Document:

AMENDMENT NO. 1 TO FIRST AMENDED AND RESTATED
                           LOAN AND SECURITY AGREEMENT

     This  Amendment  No. 1 to First  Amended  and  Restated  Loan and  Security
Agreement  (this  "Amendment")  is entered into as of this 30th day of November,
1999,  by  and  among  FINOVA  Capital   Corporation   ("Lender"),   a  Delaware
corporation, and CR Resorts Cancun, S. de R.L. de C.V. ("CR Cancun"); CR Resorts
Los Cabos, S. de R.L. de C.V. ("CR Cabos");  CR Resorts Puerto  Vallarta,  S. de
R.L. de C.V. ("CR Puerto  Vallarta");  Corporacion  Mexitur,  S. de R.L. de C.V.
("Corporacion  Mexitur");  CR Resorts Cancun Timeshare Trust, S. de R.L. de C.V.
("Cancun  Sub"); CR Resorts Cabos  Timeshare  Trust, S. de R.L. de C.V.  ("Cabos
Sub"), CR Resorts Puerto Vallarta  Timeshare Trust, S. de R.L. de C.V.  ("Puerto
Vallarta Sub"),  (collectively the "Original Borrowers"),  Promotora Villa Vera,
S. de R.L.  de C.V.  ("Promotora")  and Villa Vera  Resort,  S. de R.L.  de C.V.
("Villa  Vera"  and  together  with   Promotora  and  the  Original   Borrowers,
collectively, the "Borrower").

                                R E C I T A L S :

     A. The  Original  Borrowers  and Lender  entered  into a First  Amended and
Restated Loan and Security  Agreement dated as of April 23, 1999, (the "Original
Loan  Agreement"  and  together  with  this  Amendment,  collectively  the "Loan
Agreement"),  evidencing  certain  loan  facilities  from Lender to the Original
Borrowers.

     B. Borrower has asked Lender to modify the Original Loan  Agreement and the
other  Loan  Documents  in  accordance  with the terms of,  and  subject  to the
conditions  contained in, this Amendment in order to, among other things, add an
additional resort to the definition of Time-Share Project,  increase the Maximum
Inventory  Loan Amount,  increase the Maximum Loan Amount,  extend the Inventory
Loan Borrowing Term  Expiration  Date,  extend the Inventory Loan Maturity Date,
add Promotora and Villa Vera as additional  Borrowers and extend the Receivables
Loan  Opening  Prepayment  Date,  and  Lender  is  willing  to so amend the Loan
Agreement and the other Loan  Documents,  but only upon the terms and subject to
the conditions set forth herein.

     NOW, THEREFORE, in consideration of these recitals, the covenants contained
in this Amendment,  and for other good and valuable  consideration,  the receipt
and sufficiency of which are hereby  acknowledged,  Lender and Borrower agree as
follows:

     1. Definitions. Capitalized terms used in this Amendment and defined herein
have such meanings.  Unless otherwise defined in this Amendment, all capitalized
terms used herein which are defined in the Original Loan Agreement have the same
meaning as set forth in the Original Loan Agreement.

     2.  Amendments to Loan  Agreement.  The Original  Loan  Agreement is hereby
amended as follows:

     2.1 Definitions. Article I of the Original Loan Agreement is hereby amended
by adding in their proper alphabetical sequence or substituting, as the case may
be, the following definitions:

          "'Acapulco  Project'  shall mean the  property  commonly  known as the
     Villa Vera Hotel & Racquet Club, located in Acapulco, Guerrero, Mexico.

          "'Borrower'  shall mean  individually  and  collectively,  jointly and
     severally,  the  individuals  or business  organizations  signing the First
     Amendment as 'Borrower'; and, subject to the restrictions on assignment and
     transfer contained in the Loan Agreement,  their respective  successors and
     assigns."

          "'Collateral'  shall  mean the  Receivables  Loan  Collateral  and the
     collateral  pledged to Lender  pursuant to the Security  Documents  and all
     products and  proceeds  thereof,  together  with all now owned or hereafter
     acquired  right,  title  and  interest  of  Borrower  in  and to all of the
     following:

               (i) A first priority  assignment in any management,  marketing or
          other  use,  maintenance  or  service  contracts  for  the  Time-Share
          Project;

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               (ii) A first priority  security interest in and to all furniture,
          furnishings  and  fixtures  of  every  kind and  description  (and all
          improvements and accessions  thereto,  including,  without limitation,
          all  fixtures,  furniture,   appliances,   carpeting,   equipment  and
          furnishings  located  in the  Units or  elsewhere  within  each of the
          Time-Share  Projects)  located in or on or used in connection with the
          Time-Share Project;

               (iii) To the greatest  extent  permitted  under United States and
          Mexican  law,  easements,  leasehold  interests  (whether as lessor or
          lessee),  franchises,  permits,  approvals,  licenses,  facilities and
          amenities  on,  affecting  or  appurtenant  to each of the  Time-Share
          Project  and rights to occupy,  use and enjoy any such  facilities  or
          amenities;

               (iv)  Any  rights  inuring  to  Borrower  as  an   "institutional
          mortgagee," an  "institutional  lender" or a "mortgagee" in connection
          with the Time-Share Project;

               (v) Extensions, additions,  improvements,  betterments, renewals,
          substitutions  and  replacements  of, for or to any of the Collateral,
          wherever located, together with the products,  proceeds, issues, rents
          and profits  thereof,  and any  replacements,  additions or accessions
          thereto or substitutions thereof, and all rights in or under insurance
          policies and to the proceeds of any insurance policies covering any of
          the other  Collateral,  all rights to unearned  or refunded  insurance
          premiums,  and the proceeds of any  condemnation  awards or any claims
          regarding any of the other Collateral;

               (vi) A first priority security interest (pledge and deposit),  in
          and to Borrower's interest in all books,  records,  reports,  computer
          tapes,  computer disks and software  relating to all or any portion of
          the Collateral,  including, without limitation, Borrower's reservation
          system for use of the Time-Share Project;

               (vii) A first  priority  lien  (pledge and deposit) in and to the
          Personal  Property,  together  with  the cash  and  non-cash  proceeds
          thereof, with appropriate  non-disturbance language relating to common
          area equipment, fixtures and furniture;

               (viii) To the extent  allowed  under Mexican law, an absolute and
          unconditional  first  assignment  or  pledge  of any and  all  leases,
          subleases,  licenses,  concessions,  entry fees,  or other  agreements
          which grant a  possessory  interest in and to, or the right to use the
          Time-Share Project or any portion thereof  (collectively,  the "Tenant
          Leases");

               (ix) An absolute and unconditional  first assignment or pledge of
          all of the rents, revenues, income, proceeds,  royalties,  profits and
          other  benefits  payable for using,  leasing,  licensing,  possessing,
          operating  from or in, or otherwise  enjoying the  Time-Share  Project
          pursuant to the Tenant Leases, including, without limitation,  damages
          received  upon the  occurrence  of a default  under any of the  Tenant
          Leases and all proceeds payable under any policy of insurance covering
          loss of rents with respect thereto;

               (x) To the extent  allowed  under  Mexican  law, an absolute  and
          unconditional  first  assignment or pledge of all other  agreements to
          which Borrower is or becomes a party or holds any interest therein and
          which in any way relate to the use, occupancy, management,  marketing,
          maintenance or enjoyment of the Time-Share  Projects,  including,  but
          not limited  to, the  Operating  Agreement,  purchase  contracts,  and
          related   documents,   building   permits,   construction   contracts,
          completion bonds, utility contracts, maintenance agreements, marketing
          and sales agreements, management agreements and service contracts, and
          any  agreement   guaranteeing   the  performance  of  the  obligations
          contained  in  any  of  the  foregoing  agreements,  and in and to all
          related  accounts and proceeds and all deposits,  letters of credit or
          other property pledged or delivered pursuant thereto;

               (xi)  A  first  priority  security  interest  in  all  inventory,
          supplies,  accounts,  chattel paper and general  intangibles  owned or
          hereafter acquired by Borrower, used or useful in connection with, and
          placed or to be placed on or under the Time-Share Project and the cash
          and non-cash proceeds thereof;

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               (xii)  A  first  priority  security  interest  in all  furniture,
          appliances,  furnishings,  machinery,  plumbing, heating, ventilating,
          air  conditioning  systems,  fixtures and equipment owned or hereafter
          acquired by Borrower, used or useful in connection with, and placed or
          to be  placed on or under  the  Time-Share  Project,  the  Units,  the
          Time-Share Interests and the cash and non-cash proceeds thereof;

               (xiii) The first  priority  assignment of Borrower's  interest in
          the Declaration, to the greatest extent permitted under Mexican law.

          "'Declaration'  shall  mean,  collectively,  with  respect to the Club
     Regina Resort at Puerto  Vallarta,  the  Declaration of Property Regime and
     its Regulations,  formalized in public deed number 11,924,  dated August 8,
     1997,  recorded  in the Public  Registry  of Property in the City of Puerto
     Vallarta,  Mexico, with respect to the Club Regina Resort at Los Cabos, the
     Declaration of Property  Regime and its  Regulations,  formalized in public
     deed number 34708,  dated August 12, 1997,  recorded in the Public Registry
     of Property in the City of San Jose del Cabo,  Mexico,  with respect to the
     Club Regina Resort at Cancun, the Declaration of Property Regime formalized
     in public deed number 10973, dated August 11, 1997,  recorded in the Public
     Registry in the city of Cancun,  Mexico,  and the  Declaration  of Property
     Regime hereafter created as to the Acapulco Project.

          "'First  Amendment'  shall mean that certain  Amendment No. 1 to First
     Amended and Restated Loan and Security  Agreement by and between Lender and
     Borrower, dated as of the First Amendment Closing Date."

          "'First Amendment Closing Date' shall mean November 30, 1999."

          "'Guaranty  Trusts'  shall mean  collectively  (i) with respect to the
     Club Regina Resort at Los Cabos, that certain  Irrevocable Trust Agreement,
     dated  as of  August  18,  1997,  by  and  between  Desarrollos  Turisticos
     Integrales,   S.  de  R.L.  de  C.V.,  a  Mexican  limited   responsibility
     corporation  with variable  capital  (predecessor-in-interest  to CR Cabos)
     both as trustor and beneficiary  with respect to the Trust Use Rights,  the
     Land Trustee,  as trustee,  and Residual  Beneficiary,  as beneficiary with
     respect to the Trust Residual  Interest,  as evidenced by Public Instrument
     No.  55,929,  as amended by that  certain  Amendment to  Irrevocable  Trust
     Agreement,  dated as of November  28, 1997,  by and between CR Cabos,  Land
     Trustee and Residual  Beneficiary,  as evidenced by Public  Instrument  No.
     51,158,  as further amended by that certain  Amendment to Irrevocable Trust
     Agreement  dated as of March 3, 1998 by and between CR Cabos,  Land Trustee
     and Residual Beneficiary, as evidenced by Public Instrument No. 51,403, and
     as further amended by that certain Amendment to Irrevocable Trust Agreement
     (Convenio  Modificatorio del Contrato de Fideicomiso  Irrevocable) dated as
     of April 26, 1999, as evidenced by Public  Instrument  No. 67,620 of Notary
     Public  Number 103 for the  Federal  District  of Mexico,  executed by Land
     Trustee, as Trustee, CR Cabos, as beneficiary with respect to the Trust Use
     Rights,  Lender,  as  beneficiary in guaranty with respect to the Trust Use
     Rights and Residual  Beneficiary,  as beneficiary with respect to the Trust
     Residual  Interest,  as it may be  from  time  to  time  renewed,  amended,
     restated  or  replaced,  (ii) with  respect  to the Club  Regina  Resort at
     Cancun,  that certain  Irrevocable Trust Agreement,  dated as of August 18,
     1997,  by and between  Promotora  Turistica  Nizuc,  S. de R.L. de C.V.,  a
     Mexican   limited   responsibility   corporation   with  variable   capital
     (predecessor-in-interest to CR Cancun) both as trustor and beneficiary with
     respect to the Trust Use Rights, the Land Trustee, as trustee, and Residual
     Beneficiary as beneficiary with respect to the Trust Residual Interest,  as
     evidenced  by Public  Instrument  No.  55,928,  as amended by that  certain
     Amendment to Irrevocable Trust Agreement, dated as of November 28, 1997, by
     and between CR Cancun, Land Trustee and Residual Beneficiary,  as evidenced
     by Public  Instrument  No.  51,162,  as  further  amended  by that  certain
     Amendment to Irrevocable  Trust Agreement dated as of March 3, 1998, by and
     between CR Cancun, Land Trustee and Residual  Beneficiary,  as evidenced by
     Public  Instrument  No.  51,404,  and as further  amended  by that  certain
     Amendment  to  Irrevocable  Trust  Agreement  (Convenio  Modificatorio  del
     Contrato  de  Fideicomiso  Irrevocable)  dated as of  April  26,  1999,  as
     evidenced by Public  Instrument  No. 67619 of Notary  Public Number 103 for
     the Federal District of Mexico,  executed by Land Trustee,  as Trustee,  CR
     Cancun,  as beneficiary  with respect to the Trust Use Rights,  Lender,  as
     beneficiary  in guaranty  with respect to the Trust Use Rights and Residual
     Beneficiary, as beneficiary with respect to the Trust Residual Interest, as
     it may be from time to time renewed,  amended,  restated or replaced, (iii)
     with  respect to the Club Regina  Resort at Puerto  Vallarta,  that certain
     Irrevocable  Trust  Agreement,  dated as of August 18, 1997, by and between

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     Promotora y Desarrolladora  Pacifico, S. de R.L. de C.V., a Mexican limited
     responsibility  corporation with variable capital  (predecessor-in-interest
     to CR Puerto Vallarta), both as trustor and beneficiary with respect to the
     Trust Use Rights, the Land Trustee, as trustee,  and Residual  Beneficiary,
     as beneficiary with respect to the Trust Residual Interest, as evidenced by
     Public  Instrument  No.  55,927,  as amended by that  certain  Amendment to
     Irrevocable Trust Agreement,  dated as of November 28, 1997, by and between
     CR Puerto Vallarta,  Land Trustee and Residual  Beneficiary as evidenced by
     Public  Instrument No. 51,159, as further amended by that certain Amendment
     to Irrevocable  Trust Agreement dated as of March 3, 1998 by and between CR
     Puerto  Vallarta,  Land Trustee and Residual  Beneficiary,  as evidenced by
     Public  Instrument  No.  51,405,  and as further  amended by  Amendment  to
     Irrevocable  Trust  Agreement  (Convenio   Modificatorio  del  Contrato  de
     Fideicomiso Irrevocable) dated as of April 26, 1999, as evidenced by Public
     Instrument No. 67,618 of Notary Public Number 103 for the Federal  District
     of Mexico,  executed by Land Trustee,  as Trustee,  CR Puerto Vallarta,  as
     beneficiary with respect to the Trust Use Rights, Lender, as beneficiary in
     guaranty with respect to the Trust Use Rights, and Residual Beneficiary, as
     beneficiary with respect to the Trust Residual Interest,  as it may be from
     time to time renewed,  amended, restated or replaced; and (iv) with respect
     to the Acapulco  Project,  that certain  Irrevocable  Trust  Agreement  (El
     Contrato de  Fideicomiso  Irrevocable)  dated as of November 30,  1999,  as
     evidenced  by  Public   Instrument   No.  ____  of  Notary   Public  Number
     ________________  for the  Federal  District  of Mexico,  executed  by Land
     Trustee as  trustee,  Promotora,  both as trustor and as  beneficiary  with
     respect to the Trust Use Rights,  Lender,  as  beneficiary in guaranty with
     respect to the Trust Use Rights, and Residual  Beneficiary,  as beneficiary
     with respect to the Trust Residual Interest, and Villa Vera, as it may from
     time to time be renewed,  amended,  restated or replace.  The term Guaranty
     Trust shall mean any of the Guaranty Trusts."

          "'Improvements'  shall  mean  any  of  the  Units  or  any  amenities,
     improvements, common areas, buildings or other structures which are located
     on any of Club  Regina  Resort  at  Cancun,  Club  Regina  Resort at Puerto
     Vallarta,  Club Regina Resort at Los Cabos or the Acapulco Project, or that
     constitute either Trust Residual Interest or the Trust Use Rights."

          "'Instrument'  shall mean a purchase money  promissory  note which has
     arisen out of a sale of a  Time-Share  Interest by Borrower to a Purchaser,
     and is made  payable  by such  Purchaser  in favor of one of CR  Cabos,  CR
     Cancun,  CR Puerto  Vallarta,  Promotora,  Villa Vera or a  predecessor  in
     interest thereto."

          "'Inventory  Collateral' shall mean the Trust Use Rights and all other
     property and property rights of a Borrower (whether real or personal) which
     have  been  conveyed  to  Land  Trustee  for the  benefit  of  Lender  as a
     beneficiary in guaranty under the Guaranty Trusts."

          "'Permitted   Encumbrances'  shall  mean  the  rights,   restrictions,
     reservations,  encumbrances, easements and liens of record which Lender has
     agreed to accept as set forth in Exhibit B of the Original  Loan  Agreement
     and as set forth in Exhibit A of the First  Amendment  (as to the  Acapulco
     Project)."

          "'Personal Property' all equipment, furniture, furnishings, inventory,
     supplies,  accounts,  chattel  paper and  general  intangibles  at any time
     located at,  arising out of the use of and/or used in  connection  with the
     operation of the  Time-Share  Project,  together with the cash and non-cash
     proceeds thereof."

          "Pledge  Agreement'  shall mean  individually and  collectively,  that
     certain  Security   Agreement  dated  as  of  November  23,  1998,  between
     Receivables  Trustee and Lender,  pursuant to which Receivables Trustee has
     granted to Lender a security  interest in the Receivables  Collateral owned
     by Receivables  Trustee under the Club Regina Trust I and Club Regina Trust
     II, as amended by that certain First Amendment to Security  Agreement dated
     as of April 23, 1999, between Receivables  Trustee and Lender,  pursuant to
     which Receivables  Trustee has granted to Lender a security interest in the
     Receivables  Collateral  owed by Receivables  Trustee under the Club Regina
     Trust III,  and as further  amended by that  certain  Second  Amendment  to
     Security  Agreement  dated of even date with the  First  Amendment  between
     Receivables  Trustee and Lender,  as security  for  Borrower's  payment and
     Performance of the Obligations  and as security for  Receivables  Trustee's
     Performance  of  Receivables   Trustee's   obligations  under  such  Pledge
     Agreement and in form and substance acceptable to Lender in its discretion,
     as it may be from time to time renewed, amended, restated or replaced."

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          "'Resort  Property'  shall mean, as the context  requires,  either the
     Club Regina Resort at Cancun, the Club Regina Resort at Los Cabos, the Club
     Regina Resort at Puerto Vallarta or the Acapulco Project."

          "'Title  Policy'  shall mean a Lender's  policy or  policies  of title
     insurance in the amount of Sixteen  Million Five Hundred  Thousand  Dollars
     ($16,500,000)  issued by the Title  Insurer and in form and  substance  and
     accompanied  by  such  endorsements   (including  without   limitation,   a
     "concurrent  policy  endorsement"  and  a  "last-dollar-out   endorsement")
     satisfactory to Lender wherein the insured instrument shall be the Guaranty
     Trusts,  which Title Policy  shall assure  Lender that the Trust Use Rights
     are  contained  within the  applicable  Guaranty  Trust subject only to the
     Permitted  Encumbrances  and which Title  Policy shall  further  assure the
     Lender that it is a  beneficiary  in guaranty with respect to the Trust Use
     Rights under each of the Guaranty Trusts."

     2.2 Corporate Status. Paragraph 5.1 of the Original Loan Agreement shall be
amended by adding a subparagraph 5.1.8 and 5.19 thereof reading as follows:

          "5.1.8 Corporate Existence. Villa Vera is a duly organized and validly
     existing  business  organization  of the type identified in the Schedule as
     Borrower's Type of Business Organization under the laws of the jurisdiction
     identified in the Schedule as Borrower's  Jurisdiction of Organization and,
     subject to Borrower's compliance with paragraph 9.1 of the First Amendment,
     is authorized  to do business in the state of Guerrero,  Mexico and in each
     jurisdiction where Villa Vera is at any time selling  Time-Share  Interests
     or where at any  time the  location  or  nature  of its  properties  or its
     business  makes  such  qualification   necessary.   Subject  to  Borrower's
     compliance with paragraph 9.1 of the First  Amendment,  Villa Vera has full
     power and authority to carry on its business and own its property.

          5.1.9 Corporate  Existence.  Promotora is a duly organized and validly
     existing  business  organization  of the type identified in the Schedule as
     Borrower's Type of Business Organization under the laws of the jurisdiction
     identified in the Schedule as Borrower's  Jurisdiction of Organization and,
     subject to Borrower's compliance with paragraph 9.1 of the First Amendment,
     is authorized  to do business in the state of Guerrero,  Mexico and in each
     jurisdiction where Promotora is at any time selling Time-Share Interests or
     where at any time the location or nature of its  properties or its business
     makes such qualification  necessary.  Subject to Borrower's compliance with
     paragraph  9.1 of  the  First  Amendment,  Promotora  has  full  power  and
     authority to carry on its business and own its property."

     2.3 Assessments and Reserves. Paragraph 5.13 of the Original Loan Agreement
shall be amended by amending  and  restating  subsection  (a) thereof to read as
follows:

          "5.13 (a) Subject to Borrower's  compliance  with paragraph 9.1 of the
     First Amendment as to the Acapulco Project,  CR Cabos, CR Cancun, CR Puerto
     Vallarta,  Promotora or Villa Vera, as  appropriate,  has authority to levy
     annual  assessments  to cover the costs of  maintaining  and  operating the
     Time-Share Project with respect to the Time Share Project to which it holds
     the Trust Use Rights under the corresponding Guaranty Trust."

     2.4 Title.  Paragraph 5.14 of the Original Loan Agreement  shall be amended
and restated in its entirety to read as follows:

          "5.14 Title to and  Maintenance of Common Areas and  Amenities;  Other
     Title  Matters.  (a) The Land  Trustee  will at all  times  own,  under the
     applicable  Guaranty Trust, the furnishings in the Units and all the common
     areas in the  Time-Share  Project  and  other  amenities  which  have  been
     promised or represented as being available to Purchasers, free and clear of
     liens and security interests except for the Permitted Encumbrances;  (b) no
     part of the  Time-Share  Project is or will be subject to  partition by the
     owners of Time Share Interests;  and (c) all access roads and utilities and
     off-site  improvements  necessary to the use of the Time-Share Project will
     have been  dedicated  to and/or  accepted by the  responsible  governmental
     authority or utility  company or are owned by an  association  of owners of
     property  in a larger  planned  development  or  developments  of which the
     Time-Share  Project is a part.  CR Cancun is lawfully  seized of a good and
     marketable  title to the  Inventory  Collateral  located at the Club Regina
     Resort at  Cancun.  CR Puerto  Vallarta  is  lawfully  seized of a good and
     marketable title to the Inventory  Collateral located at Club Regina Resort
     at Puerto  Vallarta.  CR Cabos is lawfully  seized of a good and marketable
     title to the Inventory  Collateral located at the Club Regina Resort at Los
     Cabos.  Promotora is lawfully seized of a good and marketable  title to the

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     Inventory Collateral located at the Acapulco Project. CR Cancun is lawfully
     seized  of  a  good  and  marketable   title  to  any  insurance   policies
     constituting  Receivables  Collateral  located at the Club Regina Resort at
     Cancun.  CR Puerto  Vallarta  is lawfully  seized of a good and  marketable
     title to any insurance policies constituting Receivables Collateral located
     at the Club Regina Resort at Puerto  Vallarta.  CR Cabos is lawfully seized
     of a good and  marketable  title  to any  insurance  policies  constituting
     Receivables  Collateral  located  at the Club  Regina  Resort at Los Cabos.
     Promotora  is  lawfully  seized  of a  good  and  marketable  title  to any
     insurance policies  constituting the Receivables  Collateral located at the
     Acapulco Project.  Cabos Sub and Puerto Vallarta Sub are lawfully seized of
     a good and marketable  title to the Receivables  Trust  Collateral.  Puerto
     Vallarta Sub, Cabos Sub,  Cancun Sub and Promotora are lawfully seized of a
     good and  marketable  title to the balance of the  Receivables  Collateral.
     Borrower is lawfully  seized of a good and marketable  title to the balance
     of the Collateral. The Collateral is free from liens, claims,  restrictions
     or encumbrances,  except the Permitted  Encumbrances.  Borrower does hereby
     warrant and shall forever defend the  Collateral  against the claims of all
     persons whatsoever, subject however to the Permitted Encumbrances."

     2.5  Restrictions on Liens or Transfers.  Paragraph  6.2(c) of the Original
Loan  Agreement,  clause (iii)  thereof,  shall be amended by deleting the words
"section  4.08" and  substituting  therefor the words  "section  4.08 or section
4.10."

     2.6 Schedule.

          2.6.1.  Section S.3 of the Schedule is hereby  amended by amending and
     restating the following subparagraph as follows:

               "(d) 1. Inventory Loan Borrowing Term Expiration  Date:  December
          31, 1999.

               (e) 1.  Inventory  Loan Fee:  One  Hundred Ten  Thousand  Dollars
          ($110,000)  paid under the Original Loan Agreement and Thirty Thousand
          Dollars ($30,000) paid under the First Amendment.

               (f) 1. Inventory Loan Maturity Date: June 30, 2001.

               (g) 1. Inventory Loan Opening  Prepayment Date: The date which is
          twelve (12) months from the First Amendment Closing Date.

               (j) 1. Maximum Loan Amount: The lesser of (i) Thirty-Four Million
          Dollars  ($34,000,000)  or (ii) the maximum amount of Indebtedness (as
          defined in the Indenture)  that Borrower and Guarantor may incur under
          the   Indenture,   taking  into   account  the  amount  of  any  other
          Indebtedness  then  owed  by  Borrower,  Guarantor  or any  Restricted
          Subsidiary  (as  defined in the  Indenture),  which,  by virtue of its
          amount or nature, is restricted by the Indenture.

               (k) 1.  Maximum  Inventory  Loan  Amount:  Sixteen  Million  Five
          Hundred Thousand Dollars ($16,500,000).

               (q) 1. Receivables  Loan Opening  Prepayment Date: The date which
          is two (2) years from the First Amendment Closing Date.

               (v) 1. Time Share Project:  Club Regina Resort at Los Cabos, Club
          Regina Resort at Puerto Vallarta, Club Regina Resort at Cancun and the
          Acapulco Project.

               (x) 2.9(a)  Payment of Inventory Loan Fee: The Inventory Loan Fee
          payable in connection  with the Original Loan Agreement was payable in
          full in the earlier of April 15, 1999 or  concurrently  with the first
          Advance of the proceeds of the Inventory  Loan. The Inventory Loan Fee
          payable in  connection  with the First  Amendment  shall be payable in
          full  on the  First  Amendment  Closing  Date  or,  in the  event  the
          transaction is evidenced by the First Amendment  fails to close,  upon
          demand, in consideration of Lender's holding itself ready, willing and
          able  to  amend  the  Original  Loan  Agreement  upon  the  terms  and
          conditions  set forth in the First  Amendment.  The Inventory Loan Fee
          due in  connection  with the First  Amendment may be withheld from the
          proceeds of any Advance."

          2.6.2.  Section  S.3(ee) of the Schedule  shall be amended by adding a
     subsection (8) and (9) thereof reading as follows:

                                       6
<PAGE>
               "(8) Villa Vera:  A Mexican  limited  responsibility  corporation
          with variable capital.

               (9) Promotora: A Mexican limited responsibility  corporation with
          variable capital."

          2.6.3.  Section  S.3(ff) of the Schedule  shall be amended by adding a
     subsection (8) and (9) thereof reading as follows:

               "(8) Villa Vera: Mexico.

               (9) Promotora: Mexico."

          2.6.4.  Sections  S.3(gg) and (hh) of the Schedule shall be amended by
     adding a subsection (8) and (9) thereof reading
     as follows:

               "(8) Villa Vera:  Boulevard  Adolfo Ruiz Cortinez No. 3642 P.B. y
          Piso 7 Col. Jardines del Pedregal C.P. 01900, Mexico DF

               (9)  Promotora:  Boulevard  Adolfo Ruiz  Cortinez No. 3642 P.B. y
          Piso 7 Col. Jardines del Pedregal C.P. 01900, Mexico DF"

          2.6.5.  Section  S.4 of the  Schedule,  before  giving  affect to this
     Amendment,  shall be applicable  with respect to all  Time-Share  Interests
     sold prior to November 1, 1999.  With respect to all  Time-Share  Interests
     sold on or after  November 1, 1999,  Section S.4 of the  Schedule is hereby
     amended and restated in its entirety to read as follows:

               "S.4 No later  than the  fifteenth  day of each  month,  Borrower
          shall make to Lender a payment (the "Interval  Sales  Payment") in the
          amount of Three  Thousand Two Hundred  Thirty Four and 30/100  Dollars
          ($3,234.30) (or One Thousand Six Hundred  Seventeen and 15/100 Dollars
          $1,617.15)  with  respect to a  particular  Time-Share  Interest  that
          entitles a Purchaser to occupy a Unit every other calendar year),  for
          each Time-Share Interest sold during the immediately previous calendar
          month. Lender shall have the right to make a draw upon the Receivables
          Loan in order to make such Interval Sales Payments or in order to make
          any other payments required under the Inventory Loan Note in the event
          such payments are not made by Borrower in a timely  fashion.  Interval
          Sales Payments shall be applied to the unpaid principal balance of the
          Inventory Loan. In  consideration of the payment by Borrower to Lender
          of an Interval  Sales Payment with respect to a particular  Time-Share
          Interest, Lender agrees to grant nondisturbance rights in favor of the
          Purchaser  of such  Time-Share  Interest  more fully  provided  in the
          Guaranty Trusts.

          2.7. Eligibility. Exhibit A (Conditions of Eligible Instrument) to the
     Original  Loan  Agreement  shall  be  amended  by  amending  and  restating
     subparagraph (l) and by amending and restating the introductory  portion of
     subparagraph (o) to read as follows:

               "(l)  The  Instrument  executed  by a  Purchaser  who is a United
          States resident and  representing the financed portion of the purchase
          price of a Time-Share  Interest is held by the Receivables  Trustee in
          the Receivables Trust. In all other  circumstances,  the Instrument is
          owned by Cancun Sub, Cabos Sub, Puerto Vallarta Sub or Promotora.

               (o) The  Instruments  contained  within the Club Regina  Trust II
          shall contain language substantially similar to the following:"

          2.8 Certain Exhibits. Exhibit C (Borrower's Certificate),  Exhibit E-1
     (Request  for  Receivables  Loan  Advance and  Certification),  Exhibit E-2
     (Receivables  Assignment) and Exhibit F (Request for Inventory Loan Advance
     and  Certification)  to the Original  Loan  Agreement  shall be amended and
     restated in their entirety by substituting in lieu thereof,  those forms of
     Exhibits B, C, D and E, respectively, attached to this Amendment.

          3. Advances.  Subject to the satisfaction of all conditions  precedent
     to the making of Advances set forth in the Original  Loan  Agreement and in
     this First  Amendment,  including  without  limitation,  the conditions set
     forth in paragraph  4.2(b) of the Original Loan Agreement,  the proceeds of
     the  Inventory  Loan  to be  advanced  to the  Borrower  pursuant  to  this
     Amendment  shall be advanced to  Borrower  on the First  Amendment  Closing
     Date.  The initial  Advance shall be in the amount of Seen Million  Fifteen
     Thousand Five Hundred  Thirty-four  and 24/100 United States  Dollars (U.S.
     $7,015,534.24),  calculated  in the  manner  set  forth on the  spreadsheet
     attached  hereto  as  Exhibit  F. The sum of One  Hundred  Twenty  Thousand

                                       7
<PAGE>

     Dollars  ($120,000)  shall be  advanced  to  Borrower  after  such  time as
     Borrower  demonstrates to Lender that those amounts owed to the contractors
     described  in  the   attached   Exhibit  G  have  been  paid  by  Borrower,
     substantiated  by evidence  acceptable  to Lender,  and Lender is otherwise
     satisfied  that all  renovation  activity  performed  by  Promotora  or its
     Affiliates  at the  Acapulco  Project  has  been  completed  and all  costs
     incurred  in  connection  therewith  have been paid.  The  proceeds of such
     Advance shall be used by Promotora (i) to complete  Promotora's purchase of
     the Acapulco  Project from  Bancomer,  S.A.,  by paying all amounts due and
     owing by Promotora to Bancomer,  S.A., in connection with such acquisition,
     pursuant  to that  certain  Contrato  de  Promesa de  Compraventa  Sujeta a
     Condicion Resolutoria between Bancomer,  S.A., and CR Puerto Vallarta dated
     May 4, 1998,  as  amended  by that  certain  Convenio  Modificatorio  among
     Bancomer,  S.A., Promotora and CR Puerto Vallarta dated July 29, 1999, (ii)
     to pay  loan  closing  costs,  including  the  Inventory  Loan  Fee  due in
     connection with this Amendment,  (iii) to establish an interest reserve (in
     addition to the interest  reserve  established  under  paragraph 2.4 of the
     Original  Loan  Agreement)  in the  amount of Eight  Hundred  Eighty  Seven
     Thousand United States Dollars (U.S.  $887,000) and (iv) for  acquisitions,
     development,  working  capital and repayment of existing  obligations.  The
     aforementioned  interest reserve shall be used by Lender to pay interest on
     the  Inventory  Loan, as and when  payable,  and shall not accrue  interest
     until such  reserves  are drawn  upon.  Following  the  exhaustion  of said
     interest reserve and the interest reserve  established  under paragraph 2.4
     of the Original Loan  Agreement,  interest on the  Inventory  Loan shall be
     paid by Borrower from  Borrower's  internally  generated cash or from other
     sources.  Notwithstanding  the  provisions of paragraph 2.2 of the Original
     Loan Agreement  which provide in part that Borrower does not have the right
     to obtain Advances of the Inventory Loan as to any portion of the Inventory
     Loan that has been  previously  repaid,  those payments  received by Lender
     between  August 6,  1999 and the  First  Amendment  Closing  Date  shall be
     available  to Borrower to reborrow on the First  Amendment  Closing Date to
     the extent  necessary to create  sufficient loan proceeds to fully fund the
     amount of the Advance described in this paragraph.

                  [Remainder of Page Intentionally Left Blank]

                                       8
<PAGE>

          4.  Assumption.  Each of Villa Vera and  Promotora has read all of the
     Loan Documents and is fully familiar with their contents.  WITHOUT LIMITING
     THE  GENERALITY  OF THE  FOREGOING,  EACH OF VILLA VERA AND  PROMOTORA  HAS
     REVIEWED THE  PROVISION OF PARAGRAPHS  9.11,  9.12 AND 9.13 OF THE ORIGINAL
     LOAN AGREEMENT AND, BY INITIALING  BELOW,  ACKNOWLEDGES  THAT THE FOREGOING
     PROVISIONS ARE MATERIAL INDUCEMENTS FOR LENDER'S MAKING ADVANCES TO FOR THE
     BENEFIT OF PROMOTORA AND VILLA VERA.  Villa Vera and Promotora  assumes the
     obligation  to pay and perform and hereby  agrees to pay and perform,  on a
     joint and several basis with each other and the Original Borrowers,  all of
     the covenants of the Original Borrowers contained in the Loan Documents and
     all of the  Obligations,  as if Villa Vera and  Promotora  were an original
     party to the Loan Documents.  In addition,  except as otherwise provided in
     this Amendment, each of Villa Vera and Promotora adopts, ratifies and makes
     as its own (as if Villa Vera and  Promotora  were an original  party to the
     Loan  Documents) and each Original  Borrower  hereby remakes and reaffirms,
     each representation and warranty of the Original Borrowers contained in the
     Loan Documents,  each power of attorney  appointment  contained in the Loan
     Documents  and each grant of a lien  security  interest  or  assignment  of
     rights or privileges made by the Original  Borrowers in the Loan Documents,
     all of which shall run to the  benefit of Lender.  Each  Original  Borrower
     agrees that all of the covenants of Villa Vera and  Promotora  contained in
     the  Loan  Documents  (as  amended  by  this  Amendment)  and  each  of the
     Obligations of Villa Vera and Promotora shall  constitute joint and several
     covenants and obligations of each of the entities constituting the Original
     Borrowers.

                                          VillaVera's and  Promotora's  initials
                                           as to paragraphs 9.11 through 9.13 of
                                              the Original Loan Agreement ______

                  [Remainder of Page Intentionally Left Blank]

                                       9
<PAGE>

          5. Fees and Expenses.  Borrower  shall pay to Lender on demand all out
     pocket  costs and  expenses  incurred  or to be  incurred  by Lender or its
     counsel in connection  with the  initiation,  documentation  and closing of
     this  Amendment and the making of Advances  hereunder,  including,  without
     limitation,  travel costs, all attorneys',  notarys' and trustees' fees and
     expenses, any brokerage or similar fees, all filing and recording fees, all
     charges for consumer credit reports and all revenue and documentary  stamp,
     intangible or other taxes.  The foregoing fees and expenses may be withheld
     from the proceeds of any Advance.

          6.  References.   All  references  in  the  Loan  Agreement  to  "this
     Agreement"  shall be  deemed to refer to the  Original  Loan  Agreement  as
     amended  through  the date  hereof,  and all  references  in any other Loan
     Document to the  Original  Loan  Agreement  shall be deemed to refer to the
     Original Loan Agreement as amended through the date hereof.

          7. No Other Changes.  Except as expressly  amended by this  Amendment,
     all of the terms and conditions of the Original Loan Agreement shall remain
     in full force and effect and shall apply to any Advance thereunder.

          8. Conditions  Precedent.  This Amendment will not be effective unless
     and until each of the following  conditions  precedent have been satisfied,
     in form,  manner and  substance  satisfactory  to Lender prior to the First
     Amendment Closing Date:

               (a) Loan  Documents.  Borrower  shall have delivered to Lender or
          caused to be  delivered  to Lender the  following  which shall be duly
          executed  and  delivered  and in form and  substance  satisfactory  to
          Lender, not later than the First Amendment Closing Date:

                    (i) this Amendment;

                    (ii) a First  Amended and  Restated  Receivables  Promissory
               Note, in the original  principal  amount of Twenty Million United
               States Dollars (U.S. $20,000,000);

                    (iii) a First  Amended  and  Restated  Inventory  Promissory
               Note, in the original  principal  amount of Sixteen  Million Five
               Hundred Thousand United States Dollars (U.S. $16,500,000),  which
               shall   include,   among  other  things,   a  revised   principal
               amortization schedule;

                    (iv) an  Environmental  Certificate and Indemnity  Agreement
               with respect to the Acapulco Project;

                    (iv) a Consent of Guarantor and Amendment No. 2 to Corporate
               Guarantee and Subordination Agreement from the Required Guarantor
               which shall include,  among other things, an amendment of the net
               worth covenant contained in the Guaranty;

                    (v) a commitment  from the Title  Insurer to issue the Title
               Policy, as redefined by this Amendment;

                    (vi) UCC financing  statements for filing and/or  recording,
               as appropriate, where necessary to perfect the security interests
               in the Collateral;

                    (vii)  a  favorable  opinion  or  opinions  (or at  Lender's
               election,  reaffirmations of the previous  opinions  delivered to
               Lender under the Original Loan  Agreement) from each of Andrews &
               Kurth; Battle Fowler LLP; Lewis and Roca LLP; Santamarina y Steta
               and Creel,  Garcia  Cuellar y Muggenburg,  which  opinions  shall
               cover such matters as Lender may reasonably require;

                    (viii) a favorable comfort letter from Gallastegui y Lozano;

                    (ix) those  consents  which Lender  requires the Borrower to
               obtain,  or which Borrower is contractually or legally  obligated
               to  obtain,  from  others  in  connection  with  the  transaction
               contemplated by this Amendment;

                    (x)  an  amendment  to  the  Guaranty   Trusts  executed  in
               connection  with the Original  Loan  Agreement  together  with an
               additional Guaranty Trust with respect to the Acapulco Project;

                                       10
<PAGE>

                    (xi) a Second  Amendment  to  Assignment  of  Contracts  and
               Intangibles, Licenses and Permits;

                    (xii) a Second Amendment to Security Agreement;

                    (xiii) a Second Amendment to Lockbox Agreement;

                    (xiv) a Second Amendment to Oversight and Agency Agreement;

                    (xv) a Second Amendment to Servicing Agreement;

                    (xvi) a Second Amendment to Custodial Agreement; and

                    (xvi) such other documents as Lender may reasonably  require
               to effect the intent and purposes of this Amendment;

               (b)  Organizational,  Time-Share  Project and Other Due Diligence
          Documents.  Borrower shall have delivered to Lender prior to the First
          Amendment Closing Date:

                    (i) the Articles of Organization of Villa Vera and Promotora
               together with a  certification  from the  appropriate  officer of
               each of the  Original  Borrower  certifying  that the Articles of
               Organization  delivered to Lender in connection with the Original
               Loan  Agreement  have  not  been  amended  in any  respect  or if
               amendments  have occurred,  certifying as to the accuracy of such
               amendments which shall be attached to the Certificate;

                    (ii) satisfactory evidence that the Required Guarantor is in
               compliance   with  the  Indenture  after  giving  effect  to  the
               indebtedness  to  be  incurred  pursuant  to  the  Original  Loan
               Agreement  as amended  through the date  hereof and after  giving
               effect to the indebtedness which, as of the date hereof, Borrower
               is contemplating incurring with Textron Financial Corporation and
               Bancomer, S.A.;

                    (iii)  satisfactory  evidence that upon the  registration of
               the  Guaranty  Trust with  respect to the  Acapulco  Project  and
               compliance  by Borrower  with the  provisions  of  paragraph  9.1
               hereof,  all Units  within the Acapulco  Project  shall have been
               converted to time-share use;

                    (iv) satisfactory  evidence that the Required Guarantor will
               have  sufficient  liquidity  (either in the form of a funded loan
               facility,   equity  infusion  or  committed  loan  facility  with
               conditions  of  closing  satisfactory  to  Lender)  to enable the
               Required  Guarantor  to timely make the  interest  payment due on
               December 1, 1999 under the Indenture;

                    (v)  satisfactory  evidence  that  all  renovation  activity
               performed by Promotora or its Affiliates at the Acapulco Project,
               including  the  necessary  renovations  to  the  spa,  have  been
               completed  and that all costs  incurred in  connection  therewith
               have been paid.  Such  evidence  shall  include a letter from the
               contractor  performing  such  renovation  activity  acknowledging
               payment in full of all  amounts  owed to him in  connection  with
               such  activity.  As to any  renovation  costs  that have not been
               paid,  Lender shall be  authorized to withhold the amount of such
               unpaid costs from Advances made under the Loan Agreement;

                    (vi) an accounts  payable aging schedule dated no later than
               ten  (10)  days  prior  to  the  First  Amendment   Closing  Date
               demonstrating that Borrower's and Required  Guarantor's  accounts
               payable have not  significantly  further aged from the  September
               14, 1999 aging schedule presented to Lender;

                    (vii)  resolutions  of each  Borrower  (or  valid  effective
               powers of attorney),  of any and all Required  Guarantors and (if
               any), of other sureties for the  Obligations  and, if applicable,
               of their respective managers, members and partners, to the extent
               any  such  entity  is  not  a  natural  person,  authorizing  the
               execution  and delivery of the  Amendment  and the  documentation
               anticipated hereby, the transactions contemplated hereby and such
               other matters as Lender may require;

                                       11
<PAGE>

                    (viii) evidence of good standing for Required Guarantor from
               the state of its  organization  and  evidence  that  Borrower and
               Required  Guarantor  have  obtained all  approvals,  consents and
               business  licenses which are necessary to enable each of them, as
               applicable,  to  execute  the  Amendment  and  the  documentation
               contemplated   hereby,   consummate   the   Inventory   Loan  and
               Receivables  Loan,  contemplated  by the  Amendment  and  operate
               within Mexico;

                    (ix) satisfactory evidence that all taxes and assessments on
               the  Acapulco  Project due and payable as of the First  Amendment
               Closing Date have been paid;

                    (x) a survey of the Acapulco  Project in form and  substance
               satisfactory to Lender and the Title Insurer;

                    (xi) all permits,  licenses,  approvals and certificates for
               the  occupancy,  use and  operation of the  Acapulco  Project for
               time-share and other intended uses and for the sale of Time-Share
               Interests,   including  any  necessary   architectural  committee
               approvals;

                    (xii) satisfactory evidence of access to and parking for the
               Acapulco Project adequate for time-share and hotel uses;

                    (xiii)  a  copy  of  all  marketing  contracts,   management
               contracts,  service contracts,  operating  agreements,  equipment
               leases,  space  leases  and other  agreements  pertaining  to the
               Acapulco Project and which are necessary for the sale,  operation
               and intended  time-share use of the Acapulco  Project and are not
               otherwise required pursuant to another item in this paragraph;

                    (xiv) satisfactory  evidence that each owner of a Time-Share
               Interest in the Acapulco  Project  will have  available to it the
               quiet  and  peaceful   enjoyment  of  the   Time-Share   Interest
               (including  promised amenities and necessary  easements) owned by
               it which  cannot  be  disturbed  so long as such  owner is not in
               default  of its  obligations  to pay the  purchase  price  of its
               Time-Share Interest,  to pay assessments to the Borrower,  and to
               comply with reasonable  rules and  regulations  pertaining to the
               use of the Time-Share Interest; and

                    (xv) satisfactory  evidence that upon the initial Advance of
               the Inventory  Loan made pursuant to this  Amendment,  Villa Vera
               and Promotora will have good and marketable title to the Acapulco
               Project  and to the  balance of the  Collateral  to be pledged to
               Lender by Villa Vera and  Promotora.  In  addition,  satisfactory
               evidence that the security interests to be granted to Lender have
               been  duly  perfected  as first and prior  charges  and  security
               interests  (subject only to the filing of the Guaranty Trusts (or
               amendments  thereof,  as applicable) with the appropriate  public
               registries) and that there are no other legal charges or security
               interests filed against the Collateral.

                    (xvi)  the  agreement,  in a form  satisfactory  to  Lender,
               pursuant to which  Promotora  has conveyed to CR Puerto  Vallarta
               the Time-Share Interest arising from the Acapulco Project.

               (c) Environmental Conditions.  Lender shall be satisfied with the
          environmental condition of the Acapulco Project.

               (d)  Transfer  Fees.  Lender  shall  have  received  in form  and
          substance satisfactory to Lender, evidence of payment of transfer fees
          and  taxes  (if  applicable)   assessed  by  applicable   governmental
          authorities  in connection  with the purchase of the Acapulco  Project
          and the  registration  of the  Guaranty  Trusts (or of the  amendments
          thereof, as applicable).

               (e) Credit Reports;  Search  Reports;  Site  Inspections.  Lender
          shall have received, in form and substance satisfactory to Lender, the
          results of UCC searches  (or its  equivalent  under  Mexican law) with
          respect  to  Borrower,  lien,  litigation,   judgment  and  bankruptcy
          searches (or its equivalent  under Mexican law) for Borrower,  any and
          all Required  Guarantors and conducted in such jurisdictions as Lender
          deems appropriate and having a currency meeting Lender's requirements.
          A member  of  Lender's  credit  committee  shall  have  inspected  the
          Acapulco  Project  and shall be  satisfied  with the  results  of such
          inspection.

                                       12
<PAGE>

               (f) Organizational Structure.  Lender shall be satisfied with the
          organizational structure of Villa Vera and Promotora.

               (g) Broker.  If the  services  of a broker have been  utilized by
          Borrower  to arrange the  Receivables  Loan or the  Inventory  Loan to
          Promotora  and Villa  Vera,  evidence  that any fee due such broker or
          brokers has been paid or shall be paid. In any event, such fees are to
          be borne solely by Borrower.

               (h) Affiliation.  Lender has received evidence satisfactory to it
          that the Acapulco Project is affiliated with either Resort Condominium
          International or Interval  International  and is in good standing with
          such exchange companies.

               (i) Marketing Agreements. Lender shall have received and approved
          all  management  and  marketing  agreements  pertinent to the Acapulco
          Project (which shall be  collaterally  assigned to Lender  pursuant to
          the CILP  Assignment)  and which  agreements  shall be  terminable  at
          Lender's option upon an Event of Default.

               (j)  Time-Share  Matters.  Lender  shall  have (i)  received  and
          approved the Time-Share  Program  Consumer  Documents used to sell the
          Time-Share  Interests at the Acapulco  Project,  (ii)  received  legal
          opinions in form and substance and from counsel satisfactory to Lender
          as to the sufficiency and  enforceability  of such Time-Share  Program
          Consumer  Documents  and as to  such  other  matters  concerning  such
          Time-Share Program Consumer  Documents as Lender shall require,  (iii)
          received  evidence  that  Borrower has  obtained the Minimum  Required
          Time-Share  Approvals  conditioned solely upon the delivery to PROFECO
          of  (A)  the  public  deed  conveying  the  Acapulco  Project  to  the
          applicable  Guaranty  Trust  and  (B) a copy of the  insurance  policy
          evidencing  the  maintenance  by the Borrower of  necessary  insurance
          coverage as to the Acapulco Project.

               (k) Lot 16.  Lender is satisfied  with the  agreements  that have
          been reached between Promotora and Bancomer,  S.A.  concerning the lot
          or lots within the  Acapulco  Project  that were not  included  within
          Bancomer's  original  adjudication and Lender has the benefit of those
          agreements.

               (l) Default.  There shall not then exist an Incipient  Default or
          an Event of Default.

               (m) Representations  and Warranties.  All the representations and
          warranties  of  the  Borrower  and  Required  Guarantor  in  the  Loan
          Documents shall be true and correct, in all material respects,  before
          and after giving effect to the making of this Amendment.

               (n) Costs. Borrower shall have paid all closing costs,  recording
          fees and taxes, appraisal fees and expenses, travel expenses, fees and
          expenses  of  Lender's  counsel,  and all  other  costs  and  expenses
          incurred by Lender in connection  with the  preparation of, closing of
          and  disbursement of the advances  pursuant to this  Amendment,  which
          costs,  fees and expenses  may be payable from the first  advance made
          pursuant to this Amendment.

               (o)  Material  Adverse  Change.  There has  occurred  no material
          adverse  change in the business,  operations,  profits or prospects of
          Borrower or Required  Guarantor or on the  condition of  Borrower's or
          Required  Guarantor's  assets  from  and  after  the  date of the last
          financial  statements of Borrower or Required  Guarantor  submitted to
          Lender.

          9. Covenants and Representations.

          9.1 Borrower  agrees to deliver  those items listed in paragraph  8(j)
     hereof to PROFECO and obtain all necessary  time-share  approvals  from the
     State of  Guerrero,  no later than the earlier of (i) the first  Advance of
     any proceeds of the Receivables Loan against Eligible  Instruments  arising
     from the Acapulco Project or (ii) January 31, 2000;

                                       13
<PAGE>
          9.2 Borrower agrees to diligently  enforce all of the obligations owed
     by Bancomer, S.A. to Promotora and Villa Vera as the seller of the Acapulco
     Project.  At such time as Bancomer,  S.A. has acquired  title to the Lot 16
     (as hereinafter identified),  Borrower shall immediately thereafter acquire
     the same  from  Bancomer,  S.A.  and  thereafter  convey  the same into the
     applicable  Guaranty Trust.  Borrower shall thereafter use its diligent and
     best efforts to obtain a perpetual  ingress and egress  easement  over Paso
     Privado and shall cause such  easement to be conveyed  into the  applicable
     Guaranty Trust.  For purposes  thereof,  "Lot 16" shall mean that parcel of
     property  between  Polygon E and Paso Privado as reflected on the survey of
     the Acapulco Project delivered to Lender pursuant to Paragraph 8(b)(x);

          9.3 Promptly  upon written  request,  the  Borrower  shall,  and shall
     likewise cause Remainder  Company and the Land Trustee to execute,  further
     amendments  to  those  Guaranty  Trusts  executed  in  connection  with the
     Original Loan  Agreement so as to include  within the text of such Guaranty
     Trusts, any language that was contained in the final version of such trusts
     but which was not  included  within the public  instrument  prepared by the
     applicable Notary Public. Borrower shall thereafter promptly cooperate with
     Lender  in  connection  with  the  registration  of  such  amendments.   In
     connection therewith, Borrower shall cause the Title Policy to be endorsed,
     at the sole cost and expense of Borrower, to include such amendments within
     Schedule A thereof and to assure Lender that such amendments  remain in the
     same  priority as the  original  Guaranty  Trusts.  Promptly  upon  written
     request,  Borrower grant in favor of Lender a power of attorney  sufficient
     in form and substance  under Mexican law for purposes of permitting  Lender
     to exercise  all of power of attorney  rights  granted to Lender  under the
     Loan Documents.  Furthermore, promptly upon written request, Borrower shall
     grant in favor of Lender a first priority lien and security  interest under
     Mexican law on all furniture,  furnishings,  fixtures, machinery, equipment
     and other related personal property, together with all contracts,  permits,
     licenses and  approvals,  located in or on or used in  connection  with the
     Time-Share Project, in form and substance satisfactory to Lender.  Borrower
     shall not execute any documents or instruments relating to its contemplated
     loan facilities with Textron Financial  Corporation or Bancomer,  S.A. in a
     form that has not been approved by Lender.

          9.4 Borrower  agrees not to consent to the making of any amendments to
     the loan agreement or other  documents  executed by Borrower with either of
     Textron Financial  Corporation or Bancomer,  S.A. that would materially and
     adversely  affect  Lender or be contrary to the express  provisions  of any
     intercreditor  agreement  between  Lender and either of the  aforementioned
     other lenders.

          9.5 With  respect  to the  Acapulco  Project,  Borrower  warrants  and
     represents to Lender as follows, which representations and warranties shall
     be deemed made and reaffirmed prior to the making of each Advance:

          9.5.1 The Acapulco  Project is zoned for time-share and other intended
     uses and, subject to the provisions of paragraph 9.1 hereof,  all approvals
     required for such uses under any  covenants,  conditions  and  restrictions
     have been  obtained.  The  present  use of the  Acapulco  Project  will not
     violate  any  existing  bylaws,  restrictions,   covenants  or  regulations
     affecting the Acapulco Project;

          9.5.2 The Acapulco  Project is not located  within a flood prone area;
     and
          9.5.3  There  exists  current  and  reasonably  anticipated  continued
     availability  of  utilities  necessary  to serve the  Acapulco  Project for
     time-share and other intended uses.

          10. Indebtedness  Acknowledged.  Borrower hereby ratifies,  reaffirms,
     acknowledges  and  agrees  that  the  Loan  Agreement  and the  other  Loan
     Documents represent valid,  enforceable and collectable obligations of each
     Borrower. Borrower acknowledges that the indebtedness evidenced by the Loan
     Documents  is  just  and  owing  and  agrees  to pay  the  indebtedness  in
     accordance with the terms of the Loan Documents. Borrower acknowledges that
     as of the date  hereof,  it has (i) no  defense  (personal  or  otherwise),
     counterclaim,  offset,  cross-complaint,  claim  or  demand  of any  nature
     whatsoever which can be asserted as a basis to seek  affirmative  relief or
     damages from Lender or as a basis to reduce or eliminate all or any part of
     its liability to repay the Receivables  Loan or the Inventory Loan and (ii)
     no existing  claims,  defenses  (personal or otherwise) or rights of setoff
     whatsoever  with  respect to the  Obligations  of  Borrower  under the Loan
     Agreement or any of the other Loan Documents. Borrower further acknowledges
     and represents  that no Event of Default or Incipient  Default has occurred
     either  before or after giving  effect to this  Amendment and the execution
     and delivery of the First Amended and Restated Receivables  Promissory Note
     and the First Amended and Restated Inventory Promissory Note.

                                       14
<PAGE>

          11.  Reaffirmation of Warranties.  Borrower hereby reaffirms to Lender
     each  of the  representations,  warranties,  covenants  and  agreements  of
     Borrower as set forth in each of the Loan Documents with the same force and
     effect as if each were  separately  stated  herein  and made as of the date
     hereof.  Borrower  represents and warrants to Lender that,  with respect to
     the  financing  transaction  herein  contemplated,  no  person or entity is
     entitled to any brokerage fee or other  commission  and Borrower  agrees to
     indemnify and hold Lender harmless against any and all such claims.

          12.  Ratification of Terms and Conditions.  All terms,  conditions and
     provisions of the Loan Agreement,  and of each of the other Loan Documents,
     shall  continue in full force and effect and shall  remain  unaffected  and
     unchanged except as specifically  amended hereby or pursuant hereof. In the
     event of any conflict  between the terms and  conditions of this  Amendment
     and any of the other Loan Documents, the provisions of this Amendment shall
     control.

          13.  Other  Writings.  Lender and  Borrower  will  execute  such other
     writings  as may be  necessary  to confirm or carry out the  intentions  of
     Lender and Borrower evidenced by this Amendment.

          14.  Benefit  of this  Amendment.  The  terms and  provisions  of this
     Amendment and the other Loan  Documents  shall be binding upon and inure to
     the benefit of Lender and  Borrower  and their  respective  successors  and
     assigns, except that Borrower shall not have any right to assign its rights
     under this Amendment or any of the Loan  Documents or any interest  therein
     without the prior written consent of Lender.

          15. CHOICE OF LAW.  EXCEPT AS OTHERWISE  EXPRESSLY  PROVIDED  THEREIN,
     THIS AMENDMENT AND THE RIGHTS, DUTIES AND OBLIGATIONS OF THE PARTIES HERETO
     SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE  WITH THE INTERNAL LAWS OF
     THE STATE OF ARIZONA  (WITHOUT  REGARD TO  PRINCIPLES OF CONFLICTS OF LAWS)
     AND TO THE EXTENT  THEY  PREEMPT  THE LAWS OF SUCH  STATE,  THE LAWS OF THE
     UNITED STATES.

          16. Entire Agreement.  Except as modified by this Amendment,  the Loan
     Documents  remain in full force and effect.  The Loan Documents as modified
     by this Amendment  embody the entire  agreement and  understanding  between
     Borrower and Lender,  and supersede all prior agreements and understandings
     between said parties relating to the subject matter thereof.

          17.  Counterparts.  This  Amendment  may be  executed in any number of
     separate  counterparts,  all of which when taken together shall  constitute
     one and the same instrument, admissible into evidence,  notwithstanding the
     fact that all parties have not signed the same counterpart.

                            [SIGNATURE PAGE FOLLOWS]

                                       15
<PAGE>

                  IN WITNESS  WHEREOF,  the  parties  hereto  have  caused  this
Amendment  to be executed by Persons duly  authorized  on the day and year first
above written.

          "BORROWER"              CR   RESORTS  CANCUN,  S. de R.L.  de C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR  RESORTS  LOS  CABOS,  S. de R.L.  de C.V.,
                                  a Mexican  limited  responsibility corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS PUERTO  VALLARTA,  S.  de  R.L.  de
                                  C.V.,   a   Mexican   limited   responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CORPORACION  MEXITUR,  S   de  R.L.  de  C.V.,
                                  a  Mexican  limited responsibility corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR  RESORTS   CANCUN  TIMESHARE  TRUST,  S. de
                                  R.L. de C.V., a Mexican limited responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS CABOS TIMESHARE TRUST, S.  de  R.L.
                                  de  C.V.,  a  Mexican  limited  responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR  RESORTS  PUERTO  VALLARTA TIMESHARE TRUST,
                                  S.  de R.L.  de   C.V.,  a   Mexican   limited
                                  responsibility   corporation   with   variable
                                  capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                       16
<PAGE>
                                  PROMOTORA  VILLA  VERA,  S. de R.L. de C.V., a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  VILLA VERA RESORT,  S.  de  R.L.  de  C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

          "LENDER"                FINOVA   CAPITAL   CORPORATION,   a   Delaware
                                  corporation

                                  By:
                                  Type/Print Name:
                                  Title:

                                       17
<PAGE>

                                    EXHIBIT A

                    Permitted Encumbrance - Acapulco Project

1.   Taxes which are not yet due and payable.

2.   Proceedings by a public agency which may result in Taxes (taxes,  interest,
     actualization and penalties  collectively referred to herein as "Taxes") or
     assessments,  or notice of such  proceedings,  including but not limited to
     taxes  derived  out of the  mergers  and  spin-offs  associated  with  this
     transaction,  unless  shown by the  records of such agency or by the public
     records.

3.   No  insurance  afforded  as to  the  exact  square  meters  and/or  acreage
     contained in the land described herein.

4.   Water rights or claims or title to water.

5.   Any  rights in favor of the public to use all or a portion of said land for
     beach and/or recreational purposes, or any rights, interest or claims which
     may exist or arise by reason of a portion  of said land  being  used by the
     public  for  access to and from the  adjoining  body of water  known as the
     Pacific Ocean.

6.   Any adverse claim based upon the  assertion  that same portion of said land
     is in tide or submerged  land, or has been created by  artificial  means or
     has accreted to said portion so created.

7.   Survey entitled  Levantamiento  Topagrafico Hotel Villa Vera, Lomas del Mar
     No.  35 Col.  Condesa,  Acapulco,  Gro.  Certified  on  November  17,  1999
     pertaining to the real property known as the Hotel Villa Vera, Port-Town of
     Acapulco, State of Guerrero,  Mexico (the "Survey").  Said Survey shows the
     following:
     a.   Encroachment  of stairs  along the west side of Lot 38 into
          Brisas Del Mar;
     b.   Encroachment  of a wall along the north side of the lot
          known of Fraccion II onto the adjoining property;
     c.   Encroachment  of the house,  terrace and pool of the "Casa Julio" onto
          the adjoining  property
          (Note: This exception will be omitted upon the successful
          Adjudication by Bancomer of Lot 16 and subsequent transfer to owner);
     d.   Access road and  right-of-way  of third parties along the west side of
          the lot known as "Polygon E"; and
     e.   Access and  right-of-way  of third  parties over Calle  Privada (also
          known as the "Unnumbered Lot").

                                       18
<PAGE>

                                    EXHIBIT B

                             BORROWER'S CERTIFICATE

     CR Resorts  Cancun,  S. de R.L. de C.V., a Mexican  limited  responsibility
corporation with variable  capital;  CR Resorts Los Cabos, S. de R.L. de C.V., a
Mexican limited  responsibility  corporation with variable  capital;  CR Resorts
Puerto  Vallarta,  S.  de  R.L.  de  C.V.,  a  Mexican  limited   responsibility
corporation with variable capital;  Corporacion  Mexitur,  S. de R.L. de C.V., a
Mexican limited  responsibility  corporation with variable  capital;  CR Resorts
Cancun  Timeshare  Trust, S. de R.L. de C.V., a Mexican  limited  responsibility
corporation with variable capital;  CR Resorts Cabos Timeshare Trust, S. de R.L.
de C.V., a Mexican limited responsibility  corporation with variable capital and
CR Resorts  Puerto  Vallarta  Timeshare  Trust,  S. de R.L.  de C.V.,  a Mexican
limited responsibility  corporation with variable capital, Promotora Villa Vera,
S. de R.L. de C.V., a Mexican limited  responsibility  corporation with variable
capital  and  Villa  Vera  Resort,  S.  de  R.L.  de  C.V.,  a  Mexican  limited
responsibility  corporation  with  variable  capital  (collectively  "Borrower")
hereby jointly and severally  certify to FINOVA CAPITAL  CORPORATION  ("Lender")
that (i) the  total  unpaid  payments  due under the  Instruments  described  in
Schedule A attached  hereto and by this  reference  incorporated  herein and the
unpaid principal balance for each such Instrument is as set forth in Schedule A;
and  (ii)  such  Instruments  are,   individually  and  collectively,   Eligible
Instruments.

     Except as otherwise defined herein or the context otherwise  requires,  all
capitalized  terms  used  herein  have the  meaning  given to them in the  First
Amended and Restated  Loan and Security  Agreement  between  Borrower and Lender
dated as of April 23,  1999,  as it may be from time to time  renewed,  amended,
replaced or restated.

                           DATED:  ____________, ______.

          "BORROWER"              CR RESORTS CANCUN,  S.  de  R.L.  de  C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR   RESORTS LOS CABOS, S. de R.L. de C.V.,  a
                                  Mexican limited   responsibility   corporation
                                  with  variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS PUERTO VALLARTA, S. de R.L.de C.V.,
                                  a Mexican limited  responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CORPORACION  MEXITUR, S de R.L.  de  C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                       19
<PAGE>

                                  CR RESORTS CANCUN TIMESHARE TRUST,  S. de R.L.
                                  de  C.V.,  a  Mexican  limited  responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS CABOS TIMESHARE TRUST, S. de   R.L.
                                  de  C.V.,  a  Mexican  limited  responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS PUERTO  VALLARTA  TIMESHARE  TRUST,
                                  S. de  R.L.   de  C.V.,   a  Mexican  limited
                                  responsibility   corporation   with   variable
                                  capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  PROMOTORA VILLA VERA,  S. de R.L.  de C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  VILLA VERA RESORT,  S.  de  R.L.  de  C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital.

                                  By:
                                  Type/Print Name:
                                  Title:

                                       20
<PAGE>

                                    EXHIBIT C

                      REQUEST FOR RECEIVABLES LOAN ADVANCE
                                AND CERTIFICATION

     The undersigned ("Borrower") requests FINOVA CAPITAL CORPORATION ("Lender")
to     make    a     Receivables     Loan     Advance     in    the    sum    of
___________________________________________    UNITED   STATES   DOLLARS   (U.S.
$_____________) upon receipt hereof,  pursuant to the First Amended and Restated
Loan and Security  Agreement  between such parties dated as of  _______________,
19____ (with any amendments, "Agreement").

     Borrower hereby  certifies to Lender that (i) the total unpaid payments due
under the  Instruments  for which the requested  disbursement of the Receivables
Loan is  sought  and  the  unpaid  principal  balance  for  each  such  Eligible
Instrument is as set forth on Schedule A attached  hereto and by this  reference
incorporated   herein;   (ii)  the  Instruments   against  which  the  requested
disbursement  of  the  Receivables   Loan  is  sought  are,   individually   and
collectively,  Eligible  Instruments;  (iii)  no  material  adverse  change  has
occurred  in the  financial  condition  or in the  business  and  operations  of
Borrower since _______________, _____, the date of the last financial statements
delivered to Lender; (iv) all  representations  and warranties  contained in the
Agreement  are true and correct as of the date  hereof;  (v) neither an Event of
Default nor an Incipient  Default  exists;  and (vi)  Borrower has Performed and
complied with all agreements, covenants and conditions required by the Agreement
to be  Performed  and  complied  with  prior to or at the date of the  requested
disbursement of the Receivables Loan.

     Except as otherwise defined herein or the context otherwise  requires,  all
capitalized terms used herein have the meaning given to them in the Agreement.

                  DATED:  ________________, ______.

          "BORROWER"              CR  RESORTS CANCUN,  S. de  R.L.  de  C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS LOS CABOS,  S. de R.L.  de C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS PUERTO VALLARTA, S.de R.L. de C.V.,
                                  a Mexican limited  responsibility corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CORPORACION  MEXITUR, S. de R.L.  de  C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                       21
<PAGE>

                                  CR RESORTS CANCUN TIMESHARE TRUST,  S. de R.L.
                                  de  C.V.,  a  Mexican  limited  responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS CABOS TIMESHARE TRUST,  S. de  R.L.
                                  de  C.V.,  a  Mexican  limited  responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS PUERTO  VALLARTA  TIMESHARE  TRUST,
                                  S. de  R.L.  de  C.V.,   a   Mexican   limited
                                  responsibility corporation with variable
                                  capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  PROMOTORA  VILLA VERA, S. de R.L.  de C.V.,  a
                                  Mexican  limited   responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  VILLA VERA RESORT,  S.  de  R.L.  de  C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital.

                                  By:
                                  Type/Print Name:
                                  Title:

                                       22
<PAGE>

                                    EXHIBIT D

              ASSIGNMENT OF INSTRUMENTS AND RECEIVABLES COLLATERAL

KNOW ALL MEN BY THESE PRESENTS:

     That U. S.  Trust  Company,  National  Association,  as Trustee of the Club
Regina Trust I; U.S. Trust Company,  a national  association,  as Trustee of the
Club Regina Trust II; U.S. Trust Company,  National  Association,  as Trustee of
the Club Regina  Trust III;  CR Resorts  Cancun,  S. de R.L. de C.V.,  a Mexican
limited responsibility  corporation with variable capital; CR Resorts Los Cabos,
S. de R.L. de C.V., a Mexican limited  responsibility  corporation with variable
capital;  CR Resorts  Puerto  Vallarta,  S. de R.L. de C.V.,  a Mexican  limited
responsibility  corporation with variable capital;  Corporacion  Mexitur,  S. de
R.L.  de C.V.,  a  Mexican  limited  responsibility  corporation  with  variable
capital;  CR Resorts  Cancun  Timeshare  Trust,  S. de R.L.  de C.V.,  a Mexican
limited  responsibility  corporation  with  variable  capital;  CR Resorts Cabos
Timeshare  Trust,  S.  de  R.L.  de  C.V.,  a  Mexican  limited   responsibility
corporation with variable capital,  CR Resorts Puerto Vallarta  Timeshare Trust,
S. de R.L. de C.V., a Mexican limited  responsibility  corporation with variable
capital,   Promotora  Villa  Vera,  S.  de  R.L.  de  C.V.,  a  Mexican  limited
responsibility  corporation with variable  capital and Villa Vera Resort,  S. de
R.L. de C.V., a Mexican limited responsibility corporation with variable capital
(collectively,   "Assignor"),   as  owner  of  the  Instruments  ("Instruments")
described  in  Schedule A attached  hereto  and by this  reference  incorporated
herein,  together with all other items of Receivables  Collateral  pertaining to
such Instruments,  for Ten Dollars ($10.00) and other valuable  consideration to
it  in  hand  paid  by  FINOVA  Capital  Corporation,   a  Delaware  corporation
("Assignee"), the receipt whereof is hereby acknowledged, does by these presents
grant,  bargain,  sell,  assign,  transfer  and set over  unto  Assignee  all of
Assignor's  interest in said Instruments and Receivables  Collateral  pertaining
thereto.

     TOGETHER WITH all obligations therein secured, all moneys due and to become
due thereunder, and all interest thereon, and all rights arising therefrom.

     For purposes hereof, the term Receivables Collateral shall be as defined in
that certain First Amended and Restated Loan and Security  Agreement  between CR
Resorts Cancun, S. de R.L. de C.V., CR Resorts Los Cabos, S. de R.L. de C.V., CR
Resorts Puerto Vallarta,  S. de R.L. de C.V.,  Corporacion Mexitur S. de R.L. de
C.V., CR Resorts Cancun  Timeshare  Trust,  S. de R.L. de C.V, CR Resorts Puerto
Vallarta  Timeshare Trust, S. de R.L. de C.V., CR Resorts Cabos Timeshare Trust,
S. de R.L.  de C.V.,  Promotora  Villa Vera,  S. de R.L. de C.V.  and Villa Vera
Resort, S. de R.L. de C.V. as Borrower and FINOVA Capital  Corporation as Lender
dated April 23, 1999, as amended.

     This Assignment may be executed in any number of separate counterparts, all
of which,  when taken together,  shall  constitute one and the same  instrument,
notwithstanding the fact that all parties have not signed the same counterpart.

     IN WITNESS  WHEREOF,  the Assignor has caused these presents to be executed
the ___ day of ________________, 199__.

                                  "Assignor"

WITNESS:                          CR  RESORTS CANCUN,  S.  de R.L.  de  C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          CR RESORTS  CANCUN,  S.  de R.L.  de  C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                       23
<PAGE>

WITNESS:                          CR RESORTS LOS CABOS,  S. de R.L.  de C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          CR RESORTS PUERTO  VALLARTA,  S.  de  R.L.  de
                                  C.V.,    a  Mexican   limited   responsibility
                                  corporation  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          CORPORACION MEXITUR,  S. de R.L.  de  C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          CR RESORTS CANCUN TIMESHARE TRUST, S. de R.L.
                                  de C.V., a  Mexican  limited   responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          CR RESORTS CABOS TIMESHARE  TRUST, S. de R.L.
                                  de C.V., a  Mexican   limited   responsibility
                                  corporation   with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          CR  RESORTS PUERTO VALLARTA  TIMESHARE  TRUST,
                                  S.  de  R.L.  de  C.V.,  a   Mexican   limited
                                  responsibility   corporation   with   variable
                                  capital

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          PROMOTORA  VILLA  VERA,  S. de  R.L.  de C.V.,
                                  a Mexican limited  responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                       24
<PAGE>

WITNESS:                          VILLA  VERA  RESORT,  S.  de  R.L.  de   C.V.,
                                  a  Mexican limited responsibility corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          U. S. TRUST COMPANY, NATIONAL ASSOCIATION,  as
                                  Trustee of the Club Regina Trust I

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          U. S. TRUST COMPANY, NATIONAL ASSOCIATION,  as
                                  Trustee of the Club Regina Trust II

                                  By:
                                  Type/Print Name:
                                  Title:

WITNESS:                          U. S. TRUST COMPANY, NATIONAL ASSOCIATION,  as
                                  Trustee of the Club Regina Trust III

                                  By:
                                  Type/Print Name:
                                  Title:

                                       25
<PAGE>

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of CR Resorts Cancun,  S. de R.L. de C.V., a Mexican
limited  responsibility  corporation  with  variable  capital  on behalf of such
corporation.    He/She   is   personally   known   to   me   or   has   produced
__________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of CR  Resorts  Los  Cabos,  S. de R.L.  de C.V.,  a
Mexican limited  responsibility  corporation  with variable capital on behalf of
such   corporation.   He/She  is   personally   known  to  me  or  has  produced
__________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
________________________, 1999, by _______________________________________,  the
__________________________  of CR Resorts Puerto Vallarta, S. de R.L. de C.V., a
Mexican limited  responsibility  corporation  with variable capital on behalf of
such   corporation.   He/She  is   personally   known  to  me  or  has  produced
__________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

                                       26
<PAGE>

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
________________________, 1999, by _______________________________________,  the
__________________________ of Corporacion Mexitur, S. de R.L. de C.V., a Mexican
limited  responsibility  corporation  with  variable  capital  on behalf of such
corporation.    He/She   is   personally   known   to   me   or   has   produced
__________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
________________________, 1999, by _______________________________________,  the
__________________________  of CR Resorts Cancun  Timeshare Trust, S. de R.L. de
C.V., a Mexican  limited  responsibility  corporation  with variable  capital on
behalf of such  corporation.  He/She is  personally  known to me or has produced
__________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of CR Resorts Cabos  Timeshare  Trust, S. de R.L. de
C.V., a Mexican limited  responsibility  corporation with variable  capital,  on
behalf of such  corporation.  He/She is  personally  known to me or has produced
__________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

                                       27
<PAGE>

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of CR Resorts Puerto Vallarta Timeshare Trust, S. de
R.L.  de C.V.,  a  Mexican  limited  responsibility  corporation  with  variable
capital, on behalf of such corporation.  He/She is personally known to me or has
produced __________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of  Promotora  Villa  Vera,  S. de R.L.  de C.V.,  a
Mexican limited  responsibility  corporation with variable capital with variable
capital, on behalf of such corporation.  He/She is personally known to me or has
produced __________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of Villa Vera Resort,  S. de R.L. de C.V., a Mexican
limited  responsibility  corporation  with variable  capital,  on behalf of such
corporation.    He/She   is   personally   known   to   me   or   has   produced
__________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

                                       28
<PAGE>

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of U. S. Trust  Company,  National  Association,  as
Trustee of the Club  Regina  Trust I, on behalf  thereof.  He/She is  personally
known to me or has produced __________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of U. S. Trust  Company,  National  Association,  as
Trustee of the Club Regina  Trust II, on behalf  thereof.  He/She is  personally
known to me or has produced __________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

STATE OF _____________     )
                           ) ss.
County of ______________   )

     The  foregoing  instrument  was  acknowledged  before me this  _____ day of
____________________,  1999,  by  _______________________________________,   the
__________________________  of U. S. Trust  Company,  National  Association,  as
Trustee of the Club Regina Trust III, on behalf  thereof.  He/She is  personally
known to me or has produced __________________________ as identification.

                                  Notary Public in and for said State and County
My commission expires:

                                       29
<PAGE>

                                   SCHEDULE a
                          to assignment of instruments

                  Purchaser

                  Date

                  Original Principal

                  Amount Secured

                                       30
<PAGE>

                                    EXHIBIT E

                       REQUEST FOR INVENTORY LOAN ADVANCE
                                AND CERTIFICATION

     The undersigned ("Borrower") requests FINOVA CAPITAL CORPORATION ("Lender")
to make an Inventory  Loan Advance in the sum of  ______________________________
UNITED STATES DOLLARS (U.S.  $__________)  upon receipt hereof,  pursuant to the
First  Amended and  Restated  Loan and Security  Agreement  between such parties
dated as of ____________________, 19___ (with any amendments, "Agreement").

     Borrower hereby  certifies to Lender that (i) the total aggregate number of
unsold  Time-Share  Interests  as of the  date  hereof  as  __________;  (ii) no
material  adverse  change has  occurred  in the  financial  condition  or in the
business and operations of Borrower  since  __________,  _____,  the date of the
last financial  statements  delivered to Lender;  (iii) all  representations and
warranties  contained  in the  Agreement  are  true and  correct  as of the date
hereof;  (iv) neither an Event of Default nor an Incipient  Default exists;  and
(v) Borrower has  Performed  and complied  with all  agreements,  covenants  and
conditions  required by the Agreement to be Performed and complied with prior to
or at the date of the requested disbursement of the Receivables Loan.

     Except as otherwise defined herein or the context otherwise  requires,  all
capitalized terms used herein have the meaning given to them in the Agreement.

     DATED: ____________________.

     "BORROWER"                   CR  RESORTS  CANCUN,  S. de R.L.  de C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR  RESORTS  LOS  CABOS,  S. de R.L.  de C.V.,
                                  a Mexican  limited  responsibility corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS PUERTO VALLARTA, S.de R.L. de C.V.,
                                  a Mexican limited  responsibility  corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CORPORACION  MEXITUR, S  de  R.L. de  C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS CANCUN TIMESHARE  TRUST, S. de R.L.
                                  de  C.V.,  a  Mexican  limited  responsibility
                                  corporation with variable capital

                                       31
<PAGE>

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR RESORTS CABOS TIMESHARE  TRUST, S. de  R.L.
                                  de  C.V.,  a  Mexican  limited  responsibility
                                  corporation with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  CR  RESORTS  PUERTO VALLARTA  TIMESHARE TRUST,
                                  S. de  R.L.  de  C.V.,   a   Mexican   limited
                                  responsibility corporation with variable
                                  capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  PROMOTORA  VILLA  VERA,  S. de R.L.  de C.V.,
                                  a  Mexican  limited responsibility corporation
                                  with variable capital

                                  By:
                                  Type/Print Name:
                                  Title:

                                  VILLA  VERA  RESORT, S.  de  R.L. de  C.V.,  a
                                  Mexican  limited  responsibility   corporation
                                  with variable capital.

                                  By:
                                  Type/Print Name:
                                  Title:

                                       32
<PAGE>

                                    EXHIBIT F

                                  Spread Sheet

                                       33
<PAGE>

                                    EXHIBIT G

                           Amounts owed to Contractors

                                       34CONSENT OF GUARANTOR
                   AND AMENDMENT NO. 2 TO CORPORATE GUARANTEE
                           AND SUBORDINATION AGREEMENT

     The undersigned, RAINTREE RESORTS INTERNATIONAL, INC., a Nevada corporation
("Guarantor"),  hereby  acknowledges  that  Guarantor  executed and delivered to
FINOVA  CAPITAL  CORPORATION,  a Delaware  corporation  ("Lender"),  a Corporate
Guarantee  and  Subordination  Agreement  dated as of  November  23,  1998  (the
"Original  Guarantee"),  as amended by that  certain  Consent of  Guarantor  and
Amendment No. 1 to Corporate  Guarantee and Subordination  Agreement (the "First
Amendment"  and together  with the Original  Guarantee,  "Guarantee  Agreement")
guaranteeing  performance of the obligations of CR RESORTS CANCUN, S. de R.L. de
C.V., a Mexican limited  responsibility  corporation with variable  capital;  CR
RESORTS  LOS  CABOS,  S. de R.L.  de  C.V.,  a  Mexican  limited  responsibility
corporation with variable  capital;  CR RESORTS PUERTO  VALLARTA,  S. de R.L. de
C.V.,  a Mexican  limited  responsibility  corporation  with  variable  capital;
CORPORACION  MEXITUR,  S. de R.L.  de C.V.,  a  Mexican  limited  responsibility
corporation with variable capital; CR RESORTS CANCUN TIMESHARE TRUST, S. de R.L.
de C.V., a Mexican limited responsibility  corporation with variable capital; CR
RESORTS  CABOS  TIMESHARE   TRUST,  S.  de  R.L.  de  C.V.,  a  Mexican  limited
responsibility corporation with variable capital, and CR RESORTS PUERTO VALLARTA
TIMESHARE  TRUST,  S.  de  R.L.  de  C.V.,  a  Mexican  limited   responsibility
corporation  with variable  capital,  (individually,  collectively,  jointly and
severally, "Original Borrower"), to Lender under the Agreement, the Note and the
Receivables  Loan Documents (as the terms  "Agreement,"  "Note" and "Receivables
Loan Documents" are defined in the Guarantee  Agreement).  All terms used herein
with  initial  capital  letters,  to the  extent  not  otherwise  defined in the
Guarantee Agreement or this Instrument, shall have the meanings given such terms
in the Agreement.

     Guarantor  hereby  acknowledges  that pursuant to the terms of that certain
Amendment  No. 1 to First  Amended  and  Restated  Loan and  Security  Agreement
("Agreement  Amendment No. 1") of even date herewith,  Lender proposes to, inter
alia,  (i) to increase the amount of the Inventory  Loan from  Thirteen  Million
Five Hundred United States Dollars (U.S.  $13,500,000)  to Sixteen  Million Five
Hundred  United States  Dollars (U.S.  $16,500,000)  (the  "Increased  Inventory
Loan"),  (ii) make each of Promotora  Villa Vera,  S. de R.L. de C.V., a Mexican
limited responsibility corporation with variable capital ("Promotora") and Villa
Vera Resort,  S. de R.L. de C.V., a Mexican limited  responsibility  corporation
with variable capital ("Villa Vera") additional borrowers and obligors under the
Receivables  Loan Documents (as that term is redefined in the First  Amendment),
(iii) to modify certain  covenants  contained in the Agreement,  which covenants
include  the  pledging  by  Promotora  and Villa Vera to Lender of certain  real
property  interests  owned by Promotora and Villa Vera, and (iv) to increase the
Maximum  Loan  Amount  from  Thirty Two  Million  United  States  Dollars  (U.S.
$32,000,000) to Thirty Four Million United States Dollars ($34,000,000), subject
to certain limitations imposed by the Indenture.

     Guarantor further  acknowledges that (i) the Increased  Inventory Loan will
be evidenced by an Amended and Restated Inventory  Promissory Note (the "Amended
Inventory  Loan  Note") to be  executed  and  delivered  to  Lender by  Original
Borrower,  Promotora  and  Villa  Vera  simultaneously  with  execution  of  the
Agreement  Amendment  No. 1, (ii)  pursuant to the terms and  conditions  of the
Agreement  Amendment  No. 1, Lender and the Original  Borrower are modifying and
amending  certain of the Receivables  Loan Documents (such  modifications  being
hereinafter  referred  to as the  "Loan  Document  Modifications"),  which  Loan
Document  Modification shall include,  without limitation,  the execution by the
Original  Borrower,  Promotora  and  Villa  Vera  of  an  Amended  and  Restated
Receivables  Promissory  Note (the  "Amended  Receivables  Loan Note") and (iii)
further  pursuant to the terms and conditions of the Agreement  Amendment No. 1,
Promotora and Villa Vera are joining in,  jointly and severally  with each other
and with each of the entities  constituting Original Borrower, as parties to and
borrowers and obligors under the Agreement and all of the other Receivables Loan
Documents.

     Guarantor  consents to the making and  execution by the Original  Borrower,
Promotora and Villa Vera of the Agreement Amendment No. 1, the Amended Inventory
Loan  Note,  the  Amended  Receivables  Loan  Note and the other  Loan  Document
Modifications, consents to the joinder by Promotora and Villa Vera as a party to
the Agreement and the other Receivables Loan Documents,  and agrees that (i) the
Guarantee  Agreement  shall  remain in full force and effect,  (ii)  Guarantor's
liability under the Guarantee Agreement shall continue undiminished by and shall

                                       1
<PAGE>

include the  obligations  of the  Original  Borrower  under the  Agreement,  the
Receivables Loan Documents, the Agreement Amendment No. 1, the Amended Inventory
Loan  Note,  the  Amended   Receivables  Loan  Note,  the  other  Loan  Document
Modifications  and any other  documents  and  instruments  executed  by Original
Borrower in  connection  with the  Agreement  Amendment No. 1, and shall further
include obligations of each of Promotora and Villa Vera under the Agreement, the
Receivables Loan Documents, the Agreement Amendment No. 1, the Amended Inventory
Loan  Note,  the  Amended  Receivables  Loan  Note and the other  Loan  Document
Modifications,  and (iii) all terms,  conditions and provisions set forth in the
Agreement  Amendment  No.  1, the  Amended  Inventory  Loan  Note,  the  Amended
Receivables  Loan Note,  the other  Loan  Document  Modifications  and all other
documents and instruments  executed by Original  Borrower and Promotora or Villa
Vera in connection therewith, are hereby ratified, approved and confirmed.

     The Guarantor  hereby  confirms that the  Guarantee  Agreement,  as amended
through  the date  hereof,  remains in full force and effect.  Guarantor  hereby
reaffirms  all  of its  agreements  and  covenants  contained  in the  Guarantee
Agreement  and  reaffirms,   as  if  made  on  the  date  hereof,   all  of  its
representations and warranties contained in the Guarantee  Agreement,  except as
otherwise set forth on Exhibit 1 attached hereto. Guarantor acknowledges that as
of  the   date   hereof,   it  has  (a)  no   defense,   counterclaim,   offset,
cross-complaint,  claim or demand of any nature whatsoever which can be asserted
as a basis to seek  affirmative  relief or damages  from Lender or as a basis to
reduce  or  eliminate  all or any  part of its  liability  under  the  Guarantee
Agreement,  and (b) no other claim against Lender with respect to any portion of
the transactions described in the Receivables Loan Documents, as amended through
the date hereof.

     The Guarantee Agreement shall be further amended as follows:

          (a) The reference in the Original Guarantee the term Borrower shall be
     amended to mean the Original  Borrower,  Promotora and Villa Vera,  jointly
     and severally.

          (b) The  provisions  of  paragraph  4.1(b) of the  Original  Guarantee
     should be amended and restated in its entirety to read as follows:

               (b)  Guarantor  wholly  owns all of the  issued  and  outstanding
               shares of stock in Raintree Resorts Canada, LLC, Raintree Resorts
               International  Canada Ltd.  and  Canarias  Future,  SL;  Raintree
               Resorts Canada,  LLC owns Raintree Resorts Holdings ULC: Raintree
               Resorts  International  Canada Ltd. owns Whiski Jack Resorts Ltd.
               and  Northface  Realty Co. Ltd;  Whiski Jack  Resorts  Ltd.  owns
               Whistler Rental  Accommodation  Center Ltd.;  Canarias Future, SL
               owns CR Resorts Parent Nominee Holding,  LLC; Canarias Future, SL
               and CR  Resorts  Parent  Nominee  Holding,  LLC  own  CR  Resorts
               Capital, S. de R.L. de C.V. and CR Resorts Holding, S. de R.L. de
               C.V.;  CR  Resorts  Capital,  S. de R.L.  de C.V.  and CR Resorts
               Parent Nominee Holding,  LLC own CR Resorts Remainder Company, S.
               de R.L. de C.V.;  CR Resorts  Holding,  S. de R.L.  de C.V.  owns
               Timeshare Nominee Holding, LLC; CR Resorts Holding, S. de R.L. de
               C.V. and Timeshare Nominee Holding,  LLC own Top Acquisition Sub,
               S. de R.L. de C.V.; Top  Acquisition  Sub, S. de R.L. de C.V. and
               Timeshare Nominee Holding, LLC own Desarollos  Turisticos Regina,
               S. de R.L. de C.V.,  CR Resorts  Cancun,  S. de R.L. de C.V.,  CR
               Resorts  Cabos,  S.  de  R.L.  de  C.V.;  and CR  Resorts  Puerto
               Vallarta,  S. de R.L.  de C.V.;  CR Resorts  Cancun S. de R.L. de
               C.V. owns CR Resorts Cancun  Timeshare  Trust S. de R.L. de C.V.;
               CR Resort Los Cabos,  S. de R.L.  de C.V.  owns CR Resorts  Cabos
               Timeshare  Trust, S. de R.L. de C.V.; CR Resorts Puerto Vallarta,
               S. de R.L.  de C.V.  owns CR Resorts  Puerto  Vallarta  Timeshare
               Trust, S. de R.L. de C.V.,  99.98% of Promotora Villa Vera, S. de
               R.L. de C.V. and 99.98% of Villa Vera Resort, S. de R.L. de C.V.;
               Desarollos Turisticos Regina, S. de R.L. de C.V. owns Corporacion
               Mexitur,  S. de R.L. de C.V.,  Desarollos  Turisticos  Integrales
               Cozumel, S. de R.L. de C.V., 67.85% of Club Regina, S.A. de C.V.,
               Servicios Turisticos  Integrales Cobamex, S. de R.L. de C.V., 50%
               of Corporacion Habitacional Mexicana, S. de R.L. de C.V., .02% of
               Promotora  Villa Vera,  S. de R.L. de C.V. and .02% of Villa Vera
               Resort, S. de R.L. de C.V.

          (c) The provisions of paragraph 4.1(j) of the Original Guarantee shall
     be amended and restated in its entirety to read as follows:

               (j) From and after December 31, 1999,  Guarantor shall maintain a
               Adjusted  Net Worth of not less than the amount set forth  below,
               which  shall  be  subject  to a  quarterly  test  by the  Lender,
               commencing on the quarter annual period ending December 31, 1999;
               to this end, the  Guarantor  agrees to provide  Lender within the

                                       2
<PAGE>

               time  period  and in the form set  forth  in the  Agreement,  the
               financial statements and other financial  information and reports
               concerning Guarantor; for purposes of this Agreement the term (i)
               Adjusted  Net  Worth  shall  mean,  with  respect  to any date of
               determination,  Guarantor's  consolidated net worth as determined
               in accordance with GAAP, minus noncash currency exchange gains to
               the extent that such gains  increased  net worth and plus noncash
               currency  exchange  losses to the extent that such losses reduced
               net  worth,  and  (ii)  "GAAP"  shall  mean  generally   accepted
               accounting  principles  as in  effect  from  time  to time in the
               United  States,   consistently  applied,  throughout  the  period
               involved  and with the prior  periods,  which  shall  include the
               official  interpretations  thereof  by the  Financial  Accounting
               Standards Board or any successor thereto.

                  Test Date:                     Net Worth Covenant (US Dollars)

                  12/31/1999                                     ($ 9,600,000)
                   3/31/2000                                     ($11,800,000)
                   6/30/2000                                     ($16,900,000)
                   9/30/2000                                     ($16,500,000)
                  12/31/2000                                     ($19,200,000)
                   3/31/2001                                     ($15,700,000)
                   6/30/2001                                     ($19,500,000)
                   9/30/2001                                     ($22,000,000)
                  12/31/2001                                     ($27,000,000)

     The  Adjusted  Net Worth  covenant  for each  succeeding  quarter test date
following  December 31, 2001,  throughout  the  remaining  term of the Agreement
shall equal the Adjusted Net Worth set forth on  reasonably  prepared  financial
projections prepared by Guarantor and approved by Lender reflecting  Guarantor's
projected financial  performance from December 31, 2001 throughout the remaining
term of the Agreement,  which  projection  shall be delivered to Lender no later
than  September  30, 2001. In the event Lender and Guarantor are unable to agree
upon the Adjusted Net Worth covenant for the period following December 31, 2001,
then such  Adjusted Net Worth  Covenant for all periods  following  December 31,
2001 shall equal the more positive of Guarantor's  actual  Adjusted Net Worth on
September 30, 2001 or ($27,000,000).

     THIS  INSTRUMENT  SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF STATE OF ARIZONA. FOR PURPOSES OF THIS PARAGRAPH,  THIS INSTRUMENT SHALL
BE DEEMED TO BE PERFORMED AND MADE IN THE STATE OF ARIZONA.

                            [SIGNATURE PAGES FOLLOW]

                                       3
<PAGE>

                     [SIGNATURE PAGE TO CONSENT OF GUARANTOR
                   AND AMENDMENT NO. 2 TO CORPORATE GUARANTEE
                          AND SUBORDINATION AGREEMENT]

     IN WITNESS  WHEREOF,  Guarantor  and Lender  have  hereunto  executed  this
instrument as of the _____ day of ____________, 1999.

                                  RAINTREE RESORTS INTERNATIONAL, INC., a Nevada
                                  corporation

                                  By
                                  Name
                                  Title

                                  FINOVA CAPITAL CORPORATION,
                                  a Delaware corporation

                                  By
                                  Name
                                  Title

                                       4
<PAGE>

                                  EXHIBIT 1 TO
                              CONSENT OF GUARANTOR

             Exceptions To Representations And Warranties Reaffirmed
                      By Guarantor Pursuant To This Consent

                                      NONE

                                       5

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