Document:

Master Loan Purchase Agreement

 Exhibit 10.11 
 EXECUTION COPY 

 MASTER LOAN PURCHASE AGREEMENT

 Dated as of August 29, 2002 
 Amended and Restated as of July 7, 2006 
 by and between 
 WYNDHAM CONSUMER FINANCE, INC., 
 as Seller 
 and 
 FAIRFIELD RESORTS, INC.,

 as Co-Originator 
 and

 FAIRFIELD MYRTLE BEACH, INC., 
 as Co-Originator 
 and 
 KONA HAWAIIAN VACATION OWNERSHIP, LLC, 
 as an Originator 
 and 
 SHAWNEE DEVELOPMENT, INC., 
 as an Originator 
 and 
 SEA GARDENS BEACH AND TENNIS RESORT, INC., 
 VACATION BREAK RESORTS, INC., 
 VACATION BREAK RESORTS AT STAR ISLAND, INC., 
 PALM VACATION GROUP 
 and

 OCEAN RANCH VACATION GROUP, 
 each as a VB Subsidiary 
 and 
 PALM VACATION GROUP 
 and 
 OCEAN RANCH VACATION GROUP, 
 each as a VB Partnership 
 and 
 SIERRA DEPOSIT COMPANY, LLC

 as Purchaser 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	RECITALS	  	1
			
	Section 1.	 	Definitions	  	2
			
	Section 2.	 	Purchase and Sale of Loans	  	17
			
	Section 3.	 	Pool Purchase Price	  	17
			
	Section 4.	 	Payment of Purchase Price	  	18
				
		 	(a)	 	Closing Dates	  	18
				
		 	(b)	 	Manner of Payment of Additional Pool Purchase Price	  	18
				
		 	(c)	 	Scheduled Payments Under Loans and Cut-Off Date	  	18
			
	Section 5.	 	Conditions Precedent to Sale of Loans	  	18
			
	Section 6.	 	Representations and Warranties of the Seller, FRI, FMB, SDI and the VB Subsidiaries	  	18
				
		 	(a)	 	General Representations and Warranties of the Seller, FRI, FMB, SDI and the VB Subsidiaries	  	18
				
		 	(b)	 	Representations and Warranties Regarding the Loans	  	23
				
		 	(c)	 	Representations and Warranties Regarding the Loan Files	  	29
				
		 	(d)	 	Survival of Representations and Warranties	  	29
				
		 	(e)	 	Indemnification of the Company	  	29
				
		 	(f)	 	Representations and Warranties of Kona	  	30
			
	Section 7.	 	Repurchases or Substitution of Loans for Breach of Representations and Warranties	  	30
			
	Section 8.	 	Covenants of the Seller and FRI	  	30
				
		 	(a)	 	Affirmative Covenants of the Seller and FRI	  	30
				
		 	(b)	 	Negative Covenants of the Seller and FRI	  	34
			
	Section 9.	 	Representations and Warranties of the Company	  	36
			
	Section 10.	 	Covenants of the Company	  	37
			
	Section 11.	 	Miscellaneous	  	38
				
		 	(a)	 	Amendment	  	38
				
		 	(b)	 	Assignment	  	38
				
		 	(c)	 	Counterparts	  	38
				
		 	(d)	 	Termination	  	39

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	(e)	  	GOVERNING LAW	  	39
			
	(f)	  	Notices	  	39
			
	(g)	  	Severability of Provisions	  	39
			
	(h)	  	Successors and Assigns	  	39
			
	(i)	  	Costs, Expenses and Taxes	  	39
			
	(j)	  	No Bankruptcy Petition	  	40
			
	(k)	  	Treatment of Timeshare Upgrades	  	40

  

 ii 

 SCHEDULES 
  

	
	 Schedule 1 – Loan Schedule

	
	 Schedule 2 – Resorts

	
	 Schedule 3 – Environmental Issues

	
	 Schedule 4 – Lockbox Accounts

	
	 Schedule 5 – Litigation

 EXHIBITS 
  

			
	Exhibit A	 	Forms of Custodial Agreements
		
	Exhibit B	 	Form of Assignment of Additional Loans
		
	Exhibit C	 	Credit Standards and Collection Policies of Wyndham Consumer Finance, Inc. and Fairfield Resorts, Inc.
		
	Exhibit D	 	Forms of Loans
		
	Exhibit E	 	Forms of Lockbox Agreements
		
	Exhibit F	 	Representatives and Warranties of Kona

  

 iii 

 MASTER LOAN PURCHASE AGREEMENT 
 THIS MASTER LOAN PURCHASE AGREEMENT (this “Agreement”), dated as of August 29, 2002, as amended and restated as of July 7, 2006, is made
by and between WYNDHAM CONSUMER FINANCE, INC. (formerly known as Cendant Timeshare Resort Group – Consumer Finance, Inc.), a Delaware corporation, as seller (the “Seller”), FAIRFIELD RESORTS, INC., a Delaware corporation, as
co-originator (“FRI”), FAIRFIELD MYRTLE BEACH, INC., a Delaware corporation and a wholly-owned subsidiary of FRI, as co-originator (“FMB”), KONA HAWAIIAN VACATION OWNERSHIP, LLC, a Hawaii limited liability company,
as an originator (“Kona”), SHAWNEE DEVELOPMENT, INC., a Pennsylvania corporation, as an originator (“SDI”), SEA GARDENS BEACH AND TENNIS RESORT, INC., a Florida corporation (“Sea Gardens”), VACATION
BREAK RESORTS, INC., a Florida corporation (“VBR”), VACATION BREAK RESORTS AT STAR ISLAND, INC., a Florida corporation (“VBRS”) (each of Sea Gardens, VBR and VBRS being wholly-owned subsidiaries of Vacation Break,
USA, Inc., a wholly-owned subsidiary of FRI), PALM VACATION GROUP, a Florida general partnership (“PVG”), OCEAN RANCH VACATION GROUP, a Florida general partnership (“ORVG”) (each of Sea Gardens, VBR, VBRS, PVG and
ORVG are hereinafter collectively referred to as the “VB Subsidiaries” and PVG and ORVG are hereinafter collectively referred to as the “VB Partnerships”) and SIERRA DEPOSIT COMPANY, LLC, a Delaware limited
liability company, as purchaser (hereinafter referred to as the “Purchaser” or the “Company”). 
 RECITALS 
 WHEREAS, FRI, FMB, Kona, SDI and the VB Subsidiaries have originated certain Loans in connection with the sale to
Obligors of Timeshare Properties at various Resorts; 
 WHEREAS, in the ordinary course of their businesses, FRI purchases or will purchase
directly or indirectly from FMB, Kona, SDI and the VB Subsidiaries, and the Seller purchases or will purchase from FRI, certain Loans and related property (including an interest in the Timeshare Properties underlying such Loans); 
 WHEREAS, each of FRI, FMB, Kona, SDI, the VB Subsidiaries, the Seller and the Company wishes to enter into this Agreement and the related Master Loan
Purchase Agreement Supplement for each Series of Notes (each, a “PA Supplement”) in order to, among other things, effect the sale to the Company on the related Closing Date of Initial Loans and related Transferred Assets that the
Seller owns as of the close of business on the related Cut-Off Date, and the sale to the Company of Additional Loans (including Additional Upgrade Balances) and related Transferred Assets that the Seller will own from time to time thereafter as of
the close of business on the related Addition Cut-Off Dates; and 
 WHEREAS, the Company intends to transfer and assign the Loans and related
Transferred Assets to the various Issuers, which will then grant security interests in the Loans and related Transferred Assets to Wachovia Bank, National Association, as Collateral Agent on behalf of the various Trustees and the holders of Notes
issued from time to time pursuant to an Indenture and Servicing Agreement. 

 NOW, THEREFORE, in consideration of the purchase price set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 Section 1. Definitions.

 Whenever used in this Agreement, the following words and phrases shall have the following meanings: 
 “Acquired Portfolio Loan” shall mean a loan (which shall be a loan, installment contract or other contractual obligation incurred to
finance the acquisition of an interest in a vacation property or rights to use vacation properties or otherwise substantially similar to Loans) which the Seller or an affiliate of the Seller has acquired either by purchase of a portfolio or by
acquisition of an entity which owns the portfolio and new loans originated with respect to such entity, program or portfolio during the Transition Period; provided that, the term Acquired Portfolio Loan shall not include loans acquired from Kona.

 “Addition Cut-Off Date” shall mean, for Additional Loans of any Series, the date set forth in the related Assignment.

 “Addition Date” shall mean, with respect to any Series, the Addition Date as defined in the related PA Supplement.

 “Additional Issuer” shall mean an entity which is a subsidiary of the Purchaser, other than the Initial Issuer, which
purchases Loans from the Purchaser with the proceeds of a Series of Notes issued by such entity and pledges the Loans to secure such Series of Notes. 
 “Additional Loan” shall mean, with respect to any Series, each installment contract or contract for deed or contract or note secured by a mortgage, deed of trust, vendor’s lien or retention of
title, in each case relating to the sale of one or more Timeshare Properties or Green Timeshare Properties to an Obligor and each Additional Upgrade Balance, in each case constituting one of the Loans of such Series purchased from the Seller as of
an Addition Cut-Off Date and listed on Schedule 1 to the related Assignment. 
 “Additional Pool Purchase Price” shall have
the meaning set forth in Section 3. 
 “Additional Series” shall mean a Series of Notes, other than the Series 2002-1 Notes.

 “Additional Upgrade Balance” shall mean, with respect to any Loan, any future borrowing made by the related Obligor
pursuant to a modification of the Loan relating to a Timeshare Upgrade after the Cut-Off Date or the Addition Cut-Off Date, as applicable, with respect to such Loan, together with all money due or to become due in respect of such borrowing.

 “Affiliate” of any Person shall mean any other Person controlling or controlled by or under common control with such
Person, and “control” shall mean the power to direct the management and policies of such Person directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and “controlling” and
“controlled” shall have meanings correlative to the foregoing. 
  

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 “Agreement” shall mean this Agreement, as the same may be amended, supplemented or
otherwise modified from time to time. 
 “Amortization Event” shall mean, with respect to any Series, one or more of the
events constituting an Amortization Event as defined in the related Indenture Supplement. 
 “Alliance Program” shall mean
any sales and marketing program pursuant to which an Originator acquires recovered Timeshare Property interests from sold out third-party unaffiliated resorts for resale. 
 “Assessments” shall mean any assessments made with respect to a Timeshare Property, including but not limited to real estate taxes, recreation fees, community club or property owners’ association
dues, water and sewer improvement district assessments or other similar assessments, the nonpayment of which could result in the imposition of a Lien or other encumbrance upon such Timeshare Property. 
 “Assignment” shall mean, with respect to any Series, an Assignment as defined in the related PA Supplement. 
 “Assignment of Mortgage” shall mean any assignment (including any collateral assignment) of any Mortgage. 
 “Bankruptcy Code” shall mean the United States Bankruptcy Code, Title 11 of the United States Code, as amended. 
 “Benefit Plan” shall mean any employee benefit plan as defined in Section 3(3) of ERISA in respect of which the Company or any ERISA
Affiliate of the Company is, or at any time during the immediately preceding six years was, an “employer” as defined in Section 3(5) of ERISA. 
 “Business Day” shall mean any day other than (i) a Saturday or Sunday or (ii) a day on which banking institutions in New York, New York, Las Vegas, Nevada, or the city in which the Corporate Trust
Office of the Trustee is located, or any other city specified in the PA Supplement for a Series, are authorized or obligated by law or executive order to be closed. 
 “Cendant” shall mean Cendant Corporation, a Delaware corporation, or any successor thereof. 
 “Closing Date” shall mean, with respect to any Series, the Closing Date as defined in the related PA Supplement. 
 “Collateral” shall have the meaning set forth in the Indenture and Servicing Agreement. 
 “Collateral
Agency Agreement” shall mean the Collateral Agency Agreement dated as of January 15, 1998 by and between Wachovia Bank, National Association as successor Collateral Agent and the secured parties named therein, as amended by the First
Amendment dated as of July 31, 1998, the Second Amendment dated as of July 25, 2000, the Third Amendment dated as of July 1, 2001, the Fourth Amendment dated as of August 29, 2002, the Fifth Amendment dated as of March 31, 2003, the Sixth Amendment
dated as of May 20, 
  

 3 

 2003, the Seventh Amendment dated as of December 5, 2003, the Eighth Amendment dated as of March 27, 2004 and the Ninth
Amendment dated as of August 11, 2005, as such Collateral Agency Agreement may be further amended, supplemented or otherwise modified from time to time in accordance therewith. 
 “Collateral Agent” shall mean Wachovia Bank, National Association, as Collateral Agent, its successors and assigns and any entity which
is substituted as Collateral Agent under the terms of the Collateral Agency Agreement. 
 “Collection Account” shall mean
with respect to any Series the account or accounts established as the collection account for such Series pursuant to the Indenture and Servicing Agreement under which such Series of Notes is issued. 
 “Collections” shall mean, with respect to any Loan, all funds, cash collections and other cash proceeds of such Loan, including without
limitation (i) all Scheduled Payments or recoveries made in the form of money, checks and like items to, or a wire transfer or an automated clearinghouse transfer received in, any of the Lockbox Accounts or received by the Issuer or the Master
Servicer (or any Subservicer) in respect of such Loan, (ii) all amounts received by the Issuer, the Master Servicer (or any Subservicer) or the Trustee in respect of any Insurance Proceeds relating to such Loan or the related Timeshare Property and
(iii) all amounts received by the Issuer, the Master Servicer (or any Subservicer) or the Trustee in respect of any proceeds in respect of a condemnation of property in any Resort, which proceeds relate to such Loan or the related Timeshare
Property. 
 “Company” shall have the meaning set forth in the preamble. 
 “Contaminants” shall have the meaning set forth in Section 6(b)(xii). 
 “Corporate Trust Office” with respect to any Trustee, shall have the meaning set forth in the Indenture and Servicing Agreement.

 “Credit Card Account” shall mean an arrangement whereby an Obligor makes Scheduled Payments under a Loan via
pre-authorized debit to a Major Credit Card. 
 “Credit Standards and Collection Policies” shall mean the Credit Standards
and Collection Policies of the Seller and FRI, a copy of which is attached to this Agreement as Exhibit C, as the same may be amended from time to time in accordance with the provisions of Section 8(b)(iii). 
 “Custodial Agreement” shall mean the Fifth Amended and Restated Custodial Agreement dated as of August 11, 2005 by and between each of
the Issuers, the Seller, Trendwest, Wachovia Bank, National Association as Custodian, the Trustees and the Collateral Agent, a copy of which is attached to this Agreement as Exhibit A, as the same may be amended, supplemented or otherwise modified
from time to time thereafter in accordance with the terms hereof. 
 “Custodian” shall mean, at any time, the custodian
under either Custodial Agreement at such time. 
  

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 “Customary Practices” shall mean the Master Servicer’s practices with respect to
the servicing and administration of Loans as in effect from time to time, which practices shall be consistent with the practices employed by prudent lending institutions that originate and service instruments similar to the Loans or other timeshare
loans in the jurisdictions in which the Resorts are located. 
 “Cut-Off Date” shall mean, with respect to any Series, the
Cut-Off Date as defined in the related PA Supplement. 
 “De Minimus Levels” shall have the meaning set forth in Section
6(b)(xii). 
 “Debtor Relief Laws” shall mean the Bankruptcy Code and all other applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 
 “Defaulted Loan” shall mean any Loan (a) with any portion of a Scheduled Payment delinquent more than 90 days, (b) with respect to which
the Master Servicer shall have determined in good faith that the Obligor will not resume making Scheduled Payments, (c) for which the related Obligor has been the subject of a proceeding under a Debtor Relief Law or (d) for which cancellation or
foreclosure actions have been commenced. 
 “Defaulted Loan Repurchase Cap” shall mean, as of any date of determination, an
amount equal to the product of (a) 16.00% multiplied by (b) the aggregate Loan principal balance of all Loans (calculated as of the Cut-Off Date or related Addition Cut-Off Date, as applicable, for each Loan) sold by the Seller to the
Depositor pursuant to this Agreement on or prior to such date of determination. 
 “Defective Loan” shall mean, with respect
to any Series, any Loan with any uncured material breach of a representation or warranty of the Seller set forth in Section 6(b) hereof and in the related PA Supplement.  
 “Delinquent Loan” shall mean, with respect to any Series, a Loan with any portion of a Scheduled Payment delinquent more than 30 days,
other than any Loan that is a Defaulted Loan. 
 “Depositor Administrative Services Agreement” shall mean the administrative
services agreement dated as of August 29, 2002 by and between Wyndham as administrator and the Company as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

 “Due Date” shall mean, with respect to any Loan, the date on which an Obligor is required to make a Scheduled Payment
thereon. 
 “Due Period” shall mean, with respect to any Payment Date, the immediately preceding calendar month. 

 

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 “Effective Date” shall mean the date on which Wyndham Worldwide and its subsidiaries
cease to be subsidiaries of Cendant. 
 “Eligible Loan” shall mean, with respect to any Series, an Eligible Loan as defined
in the related PA Supplement. 
 “Environmental Laws” shall have the meaning set forth in Section 6(b)(xii). 
 “Equity Percentage” shall mean, with respect to a Loan, a fraction, expressed as a percentage, the numerator of which is the
excess of (A) the Timeshare Price of the related Timeshare Property relating to a Loan paid or to be paid by an Obligor over (B) the outstanding principal balance of such Loan at the time of sale of such Timeshare Property to such
Obligor (less the amount of any valid check presented by such Obligor at the time of such sale that has cleared the payment system), and the denominator of which is the Timeshare Price of the related Timeshare Property, provided
that any cash downpayments or principal payments made on any initial Loan that have been fully prepaid as part of a Timeshare Upgrade and financed downpayments under such initial Loan financed over a period not exceeding six months from the date of
origination of such Loan that have actually been paid within such six-month period shall be included for purposes of calculating the numerator of such fraction. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 
 “ERISA Affiliate” shall mean, with respect to any Person, (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as such
Person; (ii) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Internal Revenue Code) with such Person; or (iii) a member of the same affiliated service group (within the meaning of
Section 414(m) of the Internal Revenue Code) as such Person, any corporation described in clause (i) or any trade or business described in clause (ii). 
 “ERISA Liabilities” shall have the meaning set forth in Section 8(b)(vi). 
 “Event of Default” shall mean, with respect to any Series, one or more of the events constituting an Event of Default under the related Indenture Supplement. 
 “Facility Documents” shall mean, collectively, this Agreement, each PA Supplement, each Indenture and Servicing Agreement, each
Indenture Supplement, each Pool Purchase Agreement, the Custodial Agreement, the Lockbox Agreements, the Collateral Agency Agreement, the Title Clearing Agreements, the Loan Conveyance Documents, the Depositor Administrative Services Agreement, the
Issuer Administrative Services Agreement, the Financing Statements and all other agreements, documents and instruments delivered pursuant thereto or in connection therewith. 
 “FairShare Plus Agreement” shall mean the Amended and Restated FairShare Vacation Plan Use Management Trust Agreement effective as of
January 1, 1996 by and between FRI, FMB and such other Subsidiaries and third party developers as may be named by an amendment or addendum thereto, as the same may be amended, restated, supplemented or otherwise modified from time to time thereafter
in accordance with the terms of this Agreement. 
  

 6 

 “FairShare Plus Program” shall mean the program pursuant to which the occupancy and use
of a Timeshare Property is assigned to the trust created by the FairShare Plus Agreement in exchange for annual symbolic points that are used to establish the location, timing, length of stay and unit type of a vacation, including without limitation
systems relating to reservations, accounting and collection, disbursement and enforcement of assessments in respect of contributed units. 
 “Fixed Week” shall mean a Timeshare Property representing a fee simple interest in a lodging unit at a Resort that entitles the related Obligor to occupy such lodging unit for a specified one-week period each year.

 “FMB” shall have the meaning set forth in the preamble. 
 “FRI” shall have the meaning set forth in the preamble. 
 “GAAP” shall mean generally accepted accounting principles as in effect from time to time in the United States. 
 “Grant” shall have the meaning set forth in the Indenture and Servicing Agreement. 
 “Green Loan” shall mean a Loan the proceeds of which are used to finance the purchase of a Green Timeshare Property. 
 “Green Timeshare Property” shall mean a Timeshare Property for which construction on the related Resort has not yet begun or is subject to completion. 
 “Indemnified Amounts” shall have the meaning set forth in Section 6(e). 
 “Indenture and Servicing Agreement” shall mean (i) the Master Indenture and Servicing Agreement dated as of August 29, 2002, as amended
and restated as of July 7, 2006, together with the Indenture Supplement, each as amended from time to time, and each among the Initial Issuer, as issuer, Wyndham, as master servicer and Wachovia Bank, National Association, as trustee and collateral
agent, and (ii) with respect to any Additional Series, the indenture and servicing agreement or similar document or documents pursuant to which such Additional Series is issued and in which the terms of such Additional Series are set forth.

 “Indenture Supplement” shall mean (i) with respect to Series 2002-1, the supplement to the Master Indenture and Servicing
Agreement executed and delivered in connection with the issuance of the Series 2002-1 Notes and all amendments thereof and supplements thereto and (ii) with respect to any Additional Series, the Indenture and Servicing Agreement for that Series.

 “Independent Director” shall mean an individual who is an Independent Director as defined in the Limited Liability
Company Agreement of the Company as in effect on the date of this Agreement. 
  

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 “Initial Closing Date” shall mean August 29, 2002. 
 “Initial Issuer” shall mean Sierra Timeshare Conduit Receivables Funding, LLC formerly known as Cendant Timeshare Conduit Receivables
Funding, LLC and prior to that known as Sierra Receivables Funding Company, LLC, a Delaware limited liability company as issuer of the Series 2002-1 Notes. 
 “Initial Loan” shall mean, with respect to any Series, each Loan listed on the related Loan Schedule on the Closing Date for such Series. 
 “Insolvency Event” shall mean, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Debtor Relief Law now or hereafter in effect, or the filing of a petition against such Person in an
involuntary case under any applicable Debtor Relief Law now or hereafter in effect, which case remains unstayed and undismissed within 30 days of such filing, or the appointing of a receiver, conservator, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or the ordering of the winding-up or liquidation of such Person’s business; or (b) the commencement by such Person of a voluntary case under any
applicable Debtor Relief Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such Debtor Relief Law, or the consent by such Person to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or
the failure by such Person generally to pay its debts as such debts become due or the admission by such Person of its inability to pay its debts generally as they become due. 
 “Insolvency Proceeding” shall mean any proceeding relating to an Insolvency Event. 
 “Installment Contract” shall mean, with respect to any Series, an installment sale contract for deed and retained title in a related
Timeshare Property by and between an Originator and an Obligor. 
 “Insurance Proceeds” shall mean proceeds of any insurance
policy relating to any Loan or the related Timeshare Property, including any refund of unearned premium, but only to the extent such proceeds are not to be applied to the restoration of any improvements on the related Timeshare Property or released
to the Obligor in accordance with Customary Practices. 
 “Internal Revenue Code” shall mean the United States Internal
Revenue Code of 1986, as amended from time to time. 
 “Issuer” shall mean the Initial Issuer and each Additional Issuer.

 “Issuer Administrative Services Agreement” shall mean the administrative services agreement dated as of August 29, 2002
by and between Wyndham as administrator and the Initial Issuer as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof. 
  

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 “Kona” shall mean Kona Hawaiian Vacation Ownership, LLC, a Hawaii limited liability
company. 
 “Kona Addition Date” shall mean November 27, 2002. 
 “Lien” shall mean any security interest, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including without limitation any conditional sale or other title retention agreement, any financing lease
having substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction to
evidence any of the foregoing. 
 “Loan” shall mean, with respect to any Series, each installment contract or contract for
deed or contract or note secured by a mortgage, deed of trust, vendor’s lien or retention of title, in each case relating to the sale of one or more Timeshare Properties or Green Timeshare Properties to an Obligor, that is listed on the Loan
Schedule for such Series on the related Closing Date and any Additional Loans that are listed from time to time on such Loan Schedule in accordance with the related PA Supplement. 
 “Loan Conveyance Documents” shall mean, with respect to any Loan, (a) the Assignment of Additional Loans in the form of Exhibit B, if
applicable, and (b) any such other releases, documents, instruments or agreements as may be required by the Company, the Issuer or the Trustee in order to more fully effect the sale (including any prior assignments) of such Loan and any related
Transferred Assets. 
 “Loan Documents” shall mean, with respect to any Loan, all papers and documents related to such Loan,
including the original of all applicable promissory notes, stamped as required by the Custodial Agreement, the original of any related recorded or (to the extent permitted under this Agreement) unrecorded Mortgage (or a copy of such recorded
Mortgage if the original of the recorded Mortgage is not available, certified to be a true and complete copy of the original) and a copy of any recorded or (to the extent permitted under this Agreement) unrecorded warranty deed transferring legal
title to the related Timeshare Property to the Obligor; provided, however, that the Loan Documents may be provided in microfiche or other electronic form to the extent permitted under the Custodial Agreement. 
 “Loan File” shall mean, with respect to any Loan, the Loan Documents pertaining to such Loan and any additional amendments, supplements,
extensions, modifications or waiver agreements required to be added to the Loan File pursuant to this Agreement, the Credit Standards and Collection Policies and/or Customary Practices. 
 “Loan Pool” shall mean, with respect to any Series, all Loans identified in the Loan Schedule for such Series. 
 “Loan Rate” shall mean the annual rate at which interest accrues on any Loan, as modified from time to time in accordance with the terms
of any related Credit Standards and Collection Policies. 
  

 13 

 “Loan Schedule” shall mean, with respect to any Series, the list of Loans attached to
the related PA Supplement as Schedule 1, as amended from time to time on each Addition Date and Repurchase Date as provided in the related PA Supplement, which list shall set forth the following information with respect to each Loan therein as of
the applicable date: 
  

	 	(a)	the Loan number; 

  

	 	(b)	the Obligor’s name and the home address and telephone number for such Obligor set forth in the Loan; 

  

	 	(c)	the Resort in which the related Timeshare Property is located; 

  

	 	(d)	as to Fixed Weeks, the building, unit and week thereof; as to UDIs, the phase number thereof; and as to all other Timeshare Properties, the number of Points issued pursuant to the
FairShare Plus Program (if applicable) for which occupancy rights in such Timeshare Property may be redeemed and which are represented thereby; 

  

	 	(e)	the Loan Rate; 

  

	 	(f)	whether the Obligor has elected a PAC with respect to the Loan; 

  

	 	(g)	the original term of the Loan; 

  

	 	(h)	the original Loan principal balance and outstanding Loan principal balance as of the Cut-Off Date or related Addition Cut-Off Date, as applicable; 

  

	 	(i)	the date of execution of the Loan; 

  

	 	(j)	the amount of the Scheduled Payment on the Loan; 

  

	 	(k)	the original Timeshare Price and Equity Percentage; and 

  

	 	(l)	whether the related Timeshare Property has been deeded to the Obligor. 

 The Loan Schedule also shall set forth the aggregate amounts described under clause (h) above for all outstanding Loans. The Loan Schedule may be in the form of more than one list, collectively setting forth all of the information required.

 “Lockbox Account” shall mean any of the accounts established pursuant to a Lockbox Agreement. 
 “Lockbox Agreement” shall mean (i) with respect to Loans pledged to secure the Series 2002-1 Notes, any agreement substantially in the
form of Exhibit E by and between the Initial Issuer, the Trustee, the Master Servicer and the applicable Lockbox Bank, which agreement sets forth the rights of the Issuer, the Trustee and the applicable Lockbox Bank with respect to the disposition
and application of the Collections deposited in the applicable Lockbox Account, including without limitation the right of the Trustee to direct the Lockbox 
  

 10 

 Bank to remit all Collections directly to the Trustee and (ii) with respect to Loans pledged to secure an Additional
Series, the lockbox agreements or similar arrangements described in the applicable Indenture and Servicing Agreement. 
 “Lockbox
Bank” shall mean any of the commercial banks holding one or more Lockbox Accounts for the purpose of receiving Collections. 
 “Lot” shall mean a fully or partially developed parcel of real estate. 
 “Major Credit Card”
shall mean a credit card issued by any Visa USA, Inc., MasterCard International Incorporated, American Express Company, Discover Bank or Diners Club International Ltd. credit card entity. 
 “Master Servicer” shall mean, with respect to each Indenture and Servicing Agreement, the entity then designated as the servicer or
master servicer under such agreement. 
 “Material Adverse Effect” shall mean, with respect to any Person and any event or
circumstance, a material adverse effect on: (a) the business, properties, operations or condition (financial or otherwise) of any of such Person; (b) the ability of such Person to perform its respective obligations under any Facility Documents to
which it is a party; (c) the validity or enforceability of, or collectibility of amounts payable under, any Facility Documents to which it is a party; (d) the status, existence, perfection or priority of any Lien arising through or under such Person
under any Facility Documents to which it is a party; or (e) the value, validity, enforceability or collectibility of the Loans pledged as collateral for any Series of Notes or any of the other Transferred Assets pledged as collateral for any Series
of Notes. 
 “Mortgage” shall mean any mortgage, deed of trust, purchase money deed of trust or deed to secure debt
encumbering the related Timeshare Property, granted by the related Obligor to the Originator of a Loan to secure payments or other obligations under such Loan. 
 “Multiemployer Plan” shall have the meaning set forth in Section 3(37) of ERISA. 
 “Nominee” shall mean (i) with respect to each of the Title Clearing Agreements, the person designed in such agreement as the nominee or, where applicable, the entity given such other designation as is appropriate and which
is the entity to which legal title to the subject property is conveyed and held and (ii) with respect to other title clearing documents, instruments and agreements, title holding documents, instruments and agreement or similar documents, instruments
and agreements, the entity–which shall not be the Seller or an Affiliate of the Seller–to which legal title to the subject property is conveyed and held for ease of transfer and for the benefit of the entities, among others, to which
Series 2002-1 Loans have from time to time been conveyed, as their interests may appear. 
 “Note” shall mean any
Loan-backed note issued, executed and authenticated in accordance with an Indenture and Servicing Agreement and, where appropriate, any related Indenture Supplement. 
 “Noteholder” shall have the meaning set forth in the Indenture and Servicing Agreement. 
  

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 “Obligor” shall mean, with respect to any Loan, the Person or Persons obligated to make
Scheduled Payments thereon. 
 “Operating Agreement” shall mean the Tenth Amended and Restated Operating Agreement dated as
of August 11, 2005 by and between FRI, FMB, Kona, the VB Subsidiaries, Trendwest and the Seller and such agreement as it may be amended and supplemented from time to time. 
 “Opinion of Counsel” shall mean a written opinion of counsel in form and substance reasonably satisfactory to the recipient thereof.

 “Originator” shall mean FRI, FMB, Kona, SDI, or a VB Subsidiary, as the case may be, or any other Subsidiary of, prior to
the Effective Date, Cendant Corporation and, on and after the Effective Date, Wyndham Worldwide that originates Loans in accordance with the Credit Standards and Collection Policies for sale to CTRG-CF. 
 “PAC” shall mean an arrangement whereby an Obligor makes Scheduled Payments under a Loan via pre-authorized bank account debit.

 “PA Supplement” shall have the meaning set forth in the recitals. 
 “Payment Date” shall mean, with respect to any Series, the payment date set forth in the related Indenture and Servicing Agreement or in
the related Indenture Supplement, as applicable. 
 “Permitted Encumbrance” shall mean, with respect to a Loan, any of the
following Liens against the related Timeshare Property: (i) the interest therein of the Obligor and/or the Nominee, as the case may be, (ii) the Lien of due and unpaid Assessments, (iii) covenants, conditions and restrictions, rights of way,
easements and other matters of public record, such exceptions appearing of record being consistent with the normal business practices of Wyndham and FRI or specifically disclosed in the applicable land sales registrations filed with the applicable
regulatory agencies and (iv) other matters to which properties of the same type as those underlying such Loan are commonly subject that do not materially interfere with the benefits of the security intended to be provided by such Timeshare Property.

 “Person” shall mean any person or entity, including any individual, corporation, limited liability company, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or any other organization or entity, whether or not a legal entity. 
 “Plan” shall mean an employee benefit plan or other retirement arrangement subject to ERISA or Section 4975 of the Internal Revenue Code
of 1986, as amended from time to time. 
 “Plan Insolvency” shall mean, with respect to any Multiemployer Plan, the
condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 
 “POA” shall mean each property
owners’ association or similar timeshare owner body for a Timeshare Property Regime or Resort or portion thereof, in each case established pursuant to the declarations, articles or similar charter documents applicable to each such Timeshare
Property Regime, Resort or portion thereof. 
  

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 “Points” shall mean, with respect to any lodging unit at a Timeshare Property Regime,
the number of points of symbolic value assigned to such unit pursuant to the FairShare Plus Program. 
 “Pool Purchase
Agreement” shall mean (i) with respect to Series 2002-1 Notes, the master purchase agreement dated as of August 29, 2002, as amended and restated as of July 7, 2006, by and between the Company and the Initial Issuer and all amendments
thereof and supplements thereto and (ii) with respect to any Additional Series, the Term Purchase Agreement by and between the Company and the Additional Issuer which issues such Additional Series. 
 “Pool Purchase Price” shall mean, with respect to any Series, the Pool Purchase Price as defined in the related PA Supplement.

 “Post Office Box” shall mean each post office box to which Obligors are directed to mail payments in respect of the Loans
of any Series. 
 “Purchase” shall mean, with respect to any Series, a Purchase as defined in the related PA Supplement.

 “Purchaser” shall have the meaning set forth in the preamble. 
 “Qualified Substitute Loan” shall mean, with respect to any Series, a substitute Loan that (i) is an Eligible Loan on the applicable
date of substitution for such substitute Loan, (ii) on such date of substitution has a Loan Rate not less than the Loan Rate of the substituted Loan and (iii) is not selected in a manner adverse to the Purchaser or its assignees. 
 “Records” shall mean all copies of Loans (not including originals) and other documents, books, records and other information (including
without limitation computer programs, tapes, discs, punch cards, data processing software and related property and rights) maintained by the Seller or any of its respective Affiliates (including without limitation each Originator, but not including
the Purchaser or the Issuer) with respect to Loans, the related Transferred Assets and the related Obligors. 
 “Reorganization” shall mean, with respect to any Multiemployer Plan, the condition that such Plan is in reorganization within the meaning of Section 4241 of ERISA. 
 “Reportable Event” shall mean any of the events described in Section 4043 of ERISA. 
 “Repurchase Date” shall mean, with respect to any Series, the Repurchase Date as defined in the related PA Supplement. 
 “Repurchase Price” shall mean, with respect to any Series, the Repurchase Price as defined in the related PA Supplement. 
  

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 “Reservation System” shall mean the system with respect to Timeshare Properties pursuant
to which a reservation for a particular location, time, length of stay and unit type is received, accepted, modified or canceled. 
 “Reserve Account” shall, with respect to any Series, mean any reserve account established pursuant to the related Indenture Supplement. 
 “Resort” shall mean each resort or development listed on Schedule 2 (as such Schedule 2 may be amended from time to time with the written consent of the Company and the Seller in connection with
proposed sales of Additional Loans relating to resorts or developments with respect to which Loans have not previously been sold under this Agreement). 
 “Scheduled Payment” shall mean each scheduled monthly payment of principal and interest on a Loan. 
 “SDI” shall mean Shawnee Development, Inc., a Pennsylvania corporation. 
 “SDI Addition Date”
means the date on which Loans originated by SDI are first sold to the Purchaser under the terms of this Agreement and a PA Supplement. 
 “Seller” shall have the meaning set forth in the preamble. 
 “Series” shall mean (i) with respect
to the sale of Loans to the Purchaser pursuant to a PA Supplement, all Loans sold pursuant to a PA Supplement and (ii) with respect to Notes, the Series 2002-1 Notes or any Additional Series. 
 “Series Termination Date” shall mean, with respect to any Series, the Series Termination Date as defined in the related PA Supplement or
Indenture and Servicing Agreement. 
 “State” shall mean any of the 50 United States or the District of Columbia.

 “Subservicer” shall have the meaning set forth in the Indenture and Servicing Agreement. 
 “Subservicing Agreement” shall have the meaning set forth in the Indenture and Servicing Agreement. 
 “Subsidiary” shall mean, with respect to any Person, any corporation or other entity of which more than 50% of the outstanding capital
stock or other ownership interests having ordinary voting power to elect a majority of the board of directors of such corporation (notwithstanding that at the time capital stock of any other class or classes of such corporation shall or might have
voting power upon the occurrence of any contingency) or other persons performing similar functions is at the time directly or indirectly owned by such Person. 
 “Substitution Adjustment Amount” shall, with respect to any Series, have the meaning set forth in the related PA Supplement. 
  

 14 

 “Term Purchase Agreement” shall mean a purchase agreement between the Purchaser and an
Additional Issuer pursuant to which the Purchaser sells Loans to the Additional Issuer and the Additional Issuer purchases such Loans for the purpose of pledging the Loans to secure a Series of Notes. 
 “Timeshare Price” shall mean the original price of the Timeshare Property paid by an Obligor, plus any accrued and unpaid
interest and other amounts owed by the Obligor. 
 “Timeshare Property” shall mean the underlying ownership interest that is
the subject of a Loan, which ownership interest may be either a Fixed Week, a UDI or the Points with respect thereto under the FairShare Plus Program. 
 “Timeshare Property Regime” shall mean any of the various interval ownership regimes located at a Resort, each of which is an arrangement established under applicable state law whereby all or a
designated portion of a development is made subject to a declaration permitting the transfer of Timeshare Properties therein, which Timeshare Properties shall, in the case of Fixed Weeks and UDIs, constitute real property under the applicable local
law of each of the jurisdictions in which such regime is located. 
 “Timeshare Upgrade” shall mean the upgrade by an
Obligor of the Obligor’s existing Timeshare Property to an upgraded Timeshare Property or an obligor’s purchase of an additional Timeshare Property. 
 “Title Clearing Agreement” shall mean, with respect to certain Loans that are Installment Contracts, each of (a) the Sixteenth Amended and Restated Title Clearing Agreement dated as of August 11,
2005, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, by and among the Issuer, FRI, the Seller, the Purchaser, Lawyers Title Insurance Corporation, the Collateral Agent and the other parties
thereto; (b) the Fourteenth Amended and Restated Title Clearing Agreement (Colorado) dated as of August 11, 2005, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, by and among the Issuer, FRI,
the Seller, the Purchaser, Colorado Land Title Company, the Collateral Agent and the other parties thereto; (c) the Twelfth Amended and Restated Title Clearing Agreement (Westwinds) dated as of August 11, 2005, as amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof, by and among the Issuer, FRI, the Seller, the Purchaser, Lawyers Title Insurance Corporation, the Collateral Agent and the other parties thereto; (d) the Eleventh Amended and Restated
Nashville Title Clearing Agreement dated as of August 11, 2005, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, by and among the Issuer, FRI, the Seller, the Purchaser, Lawyers Title Insurance
Corporation, the Collateral Agent and the other parties thereto; (e) the Eleventh Amended and Restated Seawatch Plantation Title Clearing Agreement dated as of August 11, 2005, as amended, supplemented or otherwise modified from time to time in
accordance with the terms thereof, by and among the Issuer, FRI, FMB, the Seller, the Purchaser, Lawyers Title Insurance Corporation, the Collateral Agent and the other parties thereto; (f) the Thirteenth Amended and Restated Supplementary Trust
Agreement (Arizona) dated as of August 11, 2005, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, by and among the Issuer, FRI, the Seller, the Purchaser, First American Title 
  

 15 

 Insurance Corporation, the Collateral Agent and the other parties thereto; (g) the Seventh Amended and Restated Nevada
Title Clearing Agreement dated as of August 11, 2005, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, by and among the Issuer, FRI, the Seller, the Purchaser, Lawyer’s Title of Nevada,
Inc., the Collateral Agent and the other parties thereto; and (h) such other title clearing agreements and other similar documents, instruments and agreements which may be entered into from time to time by each of FRI, the Seller, the Issuer, the
Purchaser and the Collateral Agent (among other Persons) in accordance with the transactions contemplated by this Agreement and other Facility Documents relating to the Timeshare Properties. 
 “Transferred Assets” shall mean, with respect to any Series, any and all right, title and interest of the Seller in, to and under:

 (a) the Loans from time to time, including without limitation the Initial Loans as of the close of business on the Cut-Off
Date and the Additional Loans as of the close of business on the related Addition Cut-Off Dates and all Scheduled Payments, other Collections and other funds received in respect of such Initial Loans and Additional Loans on or after the Cut-Off Date
or Addition Cut-Off Date, as applicable, and any other monies due or to become due on or after the Cut-Off Date or Addition Cut-Off Date, as applicable, in respect of any such Loans, and any security therefor; 
 (b) (i) the Timeshare Properties relating to the Loans and (ii) the Title Clearing Agreements and the FairShare Plus Program (including
without limitation the FairShare Plus Agreement) to the extent that they relate to such Timeshare Properties; 
 (c) any
Mortgages relating to the Loans; 
 (d) any Insurance Policies relating to the Loans; 
 (e) the Loan Files and other Records relating to the Loans; 
 (f) the Loan Conveyance Documents relating to the Loans; 
 (g) all interest, dividends, cash, instruments, financial assets and other investment property and other property from time to time
received, receivable or otherwise distributed in respect of, or in exchange for, or on account of, the sale or other disposition of the Transferred Assets, and including all payments under Insurance Policies (whether or not any of the Seller, the
Purchaser, any Originator, the Master Servicer, the Issuer or the Trustee is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any Transferred Assets, and any security
granted or purported to be granted in respect of any Transferred Assets; and 
 (h) all proceeds of any of the foregoing
property described in clauses (a) through (g). 
  

 16 

 “Transition Period” shall mean the period from the date the Seller or an affiliate of
the Seller acquires an organization, facility or program from an unrelated entity to the date on which the Seller or an affiliate of the Seller has fully converted the servicing of Loans related to such organization, facility or program to the
Master Servicer’s Credit Standards and Collection Policies. 
 “Trendwest” shall mean Trendwest Resorts, Inc., a
wholly-owned indirect Subsidiary of, prior to the Effective Date, Cendant and, on and after the Effective Date, Wyndham Worldwide. 
 “Trustee” shall mean with respect to each Indenture and Servicing Agreement, the entity designated as the trustee under such agreement. 
 “UCC” shall mean the Uniform Commercial Code, as amended from time to time, as in effect in any specified jurisdiction. 
 “UDI” shall mean an individual interest in fee simple (as tenants in common with all other undivided interest owners) in a lodging unit or group of lodging units at a Resort. 
 “VB Partnerships” shall have the meaning set forth in the preamble. 
 “VB Subsidiaries” shall have the meaning set forth in the preamble. 
 “Wyndham” shall mean Wyndham Consumer Finance, Inc., a Delaware corporation formerly known as Cendant Timeshare Resort Group-Consumer
Finance, Inc. and prior to that known as Fairfield Acceptance Corporation-Nevada, a corporation domiciled in Nevada. 
 “Wyndham
Worldwide” shall mean Wyndham Worldwide Corporation and its successors and assigns. 
 Section 2. Purchase and Sale of Loans.

 The Seller may from time to time sell and assign to the Company, and the Company may from time to time Purchase from the Seller, all
the Seller’s right, title and interest in, to and under the Loans listed on the Loan Schedule with respect to the related PA Supplement. The principal terms of the Purchase and sale of Loans for each Series shall be set forth in the related PA
Supplement. 
 Section 3. Pool Purchase Price. 
 Provisions with respect to the Purchase and sale of the Loans for each Series shall be set forth in the related PA Supplement. 
 The purchase price for any Additional Loans and other related Transferred Assets (the “Additional Pool Purchase Price”) conveyed to the Company under this Agreement and the related PA Supplement on
each Addition Date shall be a dollar amount equal to the aggregate outstanding principal balance of such Additional Loans sold on such date, subject to adjustment to reflect such factors as the Company and the Seller mutually agree will result in an
Additional Pool Purchase Price equal to the fair market value of such Additional Loans and other related Transferred Assets. 
  

 17 

 Section 4. Payment of Purchase Price. 
 (a) Closing Dates. On the terms and subject to the conditions of this Agreement and the related PA Supplement, payment of the Pool Purchase Price
for each Series shall be made by the Company on the related Closing Date in immediately available funds to the Seller to such accounts at such banks as the Seller shall designate to the Company not less than one Business Day prior to the such
Closing Date. 
 (b) Manner of Payment of Additional Pool Purchase Price. On the terms and subject to the conditions in this Agreement
and the related PA Supplement, the Company shall pay to the Seller, on each Business Day on which any Additional Loans are purchased from the Seller by the Company pursuant to Section 2 of the related PA Supplement, the Additional Pool Purchase
Price for such Additional Loans by paying such Additional Pool Purchase Price to the Seller in cash. 
 (c) Scheduled Payments Under Loans
and Cut-Off Date. The Company shall be entitled to all Scheduled Payments, other Collections and all other funds with respect to any Loan received on or after the related Cut-Off Date or Addition Cut-Off Date, as applicable. The principal
balance of each Loan as of the related Cut-Off Date or Addition Cut-Off Date, as applicable, shall be determined after deduction, in accordance with the terms of each such Loan, of payments of principal received before such Cut-Off Date or Addition
Cut-Off Date. 
 Section 5. Conditions Precedent to Sale of Loans. 
 No Purchase of Loans and related Transferred Assets shall be made hereunder or under any PA Supplement on any date on which: 
 (a) the Company does not have sufficient funds available to pay the related Pool Purchase Price or Additional Pool Purchase Price in cash; or 

(b) an Insolvency Event has occurred and is continuing with respect to the Seller or the Company. 
  

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 Section 6. Representations and Warranties of the Seller, FRI, FMB, SDI and the VB Subsidiaries. 

(a) General Representations and Warranties of the Seller, FRI, FMB, SDI and the VB Subsidiaries. The Seller, FRI, FMB, SDI and the VB
Subsidiaries jointly and severally represent and warrant as of each Closing Date and as of each Addition Date (except that SDI makes any representations and warranties with respect to SDI only as of the SDI Addition Date, as of each Closing Date
occurring after the SDI Addition Date and as of each Addition Date occurring after the SDI Addition Date), or as of such other date specified in such representation and warranty, that: 
 (i) Organization and Good Standing. 
 (A) Each of the Seller, FRI, FMB, SDI and the VB Subsidiaries (other than the VB Partnerships) is a corporation duly organized, validly existing and in good standing under the laws of the state of its organization and
has full corporate power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted, and to execute, deliver and perform its obligations under this
Agreement, any related PA Supplement and each of the Facility Documents to which it is a party. Each of the Seller, FRI, FMB, SDI and the VB Subsidiaries (other than the VB Partnerships) is organized in the jurisdiction set forth in the preamble.
Each of the Seller, FRI, FMB, SDI and the VB Subsidiaries (other than the VB Partnerships) is duly qualified to do business and is in good standing as a foreign corporation, and has obtained all necessary licenses and approvals in each jurisdiction
in which failure to qualify or to obtain such licenses and approvals would render any Loan unenforceable by any of the Seller, FRI, FMB, SDI or the VB Subsidiaries (other than the VB Partnerships). 
 (B) Each of the VB Partnerships is a general partnership duly organized and validly existing under the laws of the State of Florida and
has full power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted, and to execute, deliver and perform its obligations under this Agreement, any
related PA Supplement and each of the Facility Documents to which it is a party. Each of the VB Partnerships is duly qualified to do business and is in good standing and has obtained all necessary licenses and approvals in each jurisdiction in which
failure to qualify or to obtain such licenses and approvals would render any Loan unenforceable by any of the VB Partnerships. 
 (C) The name of each of the Seller, FRI, FMB, SDI and the VB Subsidiaries set forth in the preamble of this Agreement is the correct legal name of such entity, and such name has not been changed in the past six years (except those name
changes made in accordance with the terms of this Agreement). None of the Seller, FRI, FMB, SDI or the VB Subsidiaries utilizes any trade names, assumed names, fictitious names or “doing business names.” 
 (ii) Due Authorization and No Conflict. The execution, delivery and performance by each of the Seller, FRI, FMB, SDI and the VB
Subsidiaries of each of the Facility Documents to which it is a party, and the consummation by each such party of the transactions contemplated hereby and under each other Facility Document to which it is a party, has been duly authorized by the
Seller, FRI, FMB, SDI and the VB Subsidiaries, respectively, by all necessary corporate or partnership action, does not contravene (i) the Seller’s, FRI’s, FMB’s, SDI’s or the VB Subsidiaries’ charter or by-laws or
partnership agreement, (ii) any law, rule or regulation applicable to the Seller, FRI, FMB, SDI or the VB Subsidiaries, (iii) any contractual restriction contained in any material indenture, loan or credit agreement, lease, mortgage, deed of trust,
security agreement, bond, note, or other material agreement or instrument binding on any of the 
  

 19 

 Seller, FRI, FMB, SDI or the VB Subsidiaries or (iv) any order, writ, judgment, award, injunction or
decree binding on or affecting the Seller, FRI, FMB, SDI, the VB Subsidiaries or their properties (except where such contravention would not have a Material Adverse Effect with respect to such Persons or properties), and do not result in (except as
provided in the Facility Documents) or require the creation of any Lien upon or with respect to any of their properties; and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. Each of the Facility
Documents to which the Seller, FRI, FMB, SDI or the VB Subsidiaries is a party have been duly executed and delivered on behalf of the Seller, FRI, FMB, SDI or the VB Subsidiaries, as applicable. To the extent that this representation is being made
with respect to Title I of ERISA or Section 4975 of the Code, it is made subject to the assumption that none of the assets being used to purchase the Loans and Transferred Assets constitute assets of any Benefit Plan or Plan with respect to which
the Seller is a party in interest or disqualified person. 
 (iii) Governmental and Other Consents. All approvals,
authorizations, consents or orders of any court or governmental agency or body required in connection with the execution and delivery by the Seller, FRI, FMB, SDI or the VB Subsidiaries of this Agreement, any related PA Supplement or any of the
other Facility Documents to which it is a party, the consummation by such party of the transactions contemplated hereby or thereby, the performance by such party of and the compliance by such party with the terms hereof or thereof, have been
obtained, except where the failure so to do would not have a Material Adverse Effect with respect to such Party. 
 (iv)
Enforceability of Facility Documents. Each of the Facility Documents to which any of the Seller, FRI, FMB, SDI or the VB Subsidiaries is a party has been duly and validly executed and delivered by the Seller, FRI, FMB, SDI or the VB
Subsidiaries, as applicable, and constitutes the legal, valid and binding obligation of the Seller, FRI, FMB, SDI or the VB Subsidiaries, as applicable, enforceable against it in accordance with its respective terms, except as enforceability may be
subject to or limited by Debtor Relief Laws or by general principles of equity (whether considered in a suit at law or in equity). 
 (v) No Litigation. Except as disclosed in Schedule 5 to this Agreement or to any Assignment, there are no proceedings or investigations pending, or to the knowledge of the Seller, FRI, FMB, SDI or the VB Subsidiaries threatened,
against the Seller, FRI, FMB, SDI or the VB Subsidiaries before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality (A) asserting the invalidity of this Agreement or any of the other Facility
Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the other Facility Documents, (C) seeking any determination or ruling that would adversely affect the performance by any of the
Seller, FRI, FMB, SDI or the VB Subsidiaries of its obligations under this Agreement, any related PA Supplement or any of the other Facility Documents to which it is a party, (D) seeking any determination or ruling that would adversely affect the
validity or enforceability of this Agreement or any of the other Facility Documents or (E) seeking any determination or ruling that would, if adversely determined, be reasonably likely to have a Material Adverse Effect with respect to such party.

  

 20 

 (vi) Governmental Regulations. Neither the Seller, FRI, FMB, SDI nor any of the VB
Subsidiaries is (A) an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended, or (B) a “public utility company” or a “holding company,” a “subsidiary
company” or an “affiliate” of any public utility company within the meaning of Section 2(a)(5), 2(a)(7), 2(a)(8) or 2(a)(ii) of the Public Utility Holding Company Act of 1935, as amended. 
 (vii) Margin Regulations. Neither the Seller, FRI, FMB, SDI nor any of the VB Subsidiaries is engaged, principally or as one of its
important activities, in the business of extending credit for the purpose of purchasing or carrying any margin stock (as each such term is defined or used in any of Regulations T, U or X of the Board of Governors of the Federal Reserve System). No
part of the proceeds of any of the notes issued by the Issuer has been used by the Seller, FRI, FMB, SDI or any of the VB Subsidiaries for so purchasing or carrying margin stock or for any purpose that violates or would be inconsistent with the
provisions of any of Regulations T, U or X of the Board of Governors of the Federal Reserve System. 
 (viii) Location of
Chief Executive Office and Records. The principal place of business and chief executive office of FRI and FMB, and the office where FRI and FMB maintain all of their Records, is located at 8427 South Park Circle, Orlando, Florida 32819; the
principal place of business and chief executive office of the Seller, and the office where the Seller maintains all of its Records, is 10750 West Charleston Blvd., Suite 130, Las Vegas, Nevada 89135; the principal place of business and chief
executive office of SDI, and the office where SDI maintains all of its Records shall be provided by written notice given by Shawnee to the Trustee for the Series 2002-1 Notes on or prior to the SDI Addition Date; and the principal place of business
and chief executive office of each of the VB Subsidiaries is located at 8427 South Park Circle, Orlando, Florida 32819. None of FRI, FMB, SDI, the VB Subsidiaries or the Seller has changed its principal place of business or chief executive office
(or the office where such entity maintains all of its Records) during the previous six years (except for changes made in accordance with the terms of this Agreement and except that FRI and FMB changed their principal place of business and chief
executive office from 8669 Commodity Circle, Suite 200, Orlando, Florida 32819 to the address set forth above on February 18, 2002; the Seller changed its principal place of business and chief executive office from 7730 West Sahara Avenue, Suite
105, Las Vegas, Nevada 89117 to the address set forth above in 2002; and each of the VB Subsidiaries changed its principal place of business and chief executive office from 6400 North Andrews Avenue, Fort Lauderdale, Florida 33309 to the address set
forth above in 2001). At any time after the Initial Closing Date, upon 30 days’ prior written notice to the Trustee as assignee of the Company and the Issuer, any of the Seller, FRI, FMB, SDI and the VB Subsidiaries may change its name or may
change its type or its jurisdiction of organization to another jurisdiction within the United States and any of the VB Partnerships may change the location of its chief executive office, but only so long as all action necessary or reasonably
requested by the Company to amend the existing financing statements and to file additional financing statements in all applicable jurisdictions to perfect the transfer of the Loans and the related Transferred Assets is taken. 
  

 21 

 (ix) Lockbox Accounts. Except in the case of any Lockbox Account pursuant to which
only Collections in respect of Loans subject to a PAC or Credit Card Account are deposited, each of the Seller, FRI, FMB, SDI and the VB Subsidiaries, as applicable, has filed a standing delivery order with the United States Postal Service
authorizing each Lockbox Bank to receive mail delivered to the related Post Office Box. The account numbers of all Lockbox Accounts, together with the names, addresses, ABA numbers and names of contact persons of all the Lockbox Banks maintaining
such Lockbox Accounts and the related Post Office Boxes (other than those separately identified in an Indenture and Servicing Agreement), are set forth in Schedule 4. From and after the Initial Closing Date, none of the Seller, FRI, FMB, SDI or the
VB Subsidiaries shall have any right, title and/or interest in or to any of the Lockbox Accounts or the Post Office Boxes and will maintain no Lockbox accounts in their own names for the collection of payments in respect of the Loans. None of the
Seller, FRI, FMB, SDI or the VB Subsidiaries has any lockbox or other accounts for the collection of payments in respect of the Loans other than the Lockbox Accounts. 
 (x) Facility Documents. This Agreement and any PA Supplement are the only agreements pursuant to which the Seller sells the Loans
and other related Transferred Assets to the Company. Each of the Seller, FRI, FMB SDI and the VB Subsidiaries has furnished to the Company true, correct and complete copies of each Facility Document to which any of the Seller, FRI, FMB, SDI and the
VB Subsidiaries is a party, each of which is in full force and effect. None of the Seller, FRI, FMB, SDI, any of the VB Subsidiaries or any of its Affiliates (not including the Purchaser or the Issuer) is in default thereunder in any material
respect. 
 (xi) Taxes. Each of the Seller, FRI, FMB, SDI and the VB Subsidiaries has timely filed or caused to be
filed all federal, state and local tax returns required to be filed by it, and has paid or caused to be paid all taxes shown to be due and payable on such returns or on any assessments received by it, other than any taxes or assessments the validity
of which are being contested in good faith by appropriate proceedings and with respect to which the Seller, FRI, FMB, SDI or any of the VB Subsidiaries, as applicable, has set aside adequate reserves on its books in accordance with GAAP, and which
proceedings have not given rise to any Lien. 
 (xii) Accounting Treatment. Each of the Seller, FRI, FMB, SDI and the
VB Subsidiaries has accounted for the transactions contemplated in the Facility Documents to which it is a party in accordance with GAAP. 
 (xiii) ERISA. There has been no (A) occurrence or expected occurrence of any Reportable Event with respect to any Benefit Plan subject to Title IV of ERISA of FRI, FMB, the Seller, SDI or any ERISA Affiliate,
or any withdrawal from, or the termination, Reorganization or Plan Insolvency of any Multiemployer Plan or (B) institution of proceedings or the taking of any other action by Pension Benefit Guaranty Corporation or by FRI, FMB, SDI, the Seller or
any ERISA Affiliate or any such Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Plan Insolvency of, any such Plan. 
  

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 (xiv) No Adverse Selection. No selection procedures materially adverse to the
Company, the Issuer, the Noteholders, the Trustee or the Collateral Agent have been employed by any of the Seller, FRI, FMB, SDI or the VB Subsidiaries in selecting the Loans for inclusion in the Loan Pool on such Closing Date or Addition Date, as
applicable. 
 (xv) FairShare Plus Program. 
 (A) As of each Closing Date or any Addition Date, as applicable, for each Timeshare Property Regime for which the related Timeshare
Properties are comprised primarily of UDIs, the ratio of (1) the total number of Points actually allocated to such Timeshare Property Regime pursuant to the FairShare Plus Program for the succeeding twelve-month period to (2) the total
number of Points allocable to available space in such Timeshare Property Regime over such twelve-month period, does not exceed 1.0 to 1.0. 
 (B) On each Closing Date or any Addition Date, as applicable, for each owner of a UDI who is a member of the FairShare Plus Program, the ratio, expressed as a percentage, of (1) the number of Points allocated
to such owner in Timeshare Property Regime in return for assigning his Timeshare Property to the FairShare Plus Program trust to (2) the total number of Points assigned to all UDI owners in such Timeshare Property Regime, does not exceed the
percentage of such owner’s undivided interest in such Timeshare Property Regime as described in such owner’s Loan. 
 (xvi) [Reserved]. 
 (xvii) Separate Identity. Each of the Seller, FRI, SDI, the VB Subsidiaries and their
respective Affiliates has observed the applicable legal requirements on its part for the recognition of the Company as a legal entity separate and apart from each of the Seller, FRI, SDI, the VB Subsidiaries and any of their respective Affiliates
(other than the Company) and has taken all actions necessary on its part to be taken in order to ensure that the facts and assumptions relating to the Company set forth in the opinion of Orrick, Herrington & Sutcliffe LLP relating to substantive
consolidation matters with respect to the Seller and the Company are true and correct; provided, however, that none of the Seller, FRI, FMB, SDI or any of the VB Subsidiaries makes any representations or warranties in this Section
6(a)(xvii) with respect to the Company or the Issuer. 
 (b) Representations and Warranties Regarding the Loans. The Seller and FRI
jointly and severally represent and warrant to the Company as of the applicable Cut-Off Date and Addition Cut-Off Date as to each Loan conveyed on and as of each Closing Date or the related Addition Date, as applicable (except as otherwise expressly
stated and except that representations and warranties with respect to Kona apply only to Loans conveyed on or after the Kona Addition 
  

 23 

 Date and representations and warranties with respect to SDI apply only to Loans conveyed on or after the SDI Addition
Date) as follows: 
 (i) Eligibility. Such Loan is an Eligible Loan. 
 (ii) No Waivers. The terms of such Loan have not been waived, altered, modified or extended in any respect other than (A)
modifications entered into in accordance with Customary Practices and Credit Standards and Collections Policies that do not reduce the amount or extend the maturity of required Scheduled Payments and (B) modifications in the applicability of a PAC
(which may result in a change in the related Loan Rate). 
 (iii) Binding Obligation. Such Loan is the legal, valid and
binding obligation of the Obligor thereunder and is enforceable against the Obligor in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws or by general principles of equity (whether considered in a suit at
law or in equity). 
 (iv) No Defenses. Such Loan is not subject to any statutory right of rescission, setoff,
counterclaim or defense, including without limitation the defense of usury. 
 (v) Lawful Assignment. Such Loan was not
originated in, and is not subject to the laws of, any jurisdiction the laws of which would make the transfer of the Loan under this Agreement or any PA Supplement unlawful. 
 (vi) Compliance with Law. The Originator and the Seller have complied with requirements of all material federal, state and local
laws (including without limitation usury, truth in lending and equal credit opportunity laws) applicable to such Loan in all material respects. The related Timeshare Property Regime is in compliance with any and all applicable zoning and building
laws and regulations and any other laws and regulations relating to the use and occupancy of such Timeshare Property Regime, except where such noncompliance would not have a Material Adverse Effect with respect to the applicable Originator and the
Seller. None of the Seller, FRI, FMB, Kona, SDI or the VB Subsidiaries has received notice of any material violation of any legal requirements applicable to such Timeshare Property Regime, except where such violation would not have a Material
Adverse Effect with respect to the applicable Originator and the Seller. The Timeshare Property Regime related to such Loan complies with all applicable state statutes, including without limitation condominium statutes, timeshare statutes, HUD
filings relating to interstate land sales (if applicable) and the requirements of any governmental authority or local authority having jurisdiction with respect to such Timeshare Property Regime, and constitutes a valid and conforming condominium
and timeshare regime under the laws of the State in which the related Resort is located, except where such noncompliance would not have a Material Adverse Effect with respect to the applicable Originator and the Seller. 
 (vii) Loan in Force; No Subordination. Such Loan is in full force and effect and has not been subordinated, satisfied in whole or
in part or rescinded. 
  

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 (viii) Capacity of Parties. All parties to such Loan had legal capacity to execute
the Loan. 
 (ix) Original Loans. All original executed copies of such Loans are or, within 30 days of Purchase, will
be in the custody of the Custodian except to the extent otherwise permitted pursuant to Section 6(b)(xiv) 
 (x) Loan
Form/Governing Law. Such Loan was executed in substantially the form of one of the forms of Loan in Exhibit D (as such Exhibit D may be amended from time to time with the consent of the Seller and the Company), except for changes required by
applicable law and certain other modifications that do not, individually or in the aggregate, affect the enforceability or collectibility of such Loan. In addition, such Loan was originated in and is governed by the laws of the State in which the
related Resort is located. 
 (xi) Interest in Real Property. The Timeshare Property underlying such Loan is an
interest in real property consisting of either a Fixed Week or a UDI, and (except for a Timeshare Property that is a Green Timeshare Property) such Timeshare Property has been deeded to a Nominee or has been deeded to the related Obligor in
accordance with the requirements of the related Loan and applicable law. 
 (xii) Environmental Compliance. Each
Timeshare Property Regime related to a Loan is now, and at all times during FRI’s ownership thereof (or the ownership of any Affiliate thereof other than the Company and the Issuer), has been free of contamination from any substance, material
or waste identified as toxic or hazardous according to any federal, state or local law, rule, regulation or order governing, imposing standards of conduct with respect to, or regulating in any way the discharge, generation, removal, transportation,
storage or handling of toxic or hazardous substances, materials or waste or air or water pollution (hereinafter referred to as “Environmental Laws”), including without limitation any PCB, radioactive substance, methane, asbestos,
volatile hydrocarbons, petroleum products or wastes, industrial solvents or any other material or substance that now or hereafter may cause or constitute a health, safety or other environmental hazard to any person or property (any such substance
together with any substance, material or waste identified as toxic or hazardous under any Environmental Law now in effect or hereinafter enacted shall be referred to herein as “Contaminants”), but excluding from the foregoing any
levels of Contaminants at or below which such Environmental Laws do not apply (“De Minimus Levels”). Neither FRI nor any Affiliate of FRI (other than the Company and the Issuer) has caused or suffered to occur any discharge, spill,
uncontrolled loss or seepage of any petroleum or chemical product or any Contaminant (except for De Minimus Levels thereof) onto any property comprising or adjoining any Timeshare Property Regime, and neither FRI nor any Affiliate of FRI (other than
the Company and the Issuer) nor any Obligor or occupant of all or part of any Timeshare Property Regime is now or has been involved in operations at the related Timeshare Property Regime that could lead to liability for FRI, the Company, any
Affiliate of FRI or any other owner of such Timeshare Property Regime or the imposition of a Lien on such Timeshare Property Regime under any Environmental Law. No practice, procedure or policy employed by FRI (or any Affiliate thereof other than
the 
  

 25 

 Company and the Issuer) with respect to POAs for which FRI acts as the manager or, to the best knowledge
of the Seller, by the manager of the POAs with respect to POAs managed by parties unaffiliated with FRI, violates any Environmental Law that, if enforced, would reasonably be expected to (A) have a Material Adverse Effect on such POA or the ability
of such POA to do business, (B) have a Material Adverse Effect on the financial condition of the POA or (C) constitute grounds for the revocation of any license, charter, permit or registration that is material to the conduct of the business of the
POA. 
 Except as set forth in Schedule 3, (1) all property owned, managed, or controlled by FRI or any Affiliate of FRI
(other than the Company and the Issuer) and located within a Resort is now, and at all times during FRI’s ownership, management or control thereof (or the ownership, management or control of any Affiliate thereof (other than the Company and the
Issuer)) has been free of contamination from any Contaminants, except for De Minimus Levels thereof, (2) neither FRI nor any Affiliate of FRI (other than the Company and the Issuer) has caused or suffered to occur any discharge, spill, uncontrolled
loss or seepage of any Contaminants onto any property comprising or adjoining any of the Resorts, except for De Minimus Levels thereof, and (3) neither FRI nor any Affiliate of FRI (other than the Company and the Issuer) nor any Obligor or occupant
of all or part of any of any Resort is now or previously has been involved in operations at any Resort that could lead to liability for FRI, the Company, any Affiliate of FRI or any other owner of any Resort or the imposition of a Lien on such
Resort under any Environmental Law. None of the matters set forth in Schedule 3 will have a Material Adverse Effect with respect to the Company or its assignees or the interests of the Company or its assignees in the Loans. Each Resort, and the
present use thereof, does not violate any Environmental Law in any manner that would materially adversely affect the value or use of such Resort or the performance by the POAs of their respective obligations under their applicable declarations,
articles or similar charter documents. There is no condition presently existing, and to the best knowledge of FRI and the Seller no event has occurred or failed to occur with respect to any Resort, relating to any Contaminants or compliance with any
Environmental Laws that would reasonably be expected to have a Materially Adverse Effect with respect to such Resort, including in connection with the present use of such Resort. 
 (xiii) Tax Liens. All taxes applicable to such Loan and the related Timeshare Property have been paid, except where the failure to
pay such tax would not have a Material Adverse Effect with respect to the Seller or its assignees or the Purchaser or the collectibility or enforceability of the Loan. There are no delinquent tax liens in respect of the Timeshare Property underlying
such Loan. 
 (xiv) Loan Files. The related Loan File contains the following Loan Documents (which may include
microfiche or other electronic copies of the Loan Documents to the extent provided in the Custodial Agreement): 
 (A) for
Loans other than Loans described in clause (B) below, at least one original of each Loan (or, if the Loan and promissory note are contained in separate documents, an original of the promissory note); provided, however, that the
original Loan may have been removed from the Loan File in accordance with the Custodial Agreement for the performance of collection services and other routine servicing requirements; and 
  

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 (B) for Loans relating to Timeshare Properties located in Resorts in North Carolina or
South Carolina with respect to which two originals of such Loans have been executed, each original Loan is in the Loan File, and each contains the following legend (whether by stamp or otherwise) on its face: 
 “THIS COPY IS ONE OF TWO ORIGINALS, AND WAS EXECUTED SOLELY FOR RECORDATION. TO THE EXTENT THAT POSSESSION OF THIS CONTRACT IS
REQUIRED TO TRANSFER OR PERFECT A TRANSFER OF ANY INTEREST IN OR TO THIS CONTRACT, POSSESSION OF THE OTHER ORIGINAL HEREOF IS REQUIRED”; 
 and 
 (C) for Loans with respect to which the related Timeshare Property has been deeded out to the related Obligor:

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

 27 

 (A) shall have been instructed to remit Payments thereunder to a Post Office Box for
credit to a Lockbox Account or directly to a Lockbox Account, in each case maintained at a Lockbox Bank pursuant to the terms of a Lockbox Agreement; or 
 (B) has entered into a PAC or Credit Card Account pursuant to which a deposit account of such Obligor is made subject to a pre-authorized debit in respect of Payments as they become due and payable, and the Seller has
caused a Lockbox Bank to take all necessary and appropriate action to ensure that each such pre-authorized debit is credited directly to a Lockbox Account. 
 (xvi) Ownership Interest. As of the Closing Date or related Addition Date, as applicable, the Seller has good and marketable title to the Loan, free and clear of all Liens (other than Permitted Encumbrances).

 (xvii) Interest in Loan. Such Loan constitutes either a “general intangible,” an “instrument,”
“chattel paper” or an “account” under the Uniform Commercial Code of the States of Delaware, Florida and New York. 
 (xviii) Recordation of Assignments. The collateral Assignment of Mortgage to the Collateral Agent relating to the Mortgage with respect to each Loan has been recorded or delivered for recordation simultaneously
with the related Mortgage to the proper office in the jurisdiction in which the related Timeshare Property is located, except to the extent the related Timeshare Property is located in the State of Florida and the Seller shall have delivered an
Opinion of Counsel to the effect that recordation of the Assignment of Mortgage is not necessary to perfect a security interest therein in favor of the Collateral Agent. 
 (xix) Material Disputes. To the actual knowledge of the Seller, the Loan is not subject to any material dispute. 
 (xx) Good Title; No Liens. Upon the Purchase hereunder occurring on such Closing Date or Addition Date, as applicable, the Company
will be the lawful owner of, and have good title to, each Loan and all of the other related Transferred Assets that are the subject of such Purchase, free and clear of any Liens (other than any Permitted Encumbrances on the related Timeshare
Properties). All Loans and related Transferred Assets are purchased without recourse to any of the Seller, FRI, FMB, Kona, SDI or the VB Subsidiaries except as described in this Agreement and any PA Supplement. Such Purchase by the Company under
this Agreement and under any PA Supplement constitutes a valid and true sale and transfer for consideration (and not merely the grant of a security interest to secure a loan), enforceable against creditors of each of the Seller, FRI, FMB, Kona, SDI
and the VB Subsidiaries, and no Loan or other related Transferred Assets that are the subject of such Purchase will constitute property of the Seller after such Purchase. 
 (xxi) Solvency. Each of the Seller, FRI, FMB, Kona, SDI and the VB Subsidiaries, both prior to and immediately after giving effect
to the Purchase of Loans hereunder and under any PA Supplement occurring on such Closing Date or Addition 
  

 28 

 Date, as applicable, (A) is not insolvent (as such term is defined in §101(32)(A) of the Bankruptcy
Code), (B) is able to pay its debts as they become due and (C) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. 
 (xxii) POA Reserves. The capital reserves and maintenance fee levels of the POAs related to each Timeshare Property Regime
underlying the Loans Purchased on such Closing Date or Addition Date, as applicable, are adequate in light of the operating requirements of such POAs. 
 (c) Representations and Warranties Regarding the Loan Files. The Seller and FRI jointly and severally represent and warrant to the Company as of each Closing Date and related Addition Date as to each Loan and
the related Loan File conveyed by it hereunder on and as of such Closing Date or related Addition Date, as applicable (except as otherwise expressly stated) as follows: 
 (i) Possession. On or immediately prior to each Closing Date or related Addition Date, as applicable, the Custodian will have
possession of each original Loan and the related Loan File, and will have acknowledged such receipt and its undertaking to hold such original Loan and the related Loan File for purposes of perfection of the Collateral Agent’s interest in such
original Loan and the related Loan File; provided, however, that the fact that any document not required to be in its respective Loan File pursuant to Section 6(b)(ix) or Section 6(b)(xiv) of this Agreement is not in the possession of
the Custodian in its respective Loan File does not constitute a breach of this representation. 
 (ii) Marking Records.
On or before each Closing Date or Addition Date, as applicable, the Seller shall have caused the portions of its computer files relating to the Loans sold on such date to the Company to be clearly and unambiguously marked to indicate that each such
Loan has been conveyed on such date to the Company. 
 (d) Survival of Representations and Warranties. It is understood and agreed that
the representations and warranties contained in this Section 6 shall remain operative and in full force and effect, shall survive the transfer and conveyance of the Loans with respect to any Series by the Seller to the Company under this Agreement
and any PA Supplement, the conveyance of the Loans by the Company to the Initial Issuer or to an Additional Issuer pursuant to the Pool Purchase Agreement and any Term Purchase Agreement and the Grant of the Collateral by the Initial Issuer or any
Additional Issuer to the Collateral Agent and shall inure to the benefit of the Company, the respective Issuers, the Trustees, the Collateral Agent and the Noteholders and their respective designees, successors and assigns. 
 (e) Indemnification of the Company. FMB, Kona, SDI, each VB Subsidiary and FRI shall jointly and severally indemnify, defend and hold harmless the
Company against any and all claims, losses and liabilities, including reasonable attorneys’ fees (the foregoing being collectively referred to as “Indemnified Amounts”) that may at any time be imposed on, incurred by or
asserted against the Company as a result of a breach by any of FMB, Kona, SDI, any VB Subsidiary or FRI of any of its respective representations, warranties or covenants hereunder. Except as otherwise provided in Section 11(i), FRI shall pay to the
Company, on demand, any 
  

 29 

 and all amounts necessary to indemnify the Company for (i) any and all recording and filing fees in connection with the
transfer of the Loans from the Seller to the Company, and any and all liabilities with respect to, or resulting from any delay in paying when due, any taxes (including sales, excise or property taxes) payable in connection with the transfer of the
Loans from the Seller to the Company and (ii) costs, expenses and reasonable counsel fees in defending against the same. The agreements in this Section 6(e) shall survive the termination of this Agreement or any PA Supplement and the payment of all
amounts payable hereunder, under any PA Supplement and under the Loans. For purposes of this Section 6(e), any reference to the Company shall include any officer, director, employee or agent thereof, or any successor or assignee thereof or of the
Company. 
 (f) Representations and Warranties of Kona. Kona makes those representations and warranties set forth in Exhibit F to this
Agreement as of the Kona Addition Date and as of each Closing Date occurring after the Kona Addition Date and as of each Addition Date occurring after the Kona Addition Date or as of such other date specified in such representation and warranty.

 Section 7. Repurchases or Substitution of Loans for Breach of Representations and Warranties. 
 Provisions with respect to the repurchase or substitution of Loans of any Series for breach of representations and warranties under this Agreement and any
PA Supplement shall be set forth in the related PA Supplement. 
  

	Section	8. Covenants of the Seller and FRI. 

 (a)
Affirmative Covenants of the Seller and FRI. Each of the Seller and FRI covenants and agrees that it will, at any time prior to the Termination Date: 
 (i) Compliance with Laws, Etc. Comply in all material respects with all applicable laws, rules, regulations and orders with respect
to it, its business and properties, provisions of ERISA, the Internal Revenue Code and all applicable regulations and interpretations thereunder, and all Loans and Facility Documents to which it is a party. 
 (ii) Preservation of Corporate Existence. Preserve and maintain its corporate existence, rights, franchises and privileges in the
jurisdiction of its incorporation, and qualify and remain qualified in good standing as a foreign corporation, and maintain all necessary licenses and approvals in each jurisdiction in which it does business, except where the failure to preserve and
maintain such existence, rights, franchises, privileges, qualifications, licenses and approvals would not have a Material Adverse Effect with respect to it. 
 (iii) Audits. Upon at least two Business Days notice during regular business hours, permit the Company and/or its agents,
representatives or assigns access: 
 (A) to the offices and properties of the Seller or FRI in order to examine and make
copies of and abstracts from all books, correspondence and 
  

 30 

 Records of the Seller or FRI as appropriate to verify the Seller’s or FRI’s compliance with
this Agreement, any PA Supplement or any other Facility Documents to which the Seller or FRI is a party and any other agreement contemplated hereby or thereby, and the Company and/or its agents, representatives and assigns may examine and audit the
same and make photocopies, computer tapes or other computer replicas thereof, as appropriate, and each of the Seller and FRI will provide to the Company and/or its agents, representatives and assigns, at the expense of the Seller and FRI, such
clerical and other assistance as may be reasonably requested in connection therewith; and 
 (B) to the officers or employees
of the Seller or FRI designated by the Seller or FRI, as applicable, in order to discuss matters relating to the Loans and the performance of the Seller or FRI hereunder, under any PA Supplement or any other Facility Documents to which the Seller or
FRI is a party and any other agreement contemplated hereby or thereby, and under the other Facility Documents to which it is a party with the officers or employees of the Seller and FRI having knowledge of such matters. 
 Each such audit shall be at the sole expense of the Seller and FRI. The Company shall be entitled to conduct such audits as frequently as
it deems reasonable in the exercise of the Company’s reasonable commercial judgment; provided, however, that such audits shall not be conducted more frequently than annually unless an Event of Default or an Amortization Event
shall have occurred. The Company and its agents, representatives and assigns also shall have the right to discuss the Seller’s and FRI’s affairs with the officers, employees and independent accountants of the Seller and FRI and to verify
under appropriate procedures the validity, amount, quality, quantity, value and condition of, or any other matter relating to, the Loans and other related Transferred Assets. 
 (iv) [Reserved]. 
 (v) Performance and Compliance with Receivables and Loans. At its expense, timely and fully perform and comply in all material respects with the Credit Standards and Collection Policies and Customary Practices with respect to the
Loans and with all provisions, covenants and other promises required to be observed by the Seller or FRI under the Loans. 
 (vi) [Reserved]. 
 (vii) Ownership Interest. Take such action with respect to each Loan as is necessary to
ensure that the Company maintains a first priority ownership interest in such Loan and the other related Transferred Assets, in each case free and clear of any Liens arising through or under the Seller or FRI and, in the case of any Timeshare
Properties, other than any Permitted Encumbrance thereon, and respond to any inquiries with respect to ownership of a Loan sold by it hereunder by stating that, from and after the Initial Closing Date or related Addition Date, as applicable, it is
no longer the owner of such Loan and that ownership of such Loan has been transferred to the Company. 
  

 31 

 (viii) Instruments. Not remove any portion of the Loans or related Transferred
Assets with respect to any Series that consists of money or is evidenced by an instrument, certificate or other writing from the jurisdiction in which it was held under the related Custodial Agreement unless the Company shall have first received an
Opinion of Counsel to the effect that the Company shall continue to have a first-priority perfected ownership or security interest with respect to such property after giving effect to such action or actions. 
 (ix) No Release. Not take any action, and use its best efforts not to permit any action to be taken by others, that would release
any Person from such Person’s covenants or obligations under any document, instrument or agreement relating to the Loans or the other Transferred Assets, or result in the hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such document, instrument or agreement, except as expressly provided in this Agreement or any PA Supplement or such other instrument or document. 
 (x) Insurance and Condemnation. 
 (A) FRI (1) shall with respect to each Resort which it develops or which is developed by its subsidiaries (other than the Purchaser or the Issuer), cause the governing document of each such POA at the time of creation
to contain covenants requiring insurance as described in this paragraph and (2) so long as FRI or an Affiliate (other than the Purchaser or the Issuer) maintains primary or substantial responsibility for the management, administration or other
services of a similar nature with respect to such Resort, FRI shall do or cause to be done all things which it may accomplish with a reasonable amount of cost or effort to cause each POA to maintain the insurance described in this paragraph. The
insurance referred to clauses in (1) and (2) above is “all-risk” property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount that (x) satisfy the requirements of the
declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) are at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other
similar developments in the same jurisdiction. So long as FRI or an Affiliate other than the Purchaser or the Issuer maintains primary or substantial responsibility for the management, administration or other services of a similar nature with
respect to such Resort and possesses the right to direct the application of insurance proceeds, FRI shall use its best efforts to apply the proceeds of any such insurance policies in the manner specified in the related declarations (or any similar
charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties
acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property
Regime. 
  

 32 

 (B) Each of the Seller and FRI shall remit to the Collection Account the portion of any
proceeds received pursuant to a condemnation of property in any Resort relating to any Timeshare Property to the extent the Obligors are required to make such remittance under the terms of one or more Loans that have been sold to the Company
hereunder and under the related PA Supplement. 
 (xi) Separate Identity. Take such action (and cause FMB, Kona, SDI
and the VB Subsidiaries to take such action) as is necessary to ensure compliance with Section 6(a)(xvii), including taking all actions necessary on its part to be taken in order to ensure that the facts and assumptions relating to the Company set
forth in the opinion of Orrick, Herrington & Sutcliffe LLP relating to substantive consolidation matters with respect to the Seller and the Company are true and correct. 
 (xii) Computer Files. Mark or cause to be marked each Loan in its computer files as described in Section 6(c)(ii) and deliver to
the Company, the Issuer, the Trustee and the Collateral Agent a copy of the Loan Schedule for each Series as amended from time to time. 
 (xiii) Taxes. File or cause to be filed, and cause each of its Affiliates with whom it shares consolidated tax liability to file, all federal, state and local tax returns that are required to be filed by it,
except where the failure to file such returns could not reasonably be expected to have a Material Adverse Effect with respect to the Purchaser, the Seller or FRI, or otherwise be reasonably expected to expose the Purchaser, the Seller or FRI to
material liability. Each of the Seller and FRI will pay or cause to be paid all taxes shown to be due and payable on such returns or on any assessments received by it, other than any taxes or assessments the validity of which are being contested in
good faith by appropriate proceedings and with respect to which the Seller, FRI or the applicable Affiliate has set aside adequate reserves on its books in accordance with GAAP, and which proceedings could not reasonably be expected to have a
Material Adverse Effect with respect to the Purchaser, the Seller or FRI, or otherwise be reasonably expected to expose the Purchaser, the Seller or FRI to material liability. 
 (xiv) Facility Documents. Comply in all material respects with the terms of, and employ the procedures outlined under, this
Agreement, any PA Supplement and all other Facility Documents to which it is a party, and take all such action as may be from time to time reasonably requested by the Company to maintain this Agreement, any PA Supplement and all such other Facility
Documents in full force and effect. 
 (xv) Loan Schedule. With respect to any Series, promptly amend the applicable
Loan Schedule to reflect terms or discrepancies that become known after each Closing Date or any Addition Date, and promptly notify the Company, the Issuer, the Trustee and the Collateral Agent of any such amendments. 
 (xvi) Segregation of Collections. Prevent, to the extent within its control, the deposit into the Collection Account or any Reserve
Account of any funds other than Collections in respect of the Loans with respect to any Series, and to the extent that, to its knowledge, any such funds are nevertheless deposited into the Collection Account or any Reserve Account, promptly identify
any such funds to the Master Servicer for segregation and remittance to the owner thereof. 
  

 33 

 (xvii) Management of Resorts. The Seller hereby covenants and agrees that it will
cause the Originator with respect to each Resort (to the extent that such Originator is responsible for maintaining or managing such Resort) to do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort in
order to maintain such Resort (including without limitation all grounds, waters and improvements thereon and all other facilities related thereto) in at least as good condition, repair and working order as would be customary for prudent managers of
similar timeshare properties. 
 (b) Negative Covenants of the Seller and FRI. Each of the Seller and FRI covenants and agrees that it
will not, at any time prior to the final Series Termination Date without the prior written consent of the Company: 
 (i)
Sales, Liens, Etc. Against Loans and Transferred Assets. Except for the transfers hereunder, sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist, any Lien arising through or under it (other
than, in the case of any Timeshare Properties, any Permitted Encumbrances thereon) upon or with respect to any Loan or other Transferred Asset or any interest therein. Each of FRI and the Seller shall immediately notify the Company of the existence
of any Lien arising through or under it on any Loan or other Transferred Asset. 
 (ii) Extension or Amendment of Loan
Terms. Extend, amend, waive or otherwise modify the terms of any Loan (other than as a result of a Timeshare Upgrade or in accordance with Customary Practices) or permit the rescission or cancellation of any Loan, whether for any reason relating
to a negative change in the related Obligor’s creditworthiness or inability to make any payment under the Loan or otherwise. 
 (iii) Change in Business or Credit Standards or Collection Policies. (A) Make any change in the character of its business or (B) make any change in the Credit Standards and Collection Policies or (C) deviate from the exercise of
Customary Practices, which change or deviation would, in any such case, materially impair the value or collectibility of any Loan. 
 (iv) Change in Payment Instructions to Obligors. Add, except in connection with the issuance of an Additional Series of Notes, or terminate any bank as a bank holding any account for the collection of payments in respect of the Loans
from those listed in Exhibit E or make any change in its instructions to Obligors regarding payments to be made to any Lockbox Account at a Lockbox Bank, unless the Company and the Trustee shall have received (A) 30 days’ prior written notice
of such addition, termination or change, (B) written confirmation from the Seller or FRI that, after the effectiveness of any such termination, there will be at least one Lockbox in existence and (C) prior to the date of such addition, termination
or change, (1) executed copies of Lockbox Agreements executed by each new Lockbox Bank, the Seller, the Company, the Master Servicer and the Trustee and (2) copies of all agreements and documents signed by either the Company or the respective
Lockbox Bank with respect to any new Lockbox Account. 
  

 34 

 (v) Change in Corporate Name, Etc. Make any change to its name or its type or
jurisdiction of organization (or, in the case of the VB Partnerships, change the location of its chief executive office) that existed on the Initial Closing Date without providing at least 30 days’ prior written notice to the Company and the
Trustee and taking all action necessary or reasonably requested by the Trustee to amend its existing financing statements and file additional financing statements in all applicable jurisdictions as are necessary to maintain the perfection of the
security interest of the Company. 
 (vi) ERISA Matters. (A) Engage or permit any ERISA Affiliate to engage in any
prohibited transaction for which an exemption is not available or has not previously been obtained from the U.S. Department of Labor; (B) permit to exist any accumulated funding deficiency (as defined in Section 302(a) of ERISA and Section 412(a) of
the Internal Revenue Code) or funding deficiency with respect to any Benefit Plan other than a Multiemployer Plan; (C) fail to make any payments to any Multiemployer Plan that the Seller, FRI or any ERISA Affiliate may be required to make under the
agreement relating to such Multiemployer Plan or any law pertaining thereto; (D) terminate any Benefit Plan so as to result in any liability; (E) permit to exist any occurrence of any Reportable Event that represents a material risk of a liability
of the Seller, FRI or any ERISA Affiliate under ERISA or the Internal Revenue Code; provided, however, that the ERISA Affiliates of the Seller and FRI may take or allow such prohibited transactions, accumulated funding deficiencies,
payments, terminations and Reportable Events described in clauses (A) through (E) above so long as such events occurring within any fiscal year of the Seller or FRI, in the aggregate, involve a payment of money by or an incurrence of liability of
any such ERISA Affiliate (collectively, “ERISA Liabilities”) in an amount that does not exceed $2,000,000 or otherwise result in liability that would result in imposition of a lien. 
 (vii) Terminate or Reject Loans. Without limiting the requirements of Section 8(b)(ii), terminate or reject any Loan prior to the
end of the term of such Loan, whether such rejection or early termination is made pursuant to an equitable cause, statute, regulation, judicial proceeding or other applicable law unless, prior to such termination or rejection, such Loan and any
related Transferred Assets have been repurchased by the Seller pursuant to Section 7 of the related PA Supplement. 
 (viii)
Facility Documents. Except as otherwise permitted under Section 8(b)(ii), (A) terminate, amend or otherwise modify any Facility Document to which it is a party or grant any waiver or consent thereunder or (B) terminate, amend or otherwise
modify the FairShare Plus Agreement; provided, however, that (1) the Title Clearing Agreements may be amended for the purposes of (x) making additional properties subject thereto, (y) making an Affiliate of FRI a party thereto having
the same rights and obligations thereunder as FRI or (z) identifying a separate pool of loans (which shall not include Loans sold to the Company hereunder) to be sold or pledged to secure debt under a pooling or financing arrangement similar to that
evidenced by the Indenture and Servicing Agreement, and (2) the FairShare Plus Agreement may be amended from time to time (x) to substitute or add additional parties thereto, (y) to comply with state and federal laws or regulations or (z) for any
other purpose, provided that with respect to this Section 8(b)(viii), FRI or the Seller furnishes to the Company, the Issuer and the Trustee 
  

 35 

 an Opinion of Counsel to the effect that such amendment or modification will not adversely affect in any
material respect the respective interests of the Company, the Issuer, the Trustee or the Collateral Agent (if applicable) in the Loans and other Transferred Assets. 
 (ix) Insolvency Proceedings. Institute Insolvency Proceedings with respect to the Company or the Issuer or consent to the
institution of Insolvency Proceedings against the Company or the Issuer, or take any corporate action in furtherance of any such action. 
 Section 9.
Representations and Warranties of the Company. 
 The Company represents and warrants as of each Closing Date and Addition Date, or
as of such other date specified in such representation and warranty, that: 
 (a) The Company is a limited liability company duly formed,
validly existing and in good standing under the laws of the State of Delaware and has full limited liability company power, authority, and legal right to own its properties and conduct its business as such properties are presently owned and as such
business is presently conducted, and to execute, deliver and perform its obligations under this Agreement and any PA Supplement. The Company is duly qualified to do business and is in good standing as a foreign entity, and has obtained all necessary
licenses and approvals in each jurisdiction necessary to carry on its business as presently conducted and to perform its obligations under this Agreement and any PA Supplement. One hundred percent (100%) of the outstanding membership interests of
the Company is directly owned (both beneficially and of record) by Wyndham. Such membership interests are validly issued, fully paid and nonassessable and there are no options, warrants or other rights to acquire membership interests from the
Company. 
 (b) The execution, delivery and performance of this Agreement and any PA Supplement by the Company and the consummation by the
Company of the transactions provided for in this Agreement and any PA Supplement have been duly approved by all necessary limited liability company action on the part of the Company. 
 (c) This Agreement and any PA Supplement constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with
its terms, except as such enforceability may be subject to or limited by Debtor Relief Laws and except as such enforceability may be limited by general principles of equity. 
 (d) The execution and delivery by the Company of this Agreement and any PA Supplement, the performance by the Company of the transactions contemplated
hereby and the fulfillment by the Company of the terms hereof applicable to the Company will not conflict with, violate, result in any breach of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a
material default under any provision of any existing law or regulation or any order or decree of any court applicable to the Company or its certificate of formation or limited liability company agreement or any material indenture, contract,
agreement, mortgage, deed of trust, or other material instrument to which the Company is a party or by which it or its properties is bound. 
  

 36 

 (e) There are no proceedings or investigations pending, or to the knowledge of the Company threatened,
against the Company before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality (A) asserting the invalidity of this Agreement or any PA Supplement, (B) seeking to prevent the consummation of any of
the transactions contemplated by this Agreement or any PA Supplement, (C) seeking any determination or ruling that, in the reasonable judgment of the Company, would adversely affect the performance by the Company of its obligations under this
Agreement or any PA Supplement or (D) seeking any determination or ruling that would adversely affect the validity or enforceability of this Agreement or any PA Supplement. 
 (f) All approvals, authorizations, consents, orders or other actions of any person or entity or any governmental body or official required in connection
with the execution and delivery of this Agreement and any PA Supplement by the Company, the performance by it of the transactions contemplated hereby and the fulfillment by it of the terms hereof, have been obtained and are in full force and effect.

 (g) The Company is solvent and will not become insolvent immediately after giving effect to the transactions contemplated by this
Agreement and any PA Supplement, the Company has not incurred debts beyond its ability to pay and, immediately after giving effect to the transactions contemplated by this Agreement and any PA Supplement, the Company shall have an adequate amount of
capital to conduct its business in the foreseeable future. 
 Section 10. Covenants of the Company. 
 The Company hereby acknowledges that the parties to the Facility Documents are entering into the transactions contemplated by the Facility Documents in
reliance upon the Company’s identity as a legal entity separate from the Seller, FRI, Kona, SDI, the VB Subsidiaries and their respective Affiliates. From and after the date hereof until the final Series Termination Date under any Indenture
Supplement, the Company will take such actions as shall be required in order that: 
 (a) The Company will conduct its business in office
space allocated to it and for which it pays an appropriate rent and overhead allocation; 
 (b) The Company will maintain corporate records
and books of account separate from those of the Seller, FRI, Kona, SDI, the VB Subsidiaries and their respective Affiliates and telephone numbers and stationery that are separate and distinct from those of the Seller, FRI, Kona, SDI, the VB
Subsidiaries and their respective Affiliates; 
 (c) The Company’s assets will be maintained in a manner that facilitates their
identification and segregation from those of any of the Seller, FRI, Kona, SDI, the VB Subsidiaries and their respective Affiliates; 
 (d)
The Company will observe corporate formalities in its dealings with the public and with the Seller, FRI, Kona, SDI, the VB Subsidiaries and their respective Affiliates and, except as contemplated by the Facility Documents, funds or other assets of
the Company will not be commingled with those of any of the Seller, FRI, Kona, SDI, the VB Subsidiaries and their respective Affiliates. The Company will at all times, in its dealings with the public and with 
  

 37 

 the Seller, FRI, Kona, SDI, the VB Subsidiaries and their respective Affiliates, hold itself out and conduct itself as a
legal entity separate and distinct from the Seller, FRI, Kona, SDI, the VB Subsidiaries and their respective Affiliates. The Company will not maintain joint bank accounts or other depository accounts to which any of the Seller, FRI, Kona, SDI, the
VB Subsidiaries and their respective Affiliates (other than the Master Servicer) has independent access; 
 (e) The duly elected board of
directors of the Company and duly appointed officers of the Company will at all times have sole authority to control decisions and actions with respect to the daily business affairs of the Company; 
 (f) Not less than one member of the Company’s board of directors will be an Independent Director. The Company will observe those provisions in its
limited liability company agreement that provide that the Company’s board of directors will not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Company unless the Independent
Director and all other members of the Company’s board of directors unanimously approve the taking of such action in writing prior to the taking of such action; 
 (g) The Company will compensate each of its employees, consultants and agents from the Company’s own funds for services provided to the Company; and 
 (h) Except as contemplated by the Facility Documents, the Company will not hold itself out to be responsible for the debts of any of the Seller, FRI,
Kona, SDI, the VB Subsidiaries and their respective Affiliates. 
 Section 11. Miscellaneous. 
 (a) Amendment. This Agreement may be amended from time to time or the provisions hereof may be waived or otherwise modified by the parties hereto
by written agreement signed by the parties hereto. 
 (b) Assignment. The Company has the right to assign its interests under this
Agreement and any PA Supplement as may be required to effect the purposes of the Pool Purchase Agreement or any Term Purchase Agreement without the consent of the Seller or FRI, and the assignee shall succeed to the rights hereunder of the Company.
The Seller agrees to perform its obligations hereunder for the benefit of the respective Issuers, Trustees and Noteholders and for the benefit of the Collateral Agent, and agrees that such parties are intended third party beneficiaries of this
Agreement and agrees that the Trustees (or the Collateral Agent) and (subject to the terms and conditions of the applicable Indenture and Servicing Agreement and any applicable Indenture Supplement) the Noteholders may enforce the provisions of this
Agreement and any PA Supplement, exercise the rights of the Company and enforce the obligations of the Seller hereunder without the consent of the Company. 
 (c) Counterparts. This Agreement may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same
instrument. 
  

 38 

 (d) Termination. The obligations of each of the Seller and FRI under this Agreement and any PA
Supplement shall survive the sale of the Loans to the Company and the Company’s transfer of the Loans and other related Transferred Assets to the Issuer. 
 (e) GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PRINCIPLES. 
 (f) Notices. All demands and notices hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered at or mailed by certified mail, postage prepaid and return receipt requested, or by express delivery service, to (i) in the case of the Seller, Wyndham Consumer Finance, Inc., 10750 West
Charleston Blvd., Suite 130, Las Vegas, Nevada 89135, Attention: President, or such other address as may hereafter be furnished to the Company and FRI in writing by the Seller, (ii) in the case of FRI, FMB, Kona, SDI and the VB Subsidiaries, c/o
Fairfield Resorts, Inc., 8427 South Park Circle, Orlando, Florida 32819, Attention: President, or such other address as may hereafter be furnished to the Seller or the Company in writing by FRI, and (c) in the case of the Company, Sierra Deposit
Company, LLC, 10750 West Charleston Blvd., Suite 130, Mailstop 2067, Las Vegas, Nevada 89135, Attention: President, or such other address as may hereafter be furnished to the Seller or FRI in writing by the Company. 
 (g) Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the
other provisions of this Agreement. 
 (h) Successors and Assigns. This Agreement shall be binding upon each of the Seller, FRI, Kona,
SDI, the VB Subsidiaries, the VB Partnerships and the Company and their respective permitted successors and assigns, and shall inure to the benefit of each of the Seller, FRI, Kona, SDI, the VB Subsidiaries, the VB Partnerships and the Company and
each of the Issuer, the Trustee and the Collateral Agent to the extent explicitly contemplated hereby. 
 (i) Costs, Expenses and
Taxes. 
 (i) Each of the Seller and FRI jointly and severally agrees to pay on demand to the Company all reasonable costs
and expenses, if any, incurred or reimbursed (or to be reimbursed) by the Company (including reasonable counsel fees and expenses) in connection with the enforcement or preservation of the rights and remedies under this Agreement and any PA
Supplement. 
 (ii) Each of the Seller and FRI jointly and severally agrees to pay, indemnify and hold the Company harmless
from and against any and all stamp, sales, excise and other taxes and fees payable or determined to be payable by or reimbursed (or to be reimbursed) by the Company in connection with the execution, delivery, filing and recording of this Agreement
or any PA Supplement, and against any liabilities with respect to or resulting from any delay in paying or omission to pay such taxes and fees. 
  

 39 

 (j) No Bankruptcy Petition. Each of the Seller, Kona, SDI, each VB Subsidiary, each VB Partnership
and FRI covenants and agrees not to institute against the Company or the Issuer, or join any other person in instituting against the Company or the Issuer, any proceeding under any Debtor Relief Law. 
 (k) Treatment of Timeshare Upgrades. Notwithstanding anything in this Agreement to the contrary (but subject to the other provisions of this
paragraph), the Seller (or the Master Servicer on the Seller’s behalf) may upgrade any Timeshare Property by entering into a new Loan with the related Obligor, but only if the proceeds of such new Loan are used to prepay all obligations in full
of such Obligor under the existing Loan (the proceeds of which shall be the property of the Company). Upon its creation, the new Loan created by such Timeshare Upgrade shall not be property of the Company, but may be sold by the Seller to the
Company as an Additional Loan pursuant to the terms and conditions of this Agreement and any PA Supplement. The parties hereto intend that the Seller (or the Master Servicer on the Seller’s behalf) will not upgrade a Timeshare Property pursuant
to this Section 11(k) in order to provide direct or indirect assurance to the Seller, the Trustee or any Noteholder against loss by reason of the bankruptcy or insolvency (or other credit condition) of, or default by, the Obligor on, or the
uncollectibility of, any Loan. 
  

 40 

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

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

	Name:	 	Mark A. Johnson
	Title:	 	President
	
	FAIRFIELD RESORTS, INC.
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief Financial Officer
	
	FAIRFIELD MYRTLE BEACH, INC.
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief Financial Officer
	
	SEA GARDENS BEACH AND
	TENNIS RESORT, INC.
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief Financial Officer

 [Signature page for Amended and Restated Fairfield MLPA] 

			
	VACATION BREAK RESORTS, INC.
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief Financial Officer
	
	VACATION BREAK RESORTS AT
	STAR ISLAND, INC.
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief Financial Officer
	
	PALM VACATION GROUP,
	by its General Partners:
	
	Vacation Break Resorts at Palm Aire, Inc.
		
	By:	 	 /s/ Michael A. Hug

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

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief Financial Officer

 [Signature page for Amended and Restated Fairfield MLPA] 

			
	OCEAN RANCH VACATION GROUP,
	by its General Partners:
	
	Vacation Break at Ocean Ranch, Inc.
		
	By:	 	 /s/ Michael A. Hug

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

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief Financial Officer
	
	 KONA HAWAIIAN VACATION OWNERSHIP, LLC

		
	By:	 	 Fairfield Resorts, Inc.
Its Managing Member

		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief Financial Officer
	
	SHAWNEE DEVELOPMENT, INC.
		
	By:	 	 /s/ Michael A. Hug

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

	Name:	 	Mark A. Johnson
	Title:	 	President

 [Signature page for Amended and Restated Fairfield MLPA] 

 SCHEDULE 1 
 Loan Schedule 

 SCHEDULE 2 
 Resorts 
  

			
	 Resort Name
	 	 Location

	Fairfield Flagstaff	 	Flagstaff, Arizona
	Fairfield Sedona	 	Sedona, Arizona
	Fairfield Bay	 	Van Buren, Arkansas
	Dolphin’s Cove	 	Anaheim, California
	Harbour Lights	 	San Diego, California
	Fairfield Durango	 	Durango, Colorado
	Fairfield Pagosa	 	Pagosa Springs, Colorado
	Ocean Walk	 	Daytona Beach, Florida
	Majestic Sun	 	Destin, Florida
	Bay Club II	 	Destin, Florida
	Destin Beach Street Cottages	 	Destin, Florida
	Fairways at Palm-Aire	 	Ft Lauderdale, Florida
	Royal Vista Resort	 	Ft Lauderdale, Florida
	Santa Barbara Resort and Yacht Club	 	Ft Lauderdale, Florida
	Sea Gardens Beach and Tennis Resort	 	Ft Lauderdale, Florida
	Fairfield Cypress Palms	 	Orlando, Florida
	Star Island	 	Orlando, Florida
	Orlando International Resort Club	 	Orlando, Florida
	Bonnet Creek	 	Orlando, Florida
	Ocean Gate	 	St. Augustine, Florida
	Fairfield Plantation	 	Atlanta, Georgia
	Kona Hawaiian Village	 	Kona, Hawaii
	Royal Sea Cliff	 	Kona, Hawaii
	Mauna Loa Village	 	Kailua-Kona, Hawaii
	Avenue Plaza	 	New Orleans, Louisiana
	Bentley Brook	 	Hancock, Massachusetts
	Branson	 	Branson, Missouri
	Mountain Vista	 	Branson, Missouri
	Thousand Hills	 	Branson, Missouri
	Grand Desert Resort	 	Las Vegas, Nevada
	SouthShore	 	Zephyr Cove, Nevada
	Skyline Towers	 	Atlantic City, New Jersey
	Atlantic Beach Villas	 	Atlantic Beach, North Carolina
	Blue Ridge Village	 	Banner Elk, North Carolina
	Fairfield Mountains	 	Lake Lure, North Carolina
	Maggie Valley	 	Maggie Valley, North Carolina
	Outer Banks	 	Kill Devil Hills, North Carolina
	Fairfield Harbour	 	New Bern, North Carolina
	Fairfield Sapphire Valley	 	Sapphire Valley, North Carolina
	Shawnee Village	 	Shawnee on Delaware, Pennsylvania
	Bay Voyage	 	Jamestown, Rhode Island
	Newport Overlook	 	Jamestown, Rhode Island
	Inn on Long Wharf	 	Newport, Rhode Island
	Long Wharf Resort	 	Newport, Rhode Island
	Newport Inn on the Harbour	 	Newport, Rhode Island
	Newport Onshore	 	Newport, Rhode Island
	Wild Wing	 	Conway, South Carolina
	Sea Mystique	 	Garden City, South Carolina
	Fairfield Ocean Ridge	 	Edisto Island, South Carolina
	Westwinds	 	Myrtle Beach, South Carolina
	Ocean Club	 	Myrtle Beach, South Carolina
	Peppertree by the Sea	 	Myrtle Beach, South Carolina
	Sands Myrtle Beach	 	Myrtle Beach, South Carolina

			
	 Resort Name
	 	 Location

	Sea Watch Plantation	 	North Myrtle Beach, South Carolina
	Fairfield Myrtle Beach at Ocean Boulevard	 	North Myrtle Beach, South Carolina
	Fairfield Myrtle Beach at the Cottages	 	North Myrtle Beach, South Carolina
	Sand Pebble	 	Surfside Beach, South Carolina
	Fairfield Glade	 	Glade, Tennessee
	Laurel Point	 	Gatlinburg, Tennessee
	Fairfield Nashville	 	Nashville, Tennessee
	Fairfield Smokey Mountains	 	Sevierville, Tennessee
	Riverside Suites	 	San Antonio, Texas
	Fairfield Washington, DC at Old Town Alexandria	 	Alexandria, Virginia
	Governor’s Green	 	Williamsburg, Virginia
	Fairfield Kingsgate	 	Williamsburg, Virginia
	Patriot’s Place	 	Williamsburg, Virginia
	Fairfield Wisconsin Dells	 	Wisconsin Dells, Wisconsin
	Mirror Lake	 	Wisconsin Dells, Wisconsin
	Peppertree at Tamarack	 	Wisconsin Dells, Wisconsin
	Bluebeard’s Castle	 	St. Thomas, U.S. Virgin Islands
	Bluebeard’s Beach Club	 	St. Thomas, U.S. Virgin Islands
	Elysian Beach Resort	 	St. Thomas, U.S. Virgin Islands

 [Signature page for FAC MLPA] 

 SCHEDULE 3 
 Environmental Issues 
 None. 

 SCHEDULE 4 
 Lockbox Accounts 
  

											
	 Bank
	  	 Account Name
	  	Account	  	 ABA Number
	  	Account
Number	  	 Contact
 Person

	Bank of America	  	Wyndham Timeshare Conduit Receivables Funding, LLC – Fairfield	  	Lockbox	  	 Wire 026009593
 ACH 011000138
	  	3756384323	  	Toni Krantz 212-503-8471
						
	Wells Fargo	  	Wyndham Timeshare Conduit Receivables Funding, LLC – Fairfield	  	Deposit	  	121000248	  	1009350057	  	Alice Botello 415-222-6730
						
	JPMorgan Chase Bank	  	Wyndham Timeshare Conduit Receivables Funding, LLC – Fairfield	  	ACH
Collections	  	021000021	  	323405452	  	Dorin Ladon 312-954-9288

 SCHEDULE 5 
 Litigation 
 On July 19, 2005, a complaint was filed in Federal District Court in the Middle District
of Florida against Fairfield Resorts Inc., FairShare Vacation Owners Association, and certain individual officers of Fairfield Resorts Inc., as defendants. The lawsuit alleges, under a variety of legal theories, that the defendants violated their
duties to the members of FairShare Plus through self-serving changes to the reservations and availability policies (including an affiliation with RCI), which diminished the value of the vacation ownership interests purchased by the members and
rendered it more difficult for members to obtain reservations at their home resort. The complaint does not seek monetary damages in a specified amount, nor does it specify the form of injunctive or declaratory relief sought. Plaintiffs filed their
motion for class certification on October 18, 2005, and the defendants submitted their opposition on January 18, 2006. On April 26, 2006, the court heard oral arguments and on April 27, 2006, the court denied the plaintiffs’ motion for class
certification. On May 15, 2006, the District Court ordered plaintiffs to file not later than May 31, 2006, an amended complaint which omits class action allegations. On or about May 31, 2006, plaintiffs filed an amended complaint omitting the class
action allegations. On June 7, 2006, defendants moved to dismiss the amended complaint for lack of subject matter jurisdiction. On June 21, 2006, the U.S. Court of Appeals for the Eleventh Circuit denied the plaintiff’s petition for an
interlocutory review of the District Court’s April 27 order. 

 EXHIBIT A 
 Forms of Custodial Agreement 

 EXHIBIT B 
 FORM OF ASSIGNMENT OF ADDITIONAL LOANS 
 ASSIGNMENT NO.      OF ADDITIONAL LOANS
dated as of             , by and between WYNDHAM CONSUMER FINANCE, INC., a Delaware corporation formerly known as Cendant Timeshare Resort Group-Consumer Finance, Inc. and as
Fairfield Acceptance Corporation-Nevada (the “Seller”), FAIRFIELD RESORTS, INC., a Delaware corporation, KONA HAWAIIAN VACATION OWNERSHIP, LLC, a Hawaii limited liability company, SHAWNEE DEVELOPMENT, INC., a Pennsylvania
corporation, FAIRFIELD MYRTLE BEACH, INC., a Delaware corporation, SEA GARDENS BEACH AND TENNIS RESORT, INC., a Florida corporation, VACATION BREAK RESORTS, INC., a Florida corporation, VACATION BREAK RESORTS AT STAR ISLAND, INC., a Florida
corporation, PALM VACATION GROUP, a Florida general partnership, OCEAN RANCH VACATION GROUP, a Florida general partnership, and SIERRA DEPOSIT COMPANY, LLC, a Delaware limited liability company (the “Purchaser”), pursuant to the
Agreement referred to below. 
 WITNESSETH: 
 WHEREAS, the Seller and the Purchaser are parties to the Master Loan Purchase Agreement dated as of August 29, 2002 and amended and restated as of July 7, 2006, and the Purchase Agreement Supplement dated as of August
29, 2002 and amended and restated as of July 7, 2006 (the “PA Supplement”) (as so supplemented, and as such agreement may have been, or may from time to time be, further amended, supplemented or otherwise modified, the
“Agreement”); 
 WHEREAS, pursuant to the Agreement, the Seller wishes to designate Additional Loans (including Additional
Upgrade Balances) to be included as Loans, and the Seller wishes to sell its right, title and interest in and to the Additional Loans to the Purchaser pursuant to this Assignment and the Agreement; and 
 WHEREAS, the Purchaser wishes to purchase such Additional Loans subject to the terms and conditions hereof. 
 NOW, THEREFORE, the Seller and the Purchaser hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Agreement unless otherwise defined herein. 
 “Addition Cut-Off Date” shall mean, with respect to the Additional Loans,
                    . 
 “Addition Date” shall mean, with respect to the Additional Loans,                     . 

 “Additional Loans” shall mean the Additional Loans, as defined in the Agreement, that
are sold hereby and listed on Schedule 1. 
 “Additional Transferred Assets” shall have the meaning set forth in Section 3.

 2. Designation of Additional Loans. The Seller delivers herewith a Loan Schedule containing a true and complete list of the
Additional Loans. Such Loan Schedule is incorporated into and made part of this Assignment, shall be Schedule 1 to this Assignment and shall supplement Schedule 1 to the Agreement. 
 3. Sale of Additional Loans. 
 The
Seller does hereby sell, transfer, assign, set over and otherwise convey to the Purchaser, without recourse except as provided in the Agreement, all of the Seller’s right, title and interest in, to and under (i) the Additional Loans as of the
close of business on the Addition Cut-Off Date and all Scheduled Payments, other Collections and other funds received in respect of such Additional Loans on or after the Addition Cut-Off Date and any other monies due or to become due on or after the
Addition Cut-Off Date in respect of any such Additional Loans, and any security therefor; (ii) (A) the Timeshare Properties relating to the Timeshare Property Loans and (B) the Title Clearing Agreements and the FairShare Plus Program (including
without limitation the FairShare Plus Agreement) to the extent that they relate to such Timeshare Properties; (iii) any Mortgages relating to the Additional Loans; (iv) any Insurance Policies relating to the Additional Loans; (v) the Loan Files and
other Records relating to the Additional Loans; (vi) the Loan Conveyance Documents relating to the Additional Loans; (vii) all interest, dividends, cash, instruments, financial assets and other investment property and other property from time to
time received, receivable or otherwise distributed in respect of, or in exchange for, or on account of, the sale or other disposition of the Additional Transferred Assets, and including all payments under Insurance Policies (whether or not any of
the Seller, the Purchaser, any Originator, the Master Servicer, the Issuer or the Trustee is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any Additional
Transferred Assets, and any security granted or purported to be granted in respect of any Additional Transferred Assets; and (viii) all proceeds of any of the foregoing property described in clauses (i) through (vii) (collectively, the
“Additional Transferred Assets”). 
 In connection with the foregoing sale and if necessary, the Seller agrees to record and
file one or more financing statements (and continuation statements or other amendments with respect to such financing statements when applicable) with respect to the Additional Transferred Assets meeting the requirements of applicable State law in
such manner and in such jurisdictions as are necessary to perfect the sale of the Additional Transferred Assets to the Purchaser, and to deliver a file–stamped copy of such financing statements and continuation statements (or other amendments)
or other evidence of such filing to the Purchaser. 
 In connection with the foregoing sale, the Seller further agrees, on or prior to the
date of this Assignment, to cause the portions of its computer files relating to the Additional Loans sold on such date to the Purchaser to be clearly and unambiguously marked to indicate that each such Additional Loan has been sold on such date to
the Purchaser pursuant to the Agreement and this Assignment. 
  

 2 

 It is the express and specific intent of the parties that the transfer of the Additional Loans and the
other Transferred Assets relating thereto from the Seller to the Purchaser as provided is and shall be construed for all purposes as a true and absolute sale of such Additional Loans and Transferred Assets, shall be absolute and irrevocable and
provide the Purchaser with the full benefits of ownership of the Additional Loans and related Transferred Assets and will be treated as such for all federal income tax reporting and all other purposes. Without prejudice to preceding sentence
providing for the absolute transfer of the Seller’s interest in the Additional Loans and other Transferred Assets to the Purchaser, in order to secure the prompt payment and performance of all obligations of the Seller to the Purchaser under
the Agreement, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, the Seller hereby assigns and grants to the Purchaser a first priority security interest in all of the Seller’s right, title
and interest, whether now owned or hereafter acquired, if any, in, to and under all of the Additional Loans and the other related Transferred Assets and the proceeds thereof. FRI, FMB, Kona, SDI, the VB Subsidiaries and the Seller acknowledge that
the Additional Loans and other related Transferred Assets are subject to the Lien of the Indenture and Servicing Agreement for the benefit of the Collateral Agent on behalf of the Trustee and the Noteholders. 
 4. Acceptance by the Purchaser. The Purchaser hereby acknowledges that, prior to or simultaneously with the execution and delivery of this
Assignment, the Seller delivered to the Purchaser the Loan Schedule described in Section 2 of this Assignment with respect to all Additional Loans. 
 5. Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Purchaser on the Addition Date that each representation and warranty to be made by it on such Addition Date pursuant to the Agreement
is true and correct, and that each such representation and warranty is hereby incorporated herein by reference as though fully set out in this Assignment. 
 6. Ratification of the Agreement. The Agreement is hereby ratified, and all references to the Agreement shall be deemed from and after the Addition Date to be references to the Agreement as supplemented and
amended by this Assignment. Except as expressly amended hereby, all the representations, warranties, terms, covenants and conditions of the Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in
accordance with its terms and except as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or consent to non-compliance with any term or provision of the Agreement. 
 7. Counterparts. This Assignment may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument. 
 8. GOVERNING LAW. THIS ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING
§ 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PRINCIPLES. 
 [The remainder of
this page is left blank intentionally.] 
  

 3 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Assignment to be duly executed by their
respective officers as of the day and year first written above. 
  

			
	WYNDHAM CONSUMER FINANCE, INC
	    as Seller
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	FAIRFIELD RESORTS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	FAIRFIELD MYRTLE BEACH, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SEA GARDENS BEACH AND
	TENNIS RESORT, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	VACATION BREAK RESORTS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	VACATION BREAK RESORTS AT STAR ISLAND, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PALM VACATION GROUP,
	by its General Partners:
	
	Vacation Break Resorts at Palm Aire, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Palm Resort Group, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HAWAIIAN VACATION OWNERSHIP, LLC
		
	By:	 	Fairfield Resorts, Inc.,
		 	Its Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	SHAWNEE DEVELOPMENT, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OCEAN RANCH VACATION GROUP,
	by its General Partners:
	
	Vacation Break at Ocean Ranch, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Ocean Ranch Development, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SIERRA DEPOSIT COMPANY, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT C 
 Credit Standard and Collection Policies 

 EXHIBIT D 
 Forms of Loans 

 EXHIBIT E 
 Forms of  
 Lockbox Agreements 
 [On file at Orrick, Herrington & Sutcliffe LLP.] 

 EXHIBIT F 
 Representations and Warranties of Kona. 
 (a) General Representation of Kona. Kona represents
and warrants as of the Kona Addition Date, as of each Closing Date occurring after the Kona Addition Date and as of each Addition Date occurring after the Kona Addition Date or as of such other date specified in such representation and warranty
that: 
 (1) Organization and Good Standing. 
 (i) Kona is a limited liability company duly organized and validly existing and in good standing under the laws of the State of Hawaii and
has full power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted, and to execute, deliver and perform its obligations under the Purchase
Agreement, any related PA Supplement to which it is a party, and each of the Facility Documents to which it is a party. Kona is duly qualified to do business and is in good standing as a foreign corporation, and has obtained all necessary licenses
and approvals in each jurisdiction in which failure to qualify or to obtain such licenses and approvals would render any Loan unenforceable by Kona. 
 (ii) Kona’s name as set forth in the preamble of this Agreement is its correct legal name and has not been changed in the past six years. Kona does not utilize any trade name, assumed name, fictitious name or
“doing business name.” 
 (2) Due Authorization and No Conflict. The execution, delivery and performance by Kona of each of
the Facility Documents to which it is a party and the consummation by Kona of the transactions contemplated under the Purchase Agreement and each other Facility Document to which Kona is a party has been duly authorized by Kona by all necessary
company action, does not contravene (i) Kona’s limited liability company agreement, (ii) any law, rule or regulation applicable to Kona, (iii) any contractual restriction contained in any material indenture, loan or credit agreement, lease,
mortgage, deed of trust, security agreement, bond, note, or other material agreement or instrument binding on Kona or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting Kona or its properties (except where such
contravention would not have a Material Adverse Effect with respect to Kona or its properties), and do not result in or require the creation of any Lien upon or with respect to any of its properties; and no transaction contemplated hereby or the
Facility Documents requires compliance with any bulk sales act or similar law. To the extent that this representation is being made with respect to Title I of ERISA or Section 4975 of the Code, it is made subject to the assumption that none of the
assets being used to purchase the Loans and Transferred Assets constitute assets of any Benefit Plan or Plan with respect to which the Seller is a party in interest or disqualified person. 

 (3) Governmental and Other Consents. All approvals, authorizations, consents or orders of any
court or governmental agency or body required in connection with the execution and delivery by Kona of this Agreement and the consummation by Kona of the transactions contemplated hereby, the performance by Kona of and the compliance by Kona with
the terms hereof and of the Master Loan Purchase Agreement as amended hereby have been obtained, except where the failure to do so would not have a Material Adverse Effect with respect to Kona. 
 (4) Enforceability of this Agreement. This Agreement and each of the Facility Documents to which Kona is a party has been duly and validly
executed and delivered by Kona and constitutes the legal, valid and binding obligation of Kona, enforceable against it in accordance with its respective terms, except as enforceability may be subject to or limited by Debtor Relief Laws or by general
principles of equity (whether considered in a suit at law or in equity). 
 (5) No Litigation. There are no proceedings or
investigations pending, or to the knowledge of Kona, threatened, against Kona before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality (A) asserting the invalidity of this Agreement or any of the
other Facility Documents, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the other Facility Documents, (C) seeking any determination or ruling that would adversely affect the performance
by Kona of its obligations under this Agreement or any of the Facility Documents to which it is a party, (D) seeking any determination or ruling that would adversely affect the validity or enforceability of this Agreement or any of the other
Facility Documents or (E) seeking any determination or ruling that would, if adversely determined, be reasonably likely to have a Material Adverse Effect with respect to Kona. 
 (6) Governmental Regulations. Kona is not (A) an “investment company” registered or required to be registered under the Investment
Company Act of 1940, as amended, or (B) a “public utility company” or a “holding company,” a “subsidiary company” or an “affiliate” of any public utility company within the meaning of Section 2(a)(5), 2(a)(7),
2(a)(8) or 2(a)(ii) of the Public Utility Holding Company Act of 1935, as amended. 
 (7) Margin Regulations. Kona is not engaged,
principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any margin stock (as each such term is defined or used in any of Regulations T, U or X of the Board of Governors of the
Federal Reserve System). No part of the proceeds of any of the notes issued by the Issuer has been used by Kona for so purchasing or carrying margin stock or for any purpose that violates or would be inconsistent with the provisions of any of
Regulations T, U or X of the Board of Governors of the Federal Reserve System. 
 (8) Location of Chief Executive Office and Records.
The principal place of business and chief executive office of Kona and the office where all of its Records are maintained, is located at Kona Hawaiian Vacation Ownership, LLC, 75 5722 Kuakini Highway, Suite 108, Kailua Kona, Hawaii 96740. Kona has
not changed its principal place of business or chief executive office (or the office where it maintains all of its Records) during the previous six years. 

 At any time after the Kona Addition Date, upon 30 days’ prior written notice to the Trustee as assignee of the
Purchaser and the Issuer, Kona may change its name or may change its type or its jurisdiction of organization to another jurisdiction within the United States, but only so long as all action necessary or reasonably requested by the Purchaser to
amend the existing financing statements and to file additional financing statements in all applicable jurisdictions to perfect the transfer of the Loans and the related Transferred Assets is taken. 
 (9) Lockbox Accounts. Except in the case of any Lockbox Account pursuant to which only Collections in respect of Loans subject to a PAC or Credit
Card Account are deposited, Kona has filed a standing delivery order with the United States Postal Service authorizing each Lockbox Bank to receive mail delivered to the related Post Office Box. The account numbers of all Lockbox Accounts, together
with the names, addresses, ABA numbers and names of contact persons of all the Lockbox Banks maintaining such Lockbox Accounts and the related Post Office Boxes, are set forth in Schedule 4 to the Master Loan Purchase Agreement. From and after the
date of the Kona Addition Date, Kona shall not have any right, title and/or interest in or to any of the Lockbox Accounts or the Post Office Boxes and will maintain no Lockbox accounts in its own name for the collection of payments in respect of the
Loans. Kona does not have any lockbox or other accounts for the collection of payments in respect of the Loans other than the Lockbox Accounts. 
 (10) Facility Documents. Kona has furnished to the Company true, correct and complete copies of each Facility Document to which it is a party, each of which is in full force and effect. Kona is not in default thereunder in any
material respect. 
 (11) Taxes. Kona has timely filed or caused to be filed all federal, state and local tax returns required to be
filed by it, and has paid or caused to be paid all taxes shown to be due and payable on such returns or on any assessments received by it, other than any taxes or assessments the validity of which are being contested in good faith by appropriate
proceedings and has set aside adequate reserves on its books in accordance with GAAP, and which proceedings have not given rise to any Lien. 
 (12) Accounting Treatment. Kona has accounted for the transactions contemplated in this Agreement and the Facility Documents in accordance with GAAP. 
 (13) ERISA There has been no (A) occurrence or expected occurrence of any Reportable Event with respect to any Benefit Plan subject to Title IV of ERISA of Kona, or any withdrawal from, or the termination,
Reorganization or Plan Insolvency of any Multiemployer Plan or (B) institution of proceedings or the taking of any other action by Pension Benefit Guaranty Corporation or by Kona or any such Multiemployer Plan with respect to the withdrawal from, or
the termination, Reorganization or Plan Insolvency of, any such Plan. 
 (14) No Adverse Selection. No selection procedures materially
adverse to the Purchaser, the Issuer, the Noteholders, the Trustee or the Collateral Agent have been employed by Kona in selecting the Loans for inclusion in the Loan Pool on any Closing Date or Addition Date. 

 (15) Separate Identity. Kona has observed the applicable legal requirements on its part for the
recognition of the Purchaser as a legal entity separate and apart from the Seller; provided, however, that Kona makes no representation or warranty in this paragraph with respect to the Company or the Issuer.Series 2002-1 Supplement

 Exhibit 10.12 
 EXECUTION COPY 
 SERIES 2002-1 SUPPLEMENT 
 Dated as of August 29, 2002 
 to 
 MASTER LOAN PURCHASE AGREEMENT 
 Dated as of
August 29, 2002 
 Amended and Restated as of July 7, 2006 
 SIERRA TIMESHARE CONDUIT RECEIVABLES FUNDING, LLC 
 LOAN-BACKED 
 VARIABLE FUNDING NOTES, 
 SERIES 2002-1

 by and between 
 WYNDHAM
CONSUMER FINANCE, INC., 
 as Seller 
 FAIRFIELD RESORTS, INC., 
 as Co-Originator 
 FAIRFIELD MYRTLE BEACH, INC., 
 as Co-Originator 
 KONA HAWAIIAN VACATION OWNERSHIP, LLC, 
 as an Originator 
 SHAWNEE DEVELOPMENT, INC., 
 as an Originator

 SEA GARDENS BEACH AND TENNIS RESORT, INC., 
 VACATION BREAK RESORTS, INC., 
 VACATION BREAK RESORTS AT STAR ISLAND, INC., 
 PALM VACATION GROUP 
 and 
 OCEAN RANCH VACATION GROUP, 
 each as a VB
Subsidiary 
 PALM VACATION GROUP 
 and 
 OCEAN RANCH VACATION GROUP, 
 each as a VB Partnership 
 and 
 SIERRA DEPOSIT COMPANY, LLC 
 as Purchaser 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Section 1.
	  	Definitions	  	2
			
	 Section 2.
	  	Sale	  	7
			
	 (a)
	  	Series 2002-1 Loans	  	7
			
	 (b)
	  	Filing of Financing Statements	  	8
			
	 (c)
	  	Delivery of Series 2002-1 Loan Schedule	  	8
			
	 (d)
	  	Purchase of Additional Series 2002-1 Loans	  	8
			
	 (e)
	  	Treatment as Sale	  	9
			
	 (f)
	  	Recharacterization	  	9
			
	 (g)
	  	Security Interest in Transferred Assets	  	9
			
	 (h)
	  	Quitclaim of All Right, Title and Interest by FMB, the VB Subsidiaries, FRI, Kona and SDI	  	10
			
	 (i)
	  	Transfer of Loans	  	11
			
	 Section 3.
	  	Purchase Price	  	12
			
	 Section 4.
	  	Payment of Purchase Price	  	12
			
	 Section 5.
	  	Conditions Precedent to Sale of Series 2002-1 Loans	  	12
			
	 Section 6.
	  	Representations and Warranties of the Seller, FRI, FMB and the VB Subsidiaries	  	12
			
	 (a)
	  	[Reserved]	  	12
			
	 (b)
	  	Representations and Warranties Regarding the Series 2002-1 Loans	  	13
			
	 Section 7.
	  	Repurchases or Substitution of Series 2002-1 Loans	  	14
			
	 (a)
	  	Repurchase or Substitution Obligation	  	14
			
	 (b)
	  	Repurchases and Substitutions	  	14
			
	 (c)
	  	Repurchases of Series 2002-1 Loans that Become Defaulted Loans	  	15
			
	 (d)
	  	Maximum Repurchases	  	16
			
	 Section 8.
	  	Covenants of the Seller and FRI	  	16
			
	 Section 9.
	  	Representations and Warranties of the Company	  	16
			
	 Section 10.
	  	Covenants of the Company	  	16
			
	 Section 11.
	  	Miscellaneous Provisions	  	16
			
	 (m)
	  	Ratification of Agreement	  	16

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 (n)
	  	Amendment	  	16
			
	 (o)
	  	Counterparts	  	16
			
	 (p)
	  	GOVERNING LAW	  	16
			
	 (q)
	  	Successors and Assigns	  	16

  

 -ii- 

 THIS PURCHASE AGREEMENT SUPPLEMENT (this “PA Supplement”), dated as of August 29,
2002, as amended and restated as of July 7, 2006, is by and between WYNDHAM CONSUMER FINANCE, INC., a Delaware corporation, as seller (the “Seller”), FAIRFIELD RESORTS, INC., a Delaware corporation and the parent corporation of
the Seller, as co-originator (“FRI”), FAIRFIELD MYRTLE BEACH, INC., a Delaware corporation and a wholly-owned subsidiary of FRI, as co-originator (“FMB”), KONA HAWAIIAN VACATION OWNERSHIP, LLC, a Hawaii limited
liability company, as an Originator (“Kona”), SHAWNEE DEVELOPMENT, INC., a Pennsylvania corporation (“SDI”), SEA GARDENS BEACH AND TENNIS RESORT, INC., a Florida corporation (“Sea Gardens”),
VACATION BREAK RESORTS, INC., a Florida corporation (“VBR”), VACATION BREAK RESORTS AT STAR ISLAND, INC., a Florida corporation (“VBRS”) (each of Sea Gardens, VBR and VBRS being wholly-owned subsidiaries of Vacation
Break, USA, Inc., a wholly-owned subsidiary of FRI), PALM VACATION GROUP, a Florida general partnership (“PVG”), OCEAN RANCH VACATION GROUP, a Florida general partnership (“ORVG”) (each of Sea Gardens, VBR, VBRS,
PVG and ORVG are hereinafter collectively referred to as the “VB Subsidiaries” and PVG and ORVG are hereinafter collectively referred to as the “VB Partnerships”) and SIERRA DEPOSIT COMPANY, LLC, a Delaware limited
liability company, as purchaser (hereinafter referred to as the “Purchaser” or the “Company”). 
 Section 2 of the Agreement provides that the Seller may from time to time sell and assign to the Company, and the Company may from time to time Purchase from the Seller, all the Seller’s right, title and interest in, to and under
Loans listed on the Loan Schedule of the related PA Supplement on the Closing Date for the related Series. The principal terms of the Purchase and sale of Loans for each Series shall be set forth in a PA Supplement to the Agreement. 
 Pursuant to this PA Supplement and in accordance with Section 2 of the Agreement, the Seller hereby sells to the Company, and the Company hereby
Purchases from the Seller, the Series 2002-1 Loans, and the Seller and the Company hereby specify the principal terms of such sales and Purchases. 
 The Company has determined with the agreement of the Seller that Loans purchased from the Seller may be sold to Sierra Timeshare Conduit Receivables Funding, LLC (the “Initial Issuer”) and pledged to secure notes issued by the
Initial Issuer or may be sold by the Company to an Additional Issuer and pledged to secure Notes issued by the Additional Issuer. The Company may also, from time to time, purchase Loans from the Initial Issuer and transfer such Loans to an
Additional Issuer to be pledged to secure an Additional Series. 
 The Seller and the Company agree that Loans sold to the Company under the
Agreement and the PA Supplement retain their character as Series 2002-1 Loans whether sold to and retained by the Initial Issuer or reacquired by the Company and transferred to an Additional Issuer. 
 The PA Supplement supplements the Master Loan Purchase Agreement dated as of August 29, 2002, as amended and restated as of July 7, 2006 and as
amended from time to time. The Master Loan Purchase Agreement, as so amended, is the “Agreement.” Terms used in this Amendment and not defined herein have the meaning assigned in the Agreement. 

 Section 1. Definitions. 
 All capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them in the Agreement. Each capitalized term defined
herein shall relate only to the Series 2002-1 Loans and to no other Loans purchased by the Company from the Seller. 
 In the event that any
term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Agreement, the terms and provisions of this PA Supplement shall be controlling. 
 The words “hereof,” “herein” and “hereunder” and words of similar import when used in this PA Supplement shall refer to
this PA Supplement as a whole and not to any particular provision of this PA Supplement; and Article, Section, subsection, Schedule and Exhibit references contained in this PA Supplement are references to Articles, Sections, subsections, Schedules
and Exhibits in or to this PA Supplement unless otherwise specified. 
 “Addition Date” shall mean the date from and after
which Additional Loans are sold pursuant to Section 2(d). 
 “Agreement” shall mean the Master Loan Purchase Agreement
dated as of August 29, 2002, as amended and restated as of July 7, 2006, by and between the Seller, FRI, FMB, Kona, SDI, the VB Subsidiaries, the VB Partnerships and the Purchaser, as the same may be amended, supplemented or otherwise
modified from time to time thereafter in accordance with its terms. 
 “Assignment” shall have the meaning set forth in
Section 2(d)(iii)(E). 
 “Closing Date” shall mean August 29, 2002. 
 “Company” shall have the meaning set forth in the preamble. 
 “Cut-Off Date” shall mean August 27, 2002. 
 “Cut-Off Date Pool Principal Balance” shall have the meaning set forth in Section 3. 
 “Eligible Loan” shall mean a Series 2002-1 Loan: 
  

	 	(a)	 with respect to which (i) the related Timeshare Property is not a Lot, (ii) the related Timeshare Property has been purchased by an Obligor,
(iii) except in the case of a Green Loan, a certificate of occupancy for the related Timeshare Property has been issued, (iv) except in the case of a Green Loan, the unit for the related Timeshare Property is complete and ready for
occupancy, is not in need of material maintenance or repair, except for ordinary, routine maintenance and repairs that are not substantial in nature or cost and contains no structural defects materially affecting its value, (v) the related
Timeshare Property Regime is not in need of maintenance or repair, except for ordinary, routine maintenance and repairs that are not substantial in nature or cost and contains no structural defects materially affecting its value, (vi) there is
no legal, judicial or administrative proceeding pending, or to the Seller’s 

  

 2 

	 	 
knowledge threatened, for the total condemnation of the related Timeshare Property or partial condemnation of any portion of the related Timeshare Property
Regime that would have a material adverse effect on the value of the related Timeshare Property and (vii) the related Timeshare Property is not related to a Resort located outside of the United States, Canada, Mexico or the United States Virgin
Islands; 

  

	 	(b)	with respect to which the rights of the Obligor thereunder are subject to declarations, covenants and restrictions of record affecting the Resort; provided, however,
that a Series 2002-1 Loan shall not fail to be an Eligible Loan solely because the rights of the Obligor thereunder have been subjected to the FairShare Plus Program; 

  

	 	(c)	in the case of a Series 2002-1 Loan that is an Installment Contract, with respect to which the Seller has a valid ownership or security interest in an underlying Timeshare Property,
subject only to Permitted Encumbrances, unless the criteria in paragraph (d) are satisfied; 

  

	 	(d)	with respect to which (i) if the related Timeshare Property has been deeded to the Obligor of the related Series 2002-1 Loan, (A) the Originator has a valid and
enforceable first lien Mortgage on such Timeshare Property, except as such enforceability may be limited by Debtor Relief Laws and as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law, (B) such Mortgage and related mortgage note have been assigned to the Collateral Agent, (C) such Mortgage and the related note for such Mortgage have been transferred or will be transferred
to the custody of the Custodian in accordance with the provisions of Section 6(c)(i) of the Agreement and (D) if any Mortgage relating to such Series 2002-1 Loan is a deed of trust, a trustee duly qualified under applicable law to serve as
such has been properly designated in accordance with applicable law and currently so serves or (ii) if the related Timeshare Property has not been deeded to the Obligor of the related Series 2002-1 Loan, a Nominee has legal title to such
Timeshare Property and the Seller has an equitable interest in such Timeshare Property underlying the related Series 2002-1 Loan; 

  

	 	(e)	that was issued in a transaction that complied, and is in compliance, in all material respects with all material requirements of applicable federal, state and local law;

  

	 	(f)	that requires the Obligor to pay the unpaid principal balance over an original term of not greater than 120 months and (ii) the original term of which does not exceed 84 months
unless (A) the Series 2002-1 Loan relates to a Timeshare Upgrade or (B) the weighted average FICO score of all such Series 2002-1 Loans with original terms longer than 84 months is at least 640 and (x) with respect to Series 2002-1
Loans sold prior to November 14, 2005 has a FICO score not less than 600 or (xi) with respect to Series 2002-1 Loans sold on or after November 14, 2005 has a FICO score not less than 550; 

  

 3 

	 	(g)	the Scheduled Payments on which are denominated and payable in United States dollars; 

  

	 	(h)	that is not a Defective Loan or a Defaulted Loan; 

  

	 	(i)	that, with respect to Loans sold prior to July 28, 2004, (i) is not a Delinquent Loan as of the Cut-Off Date or related Addition Cut-Off Date, as applicable, and
(ii) with respect to which no Scheduled Payment was (A) delinquent for more than 30 days past its Due Date more than once during the 18-month period preceding the Cut-Off Date or related Addition Cut-Off Date, as applicable, with respect
to such Series 2002-1 Loan, or (B) delinquent for more than 60 days at any time during such 18-month period (each such determination under this clause (ii) being made without giving effect to the grant of any extension of the Due Date of
any such Scheduled Payment); or 

  

	 	 	that, with respect to Loans sold on or after July 28, 2004, that is not a Delinquent Loan and, unless it is a Permitted Deferred Loan, it has never been a Defaulted
Loan, as of the Addition Cut-Off Date. 

  

	 	(j)	that does not finance the purchase of credit life insurance; 

  

	 	(k)	with respect to any Loan sold prior to July 28, 2004, no Due Date thereunder occurring after the Cut-Off Date or the related Addition Cut-Off Date, as applicable, has
been deferred; (this provision (k) shall not be applicable to Loans sold on or after July 28, 2004); 

  

	 	(l)	with respect to Loans sold prior to July 28, 2004, the related Timeshare Property (A) consists of a Fixed Week or a UDI and (B) if it consists of a
Fixed Week, it has been converted into a UDI or has become subject to the FairShare Plus Program, which conversion or other modification does not give rise to the extension of the maturity of any payments under such Series 2002 1 Loan; or

  

	 	 	with respect to Loans sold on or after July 28, 2004, the related Timeshare Property (A) consists of a Fixed Week or a UDI and (B) if it consists of a
Fixed Week, (i) it has been converted or is convertible into a UDI or has become subject to the FairShare Plus Program, which conversion into a UDI or any modification made in connection with the FairShare Plus Program does not or would
not give rise to the extension of the maturity of any payments under such Series 2002 1 Loan or with respect to Loans sold on or after November 14, 2005 (ii) it is an Acquired Portfolio Loan; 

  

	 	(m)	 that (i) either (A) has been transferred by FRI to the Seller pursuant to the Operating Agreement, (B) in the case of any Series 2002 1 Loan
originated by an Originator other than FRI or any Loan related to the Dolphin’s Cove Resort, 

  

 4 

	 	 
has been transferred by such Originator to FRI pursuant to the Operating Agreement and in the case of any Loan related to the Dolphin’s Cove Resort, was
originated by Dolphin’s Cove Resort, Ltd., a California limited partnership, and was transferred to FRI pursuant to a receivables purchase agreement dated December 29, 2000 by and between Dolphin’s Cove Resort, Ltd. and FRI or
(C) with respect to Loans sold on or after November 14, 2005, was originated by another entity and transferred to the Seller pursuant to the Operating Agreement or pursuant to another agreement acceptable to the Seller and the
originator has provided to the Company a written quitclaim of all right, title and interest of such originator in the Loan which quitclaim shall be substantially similar to those provisions contained in Section 2(h) of this PA Supplement and
(ii) in the case of any Loans sold to the Purchaser on the Closing Date, such Loans were sold by Fairfield Receivables Corporation to the Seller pursuant to an Assignment of Contracts and Mortgages, dated as of August 29, 2002;

  

	 	(n)	that was originated by an Originator and has been consistently serviced by the Seller, in each case in the ordinary course of its respective business and in accordance with
Customary Practices and Credit Standards and Collection Policies; or, with respect to Loans sold on or after November 14, 2005, was acquired by the Seller directly or indirectly from the originator of such Loan and within a period of not
more than 120 days after such acquisition, the Seller has undertaken the servicing of such Loan either directly or through a contractual agreement with a third party reasonably acceptable to the Seller; 

  

	 	(o)	that has not been specifically reserved against by the Seller or classified by the Seller or FRI as uncollectible or charged off; 

  

	 	(p)	that arises from transactions in a jurisdiction in which FRI and each Subsidiary of FRI (other than the Purchaser and the Issuer) that conducts business in such jurisdiction is duly
qualified to do business, except where the failure to so qualify will not adversely affect or impair the legality, validity, binding effect and enforceability of such Series 2002-1 Loan; 

  

	 	(q)	that has not been cancelled or terminated by the related Obligor (regardless of whether such Obligor is legally entitled to do so) and constitutes a legal, valid, binding and
enforceable obligation of the related Obligor, except as such enforceability may be limited by Debtor Relief Laws and as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a
proceeding in equity or at law; 

  

	 	(r)	that is fully amortizing pursuant to a required schedule of substantially equal monthly payments of principal and interest; 

  

	 	(s)	with respect to which (i) the downpayment has been made and (ii) no statutory rescission rights with respect to the related Obligor are continuing as of the Cut-Off Date
or related Addition Cut-Off Date, as applicable; 

  

 5 

	 	(t)	that had an Equity Percentage of 10% or more at the time of the sale of the related Timeshare Property to the related Obligor (or, in the case of a Loan relating to a Timeshare
Upgrade, an Equity Percentage of 10% or more of the value of all vacation credits owned by the related Obligor); 

  

	 	(u)	with respect to which the related Obligor has not at any time made a written request for rescission of such Series 2002-1 Loan or otherwise stated in writing that it does not intend
to consummate such Loan or to fully perform under such Series 2002-1 Loan; 

  

	 	(v)	that is not a Series 2002-1 Loan originated under an Alliance Program; 

  

	 	(w)	with respect to which at least one Scheduled Payment has been made by the Obligor; 

  

	 	(x)	as of the Cut-Off Date or related Addition Cut-Off Date, as applicable, has an outstanding loan balance not greater than $100,000; and 

  

	 	(y)	that, in the case of a Green Loan, (i) satisfies each of the eligibility criteria set forth in paragraphs (a) through (x) above other than any such criteria that
cannot be satisfied due solely to (A) the related Green Timeshare Property being located in a Resort that is not yet complete and ready for occupancy; (B) the Seller not having a valid ownership interest in the related Green Timeshare
Property; or (C) the related Green Timeshare Property not having been deeded to the Obligor or legal title not being held by the Nominee; and (ii) the related Green Timeshare Property has a scheduled completion date no more than six months
following the Cut-Off Date or related Addition Cut-Off Date, as applicable. 

 “Excess Concentration Amount”
shall have the meaning set forth in the Series 2002-1 Supplement. 
 “Noteholder” shall mean any Series 2002-1 Noteholder
and any holder of a note of any Additional Series. 
 “PA Supplement” shall have the meaning set forth in the preamble.

 “Permitted Deferred Loan” shall mean a Loan with respect to which the Obligor has been granted an extension of the time
required to pay the amounts due thereon, provided that (i) any such extension was made in accordance with the Credit Standards and Collection Policies and Customary Practices and (ii) such Loan is not a Delinquent Loan as of the Addition
Cut-Off Date. 
 “Pool Purchase Price” shall have the meaning set forth in Section 3. 
 “Purchase” shall have the meaning set forth in Section 2(e). 
 “Purchaser” shall have the meaning set forth in the preamble. 
  

 6 

 “Repurchase Date” shall have the meaning set forth in Section 7. 
 “Repurchase Price” shall have the meaning set forth in Section 7. 
 “Series Termination Date” shall mean, with respect to Series 2002-1, the date on which all obligations with respect to the Series 2002-1
Notes issued under the Series 2002-1 Supplement have been paid in full and the Series 2002-1 Supplement is discharged and, with respect to any Additional Series, the date set forth in the related Indenture and Servicing Agreement. 
 “Series 2002-1 Additional Loan” shall mean each Additional Loan constituting one of the Series 2002-1 Loans Purchased from the Seller on
an Addition Cut-Off Date and listed on Schedule 1 to the related Assignment. 
 “Series 2002-1 Loan” shall mean each Loan
listed from time to time on the Series 2002-1 Loan Schedule whether such Loan is at such time a Series 2002-1 Pledged Loan or is pledged to secure an Additional Series. 
 “Series 2002-1 Loan Schedule” shall mean the Loan Schedule for the Series 2002-1 Loans. 
 “Series 2002-1 Noteholder” shall mean any Noteholder under the Series 2002-1 Supplement. 
 “Series 2002-1
Pledged Loan” shall have the meaning set forth in the Series 2002-1 Supplement. 
 “Series 2002-1 Supplement” shall
mean the supplement to the Master Indenture and Servicing Agreement executed and delivered in connection with the original issuance of the Series 2002-1 Notes and all amendments thereof and supplements thereto. 
 “Substitution Adjustment Amount” shall have the meaning set forth in Section 7. 
 Section 2. Sale. 
 (a) Series
2002-1 Loans. Subject to the terms and conditions and in reliance on the representations, warranties, and covenants and agreements set forth in the Agreement and this PA Supplement, the Seller hereby sells and assigns to the Company, and the
Company hereby Purchases from the Seller, without recourse except as specifically set forth herein, all of the Seller’s right, title and interest in, to and under the Initial Loans listed on the Series 2002-1 Loan Schedule delivered on the
Closing Date, together with all other Transferred Assets relating thereto. The Series 2002-1 Additional Loans existing at the close of business on the related Addition Cut-Off Date and all other Transferred Assets relating thereto shall be sold by
the Seller and purchased by the Company on the related Addition Date. Notwithstanding the foregoing, and for avoidance of doubt, the Seller does not assign, and the Purchaser does not agree to assume, any obligations specific to FRI or any
Originator as developer of any Timeshare Property underlying an Installment Contract. 
  

 7 

 (b) Filing of Financing Statements. In connection with the foregoing sale, the Seller agrees to
record and file a financing statement or statements (and continuation statements or other amendments with respect to such financing statements) with respect to the Series 2002-1 Loans and related Transferred Assets described in Section 2(a)
sold by the Seller hereunder meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect the interests of the Purchaser created hereby under the applicable UCC and to deliver a file-stamped
copy of such financing statements and continuation statements (or other amendments) or other evidence of such filings to the Purchaser. 
 (c) Delivery of Series 2002-1 Loan Schedule. In connection with the sale and conveyance hereunder, the Seller agrees on or prior to the Closing Date and on or prior to the applicable Addition Date (in the case of Additional Series
2002-1 Loans) to indicate or cause to be indicated clearly and unambiguously in its accounting, computer and other records that the Series 2002-1 Loans and related Transferred Assets have been sold to the Purchaser pursuant to this PA Supplement. In
addition, in connection with the sale and conveyance hereunder, the Seller agrees on or prior to the Closing Date and on or prior to the applicable Addition Date (in the case of Additional Series 2002-1 Loans) to deliver to the Company a Series
2002-1 Loan Schedule for such Series 2002-1 Loans or Additional Series 2002-1 Loans. The Seller and the Company agree that the Series 2002-1 Loan Schedule shall include all Loans sold under the Agreement and this PA Supplement whether such Loans are
Series 2002-1 Pledged Loans or are pledged to secure an Additional Series. 
 (d) Purchase of Additional Series 2002-1 Loans.

 (i) [Reserved]. 
 (ii) The
Seller may, with the consent of the Purchaser, designate Eligible Loans to be sold as Additional Series 2002-1 Loans. 
 (iii) On the
Addition Date with respect to any Additional Series 2002-1 Loans, such Additional Series 2002-1 Loans shall become Series 2002-1 Loans, and the Purchaser shall Purchase the Seller’s right, title and interest in, to and under the Additional
Series 2002-1 Loans and the other related Transferred Assets as provided in the Assignment, subject to the satisfaction of the following conditions on such Addition Date: 
 (A) The Seller shall have delivered to the Purchaser copies of UCC financing statements covering such Additional Series 2002-1 Loans, if
necessary to perfect the Purchaser’s first priority interest in such Series 2002-1 Additional Loans and the other related Transferred Assets; 
 (B) On each of the Addition Cut-Off Date and the Addition Date, the sale of such Additional Series 2002-1 Loans and the other related Transferred Assets to the Purchaser shall not have caused the Seller’s
insolvency or have been made in contemplation of the Seller’s insolvency; 
 (C) No selection procedure shall have been
utilized by the Seller that would result in a selection of such Additional Series 2002-1 Loans (from the Eligible Loans available to the Seller) that would be materially adverse to the interests of the Purchaser as of the Addition Date; 

 

 8 

 (D) The Seller shall have indicated in its accounting, computer and other records that
the Additional Series 2002-1 Loans and the other related Transferred Assets have been sold to the Purchaser and shall have delivered to the Purchaser the required Series 2002-1 Loan Schedule; 
 (E) The Seller and the Purchaser shall have entered into a duly executed, written assignment substantially in the form of Exhibit B to the
Agreement (an “Assignment”); 
 (F) The Seller shall have delivered to the Purchaser an Officer’s
Certificate of the Seller dated the Addition Date, confirming, to the extent applicable, the items set forth in Section 2(d)(iii) (A) through (E); and 
 (G) The Purchaser shall have paid the Additional Pool Purchase Price as provided in Section 3 of the Agreement. 
 (iv) The Seller shall have no obligation to sell the Additional Series 2002-1 Loans if it has not been paid the Additional Pool Purchase Price therefor.

 (e) Treatment as Sale. It is the express and specific intent of the parties that the sale of the Series 2002-1 Loans and related
Transferred Assets from the Seller to the Company as provided in this Section 2 (the “Purchase”) is and shall be construed for all purposes as a true and absolute sale of such Series 2002-1 Loans and related Transferred Assets,
shall be absolute and irrevocable and provide the Company with the full benefits of ownership of the Series 2002-1 Loans and related Transferred Assets and will be treated as such for all federal income tax reporting and all other purposes.

 (f) Recharacterization. Without prejudice to the provisions of Section 2(e) providing for the absolute transfer of the
Seller’s interest in the Series 2002-1 Loans and related Transferred Assets to the Company, in order to secure the prompt payment and performance of all of the obligations of the Seller to the Company and the Company’s assignees arising in
connection with the Agreement, this PA Supplement and the other Facility Documents, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, the Seller hereby assigns and grants to the Company a first
priority security interest in all of the Seller’s right, title and interest, whether now owned or hereafter acquired, if any, in, to and under all of the Series 2002-1 Loans and related Transferred Assets and the proceeds thereof. 

(g) Security Interest in Transferred Assets. Each of FRI, FMB, Kona, SDI, the VB Subsidiaries and the Seller acknowledges that the Series
2002-1 Loans and related Transferred Assets are subject to the Lien of the Series 2002-1 Supplement for the benefit of the Trustee and the Series 2002-1 Noteholders (or to the Collateral Agent on behalf of the Trustee and the Series 2002-1
Noteholders). With respect to Series 2002-1 Loans and related Transferred Assets which have been released from the Lien of the Series 2002-1 Supplement, conveyed to the Company and transferred by the Company to an Additional Issuer, each of FRI,
FMB, Kona, SDI, the VB Subsidiaries and the Seller acknowledges that such Series 2002-1 Loans and related Transferred Assets are subject to the Lien of the applicable Indenture and Servicing Agreement for the benefit of the applicable Trustee and
Noteholders. 
  

 9 

 (h) Quitclaim of All Right, Title and Interest by FMB, the VB Subsidiaries, FRI, Kona and SDI.

  

	 	(i)	The parties hereto recognize that each of (A) FMB and the VB Subsidiaries has previously sold, transferred and assigned to FRI all of its right, title and interest in and
to the Series 2002-1 Loans originated by it and (B) FRI has previously sold, transferred and assigned to the Seller all of its respective right, title and interest in and to the Series 2002-1 Loans originated by it or sold to it by FMB or the
VB Subsidiaries, together with, in each case, the other related Transferred Assets. Each such sale, transfer and assignment has been made pursuant to the terms of the Operating Agreement and one or more blanket assignments executed by such parties
in favor of FRI or the Seller, as applicable. For the avoidance of doubt and to further evidence the intent of the parties hereto that all right, title and interest in the Series 2002-1 Loans and related Transferred Assets are being sold and
transferred to the Company pursuant to the Agreement and this PA Supplement, each of FRI, FMB and the VB Subsidiaries hereby irrevocably quitclaim all right, title and interest that any of them may have or be deemed to have in and to any of the
Series 2002-1 Loans and related Transferred Assets directly to the Company. 

  

	 	(ii)	To the extent that any quitclaim of the Series 2002-1 Loans and related Transferred Assets from FRI, FMB or the VB Subsidiaries to the Company contemplated by this Section 2(h)
is not treated as a sale under applicable law, this PA Supplement shall constitute a security agreement under applicable law and, in order to secure the prompt payment and performance of all of the obligations of the Seller to the Company and the
Company’s assignees arising in connection with the Agreement, this PA Supplement and the other Facility Documents, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, each of FRI, FMB and the
VB Subsidiaries, as applicable, hereby assigns and grants to the Company a first priority security interest in all of the right, title and interest of FRI, FMB or such VB Subsidiary, as applicable, whether now owned or hereafter acquired, if any,
in, to and under all of the Series 2002-1 Loans and related Transferred Assets and the proceeds thereof. 

  

	 	(iii)	 The parties hereto recognize that each of (A) Kona and SDI has previously sold, transferred and assigned or simultaneously herewith do sell, transfer and
assign to FRI all of their right, title and interest in and to the Series 2002-1 Loans originated by it and 

  

 10 

	 	 
(B) FRI has previously sold, transferred and assigned or simultaneously herewith does sell, transfer and assign to the Seller all of its respective right,
title and interest in and to the Series 2002-1 Loans originated by it or sold to it by Kona or SDI, together with, in each case, the other related Transferred Assets. Each such sale, transfer and assignment has been made or is being made pursuant to
the terms of the Operating Agreement and one or more blanket assignments executed by such parties in favor of FRI or the Seller, as applicable. For the avoidance of doubt and to further evidence the intent of the parties hereto that all right, title
and interest in the Series 2002-1 Loans and related Transferred Assets are being sold and transferred to the Company pursuant to the Agreement and the PA Supplement, each of Kona and SDI hereby irrevocably quitclaim all right, title and interest
that they may have or be deemed to have in and to any of the Series 2002-1 Loans and related Transferred Assets directly to the Company. 

  

	 	(iv)	To the extent that any quitclaim of the Series 2002-1 Loans and related Transferred Assets from Kona or SDI to the Company contemplated by this Section 2 is not treated as a
sale under applicable law, this PA Supplement shall constitute a security agreement under applicable law and, in order to secure the prompt payment and performance of all of the obligations of the Seller to the Company and the Company’s
assignees arising in connection with the Agreement, the PA Supplement and the other Facility Documents, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, each of Kona and SDI, as applicable,
hereby assign and grant to the Company a first priority security interest in all of the right, title and interest of Kona or SDI, as applicable, whether now owned or hereafter acquired, if any, in, to and under all of the Series 2002-1 Loans and
related Transferred Assets and the proceeds thereof. 

 (i) Transfer of Loans. All Series 2002-1 Loans conveyed to the
Company hereunder shall be held by the Custodian pursuant to the terms of either Custodial Agreement for the benefit of the Company, the respective Issuers, the respective Trustees and the Collateral Agent. Upon each Purchase hereunder, the
Custodian shall execute and deliver to the Company a certificate acknowledging receipt of the applicable Series 2002-1 Loans pursuant to either Custodial Agreement; provided that, with respect to a Series 2002-1 Loan purchased on a Purchase Date,
receipt shall be timely delivered if it is delivered to the Company no later than 30 days after the Purchase Date for that Loan. 
 Each of
FRI, the other Originators and the Seller acknowledges that the Company will convey the Series 2002-1 Loans and the other related Transferred Assets to the Initial Issuer or an Additional Issuer and that the Initial Issuer or Additional Issuer will
grant a security interest in the Series 2002-1 Loans and other related Transferred Assets to the Collateral Agent pursuant to the applicable Indenture and Servicing Agreement. Each of FRI, the other Originators and the 

  

 11 

 
Seller agrees that, upon such grant, the Initial Issuer or the Additional Issuer and the Collateral Agent may enforce all of the Seller’s and FRI’s
obligations hereunder and under the Agreement directly, including without limitation the repurchase obligations of the Seller set forth in Section 7. 
 Section 3. Purchase Price. 
 The Initial Series 2002-1 Loans had an aggregate unpaid principal
balance of $280,127,904.13 at the Cut-Off Date (such aggregate unpaid principal balance at the Cut-Off Date being referred to herein as the “Cut-Off Date Pool Principal Balance”). The purchase price (the “Pool Purchase
Price”) for the Loans sold on the Closing Date shall be $280,127,904.13. The purchase price for Additional Loans sold on an Addition Date shall be the Additional Pool Purchase Price. 
 Section 4. Payment of Purchase Price. 
 Sections 4(a) through (c) are set forth in the Agreement. 
 (d) Payment for and delivery of the Series 2002-1 Loans being
purchased by the Company on the Closing Date shall take place at a closing at the offices of Orrick, Herrington & Sutcliffe LLP, Washington Harbour, 3050 K Street, NW, Washington, D.C. 20007, at 10:00 a.m. local time on the Closing Date, or
such other time and place as shall be mutually agreed upon among the parties hereto. 
 Section 5. Conditions Precedent to Sale of
Series 2002-1 Loans. 
 The Purchaser’s obligations hereunder to Purchase and pay for the Series 2002-1 Loans and related Transferred
Assets on the Closing Date are subject to the fulfillment of the following conditions on or before the Closing Date: 
  

	 	(a)	(i) The Purchaser shall have received the Series 2002-1 Pool Purchase Agreement relating to each Series 2002-1 Loan executed by all the parties thereto and (ii) all
conditions precedent to the sale of the Series 2002-1 Pool Loans thereunder shall have been fulfilled to the extent they are capable of being fulfilled prior to the performance by the Purchaser of its obligations under this PA Supplement.

  

	 	(b)	The representations and warranties of each of the Seller, FRI, FMB and the VB Subsidiaries made in the Agreement and herein shall be true and correct in all material respects on the
Closing Date. 

 Section 6. Representations and Warranties of the Seller, FRI, FMB and the VB Subsidiaries.

 (a) [Reserved]. 
  

 12 

 Sections 6(a)(i) through (xvii) are set forth in the Agreement. 
 (b) Representations and Warranties Regarding the Series 2002-1 Loans. The Seller and FRI jointly and severally represent and warrant to the
Company as of the Cut-Off Date and Addition Cut-Off Date as to each Series 2002-1 Loan conveyed on and as of the Closing Date or the related Addition Date, as applicable (except as otherwise expressly stated) as follows: 
 (xxiii) Loan Schedule. The information set forth in the Series 2002-1 Loan Schedule is true and correct with respect to such Series
2002-1 Loan. 
 (xxiv) Good Title to Series 2002-1 Loans. The Seller has good and marketable title to such Series
2002-1 Loan free and clear of any Lien other than Permitted Encumbrances. The Seller has not sold, assigned or pledged such Series 2002-1 Loan or any interest therein to any Person other than the Company. With respect to the related Timeshare
Property, either (A) a generally accepted form of title insurance policy insuring the fee estate ownership of the real property subject to the Timeshare Property Regime by the Persons owning the respective interests therein and their successors
and assigns (1) was effective either at the time the Originator (or a Subsidiary thereof) acquired the Timeshare Property or at the time of registration of the Timeshare Property Regime, (2) is valid and remains in full force and effect
and (3) was issued by a title insurer qualified to do business in the applicable jurisdiction; or (B) either at the time the Originator (or a Subsidiary thereof) acquired the Timeshare Property or at the time of registration of the
Timeshare Property Regime, such fee estate ownership had been verified by an attorney’s opinion of title, the form and substance of which is of a type acceptable for purposes of registration of sales of Timeshare Properties and which may be
relied upon by Persons subsequently owning the respective interests therein and their successors and assigns. 
 (xxv) No
Defaults. As of the Cut-Off Date or related Addition Cut-Off Date, as applicable, such Series 2002-1 Loan is not a Defaulted Loan and no event has occurred which, with the taking of any action or the expiration of any grace or cure period or
both, would cause such Series 2002-1 Loan to be a Defaulted Loan. None of the Seller, FRI, FMB or the VB Subsidiaries has waived any such default, breach, violation or event permitting acceleration with respect to such Series 2002-1 Loan.

 (xxvi) Equal Installments. Such Series 2002-1 Loan has a fixed Loan Rate and provides for substantially equal
monthly payments that fully amortize the Series 2002-1 Loan over its term. 
 (xxvii) Excess Concentration Amount. The
Purchase of such Series 2002-1 Loan occurring on such Closing Date or Addition Date, as applicable, and the inclusion of such Series 2002-1 Loan as a Series 2002-1 Pledged Loan pursuant to the Series 2002-1 Supplement to the Indenture and Servicing
Agreement, does not cause an increase in the Excess Concentration Amount. 
 Sections 6(b)(i) through (xxii) are set forth in the
Agreement. 
  

 13 

 Section 7. Repurchases or Substitution of Series 2002-1 Loans. 
 The parties understand and agree that references in this Section 7 to the Issuer, Trustee or Master Servicer, shall in each case refer to the Issuer,
Trustee or Master Servicer for the Series to which the Loan to be repurchased is then pledged. 
 (a) Repurchase or Substitution
Obligation. Subject to Section 7(b), upon discovery by the Seller or upon written notice from the Company, the Issuer or the Trustee that any Series 2002-1 Loan is a Defective Loan, the Seller shall, within 90 days after the earlier of its
discovery or receipt of notice thereof, cure such Defective Loan in all material respects or either (i) repurchase such Defective Loan from the Company or its assignee at the Repurchase Price or (ii) substitute one or more Qualified
Substitute Loans for such Defective Loan. For purposes of this Agreement, the term “Repurchase Price” shall mean an amount equal to the outstanding Principal Balance of such Defective Loan as of the close of business on the Due Date
immediately preceding the Payment Date on which the repurchase is to be made, plus accrued but unpaid interest thereon to the date of the repurchase. The Company hereby directs the Seller, for so long as the Indenture and Servicing Agreement is in
effect, to make such payment on its behalf to the Collection Account pursuant to Section 7(b). The following defects with respect to documents in any Loan File, solely to the extent they do not impair the validity or enforceability of the
subject document under applicable law, shall not be deemed to constitute a breach of the representations and warranties contained in Section 6(b): misspellings of or omissions of initials in names; name changes from divorce or marriage;
discrepancies as to payment dates in a Series 2002-1 Loan of no more than 30 days; discrepancies as to Scheduled Payments of no more than $5.00; discrepancies as to origination dates of not more than 30 days; inclusion of additional parties other
than the primary Obligor not listed in the Master Servicer’s records or in the Series 2002-1 Loan Schedule and non-substantive typographical errors and other non-substantive minor errors of a clerical or administrative nature. 
 (b) Repurchases and Substitutions. The Seller shall provide written notice to the Company of any repurchase pursuant to Section 7(a) not less
than two Business Days prior to the date on which such repurchase is to be effected, specifying the Defective Loan and the Repurchase Price therefor. Upon the repurchase of a Defective Loan pursuant to Section 7(a), the Seller shall deposit the
Repurchase Price in the Collection Account on behalf of the Company no later than 12:00 noon, New York time, on the Payment Date on which such repurchase is made (the “Repurchase Date”). 
 If the Seller elects to substitute a Qualified Substitute Loan or Loans for a Defective Loan pursuant to this Section 7(b), the Seller shall deliver
such Qualified Substitute Loan in the same manner as the other Series 2002-1 Loans sold hereunder, including delivery of the applicable Loan Documents as required pursuant to either Custodial Agreement and satisfaction of the same conditions with
respect to such Qualified Substitute Loan as to the Purchase of Additional Loans set forth in Section 2(d)(iii). Payments due with respect to Qualified Substitute Loans prior to the last day of the Due Period next preceding the date of
substitution shall not be property of the Company, but will be retained by the Master Servicer and remitted by the Master Servicer to the Seller on the next succeeding Payment Date. Scheduled Payments due on a Defective Loan prior to the last day of
the Due Period next preceding the date of substitution shall be property of the Company, and after such last day of the 

  

 14 

 
Due Period next preceding the date of substitution the Seller shall be entitled to retain all Scheduled Payments due thereafter and other amounts received in
respect of such Defective Loan. The Seller shall cause the Master Servicer to deliver a schedule of any Defective Loans so removed and Qualified Substitute Loans so substituted to the Company, and such schedule shall be an amendment to the Series
2002-1 Loan Schedule. Upon such substitution, the Qualified Substitute Loan or Loans shall be subject to the terms of this PA Supplement in all respects, the Seller shall be deemed to have made the representations and warranties with respect to each
Qualified Substitute Loan set forth in Section 6(b) of the Agreement and this PA Supplement and Section 6(c) of the Agreement, in each case as of the date of substitution, and the Seller shall be deemed to have made a representation and
warranty that each Loan so substituted is an Qualified Substitute Loan as of the date of substitution. The Seller shall be obligated to repurchase or substitute for any Eligible Substitute Loan as to which the Seller has breached the Seller’s
representations and warranties in Section 6(b) to the same extent as for any other Series 2002-1 Loan, as provided herein. In connection with the substitution of one or more Qualified Substitute Loans for one or more Defective Loans, the Master
Servicer shall determine the amount (such amount, a “Substitution Adjustment Amount”), if any, by which the aggregate principal balance of all such Qualified Substitute Loans as of the date of substitution is less than the aggregate
principal balance of all such Defective Loans (after application of the principal portion of the Scheduled Payments due in the month of substitution that are to be distributed to the Company in the month of substitution). The Seller shall deposit
the amount of such shortfall into the Collection Account in immediately available funds on the date of substitution, without any reimbursement therefor. 
 Upon each repurchase or substitution, the Company shall automatically and without further action sell, transfer, assign, set over and otherwise convey to the Seller, without recourse, representation or warranty, all
of the Company’s right, title and interest in and to the related Defective Loan, the related Timeshare Property, the Loan File relating thereto and any other related Transferred Assets, all monies due or to become due with respect thereto and
all Collections with respect thereto (including payments received from Obligors from and including the last day of the Due Period next preceding the date of transfer, subject to the payment of any Substitution Adjustment Amount). The Company shall
execute such documents, releases and instruments of transfer or assignment and take such other actions as shall reasonably be requested by the Seller to effect the conveyance of such Defective Loan, the related Timeshare Property and related Loan
File pursuant to this Section 7(b). 
 Promptly after the occurrence of a Repurchase Date and after the repurchase of Defective Loans in
respect of which the Repurchase Price has been paid on such date, the Seller shall direct the Master Servicer to delete such Defective Loans from the Series 2002-1 Loan Schedule. 
 The obligation of the Seller to repurchase or substitute for any Defective Loan shall constitute the sole remedy against the Seller, FRI or their
Affiliates with respect to any breach of the representations and warranties set forth in Section 6(b) available hereunder to the Company or its successors or assigns. 
 (c) Repurchases of Series 2002-1 Loans that Become Defaulted Loans. If any Series 2002-1 Loan becomes a Defaulted Loan during any Due Period, the
Seller may repurchase such Defaulted Loan from the Company or its assignees at the Repurchase Price therefor and in accordance with the additional provisions applicable to repurchases of Defective Loans under Section 7(b). 
  

 15 

 (d) Maximum Repurchases. Notwithstanding anything to the contrary in the Agreement or this PA
Supplement, no Defaulted Loans shall be repurchased by the Seller to the extent that the aggregate principal balance of all Defaulted Loans so repurchased is greater than the Defaulted Loan Repurchase Cap. 
 Section 8. Covenants of the Seller and FRI. 
 Section 8 is set forth in the Agreement. 
 Section 9. Representations and Warranties of the
Company. 
 Section 9 is set forth in the Agreement. 
 Section 10. Covenants of the Company. 
 Section 10 is set forth in the Agreement.

 Section 11. Miscellaneous Provisions. 
 Sections 11(a) through (l) are set forth in the Agreement. 
 (m) Ratification of Agreement. As
supplemented by this PA Supplement, the Agreement is in all respects ratified and confirmed and the Agreement as so supplemented by this PA Supplement shall be read, taken and construed as one and the same instrument. 
 (n) Amendment. This PA Supplement may be amended from time to time or the provisions hereof may be waived or otherwise modified by the parties
hereto by written agreement signed by the parties hereto. 
 (o) Counterparts. This PA Supplement may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 (p) GOVERNING LAW. THIS PA SUPPLEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING §5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 (q) Successors and Assigns. This PA Supplement shall be binding upon each of the
Seller, FRI, Kona, SDI, the VB Subsidiaries, the VB Partnerships and the Company and their respective permitted successors and assigns, and shall inure to the benefit of, and be enforceable by, each of the Seller, FRI, Kona, SDI, the VB
Subsidiaries, the VB Partnerships and the Company and each of the Issuer, the Trustee, the Collateral Agent and the Noteholders. 
  

 16 

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

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

	 Name:
	 	Mark A. Johnson
	 Title:
	 	President
	
	FAIRFIELD RESORTS, INC.
		
	 By:
	 	 /s/ Michael A. Hug

	 Name:
	 	Michael A. Hug
	 Title:
	 	Senior Vice President and Chief
Financial Officer
	
	FAIRFIELD MYRTLE BEACH, INC.
		
	 By:
	 	 /s/ Michael A. Hug

	 Name:
	 	Michael A. Hug
	 Title:
	 	Senior Vice President and Chief
Financial Officer
	
	SEA GARDENS BEACH AND
TENNIS RESORT, INC.
		
	 By:
	 	 /s/ Michael A. Hug

	 Name:
	 	Michael A. Hug
	 Title:
	 	Senior Vice President and Chief
Financial Officer

			
	VACATION BREAK RESORTS, INC.
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief
Financial Officer
	
	VACATION BREAK RESORTS AT
STAR ISLAND, INC.
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief
Financial Officer
	
	PALM VACATION GROUP,
	 by its General Partners:

	
	 Vacation Break Resorts at Palm Aire, Inc.

		
	By:	 	 /s/ Michael A. Hug

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

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief
Financial Officer

			
	OCEAN RANCH VACATION GROUP,
	 by its General Partners:

	
	Vacation Break at Ocean Ranch, Inc.
		
	By:	 	 /s/ Michael A. Hug

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

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

	Name:	 	Mark A. Johnson
	Title:	 	President
	
	KONA HAWAIIAN VACATION
OWNERSHIP, LLC
	By:	 	Fairfield Resort, Inc.,
Its Managing Member
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief
Financial Officer
	
	SHAWNEE DEVELOPMENT, INC.
		
	By:	 	 /s/ Michael A. Hug

	Name:	 	Michael A. Hug
	Title:	 	Senior Vice President and Chief
Financial Officer

 SCHEDULE 1 
 SERIES 2002-1 LOAN SCHEDULE 
 [Previously delivered and delivered on each Addition Date.] 
  

 S-1-1

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