of the Documents to which it is a party by all necessary corporate or limited liability company, as applicable, 

action. Each of the Documents to which any Loan Party is a party constitutes the valid and binding obligation of such Loan Party. 
		
	2.
	The execution and delivery by each Loan Party of the Documents to which it is a party, the performance by it of its obligations thereunder and the grant by it of security interests pursuant to the Documents do not violate (a) the Organizational Documents of such Loan Party, (b) any law, rule or regulation of the State of Florida that we, in the exercise of customary professional diligence, would reasonably recognize as being directly applicable to such Loan Party or the Transaction, or generally applicable to transactions similar to the Transaction, or (c) to our actual knowledge, without inquiry or investigation, any judgment, order or decree of any Florida court that is binding upon such Loan Party. 

		
	3.
	Each Financing Statement attached hereto in Exhibit "B" is in proper form for filing in Florida. Assuming the debtor has effectively granted a security interest to the secured party, upon the proper filing of the Financing Statements with the Secretary of the State of Florida, a security interest in that Collateral in which a security interest may be perfected by the filing of a financing statement with the Secretary of the State of Florida under the Florida UCC will be perfected. The filing of the Financing Statements in the office of the Secretary of the State of Florida are the only filings necessary to perfect by filing the security interest in those items of the Collateral covered by Article 9 of the Florida UCC as described in such Financing Statements which is owned by the Loan Party. 

		
	4.
	To our actual knowledge, without inquiry or investigation, no consent, authorization, or approval of, or notice to, with, or by any Federal or Florida governmental or regulatory body by or on behalf of the Loan Parties is required to make valid and legally binding the execution and delivery by each of the Loan Parties of the Documents to which it is respectively a party and the performance of its respective obligations thereunder. We note that the Financing Statements will need to be filed with the Secretary of State of the State of Florida in connection with the perfection of security interests granted pursuant to the Transaction Documents. 

This Opinion is subject to the following limitations, qualifications, exceptions, confirmations and exclusions: 

		
	1. 
	We express no opinion as to the effect of, or compliance with, any laws, rules, regulations or policies (collectively referred to herein as "Regulatory Matters") related to (i) taxation, (ii) land use, (iii) zoning, (iv) the environment, (v) health and safety (e.g., OSHA), (vi) building codes, (vii) human disabilities, (viii) transportation, (ix) communication, (x) banking, (xi) securities, including state "Blue Sky" laws and regulations, and laws and regulations relating to commodity (and other) futures and indices and other similar instruments, (xii) Federal Reserve Board margin regulations, (xiii) labor matters, or pension and employee benefits (e.g., ERISA), (xiv) antitrust and unfair competition, (xv) filing and notice requirements (e.g., Hart-Scott-Rodino and Exon-Florio), other than requirements applicable to charter-related documents such as a certificate of merger, (xvi) compliance with fiduciary duty requirements, (xvii) statutes and ordinances, the administrative decisions, and the rules and regulations of counties, towns, municipalities and special political subdivisions, (xviii) fraudulent transfers and fraudulent conveyances, (xix) patent, copyright and trademark, and other intellectual property matters, (xx) racketeering laws and regulations (e.g. RICO) and (xxi) national security and local emergency. 

		
	2.
	Nothing herein shall be deemed an opinion as to whether the Loan Parties have all necessary licenses, permits and approvals to conduct their respective businesses. 

		
	3.
	Any reference herein to our "knowledge" (or similar reference) means to the actual knowledge of attorneys of this firm who have devoted substantive attention to this Opinion and the Transaction and not 

the knowledge of employees of this firm or the knowledge of other partners who may have represented any of the clients identified herein or their affiliates in any matters other than the Transaction. Further, the knowledge of the attorneys of this firm who have devoted substantive attention to this Opinion and the Transaction does not include constructive notice of matters or information contained in any public records not otherwise specifically identified herein. 

This opinion has been rendered solely for your benefit and each of your respective successors and assigns, in connection with the Facility and the Transaction and may not be relied upon for any other purpose without our prior written consent, and is rendered solely as of the date hereof and no responsibility is undertaken for any future changes or development in any statutes, regulations, judicial decisions or other law. 

Very truly yours, 
HOLLAND & KNIGHT LLP 
/s/ HOLLAND & KNIGHT LLP 

EXHIBIT "A"                                                                                                    
   Addresses of the Opinion 

Credit Suisse AG, as Administrative Agent     JPMorgan Chase, N.A
Eleven Madison Avenue     383 Madison Avenue
New York, New York 10010     New York, New York 10179

Wells Fargo Bank, National Association, as Trustee            Bank of America, N.A.   Trustee and and Collateral Agent                                          One Bryant Park
707 Wilshire Boulevard, 17th  Floor    New York, New York 10036
Los Angeles, California 90017 
 
Credit Suisse AG     Diamond Resorts International, Inc.
Eleven Madison Avenue    10600 W. Charleston Blvd
New York, New York 10010     Las Vegas, Nevada 89135

Diamond Resorts Holdings, LLC                    Diamond Resorts Corporation
10600 W. Charleston Blvd                        10600 W. Charleston Blvd
Las Vegas, NV 89135                            Las Vegas, NV 89135

EXHIBIT F-4

Imanaka Asato 
a limited liability law company                            Topa Financial Center
Fort Street Tower
745 Fort Street Mall, 17th Floor
Honolulu, Hawaii 96813
Phone (808) 521-9500
Facsimile (808) 541-9050
info@imanaka-asato.com

September 11, 2013

Credit Suisse AG, as Administrative Agent, and
Credit Suisse AG
JPMorgan Chase Bank, N.A.
Bank of America, N.A. (collectively, the "Lenders"), and
Each of the addressees on Schedule 1
attached hereto and made a part hereof

Katten Muchin Rosenman LLP
525 West Monroe Street
Chicago, Illinois 60661

		
	Re: 
	$25,000,000 Diamond Resorts Corporation Senior Secured Revolving Credit Facility ("Facility")

Ladies and Gentlemen:

We have acted as special counsel to Poipu Resort Partners, L.P., a Hawaii limited partnership (the "Company"), in connection with the Credit Agreement, dated September 11, 2013 (the "Credit Agreement"), among Diamond Resorts Corporation, a Maryland corporation as "Borrower," Diamond Resorts International, Inc., a Delaware corporation, as "Holdings," the Lenders and the Administrative Agent governing the extension of credit under the Facility by the Lenders to and for the benefit of the Borrower as described in the Credit Agreement and the other Transaction Documents (as defined below).

This opinion letter ("Opinion") is being furnished to you pursuant to Section 4.02(a)(ii) of the Credit Agreement. Unless otherwise defined herein, capitalized terms used herein have the meanings set forth in the Credit Agreement.

In connection with this Opinion, we have examined the following documents:

		
	A.
	 the Revolving Promissory Note dated as of September 11, 2013, made by

Borrower in favor of JPMorgan Chase Bank, N.A.;

B.     the Credit Agreement;

C.     the Guarantee Agreement dated as of September 11, 2013, among the Borrower, Holdings, each Subsidiary Guarantor (including the Company) and Administrative Agent ("Guarantee Agreement");

D.     the Security Agreement, dated as of September 11, 2013, among the Borrower, Holdings, each Subsidiary Guarantor (including the Company) and Wells Fargo Bank, National Association, as collateral agent (in such capacity, together with its successors and assigns, the "Collateral Agent") (the "Security Agreement");

E.     the Pari Passu Intercreditor Agreement dated as of September 11, 2013, among the Borrower, Holdings, other Guarantors (including the Company) party thereto, Wells Fargo Bank, National Association, as Collateral Agent and the Authorized Representative for the Indenture Secured Parties, Credit Suisse AG, as the Authorized Representative for the Initial Additional Secured Patties and each Additional Authorized Representative party thereto ("Pari Passu Intercreditor Agreement");

F.     the Trademark Security Agreement dated as of September 11, 2013, among the Borrower, Holdings, each Subsidiary Guarantor (including the Company) and the Collateral Agent;

G.     the UCC financing statement for the Company attached in Annex A hereto and incorporated herein by reference (the "Financing Statement");

H.     the Amended and Restated Agreement of Limited Partnership of the Company dated December 30, 2005 (the "Partnership Agreement"), and the Certificate of Limited Partnership filed on October 27, 1994 at the State of Hawaii Department of Commerce and Consumer Affairs, Business Registration Division, as amended ("Certificate of Limited Partnership");

I.     the Certificate of the Company ( the "Certificate") certifying that the Partnership Agreement is true, correct and complete and is in full force and effect on the date of the Certificate as well as other matters necessary to permit the issuance of the opinion contained herein; and

J.     such other records, agreements, certificates and documents that we have deemed necessary as a basis for the opinions expressed herein.

The documents itemized in Sections A. through G. above are collectively referred to herein as the "Transaction Documents."

In making such examination, with your permission, we have assumed the following:

a.     the genuineness of all signatures;

b.     that all natural persons who are signatories to the Transaction Documents have sufficient legal competency to enter into and perform their respective obligations thereunder; and the copies of all documents submitted to us are accurate and complete and conform to originals;

c.     that each of the patties to the Transaction Documents (other than the Company) has the power to enter into and perform each of its respective obligations thereunder;

d.     the due authorization, execution and delivery of each of the Transaction Documents by each of the parties thereto (other than the Company);

e.     the accuracy of representations and warranties of the parties set forth in the Transaction Documents as to factual matters only (and not as to legal conclusions);

f.     the conduct of the parties to the Transaction Documents complies with any requirement of good faith, fair dealing, conscionability and commercial reasonableness;

g.     there has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence with respect to any party;

h.     The Company has "rights" (within the meaning of the UCC, as hereinafter defined) in the "Collateral" and in the "Pledged Collateral" described (and as defined) in the Security Agreement, respectively; and

i.     All of the Pledged Collateral (as defined in the Security Agreement) which
has been certificated (the "Pledged Stock") (together with executed stock powers in blank) has been delivered to the Collateral Agent and will be continuously in the possession of the Collateral Agent and the interest in the applicable entities represented by the Pledged Stock shall at all times be represented by the certificated securities delivered to the Collateral Agent.

We have further assumed that all statements of fact in the Certificate that has been delivered to us and expressly permits our reliance thereon, copies of which have been delivered to you, and all statements, representations, and warranties contained in the Transaction Documents, are true, complete, and not misleading and that all statements and assumptions of fact set forth therein and herein remain true and valid as of the date hereof. Based on such assumptions, we have generally relied, without independent investigation on our part, on the accuracy and completeness of such statements, representations, and warranties as to factual matters and on the agreements and covenants made by the parties in the Transaction Documents. Furthermore, none of the factual matters dealt with in the Certificate have been independently established or verified by us.

Although we have, with your consent, relied on certain assumptions set forth above based on the Certificate and other materials, we have done so in good faith, and we are not aware of any facts or circumstances that would cause us to conclude that reliance on such assumptions or such materials, without further inquiry or investigation, is unreasonable.

All assumptions made in connection with this Opinion have been made: (a) without independent investigation or confirmation on our part; and (b) with the express consent and approval of the patties to whom this Opinion is addressed, such consent and approval being evidenced by their acceptance of this Opinion.

Based upon the foregoing and subject to the additional qualifications set forth below, we are of the opinion that:

1.     The Company is a limited partnership duly created and validly existing and, based solely on the Certificate of Good Standing dated July 12, 2013, in good standing under the laws of the State of Hawaii, and has full limited partnership power to own, lease and operate its property and transact its business, and has full limited partnership power and authority to execute, deliver and perform its obligations under each of the Transaction Documents.

2.     The execution and delivery of each of the Transaction Documents to which the Company is a party and the performance of its obligations thereunder, including the Company's guarantee of the Obligations and grant of the security interest contained in the Transaction Documents, has been duly authorized by all requisite limited partnership action on the part of the Company. The Transaction Documents to which the Company is a party have been duly executed and delivered by the Company. Each of the Transaction Documents to which the Company is a party constitute the valid and binding
obligations of the Company.

3.     The execution and delivery by the Company of each Transaction Document to which it is a party and the performance of the Party's obligations thereunder will not result in any violation by the Company of (a) any provision of its Certificate of Limited Partnership or Partnership Agreement, (b) any law, rule or regulation of the State of Hawaii, or (c) any judgment, order or decree of any Hawaii court or regulatory authority known by us to be applicable to the Company or its assets or properties.

4.     No consent, approval, license or exemption by, or order or authorization of, filing, recording or registration with, or notice to, any State of Hawaii governmental authority or regulatory body is required in connection with the execution, delivery and performance by the Company of each of the Transaction Documents to which they are parties, including the Company's guarantee of the Obligations and grant of security interests contained in the Transaction Documents, other than (a) those that have been
made or obtained and are in full force and effect or as to which the failure to be made or obtained or to be in full force and effect would not result, individually or in the aggregate, in a Material Adverse Effect (as defined in the Credit Agreement), or (b) such registrations, filings or approvals that may be required in order to perfect or record security interests granted under the Security Agreement.

5.     The Financing Statement attached hereto in Annex A is in proper form for filing in the State of Hawaii. Upon the proper filing of the Financing Statement at the Bureau of Conveyance of the State of Hawaii ("Bureau"), that Collateral in which a security interest may be perfected by the filing of a financing statement with said Bureau under the Hawaii Uniform Commercial Code ("UCC") will be perfected. The filing of the Financing Statement at said Bureau is the only filings necessary to perfect by filing the security interest in those items of the Collateral covered by Article 9 of the UCC as described in such Financing Statement which may be perfected by filing that are owned by the Company.

Nothing herein shall be deemed to be an opinion as to the following:

a.     The existence, status or priority of title to property, whether real or personal, tangible or intangible.

b.     The reasonableness of any late charge or liquidated damage provisions.

c.     Whether or not the Company has all necessary licenses, permits, and approvals to conduct its business.

d.     The waiver of any right of offset.

e.     The laws of any jurisdiction other than the State of Hawaii.

f.     The valid creation or perfection of any lien or security interest in any Collateral other than as specifically stated in Section 5 above.

g.     Whether or not the Company has complied with any federal, state, or local zoning ordinances, use restrictions, or similar statutes, ordinances, rules, or regulations.

This Opinion is being furnished by us to you in connection with the transactions described herein and is solely for your benefit and for the benefit of each of your respective successors and assignees, however, it may be relied upon by the law firm of Katten Muchin Rosenman LLP with respect to matters concerning Hawaii law to the extent addressed herein, in order to permit Katten Muchin Rosenman LLP to render its legal opinions in connection with the contemplated transaction. Except as otherwise
expressly consented to by us in writing, this opinion may not be relied upon by any other person or for any other purpose.

Very truly yours,

/s/ Imanaka Asato
IMANAKA ASATO

SCHEDULE 1

ADDRESSEES

Credit Suisse AG, as Administrative agent
Eleven Madison Avenue
New York, New York 10010

JPMorgan Chase Bank, N.A.
383 Madison Avenue
New York, New York 10179

Bank of America, N .A.
One Bryant Park
New York, New York 10036

Credit Suisse AG
Eleven Madison Avenue
New York, New York 10010

Wells Fargo Bank, National Association, as Trustee and Collateral Agent
707 Wilshire Boulevard, 17th Floor
Los Angeles, California 90017

Diamond Resorts International, Inc.
10600 W. Charleston Blvd.
Las Vegas, Nevada 89135

Diamond Resorts Holdings, LLC
10600 W. Charleston Blvd.
Las Vegas, Nevada 89135

Diamond Resorts Corporation
10600 W. Charleston Blvd.
Las Vegas, Nevada 89135

ANNEX A

HAWAII UCC FINANCING STATEMENT FOR POIPU RESORT PARTNERS

                                                                                            Exhibit F-5        
SUMMERS COMPTON WELLS
LIMITED LIABILITY COMPANY
ATTORNEYS AT LAW
WWW.SUMMERCOMPTONWELLS.COM

MAIN OFFICE:                                ILLINOIS OFFICE:                    
8909 LADUE ROAD                            2246 SOUTH STATE ROUTE 157, SUITE 350
ST. LOUIS, MISSOURI 63124                        GLEN CARBON, ILLINOIS 62034
(314) 991-4999                                (618)288-9800
Fax: (314) 991-2413                            Fax: (618) 288-9850

 
September 11,2013 
Credit Suisse AG, as Administrative Agent, and 
Credit Suisse AG, 
lPMorgan Chase Bank, N.A., 
Bank of America, N.A. (collectively, the "Lenders"), and 
Each of the addressees on Schedule I 
attached hereto and made a part hereof 
Katten Muchin Rosenman LLP 
525 West Monroe Street 
Chicago, Illinois 60661-3693 
		
	RE: 
	Diamond Resorts Corporation $25,000,000 Senior Secured Revolving Credit Facility 

Ladies and Gentlemen: 
We have acted as special counsel to Walsham Lake, LLC, a Missouri limited liability company ("Walsham") and Foster Shores, LLC, a Missouri limited liability company ("Foster") (Walsham and Foster are sometimes individually referred to herein as "Company" and collectively referred to herein as the "Companies") in connection with the Credit Agreement, dated as of September 11, 2013 (the "Credit Agreement"), among Diamond Resorts Corporation, a Maryland corporation (the "Borrower"), Diamond Resorts International, Inc., a Delaware corporation ("Holdings"), the Lenders and Credit Suisse AG, as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the "Administrative Agent"), relating to the extension of credit to the Borrower by Lenders in an aggregate principal amount at any time outstanding not in excess of $25,000,000.00 pursuant to, and upon the terms and subject to the conditions set forth in, the Credit Agreement.
 
This opinion is being furnished to you pursuant to Section 4.02(a)(ii) of the Credit Agreement. Unless 
otherwise defined herein, capitalized terms used herein have the meanings set forth in the Credit Agreement. 

In connection with this opinion, we have examined the following documents: 

 (1)     the Credit Agreement; 
		
	 (2)
	the Guarantee Agreement, dated as of September 11, 20l3, among the Borrower, Holdings, the other Subsidiaries of Holdings from time to time party thereto and the Administrative Agent for the benefit of the Secured Parties (the "Guarantee Agreement"); 

(3)    the Security Agreement, dated as of September 11, 2013, among the Borrower,   
             Holdings, the other Subsidiaries of Holdings from time to time party thereto and 
             Wells Fargo Bank, National Association, as collateral agent (in such capacity, 
              together with its successors and assigns, the "Collateral Agent") for the benefit 
              of the Secured Parties (the "Security Agreement");
 
		
	(4) 
	the Pari Passu Intercreditor Agreement, dated as of September 11, 2013, among the Borrower, Holdings, the other Subsidiaries of Holdings from time to time party thereto, Wells Fargo Bank, National Association, in its capacity as the Collateral Agent and the Authorized Representative for the Indenture Secured Parties, the Administrative Agent, 

as the Authorized Representative for the Initial Additional Secured Parties and each Additional Representative from time to time party thereto (the "Intercreditor Agreement"); 

		
	(5) 
	the Revolving Promissory Note, dated as of September 11, 2013, in the original principal amount of $8,333,333.33, made by Borrower payable to the order of JPMorgan Chase Bank, N.A. (the "Promissory Note"); 

		
	(6) 
	the Trademark Security Agreement, dated as of September 11,2013, among the Borrower, Holdings, the other Subsidiaries of Holdings from time to time party thereto and the Collateral Agent for the benefit of the Secured Parties (the "Trademark Agreement", and, together with the Credit Agreement, the Guarantee Agreement, the Security Agreement, the Intercreditor Agreement and the Promissory Note, the "Transaction Documents"); 

		
	(7) 
	the Uniform Commercial Code financing statements attached as Schedule II hereto and incorporated herein by reference (collectively, the "Financing Statements"); 

		
	(8) 
	the Articles of Organization of Walsham dated March 27, 2008 and filed on March 31, 2008 with the Missouri Secretary of State's Office (the "SOS Office") and the Statement of Change of Business Office Address and Registered Office Address of a Registered Agent of a Foreign or Domestic For Profit or Nonprofit Corporation or a Limited Liability Company dated February I, 2013 and filed on February 4, 2013 with the SOS Office (collectively, the "Walsham Articles of Organization") and the Limited Liability Company Agreement of Walsham, dated as of March 18,2009 (the "Walsham LLC Agreement");

 
		
	(9) 
	the Articles of Organization of Foster dated March 27, 2008 and filed on March 31, 2008 with the SOS Office and the Statement of Change of Business Office Address and Registered Office Address of a Registered Agent of a Foreign or 

Domestic For Profit or Nonprofit Corporation or a Limited Liability Company dated February 1, 2013 and filed on February 4, 2013 with the SOS Office (collectively, the "Foster Articles of Organization") (the Walsham Articles of Organization and the Foster Articles of Organization are collectively referred to herein as the "Articles of Organization") and the Limited Liability Company Agreement of Foster, dated as of March 18, 2009 (the "Foster LLC Agreement") (the Walsham LLC Agreement and the Foster LLC Agreement are 
collectively referred to herein as the "LLC Agreements"); and 

		
	(10) 
	the Officer's Certificate by David F. Palmer, President and Chief Executive Officer of the Companies dated as of September 11, 2013 ("Officer's Certificate"), certifying that the Articles of Organization and the LLC Agreements are true, correct and complete and are in full force and effect on the date of the Officer's Certificate. 

The documents listed in paragraphs (1) through (10) are referred to collectively as the "Documents".  We have also examined (a) originals, or copies certified or otherwise identified to our satisfaction, of such agreements, documents, certificates, corporate, limited liability company and official records, affidavits, and other instruments and (b) such laws and regulations as we deemed necessary or appropriate for purposes of this opinion. 

As to factual matters, we have, in certain instances, examined and relied upon certificates of limited liability company officials, certificates of corporate officials, and certificates of public officials. 

In making such examination, with your permission, we have assumed: 
(i)     the genuineness of all signatures other than those of the Companies; 
(ii)    all natural persons who are signatories to the Transaction Documents have sufficient legal competency to enter into and perform their respective obligations thereunder; and the copies of all documents submitted to us are accurate and complete and conform to originals;
 
(iii)     that each of the parties to the Transaction Documents (other than the Companies) has the power to enter into and perform each of its respective obligations thereunder; 

(iv)     the due authorization, execution and delivery of each of the Transaction Documents by each of the parties thereto (other than the Companies); 

(v)     the accuracy of representations and warranties of the Companies set forth in the Transaction Documents as to factual matters only (and not as to legal conclusions);
 
(vi)     the conduct of the parties to the Transaction Documents complies with any requirement of good faith, fair dealing, conscionability and commercial reasonableness; 

(vii)     there has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence with respect to any party; and 
(viii)     the Companies have "rights" (within the meaning of the Missouri UCC, as hereinafter defined) in the "Collateral" described in the Financing Statements. 

Based upon the foregoing and subject to the additional qualifications set forth below, we are of the opinion that: 
1.The Companies (a) are limited liability companies duly formed and validly existing and in good standing under the laws of Missouri with full limited liability company power to own, lease and operate their property and transact their business and  (b) have full limited liability company power and authority to execute, deliver and perform their obligations under each of the Transaction Documents. 

2.The execution and delivery of each of the Transaction Documents to which the Companies are parties and the performance of their obligations thereunder, including the Companies' guarantee of the Obligations and grant of security interests contained in the Transaction Documents, have been duly authorized by all requisite limited liability company action on the part of the Companies. Each of the Transaction Documents to which the Companies are parties constitutes a valid and binding obligation of the Companies. 

3.The execution and delivery by the Companies of each Transaction Document to which they are parties and the performance of their obligations thereunder will not result in any violation by the Companies of (a) any provision of their Articles of Organization or LLC Agreements, (b) to our knowledge, any law, rule or regulation of Missouri or (c) any judgment, order or decree of any Missouri court or regulatory authority known by us to be applicable to the Companies or their assets or properties. 

4.No consent, approval, license or exemption by, or order or authorization of, filing, recording or registration with, or notice to, any Missouri governmental authority or regulatory body is required in connection with the execution, delivery and performance by the Companies of each Transaction Documents to which they are parties, including the Companies' guarantee of the Obligations and grant of security interests contained in the Transaction Documents, other than (i) those that have been made or obtained and are in full force and effect or as to which the failure to be made or obtained or to be in full force and effect would not result, individually or in the aggregate, in a Material Adverse Effect (as defined in the Credit Agreement) or (ii) such registrations, filings or approvals that may be required in order to perfect or record security interests granted under the Security Agreement.
 
5.Each of the Financing Statements attached hereto in Schedule II is in proper form for filing in Missouri. Upon the proper filing of the Financing Statements with the SOS Office, that Collateral in which a security interest may be perfected by the filing of a financing statement with the SOS Office under the Uniform Commercial Code as in effect on the date hereof in Missouri ("Missouri UCC") will be perfected. 

The filing of the Financing Statements in the SOS Office are the only filings necessary to perfect by filing the security interest in those items of the Collateral covered by Article 9 of the Missouri UCC as described in such Financing Statements which is owned by the Companies. 

The opinions expressed in Paragraphs 5 are subject to the following additional qualifications: 
		
	(a)
	We have assumed that the Collateral exists and that the Companies have sufficient rights 

in the Collateral for the security interest to attach, and we express no opinion as to the nature or extent of any rights of the Companies in, or title to, any of the Collateral. 

		
	(b)
	Our security interest opinions expressed in Paragraph 5 above, are limited to the Missouri

 UCC and therefore such opinions do not address: (i) laws of jurisdictions other than Missouri; or (ii) collateral of a type not subject to Article 9 of the Missouri UCC. 

		
	(c)
	We express no opinion as to the priority of any security interest given to the Secured

 Parties under the Transaction Documents.

(d)We call your attention to the fact that the security interest in the Collateral may be subject
 to the rights of account debtors in respect of the Collateral, claims and defenses of such account debtors and the terms of agreements with such account debtors. 

(e)    We have assumed that none of the Collateral arises or will arise under agreements that prohibit, restrict or condition the assignment of any portion of the Collateral. We express no opinion as to the effect of any such prohibitions, restrictions or conditions on assignment contained in any account, lease, instrument, chattel paper, payment intangible, health care receivable or letter of credit right. We note that any such prohibition or restriction is subject to the provisions of Sections 400.9-406, 400.9-407, 400.9-408 and 400.9-409 of the Missouri UCC. 

The opinions expressed above are, in addition to any other assumptions, comments or qualification set forth in this letter, subject to the following qualifications and comments: 

		
	(a)
	The opinions contained herein are hereby specifically qualified by reference to and are

 based solely upon laws, rulings and regulations in effect on the date hereof, and are subject to modification to the extent that such laws, rulings and regulations may be changed in the future. In addition, these opinions are limited to the laws of the State of Missouri and we express no opinions as to matters which may be governed by the substantive laws of any state other than Missouri.
 
(b)We have assumed that the transactions contemplated by the Transaction Documents will
 be effected in the future in accordance with the terms thereof. 

		
	(c)
	We have assumed that all representations and warranties, and other statements as to

 factual matters in the Documents, are true and correct as they are set forth in those documents. We have also assumed that any certificate, opinion from another attorney, representation or other document on which we have relied continues to remain accurate, insofar as relevant to the opinions in this letter, from their respective dates through and including the date of this letter. 

		
	(d)
	The legality, validity, binding nature and enforceability of the Transaction Documents is

 subject to general principles of equity (regardless of whether the question is considered in a proceeding in equity or at law) and may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar law from time to time in effect and affecting the rights of creditors generally. In addition, we express no opinion as to whether a court would grant specific performance or any other equitable remedy with respect to the enforcement of any of the Transaction Documents, or whether a court would grant a particular right or remedy provided therein or at law or in equity. 

(e)No opinion is given or expressed, or should any opinion be inferred or implied, as to: (i)
 the financial ability of the Companies to meet or satisfy their obligations; (ii) the truthfulness, completeness or accuracy of any applications, reports, plans, documents, financial statements or other matters furnished to the Lenders or their agents or representatives by the Companies or by any other party acting by, for, or at the discretion of the Companies or in conjunction with the Credit Agreement as evidenced by the Transaction Documents; and (iii) the truthfulness, completeness or accuracy of any 

representation, warranty, certification or statement made by the Companies. 

		
	(f)
	We express no opinion as to the enforceability of any rights to contribution or

 indemnification provided for in the Transaction Documents which are violative of the public policy underlying any law, rule or regulation (including any federal or state securities law, rule or regulation). 

		
	(g)
	To the extent that the obligations of the Companies may be dependent upon such matters,

 we assume for purposes of this opinion that the Lenders are duly organized, validly existing and in good standing under the laws of their jurisdictions of incorporation or organization. 

		
	(h)
	Continuation of the validity, perfection and priority of the Secured Parties' security

 interest in proceeds of any Collateral is limited to the extent set forth in Section 400.9~315 of the Missouri UCC. 

		
	(i)
	Article 9 of the Missouri UCC requires the filing of continuation statements within

 specified periods prior to the expiration of five years from the date of the original filing in order to maintain the perfection of the filings referred to in Paragraph 5. 

		
	(j)
	In the case of Collateral acquired by any Company more than a specified period after such 

Company changes its name, identity or corporate structure as to make the Financing Statements seriously 
misleading, the security interest will not be perfected or have priority unless new appropriate financing statements indicating the new name, identity or corporate structure of such Company are properly filed before the expiration of such specified period. 

		
	(k)
	Except as provided in the opinions expressed in Paragraph 5 above, no opinion is expressed 

as to the creation, attachment, or perfection of any lien or security interest or as to title to any real or personal 
property. 

		
	(1)
	We express no opinion with respect to federal or state taxation, antitrust, money

 laundering, pension or employee benefit, insurance, securities or so-called "Blue--Sky" laws. 

(m)     In each place where the phrase "to our knowledge" or like references appear, said phrase or references shall mean to the best of our knowledge after due inquiry and investigation. As used herein, 
"due inquiry and investigation" shall include only: (i) discussions, inquiries and conferences occurring in 
connection with our representation of the Companies in this transaction; and (ii) reviews of certain records, documents and proceedings of the Companies in our possession, and shall not imply any independent verification of any factual matter of which we became aware as a result of such discussions, inquiries, conferences and reviews. 

This opinion is being furnished by us to the Lenders, the Administrative Agent, the Collateral Agent, each of the permitted successors and assigns of each of the foregoing and the law firm of Katten Muchin Rosenman LLP in connection with the transactions described herein and is solely for the benefit of the Lenders, the Administrative Agent, the Collateral Agent, each of the permitted successors and assigns of each of the foregoing and Katten Muchin Rosenman LLP. Except as otherwise expressly consented to by us in writing, this opinion may not be relied upon by any other person or for any other purpose. 

Very truly yours, 
 /s/ Summers Compton Wells LLC
Summers Compton Wells LLC 

Schedule I                                                                                                                    
 Addressees 

Credit Suisse AG, 
as Administrative Agent 
Eleven Madison Avenue 
New York, New York 10010
 
JPMorgan Chase Bank, N.A. 
383 Madison Avenue 
New York, New York 10179 

Bank of America, N.A. 
One Bryant Park 
New York, New York 10036 

Credit Suisse AG 
Eleven Madison Avenue 
New York, New York 10010 

Wells Fargo Bank, National Association, as Trustee and Collateral Agent 
707 Wilshire Boulevard, 17th Floor 
Los Angeles, California 90017 

Diamond Resorts International, Inc. 
10600 W. Charleston Blvd. 
Las Vegas, Nevada 89135 

Diamond Resorts Holdings, LLC 
10600 W. Charleston Blvd. Las Vegas, 
Nevada 89135 

Diamond Resorts Corporation 
10600 W. Charleston Blvd. 
Las Vegas, Nevada 89135 

Schedule II 

FINANCING STATEMENTS

EXHIBIT G-1
[FORM OF] 
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Credit Agreement dated as of September 11, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Diamond Resorts Corporation, a Maryland corporation (the “Borrower”), Diamond Resorts International, Inc., a Delaware corporation (“Holdings”), the lenders from time to time party thereto and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”).  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

	
		
	[NAME OF LENDER]

	By:   

	 
	Name:

	 
	Title:

Date: ________ __, 20[  ]

EXHIBIT G-2
 [FORM OF] 
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Credit Agreement dated as of September 11, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Diamond Resorts Corporation, a Maryland corporation (the “Borrower”), Diamond Resorts International, Inc., a Delaware corporation (“Holdings”), the lenders from time to time party thereto and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”).  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

	
		
	[NAME OF PARTICIPANT]

	By:   

	 
	Name:

	 
	Title:

Date: ________ __, 20[  ]

EXHIBIT G-3

 [FORM OF] 
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Credit Agreement dated as of September 11, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Diamond Resorts Corporation, a Maryland corporation (the “Borrower”), Diamond Resorts International, Inc., a Delaware corporation (“Holdings”), the lenders from time to time party thereto and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”).  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

	
		
	[NAME OF PARTICIPANT]

	By:

	 
	Name:

	 
	Title:

Date: ________ __, 20[  ]

EXHIBIT G-4

[FORM OF] 
U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Reference is hereby made to the Credit Agreement dated as of September 11, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Diamond Resorts Corporation, a Maryland corporation (the “Borrower”), Diamond Resorts International, Inc., a Delaware corporation (“Holdings”), the lenders from time to time party thereto and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”).  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

	
		
	[NAME OF LENDER]

	By:

	 
	Name:

	 
	Title:

Date: ________ __, 20[  ]

EXHIBIT H

COMPLIANCE CERTIFICATE

[DATE]

		
	To: 
	Credit Suisse AG, as Administrative Agent

Ladies and Gentlemen:
Reference is made to the Credit Agreement, dated September 11, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Diamond Resorts Corporation, a Maryland corporation, (the “Borrower”), Diamond Resorts International, Inc., a Delaware corporation (“Holdings”), the lenders from time to time party thereto (the “Lenders”) and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”) for the Lenders.  Capitalized terms used but not otherwise defined herein have the meanings assigned thereto in the Credit Agreement. 
The undersigned hereby certifies as follows:
1.I am a Financial Officer of Holdings and, as such, possess the knowledge and authority to certify to the matters set forth below in this Compliance Certificate and am authorized by Holdings to deliver this Compliance Certificate.
2.    Attached hereto as Annex A are the financial statements of Holdings required to be delivered to the Administrative Agent under Section [5.04(a)][5.04(b)] of the Credit Agreement with respect to [the fiscal year ended [        ] (the “Relevant Period”), together with a report and opinion of BDO USA, LLP1 required by, and in compliance with, Section 5.04(a) of the Credit Agreement.]2 [the fiscal quarter ended [        ] (the “Relevant Period”).  The financial statements delivered hereunder fairly present the financial condition and results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments.]3 
3.    Attached hereto as Annex B are such financial statements (in substantially the same form as the financial statements attached as Annex A) required to 
____________
1 Or other independent registered public accounting firm of national recognized standing. 
2 Include for financial statements delivered pursuant to Section 5.04(a) of the Credit Agreement. 
3 Include for financial statements delivered pursuant to Section 5.04(b) of the Credit Agreement.

be delivered to the Administrative Agent under Section 5.04(e) of the Credit Agreement.  Such financial statements accurately reflect all adjustments necessary to treat the  Unrestricted Subsidiaries as if they were not consolidated with Holdings and to otherwise eliminate all accounts of the Unrestricted Subsidiaries and reflect no other adjustments from the related GAAP financial statements (except as otherwise disclosed in such financial statements). 
4.    I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and condition of Holdings, the Borrower and the Restricted Subsidiaries during the accounting period covered by the attached financial statements.  The foregoing examination did not disclose, and I have no knowledge of, the existence of any event or condition that constitutes a Default or an Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth in a separate attachment, if any, to this Compliance Certificate, describing in detail the nature of the condition or event, the period during which it has existed and the action that Holdings, the Borrower or any Restricted Subsidiary has taken, is taking or proposes to take with respect to such event or condition. 
5.    Set forth on Annex C hereto are computations demonstrating compliance with the covenants set forth in Section 6.03 of the Credit Agreement as of the last day of the Relevant Period. 

IN WITNESS WHEREOF, I have executed this Compliance Certificate as of the date first written above. 

DIAMOND RESORTS INTERNATIONAL, INC., 
 
By:                     
      Name: 
      Title: 

Exhibit I
CLOSING DATE PERFECTION CERTIFICATE
(Dated as of September 11, 2013)
Reference is made (i) to the Credit Agreement dated as of September 11, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Diamond Resorts Corporation (the “Borrower”), Diamond Resorts International, Inc. 
(“Parent”), the lenders from time to time party thereto (the “Lenders”) and Credit Suisse AG, as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”), and (ii) to the Security Agreement dated as of September 11, 2013 (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”), among the Borrower, Parent, the subsidiaries of Parent from time to time party thereto (the “Subsidiary Guarantors”) and Wells Fargo Bank, National Association, as collateral agent (in such capacity, together with its successors and assigns, the “Collateral Agent”).  Capitalized terms used but not defined herein have the meanings assigned in the Credit Agreement or the Security Agreement, as applicable.

The undersigned hereby certifies to the Administrative Agent, the Collateral Agent and each other Secured Party as of the Closing Date, as follows:
		
	1.
	Names.

		
	A.
	Borrower

		
	(i)
	The exact legal name of the Borrower, as such name appears in its respective certificate of formation:

	
	
	Legal Name of Entity

	Diamond Resorts Corporation

		
	(ii)
	Each other legal name the Borrower has had in the past five years, together with the date of the relevant change:  N/A

		
	(iii)
	Except as set forth below, the Borrower has not changed its identity or corporate structure in any way within the past five years.  Changes in identity or corporate structure would include mergers, consolidations and acquisitions, as well as any change in the form, nature or jurisdiction of organization.  If any such change has occurred, included below is the information required by the applicable provisions of Sections 1 and 2 of this certificate as to each acquiree or constituent party to a merger or consolidation:  N/A

		
	(iv)
	All other names (including trade names or similar appellations) used by the Borrower or any of its divisions or other business units in connection with the conduct of its business or the ownership of its properties at any time during the past five years:

	
		
	Current Legal Name
	Trade Names/Assumed Names

	Diamond Resorts Corporation
	Diamond Resorts International

		
	(v)
	The Organizational Identification Number, if any, issued by the jurisdiction of formation of the Borrower that is a registered organization:

	
		
	Legal Name of Entity
	Organizational Identification Number

	Diamond Resorts Corporation
	D04417598

		
	(vi)
	The Federal Taxpayer Identification Number of the Borrower: [only necessary for filing in North Dakota and South Dakota]

	
		
	Legal Name of Entity
	Federal Taxpayer Identification Number

	Diamond Resorts Corporation
	95-4582157

		
	B.
	Diamond Resorts Holdings, LLC (“Holdings”) and Diamond Resorts Parent, LLC (“DR Parent”)

		
	(i)
	 The exact legal name of Holdings and DR Parent, as such name appears in its respective certificate of formation:

	
	
	Legal Name of Entity

	Diamond Resorts Holdings, LLC

	Diamond Resorts Parent, LLC

		
	(ii)
	Each other legal name Holdings and DR Parent have had in the past five years, together with the date of the relevant change:

	
			
	Current Legal Name
	Prior legal name
	Date of change

	N/A
	None
	N/A

		
	(iii)
	Holdings has not changed its identity or corporate structure in any way within the past five years. Changes in identity or corporate structure would include 

mergers, consolidations and acquisitions, as well as any change in the form, nature or jurisdiction of organization. 
		
	(iv)
	Except as set forth below, DR Parent has not changed its identity or corporate structure in any way within the past five years. Changes in identity or corporate structure would include mergers, consolidations and acquisitions, as well as any change in the form, nature or jurisdiction of organization. If any such change has occurred, included below is the information required by the applicable provisions of Sections 1 and 2 of this certificate as to each acquire or constituent party to a merger or consolidation:

Diamond Resorts Parent, LLC merged with and into Diamond Resorts International, Inc. on or about July 24, 2013. 
		
	(v)
	All other names (including trade names or similar appellations) used by either Holdings or DR Parent or any of its divisions or other business units in connection with the conduct of the business of either Holdings or DR Parent or the ownership of the properties of either Holdings or DR Parent at any time during the past five years:

	
		
	Current Legal Name
	Trade Names/Assumed Names

	N/A
	N/A

		
	(vi)
	The Organizational Identification Number, if any, issued by the jurisdiction of formation of each of Holdings and DR Parent that is or was a registered organization:

	
		
	Legal Name of Entity
	Organizational Identification Number

	Diamond Resorts Holdings, LLC
	NV SOS: E0181582007-7

	Diamond Resorts Parent, LLC
	NV SOS: E0219522007-6

		
	(vii)
	The Federal Taxpayer Identification Number of each of Holdings and DR Parent: [only necessary for filing in North Dakota and South Dakota.]

	
		
	Legal Name of Entity
	Federal Taxpayer Identification Number

	N/A
	N/A

		
	C.
	Parent

		
	(i)
	The exact legal name of Parent, as such name appears in its respective certificate of incorporation:

	
	
	Legal Name of Entity

	Diamond Resorts International, Inc.

		
	(ii)
	Each other legal name Parent has had in the past five years, together with the date of the relevant change:

	
			
	Current Legal Name
	Prior legal name
	Date of change

	N/A
	None
	N/A

		
	(iii)
	Except as set forth below, Parent has not changed its identity or corporate structure in any way within the past five years. Changes in identity or corporate structure would include mergers, consolidations and acquisitions, as well as any change in the form, nature or jurisdiction of organization. If any such change has occurred, included below is the information required by the applicable provisions of Sections 1 and 2 of this certificate as to each acquiree or constituent party to a merger or consolidation:

Diamond Resorts Parent, LLC merged with and into Diamond Resorts International, Inc. on or about July 24, 2013. 
		
	(iv)
	All other names (including trade names or similar appellations) used by Parent or any of their divisions or other business units in connection with the conduct of the business of Parent or the ownership of the properties of Parent at any time during the past five years:

	
		
	Current Legal Name
	Trade Names/Assumed Names

	N/A
	N/A

		
	(v)
	The Organizational Identification Number, if any, issued by the jurisdiction of formation of Parent that is a registered organization:

	
		
	Legal Name of Entity
	Organizational Identification Number

	Diamond Resorts International, Inc.
	5273466

		
	(vi)
	The Federal Taxpayer Identification Number of Parent: [only necessary for filing in North Dakota and South Dakota.]

	
		
	Legal Name of Entity
	Federal Taxpayer Identification Number

	Diamond Resorts International, Inc.
	46-1750895

		
	D.
	Subsidiary Guarantors

		
	(i)
	The exact legal name of each Subsidiary Guarantor (other than Holdings), as such name appears in its respective certificate of formation or incorporation:

	
	
	Legal Name of Entity

	1.    AKGI-St. Maarten N.V.

	2.    Chestnut Farms, LLC

	3.    Cumberland Gate, LLC

	4.    Diamond Resorts California Collection Development, LLC

	5.    Diamond Resorts Centralized Services Company

	6.    Diamond Resorts Citrus Share Holding, LLC

	7.    Diamond Resorts Coral Sands Development, LLC

	8.    Diamond Resorts Cypress Pointe I Development, LLC

	9.    Diamond Resorts Cypress Pointe II Development, LLC

	10.    Diamond Resorts Cypress Pointe III Development, LLC

	11.    Diamond Resorts Daytona Development, LLC

	12.    Diamond Resorts Developer and Sales Holding Company

	13.    Diamond Resorts DPM Development LLC

	14.    Diamond Resorts Epic Mortgage Holdings, LLC

	15.    Diamond Resorts Fall Creek Development, LLC

	16.    Diamond Resorts Finance Holding Company 

	17.    Diamond Resorts Financial Services, Inc.

	18.    Diamond Resorts Grand Beach I Development, LLC

	19.    Diamond Resorts Grand Beach II Development, LLC

	20.    Diamond Resorts Greensprings Development, LLC

	21.    Diamond Resorts Hawaii Collection Development, LLC

	22.    Diamond Resorts Hilton Head Development, LLC

	23.    Diamond Resorts International Club, Inc.

	24.    Diamond Resorts International Marketing, Inc.

	25.    Diamond Resorts International Marketing Mexico, LLC

	26.    Diamond Resorts Las Vegas Development, LLC

	27.    Diamond Resorts Management & Exchange Holding Company

	28.    Diamond Resorts Management, Inc.  

	29.    Diamond Resorts MGV Development LLC

	30.    Diamond Resorts Mortgage Holdings, LLC

	31.    Diamond Resorts Mystic Dunes Development, LLC

	
	
	Legal Name of Entity

	32.    Diamond Resorts Palm Springs Development, LLC

	33.    Diamond Resorts Poco Diablo Development, LLC

	34.    Diamond Resorts Poipu Development, LLC

	35.    Diamond Resorts Polo Development, LLC

	36.    Diamond Resorts Port Royal Development, LLC

	37.    Diamond Resorts Powhatan Development, LLC

	38.    Diamond Resorts Residual Assets Development, LLC

	39.    Diamond Resorts Residual Assets Finance, LLC

	40.    Diamond Resorts Residual Assets M&E, LLC

	41.    Diamond Resorts Ridge on Sedona Development, LLC

	42.    Diamond Resorts Ridge Pointe Development, LLC

	43.    Diamond Resorts San Luis Bay Development, LLC

	44.    Diamond Resorts Santa Fe Development, LLC

	45.    Diamond Resorts Scottsdale Development, LLC

	46.    Diamond Resorts Sedona Springs Development, LLC

	47.    Diamond Resorts Sedona Summit Development, LLC

	48.    Diamond Resorts St. Croix Development, LLC

	49.    Diamond Resorts Steamboat Development, LLC

	50.    Diamond Resorts Tahoe Beach & Ski Development, LLC

	51.    Diamond Resorts Teton Club Development, LLC

	52.    Diamond Resorts U.S. Collection Development, LLC

	53.    Diamond Resorts Villa Mirage Development, LLC

	54.    Diamond Resorts Villas of Sedona Development, LLC

	55.    Diamond Resorts West Maui Development, LLC

	56.    Foster Shores, LLC

	57.    George Acquisition Subsidiary, Inc.

	58.    Ginger Creek, LLC

	59.    Grand Escapes, LLC

	60.    International Timeshares Marketing, LLC

	61.    Lake Tahoe Resort Partners, LLC

	62.    Mazatlan Development Inc.

	63.    MMG Development Corp.

	64.    Poipu Resort Partners, L.P.

	65.    Resort Management International, Inc.

	66.    Resorts Development International, Inc.

	67.    Walsham Lake, LLC

	
	
	Legal Name of Entity

	68.    West Maui Resort Partners, L.P.
69.    Crescent One, LLC
70.    Island One, Inc.
71.    Island One Resorts Management Corporation
72.    Galaxy Exchange Company
73.    Navigo Vacation Club, Inc.

		
	(ii)
	Each other legal name each Subsidiary Guarantor (other than Holdings) has had, together with the date of the relevant change:

	
			
	Current Legal Name
	Prior Legal Name
	Date of Change

	1.    AKGI-St. Maarten N.V.
	 
	 

	2.    Chestnut Farms, LLC
	 
	 

	3.    Cumberland Gate, LLC
	 
	 

	4.    Diamond Resorts California Collection Development, LLC
	Club Sunterra Development California, LLC
Club Sunterra Development II, LLC
Club Sunterra Development St. Maarten, LLC
Club Sunterra Development II, LLC
Sunterra Texas Development, LLC
	October 17, 2007

February 18, 2005
December 15, 2003

December 10, 2003
October 7, 2003

	5.    Diamond Resorts Centralized Services Company
	Sunterra Centralized Services Company
	October 17, 2007

	6.    Diamond Resorts Citrus Share Holding, LLC
	Sunterra Citrus Share Holding, LLC
Sunterra South Marketing, LLC
	October 17, 2007
January 23, 2004

	7.    Diamond Resorts Coral Sands Development, LLC
	Sunterra Coral Sands Development, LLC
	October 17, 2007

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	Sunterra Cypress Pointe I Development, LLC
	October 17, 2007

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	Sunterra Cypress Pointe II Development, LLC
	October 17, 2007

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	Sunterra Cypress Pointe III Development, LLC
	October 17, 2007

	11.    Diamond Resorts Daytona Development, LLC
	Sunterra Daytona Development, LLC
Sunterra Bent Creek Golf Course Development, LLC
	October 17, 2007
October 7, 2003

	12.    Diamond Resorts Developer and Sales Holding Company
	Sunterra Developer and Sales Holding Company
Avcom International, Inc.
American Vacation Company, Inc.
	October 17, 2007

July 9, 2002
October 12, 1993

	
			
	Current Legal Name
	Prior Legal Name
	Date of Change

	13.    Diamond Resorts DPM Development LLC
	 
	 

	14.    Diamond Resorts Epic Mortgage Holdings, LLC
	Sunterra Epic Mortgage Holdings, LLC
Sunterra KGK Partners Finance, LLC
	October 17, 2007
October 7, 2003

	15.    Diamond Resorts Fall Creek Development, LLC
	Sunterra Fall Creek Development, LLC
	October 17, 2007

	16.    Diamond Resorts Finance Holding Company
	Sunterra Finance Holding Company
	October 17, 2007

	17.    Diamond Resorts Financial Services, Inc.
	Sunterra Financial Services, Inc.
	October 29, 2007

	18.    Diamond Resorts Grand Beach I Development, LLC
	Sunterra Grand Beach I Development, LLC
	October 17, 2007

	19.    Diamond Resorts Grand Beach II Development, LLC
	Sunterra Grand Beach II Development, LLC
	October 17, 2007

	20.    Diamond Resorts Greensprings Development, LLC
	Sunterra Greensprings Development, LLC
	October 17, 2007

	21.    Diamond Resorts Hawaii Collection Development, LLC
	Club Sunterra Development Hawaii, LLC
Club Sunterra Development III, LLC
Club Sunterra Development California, LLC
Club Sunterra Mergerclub, LLC
Club Sunterra Development California, LLC
Sunterra East Marketing, LLC
	October 17, 2007
September 9, 2005
February 18, 2005

July 29, 2004
June 23, 2004

November 12, 2003

	22.    Diamond Resorts Hilton Head Development, LLC
	Sunterra Hilton Head Development, LLC
Sunterra Bent Creek Village Development, LLC
	October 17, 2007
October 7, 2003

	23.    Diamond Resorts International Club, Inc.
	Club Sunterra, Inc.
	October 19, 2007

	24.    Diamond Resorts International Marketing, Inc.
	Resort Marketing International, Inc.
	November 2, 2007

	25.    Diamond Resorts International Marketing Mexico, LLC
	 
	 

	26.    Diamond Resorts Las Vegas Development, LLC
	Sunterra Las Vegas Development, LLC
Sunterra Polynesian Isles Development, LLC
	October 17, 2007
October 7, 2003

	
			
	Current Legal Name
	Prior Legal Name
	Date of Change

	27.    Diamond Resorts Management & Exchange Holding Company
	Sunterra Management & Exchange Holding Company
	October 17, 2007

	28.    Diamond Resorts Management, Inc.  
	Sunterra Resort Management, Inc.
RPM Management, Inc.
	October 23, 2007
February 16, 2005

	29.    Diamond Resorts MGV Development LLC
	 
	 

	30.    Diamond Resorts Mortgage Holdings, LLC
	Sunterra Mortgage Holdings, LLC
	October 17, 2007

	31.    Diamond Resorts Mystic Dunes Development, LLC
	 
	 

	32.    Diamond Resorts Palm Springs Development, LLC
	Sunterra Palm Springs Development, LLC
Sunterra North Marketing, LLC
	October 17, 2007
October 7, 2003

	33.    Diamond Resorts Poco Diablo Development, LLC
	Sunterra Poco Diablo Development, LLC
	October 17, 2003

	34.    Diamond Resorts Poipu Development, LLC
	Sunterra Poipu Development, LLC
Sunterra Lake Tahoe Development, LLC
	October 17, 2007
July 10, 2007

	35.    Diamond Resorts Polo Development, LLC
	Polo Sunterra Development, LLC
	October 18, 2007

	36.    Diamond Resorts Port Royal Development, LLC
	Sunterra Port Royal Development, LLC
	October 17, 2007

	37.    Diamond Resorts Powhatan Development, LLC
	Sunterra Powhatan Development, LLC
	October 17, 2007

	38.    Diamond Resorts Residual Assets Development, LLC
	Sunterra Residual Assets Development, LLC
	October 17, 2007

	39.    Diamond Resorts Residual Assets Finance, LLC
	Sunterra Residual Assets Finance, LLC
	October 17, 2007

	40.    Diamond Resorts Residual Assets M&E, LLC
	Sunterra Residual Assets M&E, LLC
	October 17, 2007

	41.    Diamond Resorts Ridge on Sedona Development, LLC
	Sunterra Ridge on Sedona Development, LLC
	October 17, 2007

	42.    Diamond Resorts Ridge Pointe Development, LLC
	Sunterra Ridge Pointe Development, LLC
	October 17, 2007

	43.    Diamond Resorts San Luis Bay Development, LLC
	Sunterra San Luis Bay Development, LLC
	October 17, 2007

	
			
	Current Legal Name
	Prior Legal Name
	Date of Change

	44.    Diamond Resorts Santa Fe Development, LLC
	Sunterra Santa Fe Development, LLC
	October 17, 2007

	45.    Diamond Resorts Scottsdale Development, LLC
	Sunterra Scottsdale Development, LLC
Sunterra Poipu GP Development, LLC
	October 17, 2007
October 7, 2003

	46.    Diamond Resorts Sedona Springs Development, LLC
	Sunterra Sedona Springs Development, LLC
	October 17, 2007

	47.    Diamond Resorts Sedona Summit Development, LLC
	Sunterra Sedona Summit Development, LLC
	October 17, 2007

	48.    Diamond Resorts St. Croix Development, LLC
	Sunterra St. Croix Development, LLC
	October 17, 2007

	49.    Diamond Resorts Steamboat Development, LLC
	Sunterra Steamboat Development, LLC
	October 17, 2007

	50.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	Sunterra Tahoe Beach & Ski Development, LLC
	October 17, 2007

	51.    Diamond Resorts Teton Club Development, LLC
	 
	 

	52.    Diamond Resorts U.S. Collection Development, LLC
	Club Sunterra Development, LLC
Club Sunterra, LLC
	October 17, 2007
August 15, 2003

	53.    Diamond Resorts Villa Mirage Development, LLC
	Sunterra Villa Mirage Development, LLC
	October 17, 2007

	54.    Diamond Resorts Villas of Sedona Development, LLC
	Sunterra Villas of Sedona Development, LLC
	October 17, 2007

	55.    Diamond Resorts West Maui Development, LLC
	Sunterra West Maui Development, LLC
Sunterra West Marketing, LLC
	October 17, 2007
May 21, 2004

	56.    Foster Shores, LLC
	 
	 

	57.    George Acquisition Subsidiary, Inc.
	 
	 

	58.    Ginger Creek, LLC
	 
	 

	59.    Grand Escapes, LLC
	 
	 

	60.    International Timeshares Marketing, LLC
	 
	 

	61.    Lake Tahoe Resort Partners, LLC
	 
	 

	62.    Mazatlan Development Inc.
	Mazatlan Villas, Inc.
	May 16, 1989

	63.    MMG Development Corp.
	 
	 

	
			
	Current Legal Name
	Prior Legal Name
	Date of Change

	64.    Poipu Resort Partners, L.P.
	Pointe Resort Partners, L.P.
	January 10,1995

	65.    Resort Management International, Inc.
	 
	 

	66.    Resorts Development International, Inc.
	 
	 

	67.    Walsham Lake, LLC
	 
	 

	68.    West Maui Resort Partners, L.P.
	West Maui Partners, L.P.
	January 7, 1997

	69.    Crescent One, LLC
	 
	 

	70.    Island One, Inc.
	 
	 

	71.    Island One Resorts Management Corporation
	O.R.B.I.T. Management Corporation
Galaxy Group Management Corporation
	February 10, 1987

November 2, 1994

	72.    Galaxy Exchange Company
	 
	 

	73.    Navigo Vacation Club, Inc.
	 
	 

		
	(iii)
	Except as set forth below, no Subsidiary Guarantor (other than Holdings) has changed its identity or corporate structure in any way within the past five years.  Changes in identity or corporate structure would include mergers, consolidations and acquisitions, as well as any change in the form, nature or jurisdiction of organization.  If any such change has occurred, included below is the information required by the applicable provisions of Sections 1 and 2 of this certificate as to each acquiree or constituent party to a merger or consolidation:  N/A

		
	(iv)
	All other names (including trade names or similar appellations) used by each Subsidiary Guarantor (other than Holdings) or any of its divisions or other business units in connection with the conduct of its business or the ownership of its properties at any time during the past five years:

	
		
	Current Legal Name
	Trade Names/Assumed Names

	Diamond Resorts Grand Beach I Development, LLC
	Grand Beach in Florida – Expired 12/31/2011

	Diamond Resorts Grand Beach II Development, LLC
	Grand Beach Vacation Resort in Florida – Expired 12/31/2011

	Sunterra Resort Management, Inc.
	NSB Vacations  in Florida – Expired 12/31/2010

	West Maui Resort Partners, L.P.
	Kaanapali Beach Vacation Resort in Hawaii – Expired 04/18/2011

	
		
	Current Legal Name
	Trade Names/Assumed Names

	West Maui Resort Partners, L.P.
	Ka’anapali Beach Club in Hawaii – Expired 08/06/2011

	West Maui Resort Partners, L.P.
	Travalhawaii.com in Hawaii – Expired 09/16/2012

	West Maui Resort Partners, L.P.
	Rental Warehouse in Hawaii – Expired 09/16/2012

	West Maui Resort Partners, L.P.
	Duke’s Surf Shop in Hawaii – Expired 03/14/2013

	West Maui Resort Partners, L.P.
	Duke’s Surf Academy in Hawaii – Expired 09/16/2012

	West Maui Resort Partners, L.P.
	Beach Buddies in Hawaii – Expired 09/20/2011

	West Maui Resort Partners, L.P.
	Activity Warehouse in Hawaii – Expires 08/21/2016

	MMG Development Corp.
	FORCED Sunterra MMG in Missouri

	MMG Development Corp.
	FORCED Sunterra MMG in Ohio

	Resort Marketing International, Inc.
	FORCED RMI-Missouri, Inc. in Missouri

	Resort Marketing International, Inc.
	FORCED North Carolina-RMI, Inc. in NC

	Resort Marketing International, Inc.
	FORCED RMI-Nevada, Inc. in NV

	Island One, Inc.
	Club Navigo Vacations - Expires 12/31/2015
Island One Cafe - Expires 12/31/2013
Island One Resorts – Expires 12/31/2014
Florida Ticket Station - Expires 12/31/2015
Galaxy Exchange Company - Expires 12/31/2016
Florida Vacation Station - Expires 12/31/2015
Travel Perkz – Expires 12/31/2014
The Cove On Ormond Beach – Expires 12/31/2017
Liki Tiki Village – Expires 12/31/2017
Liki Tiki Village I – Expires 12/31/2017
Liki Tiki Village II – Expires 12/31/2017
Resort Financial Specialist – Expires 12/31/2016
Shipwreck Sally’s– Expires 12/31/2015

	
		
	Current Legal Name
	Trade Names/Assumed Names

	Island One Resorts Management Corporation
	The Cove On Ormond Beach – Expires 12/31/2017
Liki Tiki Village – Expires 12/31/2017
Liki Tiki Village I – Expires 12/31/2017
Liki Tiki Village II – Expires 12/31/2017
Resort Financial Specialist – Expires 12/31/2016
Shipwreck Sally’s– Expires 12/31/2015
Barefoot’n Resort – Expires 12/31/2017
Charter Club of Naples Bay – Expires 12/31/2014
Island One  Resorts Hospitality Group – Expires 12/31/2016
Kenya Kafe – Expires 12/31/2014

	Navigo Vacation Club, Inc.
	Club Navigo – Expires 12/31/2014

	Crescent One, LLC
	Crescent Resort & Spa on South Beach – Expires 12/31/2014
Crescent Resort on South Beach – Expires 12/31/2014

		
	(v)
	The Organizational Identification Number, if any, issued by the jurisdiction of formation of each Subsidiary Guarantor (other than Holdings) that is a registered organization:

	
		
	Legal Name of Entity
	Organizational Identification Number

	1.    AKGI-St. Maarten N.V.
	2653470

	2.    Chestnut Farms, LLC
	E0202612008-9

	3.    Cumberland Gate, LLC
	4556750

	4.    Diamond Resorts California Collection Development, LLC
	3549372

	5.    Diamond Resorts Centralized Services Company
	3545707

	6.    Diamond Resorts Citrus Share Holding, LLC
	3547837

	7.    Diamond Resorts Coral Sands Development, LLC
	3547761

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	3547739

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	3547743

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	3547747

	11.    Diamond Resorts Daytona Development, LLC
	3547730

	
		
	Legal Name of Entity
	Organizational Identification Number

	12.    Diamond Resorts Developer and Sales Holding Company
	2347738

	13.    Diamond Resorts DPM Development LLC
	E0596822012-5

	14.    Diamond Resorts Epic Mortgage Holdings, LLC
	3547777

	15.    Diamond Resorts Fall Creek Development, LLC
	3547764

	16.    Diamond Resorts Finance Holding Company
	3545700

	17.    Diamond Resorts Financial Services, Inc.
	C24978-1998

	18.    Diamond Resorts Grand Beach I Development, LLC
	3547765

	19.    Diamond Resorts Grand Beach II Development, LLC
	3547770

	20.    Diamond Resorts Greensprings Development, LLC
	3547775

	21.    Diamond Resorts Hawaii Collection Development, LLC
	3547896

	22.    Diamond Resorts Hilton Head Development, LLC
	3547733

	23.    Diamond Resorts International Club, Inc.
	P98000035449

	24.    Diamond Resorts International Marketing, Inc.
	1884773

	25.    Diamond Resorts International Marketing Mexico, LLC
	E0304192012-6

	26.    Diamond Resorts Las Vegas Development, LLC
	3547892

	27.    Diamond Resorts Management & Exchange Holding Company 
	3547708

	28.    Diamond Resorts Management, Inc.  
	237659-4

	29.    Diamond Resorts MGV Development LLC
	E0596812012-4

	30.    Diamond Resorts Mortgage Holdings, LLC
	3545720

	31.    Diamond Resorts Mystic Dunes Development, LLC
	E0596792012-0

	32.    Diamond Resorts Palm Springs Development, LLC
	3547790

	33.    Diamond Resorts Poco Diablo Development, LLC
	3547793

	34.    Diamond Resorts Poipu Development, LLC
	3547783

	
		
	Legal Name of Entity
	Organizational Identification Number

	35.    Diamond Resorts Polo Development, LLC
	E0311562007-3

	36.    Diamond Resorts Port Royal Development, LLC
	3547795

	37.    Diamond Resorts Powhatan Development, LLC
	3547797

	38.    Diamond Resorts Residual Assets Development, LLC
	3547801

	39.    Diamond Resorts Residual Assets Finance, LLC
	3549353

	40.    Diamond Resorts Residual Assets M&E, LLC
	3549355

	41.    Diamond Resorts Ridge on Sedona Development, LLC
	3547804

	42.    Diamond Resorts Ridge Pointe Development, LLC
	3547811

	43.    Diamond Resorts San Luis Bay Development, LLC
	3547816

	44.    Diamond Resorts Santa Fe Development, LLC
	3547829

	45.    Diamond Resorts Scottsdale Development, LLC
	3547794

	46.    Diamond Resorts Sedona Springs Development, LLC
	3547830

	47.    Diamond Resorts Sedona Summit Development, LLC
	3547836

	48.    Diamond Resorts St. Croix Development, LLC
	3547895

	49.    Diamond Resorts Steamboat Development, LLC
	3547851

	50.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	3547854

	51.    Diamond Resorts Teton Club Development, LLC
	E0586452011-7

	52.    Diamond Resorts U.S. Collection Development, LLC
	3547999

	53.    Diamond Resorts Villa Mirage Development, LLC
	3547856

	54.    Diamond Resorts Villas of Sedona Development, LLC
	3547861

	55.    Diamond Resorts West Maui Development, LLC
	3547864

	56.    Foster Shores, LLC
	LC0884730

	57.    George Acquisition Subsidiary, Inc.
	C22939-97

	58.    Ginger Creek, LLC
	4556751

	59.    Grand Escapes, LLC
	3881776

	
		
	Legal Name of Entity
	Organizational Identification Number

	60.    International Timeshares Marketing, LLC
	3547724

	61.    Lake Tahoe Resort Partners, LLC
	101996061021

	62.    Mazatlan Development Inc.
	601119773

	63.    MMG Development Corp.
	P94000061945

	64.    Poipu Resort Partners, L.P.
	6059 L5

	65.    Resort Management International, Inc.
	1968609

	66.    Resorts Development International, Inc.
	6816-82

	67.    Walsham Lake, LLC
	LC0884732

	68.    West Maui Resort Partners, L.P.
	2604976

	69.    Crescent One, LLC
	L04000017210

	70.    Island One, Inc.
	F42374

	71.    Island One Resorts Management Corporation
	G19736

	72.    Galaxy Exchange Company
	P99000043581

	73.    Navigo Vacation Club, Inc.
	P99000043586

		
	(vi)
	The Federal Taxpayer Identification Number of each Subsidiary Guarantor (other than Holdings):  [only necessary for filing in North Dakota and South Dakota.]

	
		
	Legal Name of Entity
	Federal Taxpayer Identification Number

	1.    AKGI-St. Maarten N.V.
	59-3324734

	2.    Chestnut Farms, LLC
	01-0905882

	3.    Cumberland Gate, LLC
	61-1596179

	4.    Diamond Resorts California Collection Development, LLC
	20-0292225

	5.    Diamond Resorts Centralized Services Company
	82-0554601

	6.    Diamond Resorts Citrus Share Holding, LLC
	33-1014939

	7.    Diamond Resorts Coral Sands Development, LLC
	33-1014958

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	33-1014959

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	33-1014960

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	33-1014961

	11.    Diamond Resorts Daytona Development, LLC
	33-1014956

	
		
	Legal Name of Entity
	Federal Taxpayer Identification Number

	12.    Diamond Resorts Developer and Sales Holding Company
	86-0787595

	13.    Diamond Resorts DPM Development LLC
	N/A

	14.    Diamond Resorts Epic Mortgage Holdings, LLC
	33-1014921

	15.    Diamond Resorts Fall Creek Development, LLC
	33-1014962

	16.    Diamond Resorts Finance Holding Company
	82-0554621

	17.    Diamond Resorts Financial Services, Inc.
	88-0410455

	18.    Diamond Resorts Grand Beach I Development, LLC
	33-1014963

	19.    Diamond Resorts Grand Beach II Development, LLC
	33-1014965

	20.    Diamond Resorts Greensprings Development, LLC
	33-1014966

	21.    Diamond Resorts Hawaii Collection Development, LLC
	33-1014926

	22.    Diamond Resorts Hilton Head Development, LLC
	33-1014957

	23.    Diamond Resorts International Club, Inc.
	59-3510037

	24.    Diamond Resorts International Marketing, Inc.
	95-4484297

	25.    Diamond Resorts International Marketing Mexico, LLC
	N/A

	26.    Diamond Resorts Las Vegas Development, LLC
	33-1014971

	27.    Diamond Resorts Management & Exchange Holding Company
	33-1014911

	28.    Diamond Resorts Management, Inc.  
	86-0713421

	29.    Diamond Resorts MGV Development LLC
	 

	30.    Diamond Resorts Mortgage Holdings, LLC
	82-0554625

	31.    Diamond Resorts Mystic Dunes Development, LLC
	N/A

	32.    Diamond Resorts Palm Springs Development, LLC
	33-1014935

	33.    Diamond Resorts Poco Diablo Development, LLC
	33-1014970

	34.    Diamond Resorts Poipu Development, LLC
	33-1014968

	
		
	Legal Name of Entity
	Federal Taxpayer Identification Number

	35.    Diamond Resorts Polo Development, LLC
	26-0145739

	36.    Diamond Resorts Port Royal Development, LLC
	33-1014973

	37.    Diamond Resorts Powhatan Development, LLC
	33-1014974

	38.    Diamond Resorts Residual Assets Development, LLC
	33-1014975

	39.    Diamond Resorts Residual Assets Finance, LLC
	33-1014919

	40.    Diamond Resorts Residual Assets M&E, LLC
	33-1014914

	41.    Diamond Resorts Ridge on Sedona Development, LLC
	33-1014976

	42.    Diamond Resorts Ridge Pointe Development, LLC
	33-1014977

	43.    Diamond Resorts San Luis Bay Development, LLC
	33-1014978

	44.    Diamond Resorts Santa Fe Development, LLC
	33-1014979

	45.    Diamond Resorts Scottsdale Development, LLC
	33-1014954

	46.    Diamond Resorts Sedona Springs Development, LLC
	33-1014980

	47.    Diamond Resorts Sedona Summit Development, LLC
	33-1014981

	48.    Diamond Resorts St. Croix Development, LLC
	33-1014982

	49.    Diamond Resorts Steamboat Development, LLC
	33-1014984

	50.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	33-1014986

	51.    Diamond Resorts Teton Club Development, LLC
	N/A

	52.    Diamond Resorts U.S. Collection Development, LLC
	33-1014915

	53.    Diamond Resorts Villa Mirage Development, LLC
	33-1014985

	54.    Diamond Resorts Villas of Sedona Development, LLC
	33-1014987

	55.    Diamond Resorts West Maui Development, LLC
	33-1014927

	56.    Foster Shores, LLC
	01-0905934

	57.    George Acquisition Subsidiary, Inc.
	58-2385599

	58.    Ginger Creek, LLC
	32-0262324

	
		
	Legal Name of Entity
	Federal Taxpayer Identification Number

	59.    Grand Escapes, LLC
	20-1884181

	60.    International Timeshares Marketing, LLC
	33-1014941

	61.    Lake Tahoe Resort Partners, LLC
	95-4569152

	62.    Mazatlan Development Inc.
	91-1491324

	63.    MMG Development Corp.
	65-0530260

	64.    Poipu Resort Partners, L.P.
	95-4501724

	65.    Resort Management International, Inc.
	95-4582082

	66.    Resorts Development International, Inc.
	88-0198739

	67.    Walsham Lake, LLC
	01-0905847

	68.    West Maui Resort Partners, L.P.
	99-0327624

	69.    Crescent One, LLC
	30-0234521

	70.    Island One, Inc.
	59-2161490

	71.    Island One Resorts Management Corporation
	59-2302506

	72.    Galaxy Exchange Company
	59-3589292

	73.    Navigo Vacation Club, Inc.
	59-3589291

		
	2.
	Current Locations.  

		
	A.
	Borrower

		
	(i)
	The chief executive office of the Borrower is located at:

	
		
	Name of Entity
	Chief Executive Office

	Diamond Resorts Corporation
	10600 West Charleston Boulevard
Las Vegas, Nevada 89135

		
	(ii)
	All locations where the Borrower maintains any books or records relating to any Accounts Receivable (with each location at which chattel paper, if any, is kept being indicated by an “*”):

Location of Books or Records
	
			
	Name of Entity
	Address of books or records location
	County

	Diamond Resorts Corporation
	10600 West Charleston Boulevard Las Vegas, Nevada 89135
	Clark

		
	(iii)
	The jurisdiction of formation of the Borrower that is a registered organization:

	
		
	Name of Entity
	Jurisdiction of Organization

	Diamond Resorts Corporation
	Maryland

		
	(iv)
	All locations where the Borrower maintains any Equipment or other Collateral:

None.
		
	(v)
	All the places of business of the Borrower not identified in paragraph (i), (ii), (iii) or (iv) above:

None.

		
	(vi)
	All names and addresses of all Persons other than the Borrower that have possession of any of the Collateral of the Borrower:

	
			
	Name
	Address
	Collateral

	Wells Fargo Bank, National Association, as Collateral Agent
	608 2nd Avenue South
Suite 500
Minneapolis, MN  55402
	Collateral for the Senior Secured Notes

		
	B.
	Holdings and Parent

		
	(i)
	The chief executive office of each of Holdings and Parent is located at:

	
		
	Name of Entity
	Chief Executive Office

	Diamond Resorts Holdings, LLC
	10600 West Charleston Boulevard 
Las Vegas, Nevada 89135

	Diamond Resorts International, Inc.
	10600 West Charleston Boulevard 
Las Vegas, Nevada 89135

		
	(ii)
	All locations where each of Holdings and Parent maintains any books or records relating to any Accounts Receivable (with each location at which chattel paper, if any, is kept being indicated by an “*”):

Location of Books or Records
	
			
	Name of Entity
	Address of books or records location
	County

	Diamond Resorts Holdings, LLC
	10600 West Charleston Boulevard 
Las Vegas, Nevada 89135
	Clark

	Diamond Resorts  International, Inc.
	10600 West Charleston Boulevard 
Las Vegas, Nevada 89135
	Clark

		
	(iii)
	The jurisdiction of formation of each of Holdings and Parent that is a registered organization:

	
		
	Name of Entity
	Jurisdiction of Organization

	Diamond Resorts Holdings, LLC
	Nevada

	Diamond Resorts International, Inc.
	Delaware

		
	(iv)
	All locations where each of Holdings and Parent maintains any Equipment or other Collateral are set forth:

Location of Collateral
	
			
	Name of Entity
	Address of collateral location
	County

	Diamond Resorts Holdings, LLC
	10600 West Charleston Boulevard
Las Vegas, Nevada 89135
	Clark

	Diamond Resorts International, Inc.
	10600 West Charleston Boulevard
Las Vegas, Nevada 89135
	Clark

		
	(v)
	All the places of business of each of Holdings and Parent not identified in paragraph (i), (ii), (iii) or (iv) above:

	
		
	Name of Entity
	Location of business

	N/A
	N/A

		
	(vi)
	All names and addresses of all Persons, other than Holdings and Parent, that have possession of any of the Collateral of Holdings or Parent:

	
			
	Name
	Address
	Collateral

	N/A
	N/A
	N/A

		
	C.
	Subsidiary Guarantor

		
	(i)
	The chief executive office of each Subsidiary Guarantor (other than Holdings) is located at:

10600 West Charleston Boulevard, Las Vegas, Nevada 89135

		
	(ii)
	All locations where each Subsidiary Guarantor (other than Holdings) maintains any books or records relating to any Accounts Receivable (with each location at which chattel paper, if any, is kept being indicated by an “*”):

Location of Books or Records
	
			
	Name of Entity
	Address of books or records location
	County

	Each Subsidiary Guarantor in subsection (iii) immediately below
	10600 West Charleston Boulevard                     Las Vegas, NV  89135
	Clark

		
	(iii)
	The jurisdiction of formation of each Subsidiary Guarantor (other than Holdings) that is a registered organization:

	
		
	Name of Entity
	Jurisdiction of Organization

	1.    AKGI-St. Maarten N.V.
	DE

	2.    Chestnut Farms, LLC
	NV

	3.    Cumberland Gate, LLC
	DE

	4.    Diamond Resorts California Collection Development, LLC
	DE

	5.    Diamond Resorts Centralized Services Company
	DE

	6.    Diamond Resorts Citrus Share Holding, LLC
	DE

	7.    Diamond Resorts Coral Sands Development, LLC
	DE

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	DE

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	DE

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	DE

	11.    Diamond Resorts Daytona Development, LLC
	DE

	12.    Diamond Resorts Developer and Sales Holding Company
	DE

	13.    Diamond Resorts DPM Development LLC
	NV

	14.    Diamond Resorts Epic Mortgage Holdings, LLC
	DE

	15.    Diamond Resorts Fall Creek Development, LLC
	DE

	16.    Diamond Resorts Finance Holding Company
	DE

	17.    Diamond Resorts Financial Services, Inc.
	NV

	18.    Diamond Resorts Grand Beach I Development, LLC
	DE

	
		
	Name of Entity
	Jurisdiction of Organization

	19.    Diamond Resorts Grand Beach II Development, LLC
	DE

	20.    Diamond Resorts Greensprings Development, LLC
	DE

	21.    Diamond Resorts Hawaii Collection Development, LLC
	DE

	22.    Diamond Resorts Hilton Head Development, LLC
	DE

	23.    Diamond Resorts International Club, Inc.
	FL

	24.    Diamond Resorts International Marketing, Inc.
	CA

	25.    Diamond Resorts International Marketing Mexico, LLC
	NV

	26.    Diamond Resorts Las Vegas Development, LLC
	DE

	27.    Diamond Resorts Management & Exchange Holding Company
	DE

	28.    Diamond Resorts Management, Inc.  
	AZ

	29.    Diamond Resorts MGV Development LLC
	NV

	30.    Diamond Resorts Mortgage Holdings, LLC
	DE

	31.    Diamond Resorts Mystic Dunes Development, LLC
	NV

	32.    Diamond Resorts Palm Springs Development, LLC
	DE

	33.    Diamond Resorts Poco Diablo Development, LLC
	DE

	34.    Diamond Resorts Poipu Development, LLC
	DE

	35.    Diamond Resorts Polo Development, LLC
	NV

	36.    Diamond Resorts Port Royal Development, LLC
	DE

	37.    Diamond Resorts Powhatan Development, LLC
	DE

	38.    Diamond Resorts Residual Assets Development, LLC
	DE

	39.    Diamond Resorts Residual Assets Finance, LLC
	DE

	40.    Diamond Resorts Residual Assets M&E, LLC
	DE

	41.    Diamond Resorts Ridge on Sedona Development, LLC
	DE

	
		
	Name of Entity
	Jurisdiction of Organization

	42.    Diamond Resorts Ridge Pointe Development, LLC
	DE

	43.    Diamond Resorts San Luis Bay Development, LLC
	DE

	44.    Diamond Resorts Santa Fe Development, LLC
	DE

	45.    Diamond Resorts Scottsdale Development, LLC
	DE

	46.    Diamond Resorts Sedona Springs Development, LLC
	DE

	47.    Diamond Resorts Sedona Summit Development, LLC
	DE

	48.    Diamond Resorts St. Croix Development, LLC
	DE

	49.    Diamond Resorts Steamboat Development, LLC
	DE

	50.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	DE

	51.    Diamond Resorts Teton Club Development, LLC
	NV

	52.    Diamond Resorts U.S. Collection Development, LLC
	DE

	53.    Diamond Resorts Villa Mirage Development, LLC
	DE

	54.    Diamond Resorts Villas of Sedona Development, LLC
	DE

	55.    Diamond Resorts West Maui Development, LLC
	DE

	56.    Foster Shores, LLC
	MO

	57.    George Acquisition Subsidiary, Inc.
	NV

	58.    Ginger Creek, LLC
	DE

	59.    Grand Escapes, LLC
	DE

	60.    International Timeshares Marketing, LLC
	DE

	61.    Lake Tahoe Resort Partners, LLC
	CA

	62.    Mazatlan Development Inc.
	WA

	63.    MMG Development Corp.
	FL

	64.    Poipu Resort Partners, L.P.
	HI

	65.    Resort Management International, Inc.
	CA

	66.    Resorts Development International, Inc.
	NV

	67.    Walsham Lake, LLC
	MO

	68.    West Maui Resort Partners, L.P.
	DE

	69.    Crescent One, LLC
	FL

	
		
	Name of Entity
	Jurisdiction of Organization

	70.    Island One, Inc.
	FL

	71.    Island One Resorts Management Corporation
	FL

	72.    Galaxy Exchange Company
	FL

	73.    Navigo Vacation Club, Inc.
	FL

		
	(iv)
	All locations where each Subsidiary Guarantor (other than Holdings) maintains any Equipment or other Collateral:

Location of Collateral
	
			
	Name of Entity
	Address of Collateral Location
	County

	The Ridge on Sedona Golf
	Resort:
55 Sun Ridge Circle
Sedona, Arizona 86351
	Yavapai

	Scottsdale Villa Mirage
	Resort:
7887 East Princess Blvd.
Scottsdale, Arizona 85255

Undeveloped Land:
7887 East Princess Blvd.
Scottsdale, Arizona 85255
	Maricopa

	Sedona Springs
	Resort:
55 Northview Rd.
Sedona, Arizona 86336
	Yavapai

	Sedona Summit
	Resort:
500 Navoti Dr.
Sedona, Arizona 86336

Sales Center:
4055 Navoti Dr.
Sedona, Arizona 86336

Undeveloped Land:
500 Navoti Dr.
Sedona, Arizona 86336
	Yavapai

	Tahoe Beach & Ski Club
	Resort:
3601 Lake Tahoe Blvd.
S. Lake Tahoe, California 96150
	Eldorado

	Villas at Poco Diablo
	Resort:
1752 S. Highway 179
Sedona, Arizona 86336
	Coconino

	Villas of Sedona
	Resort:
120 Kallof Place
Sedona, Arizona 86336
	Yavapai

	Grand Beach I
	Resort:
8309 Lake Bryan Beach Blvd.
Orlando, Florida 32821

Sales Center:
8317 Lake Bryan Beach Blvd.
Orlando, Florida 32821

	Orange

	
			
	Name of Entity
	Address of Collateral Location
	County

	Grand Beach II
	Resort:
8309 Lake Bryan Beach Blvd.
Orlando, Florida 32821

Sales Center:
8317 Lake Bryan Beach Blvd.
Orlando, Florida 32821

Undeveloped Land:
8309 Lake Bryan Beach Blvd.
Orlando, Florida 32821
	Orange

	Kaanapali Beach Club
	Resort:
104 Kaanapali Shores Place
Kaanapali, Maui, Hawaii 96761
	Maui

	Lake Tahoe Vacation Resort
	Resort:
901 Ski Run Blvd.
S. Lake Tahoe, California 96150

Undeveloped Land:
901 Ski Run Blvd.
S. Lake Tahoe, California 96150
	Eldorado

	The Point at Poipu
	Resort:
1613 Pe’e Road
Poipu, Kauai, Hawaii 96756
	Kauai

	Greensprings Vacation Resort
	Resort:
3500 Ludwell Parkway
Williamsburg, Virginia 23188

Sales Center:
6000 Easter Circle
Williamsburg, Virginia 23188

Undeveloped Land:
3500 Ludwell Parkway
Williamsburg, Virginia 23188
	James City

	Polynesian Isles
	Resort:
3045 Polynesian Isles Blvd.
Kissimmee, Florida 34746
	Osceola

	The Historic Powhatan Resort
	Resort:
3601 Ironbound Rd.
Williamsburg, Virginia 23188

Sales Center:
6000 Easter Circle
Williamsburg, Virginia 23188

Undeveloped Land:
3601 Ironbound Rd.
Williamsburg, Virginia 23188
	James City

	
			
	Name of Entity
	Address of Collateral Location
	County

	Royal Dunes at Port Royal
	Resort:
8 Wimbledon Court
Hilton Head, S. Carolina 29928
	Beauford

	Ridge Pointe
	Resort:
455 Trameway Dr.
Stateline, Nevada 89449
	Douglas

	Bent Creek Golf Village
	Resort:
3919 E. Parkway
Gatlinburg, Tennessee 37738

Undeveloped Land:
3919 E. Parkway
Gatlinburg, Tennessee 37738
	Sevier

	Cypress Pointe
	Resort:
8651 Treasure Cay Lane
Orlando, Florida 32836

Undeveloped Land:
8651 Treasure Cay Lane
Orlando, Florida 32836
	Orange

	Desert Paradise
	Resort:
5165 S. Decatur Blvd.
Las Vegas, Nevada 89118
	Clark

	Daytona Beach Regency
	Resort:
400 N. Atlantic Ave.
Daytona Beach, Florida 32118
	Volusia

	Island Links
	Resort:
1 Coggins Point Road
Hilton Head, South Carolina 29928
	Beaufort

	London Bridge Resort
	Resort:
1477 Queens Drive
Lake Havasu City, Arizona 86403
	Mohave

	Marquis Villas Resort
	Resort:
140 South Calle Encilia
Palm Springs, California 92262
	Riverside

	Polo Towers Suites
	Resort:
3745 Las Vegas Boulevard South
Las Vegas, Nevada 89109
	Clark

	Scottsdale Links Resort
	Resort:
16858 North Perimeter Drive
Scottsdale, Arizona 85260
	Maricopa

	The Suites at Fall Creek
	Resort:
1A Fall Creek Drive
Branson, Missouri 65616

Undeveloped Land:
1A Fall Creek Drive
Branson, Missouri 65616
	Taney

	
			
	Name of Entity
	Address of Collateral Location
	County

	San Luis Bay Inn
	Resort:
3254 Avila Beach Drive
Avila Beach, California 93424
	San Luis Obispo

	Villas at Polo Towers
	Resort:
3745 Las Vegas Boulevard South
Las Vegas, Nevada 89109
	Clark

	Villas de Santa Fe
	Resort:
400 Griffin St.
Santa Fe, New Mexico 87501
	Santa Fe

	Teton Club
	Resort:
3340 West Cody Lane 
Teton Village Wyoming 83025

	Teton

	Crescent One
	Resort:
1420 Ocean Drive, Miami Beach, Florida 33139
	Dade

	Liki Tiki Village
	Resort:
17777 Bali Blvd., Winter Garden, Florida 34787

Sales Center:
17777 Bali Blvd., Winter Garden, Florida 3478

	Orange

	Bryan’s Spanish Cove
	Resort:
13875 S State Road 535, Orlando, Florida 32821
	Orange

	Charter Club Resort of Naples Bay
	Resort:
1000 l0th Ave., S., Naples, Florida 34102
	Collier

	The Cove on Ormond Beach
	Resort:
145-149 N. Ocean Ave., Ormond Beach, Florida
32176
	Volusia

	Orbit One Vacation Villas
	Resort:
2950 Entry Point Blvd., Kissimmee, Florida
34747
	Osceola

		
	(v)
	All the places of business of each Subsidiary Guarantor (other than Holdings) not identified in paragraph (i), (ii), (iii) or (iv) above:

	
		
	Name of Entity
	Location of business

	Island One, Inc.  
Crescent One, LLC
Island One Resorts Management Corporation
Galaxy Exchange Company
Navigo Vacation Club, Inc.
	8680 Commodity Circle, Orlando, Florida 32819

		
	(vi)
	All names and addresses of all Persons other than each Subsidiary Guarantor (other than Holdings) that have possession of any of the Collateral of each Subsidiary Guarantor:

	
			
	Name
	Address
	Collateral

	None.

		
	3.
	Unusual Transactions.  All Accounts have been originated by the Borrower, Holdings, Parent and the Subsidiary Guarantors (other than Holdings) and all Inventory has been acquired by the Borrower, Holdings, Parent and Subsidiary Guarantors (other than Holdings), in each case in the ordinary course of business.

		
	4.
	File Search Reports.  File search reports have been obtained from each Uniform Commercial Code filing office identified with respect to the Borrower, Holdings, Parent and each Subsidiary Guarantor (other than Holdings) in Section 2 hereof, and such search reports reflect no Liens against any of the Collateral other than those permitted under the Credit Agreement.

		
	5.
	UCC Filings.

		
	A.
	Financing statements in substantially the form set forth below have been prepared for filing in the proper Uniform Commercial Code filing office in the jurisdiction in which the Borrower is located and, to the extent any of the Collateral is comprised of fixtures, in the proper local jurisdiction, in each case as set forth with respect to the Borrower in Section 2(A) hereof:

See Schedule 5(A) attached
		
	B.
	Financing statements in substantially the form set forth below have been prepared for filing in the proper Uniform Commercial Code filing office in the jurisdiction in which each of Holdings and Parent is located and, to the extent any of the Collateral is comprised of fixtures, in the proper local jurisdiction, in each case as set forth with respect to such entity in Section 2(B) hereof:

See Schedule 5(B) attached
		
	C.
	Financing statements in substantially the form set forth below have been prepared for filing in the proper Uniform Commercial Code filing office in the jurisdiction in which each Subsidiary Guarantor (other than Holdings) is located and, to the extent 

any of the Collateral is comprised of fixtures, in the proper local jurisdiction, in each case as set forth with respect to such Subsidiary Guarantor (other than Holdings) in Section 2(C) hereof:
See Schedule 5(C) attached
		
	6.
	Schedule of Filings.

		
	A.
	Listed below is a true and correct schedule setting forth, with respect to the filings described in Section 5 above, each filing for the Borrower and the filing office in which such filing is to be made:

	
			
	Name
	Filing
	Filing Office

	Diamond Resorts Corporation
	UCC-1
	Maryland – Department of Assessments and Taxation

		
	B.
	Listed below is a true and correct schedule setting forth, with respect to the filings described in Section 5 above, each filing for Holdings and Parent and the filing office in which such filing is to be made: 

	
			
	Name
	Filing
	Filing Office

	Diamond Resorts Holdings, LLC
	UCC-1
	Nevada

	Diamond Resorts International, Inc.
	UCC-1
	Delaware

		
	C.
	Listed below is a schedule setting forth, with respect to the filings described in Section 5 above, each filing for each Subsidiary Guarantor (other than Holdings) and the filing office in which such filing is to be made: 

	
				
	Name
	Filing
	Filing Office

	1.    AKGI-St. Maarten N.V.
	UCC-1
	Delaware
	Secretary of State

	2.    Chestnut Farms, LLC
	UCC-1
	Nevada
	Secretary of State

	3.    Cumberland Gate, LLC
	UCC-1
	Delaware
	Secretary of State

	4.    Diamond Resorts California Collection Development, LLC
	UCC-1
	Delaware
	Secretary of State

	5.    Diamond Resorts Centralized Services Company
	UCC-1
	Delaware
	Secretary of State

	6.    Diamond Resorts Citrus Share Holding, LLC
	UCC-1
	Delaware
	Secretary of State

	7.    Diamond Resorts Coral Sands Development, LLC
	UCC-1
	Delaware
	Secretary of State

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	UCC-1
	Delaware
	Secretary of State

	
				
	Name
	Filing
	Filing Office

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	UCC-1
	Delaware
	Secretary of State

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	UCC-1
	Delaware
	Secretary of State

	11.    Diamond Resorts Daytona Development, LLC
	UCC-1
	Delaware
	Secretary of State

	12.    Diamond Resorts Developer and Sales Holding Company
	UCC-1
	Delaware
	Secretary of State

	13.    Diamond Resorts DPM Development LLC
	UCC-1
	Nevada
	Secretary of State

	14.    Diamond Resorts Epic Mortgage Holdings, LLC
	UCC-1
	Delaware
	Secretary of State

	15.    Diamond Resorts Fall Creek Development, LLC
	UCC-1
	Delaware
	Secretary of State

	16.    Diamond Resorts Finance Holding Company
	UCC-1
	Delaware
	Secretary of State

	17.    Diamond Resorts Financial Services, Inc.
	UCC-1
	Nevada
	Secretary of State

	18.    Diamond Resorts Grand Beach I Development, LLC
	UCC-1
	Delaware
	Secretary of State

	19.    Diamond Resorts Grand Beach II Development, LLC
	UCC-1
	Delaware
	Secretary of State

	20.    Diamond Resorts Greensprings Development, LLC
	UCC-1
	Delaware
	Secretary of State

	21.    Diamond Resorts Hawaii Collection Development, LLC
	UCC-1
	Delaware
	Secretary of State

	22.    Diamond Resorts Hilton Head Development, LLC
	UCC-1
	Delaware
	Secretary of State

	23.    Diamond Resorts International Club, Inc.
	UCC-1
	Florida
	Secured Transaction Registry

	24.    Diamond Resorts International Marketing, Inc.
	UCC-1
	California
	Secretary of State

	25.    Diamond Resorts International Marketing Mexico, LLC
	UCC-1
	Nevada
	Secretary of State

	26.    Diamond Resorts Las Vegas Development, LLC
	UCC-1
	Delaware
	Secretary of State

	27.    Diamond Resorts Management & Exchange Holding Company
	UCC-1
	Delaware
	Secretary of State

	28.    Diamond Resorts Management, Inc.  
	UCC-1
	Arizona
	Secretary of State

	29.    Diamond Resorts MGV Development LLC
	UCC-1
	Nevada
	Secretary of State

	30.    Diamond Resorts Mortgage Holdings, LLC
	UCC-1
	Delaware
	Secretary of State

	31.    Diamond Resorts Mystic Dunes Development, LLC
	UCC-1
	Nevada
	Secretary of State

	
				
	Name
	Filing
	Filing Office

	32.    Diamond Resorts Palm Springs Development, LLC
	UCC-1
	Delaware
	Secretary of State

	33.    Diamond Resorts Poco Diablo Development, LLC
	UCC-1
	Delaware
	Secretary of State

	34.    Diamond Resorts Poipu Development, LLC
	UCC-1
	Delaware
	Secretary of State

	35.    Diamond Resorts Polo Development, LLC
	UCC-1
	Nevada
	Secretary of State

	36.    Diamond Resorts Port Royal Development, LLC
	UCC-1
	Delaware
	Secretary of State

	37.    Diamond Resorts Powhatan Development, LLC
	UCC-1
	Delaware
	Secretary of State

	38.    Diamond Resorts Residual Assets Development, LLC
	UCC-1
	Delaware
	Secretary of State

	39.    Diamond Resorts Residual Assets Finance, LLC
	UCC-1
	Delaware
	Secretary of State

	40.    Diamond Resorts Residual Assets M&E, LLC
	UCC-1
	Delaware
	Secretary of State

	41.    Diamond Resorts Ridge on Sedona Development, LLC
	UCC-1
	Delaware
	Secretary of State

	42.    Diamond Resorts Ridge Pointe Development, LLC
	UCC-1
	Delaware
	Secretary of State

	43.    Diamond Resorts San Luis Bay Development, LLC
	UCC-1
	Delaware
	Secretary of State

	44.    Diamond Resorts Santa Fe Development, LLC
	UCC-1
	Delaware
	Secretary of State

	45.    Diamond Resorts Scottsdale Development, LLC
	UCC-1
	Delaware
	Secretary of State

	46.    Diamond Resorts Sedona Springs Development, LLC
	UCC-1
	Delaware
	Secretary of State

	47.    Diamond Resorts Sedona Summit Development, LLC
	UCC-1
	Delaware
	Secretary of State

	48.    Diamond Resorts St. Croix Development, LLC
	UCC-1
	Delaware
	Secretary of State

	49.    Diamond Resorts Steamboat Development, LLC
	UCC-1
	Delaware
	Secretary of State

	50.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	UCC-1
	Delaware
	Secretary of State

	51.    Diamond Resorts Teton Club Development, LLC
	UCC-1
	Nevada
	Secretary of State

	52.    Diamond Resorts U.S. Collection Development, LLC
	UCC-1
	Delaware
	Secretary of State

	53.    Diamond Resorts Villa Mirage Development, LLC
	UCC-1
	Delaware
	Secretary of State

	54.    Diamond Resorts Villas of Sedona Development, LLC
	UCC-1
	Delaware
	Secretary of State

	
				
	Name
	Filing
	Filing Office

	55.    Diamond Resorts West Maui Development, LLC
	UCC-1
	Delaware
	Secretary of State

	56.    Foster Shores, LLC
	UCC-1
	Missouri
	Secretary of State

	57.    George Acquisition Subsidiary, Inc.
	UCC-1
	Nevada
	Secretary of State

	58.    Ginger Creek, LLC
	UCC-1
	Delaware
	Secretary of State

	59.    Grand Escapes, LLC
	UCC-1
	Delaware
	Secretary of State

	60.    International Timeshares Marketing, LLC
	UCC-1
	Delaware
	Secretary of State

	61.    Lake Tahoe Resort Partners, LLC
	UCC-1
	California
	Secretary of State

	62.    Mazatlan Development Inc.
	UCC-1
	Washington
	Department of Licensing

	63.    MMG Development Corp.
	UCC-1
	Florida
	Secured Transaction Registry

	64.    Poipu Resort Partners, L.P.
	UCC-1
	Hawaii
	Bureau of Conveyances

	65.    Resort Management International, Inc.
	UCC-1
	California
	Secretary of State

	66.    Resorts Development International, Inc.
	UCC-1
	Nevada
	Secretary of State

	67.    Walsham Lake, LLC
	UCC-1
	Missouri
	Secretary of State

	68.    West Maui Resort Partners, L.P.
	UCC-1
	Delaware
	Secretary of State

	69.    Crescent One, LLC
	UCC-1
	Florida
	Secured Transaction Registry

	70.    Island One, Inc.
	UCC-1
	Florida
	Secured Transaction Registry

	71.    Island One Resorts Management Corporation
	UCC-1
	Florida
	Secured Transaction Registry

	72.    Galaxy Exchange Company
	UCC-1
	Florida
	Secured Transaction Registry

	73.    Navigo Vacation Club, Inc.
	UCC-1
	Florida
	Secured Transaction Registry

		
	7.
	Stock Ownership and other Equity Interests.  A true and correct list, set forth below, of all the issued and outstanding stock, partnership interests, limited liability company membership interests or other equity interest, whether held directly or indirectly, of the Borrower, Holdings, Parent and each Subsidiary Guarantor (other than Holdings), respectively, and the record and beneficial owners of such stock, partnership interests, membership interests or other equity interests. Also set forth is each equity investment, whether held directly or indirectly, of the Borrower, Holdings, Parent and each Subsidiary 

Guarantor (other than Holdings) that represents 50% or more of the equity of the entity in which such investment was made:
Borrower
	
			
	Name
	Outstanding Equity
	Owner

	Diamond Resorts Corporation
	100%
	Diamond Resorts Holdings, LLC

Holdings and Parent
	
			
	Name
	Outstanding Equity
	Owner

	Diamond Resorts Holdings, LLC
	100%
	Diamond Resorts International, Inc.

	Diamond Resorts International, Inc./NYSE
	 
	Publicly Traded

Subsidiary Guarantors
	
			
	Name
	Outstanding Equity
	Owner

	1.    AKGI-St. Maarten N.V.
	100%
	Diamond Resorts Corporation

	2.    Chestnut Farms, LLC
	100%
	Potter's Mill, Inc.

	3.    Cumberland Gate, LLC
	100%
	Potter's Mill, Inc.

	4.    Diamond Resorts California Collection Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	5.    Diamond Resorts Centralized Services Company
	100%
	Diamond Resorts Corporation

	6.    Diamond Resorts Citrus Share Holding, LLC
	100%
	Diamond Resorts Corporation

	7.    Diamond Resorts Coral Sands Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	8.    Diamond Resorts Cypress Pointe I Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	9.    Diamond Resorts Cypress Pointe II Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	10.    Diamond Resorts Cypress Pointe III Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	11.    Diamond Resorts Daytona Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	12.    Diamond Resorts Developer and Sales Holding Company
	100%
	Diamond Resorts Corporation

	13.    Diamond Resorts DPM Development LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	14.    Diamond Resorts Epic Mortgage Holdings, LLC
	100%
	Diamond Resorts Finance Holding Company

	15.    Diamond Resorts Fall Creek Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	16.    Diamond Resorts Finance Holding Company
	100%
	Diamond Resorts Corporation

	17.    Diamond Resorts Financial Services, Inc.
	100%
	Diamond Resorts Finance Holding Company

	18.    Diamond Resorts Grand Beach I Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	19.    Diamond Resorts Grand Beach II Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	
			
	Name
	Outstanding Equity
	Owner

	20.    Diamond Resorts Greensprings Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	21.    Diamond Resorts Hawaii Collection Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	22.    Diamond Resorts Hilton Head Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	23.    Diamond Resorts International Club, Inc.
	100%
	Diamond Resorts Management & Exchange Holding Company

	24.    Diamond Resorts International Marketing, Inc.
	100%
	Diamond Resorts Developer and Sales Holding Company

	25.    Diamond Resorts International Marketing Mexico, LLC
	100%
	Diamond Resorts Developer and  Sales Holding Company

	26.    Diamond Resorts Las Vegas Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	27.    Diamond Resorts Management & Exchange Holding Company
	100%
	Diamond Resorts Corporation

	28.    Diamond Resorts Management, Inc.  
	100%
	Diamond Resorts Management & Exchange Holding Company

	29.    Diamond Resorts MGV Development LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	30.    Diamond Resorts Mortgage Holdings, LLC
	2%

98%
	Diamond Resorts Financial Services, Inc.
Diamond Resorts Finance Holding Company

	31.    Diamond Resorts Mystic Dunes Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	32.    Diamond Resorts Palm Springs Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	33.    Diamond Resorts Poco Diablo Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	34.    Diamond Resorts Poipu Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	35.    Diamond Resorts Polo Development, LLC
	95%
5%
	Diamond Resorts Holdings, LLC
Diamond Resorts Las Vegas Development, LLC

	36.    Diamond Resorts Port Royal Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	
			
	Name
	Outstanding Equity
	Owner

	37.    Diamond Resorts Powhatan Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	38.    Diamond Resorts Residual Assets Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	39.    Diamond Resorts Residual Assets Finance, LLC
	100%
	Diamond Resorts Finance Holding Company

	40.    Diamond Resorts Residual Assets M&E, LLC
	100%
	Diamond Resorts Management & Exchange Holding Company

	41.    Diamond Resorts Ridge on Sedona Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	42.    Diamond Resorts Ridge Pointe Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	43.    Diamond Resorts San Luis Bay Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	44.    Diamond Resorts Santa Fe Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	45.    Diamond Resorts Scottsdale Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	46.    Diamond Resorts Sedona Springs Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	47.    Diamond Resorts Sedona Summit Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	48.    Diamond Resorts St. Croix Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	49.    Diamond Resorts Steamboat Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	50.    Diamond Resorts Tahoe Beach & Ski Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	51.    Diamond Resorts Teton Club Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	52.    Diamond Resorts U.S. Collection Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	53.    Diamond Resorts Villa Mirage Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	54.    Diamond Resorts Villas of Sedona Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	55.    Diamond Resorts West Maui Development, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	56.    Foster Shores, LLC
	100%
	Potter's Mill, Inc.

	
			
	Name
	Outstanding Equity
	Owner

	57.    George Acquisition Subsidiary, Inc.
	100%
	Diamond Resorts Corporation

	58.    Ginger Creek, LLC
	100%
	Potter's Mill, Inc.

	59.    Grand Escapes, LLC
	100%
	Diamond Resorts Management & Exchange Holding Company

	60.    International Timeshares Marketing, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	61.    Lake Tahoe Resort Partners, LLC
	100%
	Diamond Resorts Developer and Sales Holding Company

	62.    Mazatlan Development Inc.
	100%
	Diamond Resorts Developer and Sales Holding Company

	63.    MMG Development Corp.
	100%
	Diamond Resorts Developer and Sales Holding Company

	64.    Poipu Resort Partners, L.P.
	1%

99%
	GP: Diamond Resorts Poipu Development, LLC
LP: Diamond Resorts Developer and Sales Holding Company

	65.    Resort Management International, Inc.
	100%
	Diamond Resorts Management & Exchange Holding Company

	66.    Resorts Development International, Inc.
	100%
	Diamond Resorts Residual Assets Development, LLC

	67.    Walsham Lake, LLC
	100%
	Potter's Mill, Inc.

	68.    West Maui Resort Partners, L.P.
	1%

99%
	GP:  Diamond Resorts West Maui Development, LLC
LP:  Diamond Resorts Developer and Sales Holding Company

	69.    Crescent One, LLC
	100%
	Diamond Resorts Corporation

	70.    Island One, Inc.
	100%
	Diamond Resorts Corporation

	71.    Island One Resorts Management Corporation
	100%
	Island One, Inc.

	72.    Galaxy Exchange Company
	100%
	Island One Resorts Management Corporation

	73.    Navigo Vacation Club, Inc.
	100%
	Island One Resorts Management Corporation

		
	8.
	Debt Instruments.  A true and correct list, set forth below, of all promissory notes and other evidence of Indebtedness held by the Borrower, Holdings, Parent and each Subsidiary 

Guarantor (other than Holdings), respectively, that are required to be pledged under the Security Agreement, including all intercompany notes:
Borrower
	
				
	Issuer

	Principal
Amount

	Date of Note

	Maturity Date

	Diamond Resorts Europe (Holding) Ltd.
	£16 million (revolving)
	Amended and restated 3/5/2007 and amended 12/1/2008

	12/16/2014

	

Diamond Resorts Europe (Holding) Ltd.

	

£33 million (term)
	

Amended and restated 3/5/2007 and amended 12/1/2008

	

12/16/2014

	ILX Acquisition, Inc.
	$3.5  million
	1/13/12
	8/31/2015

Holdings and Parent
	
		
	Name
	Debt Instrument

	Diamond Resorts Holdings, LLC
	None.

	Diamond Resorts International, Inc.
	None.

Subsidiary Guarantors
	
		
	Name
	Debt Instrument

	N/A
	None.

		
	9.
	Advances.  A true and correct list is set forth below of all advances made by Parent to any Subsidiary of Parent, or made by any Subsidiary of Parent to Parent or to any other Subsidiary of Parent (other than those identified in Section 8 above), which advances will be on and after the date hereof evidenced by one or more intercompany notes pledged to the Agent under the Security Agreement.  A true and correct list is also set forth of all unpaid intercompany transfers of goods sold and delivered by or to Parent or any Subsidiary of Parent:

Borrower 
	
		
	Name
	Advances

	N/A
	None.

Holdings and Parent
	
		
	Name
	Advances

	N/A
	None.

Subsidiary Guarantors
	
		
	Name
	Advances

	N/A
	None.

		
	10.
	Mortgage Filings.  Listed below are schedules setting forth, with respect to each mortgaged property, (a) the exact name of the Person that owns such property as such name appears in its certificate of incorporation or other organizational document, (b) if different from the name identified pursuant to clause (a), the exact name of the current record owner of such property reflected in the records of the filing office for such property identified pursuant to the following clause, (c) the filing office in which a mortgage with respect to such property must be filed or recorded in order for the Agent to obtain a perfected security interest therein, and (d) an estimate of the fair market value of such property. 

	
				
	Property
	(a) Owner
	(c) Filing Office
	(d) Book Value

	NONE.

		
	11.
	Intellectual Property.

		
	A.
	Borrower

		
	(i)
	Set out below, in proper form for filing with the United States Patent and Trademark Office, is a true and correct list setting forth all of the Borrower’s Patents, Patent Licenses and Patent Applications, including the name of the registered owner, type, registration or application number and the expiration date (if already registered) of each Patent, Patent License and Patent Application owned or licensed, as applicable, by the Borrower:  

	
		
	Name
	Patents

	N/A
	None.

		
	(ii)
	Set out below, in proper form for filing with the United States Patent and Trademark Office, is a true and correct list setting forth all of the Borrower’s Trademarks, Trademark Licenses and Trademark Applications, including the name of the registered owner, the registration or application number and the expiration date (if already registered) of each Trademark, Trademark License and Trademark application owned or licensed, as applicable, by the Borrower:

	
		
	Name
	Trademarks

	N/A
	None.

		
	(iii)
	Set out below, in proper form for filing with the United States Copyright Office, is a true and correct schedule setting forth all of the Borrower’s Copyrights (including the name of the registered owner, title, the registration number and the expiration date (if already registered), Copyright Licenses (including the name of the registered owner, title, the registration number and the expiration date (if already registered)) and Copyright Applications (including the name of the registered owner and title) of each Copyright, Copyright License and Copyright Application owned or licensed, as applicable, by the Borrower:

	
		
	Name
	Copyrights

	N/A
	None.

		
	B.
	Holdings and Parent

		
	(i)
	Set forth below, in proper form for filing with the United States Patent and Trademark Office, is a true and correct list setting forth all of each of Holdings’ and Parent’s Patents, Patent Licenses and Patent Applications, including the name of the registered owner, type, registration or application number and the expiration date (if already registered) of each Patent, Patent License and Patent Application owned or licensed, as applicable, by either Holdings or Parent:  

	
		
	Name
	Patents

	N/A
	None.

		
	(ii)
	Set forth below, in proper form for filing with the United States Patent and Trademark Office, is a true and correct a list setting forth all of each of Holdings’ and Parent’s Trademarks, Trademark Licenses and Trademark Applications, including the name of the registered owner, the registration or application number and the expiration date (if already registered) of each 

Trademark, Trademark License and Trademark application owned or licensed, as applicable, by either Holdings or Parent:
	
					
	Name
	Trademarks
	International Class
	Registration Number
	Registration Date

	See Schedule I (attached)

		
	(iii)
	Set forth below, in proper form for filing with the United States Copyright Office, is a true and correct list setting forth all of each of Holdings’ and Parent’s Copyrights (including the name of the registered owner, title, the registration number and the expiration date (if already registered), Copyright Licenses (including the name of the registered owner, title, the registration number and the expiration date (if already registered) and Copyright Applications (including the name of the registered owner and title) of each Copyright, Copyright License and Copyright Application owned or licensed, as applicable, by either Holdings or Parent:

	
		
	Name
	Copyrights

	N/A
	None.

		
	C.
	Subsidiary Guarantors

		
	(i)
	Set forth below, in proper form for filing with the United States Patent and Trademark Office, is a true and correct list setting forth all of each Subsidiary Guarantor’s (other than Holdings’) Patents, Patent Licenses and Patent Applications, including the name of the registered owner, type, registration or application number and the expiration date (if already registered) of each Patent, Patent License and Patent Application owned or licensed by any Subsidiary Guarantor (other than Holdings):  

	
		
	Name
	Patents

	N/A
	None.

		
	(ii)
	Set forth below, in proper form for filing with the United States Patent and Trademark Office, is a true and correct list setting forth all of each Subsidiary Guarantor’s (other than Holdings’) Trademarks, Trademark Licenses and Trademark Applications, including the name of the registered owner, the registration or application number and the expiration date (if already registered) of each Trademark, Trademark License and Trademark application owned or licensed, as applicable, by any Subsidiary Guarantor (other than Holdings):

	
		
	Name
	Trademarks

	See Schedule I (attached)

		
	(iii)
	Set forth below, in proper form for filing with the United States Copyright Office, is a true and correct list setting forth all of each Subsidiary Guarantor’s (other than Holdings’) Copyrights (including the name of the registered owner, title and the expiration date (if already registered)), Copyright Licenses (including the name of the registered owner, title and the expiration date (if already registered)) and Copyright Applications (including the name of the registered owner and title) of each Copyright, Copyright License and Copyright Application owned  or licensed by any Subsidiary Guarantor (other than Holdings):

	
		
	Name
	Copyrights

	N/A
	None.

		
	12.
	Commercial Tort Claims

		
	A.
	Set forth below is a true and correct list of commercial tort claims in excess of $500,000 held by the Borrower, including a brief description thereof:

	
		
	Claim
	Amount

	None.
	None.

		
	B.
	Set forth below is a true and correct list of commercial tort claims in excess of $500,000 held by either Holdings or Parent, including a brief description thereof:

	
		
	Claim
	Amount

	None.
	None.

		
	C.
	Set forth below is a true and correct list of commercial tort claims in excess of $500,000 held by any Subsidiary Guarantor (other than Holdings), including a brief description thereof:

	
		
	Claim
	Amount

	None.
	None.

		
	13.
	Deposit Accounts.

		
	A.
	A true and correct list of deposit accounts maintained by the Borrower is set forth below, including the name and address of the depositary institution, the type of account and the account number:

	
		
	Name
	Deposit Accounts

	None.
	None.

		
	B.
	A true and correct list of deposit accounts maintained by each of Holdings and Parent is set forth below, including the name and address of the depositary institution, the type of account and the account number:

	
		
	Name
	Deposit Accounts

	See Schedule II (attached)
	 

		
	C.
	A true and correct list of deposit accounts maintained by each Subsidiary Guarantor (other than Holdings), is set forth below, including the name and address of the depositary institution, the type of account and the account number:

	
	
	See Schedule II (attached)

		
	14.
	Securities Accounts.

		
	A.
	A true and correct list of securities accounts maintained by the Borrower is set forth below, including the name and address of the intermediary institution, the type of account and the account number:

	
		
	Name
	Securities Accounts

	N/A
	None

		
	B.
	A true and correct list of securities accounts maintained by each of Holdings and Parent is set forth below, including the name and address of the intermediary institution, the type of account and the account number:

	
		
	Name
	Securities Accounts

	N/A
	None.

		
	C.
	A true and correct list of securities accounts maintained by each Subsidiary Guarantor (other than Holdings) is set forth below, including the name and address of the intermediary institution, the type of account and the account number:

	
	
	See Schedule II (attached)

[remainder of page intentionally blank]

IN WITNESS WHEREOF, the undersigned have duly executed this Perfection Certificate as of the 11 day of September 2013.
	
		
	 
	DIAMOND RESORTS CORPORATION,  
a Maryland corporation 
 
By:                
Name:  ________________________ 
Its:   ________________________

Schedule I

Schedule I to Perfection Certificate
Trade Names
	
			
	Owner Entity
	Country Where Used
	Trade Names

	 

	MMG Development Corporation
	United States, Tennessee
	Bent Creek Golf Course – Expires 2/9/2014

	West Maui Resort Partners, LLP
	United States, Hawaii
	Activity Warehouse – Expires 8/22/2016

	Diamond Resorts Corporation
	United States, Nevada
	Diamond Resorts International – Expires 12/31/2014

	Diamond Resorts International Club, Inc.
	Unites States, Florida
	THE Club – Expires 6/20/18

	Diamond Resorts International Marketing, Inc.
	Unites, States, Arizona
	Arizona Tourism Center – Expires 6/19/2016

	Diamond Resorts International Marketing, Inc.
	United States, Arizona
	Kyote Krazy Activities and Tours- Expires 3/3/2016

	Diamond Resorts International Marketing, Inc.
	United, States, Nevada
	Activity Warehouse – Expires 12/31/2015

State Trademark Registrations

	
						
	State
	Mark
	Reg. Date
	Expiration Date
	Reg. No.

	 
	 
	 
	 
	 

	Arizona
	Krazy Kyote (Class 16)
	8/25/2000
	8/25/2020
	44270

	Arizona
	Krazy Kyote (Class 18)
	8/25/2000
	8/25/2020
	44271

	Arizona
	Krazy Kyote (Class 20)
	8/25/2000
	8/25/2020
	44272

	Arizona
	Krazy Kyote (Class 25)
	8/25/2000
	8/25/2020
	44273

	Arizona
	Krazy Kyote (Class 28)
	8/25/2000
	8/25/2020
	44274

	Arizona
	Krazy Kyote (Class 30)
	8/25/2000
	8/25/2020
	44275

	Arizona
	Krazy Kyote (Class 32)
	8/25/2000
	8/25/2020
	44276

	Arizona
	Krazy Kyote (Class 35)
	8/25/2000
	8/25/2020
	44277

	Arizona
	Krazy Kyote (Class 36)
	8/25/2000
	8/25/2020
	44278

	Arizona
	Krazy Kyote (Class 39)
	8/25/2000
	8/25/2020
	44279

	Arizona
	Krazy Kyote (Class 42)
	8/25/2000
	8/25/2020
	44280

	Arizona
	Krazy Kyote (Class 43)
	8/25/2000
	8/25/2020
	44281

	 
	 
	 
	 
	 

	 
	*Owner entity for all of the above trademark registrations is Diamond Resorts International Marketing, Inc.

TRADEMARK/TRADE NAMES OWNED BY PARENT AND HOLDINGS
U.S. Trademark Registrations	
				
	Owner Entity
	Mark
	Reg. Date
	Reg. No.

	Diamond Resorts Holdings, LLC
	Diamond Resorts International(Class 36)
	02/27/2001
	2432190

	Diamond Resorts Holdings, LLC
	Polo Towers
	12/08/1998
	2207804

	Diamond Resorts Holdings, LLC
	Diamond Resorts International (Class 43)
	12/05/2000
	2411329

	Diamond Resorts Holdings, LLC
	D and design (Classes 36 and 43)
	06/02/2009
	3633049

	Diamond Resorts Holdings, LLC
	Relaxation ...Simplified (Classes 36 and 43)
	04/07/2009
	3604216

	Diamond Resorts Holdings, LLC
	3 Arches Design (Miscellaneous Design) (Classes 36 and 43)
	09/08/2009

	3681417

	Diamond Resorts Holdings, LLC
	Diamond Resorts
	02/09/2010
	3746815

	Diamond Resorts Holdings, LLC
	DRIVEN
	04/27/2010
	3780598

	Diamond Resorts Holdings, LLC
	Diamond Resorts International (Class 16)
	05/04/2010
	3784735

	Diamond Resorts Holdings, LLC
	D Composite Logo  (Classes 36 and 43)
	05/04/2010
	3784823

	Diamond Resorts Holdings, LLC
	THE Club
	01/20/2009
	3566128

	Diamond Resorts Holdings, LLC
	The Maui Pizza Company
	06/22/2010
	3808531

	Diamond Resorts Holdings, LLC
	Simplicity. Choice. Comfort
	05/11/2010
	3786963

	Diamond Resorts Holdings, LLC
	The Meaning of Yes (Classes 36 and 43)
	07/06/2010
	3815737

	Diamond Resorts Holdings, LLC
	Discover The Meaning Of Aloha
	11/16/2010
	3877116

	Diamond Resorts Holdings, LLC
	Maui Pizza Company
	3/19/2013
	4305509

	Diamond Resorts Holdings, LLC
	Four C's Hospitality Systems
	12/18/2012
	4261678

	Diamond Resorts Holdings, LLC
	Share The Diamond Difference
	2/21/2012
	4101489

	Diamond Resorts Holdings, LLC
	Travelscapes
	3/13/2012
	4113118

	Diamond Resorts Holdings, LLC
	Perfectly Cut Events
	9/25/2012
	4214978

	Diamond Resorts Holdings, LLC
	Perfectly Cut Events
	9/25/2012
	4214980

	
				
	Diamond Resorts Holdings, LLC
	Simply...Paradise
	02/22/2011
	3,923,849

	Diamond Resorts Holdings, LLC
	Diamond Loyalty
	12/06/2011
	4,067,822

U.S. Trademark Applications
	
				
	Applicant Entity
	Mark
	Filing Date
	Application No.

	Diamond Resorts Holdings, LLC
	Discover the Diamond Difference
	04/08/2010
	85009818

	Diamond Resorts Holdings, LLC
	The Creature Club
	05/04/2010
	85030173

	Diamond Resorts Holdings, LLC
	Be Unique
	9/2/2011
	85/387,088

	Diamond Resorts Holdings, LLC
	SJC Fashion Stefano Jiuseppi Carrera
	10/13/2011
	85/414,188

	Diamond Resorts Holdings, LLC
	Diamond Resorts International
	10/13/2011
	85/446,890

	Diamond Resorts Holdings, LLC
	D And Design
	2/5/2013
	85/446,882

	Diamond Resorts Holdings, LLC
	Diamond Dream
	4/8/2010
	85/841,081

State Trademark Registrations
	
				
	State
	Mark
	Reg. Date
	Reg. No.

	NONE
	 
	 
	 

	 
	 
	 
	 

Non-U.S. Trademark Registrations
	
				
	Country
	Mark
	Reg. Date
	Reg. No.

	Belgium
	Diamond Resorts
	07/22/2008
	6139463

	CTM (European Community)
	Diamond Resorts International
	12/04/2008
	6550487

	CTM (European Community)
	Diamond Resorts
	02/22/2010
	8507808

	Canada
	Diamond Resorts International
	05/20/2010
	TMA767565

	Australia
	Diamond Resorts International
	7/20/2012
	1456094

	Australia
	D And Design
	7/20/2012
	1456095

	Bermuda
	D And Design
	12/21/2012
	51293

	Bermuda
	Diamond Resorts International
	12/21/2012
	51291

	Bermuda
	Diamond Resorts International
	12/21/2012
	51290

	Bermuda
	D And Design
	12/21/2012
	51292

	
				
	Community Trademark
	Creature Club
	1/24/2011
	9310749

	Community Trademark
	D & Design
	1/24/2011
	9310582

	Community Trademark
	Diamond Difference
	1/24/2011
	9310301

	Community Trademark
	Diamond Experience Ambassador
	1/24/2011
	9310509

	Community Trademark
	Diamond Service Excellence
	1/24/2011
	9310426

	Community Trademark
	Discover The Diamond Difference
	1/24/2011
	9310376

	Community Trademark
	The Diamond Advantage
	1/24/2011
	9310251

	Community Trademark
	The Diamond Way
	1/24/2011
	9310632

	Community Trademark
	The Maui Pizza Co.
	12/28/2010
	9310673

	Community Trademark
	The Meaning Of Yes & D Design
	2/4/2011
	9333931

	Community Trademark
	Driven & D Design
	2/4/2011
	9333981

	Community Trademark
	Simply...Paradise & D Design
	2/4/2011
	9333832

	Community Trademark
	Relaxation...Simplified & D Design
	2/4/2011
	9333477

	Community Trademark
	Simplicity, Choice, Comfort & D Design
	2/4/2011
	9333782

	Community Trademark
	Say Yes To The Guest & D Design
	2/4/2011
	9334021

	Community Trademark
	Diamond Resorts International
	4/18/2012
	10368751

	Community Trademark
	D & Design
	4/18/2012
	10368777

	Costa Rica
	D And Design
	4/12/2012
	217437

	Costa Rica
	D And Design
	4/12/2012
	217438

	France
	The Club
	12/24/2010
	103756309

	Italy
	The Club
	2/25/2011
	1424619

	Jamaica
	Diamond Resorts International
	7/3/2012
	59318

	Jamaica
	D And Design
	7/3/2012
	59319

	Japan
	Diamond Resorts International
	7/6/2012
	5506173

	Japan
	D & Design
	7/6/2012
	5506174

	Mexico
	D And Design
	5/22/2012
	1286932

	Mexico
	Diamond Resorts International
	5/16/2012
	1285735

	Mexico
	Diamond Resorts International
	5/23/2012
	1287141

	Mexico
	D And Design
	5/22/2012
	1286931

	Morocco
	Diamond Resorts International
	12/17/2011
	141646

	Morocco
	D And Design
	12/17/2011
	141647

	Norway
	Diamond Resorts International
	3/28/2012
	264710

	Norway
	D And Design
	7/6/2012
	266302

	Portugal
	The Club
	10/25/2010
	470019

	Saint Maarten
	D And Design
	4/10/2012
	13859

	Saint Maarten
	Diamond Resorts International
	4/10/2012
	13860

	South Korea
	Diamond Resorts International
	1/11/2013
	41-0249052

	South Korea
	D And Design
	1/11/2013
	41-0249051

	Spain
	The Club
	12/23/2010
	2942561

	
				
	St. Kitts-Nevis
	Diamond Resorts International
	12/6/2011
	2011/0412S

	St. Kitts-Nevis
	D And Design
	12/6/2011
	2011/0413S

	Turkey
	Diamond Resorts International
	3/6/2013
	2011/119048

	Turkey
	D And Design
	2/12/2013
	2011/119084

* Owner entity for all the above trademark registrations is Diamond Resorts Holdings, LLC
Non-U.S. Trademark Applications
	
				
	Country
	Mark
	Application Date
	Application No.

	Antigua & Barbuda
	Diamond Resorts International
	1/31/2012
	35/2012

	Antigua & Barbuda
	D & Design
	1/31/2012
	32/2012

	Argentina
	D And Design
	11/25/2011
	3131418

	Argentina
	Diamond Resorts International
	11/25/2011
	3131421

	Argentina
	Diamond Resorts International
	11/25/2011
	3131419

	Argentina
	D And Design
	11/25/2011
	3131416

	Bahamas
	D And Design
	2/9/2012
	35533

	Bahamas
	Diamond Resorts International
	2/13/2012
	35540

	Bahamas
	Diamond Resorts International
	2/13/2012
	35541

	Bahamas
	D And Design
	2/9/2012
	35532

	Barbados
	D And Design
	11/25/2011
	81/28866

	Barbados
	Diamond Resorts International
	11/25/2011
	81/28864

	Barbados
	Diamond Resorts International
	11/25/2011
	81/28863

	Barbados
	D And Design
	11/25/2011
	81/28865

	Brazil
	D And Design
	12/7/2011
	831277777

	Brazil
	D And Design
	12/7/2011
	831277785

	Brazil
	Diamond Resorts International
	3/13/2012
	831277807

	Brazil
	Diamond Resorts International
	12/7/2011
	831277726

	Brazil
	Diamond Resorts International
	12/7/2011
	831277793

	Brazil
	D And Design
	12/7/2011
	831277750

	Canada
	Diamond Resorts International
	10/25/2011
	1549141

	Canada
	D & Design
	10/25/2011
	1549143

	Chile
	Diamond Resorts International
	1/11/2012
	988297

	Chile
	D And Design
	1/11/2012
	988295

	China P.R.
	D And Design
	12/1/2011
	10256764

	China P.R.
	Diamond Resorts International
	12/1/2011
	10256761

	China P.R.
	Diamond Resorts International
	3/14/2012
	10256762

	China P.R.
	D And Design
	12/1/2011
	10256765

	Costa Rica
	Diamond Resorts International
	11/29/2011
	2011-11781

	Costa Rica
	Diamond Resorts International
	11/29/2011
	2011-11780

	CTM (European Community)
	THE Club
	02/12/2009
	7598451

	
				
	Dominican Republic
	Diamond Resorts International
	1/6/2012
	2012-491

	Dominican Republic
	D And Design
	1/6/2012
	2012-490

	India
	Diamond Resorts International
	12/23/2011
	2255480

	India
	D And Design
	12/23/2011
	2255479

	Indonesia
	Diamond Resorts International
	11/24/2011
	J00.2011.047872

	Indonesia
	D And Design
	11/24/2011
	J00.2011.047875

	Malaysia
	D And Design
	12/6/2011
	2011021403

	Malaysia
	Diamond Resorts International
	12/6/2011
	2011021401

	Malaysia
	Diamond Resorts International
	12/6/2011
	2011021400

	Malaysia
	D And Design
	12/6/2011
	2011021402

	Mexico
	The Club
	7/24/2012
	1294357

	Mexico
	The Club
	7/24/2012
	1294358

	Mexico
	The Club At Diamond Resorts International
	3/11/2013
	1356248

	Mexico
	The Club At Diamond Resorts International
	3/11/2013
	1356249

	Panama
	D And Design
	10/25/2011
	205743

	Panama
	Diamond Resorts International
	10/25/2011
	205736

	Panama
	Diamond Resorts International
	10/25/2011
	205745

	Panama
	D And Design
	10/25/2011
	205746

	South Africa
	D And Design
	12/5/2011
	2011/31170

	South Africa
	Diamond Resorts International
	12/5/2011
	2011/31172

	South Africa
	Diamond Resorts International
	12/5/2011
	2011/31171

	South Africa
	D And Design
	12/5/2011
	2011/31169

	Thailand
	D And Design
	12/2/2011
	828000

	Thailand
	Diamond Resorts International
	12/2/2011
	827998

	Thailand
	Diamond Resorts International
	12/2/2011
	827997

	Thailand
	D And Design
	12/2/2011
	827999

	Uruguay
	Diamond Resorts International
	11/26/2011
	429845

	Uruguay
	D And Design
	11/26/2011
	429844

* Owner entity for all the above trademark applications is Diamond Resorts Holdings, LLC

Trade Names
	
		
	Country(s) Where Used
	Trade Names

	NONE
	 

Schedule II

Accounts Maintained by Subsidiary Guarantors

	
				
	Schedule II

	 
	 
	 
	 

	Name and Address of Depositary (Deposit Accounts)
	Account Name
	Type of Account
	Account Number

	Wells Fargo Bank, N.A.
	Diamond Resorts Centralized Services Co.
	Concentration
	2090002393011

	3800 Howard Hughes Parkway
	Diamond Resorts Centralized Services Co.
	Loan Collection
	2000034530890

	Las Vegas, NV 89169
	Diamond Resorts Centralized Services Co.
	Payroll
	2000034530900

	 
	West Maui Resort Partners, L.P.
	Payroll
	2000036394500

	 
	Poipu Resort Partners, L.P.
	Payroll
	2000036394513

	 
	Diamond Resorts Centralized Services Co.
	Checking
	2079900555147

	 
	Diamond Resorts Centralized Services Co.
	Checking
	2079900563634

	 
	Diamond Resorts Centralized Services Co.
	Checking
	2000034530942

	 
	Diamond Resorts Centralized Services Co.
	Checking
	2000034530955

	 
	Diamond Resorts Centralized Services Co.
	Checking
	2000034530968

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	2000034530984

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	2000034531006

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	2000034531019

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	2000034531022

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	2000027352153

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	2000027352166

	
				
	 
	Diamond Resorts Management, Inc.
	Rental Trust
	2000036390368

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	2000057643379

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425805

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425813

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425821

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425839

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425854

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425862

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425870

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425888

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425896

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425847

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4121425904

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4123711145

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4123711152

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4123711160

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4123711178

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4123711186

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4123711194

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4123711202

	 
	Diamond Resorts Management, Inc.
	Rental Trust
	4124525155

	 
	Diamond Resorts Centralized Services Co.
	Checking
	4121425771

	 
	Diamond Resorts Centralized Services Co.
	Checking
	4121425789

	 
	Diamond Resorts Centralized Services Co.
	Checking
	4121425797

	
				
	 
	Diamond Resorts Centralized Services Co.
	Checking
	4121425755

	 
	Diamond Resorts Centralized Services Co.
	Checking
	4121427249

	 
	Diamond Resorts Centralized Services Co.
	Checking
	4121429005

	 
	 
	 
	 

	First Hawaiian Bank
	Resort Management International, Inc.
	Rental Trust
	23042096

	215 Papalaua St
	Resort Management International, Inc.
	Rental Trust
	23042711

	Lahaina, HI  96761
	Poipu Resort Partners, L.P.
	Activity Trust
	23036770

	 
	West Maui Resort Partners, L.P.
	Activity Trust
	7084234

	 
	West Maui Resort Partners, L.P.
	Checking
	7076509

	 
	 
	 
	 

	HSBC
	Diamond Resorts Centralized Services Co.
	Checking
	881013943

	Los Angeles, CA 90017
	 
	 
	 

	 
	 
	 
	 

	Home Federal Bank
	Diamond Resorts Centralized Services Co.
	Checking
	301150

	Gatlingburg, TN 37738
	 
	 
	 

	 
	 
	 
	 

	Regions Bank
	Diamond Resorts Management, Inc.
	Rental Trust
	87794055

	159 Pointe Royale Dr
	Diamond Resorts Management, Inc.
	Rental Trust
	87793954

	Branson, MO 65616
	Diamond Resorts Management, Inc.
	Rental Trust
	87794012

	 
	Diamond Resorts Centralized Services Co.
	Checking
	8210099258

	Wells Fargo Securities, LLC
	Diamond Resorts Centralized Services Co.
	Money Market Funds
	28920361

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