Document:

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                                                                   EXHIBIT 10.66

                                                                  EXECUTION COPY

                            SERIES 2002-1 SUPPLEMENT
                           Dated as of August 29, 2002

                                       to

                         MASTER LOAN PURCHASE AGREEMENT
                           Dated as of August 29, 2002

--------------------------------------------------------------------------------
                     SIERRA RECEIVABLES FUNDING COMPANY, LLC
                                   LOAN-BACKED
                             VARIABLE FUNDING NOTES,
                                  SERIES 2002-1
--------------------------------------------------------------------------------

                                 by and between

                            TRENDWEST RESORTS, INC.,
                                    as Seller

                                       and

                          SIERRA DEPOSIT COMPANY, LLC,
                                  as Purchaser

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                                TABLE OF CONTENTS
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                                                                                               PAGE
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Section 1.      Definitions.....................................................................1

Section 2.      Sale............................................................................5

       (a)      Series 2002-1 Loans.............................................................5

       (b)      Filing of Financing Statements..................................................5

       (c)      Delivery of Series 2002-1 Loan Schedule.........................................6

       (d)      Purchase of Additional Series 2002-1 Loans......................................6

       (e)      Treatment as Sale...............................................................7

       (f)      Recharacterization..............................................................7

       (g)      Security Interest in Transferred Assets.........................................7

       (h)      Transfer of Loans...............................................................7

Section 3.      Purchase Price..................................................................8

Section 4.      Payment of Purchase Price.......................................................8

Section 5.      Conditions Precedent to Sale of Series 2002-1 Loans and Additional Loans........8

       (a)      Conditions Precedent to Sale of Series 2002-1 Loans.............................8

       (b)      Conditions Precedent to Sale of Additional Loans................................8

Section 6.      Representations and Warranties of the Seller....................................9

       (a)      Representations and Warranties of the Seller....................................9

       (b)      Representations and Warranties Regarding the Series 2002-1 Loans...............10

Section 7.      Repurchases or Substitution of Series 2002-1 Loans.............................10

       (a)      Repurchase or Substitution Obligation..........................................10

       (b)      Repurchases and Substitutions..................................................11

       (c)      Repurchases of Series 2002-1 Loans that Become Defaulted Loans.................12

       (d)      Maximum Repurchases............................................................12

Section 8.      Covenants of the Seller........................................................12

Section 9.      Representations and Warranties of the Company..................................13

Section 10.     Covenants of the Company.......................................................13

Section 11.     Miscellaneous Provisions.......................................................13

       (k)      Ratification of Agreement......................................................13

       (l)      Amendment......................................................................13
</Table>

                                       -i-
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<Table>
       <S>                                                                                     <C>
       (m)      Counterparts...................................................................13

       (n)      GOVERNING LAW..................................................................13

       (o)      Successors and Assigns.........................................................13
</Table>

                                      -ii-
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     THIS PURCHASE AGREEMENT SUPPLEMENT (this "PA SUPPLEMENT"), dated as of
August 29, 2002, is by and between TRENDWEST RESORTS, INC., an Oregon
corporation, as seller (the "SELLER") 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.

     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 by and between the Seller 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.

     "ELIGIBLE LOAN" shall mean a Series 2002-1 Loan:

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     (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 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, if not Vacation Credits, 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;

     (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
          Seller 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 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, the
          Seller has legal title to and 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;

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     (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 the Series 2002-1 Loan has a FICO score
          not less than 600;

     (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 is not a Delinquent Loan and has never been a Defaulted Loan, as
          of the Cut-Off Date or related Addition Cut-Off Date, as applicable;

     (j)  that does not (i) finance the purchase of credit life   insurance and
          (ii) finance, and was not originated in connection with, the
          "Explorer" program, unless such Loan has been converted to be in
          connection with the WorldMark program;

     (k)  with respect to which no Due Date thereunder occurring after
          the Cut-Off Date or the related Addition Cut-Off Date, as
          applicable, has been deferred;

     (l)  with respect to which the related Timeshare Property consists of
          Vacation Credits or a UDI;

     (m)  that was originated by the Seller and has been consistently serviced
          by the Seller, in each case in the ordinary course of its business and
          in accordance with the Seller's Customary Practices and Credit
          Standards and Collection Policies;

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

     (o)  that arises from transactions in a jurisdiction in which the Seller 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;

     (p)  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;

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

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     (r)  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;

     (s)  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);

     (t)  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;

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

     (v)  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

     (w)  that, in the case of a Green Loan, (i) satisfies each of the
          eligibility criteria set forth in paragraphs (a) through (v) 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.

     "PA SUPPLEMENT" shall have the meaning set forth in the preamble.

     "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.

     "REPURCHASE DATE" shall have the meaning set forth in Section 7.

     "REPURCHASE PRICE" shall have the meaning set forth in Section 7.

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     "SERIES TERMINATION DATE" shall mean 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.

     "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.

     "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, if any, listed on
the Series 2002-1 Loan Schedule delivered on the Closing Date, together with all
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 the Seller as developer of any Timeshare
Property underlying an Installment Contract.

            (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

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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.

            (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;

                    (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;

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                    (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);

                    (G)   The Seller shall have executed the letter agreement
            relating to the amendment of documents and the letter agreement
            relating to inspections and audits which agreements were entered
            into by Fairfield Acceptance Corporation, the Purchaser and Sierra
            Receivables Funding Company, LLC on the date of this PA Supplement;
            and

                    (H)   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. The Seller
Sacknowledges that the Series 2002-1 Loans and related Transferred Assets are
subject to the Lien of the Indenture and Servicing Agreement 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).

            (h) TRANSFER OF LOANS. All Series 2002-1 Loans conveyed to the
Company hereunder shall be held by the Custodian pursuant to the terms of the
Custodial Agreement for the benefit of the Company, the Issuer, the Trustee and
the Collateral Agent. Upon each Purchase hereunder, the Custodian shall execute
and deliver to the Company a certificate

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acknowledging receipt of the applicable Series 2002-1 Loans pursuant to the
Custodial Agreement.

     The Seller acknowledges that the Company will convey the Series 2002-1
Loans and the other related Transferred Assets to the Issuer and that the Issuer
will grant a security interest in the Series 2002-1 Loans and other related
Transferred Assets to the Collateral Agent pursuant to the Indenture and
Servicing Agreement and the related Series 2002-1 Supplement. The Seller agrees
that, upon such grant, the Issuer, the Trustee and the Collateral Agent may
enforce all of the Seller'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.

     No Series 2002-1 Loans shall be sold on the Closing Date. 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)    The closing shall take place 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 AND
ADDITIONAL LOANS.

     (a)    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 are subject to the fulfillment of the following
conditions on or before the Closing Date:

            (i)   (A) 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 (B) 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.

            (ii)  The representations and warranties of the Seller made in the
                  Agreement and herein shall be true and correct in all material
                  respects on the Closing Date.

     (b)    CONDITIONS PRECEDENT TO SALE OF ADDITIONAL LOANS. No Purchase of
Additional Loans and related Transferred Assets may be made hereunder until the
Purchaser shall have received each of the following in form and substance
acceptable to the Purchaser:

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            (i)   Copies of search reports certified by parties acceptable to
     the Purchaser dated a date reasonably prior to the initial Addition Date
     (A) listing all effective financing statements which name the Seller (under
     its present name and any previous names) as debtor or seller and which are
     filed with respect to the Seller in each relevant jurisdiction, together
     with copies of such financing statements (none of which shall cover any
     portion of the Series 2002-1 Loans being purchased from the Seller and
     related Transferred Assets except as contemplated by the Facility
     Documents);

            (ii)  Copies of proper UCC Financing Statement Amendments (Form
     UCC3), if any, necessary to terminate all security interests and other
     rights of any Person in the Series 2002-1 Loans being purchased from the
     Seller and related Transferred Assets previously granted by the Seller
     (except as contemplated by the Facility Documents);

            (iii) Copies of proper UCC Financing Statements (Form UCC1) naming
     the Seller as debtor or seller of the Series 2002-1 Loans being purchased
     from the Seller and related Transferred Assets, the Issuer as total
     assignee and the Purchaser as assignor secured party, and such other
     similar instruments or documents with respect to the Seller as may be
     necessary or in the opinion of the Purchaser desirable under the UCC of all
     appropriate jurisdictions or any comparable law to evidence the perfection
     of the Purchaser's interest in the Series 2002-1 Loans and related
     Transferred Assets;

            (iv)  An opinion or opinions of counsel to the Seller, in the form
     required by the Purchaser, with respect to the following: (A) certain
     security interest matters, and (B) "true sale" and substantive
     consolidation matters; and

            (v)   Evidence that one or more Lockbox Accounts have been
     established.

     SECTION 6. REPRESENTATIONS AND WARRANTIES OF THE SELLER.

            (a) REPRESENTATIONS AND WARRANTIES OF THE SELLER. The Seller
represents and warrants as of the Closing Date and as of each Addition Date, or
as of such other date specified in such representation and warranty, that:

                  (xvii) ACCURACY OF INFORMATION. All information with respect
     to the Seller and the Loans contained in the Confidential Information
     Memorandum dated June 2002 with respect to the Series 2002-1 Notes and
     Series 2002-1 Loans (including, without limitation, the Credit Standards
     and Collection Policy) was true and accurate in every respect material to
     the transactions contemplated hereby on the date as of which it was
     delivered, and did not omit to state any fact necessary to make the
     statements contained therein not materially misleading or, if any such
     information contained therein has been discovered to have been inaccurate
     on such date, such information has been corrected by subsequent information
     provided in writing to the Issuer.

                  (xviii) NO MATERIAL ADVERSE CHANGE. As of the Closing Date,
     there has been no material adverse change with respect to the business
     operations or financial condition of the Seller since December 31, 2001.

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          Sections 6(a)(i) through (xvi) are set forth in the Agreement.

            (b) REPRESENTATIONS AND WARRANTIES REGARDING THE SERIES 2002-1
LOANS. The Seller represents and warrants 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. (A) With respect to the
          related Timeshare Property that consists of a Vacation Credit and the
          related Loan Documents, the Seller has not sold, assigned or pledged
          such related Series 2002-1 Loan or any interest therein to any Person
          other than the Company and (B) with respect to the related Timeshare
          Property that consists of an UDI, the Assignment of Mortgage of such
          related Mortgage from the Seller to the Company and each related
          endorsement of the related Mortgage note constitutes a duly executed,
          legal, valid, binding and enforceable sale, assignment or endorsement
          of such related Mortgage and related Mortgage note, and all monies due
          or to become due thereunder and all proceeds thereof.

                  (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. The Seller has
          not 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.

          SECTION 7. REPURCHASES OR SUBSTITUTION OF SERIES 2002-1 LOANS.

            (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

                                       10
<Page>

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 the 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 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

                                       11
<Page>

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 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).

            (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.

     Section 8 is set forth in the Agreement.

                                       12
<Page>

     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 (j) are set forth in the Agreement.

            (k) 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.

            (l) 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.

            (m) 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.

            (n) GOVERNING LAW. THIS PA SUPPLEMENT IS GOVERNED BY AND SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES.

            (o) SUCCESSORS AND ASSIGNS. This PA Supplement shall be binding upon
each of the Seller 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 and the Company and each of the Issuer, the Trustee, the Collateral Agent
and the Noteholders.

                                       13
<Page>

     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.

                                         TRENDWEST RESORTS, INC.

                                         By:    /s/ Timothy P. O'Neil
                                            ------------------------------------
                                             Name: Timothy P. O'Neil
                                             Title: Chief Financial Officer

                                         SIERRA DEPOSIT COMPANY, LLC

                                         By:    /s/ Ralph E. Turner
                                            ------------------------------------
                                             Name: Ralph E. Turner
                                             Title: President and Treasurer

                  [Signature page for Trendwest PA Supplement]<Page>

                                                                   EXHIBIT 10.67

                                                                  EXECUTION COPY

--------------------------------------------------------------------------------

                         MASTER LOAN PURCHASE AGREEMENT

                           Dated as of August 29, 2002

                                 by and between

                         EFI DEVELOPMENT FUNDING, INC.,
                                    as Seller

                                       and

                           SIERRA DEPOSIT COMPANY, LLC
                                  as Purchaser

--------------------------------------------------------------------------------

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                              <C>
RECITALS..........................................................................................................1

     Section 1.   Definitions.....................................................................................1

     Section 2.   Purchase and Sale of Loans.....................................................................14

     Section 3.   Pool Purchase Price............................................................................14

     Section 4.   Payment of Purchase Price......................................................................15

            (a)   Closing Dates..................................................................................15

            (b)   Manner of Payment of Additional Pool Purchase Price............................................15

            (c)   Scheduled Payments Under Loans and Cut-Off Date................................................15

     Section 5.   Conditions Precedent to Sale of Loans..........................................................15

     Section 6.   Representations and Warranties of the Seller...................................................15

            (a)   General Representations and Warranties of the Seller...........................................15

            (b)   Representations and Warranties Regarding the Loans.............................................19

            (c)   Representations and Warranties Regarding the Loan Files........................................24

            (d)   Survival of Representations and Warranties.....................................................24

            (e)   Indemnification of the Company.................................................................25

     Section 7.   Repurchases or Substitution of Loans for Breach of Representations and Warranties..............25

     Section 8.   Covenants of the Seller........................................................................25

            (a)   Affirmative Covenants of the Seller............................................................25

            (b)   Negative Covenants of the Seller...............................................................29

     Section 9.   Representations and Warranties of the Company..................................................30

     Section 10.  Covenants of the Company.......................................................................32

     Section 11.  Miscellaneous..................................................................................33

            (a)   Amendment......................................................................................33

            (b)   Assignment.....................................................................................33

            (c)   Counterparts...................................................................................33

            (d)   Termination................................................................................... 33

            (e)   Governing Law..................................................................................33

            (f)   Notices........................................................................................33

            (g)   Severability of Provisions.....................................................................33

            (h)   Successors and Assigns.........................................................................33
</Table>

                                        i
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                               Page
                                                                                                               ----

            <S>                                                                                                  <C>
            (i)   Costs, Expenses and Taxes......................................................................34

            (j)   No Bankruptcy Petition.........................................................................34

            (k)   Treatment of Timeshare Upgrades................................................................34
</Table>

                                       ii
<Page>

                                    SCHEDULES

Schedule 1 - Loan Schedule

Schedule 2 - Resorts

Schedule 3 - Environmental Issues

Schedule 4 - Lockbox Accounts

Schedule 5 - Litigation

                                    EXHIBITS

Exhibit A    Form of Custodial Agreement

Exhibit B    Form of Assignment of Additional Loans

Exhibit C    Credit Standards and Collection Policies of EFI Development
             Funding, Inc.

Exhibit D    Forms of Loans

Exhibit E    Form of Lockbox Agreement

                                       iii
<Page>

                         MASTER LOAN PURCHASE AGREEMENT

     THIS MASTER LOAN PURCHASE AGREEMENT (this "AGREEMENT"), dated as of August
29, 2002, is made by and between EFI DEVELOPMENT FUNDING, INC., a Delaware
corporation, as seller (the "SELLER"), and SIERRA DEPOSIT COMPANY, LLC, a
Delaware limited liability company, as purchaser (hereinafter referred to as the
"PURCHASER" or the "COMPANY").

                                    RECITALS

     WHEREAS, EFI has purchased certain Loans from time to time from Developers,
which Loans were originated in connection with the sale to Obligors of Timeshare
Properties at various Resorts;

     WHEREAS, each of 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 Issuer, 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 Trustee and the holders of Notes issued
from time to time pursuant to a Master Indenture and Servicing Agreement of even
date herewith (the "INDENTURE AND SERVICING AGREEMENT"), together with any
Indenture Supplements thereto, each by and between Sierra Receivables Funding
Company, LLC as Issuer, FAC as Master Servicer, the Trustee and the Collateral
Agent.

     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:

     "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 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

<Page>

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 on 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 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.

     "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.

     "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.

                                        2
<Page>

     "CENDANT" shall mean Cendant 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 Fleet National Bank as predecessor
Collateral Agent, Fleet Securities, Inc. as deal agent and the secured parties
named therein, as amended by the First Amendment to Collateral Agency Agreement
dated as of July 31, 1998, as further amended by the Second Amendment to
Collateral Agreement dated as of July 25, 2000, as further amended by the Third
Amendment to Collateral Agency Agreement dated as of July 1, 2001, and as
further amended by the Fourth Amendment to Collateral Agency Agreement dated as
of August 29, 2002 by and among the Collateral Agent, the Trustee and other
secured parties, as such Collateral Agency Agreement may be 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 the account or accounts established
pursuant to Section 7.1(a) of the Indenture and Servicing Agreement.

     "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" 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.

                                        3
<Page>

     "CREDIT STANDARDS AND COLLECTION POLICIES" shall mean the Credit Standards
and Collection Policies of EFI, 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 custodial agreement dated as of
August 29, 2002 by and between the Issuer, FAC, EFI, Trendwest, Wachovia Bank,
National Association, as Custodian, the Trustee 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 the Custodial
Agreement at such time.

     "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 60 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) 18.0% 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.

                                        4
<Page>

     "DEPOSITOR ADMINISTRATIVE SERVICES AGREEMENT" shall mean the administrative
services agreement dated as of August 29, 2002 by and between FAC as
administrator and the Company.

     "DEVELOPER" shall mean any developer of a Resort that originates Loans in
accordance with the Credit Standards and Collection Policies for sale to EFI.

     "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.

     "EFI" shall mean EFI Development Funding, Inc., a Delaware corporation and
a wholly-owned indirect Subsidiary 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.

                                        5
<Page>

     "FAC" shall mean Fairfield Acceptance Corporation-Nevada, a Delaware
corporation domiciled in Nevada and a wholly-owned Subsidiary of FRI.

     "FACILITY DOCUMENTS" shall mean, collectively, this Agreement, each PA
Supplement, the Indenture and Servicing Agreement, each Indenture Supplement,
the Pool Purchase Agreement, each PPA Supplement, the Custodial Agreement, the
Lockbox Agreements, the Collateral Agency Agreement, 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.

     "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.

     "FRI" shall mean Fairfield Resorts, Inc., a Delaware corporation and the
parent corporation of FAC.

     "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 have the meaning set forth in the
recitals.

     "INDENTURE SUPPLEMENT" shall mean, with respect to any Series, an indenture
supplement to the Indenture and Servicing Agreement, executed and delivered in
connection with the issuance of the Notes of such Series pursuant to
Section 2.10 of the Indenture and Servicing Agreement, and all amendments
thereof and supplements thereto.

     "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.

     "INITIAL CLOSING DATE" shall mean August 29, 2002.

     "INITIAL LOAN" shall mean, with respect to any Series, each Loan listed on
the related Loan Schedule on the Closing Date for such Series.

                                        6
<Page>

     "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 the Seller 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 Sierra Receivables Funding Company, LLC, a Delaware
limited liability company.

     "ISSUER ADMINISTRATIVE SERVICES AGREEMENT" shall mean the administrative
services agreement dated as of August 29, 2002 by and between FAC, as
administrator, and the Issuer.

     "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.

                                        7
<Page>

     "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.

     "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;

                                        8
<Page>

          (d)  as to Fixed Weeks, the building, unit and week thereof; as to
               Timeshare Properties other than UDIs, the number of Vacation
               Credits related thereto for which occupancy rights in a 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 amount of the Scheduled Payment on the Loan; and

          (j)  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 any agreement substantially in the form of
Exhibit E by and between the 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 Bank
to remit all Collections directly to the Trustee.

     "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 the master servicer under the Indenture and
Servicing 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

                                        9
<Page>

     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 Seller to secure payments or other obligations
under a Loan.

     "MULTIEMPLOYER PLAN" shall have the meaning set forth in Section 3(37) of
ERISA.

     "NOTE" shall mean any Loan-backed note issued, executed and authenticated
in accordance with the Indenture and Servicing Agreement and any related
Indenture Supplement.

     "NOTEHOLDER" shall have the meaning set forth in the Indenture and
Servicing Agreement.

     "OBLIGOR" shall mean, with respect to any Loan, the Person or Persons
obligated to make Scheduled Payments thereon.

     "OPINION OF COUNSEL" shall mean a written opinion of counsel in form and
substance reasonably satisfactory to the recipient thereof.

     "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 Supplement.

     "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, (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 the Seller or specifically disclosed in the
applicable land sales registrations filed with the applicable regulatory
agencies and (iv) other

                                       10
<Page>

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.

     "POOL PURCHASE AGREEMENT" shall mean the master purchase agreement relating
to the Loans, dated the date hereof, by and between the Company and the Issuer,
and all amendments thereof and supplements thereto including, with respect to
any Series, the related PPA Supplement.

     "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.

     "PPA SUPPLEMENT" shall mean any supplement to the Pool Purchase Agreement
relating to a particular Series of Notes.

     "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 and 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)

                                       11
<Page>

maintained by the Seller or any of its respective Affiliates (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.

     "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.

     "SELLER" shall have the meaning set forth in the preamble.

     "SERIES" shall mean any Series of Notes issued and established pursuant to
an Indenture Supplement.

     "SERIES TERMINATION DATE" shall mean, with respect to any Series, the
Series Termination Date as defined in the related PA Supplement.

     "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

                                       12
<Page>

(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.

     "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 Vacation Credits.

     "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.

     "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)  the Timeshare Properties relating to the Loans;

          (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

                                       13
<Page>

     other disposition of the Transferred Assets, and including all payments
     under Insurance Policies (whether or not any of the Seller, the Purchaser,
     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).

     "TRENDWEST" shall mean Trendwest Resorts, Inc., a wholly-owned indirect
Subsidiary of Cendant.

     "TRUSTEE" shall mean Wachovia Bank, National Association, as Trustee under
the Indenture and Servicing Agreement, and its successors and assigns.

     "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.

     "VACATION CREDITS" shall mean ownership interests that entitle the owner
thereof to use a Resort.

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.

                                       14
<Page>

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.

SECTION 6.   REPRESENTATIONS AND WARRANTIES OF THE SELLER.

          (a)  GENERAL REPRESENTATIONS AND WARRANTIES OF THE SELLER. The Seller
represents and warrants as of each Closing Date and as of each Addition Date, or
as of such other date specified in such representation and warranty, that:

             (i)       ORGANIZATION AND GOOD STANDING.

                       (A)   The Seller 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. The Seller is organized
             in the jurisdiction set forth in the preamble. The Seller is duly

                                       15
<Page>

             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 the
             Seller.

                       (B)   The name of the Seller set forth in the preamble of
             this Agreement is its correct legal name and such name has not been
             changed in the past six years. The Seller does not utilize any
             trade names, assumed names, fictitious names or "doing business
             names."

             (ii)      DUE AUTHORIZATION AND NO CONFLICT. The execution,
     delivery and performance by the Seller of each of the Facility Documents to
     which it is a party, and the -consummation by the Seller of the
     transactions contemplated hereby and under each other Facility Document to
     which it is a party, has been duly authorized by the Seller by all
     necessary corporate action, does not contravene (i) the Seller's charter or
     by-laws, (ii) any law, rule or regulation applicable to the Seller, (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 the Seller or
     (iv) any order, writ, judgment, award, injunction or decree binding on or
     affecting the Seller or its properties (except where such contravention
     would not have a Material Adverse Effect with respect to the Seller or its
     properties), and does not result in (except as provided in the Facility
     Documents) or require the creation of any Lien upon or with respect to any
     of its 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 is a party have been duly executed and
     delivered on behalf of the Seller. 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
     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 the Seller is a party has been duly and validly
     executed and delivered by the Seller and constitutes the legal, valid and
     binding obligation of the Seller, 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).

                                       16
<Page>

             (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 threatened, against the Seller
     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 the Seller 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.

             (vi)      GOVERNMENTAL REGULATIONS. The Seller 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.

             (vii)     MARGIN REGULATIONS. The Seller 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 the
     Seller 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 the Seller, and
     the office where the Seller maintains all of its Records, is 2 Clinton
     Square, Syracuse, New York 13202. The Seller has not 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. 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, the Seller 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 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.

             (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, the Seller has filed a standing
     delivery order with the United States Postal Service authorizing each
     Lockbox Bank to receive mail delivered to the related Post

                                       17
<Page>

     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. From and after the Initial Closing
     Date, the Seller 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 Loans. The Seller has no 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. The Seller has furnished
     to the Company true, correct and complete copies of each Facility Document
     to which the Seller is a party, each of which is in full force and effect.
     Neither the Seller nor any of its Affiliates (not including the Purchaser
     or the Issuer) is in default thereunder in any material respect.

             (xi)      TAXES. The Seller 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 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. The Seller 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 the Seller 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 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.

             (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 the Seller in selecting the Loans
     for inclusion in the Loan Pool on such Closing Date or Addition Date, as
     applicable.

             (xv)      VACATION CREDIT 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 Vacation
             Credits, the ratio of (1) the total number of Vacation Credits
             actually allocated to such Timeshare Property Regime for the

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<Page>

             succeeding twelve-month period to (2) the total number of Vacation
             Credits 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 Vacation Credits, the ratio,
             expressed as a percentage, of (1) the number of Vacation Credits
             allocated to such owner to (2) the total number of Vacation Credits
             assigned to all Vacation Credit owners in the applicable Timeshare
             Property Regime(s), does not exceed the percentage of such owner's
             undivided interest in such Timeshare Property Regime(s) as
             described in such owner's Loan.

             (xvi)     SEPARATE IDENTITY. The Seller and its Affiliates have
     observed the applicable legal requirements on their part for the
     recognition of the Company as a legal entity separate and apart from the
     Seller and its Affiliates (other than the Company) and have taken all
     actions necessary on their 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 of even date herewith relating to
     substantive consolidation matters with respect to the Seller and the
     Company are true and correct; PROVIDED, HOWEVER, that the Seller makes no
     representations or warranties in this Section 6(a)(xvi) with respect to the
     Company or the Issuer.

     (b)     REPRESENTATIONS AND WARRANTIES REGARDING THE LOANS. The Seller
represents and warrants 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)
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.

                                       19
<Page>

             (vi)      COMPLIANCE WITH LAW. The Seller has 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 Seller. The Seller has not 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 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 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.

             (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 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. Each Timeshare Property that
     is either a Fixed Week or a UDI constitutes a fee simple interest in real
     property, and (except for a Timeshare Property that is a Green Timeshare
     Property) such Timeshare Property 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 the Seller'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

                                       20
<Page>

     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 the Seller
     nor any Affiliate of the Seller (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 the Seller nor any Affiliate of the
     Seller (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 the Seller, the Company, any Affiliate of the Seller 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 the Seller (or any Affiliate thereof other
     than the Company and the Issuer) with respect to POAs for which the Seller
     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 the
     Seller, 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 the Seller or any Affiliate of the Seller (other than the
     Company and the Issuer) and located within a Resort is now, and at all
     times during the Seller'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 the Seller
     nor any Affiliate of the Seller (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 the
     Seller nor any Affiliate of the Seller (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 the Seller, the Company, any Affiliate of the Seller
     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

                                       21
<Page>

     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 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

                       (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

                                       22
<Page>

             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
             recording in the local real property recording office: (x) the
             original Mortgage shall not have been at such real property
             recording office more 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)
             or (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 or Loans relating to Timeshare Properties located in
             any other State) 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 the Seller'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:

                       (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 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.

                                       23
<Page>

             (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 the Seller 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 the Seller, 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. The Seller, 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 Date, as applicable,
     (A) is not insolvent (as such term is defined in Section 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 represents and warrants 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)(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

                                       24
<Page>

by the Seller to the Company under this Agreement and any PA Supplement, the
conveyance of the Loans by the Company to the Issuer pursuant to the Pool
Purchase Agreement and any PPA Supplement and the Grant of the Collateral by the
Issuer to the Collateral Agent and shall inure to the benefit of the Company,
the Issuer, the Trustee, the Collateral Agent and the Noteholders and their
respective designees, successors and assigns.

         (e)   INDEMNIFICATION OF THE COMPANY. The Seller shall 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 the Seller of any of its respective representations, warranties or covenants
hereunder. Except as otherwise provided in Section 11(i), the Seller shall pay
to the Company, on demand, any 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.

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.

         (a)   AFFIRMATIVE COVENANTS OF THE SELLER. The Seller 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 laws, 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.

                                       25
<Page>

             (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 in
             order to examine and make copies of and abstracts from all books,
             correspondence and Records of the Seller as appropriate to verify
             the Seller's compliance with this Agreement, any PA Supplement or
             any other Facility Documents to which the Seller 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 the Seller will
             provide to the Company and/or its agents, representatives and
             assigns, at the expense of the Seller, such clerical and other
             assistance as may be reasonably requested in connection therewith;
             and

                       (B)   to the officers or employees of the Seller
             designated by the Seller in order to discuss matters relating to
             the Loans and the performance of the Seller hereunder, under any PA
             Supplement or any other Facility Documents to which the Seller 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 having knowledge of such
             matters.

             Each such audit shall be at the sole expense of the Seller. 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 affairs with the officers,
     employees and independent accountants of the Seller 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 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 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

                                       26
<Page>

     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.

             (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)   The Seller shall do or cause to be done all things
             that it may accomplish with a reasonable amount of cost or effort
             to cause each of the POAs for each Resort, in each case (1) to
             maintain one or more policies of "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 and (2) to the
             extent the Seller is the property manager of the Resort and
             possesses the right to direct the application of insurance
             proceeds, to 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.

                       (B)   The Seller 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.

                                       27
<Page>

             (xi)      SEPARATE IDENTITY. Take such action as is necessary to
     ensure compliance with Section 6(a)(xvi), 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 of even date herewith 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 or
     the Seller, or otherwise be reasonably expected to expose the Purchaser or
     the Seller to material liability. The Seller 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 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 or the Seller, or otherwise be
     reasonably expected to expose the Purchaser or the Seller 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.

             (xvii)    MANAGEMENT OF RESORTS. The Seller hereby covenants and
     agrees that it will use its best efforts to cause the Developer with
     respect to each Resort (to the extent that such Developer is responsible
     for maintaining or managing such Resort) to do or

                                       28
<Page>

     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 relating 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. The Seller 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. 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 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 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.

             (v)       CHANGE IN CORPORATE NAME, ETC. Make any change to its
     name or its type or jurisdiction of organization 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

                                       29
<Page>

     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 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 or any ERISA Affiliate under
     ERISA or the Internal Revenue Code; PROVIDED, HOWEVER, that the ERISA
     Affiliates of the Seller 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, 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), terminate, amend or otherwise modify any Facility
     Document to which it is a party or grant any waiver or consent thereunder.

             (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

                                       30
<Page>

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 FAC. 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.

         (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.

                                       31
<Page>

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
and its 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 and its Affiliates and telephone numbers and
stationery that are separate and distinct from those of the Seller and its
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
and its Affiliates;

         (d)   The Company will observe corporate formalities in its dealings
with the public and with the Seller and its 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 and its Affiliates. The
Company will at all times, in its dealings with the public and with the Seller
and its Affiliates, hold itself out and conduct itself as a legal entity
separate and distinct from the Seller and its Affiliates. The Company will not
maintain joint bank accounts or other depository accounts to which the Seller
and its 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 the Seller and its
Affiliates.

                                       32
<Page>

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; PROVIDED, HOWEVER, that no such
amendment, waiver or modification shall be effective without the prior written
consent of the Trustee.

         (b)   ASSIGNMENT. The Company has the right to assign its interest
under this Agreement and any PA Supplement as may be required to effect the
purposes of the Pool Purchase Agreement without the consent of the Seller, 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 Issuer, the
Trustee, the Collateral Agent and the Noteholders, agrees that such parties are
intended third party beneficiaries of this Agreement and agrees that the Trustee
(or the Collateral Agent) and (subject to the terms and conditions of the
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.

         (d)   TERMINATION. The obligations of the Seller 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 SECTION 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, EFI Development Funding,
Inc., 2 Clinton Square, Syracuse, New York 13202, Attention: President, or such
other address as may hereafter be furnished to the Company in writing by the
Seller, and (ii) 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 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 and the Company and their respective permitted successors and
assigns, and shall inure to

                                       33
<Page>

the benefit of each of the Seller 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)       The Seller 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.

             (ii)      The Seller 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, and against any liabilities with
     respect to or resulting from any delay in paying or omission to pay such
     taxes and fees.

         (j)   NO BANKRUPTCY PETITION. The Seller 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 and shall be deposited in the
Collections Account). 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.

                                       34
<Page>

     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.

                                  EFI DEVELOPMENT FUNDING,
                                  INC.,
                                   as Seller

                                  By:      /s/ Lisa Henson
                                      -----------------------------------
                                      Name:  Lisa Henson
                                      Title: Vice President

                                  SIERRA DEPOSIT COMPANY, LLC,
                                   as Purchaser

                                  By:      /s/ Ralph E. Turner
                                      -----------------------------------
                                      Name:  Ralph E. Turner
                                      Title: President and Treasurer

                          [Signature page for EFI MLPA]

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