Document:

Standard Definitions to Indenture

 Exhibit 10.2 

STANDARD DEFINITIONS 
 Rules of Construction. In these Standard Definitions and with respect to the Transaction Documents (as defined below), (a) the meanings of defined terms are equally applicable to the singular and
plural forms of the defined terms, (b) in any Transaction Document, the words “hereof,” “herein,” “hereunder” and similar words refer to such Transaction Document as a whole and not to any particular provisions of
such Transaction Document, (c) any subsection, Section, Article, Annex, Schedule and Exhibit references in any Transaction Document are to such Transaction Document unless otherwise specified, (c) the term “documents” includes
any and all documents, instruments, agreements, certificates, indentures, notices and other writings, however evidenced (including electronically), (d) the term “including” is not limiting and (except to the extent specifically
provided otherwise) shall mean “including (without limitation)”, (e) unless otherwise specified, in the computation of periods of time from a specified date to a later specified date, the word “from” shall mean “from
and including,” the words “to” and “until” each shall mean “to but excluding,” and the word “through” shall mean “to and including” and (f) the words “may” and “might”
and similar terms used with respect to the taking of an action by any Person shall reflect that such action is optional and not required to be taken by such Person. 

“Acceleration Event” shall have occurred if the Notes have become immediately due and payable following
an Event of Default. 
 “Account Intermediary” shall have the meaning specified in the preamble
to the Indenture. 
 “ACH Form” shall mean the ACH authorization form executed by Obligors
substantially in the form attached as Exhibit A to the Transfer Agreement. 
 “Act”
shall have the meaning specified in Section 1.4 of the Indenture. 
 “Addition Notice”
shall mean, with respect to any transfer of Subsequent Timeshare Loans to the Issuer pursuant to Section 2 of the Transfer Agreement, notice of the Originator’s election to transfer Subsequent Timeshare Loans, which notice shall designate
the related Transfer Date and the Cut-Off Date Aggregate Loan Balance of the Subsequent Timeshare Loans to be transferred on such Transfer Date. 
 “Additional Servicing Compensation” shall mean any late fees related to any late payments on the Timeshare Loans, any non-sufficient funds fees, any processing fees and Liquidation
Expenses collected by the Servicer during the related Due Period and any unpaid out-of-pocket expenses incurred by the Servicer during the related Due Period. 
 “Adverse Claim” shall mean any claim of ownership or any lien, security interest, title retention, trust or other charge or encumbrance, or other type of preferential arrangement having
the effect or purpose of creating a lien or security interest, other than the interests created under the Indenture in favor of the Indenture Trustee and the Noteholders. 

“Affiliate” shall mean any Person: (a) which directly or indirectly controls, or is controlled by,
or is under common control with such Person; (b) which directly or indirectly 

 
beneficially owns or holds five percent (5%) or more of the voting stock of such Person; or (c) for which five percent (5%) or more of the voting stock of which is directly or
indirectly beneficially owned or held by such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract or otherwise. 
 “Aggregate Defaulted Timeshare Loan Make-Whole
Amount” shall equal the aggregate of (A) the product of (i) the Loan Balance of each Timeshare Loan that is a Defaulted Timeshare Loan at the end of the related Due Period and (ii) the Funded Rate for such Determination Date
and (B) the amount of any unpaid Aggregate Defaulted Timeshare Loan Make-Whole Amounts from prior Determination Dates. 
 “Aggregate Loan Balance” means the sum of the Loan Balances for all Timeshare Loans (except Defaulted Timeshare Loans). 

“Assignment of Mortgage” shall mean, with respect to a Mortgage Loan, a written assignment of one or
more Mortgages from the related Originator or Seller to the Indenture Trustee, for the benefit of the Noteholders, relating to one or more Timeshare Loans in recordable form, and signed by an Authorized Officer of all necessary parties, sufficient
under the laws of the jurisdiction wherein the related Timeshare Property is located to give record notice of a transfer of such Mortgage and its proceeds to the Indenture Trustee. 

“Association” shall mean the timeshare owners’ association responsible for managing a Resort.

 “Assumption Date” shall have the meaning specified in the Backup Servicing Agreement.

 “Authorized Officer” shall mean, with respect to any corporation, limited liability company
or partnership, the Chairman of the Board, the President, any Vice President, the Secretary, the Treasurer, any Assistant Secretary, any Assistant Treasurer, Managing Member and each other officer of such corporation or limited liability company or
the general partner of such partnership specifically authorized in resolutions of the Board of Directors of such corporation or managing member of such limited liability company to sign agreements, instruments or other documents in connection with
the Transaction Documents on behalf of such corporation, limited liability company or partnership, as the case may be. 
 “Available Funds” shall mean for any Payment Date, (A) all funds on deposit in the Collection Account after making all transfers and deposits required from (i) the Lockbox
Account pursuant to the Lockbox Agreement, (ii) the Reserve Account pursuant to Sections 3.2(b) and 6.6 of the Indenture, (iii) the Prefunding Account pursuant to Sections 3.2(c) and 6.6 of the Indenture, (iv) the Capitalized
Interest Account pursuant to Sections 3.2(d) and 6.6 of the Indenture, (v) the Originator or the Servicer, as the case may be, pursuant to Section 4.5 of the Indenture, (vi) the Servicer pursuant to the Indenture and (vii) the
Guarantor pursuant to the Guaranty, plus (B) all investment earnings on funds on deposit in the Collection Account from the immediately preceding Payment Date through and including the day immediately preceding such Payment Date, less
(C) amounts on deposit in the Collection Account related to collections related to any Due Periods subsequent to the Due Period related to such Payment Date, less (D)

  
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any Additional Servicing Compensation or misdirected payments on deposit in the Collection Account. 
 “Backup Servicer” shall mean Wells Fargo Bank, National Association, a national association, and its permitted successors and assigns. 

“Backup Servicing Agreement” shall mean the backup servicing agreement, dated as of May 1, 2011, by
and among the Issuer, the Servicer, the Backup Servicer and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 

“Backup Servicing Fee” shall on each Payment Date be equal to the greater of (i) $1,500 or
(ii) the product of one-twelfth of 0.098% and the Aggregate Loan Balance as of the first day of the related Due Period. 
 “Bankruptcy Code” shall mean the federal Bankruptcy Code, as amended (Title 11 of the United States Code). 

“Benefit Plan” shall mean (A) an “employee benefit plan” as defined in Section 3(3)
of ERISA that is subject to Title I of ERISA, (B) a “plan” as defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, (C) an entity whose underlying assets are deemed to include “plan
assets” of any of the foregoing under United States Department of Labor Regulation 29 C.F.R. §2510.3-101 (as modified by Section 3(42) of ERISA) by reason of a direct or indirect investment by an employee benefit plan or plan in such
entity or (D) any plan that is subject to any Similar Law. 
 “Business Day” shall mean
any day other than (i) a Saturday, a Sunday, or (ii) a day on which banking institutions in New York City, the State of Texas, the city in which the Servicer is located or the city in which the Corporate Trust Office of the Indenture
Trustee is located are authorized or obligated by law or executive order to be closed. 
 “Capitalized
Interest Account” shall mean the account established and maintained by the Indenture Trustee pursuant to Section 3.2(d) of the Indenture. 
 “Capitalized Interest Amount” shall mean, as of any date of determination, the amount on deposit in the Capitalized Interest Account on such date, and as of the Closing Date, $276,000.

 “Carrying Charges” shall mean, with respect to a Payment Date, an amount equal to
(i) the product of (a) the Note Rate for the related Interest Accrual Period, (b) the undisbursed funds (excluding investment earnings) in the Prefunding Account as of the last day of the related Due Period and (c) the number of
days for which the Notes are to receive Interest Distribution Amounts on such Payment Date, divided by 360, minus (ii) the amount of any investment earnings on funds in the Prefunding Account which were transferred to the Collection Account, as
well as interest earnings on amounts in the Capitalized Interest Account with respect to such Payment Date. 

“Closing Date” shall mean May 12, 2011. 

  
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 “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time and any successor statute, together with the rules and regulations thereunder. 

“Collection Account” shall mean the account established and maintained by the Indenture Trustee pursuant
to Section 3.2(a) of the Indenture. 
 “Collection Policy” shall mean the collection
policies of the initial servicer in effect on the Closing Date, as may be amended from time to time in accordance with the Servicing Standard. 
 “Completed Unit” shall mean a Unit at a Resort which has been fully constructed and furnished, has received a valid permanent certificate of occupancy (if required under applicable laws,
rules or regulations), is ready for occupancy and is subject to a time share declaration. 

“Confidential Information” means information obtained by any Noteholder including, without limitation,
the Preliminary Private Placement Memorandum dated May 3, 2011 or the Private Placement Memorandum dated May 6, 2011 related to the Notes and the Transaction Documents, that is proprietary in nature and that was clearly marked or labeled
as being confidential information of the Issuer, the Servicer or their Affiliates, provided that such term does not include information that (a) was publicly known or otherwise known to the Noteholder prior to the time of such disclosure,
(b) subsequently becomes, publicly known through no act or omission by such Noteholder or any Person acting on its behalf, (c) otherwise becomes known to the Noteholder other than through disclosure by the Issuer, the Servicer or their
Affiliates, (d) any other public disclosure authorized by the Issuer or the Servicer, the U.S. Federal income tax treatment of the offering of the Notes and any fact that may be relevant to understanding the tax treatment (the “Tax
Structure”) and all materials of any kind (including opinions or other tax analyses) that are provided to the Issuer, the Placement Agent and each prospective investor relating to such tax treatment and Tax Structure. 

“Continued Errors” shall have the meaning specified in Section 5.4(b) of the Indenture. 

“Contribute” shall have the meaning specified in Section 2(a) of the Transfer Agreement.

 “Contribution” shall have the meaning specified in Section 2(a) of the Transfer
Agreement. 
 “Controlling Person” shall mean a person (other than a Benefit Plan Investor)
that has discretionary authority or control with respect to the assets of such entity, or who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of such a person. 

“Corporate Trust Office” shall mean the office of the Indenture Trustee located in the State of
Minnesota, which office is at the address set forth in Section 13.3 of the Indenture. 
 “Credit
Policy” shall mean the credit and underwriting policies of the Originator in effect on the Closing Date. 

  
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 “Custodial Agreement” shall mean the custodial agreement,
dated as of May 1, 2011 by and among the Issuer, the Servicer, the Backup Servicer, the Indenture Trustee and Custodian, as the same may be amended, supplemented or otherwise modified from time to time providing for the custody and maintenance
of the Timeshare Loan Files relating to the Timeshare Loans. 
 “Custodian” shall mean Wells
Fargo Bank, National Association, a national banking association, or its permitted successors and assigns. 

“Custodian Fee” shall mean for each Payment Date, the fee payable by the Servicer to the Custodian in
accordance with the Custodial Agreement. 
 “Cut-Off Date” shall mean, with respect to
(i) the Initial Timeshare Loans, the Initial Cut-Off Date, and (ii) any Qualified Substitute Timeshare Loan or Subsequent Timeshare Loan, the related Subsequent Cut-Off Date. 

“Cut-Off Date Loan Balance” shall mean the Loan Balance of a Timeshare Loan on the related Cut-Off Date.

 “Default” shall mean an event which, but for the passage of time, would constitute an Event
of Default under the Indenture. 
 “Defaulted Timeshare Loan” is any Timeshare Loan for which
any of the earliest following events may have occurred: (i) the Servicer has commenced cancellation or forfeiture proceedings on the related Timeshare Loan after collection efforts have failed in accordance with its credit and collection
policies, (ii) as of the last day of any Due Period, all or part of a scheduled payment under the Timeshare Loan is more than 120 days delinquent from the due date, or (iii) the Servicer obtains actual knowledge that a bankruptcy event has
occurred with respect to the related Obligor. 
 “Defective Timeshare Loan” shall have the
meaning specified in Section 4.5 of the Indenture. 
 “Definitive Note” shall have the
meaning specified in Section 2.3 of the Indenture. 
 “Determination Date” shall mean,
with respect to a Payment Date, the day that is five Business Days prior to such Payment Date. 

“Direction Letter” shall have the meaning set forth in the Escrow Agreement. 

“Due Period” shall mean with respect to any Payment Date, the immediately preceding calendar month.

 “Eligible Bank Account” shall mean a segregated account, which may be an account maintained
with the Indenture Trustee, which is either (a) maintained with a depositary institution or trust company whose long-term unsecured debt obligations are rated at least “A” by Fitch and “A2” by Moody’s and whose
short-term unsecured obligations are rated at least “A-1” by Fitch and “P-1” by Moody’s; or (b) a trust account or similar account maintained at the corporate trust department of the Indenture Trustee. 

  
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 “Eligible Investments” shall mean one or more of the
following: 
 (a) obligations of, or guaranteed as to timely payment of principal and interest
by, the United States or any agency or instrumentality thereof when such obligations are backed by the full faith and credit of the United States; 

(b) federal funds, certificates of deposit, time deposits and bankers’ acceptances, each of which
shall not have an original maturity of more than 90 days, of any depository institution or trust company incorporated under the laws of the United States or any state; provided that the long-term unsecured debt obligations of such depository
institution or trust company at the date of acquisition thereof have been rated no lower than “A2” by Moody’s; and provided, further, that the short-term obligations of such depository institution or trust company shall be rated
“A-1+” by S&P; 
 (c) commercial paper or commercial paper funds (having
original maturities of not more than 90 days) of any corporation incorporated under the laws of the United States or any state thereof; provided that any such commercial paper or commercial paper funds shall be rated in the highest short-term rating
category by each Rating Agency; 
 (d) any no-load money market fund rated (including money
market funds managed or advised by the Indenture Trustee or an Affiliate thereof) “AAAm/AAAm-G” or higher by S&P; provided that, Eligible Investment obligations purchased from funds in the Eligible Bank Accounts shall include only such
or securities that either may be redeemed daily or mature no later than the Business Day next preceding the next Payment Date; 
 (e) demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by any depository institution or trust company (including the Indenture Trustee or
any Affiliate of the Indenture Trustee, acting in its commercial capacity) incorporated under the laws of the United States of America or any State thereof and subject to supervision and examination by federal and/or state authorities, so long as,
at the time of such investment, the commercial paper or other short-term deposits of such depository institution or trust company are rated at least P-1 by Moody’s and at least A-1 by S&P; 

and provided, further, that (i) no instrument shall be an Eligible Investment if such instrument evidences a right to receive only
interest payments with respect to the obligations underlying such instrument, and (ii) no Eligible Investment may be purchased at a price in excess of par. Eligible Investments may include those Eligible Investments with respect to which the
Indenture Trustee or an Affiliate thereof provides services. 
 “Eligible Timeshare Loan” shall
mean a Timeshare Loan which meets all of the criteria set forth in Schedule I of the Transfer Agreement. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, together with the
regulations thereunder. 
 “Errors” shall have the meaning specified in Section 5.4(b) of
the Indenture. 

  
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 “Escrow Agent” shall mean Stewart Vacation Ownership Title
Agency, Inc., a Florida corporation. 
 “Escrow Agreement” shall mean the escrow and closing
agreement, dated as of May 1, 2011, by and among the Servicer, the Issuer, the Indenture Trustee, the Custodian, and the Escrow Agent, as the same may be amended or supplemented from time to time. 

“Event of Default” shall have the meaning specified in Section 6.1 of the Indenture. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Finance Agreement” shall mean a purchase and finance agreement between an Obligor and the Originator
pursuant to which such Obligor finances the purchase of Oak N’ Spruce Certificates. 

“Fitch” shall mean Fitch Ratings, a subsidiary of Fitch, Inc. 

“Foreclosure Property” shall have the meaning specified in Section 5.3(b) of the Indenture.

 “Funded Rate” for a Determination Date shall equal the Outstanding Note Balance on the
immediately prior Payment Date (after giving effect to all distributions on such Payment Date) divided by the sum of the Aggregate Loan Balance and the Prefunding Loan Balance, each calculated at the beginning of the Due Period related to such prior
Payment Date. 
 “Governmental Authority” shall mean any nation or government, any state or
other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Grant” shall mean to grant, bargain, convey, assign, transfer, mortgage, pledge, create and grant a
security interest in and right of set-off against, deposit, set over and confirm. 

“Guarantor” shall mean Silverleaf Resorts Inc. and its permitted successors and assigns. 

“Guaranty” shall mean that certain Guaranty, dated the Closing Date, made by the Guarantor in favor of
the Issuer and the Indenture Trustee. 
 “Guaranty Default Event” shall exist if an Event of
Default of the type described in clause (l) of the definition thereof has occurred (without regard to the 3 Business Day grace period provided therein for the first instance of a default of the payment of Aggregate Defaulted Timeshare Loan
Make-Whole Amount); provided, that if the Guarantor cures such first payment default within such 3 Business Day grace period and no other event has occurred of the type described in clause (l) of the definition of Event of Default, a Guaranty
Default Event shall cease to exist for the immediately following Payment Date. Other than the one time cure of the payment default described in the proviso to the immediately preceding sentence, once a Guaranty Default Event exists, it shall
continue to exist until the Outstanding Note Balance of the Notes has been reduced to zero. 

  
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 “Highest Lawful Rate” shall have the meaning specified in
Section 3 of the Transfer Agreement. 
 “Holder” or “Noteholder” shall
mean any holder of a Note. 
 “IAI” shall have the meaning set forth in Section 2.4(c) of
the Indenture. 
 “Indebtedness” means, with respect to any Person at any time,
(a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade obligations);
(b) obligations of such Person as lessee under leases which should be, in accordance with generally accepted accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits
under plans covered by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of such Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f) obligations of such
Person under any guarantees, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to
assure a creditor against loss; (g) obligations of such Person secured by any lien on property or assets of such Person, whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest
rate or currency exchange agreement. 
 “Indemnified Amounts” shall have the meaning specified
in Section 8 of the Transfer Agreement. 
 “Indemnified Parties” shall have the meaning
specified in Section 8 of the Transfer Agreement. 
 “Indenture” shall mean the indenture,
dated as of May 1, 2011, by and among the Issuer, the Servicer, the Backup Servicer and the Indenture Trustee. 
 “Indenture Trustee” shall mean Wells Fargo Bank, National Association, a national banking association, not in its individual capacity but solely as Indenture Trustee under the Indenture,
and any successor as set forth in Section 7.9 of the Indenture. 
 “Indenture Trustee Fee”
shall mean for each Payment Date, the product of one-twelfth and $9,000. 
 “Initial Cut-Off
Date” shall mean April 30, 2011. 
 “Initial Note Balance” shall mean
$23,786,000. 
 “Initial Payment Date” shall mean the Payment Date occurring in June, 2011.

 “Intended Tax Characterization” shall have the meaning specified in Section 4.3(b) of
the Indenture. 

  
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 “Initial Timeshare Loans” shall mean the initial pool of
Timeshare Loans acquired by the Issuer on the Closing Date. 
 “Interest Accrual Period” shall
mean with respect to any Payment Date, the immediately preceding calendar month. 
 “Interest
Distribution Amount” shall equal, for the Notes and on any Payment Date, the sum of (i) interest accrued during the related Interest Accrual Period at the related Note Rate on the then Outstanding Note Balance of the Notes immediately
prior to such Payment Date and (ii) the amount of unpaid Interest Distribution Amounts from prior Payment Dates, plus, to the extent permitted by applicable law, interest on such unpaid amount at the related Note Rate. The Interest Distribution
Amount shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended. 

“Issuer” shall mean Silverleaf Finance X, LLC, a limited liability company formed under the laws of the
State of Delaware. 
 “Issuer Order” shall mean a written order or request delivered to the
Indenture Trustee and signed in the name of the Issuer by an Authorized Officer of the Issuer. 

“Knowledge” shall mean (a) as to any natural Person, the actual awareness of the fact, event or
circumstance at issue or receipt of notification by proper delivery of such fact, event or circumstance and (b) as to any Person that is not a natural Person, the actual awareness of the fact, event or circumstance at issue by a Responsible
Officer of such Person or receipt, by a Responsible Officer of such Person, of notification by proper delivery of such fact, event or circumstance. 
 “Lien” shall mean any mortgage, pledge, hypothecation, assignment for security, security interest, claim, participation, encumbrance, levy, lien or charge. 

“Limited Liability Company Agreement” shall mean the limited liability company agreement of the Issuer,
dated as of May 1, 2011. 
 “Liquidation” means with respect to any Timeshare Loan, the
sale or compulsory disposition of the related Timeshare Property, following foreclosure, forfeiture or other enforcement action or the taking of a deed-in-lieu of foreclosure, to a Person other than the Servicer or an Affiliate thereof, except in
accordance with Section 5.3(b)(iv) of the Indenture. 
 “Liquidation Expenses” shall mean,
with respect to a Defaulted Timeshare Loan, as of any date of determination, any out-of-pocket expenses (exclusive of overhead expenses) incurred by the Servicer in connection with the performance of its obligations under Section 5.3(b) in the
Indenture, including, but not limited to, (i) any foreclosure or forfeiture and other repossession expenses incurred with respect to such Timeshare Loan, (ii) actual commissions and marketing and sales expenses incurred by the Servicer
with respect to the liquidation of the related Timeshare Property and (iii) any other fees and expenses reasonably applied or allocated in the 

  
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ordinary course of business with respect to the Liquidation of such Defaulted Timeshare Loan (including any assessed and unpaid Association fees and real estate taxes). 

“Liquidation Proceeds” means with respect to the Liquidation of any Timeshare Loan, the amounts actually
received by the Servicer in connection with such Liquidation. 
 “Loan Balance” shall mean, for
any date of determination, the outstanding principal balance due under or in respect of a Timeshare Loan (including a Defaulted Timeshare Loan). 
 “Lockbox Account” shall mean the account maintained on behalf of the Indenture Trustee by the Lockbox Bank pursuant to the Lockbox Agreement, which shall be a non-interest bearing
account. 
 “Lockbox Agreement” shall mean the Deposit Account Control Agreement, dated as of
May 1, 2011, by and among the Lockbox Processor, the Issuer, the Servicer and the Indenture Trustee, as such agreement may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, unless the
Indenture Trustee shall cease to be a party thereunder, or such agreement shall be terminated in accordance with its terms, in which event “Lockbox Agreement” shall mean such other agreement, in form and substance acceptable to the
Indenture Trustee, among the Servicer, the Issuer, the Lockbox Processor and any other appropriate parties. 

“Lockbox Bank” means as of any date a depository institution named by the Servicer and acceptable to the
Indenture Trustee at which each Lockbox Account is established and maintained as of such date. 

“Lockbox Fee” shall mean on each Payment Date, the fee payable by the Servicer to the Lockbox Bank in
accordance with the Lockbox Agreement. 
 “Lockbox Processor” shall mean Wells Fargo Bank,
National Association, and its successors and assigns. 
 “Management Agreement” shall mean that
certain Management Agreement between the Managing Entity and each Association, dated as of March 28, 1990, as amended from time to time. 
 “Managing Entity” shall mean Silverleaf Club, a Texas not-for-profit corporation, in its capacity as manager for all Associations. 

“Misdirected Deposits” shall mean such payments that have been deposited to the Collection Account in
error. 
 “Monthly Servicer Report” shall have the meaning specified in Section 5.5 of the
Indenture. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

  
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 “Mortgage” shall mean, with respect to a Mortgage Loan, any
purchase money mortgage, deed of trust, purchase money deed of trust or mortgage deed creating a first lien on a Timeshare Property to secure debt granted by an Obligor to the Originator with respect to the purchase of such Timeshare Property and
otherwise encumbering the related Timeshare Property to secure payments or other obligations under such Timeshare Loan. 
 “Mortgage Loan” shall mean a Timeshare Loan originated by the Originator and evidenced by a Mortgage Note and secured by a first Mortgage on a fractional fee simple timeshare interest in
a Unit. 
 “Mortgage Note” shall mean, with respect to a Mortgage Loan, the original, executed
promissory note evidencing the indebtedness of an Obligor under a Mortgage Loan, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note. 

“Net Liquidation Proceeds” shall mean with respect to a Liquidation, the positive difference between
Liquidation Proceeds and Liquidation Expenses. 
 “Note Rate” shall mean (i) for Payment
Dates prior to and including the Optional Redemption Date, 9.00% and (ii) for Payment Dates after the Optional Redemption Date, 12.00%; provided, that if an Event of Default or a Guaranty Default Event has occurred and is continuing, the Note
Rate shall be the per annum rate described in (i) or (ii) above, as applicable, plus 5.00%. 

“Note Register” shall have the meaning specified in Section 2.4(a) of the Indenture. 

“Note Registrar” shall have the meaning specified in Section 2.4(a) of the Indenture. 

“Notes” shall have the meaning specified in the Recitals of the Issuer in the Indenture. 

“Oak N’ Spruce Loan” shall mean a Timeshare Loan relating to the Oak N’ Spruce Resort and
evidenced by a Finance Agreement. 
 “Oak N’ Spruce Certificate” shall mean a certificate
of beneficial interest in Oak N’ Spruce Resort Trust which entitles the owner thereof the right to use and occupy a specifically designated Unit at a fixed period of time each year at the Oak N’ Spruce Resort in perpetuity. 

“Oak N’ Spruce Financing Statement” means, with respect to an Oak N’ Spruce Loan, a UCC
financing statement (UCC-1) in recordable form which (i) names as “debtor” the Obligor on the underlying Oak N’ Spruce Loan, (ii) names Silverleaf as “secured party/assignor,” (iii) names as “secured
party/assignee” the Indenture Trustee for the benefit of the Noteholders and (iv) is sufficient under applicable laws to give record notice of the pledge of such Oak N’ Spruce Loan and its proceeds to the Indenture Trustee and its
assigns. 
 “Oak N’ Spruce Financing Statement Amendment” means, with respect to an Oak
N’ Spruce Loan, a UCC financing statement amendment (UCC-3) in recordable form which (i) amends the initial UCC financing statement filed with respect to such Oak N’ Spruce Loan to evidence the assignment of the loan to the Indenture
Trustee for the benefit of the Noteholders as 

  
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“secured party/assignee,” (ii) names the Prior Secured Party as “assignor,” (iii) names the Obligor on the underlying Oak N’ Spruce Loan as “debtor,”
and (iv) is sufficient under applicable laws to give record notice of a transfer of such Oak N’ Spruce Loan and its proceeds to the Indenture Trustee and its assigns. 

“Oak N’ Spruce Resort” shall mean the timeshare resort and related facilities located in South Lee,
Massachusetts and operated by the Originator. 
 “Oak N’ Spruce Resort Trust” shall mean
the trust established under the Oak N’ Spruce Trust Agreement. 
 “Oak N’ Spruce Trust
Agreement” shall mean, collectively, that certain Sixth Amended and Restated Declaration of Trust of Oak N’ Spruce Resort Trust, dated as of September 20, 2004, as amended, restated or otherwise modified from time to time,
together with all other agreements, documents and instruments governing the operation of the Oak N’ Spruce Resort Trust, including without limitation, the Time Share Supplement to the Sixth Amended and Restated Declaration of Trust of Oak
N’ Spruce Resort Trust, dated September 20, 2004 and the Recreation and Use Easement, dated September 20, 2000, as any such documents may be amended, restated or otherwise modified from time to time. 

“Oak N’ Spruce Trustee” shall mean Silverleaf Berkshires, Inc., a Texas corporation, in its
capacity as trustee under the Oak N’ Spruce Trust Agreement, and its permitted successors and assigns. 

“Obligor” shall mean the related obligor under a Timeshare Loan. 

“Officer’s Certificate” shall mean a certificate executed by a Responsible Officer of the related
party. 
 “Opinion of Counsel” shall mean a written opinion of counsel, in each case acceptable
to the addressees thereof. 
 “Optional Redemption Date” shall mean the first Payment Date in
which the Outstanding Note Balance is less than or equal to 20% of the Initial Note Balance. 

“Originator” shall mean Silverleaf Resorts, Inc., in its capacity as the originator of the Timeshare
Loans. 
 “Orlando Breeze Management Agreement” shall mean that certain Management Agreement
between the Originator and the Association of the Orlando Breeze Resort, dated as of January 13, 2005, as amended from time to time. 
 “Outstanding” shall mean, with respect to the Notes, as of any date of determination, all Notes theretofore authenticated and delivered under the Indenture except: 

(a) Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for
cancellation; 

  
 12 

 (b) Notes or portions thereof for whose payment money in the
necessary amount has been theretofore irrevocably deposited with the Indenture Trustee in trust for the holders of such Notes; and 
 (c) Notes in exchange for or in lieu of other Notes, which other Notes have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that
any such Notes are held by a Person in whose hands the Note is a valid obligation; provided; however, that in determining whether the holders of the requisite percentage of the Outstanding Note Balance of the Notes have given any request, demand,
authorization, direction, notice, consent, or waiver hereunder, Notes owned by the Issuer or any Affiliate of the Issuer shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be
protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Notes that a Responsible Officer of the Indenture Trustee actually has notice are so owned shall be so disregarded. 

“Outstanding Note Balance” shall mean as of any date of determination, the Initial Note Balance of the
Notes less principal actually distributed to the Noteholders as of such date; provided, however, to the extent that for purposes of consents, approvals, voting or other similar act of the Noteholders under any of the Transaction Documents,
“Outstanding Note Balance” shall exclude Notes which are held by Silverleaf or any Affiliate thereof. 

“Paydown Letter” shall have the meaning set forth in the Escrow Agreement. 

“Paying Agent” shall mean any Person authorized under the Indenture to make the distributions required
under Section 3.4 of the Indenture, which such Person initially shall be Wells Fargo Bank, National Association. 
 “Payment Date” shall mean the 15th day of each month, or, if such date is not a Business Day, then the next succeeding Business Day, commencing on the Initial Payment Date. 

“Permitted Liens” shall mean (a) with respect to Timeshare Loans included in the Trust Estate,
Liens for state, municipal or other local taxes if such taxes shall not at the time be due and payable, (ii) Liens in favor of the Issuer created pursuant to the Transaction Documents, and (iii) Liens in favor of the Indenture Trustee
created pursuant to the Indenture; (b) with respect to the related Timeshare Property, materialmen’s, warehousemen’s, mechanic’s and other Liens arising by operation of law in the ordinary course of business for sums not due,
(ii) Liens for state, municipal or other local taxes if such taxes shall not at the time be due and payable, (iii) Liens in favor of the Issuer pursuant to the Transfer Agreement and (iv) the Obligor’s interest in the Timeshare
Property under the Timeshare Loan whether pursuant to the Oak N’ Spruce Trust Agreement or otherwise; and (c) with respect to Timeshare Loans and Related Security included in the Trust Estate, any and all rights of the Beneficiaries and
the Other Beneficiaries referred to in the Oak N’ Spruce Trust Agreement under the Oak N’ Spruce Trust Agreement. 
 “Person” means an individual, general partnership, limited partnership, limited liability partnership, corporation, business trust, joint stock company, limited liability company, trust,

  
 13 

 
unincorporated association, joint venture, Issuer, Governmental Authority, or other entity of whatever nature. 

“Placement Agent” shall mean UBS Securities LLC. 

“Private Placement Agreement” shall mean that certain private placement agency agreement dated
May 6, 2011, among the Placement Agent, the Issuer and Silverleaf. 
 “Private Placement
Memorandum” shall mean that certain Confidential Private Placement Memorandum, dated May 6, 2011, related to the Notes and the Transaction Documents. 

“Predecessor Servicer Work Product” shall have the meaning specified in Section 5.4(b) of the
Indenture. 
 “Prefunding Account” shall mean the account established and maintained by the
Indenture Trustee pursuant to Section 3.2(c) of the Indenture. 
 “Prefunding Account Initial
Deposit” shall mean an amount equal to $5,950,000. 
 “Prefunding Loan Balance” shall
mean the amount on deposit in the Prefunding Account divided by 70%. 
 “Prefunding Period”
shall mean the period commencing on the Closing Date and ending on the Prefunding Termination Date. 

“Prefunding Termination Date” shall mean the earlier to occur of (i) August 31, 2011,
(ii) the date on which the amount on deposit in the Prefunding Account is less than $10,000 and (iii) the date on which an Event of Default or a Servicer Event of Default occurs. 

“Prior Secured Party” shall have the meaning set forth in the Escrow and Closing Agreement. 

“QP” shall have the meaning set forth in Section 2.4(c) of the Indenture. 

“Qualified Substitute Timeshare Loan” shall mean a Timeshare Loan (i) that,
when aggregated with other Qualified Substitute Timeshare Loans being substituted on such Transfer Date, has a Loan Balance, after application of all payments of principal due and received during or prior to the month of substitution, not in excess
of the Loan Balance of the Timeshare Loan being substituted on the related Transfer Date, (ii) that complies, as of the related Transfer Date, with the representations and warranties contained in the Transfer Agreement including that such
Qualified Substitute Timeshare Loan is an Eligible Timeshare Loan, (iii) that shall not cause the weighted average coupon rate of the Timeshare Loans to be less than 13% after such substitution, (iv) that shall not cause the weighted
average months of age on the Timeshare Loans to be less than 13 months after such substitution and (v) that shall not cause the weighted average remaining term to maturity of the Timeshare Loans to be equal to or greater than 105 months,
(vi) that shall not cause the weighted average FICO® score of the Timeshare Loans (to the extent that the
related Obligors have FICO® scores) to be less than 545, (vii) that shall not

  
 14 

 
cause the aggregate Loan Balance of Timeshare Loans with Obligors without a FICO® score to exceed 15% of the Aggregate Loan Balance and (viii) that does not have a stated maturity later than 12 months prior to the Stated Maturity. 

“Rating Agency” means any of S&P, Moody’s or Fitch. 

“Receivables” means the payments required to be made pursuant to a Timeshare Loan. 

“Record Date” shall mean, with respect to any Payment Date (except for the Initial Payment Date), the
close of business on the last Business Day of the calendar month immediately preceding the month such Payment Date occurs. With respect to the Initial Payment Date, the Record Date will be the Closing Date. 

“Redemption Date” shall mean with respect to the redemption of the Notes on or after the Optional
Redemption Date, the date fixed pursuant to Section 10.1 of the Indenture. 
 “Redemption
Price” shall mean the sum of the Outstanding Note Balance of the Notes, together with interest accrued thereon at the applicable Note Rate up to and including the Redemption Date. 

“Regulation S” shall have the meaning ascribed to such term in the Securities Act, as amended.

 “Regulation S Note” shall have the meaning set forth in Section 2.3 of the Indenture.

 “Related Security” shall mean with respect to any Timeshare Loan, (i) all of the
Issuer’s interest in the Timeshare Property arising under or in connection with the related Mortgage, Financing Agreement, Oak N’ Spruce Certificate and the related Timeshare Loan Files, (ii) all other security interests or liens and
property subject thereto from time to time purporting to secure payment of such Timeshare Loan, together with all mortgages, assignments and financing statements signed by an Obligor describing any collateral securing such Timeshare Loan,
(iii) all guarantees, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Timeshare Loan, and (iv) all other security and books, records and computer tapes relating
to the foregoing. 
 “Repurchase Price” shall mean with respect to any Timeshare Loan to be
purchased by the Originator pursuant to the Transfer Agreement, an amount equal to the Loan Balance of such Timeshare Loan as of the date of such purchase or repurchase, as the case may be, together with all accrued and unpaid interest on such
Timeshare Loan at the related Timeshare Loan Rate to, but not including, the due date in the then current Due Period. 
 “Request for Release” shall be a request for release of Timeshare Loan Files in the form required by the Custodial Agreement. 

“Required Payments” shall mean each of the items described in (i) through (v) of
Section 3.4(a) of the Indenture. 

  
 15 

 “Residual Certificate” shall mean that certain membership
certificate of the Issuer evidencing the limited liability company interest in the Issuer, the form of which is attached as Schedule F to the Limited Liability Company Agreement. 

“Reservation System” shall mean the centralized reservation system for all Resorts. 

“Reserve Account” shall mean the account maintained by the Indenture Trustee pursuant to
Section 3.2(b) of the Indenture. 
 “Reserve Account Initial Deposit” shall mean an amount
equal to 1.00% of the sum of the aggregate Cut-Off Date Loan Balances of the Initial Timeshare Loans and the Prefunding Loan Balance on the Closing Date. 
 “Reserve Account Required Balance” shall mean an amount equal to the lesser of (A) 1.00% of the sum of (i) the aggregate Cut-Off Date Loan Balances of the Initial Timeshare
Loans, (ii) the aggregate Cut-Off Date Loan Balances of the Subsequent Timeshare Loans and (iii) the Prefunding Loan Balance and (B) the Outstanding Note Balance immediately prior to such Payment Date. 

“Resort” shall mean any of the following resorts: Holly Lake Resort, The Villages and Lake O’ The
Wood Resorts, Piney Shores Resort, Timber Creek Resort, Fox River Resort, Apple Mountain Resort, Ozark Mountain Resort, Holiday Hills Resort, Oak N’ Spruce Resort, Silverleaf’s Seaside Resort, Hill Country Resort and Orlando Breeze Resort.

 “Responsible Officer” shall mean (a) when used with respect to the Indenture Trustee,
any officer assigned to the Corporate Trust Office, including any Managing Director, Vice President, Assistant Vice President, Secretary, Assistant Secretary, Assistant Treasurer, any trust officer or any other officer such Person customarily
performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject; (b) when used with respect to the Servicer, the Chief Financial Officer, a Vice President, an Assistant Vice President, the Chief Accounting Officer or the Secretary of the Servicer; and (c) with respect to any
other Person, the chairman of the board, chief financial officer, the president, a vice president, the treasurer, an assistant treasurer, the secretary, an assistant secretary, the controller, general partner, trustee or the manager of such Person.

 “Restricted Period” shall mean the 40-day period prescribed by Regulation S commencing on
the later of (a) the date upon which Notes are first offered to any distributor (as such term is defined in Regulation S) of the Notes, and (b) the Closing Date. 

“S&P” shall mean Standard & Poor’s Ratings Services, a Standard & Poor’s
Financial Services LLC Business. 
 “Sale” shall have the meaning set forth in
Section 2(a) of the Transfer Agreement. 
 “Schedule of Timeshare Loans” shall mean the
list of Timeshare Loans delivered pursuant to the Transfer Agreement, as amended from time to time to reflect repurchases, 

  
 16 

 
substitutions and Qualified Substitute Timeshare Loans and Subsequent Timeshare Loans conveyed pursuant to the terms of the Indenture and the Transfer Agreement, which list shall set forth the
following information with respect to each Timeshare Loan as of the related Cut-Off Date, as applicable, in numbered columns: 
  

	 	1	 Name of Obligor 

	 	2	 Unit Ref/Loan Number 

	 	3	 Interest Rate Per Annum 

	 	4	 Date of Timeshare Loan Origination 

	 	5	 Maturity 

	 	6	 Sales Price 

	 	7	 Monthly Payment 

	 	8	 Original Loan Balance 

	 	9	 Original Term 

	 	10	 Outstanding Loan Balance 

	 	11	 Down Payment 

	 	12	 First Payment Date 

	 	13	 Zip Code 

	 	14	 Unit/Week 

	 	15	 Resort Name 

 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Securitization Custodian” shall have the meaning specified the second “whereas” clause in the Transfer Agreement. 

“Securitization Indenture” shall have the meaning specified the second “whereas” clause in the
Transfer Agreement. 
 “Securitization Indenture Trustee” shall have the meaning specified the
second “whereas” clause in the Transfer Agreement. 
 “Securitization Noteholder”
shall mean any holder of a Securitization Note. 
 “Securitization Notes” shall have the
meaning specified the second “whereas” clause in the Transfer Agreement. 
 “Securitization
Servicer” shall have the meaning specified the second “whereas” clause in the Transfer Agreement. 
 “Sells” shall have the meaning set forth in Section 2(a) of the Transfer Agreement. 
 “Servicer” shall initially mean Silverleaf in its capacity as servicer under the Indenture, the Backup Servicing Agreement and the Custodial Agreement, and its permitted successors and
assigns. 
 “Servicer Event of Default” shall have the meaning specified in Section 5.4 of
the Indenture. 

  
 17 

 “Servicer Termination Costs” shall mean any extraordinary
out-of-pocket expenses incurred by the successor servicer associated with the transfer of servicing. 

“Servicing Fee” shall mean for any Payment Date, the product of (i) one-twelfth of 2.00% and
(ii) the Aggregate Loan Balance as of the first day of the related Due Period. 
 “Servicing
Officer” shall mean those officers of the Servicer involved in, or responsible for, the administration and servicing of the Timeshare Loans, as identified on the list of Servicing Officers furnished by the Servicer to the Indenture Trustee
and the Noteholders from time to time. 
 “Servicing Standard” shall mean, with respect to the
Servicer a servicing standard which complies with applicable law, the terms of the respective Timeshare Loans and, to the extent consistent with the foregoing, in accordance with the customary and usual procedures employed by it with respect to
comparable assets that the servicer services for itself or its Affiliates (and if Silverleaf is no longer the Servicer, in accordance with the customary standard of prudent servicers of loans secured by timeshare interests similar to the Timeshare
Properties, employed by it when servicing loans for third parties), but without regard for (i) any relationship that it or any of its Affiliates may have with the related Obligor, and (ii) its right to receive compensation for its services
under the Indenture or with respect to any particular transaction. 
 “Silverleaf” shall mean
Silverleaf Resorts, Inc., a Texas corporation. 
 “Silverleaf Loans” shall mean the Timeshare
Loans conveyed by Silverleaf to the Issuer pursuant to the Transfer Agreement. 
 “Silverleaf Serviced
Timeshare Loan” means any timeshare loan (including any Timeshare Loan conveyed to the Issuer pursuant to the Transfer Agreement) serviced by Silverleaf or an Affiliate thereof for the benefit of the Noteholders, for Silverleaf’s own
account, or for the accounts of any and all third parties. 
 “Similar Law” shall mean a
provision of federal, state or local law that is substantially similar to the prohibited transaction rules under Section 406 of ERISA or Section 4975 of the Code. 

“Sold” shall have the meaning set forth in Section 2(a) of the Transfer Agreement. 

“Stated Maturity” shall mean the Payment Date occurring in June 2023. 

“Subsequent Cut-Off Date” shall mean with respect to any Transfer Date, (i) the close of business
on the last day of the Due Period immediately preceding such Transfer Date or (ii) such other date prior to the Transfer Date as designated by the Servicer. 

“Subsequent Timeshare Loan” shall mean a Timeshare Loan acquired during the Prefunding Period
(i) that complies, as of the related Transfer Date, with each of the representations and warranties set forth in the Transfer Agreement, including that such Subsequent Timeshare Loan is an Eligible Timeshare Loan, (ii) that the weighted
average coupon rate of such Subsequent Timeshare Loan and all other Subsequent Timeshare Loans 

  
 18 

 
transferred on the related Transfer Date, will not be less than 14.00%, (iii) that will not cause the weighted average months of seasoning on the Timeshare Loans to be less than 13 months
after the purchase thereof by the Issuer and the subsequent pledge thereof pursuant to the Indenture, (iv) that the weighted average FICO® score of such Subsequent Timeshare Loan and all other Subsequent Timeshare Loans transferred on the related Transfer Date (to the extent that the related Obligors
have FICO® scores) will not be less than 545, (v) that such Subsequent Timeshare Loan shall not cause the
aggregate Loan Balance of Timeshare Loans with Obligors without a FICO® score to exceed 15% of the Aggregate
Loan Balance, (vi) the Loan Balance of such Subsequent Timeshare Loan is less than $30,000, (vii) that such Subsequent Timeshare Loan will not cause the percentage (by aggregate Cut-Off Date Loan Balance) of all Subsequent Timeshare Loans
transferred on such Transfer Date that have Obligors making payments by either credit card automated charge or pre-authorized checking/savings to be less than 35.00% (by aggregate Cut-Off Date Loan Balance) of all Subsequent Timeshare Loans
transferred on such Transfer Date and (viii) that such Subsequent Timeshare Loan does not have a stated maturity date greater than 10 years from its origination. 

“Substitution Shortfall Amount” shall mean with respect to any Transfer Date, an amount equal to the
excess of the aggregate Loan Balances of the Defective Timeshare Loans over the aggregate Loan Balances of the Qualified Substitute Timeshare Loans to be substituted for such Defective Timeshare Loans. 

“Temporary Regulation S Note” shall have the meaning set forth in Section 2.3 of the Indenture.

 “Timeshare Declaration” shall mean the declaration or other document recorded in the real
estate records of the applicable municipality or government office where a Resort is located for the purpose of creating and governing the rights of owners of Timeshare Properties related thereto, as it may be in effect from time to time.

 “Timeshare Loan” shall mean a Mortgage Loan, Oak N’ Spruce Loan, a Qualified Substitute
Timeshare Loan or a Subsequent Timeshare Loan subject to the lien of the Indenture. As used in the Transaction Documents, the term “Timeshare Loan” shall include the related Mortgage Note, Mortgage, the Finance Agreement and other Related
Security contained in the related Timeshare Loan Documents. 
 “Timeshare Loan Acquisition
Price” shall mean with respect to any Timeshare Loan, an amount equal to the Loan Balance of such Timeshare Loan plus accrued and unpaid interest thereon up to and including the related Cut-Off Date. 

“Timeshare Loan Documents” shall mean with respect to each Timeshare Loan and each Obligor, the related
(i) Timeshare Loan Files, and (ii) Timeshare Loan Servicing Files. 
 “Timeshare Loan
File(s)” shall mean, with respect to a Timeshare Loan, the Timeshare Loan and all documents related to such Timeshare Loan, including: 
  

	 	1.	 a Contract for Sale (copy), which includes Truth in Lending Disclosure, 

  
 19 

	 	2.	 a Note (original), 

  

	 	3.	 an Allonge (copy) (or more than one Allonge that when taken together) shall show the transfer of title as set forth in the Custodial Agreement,

  

	 	4.	 for a post-July 2004 Oak N’ Spruce Loan – Oak N’ Spruce Resort Certificate of Beneficial Interest (original),

  

	 	5.	 one of the following: (a) for a Mortgage Loan – a Deed of Trust, Deed to Secure Debt or Mortgage with Property Description Addendum
(original or file-stamped or certified copy), (b) for an Oak N’ Spruce Loan (pre-July 2004) – a Mortgage and Assignment of Beneficial Interest with Property Description Addendum (original or file-stamped or certified copy) or
(c) for an Oak N’ Spruce Loan (post-July 2004) – an Assignment of Beneficial Interest with Property Description Addendum (not recorded or acknowledged), 

 

	 	6.	 any assumption agreement, refinancing agreement, or general warranty deed evidencing a transfer of title, if any, (copy),

  

	 	7.	 (a) in the case of Timeshare Loans purchased by the Issuer from Silverleaf Resorts, Inc., an original mortgagee title insurance policy or master
policy referencing such Timeshare Loan naming as the insured thereunder (a) Silverleaf Resorts, Inc., (b) a Prior Secured Party or (c) Silverleaf Finance X, LLC, as applicable, and in each case their respective successors and assigns
and covering Silverleaf Finance X, LLC, and its successors and assigns (which shall be delivered by (i) the Escrow Agent to the Custodian within 90 days of the Closing Date and (ii) by Silverleaf to the Custodian within 90 days of the
related Transfer Date), 

  

	 	8.	 an original of each guarantee, assumption, modification, substitution agreement, deferment letter, or other document, if any, which relates to the
related Timeshare Loan (or copy thereof certified by an officer of the related originator to be a true and correct copy), and which shall cover both the Note and/or the Contract for Sale, and 

 

	 	9.	 all related finance applications executed and delivered by the related Obligor with respect to the purchase of a Timeshare Property.

 “Timeshare Loan Rate” shall mean with respect to any Timeshare Loan, the
specified coupon rate thereon. 
 “Timeshare Loan Servicing Files” shall mean with respect to
each Timeshare Loan and each Obligor, the portion of the Timeshare Loan Files necessary for the Servicer to service such Timeshare Loan including but not limited to (i) the original truth-in-lending disclosure statement executed by such
Obligor, as applicable, (ii) all writings pursuant to which such Timeshare Loan arises or which evidences such Timeshare Loan and not delivered to the Custodian, (iii) all papers and computerized records customarily maintained by the
Servicer in servicing timeshare loans comparable to the Timeshare Loans in accordance with the Servicing Standard and 

  
 20 

 
(iv) each Timeshare Program Consumer Document and Timeshare Program Governing Document, if applicable, related to the applicable Timeshare Property. 

“Timeshare Program” shall mean the program under which (1) an Obligor has purchased a Timeshare
Property and (2) an Obligor shares in the expenses associated with the operation and management of such program. 
 “Timeshare Program Consumer Documents” shall mean, as applicable, the Finance Agreement, Mortgage Note, Mortgage or certificate of beneficial interest, credit disclosures, rescission
right notices, final subdivision public reports/prospectuses/public offering statements, the Timeshare Project exchange affiliation agreement and other documents, disclosures and advertising materials used or to be used by an Originator in
connection with the sale of Timeshare Properties. 
 “Timeshare Program Governing Documents”
shall mean the articles of organization or articles of incorporation of each Association, the rules and regulations of each Association, the Timeshare Program management contract between each Association and a management company, and any subsidy
agreement by which the Originator is obligated to subsidize shortfalls in the budget of a Timeshare Program in lieu of paying assessments, as they may be from time to time in effect and all amendments, modifications and restatements of any of the
foregoing. 
 “Timeshare Property” shall mean (i) with respect to a Mortgage Loan, a
fractional fee simple timeshare interest in a Unit in a Resort entitling the related Obligor to the use and occupancy of a Unit at the Resort for a specified period of time each year or every other year in perpetuity and (ii) with respect to an
Oak N’ Spruce Loan, an Oak N’ Spruce Certificate. 
 “Title Commitment” shall have
the meaning set forth in the Escrow Agreement. 
 “Title Policy” shall have the meaning set
forth in the Escrow Agreement. 
 “Transaction Documents” shall mean the Indenture, the
Transfer Agreement, the Lockbox Agreement, the Backup Servicing Agreement, the Custodial Agreement, the Escrow Agreement, the Guaranty, the Private Placement Agreement and all other agreements, documents or instruments delivered in connection with
the transactions contemplated thereby. 
 “Transfer Agreement” shall mean the transfer
agreement, dated as of May 1, 2011, between the Originator and the Issuer pursuant to which the Timeshare Loans are transferred to the Issuer. 
 “Transfer Date” shall mean the date on which the Originator substitutes one or more Timeshare Loans in accordance with Section 4.5 of the Indenture or pledges one or more Subsequent
Timeshare Loans in accordance with Section 4.2 of the Indenture. 
 “Treasury Regulations”
shall mean the regulations, included proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or
other successor Treasury Regulations. 

  
 21 

 “Trust Accounts” shall mean collectively, the Lockbox
Account, the Collection Account, the Prefunding Account, the Capitalized Interest Account and the Reserve Account. 
 “Trust Estate” shall have the meaning specified in the Granting Clause of the Indenture. 
 “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended from time to time. 

“Unit(s)”: One individual air-space residential unit, cabin, villa, cottage or townhome within a Resort,
together with all furniture, fixtures and furnishings therein, and together with any and all interests in common elements appurtenant thereto, as provided in the related Timeshare Program Governing Documents. 

  
 22Transfer Agreement

 Exhibit 10.3 

TRANSFER AGREEMENT 
 between 
 SILVERLEAF RESORTS, INC. 

AND 
 SILVERLEAF
FINANCE X, LLC 
 DATED AS OF MAY 1, 2011 

 TRANSFER AGREEMENT 

This TRANSFER AGREEMENT (this “Agreement”), dated as of May 1, 2011, is between Silverleaf Resorts,
Inc., a Texas corporation (the “Originator”) and Silverleaf Finance X, LLC, a Delaware limited liability company (the “Issuer”), and their respective permitted successors and assigns. 

W I T N E S S E T H: 

WHEREAS, the Issuer has been established as a special purpose entity for the purpose of acquiring (i) an initial
pool of timeshare loans acquired on the Closing Date (the “Initial Timeshare Loans”) consisting of (a) a pool of timeshare loans (the “Mortgage Loans”) each evidenced by a promissory note and secured by a first
Mortgage on a fractional fee simple timeshare interest in a Unit, and (b) a pool of timeshare loans (the “Oak N’ Spruce Loans”), each evidenced by a purchase and finance agreement (a “Finance Agreement”)
for the purchase of a certificate of beneficial interest in the Oak N’ Spruce Resort Trust evidencing the right of the owner thereof to use and occupy a fixed unit at Oak N’ Spruce Resort at a fixed period of time, (ii) any Qualified
Substitute Timeshare Loans and Subsequent Timeshare Loans and (iii) all Related Security in respect of the Timeshare Loans and Oak N’ Spruce Loans. A “Timeshare Property” shall consist of (i) in the case of a Mortgage
Loan, a fractional fee simple timeshare interest in a residential unit (a residential timeshare unit herein referred to as a “Unit”) in a Resort or (ii) in the case of an Oak N’ Spruce Loan, a certificate of beneficial
interest (“Oak N’ Spruce Certificate”) in the Oak N’ Spruce Resort Trust. The Initial Timeshare Loans, the Qualified Substitute Timeshare Loans, the Subsequent Timeshare Loans, Timeshare Properties, Mortgage Note, any
Related Security and other conveyed property related thereto and additional collateral, in each case conveyed hereunder, collectively, are the “Transferred Assets.” 

WHEREAS, on May 12, 2011 (the “Closing Date”) and on each Transfer Date, the Issuer intends
to pledge such Transferred Assets acquired thereby to Wells Fargo Bank National Association, as indenture trustee (in such capacity, the “Securitization Indenture Trustee”), custodian (in such capacity, the “Securitization
Custodian”) and backup servicer, pursuant to an indenture, dated as of May 1, 2011 (the “Securitization Indenture”), by and among the Issuer, Silverleaf Resorts, Inc., in its capacity as servicer (the
“Securitization Servicer”) and the Securitization Indenture Trustee, to secure the Issuer’s 9.00% Timeshare Loan-Backed Notes, Series 2011-A, Class A Notes (the “Securitization Notes”); 

WHEREAS, proceeds from the sale of the Securitization Notes will be used by the Issuer, in part, to (i) pay the
Originator the purchase price for the Timeshare Loans and (ii) pay certain expenses incurred in connection with the issuance of the Securitization Notes. 
 WHEREAS, the Originator will derive an economic benefit from the transfer hereunder of the Timeshare Loans to the Issuer. 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: 

 SECTION 1. Definitions; Interpretation. Capitalized terms used herein
but not defined herein shall have the respective meanings specified in “Standard Definitions” attached hereto as Annex A. 
 SECTION 2. Acquisition of Timeshare Loans. 
 (a) Initial
Timeshare Loans. 
 (i) Effective as of the Closing Date, but subject to the terms and
conditions of this Agreement (including, without limitation, subsection (f) below), the Originator hereby sells (“Sells,” “Sale” or “Sold”) or contributes (“Contribute”
or “Contribution”) (in each case to the extent described in subsection (f) below) and otherwise transfers, assigns, and conveys to the Issuer, without recourse (except for Defective Timeshare Loans to the extent
specifically provided herein), and the Issuer hereby agrees to purchase or accept a contribution of (in each case to the extent described in subsection (f) below) and otherwise acquires, all right, title and interest of the Originator in
and to the Timeshare Loans included on the schedule delivered to the Issuer on the Closing Date (as further described in Section 4(i) below), together with the Timeshare Properties, Related Security and other conveyed property related
thereto. In connection with the initial transfer, the Originator shall transfer, or cause the deposit, into the Lockbox Account of all amounts received by the Originator on account of such Timeshare Loans, Timeshare Properties, Related Security and
other conveyed property related thereto and additional collateral hereunder due on and after the Initial Cut-Off Date within two (2) Business Days of the receipt thereof. 

(ii) The Originator hereby acknowledges that each sale, contribution and conveyance to the Issuer
hereunder is absolute and irrevocable, without reservation or retention of any interest whatsoever by the Originator. 
 (b) Subsequent Timeshare Loans. 
 (i)
Effective as of each applicable Transfer Date, but subject to the terms and conditions of this Agreement (including, without limitation, subsections (f) and (g) below), the Originator shall Sell or Contribute (in each case to
the extent described in subsection (f) below) and otherwise transfer, assign, and convey to the Issuer, without recourse (except to the extent specifically provided herein), and the Issuer hereby agrees to purchase or accept a
contribution of (in each case to the extent described in subsection (f) below) and otherwise acquire, all right, title and interest of the Originator in and to the Subsequent Timeshare Loans included on the schedule delivered to the
Issuer on the applicable Transfer Date (as further described in Section 4(i) below), together with the Timeshare Properties, Related Security and 

  
 2 

 
other conveyed property related thereto. In connection with any such transfer, Originator shall transfer, or cause the deposit, into the Lockbox Account of all amounts received by the Originator
on account of such Subsequent Timeshare Loans, Timeshare Properties, Related Security and other conveyed property related thereto and additional collateral hereunder due on and after the related Cut-Off Date within two (2) Business Days of the
receipt thereof. 
 (ii) The Originator hereby acknowledges that each sale, contribution and
conveyance to the Issuer hereunder is absolute and irrevocable, without reservation or retention of any interest whatsoever by the Originator. 
 (c) Delivery of Timeshare Loan Documents. In connection with the sale, transfer, contribution, assignment and conveyance of any Timeshare Loan hereunder, the Issuer hereby directs the Originator
and the Originator hereby agrees to deliver or cause to be delivered to the Securitization Custodian, all related Timeshare Loan Files and to the Securitization Servicer all related Timeshare Loan Servicing Files. 

(d) Collections. The Originator shall deposit or cause to be deposited all collections in respect of the Initial
Timeshare Loans, the Subsequent Timeshare Loans and the Qualified Substitute Timeshare Loans (collectively, the “Timeshare Loans”) received by the Originator or any of its Affiliates on and after the related Cut-Off Date in the
Lockbox Account. 
 (e) Limitation of Liability. None of the Issuer or any subsequent assignee of the
Issuer shall have any obligation or liability with respect to any Timeshare Loan nor shall the Issuer or any subsequent assignee have any liability to any Obligor in respect of any Timeshare Loan. No such obligation or liability is intended to be
assumed by the Issuer, the Originator or any subsequent assignee herewith and any such liability is hereby expressly disclaimed. 
 (f) Purchase Price/Capital Contribution. The price paid for Timeshare Loans, Timeshare Properties, Related Security and other conveyed property related thereto and additional collateral which are
Sold hereunder shall be the Timeshare Loan Acquisition Price with respect thereto. Such Timeshare Loan Acquisition Price shall be paid by means of an immediate cash payment to the Originator by wire transfer on the applicable conveyance date to an
account designated by the Originator on or before such conveyance date or by means of proper accounting entries being entered upon the accounts and records of the Originator and the Issuer on the applicable conveyance date. To the extent that the
cash amount received for any Timeshare Loans, Timeshare Properties, Related Security and other conveyed property related thereto and additional collateral Sold by the Originator to the Issuer hereunder is less than the Timeshare Loan Acquisition
Price of such property at the time of the applicable Sale, the shortfall shall be deemed to have been Contributed by the Originator to the capital of the Issuer on the applicable conveyance date. 

(g) The Originator shall transfer to the Issuer the Subsequent Timeshare Loans and the Issuer shall cause to be released
funds from the Prefunding Account, only upon satisfaction of each of the following conditions on or prior to the related Transfer Date: 
 (i) The Originator shall have delivered to the Securitization Indenture Trustee a Schedule of Timeshare Loans listing the Subsequent Loans to be conveyed on such Transfer Date, and shall have confirmed
each condition precedent specified in this Section 2(g) (which confirmation shall be deemed 

  
 3 

 
satisfied by delivering the Schedule of Timeshare Loans listing the Subsequent Timeshare Loans to the Securitization Indenture Trustee); 

(ii) As of each Transfer Date, the Originator (a) shall not be insolvent nor will be made insolvent
by such transfers, nor shall it be aware of any pending insolvency, (b) shall not intend to incur nor believe that it shall incur debts that would be beyond its ability to pay as such debts mature, (c) shall not make such transfer with
actual intent to hinder, delay or defraud any Person, and (d) shall not have assets that constitute unreasonably small capital to carry out its business as then conducted; 

(iii) Each such Subsequent Timeshare Loan satisfies the representations and warranties set forth in this
Agreement (including in Section 5 and in Schedule I hereof) and the Originator shall have performed all obligations to be performed by it hereunder on or prior to such Transfer Date; 

(iv) Such transfer shall not result in a material adverse tax consequence to the Originator or the
Securitization Noteholders; 
 (v) The Prefunding Termination Date shall not have occurred;

 (vi) The Originator shall have provided the Securitization Indenture Trustee with an Addition
Notice not later than three Business Days prior to such Transfer Date and shall have provided any information reasonably requested by either of them with respect to the related Subsequent Timeshare Loans; 

(vii) The Originator shall have deposited in the Collection Account all Collections in respect of the
related Subsequent Timeshare Loans due on and after the related Cut-Off Date; and 
 (viii) All
the provisions of the Escrow and Closing Agreement and the Custodial Agreement shall have been complied with. 

SECTION 3. Intended Characterization, Grant of Security Interest. It is the intention of the parties hereto that
the transfers of Timeshare Loans to be made pursuant to the terms hereof shall constitute a sale and/or contribution and an absolute assignment by the Originator to the Issuer and not a loan secured by the Timeshare Loans. In the event, however,
that a court of competent jurisdiction were to hold that any such transfer constitutes a loan and not a sale and/or contribution, it is the intention of the parties hereto that the Originator shall be deemed to have granted and does hereby grant to
the Issuer as of the date hereof a first priority perfected security interest in all of Originator’s right, title and interest in, to and under the Transferred Assets specified in Section 2 hereof and that with respect to such conveyance,
this Agreement shall constitute a security agreement under applicable law. In the event of the characterization of any such transfer as a loan, the amount of interest payable or paid with respect to such loan under the terms of this Agreement shall
be limited to an amount which shall not exceed the maximum non-usurious rate of interest allowed by the applicable state law or any applicable law of the United States permitting a higher maximum non-usurious rate that preempts such applicable state
law, which could lawfully be contracted for, charged or received (the “Highest Lawful Rate”). In 

  
 4 

 
the event any payment of interest on any such loan exceeds the Highest Lawful Rate, the parties hereto stipulate that (a) to the extent possible given the term of such loan, such excess
amount previously paid or to be paid with respect to such loan be applied to reduce the principal balance of such loan, and the provisions thereof immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the
necessity of the execution of any new document, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for thereunder and (b) to the extent that the reduction of the principal
balance of, and the amounts collectible under, such loan and the reformation of the provisions thereof described in the immediately preceding clause (a) is not possible given the term of such loan, such excess amount will be deemed to have been
paid with respect to such loan as a result of an error and upon discovery of such error or upon notice thereof by any party hereto such amount shall be refunded by the recipient thereof. 

The characterization of the Originator as “debtor” and the Issuer as “secured party” in any financing
statement required hereunder is solely for protective purposes and shall in no way be construed as being contrary to the intent of the parties that this transaction be treated as a sale and/or contribution to the Issuer of such Originator’s
entire right, title and interest in and to the Transferred Assets. 
 Each of the Originator, the Issuer and any
of their Affiliates hereby agrees to make the appropriate entries in its general accounting records and to indicate that the Timeshare Loans have been transferred to the Issuer. 

SECTION 4. Conditions Precedent to Acquisition of Timeshare Loans by the Issuer. The obligations of the Issuer to
purchase any Timeshare Loans hereunder shall be subject to the satisfaction of the following conditions: 
 (a)
All representations and warranties of the Originator contained in Section 5 and in Schedule I hereof, and all information provided in the Schedule of Timeshare Loans related thereto shall be true and correct as of the Closing Date or the
Transfer Date, as applicable, and the Originator shall have delivered to the Issuer, the Securitization Indenture Trustee and UBS Securities LLC (the “Placement Agent”) an officer’s certificate (the “Officer’s
Certificate”) to such effect. 
 (b) On or prior to the Closing Date or a Transfer Date, as applicable,
the Originator shall have delivered or shall have caused the delivery of (i) the related Timeshare Loan Files to the Securitization Custodian and the Securitization Custodian shall have delivered a receipt therefore pursuant to the Custodial
Agreement, (ii) the Timeshare Loan Servicing Files to the Securitization Servicer, and (iii) all documents and certifications required pursuant to the terms of the Custodial Agreement and the Escrow and Closing Agreement. 

(c) The Originator shall have delivered or shall have caused to be delivered all other information theretofore required
or reasonably requested by the Issuer to be delivered by the Originator or performed or caused to be performed all other obligations required to be performed as of the Closing Date or Transfer Date, as the case may be, including all filings,
recordings and/or registrations as may be necessary in the reasonable opinion of the Issuer or the 

  
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Securitization Indenture Trustee to establish and preserve the right, title and interest of the Issuer or the Securitization Indenture Trustee, as the case may be, in the related Timeshare Loans.

 (d) On or before the Closing Date, the Issuer, the Securitization Servicer, the Backup Servicer and the
Securitization Indenture Trustee shall have entered into the Securitization Indenture. 
 (e) The Securitization
Notes shall be issued and sold on the Closing Date, and the Issuer shall receive the full consideration due it upon the issuance of the Securitization Notes, and the Issuer shall have applied such consideration to the extent necessary, to pay that
certain price (the “Timeshare Loan Acquisition Price”) for each Timeshare Loan, except to the extent that the Originator has made a Contribution to the Issuer pursuant to Section 2(f). 

(f) Each Timeshare Loan conveyed on a Transfer Date in accordance with Section 6(a) hereof shall satisfy each of the
criteria specified in the definition of “Qualified Substitute Timeshare Loan” and each of the conditions herein and in the Securitization Indenture for substitution of Timeshare Loans shall have been satisfied. 

(g) Each Timeshare Loan conveyed on a Transfer Date in accordance with Section 2(b) hereof shall satisfy each of the
criteria specified in the definition of “Subsequent Timeshare Loan” and each of the conditions herein and in the Securitization Indenture for conveyance of Subsequent Timeshare Loans shall have been satisfied. 

(h) The Issuer shall have received such other certificates and opinions as it shall reasonably request. 

(i) On or prior to the Closing Date or a Transfer Date, as applicable, the Originator shall deliver a Schedule of
Timeshare Loans, which Schedule shall be attached hereto as Schedule III and made a part hereof. Each Schedule so delivered shall supersede any prior Schedules so delivered. 

SECTION 5. Representations and Warranties and Certain Covenants of the Originator. 

(a) Originator represents and warrants to the Issuer and the Securitization Indenture Trustee for the benefit of the
Securitization Noteholders, as of the Closing Date (with respect to the Timeshare Loans transferred on the Closing Date) and on each Transfer Date (with respect to Qualified Substitute Timeshare Loans and Subsequent Timeshare Loans transferred on
such Transfer Date) as follows: 
 (i) Due Incorporation; Valid Existence; Good Standing.
It is a corporation duly organized and validly existing in good standing under the laws of the jurisdiction of its incorporation; and is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction
where the character of its property, the nature of its business or the performance of its obligations under this Agreement makes such qualification necessary, except where the failure to be so qualified will not have a material adverse effect on its
business or its ability to perform its obligations under this Agreement, or any other related documents (the “Transaction Documents”) to which it is a 

  
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party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of the Timeshare Loans. 

(ii) Possession of Licenses, Certificates, Franchises and Permits. It holds all licenses,
certificates, franchises and permits from all governmental authorities necessary for the conduct of its business, except where the failure to hold such licenses, certificates, franchises and permits would not materially and adversely affect its
ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of the Timeshare Loans, and has
received no notice of proceedings relating to the revocation of any such license, certificate, franchise or permit, which singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would materially and adversely affect
its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of the Timeshare Loans. 

(iii) Corporate Authority and Power. It has, and at all times during the term of this Agreement
will have, all requisite corporate power and authority to own its properties, to conduct its business, to execute and deliver this Agreement and all documents and transactions contemplated hereunder and to perform all of its obligations under this
Agreement and any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder. 
 (iv) Authorization, Execution and Delivery Valid and Binding. This Agreement and all other Transaction Documents and instruments required or contemplated hereby to be executed and delivered by it
have been duly authorized, executed and delivered by it and, assuming the due execution and delivery by, the other party or parties hereto and thereto, constitute legal, valid and binding agreements enforceable against it in accordance with their
respective terms subject, as to enforceability, to bankruptcy, insolvency, reorganization, liquidation, dissolution, moratorium and other similar applicable laws affecting the enforceability of creditors’ rights generally applicable in the
event of the bankruptcy, insolvency, reorganization, liquidation or dissolution, as applicable, of it and to general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. 

(v) No Violation of Law, Rule, Regulation, etc. The execution, delivery and performance by it of
this Agreement and any other Transaction Document to which it is a party do not and will not (A) violate any of the provisions of its articles of incorporation or bylaws, (B) violate any provision of any law, governmental rule or
regulation currently in effect applicable to it or its properties or by which it or its properties may be bound or affected, including, without limitation, any bulk transfer laws, where such violation would have a material adverse effect on its
ability to perform its obligations under this 

  
 7 

 
Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of the Timeshare Loans,
(C) violate any judgment, decree, writ, injunction, award, determination or order currently in effect applicable to it or its properties or by which it or its properties are bound or affected, where such violation would have a material adverse
effect on its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of the Timeshare Loans,
(D) conflict with, or result in a breach of, or constitute a default under, any of the provisions of any indenture, mortgage, deed of trust, contract or other instrument to which it is a party or by which it is bound where such violation would
have a material adverse effect on its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability
of the Timeshare Loans or (E) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, mortgage, deed of trust, contract or other instrument. 

(vi) Governmental Consent. No consent, approval, order or authorization of, and no filing with or
notice to, any court or other Governmental Authority in respect of it is required which has not been obtained in connection with the authorization, execution, delivery or performance by it of this Agreement or any of the other Transaction Documents
to which it is a party or under the transactions contemplated hereunder or thereunder, including, without limitation, the transfer of the Timeshare Loans and the creation of the security interest of the Issuer therein pursuant to Section 3
hereof. 
 (vii) Defaults. It is not in default under any material agreement, contract,
instrument or indenture to which it is a party or by which it or its properties is or are bound, or with respect to any order of any court, administrative agency, arbitrator or governmental body, in each case, which would have a material adverse
effect on the transactions contemplated hereunder or on its business, operations, financial condition or assets, and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement,
contract, instrument or indenture, or with respect to any such order of any court, administrative agency, arbitrator or governmental body. 
 (viii) Insolvency. It is solvent and will not be rendered insolvent by the transfer of Timeshare Loans hereunder. On and after the Closing Date, it will not (i) engage in any business or
transaction the result of which would cause the property remaining with it to constitute an unreasonably small amount of capital, (ii) intend to incur nor believe it will incur debts that would be beyond its ability to pay as such debts mature
or (iii) make any transfer hereunder with actual intent to hinder, delay or defraud any person. 

  
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 (ix) Pending Litigation or Other Proceedings. Other
than as described in the Private Placement Memorandum, there is no pending or, to its Knowledge, threatened action, suit, proceeding or investigation before any court, administrative agency, arbitrator or governmental body against or affecting it
which, if decided adversely, would materially and adversely affect (A) its condition (financial or otherwise), its business or operations, (B) its ability to perform its obligations under, or the validity or enforceability of, this
Agreement or any other documents or transactions contemplated under this Agreement including, without limitation, its ability to foreclose or otherwise enforce the Liens of the Timeshare Loans, or (C) any Timeshare Loan or title of any Obligor
to any related Timeshare Property. 
 (x) Information. No document, certificate or report
furnished or required to be furnished by or on behalf of it pursuant to this Agreement or any other Transaction Document, contains or will contain when furnished any untrue statement of a material fact or fails or will fail to state a material fact
necessary in order to make the statements contained therein not misleading in light of the circumstances in which it was made. There are no facts known to it which, individually or in the aggregate, materially adversely affect, or which (aside from
general economic trends) may reasonably be expected to materially adversely affect in the future, its financial condition or assets or business, or which may impair its or the Originator’s ability to perform its respective obligations under
this Agreement, which have not been disclosed herein or therein or in the certificates and other documents furnished to the Issuer by or on its behalf pursuant hereto or thereto specifically for use in connection with the transactions contemplated
hereby or thereby. 
 (xi) Foreign Tax Liability. It is not aware of any Obligor under a
Timeshare Loan who has withheld any portion of payments due under such Timeshare Loan because of the requirements of a foreign taxing authority, and no foreign taxing authority has contacted it concerning a withholding or other foreign tax
liability. 
 (xii) No Deficiency Accumulation. To the Originator’s Knowledge:
(i) with respect to plan years beginning prior to January 1, 2008, neither the Originator nor any of its Commonly Controlled Affiliates (as defined below) has any “accumulated funding deficiency” (as such term is defined under
ERISA and the Code), whether or not waived, with respect to any Employee Pension Benefit Plan (as defined below), and no event has occurred or circumstance exists that may result in any accumulated funding deficiency as of the last day of any plan
year beginning before January 1, 2008 of any such plan; (ii) with respect to plan years beginning after December 31, 2007, neither the Originator nor any of its Commonly Controlled Affiliates has any unpaid “minimum required
contribution” (as such term is defined under ERISA and the Code) with respect to any Employee Pension Benefit Plan, whether or not such unpaid minimum required contribution is waived, and no event has occurred or circumstance exists that may
result in any unpaid minimum required contribution as of the last day of 

  
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the current plan year of any such plan; (iii) the Originator and each of its Commonly Controlled Affiliates has no outstanding liability for any undisputed contribution required under any
Originator Multiemployer Plan (as defined below); and (iv) the Originator and each of its Commonly Controlled Affiliates has no outstanding liability for any material disputed contribution required under any Originator Multiemployer Plan,
(a) Neither the Originator nor any of its Commonly Controlled Affiliates has incurred any Withdrawal Liability (as defined below) and (b) no event has occurred or circumstance exists that could result in any Withdrawal Liability. Neither
the Originator nor any of its Commonly Controlled Affiliates has received notification of the reorganization, termination, partition, or insolvency of any Originator Multiemployer Plan. For purposes of this subsection, “Commonly Controlled
Affiliates” means those direct or indirect affiliates of the Originator that would be considered a single employer with the Originator under Section 414(b), (c), (m), or (o) of the Code; “Employee Pension Benefit Plan” means
an employee pension benefit plan, as such term is defined in Section 3(2) of ERISA, that is sponsored, maintained or contributed to by the Originator or any of its Commonly Controlled Affiliates (other than an Originator Multiemployer Plan);
“Multiemployer Plan” means a multiemployer plan as such term is defined in Section 3(37) of ERISA; “Originator Multiemployer Plan” means a Multiemployer Plan to which the Originator or any of its Commonly Controlled
Affiliates contributes or in which the Originator or any of its Commonly Controlled Affiliates participates; and “Withdrawal Liability” means liability as determined under ERISA for the complete or partial withdrawal of the Originator or
any of its Commonly Controlled Affiliates from a Multiemployer Plan. 
 (xiii) Taxes. It
has filed all tax returns (federal, state and local) which it reasonably believes are required to be filed and has paid or made adequate provision for the payment of all taxes, assessments and other governmental charges due from it or is contesting
any such tax, assessment or other governmental charge in good faith through appropriate proceedings, except where the failure to file or pay will not have a material adverse effect on the rights and interests of the Issuer or any of its subsequent
assignees. It knows of no basis for any material additional tax assessment for any fiscal year for which adequate reserves have not been established. It shall pay all such taxes, assessments and governmental charges when due, except to the extent it
is contesting any such tax, assessment or governmental change in good faith through appropriate proceedings, or to the extent the failure to pay will not have a material adverse effect on the rights and interests of the Issuer or its subsequent
assignees. 
 (xiv) Place of Business. The principal place of business and chief executive
office where it keeps its records concerning the Timeshare Loans will be 1221 Riverbend Drive, Suite 120, Dallas, Texas 75247 (or such other place specified by it by written notice to the Issuer and the Securitization Indenture Trustee). It is a
corporation formed under the laws of the State of Texas. 

  
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 (xv) Securities Laws. It is not an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. No portion of the Timeshare Loan Acquisition Price for each of the Timeshare Loans will be
used by it or the Originator to acquire any security in any transaction which is subject to Section 13 or Section 14 of the Securities Exchange Act of 1934, as amended. 

(xvi) Oak N’ Spruce Loans. With respect to Timeshare Loans that are Oak N’ Spruce Loans:

 (A) The Oak N’ Spruce Trust is a trust duly, formed, validly existing, and in good
standing under the laws of the Commonwealth of Massachusetts. The Oak N’ Spruce Trust is authorized to transact business in no other state; 

(B) It possesses all requisite franchises, operating rights, licenses, permits, consents, authorizations,
exemptions and orders as are necessary to discharge its obligations under the Finance Agreement; 
 (C) It holds all right, title and interest in and to all of the Timeshare Properties related to the Oak N’ Spruce Loans solely for the benefit of the beneficiaries referred to in, and subject in each
case to the provisions of, the Finance Agreement and the other documents and agreements related thereto; 
 (D) There are no actions, suits, proceedings, orders or injunctions pending against the Oak N’ Spruce Trust or Oak N’ Spruce Trustee, at law or in equity, or before or by any governmental
authority which, if adversely determined, could reasonably be expect to have a material adverse effect on the Trust Estate or the Oak N’ Spruce Trustee’s ability to perform its obligations under the Trust Documents; 

(E) Neither the Oak N’ Spruce Trust nor the Oak N’ Spruce Trustee has incurred any indebtedness
for borrowed money (directly, by guarantee, or otherwise); 
 (F) All ad valorem taxes and other
taxes and assessments against the Oak N’ Spruce Trust and/or its trust estate have been paid when due and neither the Originator nor the Oak N’ Spruce Trustee knows of any basis for any additional taxes or assessments against any such
property. The Oak N’ Spruce Trust has filed all required tax returns and has paid all taxes shown to be due and payable on such returns, including all taxes in respect of sales of Owner Beneficiary Rights (as defined in the Finance Agreement);

 (G) The Oak N’ Spruce Trust and the Oak N’ Spruce Trustee are in compliance with
all applicable laws, statutes, rules and governmental regulations applicable to it and in compliance with each 

  
 11 

 
instrument, agreement or document to which it is a party or by which it is bound, including, without limitation, the Finance Agreement except where the failure to comply herein would not
materially and adversely affect its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of
the Timeshare Loans; 
 (H) It shall continue to control and manage the Oak N’ Spruce
Trust, and Originator shall not take any action to cause the Oak N’ Spruce Trustee to control or manage the Oak N’ Spruce Trust; 
 (I) The Oak N’ Spruce Trustee is a wholly-owned subsidiary of it and is controlled by it. It shall cause Silverleaf Berkshires, Inc. to remain the Oak N’ Spruce Trustee and a wholly-owned
subsidiary of it, and it shall maintain the existence of Silverleaf Berkshires, Inc. as a Texas corporation, with all the requisite corporate powers and authority as exists on the Closing Date; and 

(J) It shall comply, and shall cause the Oak N’ Spruce Trustee to comply, with all the terms and
conditions of the Oak N’ Spruce Trust Agreement and all other related documents. 
 (xvii)
Servicing. It is the initial Servicer and has been servicing the Timeshare Loans in accordance with the Servicing Standard. 
 (xviii) Certified Copy of Contract for Sale. It represents and warrants that each Contract for Sale contained in a Timeshare Loan File is a true, correct and accurate copy of the original Contract
for Sale. 
 (xix) Transactions in Ordinary Course. The transactions contemplated by this
Agreement are in its ordinary course of business. 
 (xx) Name. Its legal name is as set
forth in the signature page of this Agreement and it does not have any tradenames, fictitious names, assumed names or “doing business as” names. 

(xxi) Timeshare Loan Documents. It represents and warrants that all of the documents evidencing
each of the Timeshare Loans are identical in all material respects to the form determined to be valid, binding and enforceable in the applicable state by the corresponding local counsel opinion issued by (I) Weinstock & Scavo, P.C.,
dated May 12, 2011, pertaining to Georgia law matters, (II) Bulkley, Richardson and Gelinas, LLP, dated May 12, 2011, pertaining to Massachusetts law matters, (III) Stinson Morrison Hecker LLP, dated May 12, 2011, pertaining to
Missouri law matters, (IV) Mayer Brown LLP, dated May 12, 2011, pertaining to Illinois law matters, (V) Meadows, Collier, Reed, Cousins, Crouch & Ungerman L.L.P., dated May 12, 2011, pertaining to Texas law

  
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matters, and (VI) Holland and Knight LLP, dated dated May 12, 2011, pertaining to Florida law matters (collectively, the “Local Counsel Opinions”). 

(xxii) Timeshare Marketing Materials and Disclosure Statements. It represents and warrants that it
has provided each of the law firms issuing the Local Counsel Opinions all of the existing marketing materials and disclosure statements in connection with the respective Resort. Moreover, no other marketing materials and disclosure statements exist
except for those provided to the respective law firm issuing the Local Counsel Opinion. 

(xxiii) Local Counsel Opinions. The facts regarding the Originator, the Resorts, the Timeshare
Loans and related matters set forth or assumed in the Local Counsel Opinions are true and correct in all material respects. 
 (xxiv) Custodial Files. It shall, on or prior to the Closing Date and each Transfer Date, have delivered or caused the delivery to the Securitization Custodian a Timeshare Loan File for each
Timeshare Loan, which Timeshare Loan File shall be complete and verified by the Securitization Custodian in accordance with the Custodial Agreement. 

(xxv) Escrow Documents. It shall, on or prior to the ninetieth day following the Closing Date and
each Transfer Date, as applicable, deliver or cause the delivery to the Securitization Custodian of the following: (I) with respect to each Mortgage Loan and pre-July 2004 Oak N’ Spruce Loan listed on the related Schedule of Mortgage
Loans, an original recorded Assignment of Mortgage (which may be a part of a blanket assignment of more than one Mortgage Loan or pre-July 2004 Oak N’ Spruce Loan), showing a complete chain of title from Originator to the Securitization
Indenture Trustee on behalf of the Securitization Noteholders signed by an Authorized Officer of the Originator and each intervening party with evidence of proper recordation or evidence from a third party that submitted such assignment for
recording that such assignment has been submitted for recordation; (II) with respect to each post-July 2004 Oak N’ Spruce Loan listed on the related Schedule of Oak N’ Spruce Loans, a file-stamped Oak N’ Spruce Financing Statement
evidencing the security interest of the Securitization Indenture Trustee and its assigns by naming the Obligor with respect to the related post-July 2004 Oak N’ Spruce Loan as debtor, naming the Originator as secured party/assignor, and by
naming the Securitization Indenture Trustee on behalf of the Securitization Noteholders as the secured party/assignee (or, in the alternative, in the form of an electronic spreadsheet submitted to the Securitization Custodian directly by a third
party service company listing the filing number, date of filing, debtor and secured party and accompanied by a certification of filing by the third party service company); (III) with respect to each Mortgage Loan and pre-July 2004 Oak N’ Spruce
Loan listed on the related Schedule of Prior Secured Party’s Collateral, an original recorded Reassignment of Mortgage (which may be a part of a blanket reassignment of more than one Mortgage Loan or pre-July 2004 Oak N’ Spruce Loan),
showing a complete chain of title from the Prior Secured Party to the Originator to the Securitization 

  
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Indenture Trustee on behalf of the Securitization Noteholders signed by an Authorized Officer of the Prior Secured Party, the Originator, Issuer and each intervening party with evidence of proper
recordation or evidence from a third party that submitted such assignment for recording that such assignment has been submitted for recordation; (IV)(a) with respect to each pre-July 2004 Oak N’ Spruce Loan listed on the related Schedule of
Prior Secured Party’s Collateral, a file-stamped Oak N’ Spruce Financing Statement Amendment evidencing the security interest of the Securitization Indenture Trustee and its assigns by naming the Obligor with respect to the related
pre-July 2004 Oak N’ Spruce Loan as debtor, the Securitization Indenture Trustee on behalf of the Securitization Noteholders as the secured party/assignee, and the Prior Secured Party as the assignor, and (b) with respect to each post-July
2004 Oak N’ Spruce Loan listed on the related Schedule of Prior Secured Party’s Oak N’ Spruce Loans, a file-stamped Oak N’ Spruce Financing Statement Amendment evidencing the security interest of the Securitization Indenture
Trustee and its assigns by naming the Obligor with respect to the related post-July 2004 Oak N’ Spruce Loan as debtor, the Securitization Indenture Trustee on behalf of the Securitization Noteholders as the secured party/assignee, and the Prior
Secured Party as the assignor (or, with respect to clauses (IV)(a) and (b) hereof, such Oak N’ Spruce Financing Statement Amendment may be delivered in the form of an electronic spreadsheet submitted to the Securitization Custodian
directly by a third party service company listing the filing number, date of filing, debtor and secured party and accompanied by a certification of filing by the third party service company); and (V) all other recorded and/or filed documents
provided under the Escrow Agreement. 
 (xxvi) Prior Secured Parties’ Documents. In
accordance with the Escrow Agreement, it shall deliver or cause the delivery to the Escrow Agent of the Paydown Letters, Direction Letters, Prior Secured Party Allonges and any other documents required in respect of each of the Prior Secured
Parties. 
 (xxvii) Title Policies. In accordance with the Escrow Agreement, it shall
deliver or cause the delivery of the Title Policies (as defined in the Escrow Agreement) within 90 days of the Closing Date and each Transfer Date, as applicable. 

(xxviii) No Material Adverse Tax Consequence: No transfer of the Timeshare Loans hereunder shall
result in a material adverse tax consequence to the Originator or the Securitization Noteholders. 
 (b) The
Originator hereby makes the representations and warranties relating to the Timeshare Loans contained in Schedule I hereto for the benefit of the Issuer and its assignees as of the Closing Date (with respect to each Timeshare Loan transferred on the
Closing Date) and as of each Transfer Date (with respect to each Qualified Substitute Timeshare Loan and each Subsequent Timeshare Loan transferred on such Transfer Date), as applicable. 

  
 14 

 (c) It is understood and agreed that the representations, warranties and
covenants set forth in this Section 5 shall survive the (i) transfer of each Timeshare Loan to the Issuer and (ii) the subsequent pledge of such Timeshare Loans and rights and remedies hereunder to the Securitization Indenture Trustee
on behalf of the Securitization Noteholders and shall continue so long as any such Timeshare Loans shall remain outstanding or until such time as such Timeshare Loans are repurchased, purchased or a Qualified Substitute Timeshare Loan is provided
pursuant to Section 6 hereof. The Originator acknowledges that it has been advised that the Issuer intends to pledge, transfer, assign and convey all of its right, title and interest in and to each Timeshare Loan and its rights and remedies
under this Agreement to the Securitization Indenture Trustee on behalf of the Securitization Noteholders. The Originator agrees that, upon any such assignment, the Securitization Indenture Trustee may enforce directly, without joinder of the Issuer
(but subject to any defense that the Originator may have under this Agreement) all rights and remedies hereunder. 
 (d) With respect to any representations and warranties contained in Section 5 which are made to the Originator’s Knowledge, if it is discovered that any representation and warranty is inaccurate
and such inaccuracy materially and adversely affects the value of a Timeshare Loan or the interests of the Issuer or any subsequent assignee thereof, then notwithstanding such lack of Knowledge of the accuracy of such representation and warranty at
the time such representation or warranty was made (without regard to any Knowledge qualifiers), such inaccuracy shall be deemed a breach of such representation or warranty for purposes of the repurchase or substitution obligations described in
Sections 6(a)(i) or (ii) below. 
 SECTION 6. Repurchases and Substitutions. 

(a) Mandatory Repurchases and Substitutions for Breaches of Representations and Warranties. Upon the receipt of
notice by the Originator of a breach of any of its respective representations and warranties (as of the date on which such representation or warranty was made) or covenants in Section 5 which materially and adversely affects the value of a
Timeshare Loan or the interests of the Issuer or any subsequent assignee of the Issuer therein, the Originator shall within 60 days of receipt of such notice, cure in all material respects the circumstance or condition which has caused such
representation or warranty to be incorrect or covenant to be breached or either (i) repurchase the Issuer’s or its assignee’s interest in such related defective Timeshare Loan (the “Defective Timeshare Loan”) from the
Issuer or its assignee at the Repurchase Price or (ii) provide one or more Qualified Substitute Timeshare Loans and pay the related Substitution Shortfall Amounts, if any, provided, that the aggregate Loan Balance of Qualified Substitute
Timeshare Loans replacing Defective Timeshare Loans (measured as of the related Transfer Dates) pursuant to this Agreement, may not exceed 5% of the aggregate Cut-Off Date Loan Balance of the Timeshare Loans on the Prefunding Termination Date.

 (b) Reserved. 

(c) Reserved. 
 (d) Payment of Repurchase Prices and Substitution Shortfall Amounts. The Issuer hereby directs and the Originator hereby agrees to remit or cause to be remitted all amounts in respect of Repurchase
Prices and Substitution Shortfall Amounts payable during the 

  
 15 

 
related Due Period in immediately available funds to the Securitization Indenture Trustee to be deposited in the Collection Account on the related Transfer Date in accordance with the provisions
of the Indenture. In the event that more than one Timeshare Loan is substituted pursuant to Section 6(a) hereof on any Transfer Date, the Substitution Shortfall Amounts and the Loan Balances of Qualified Substitute Timeshare Loans shall be
calculated on an aggregate basis for all substitutions made on such Transfer Date. 
 (e) Schedule of
Timeshare Loans. The Issuer hereby directs and the Originator hereby agrees, on each date on which a Timeshare Loan has been repurchased, purchased, substituted or otherwise added (i.e., in the case of Subsequent Timeshare Loans) to provide the
Issuer and the Securitization Indenture Trustee with an electronic supplement to Schedule III hereto and the Schedule of Timeshare Loans reflecting the removal, substitution and/or other addition of such Timeshare Loans and subjecting any
Qualified Substitute Timeshare Loans and Subsequent Timeshare Loans to the provisions of this Agreement. 
 (f)
Qualified Substitute Timeshare Loans. On the related Transfer Date, the Issuer hereby directs and the Originator hereby agrees to deliver or to cause the delivery of the Timeshare Loan Files of the related Qualified Substitute Timeshare Loans
to the Securitization Indenture Trustee or to the Securitization Custodian, at the direction of the Securitization Indenture Trustee, on the related Transfer Date in accordance with the provisions of the Securitization Indenture. As of such related
Transfer Date, the Originator does hereby transfer, assign, sell, contribute and grant to the Issuer, without recourse (except as provided in Section 6 and Section 8 hereof), any and all of the Originator’s right, title and interest
in and to (i) each Qualified Substitute Timeshare Loan conveyed to the Issuer on such Transfer Date, (ii) the Receivables in respect of the Qualified Substitute Timeshare Loans due after the related Cut-Off Date, (iii) the related
Timeshare Loan Documents (excluding any rights as developer or declarant under the Timeshare Declaration, the Timeshare Program Consumer Documents or the Timeshare Program Governing Documents), (iv) all Related Security in respect of such
Qualified Substitute Timeshare Loans, and (v) all income, payments, proceeds and other benefits and rights related to any of the foregoing. Upon such sale and/or contribution, the ownership of each Qualified Substitute Timeshare Loan and all
collections allocable to principal and interest thereon since the related Cut-Off Date and all other property interests or rights conveyed pursuant to and referenced in this Section 6(g) shall immediately vest in the Issuer, its successors and
assigns. The Originator shall not take any action inconsistent with such ownership nor claim any ownership interest in any Qualified Substitute Timeshare Loan for any purpose whatsoever other than consolidated financial and federal and state income
tax reporting. The Originator agrees that such Qualified Substitute Timeshare Loans shall be subject to the provisions of this Agreement. 
 (g) Officer’s Certificate. The Originator shall, on each related Transfer Date, certify in writing to the Issuer and the Securitization Indenture Trustee that each new Timeshare Loan meets all
the criteria of the definition of “Qualified Substitute Timeshare Loan” and that (i) the Timeshare Loan Files for such Qualified Substitute Timeshare Loans have been delivered to the Securitization Custodian, and (ii) the
Timeshare Loan Servicing Files for such Qualified Substitute Timeshare Loans have been delivered to the Securitization Servicer. 

  
 16 

 (h) Release. In connection with any repurchase, purchase or
substitution of one or more Timeshare Loans contemplated by this Section 6, upon satisfaction of the conditions contained in this Section 6, the Issuer and the Securitization Indenture Trustee shall execute and deliver or shall cause the
execution and delivery of such releases and instruments of transfer or assignment presented to it by the Originator, in each case, without recourse, as shall be necessary to vest in the Originator or its designee (or to evidence the vesting in such
Person of) the legal and beneficial ownership of such released Timeshare Loans. The Issuer shall cause the Securitization Indenture Trustee to cause the Securitization Custodian to release the related Timeshare Loan Files to the Originator or its
designee and the Securitization Servicer to release the related Timeshare Loan Servicing Files to the Originator or its designee. 
 (i) Sole Remedy. It is understood and agreed that the obligations of the Originator contained in Section 6(a) to cure a material breach, or to repurchase or substitute related Defective
Timeshare Loans and the obligation of the Originator to indemnify pursuant to Section 8 shall constitute the sole remedies available to the Issuer or its subsequent assignees for the breaches of any of its representations or warranties
contained in Section 5, and such remedies are not intended to and do not constitute “credit recourse” to the Originator. 
 SECTION 7. Additional Covenants of the Originator. 
 (a)
The Originator hereby covenants and agrees with the Issuer as follows: 
 (i) It shall comply
with all applicable laws, rules, regulations and orders applicable to it and its business and properties except where the failure to comply will not have a material adverse effect on its business or its ability to perform its obligations under this
Agreement or any other Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity or enforceability of the Timeshare Loans. 

(ii) It shall preserve and maintain for itself its existence (corporate or otherwise), rights, franchises
and privileges in the jurisdiction of its organization and except where the failure to so preserve and maintain will not have a material adverse effect on its business or its ability to perform its obligations under this Agreement or any other
Transaction Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity of enforceability of the Timeshare Loans. 

(iii) On or prior to the Closing Date or a Transfer Date, as applicable, it shall indicate in its and any
applicable Affiliate’s computer files and other records that each Timeshare Loan has been sold to the Issuer. 
 (iv) It shall respond to any inquiries with respect to ownership of a Timeshare Loan by stating that such Timeshare Loan has been sold to the Issuer and that the Issuer is the owner of such Timeshare
Loan. 
 (v) On or prior to the Closing Date, it shall file at its own expense financing
statements with respect to the Transferred Assets transferred hereunder, naming the Originator as debtor and naming as secured parties the Issuer and the 

  
 17 

 
Securitization Indenture Trustee on behalf of the Securitization Noteholders, in the form and manner reasonably requested by the Issuer. It shall deliver file-stamped copies of such financing
statements to the Issuer and the Securitization Indenture Trustee on behalf of the Securitization Noteholders. 
 (vi) It agrees from time to time, at its expense, promptly to execute and deliver all further instruments and documents, and to take all further actions, that may be necessary, or that the Issuer or the
Securitization Indenture Trustee may reasonably request, to perfect, protect or more fully evidence the sale or contribution of the Timeshare Loans, or to enable the Issuer or the Securitization Indenture Trustee to exercise and enforce its rights
and remedies hereunder or under any Timeshare Loan including, but not limited to, powers of attorney, UCC financing statements and assignments of mortgage. 

(vii) Any change in its legal name and any use by it of any tradename, fictitious name, assumed name or
“doing business as” name occurring after the Closing Date shall be promptly disclosed to the Issuer and the Securitization Indenture Trustee in writing. 

(viii) Upon the discovery or receipt of notice by a Responsible Officer of it of a breach of any of its
representations or warranties and covenants contained herein, it shall promptly disclose to the Issuer and the Securitization Indenture Trustee, in reasonable detail, the nature of such breach. 

(ix) In the event that it shall receive any payments in respect of a Timeshare Loan after the Closing Date
or Transfer Date, as applicable (including any insurance proceeds that are not payable to the related Obligor), it shall, within two (2) Business Days of receipt, transfer or cause to be transferred, such payments to the Lockbox Account.

 (x) It will keep its principal place of business and chief executive office and the office
where it keeps its records concerning the Timeshare Loans at its address listed herein. 
 (xi)
In the event that it or the Issuer or any assignee of the Issuer should receive actual notice of any transfer taxes arising out of the transfer, assignment and conveyance of a Timeshare Loan from it to the Issuer, on written demand by the Issuer, or
upon it otherwise being given notice thereof, it shall pay, and otherwise indemnify and hold the Issuer, and any subsequent assignee harmless, on an after-tax basis, from and against any and all such transfer taxes. 

(xii) It authorizes the Issuer and the Securitization Indenture Trustee to file continuation statements,
and amendments thereto, relating to the Timeshare Loans and all payments made with regard to the related Timeshare Loans without its signature where permitted by law. A photocopy or other reproduction of this Agreement shall be sufficient as a
financing statement where permitted by law. The Issuer confirms that it is not its present intention to file a photocopy or other 

  
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reproduction of this Agreement as a financing statement, but reserves the right to do so if, in its good faith determination, there is at such time no reasonable alternative remaining to it.

 (xiii) It shall not prepare any financial statements or other statements (including any tax
filings) which shall account for the transactions contemplated by this Agreement in any manner other than as the sale of, or a capital contribution of, the Timeshare Loans, Timeshare Properties, Related Security and other conveyed property related
thereto and additional collateral by it to the Issuer. 
 SECTION 8. Indemnification. 

(a) The Originator hereby agrees to indemnify the Issuer, the Securitization Indenture Trustee, the Securitization
Noteholders and the Placement Agent (collectively, the “Indemnified Parties”) against any and all claims, losses or liabilities (including reasonable legal fees and related costs) that the Issuer, the Securitization Indenture
Trustee, the Securitization Noteholders or the Placement Agent may sustain directly related to any breach of the representations and warranties and covenants of the Originator under Section 5 hereof (the “Indemnified Amounts”)
excluding, however (i) Indemnified Amounts to the extent resulting from the gross negligence or willful misconduct on the part of such Indemnified Party; (ii) any recourse for any uncollectible Timeshare Loan not related to a breach of
representation or warranty; (iii) recourse to the Originator for a related Defective Timeshare Loan so long as the same is cured, substituted or repurchased pursuant to Section 6 hereof; or (iv) income or similar taxes by such
Indemnified Party arising out of or as a result of this Agreement or the transfer of the Timeshare Loans. The parties hereto shall (A) promptly notify the other parties hereto, the Securitization Indenture Trustee, and the Placement Agent if a
claim is made by a third party with respect to this Agreement or the Timeshare Loans, and relating to (1) the failure by the Originator to perform its duties in accordance with the terms of this Agreement or (2) a breach of the
Originator’s representations, covenants or warranties contained in this Agreement, (B) assume (with the consent of the Issuer, the Securitization Indenture Trustee, the Securitization Noteholders or the Placement Agent, as applicable,
which consent shall not be unreasonably withheld) the defense of any such claim and pay all expenses in connection therewith, including legal counsel fees and (C) promptly pay, discharge and satisfy any judgment, order or decree which may be
entered against it or the Issuer, the Securitization Indenture Trustee, the Securitization Noteholders or the Placement Agent in respect of such claim. If the Originator shall have made any indemnity payment pursuant to this Section 8 and the
recipient thereafter collects from another Person any amount relating to the matters covered by the foregoing indemnity, the recipient shall promptly repay such amount to the Originator. 

(b) The obligations of the Originator under this Section 8 to indemnify the Issuer, the Securitization Indenture
Trustee, the Securitization Noteholders and the Placement Agent shall survive the termination of this Agreement and continue until the Notes are paid in full or otherwise released or discharged. 

SECTION 9. No Proceedings. The Originator hereby agrees that it will not, directly or indirectly, institute, or
cause to be instituted, or join any Person in instituting, against the Issuer 

  
 19 

 
or any Association, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law so long as there
shall not have elapsed one year plus one day since the latest maturing Securitization Notes issued by the Issuer. 
 SECTION 10. Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing and mailed or sent by confirmable electronic means, or
delivered as to each party hereto, at its address set forth below or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall not be effective until
received by the party to whom such notice or communication is addressed. 
 Issuer 

Silverleaf Finance X, LLC 
 1221 Riverbend Drive, Suite 235 
 Dallas, Texas 75247 

Attention: Harry J. White, Jr., Chief Financial Officer 

Facsimile No.: 214-631-4981 
 Originator 
 Silverleaf Resorts, Inc. 

1221 Riverbend Drive, Suite 120 
 Dallas, Texas 75247 
 Attention: Harry J. White, Jr. Chief
Financial Officer 
 Facsimile No.: 214-631-4981 

SECTION 11. No Waiver; Remedies. No failure on the part of the Issuer, the Securitization Indenture Trustee or any
assignee thereof to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any
other right. The remedies herein provided are cumulative and not exclusive of any other remedies provided by law. 
 SECTION 12. Binding Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of the Originator, the Issuer and their respective successors and assigns. Any assignee
shall be an express third party beneficiary of this Agreement, entitled to directly enforce this Agreement. The Originator may not assign any of its rights and obligations hereunder or any interest herein without the prior written consent of the
Issuer and any assignee thereof. The Issuer may, and intends to, assign all of its rights to the Securitization Indenture Trustee on behalf of the Securitization Noteholders, and the Originator consents to any such assignments. This Agreement shall
create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until its termination; provided, however, that the rights and remedies with respect to any breach of any
representation and warranty made by the Originator pursuant to Section 5, and the cure, repurchase or substitution and indemnification obligations shall be continuing and shall survive any termination of this

  
 20 

 
Agreement, but such rights and remedies may be enforced only by the Issuer and the Securitization Indenture Trustee. 

SECTION 13. Amendments; Consents and Waivers. No modification, amendment or waiver of, or with respect to, any
provision of this Agreement, and all other agreements, instruments and documents delivered thereto, nor consent to any departure by the Originator from any of the terms or conditions thereof shall be effective unless it shall be in writing and
signed by each of the parties hereto and the written consent of the Securitization Indenture Trustee on behalf of the Securitization Noteholders is given. The Issuer shall provide or cause to be provided to the Securitization Indenture Trustee any
such proposed modifications, amendments or waivers. Any waiver or consent shall be effective only in the specific instance and for the purpose for which given. No consent to or demand by the Originator in any case shall, in itself, entitle it to any
other consent or further notice or demand in similar or other circumstances. The Originator acknowledges that in connection with the intended assignment by the Issuer of all of its right, title and interest in and to each Timeshare Loan to the
Securitization Indenture Trustee on behalf of the Securitization Noteholders, the Issuer intends to issue the Notes, the proceeds of which will be used by the Issuer, in part, to purchase the Timeshare Loans hereunder. 

SECTION 14. Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation, shall not in any way be affected or impaired thereby in any other jurisdiction. Without
limiting the generality of the foregoing, in the event that a Governmental Authority determines that the Issuer may not purchase or acquire Timeshare Loans, the transactions evidenced hereby shall constitute a loan and not a purchase and sale or
contribution, notwithstanding the otherwise applicable intent of the parties hereto, and the Originator shall be deemed to have granted to the Issuer as of the date hereof, a first priority perfected security interest in all of the Originator’s
right, title and interest in, to and under such Timeshare Loans and the related property as described in Section 2 hereof. 
 SECTION 15. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. 
 (A) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK. 
 (B) THE PARTIES TO THIS AGREEMENT HEREBY SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY AND EACH WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH
SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET FORTH ON THE SIGNATURE PAGE HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN

  
 21 

 
DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. THE PARTIES HERETO EACH WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND
CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION 15 SHALL AFFECT THE RIGHT OF THE PARTIES TO THIS AGREEMENT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
AFFECT THE RIGHT OF ANY OF THEM TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION. 

(C) SILVERLEAF AND ISSUER HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY
RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY THE ORIGINATOR AND ISSUER AND IS INTENDED TO
ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE OR EXIST. THE ORIGINATOR AND ISSUER ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF
THIS WAIVER BY THE ORIGINATOR AND ISSUER. 
 SECTION 16. Heading. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 
 SECTION
17. Execution in Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and both of which when taken together shall constitute one and the
same agreement. Delivery of an executed counterpart of this Agreement by facsimile or other electronic transmission (i.e., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. 

  
 22 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their respective officers thereunto duly authorized, as of the date first above written. 
  

					
	 SILVERLEAF FINANCE X, LLC, as Issuer

			
		 	 By:
	 	 /s/ HARRY J. WHITE, JR.

		 	 Name: Harry J. White, Jr.

		 	 Title:   Chief Financial Officer and Treasurer

	
	 SILVERLEAF RESORTS, INC.

		
	 By:
	 	 /s/ HARRY J. WHITE, JR.

		 	 Name: Harry J. White, Jr.

		 	 Title:   Chief Financial Officer

 Schedule I 
 With respect to each Timeshare Loan, as of the related Closing Date or Transfer Date, as applicable: 
  

	(a)	 except if such Timeshare Loan is listed on Schedule II hereof, payments due under such Timeshare Loan are fully-amortizing and payable in
level monthly installments; 

  

	(b)	 payment obligations under such Timeshare Loan, bear a fixed rate of interest; 

 

	(c)	 the Obligor thereunder has made a down payment by cash, check or credit card of at least 10% percent of the actual purchase price (including closing
costs) of the related Timeshare Property and no part of such payment has been made or loaned to Obligor by the Originator or an Affiliate thereof; 

  

	(d)	 (i) as of the Initial Cut-Off Date and (ii) as of the related Subsequent Cut-Off Date in the case of any Qualified Substitute Timeshare Loans
and Subsequent Timeshare Loans, no principal or interest due with respect to such Timeshare Loan is thirty (30) days or more delinquent; 

  

	(e)	 the Obligor related to such Timeshare Loan is not an Affiliate of the Originator or any subsidiary thereof; provided, that solely for the purposes
of this representation, a relative of an employee and employees of the Originator or any subsidiary (or any of its Affiliates) shall not be deemed to be an “Affiliate”; 

 

	(f)	 the Originator is the originator of such Timeshare Loan; 

 

	(g)	 immediately prior to the conveyance of such Timeshare Loan to the Issuer, the Originator will own full legal and equitable title to such Timeshare
Loan, and the Timeshare Loan (and the related Timeshare Property) is free and clear of adverse claims, liens and encumbrances and is not subject to claims of rescission, invalidity, unenforceability, illegality, defense, offset, abatement,
diminution, recoupment, counterclaim or participation or ownership interest in favor of any other Person; 

  

	(h)	 such Timeshare Loan (other than an Oak N’ Spruce Loan originated after July 2004) is secured directly by a first priority Mortgage on the
related purchased Timeshare Property; 

  

	(i)	 with respect to such Timeshare Loan (other than an Oak N’ Spruce Loan originated after July 2004), the Timeshare Property mortgaged by or at
the direction of the related Obligor constitutes a fractional fee simple timeshare interest in real property at the related Resort that entitles the holder of the interest to the use of a specific property for a specified number of days each year or
every other year; the related Mortgage has been delivered for filing and recordation with all appropriate governmental authorities in all jurisdictions in which such Mortgage is required to be filed and recorded to create a valid, binding and
enforceable first Lien on the related Timeshare Property and such Mortgage creates a valid, binding and enforceable first Lien on the related Timeshare Property, subject only to Permitted Liens; and the Originator is in compliance with any Permitted
Lien respecting the right to the use of such Timeshare Property; each of the Assignments 

  
 I-1

	 	 
of Mortgage and each related endorsement of the related Mortgage Note constitutes a duly executed, legal, valid, binding and enforceable assignment or endorsement, as the case may be, of such
related Mortgage and related Mortgage Note, and all monies due or to become due thereunder, and all proceeds thereof; 

  

	(j)	 with respect to the Obligor related to such Timeshare Loan and the related Timeshare Property purchased by such Obligor, there is only one original
Mortgage and Mortgage Note, in the case of a Mortgage Loan and an Oak N’ Spruce Loan originated prior to July 2004, and only one Finance Agreement, in the case of each Oak N’ Spruce Loan; all parties to the related Mortgage and the related
Mortgage Note (and, in the case of each Oak N’ Spruce Loan, Finance Agreement) had legal capacity to enter into such Timeshare Loan Documents and to execute and deliver such related Timeshare Loan Documents, and such related Timeshare Loan
Documents have been duly and properly executed by such parties; any amendments to such related Timeshare Loan Documents required as a result of any mergers involving the Originator or its predecessors, to maintain the rights of the Originator or its
predecessors thereunder as a mortgagee (or the Originator, in the case of the Oak N’ Spruce Loans) have been completed; 

  

	(k)	 at the time the Originator originated such Timeshare Loan, the Originator had full power and authority to originate such Timeshare Loan and the
Obligor had good and indefeasible fee title or good and marketable fee simple title, or, in the case of an Oak N’ Spruce Loan originated after July 2004, a beneficial interest, as applicable, to the Timeshare Property related to such Timeshare
Loan, free and clear of all Liens, except for Permitted Liens; 

  

	(l)	 the Mortgage (and, in the case of each Oak N’ Spruce Loan, the related Finance Agreement) related to such Timeshare Loan contains customary and
enforceable provisions so as to render the rights and remedies of the holder thereof adequate for the realization against the related Timeshare Property of the benefits of the security interests or lender’s contractual rights intended to be
provided thereby, including (a) if the Mortgage is a deed of trust, by trustee’s sale, including power of sale, (b) otherwise by judicial foreclosure or power of sale and/or (c) termination of the contract, forfeiture of Obligor
deposits and payments towards the related Timeshare Loan and expulsion from the related Association; in the case of the Mortgage Loans and Oak N’ Spruce Loans originated prior to July 2004, there is no exemption available to the related Obligor
which would interfere with the mortgagee’s right to sell at a trustee’s sale or power of sale or right to foreclose such related Mortgage, as applicable; 

 

	(m)	 any Mortgage Note related to such Timeshare Loan is not and has not been secured by any collateral except the Lien of the related Mortgage;

  

	(n)	 if a Mortgage secures such Timeshare Loan (other than an Oak N’ Spruce Loan), a binding commitment for title insurance, not subject to any
conditions other than standard conditions applicable to all binding commitments, has been issued with respect to the related Timeshare Property, and within 90 days of the Closing Date and each Transfer Date, as applicable, a mortgagee title policy
insuring the title to the related Timeshare Property shall be issued by a title insurer qualified to do business in the jurisdiction 

  
 I-2

	 	 
where the related Timeshare Property is located, in a form generally acceptable to prudent originators of similar mortgage loans, insuring the Securitization Indenture Trustee on behalf of the
Securitization Noteholders and its successors and assigns as to the first priority mortgage Lien of the related Mortgage in an amount equal to the outstanding Loan Balance of such Timeshare Loan, and otherwise in form and substance acceptable to the
Securitization Indenture Trustee; the Issuer or the Prior Secured Party, as applicable, and their respective successors and assigns will be the named insured of such mortgagee’s title insurance policy; such mortgagee’s title insurance
policy will be in full force and effect; no claims will have been made under such mortgagee’s title insurance policy and no prior holder of such Timeshare Loan will have done or omitted to do anything which would impair the coverage of such
mortgagee’s title insurance policy; no premiums for such mortgagee’s title insurance policy, endorsements and all special endorsements will be past due; 

 

	(o)	 each of the Originator, Silverleaf Club and each of their respective Affiliates has not taken (or omitted to take), and has no notice that the
Obligor related to such Timeshare Loan has taken (or omitted to take), any action that would impair or invalidate the coverage provided by any hazard, title or other insurance policy on the related Timeshare Property; 

 

	(p)	 all applicable intangible taxes and documentary stamp taxes have been paid on such Timeshare Loan; 

 

	(q)	 the proceeds of such Timeshare Loan have been fully disbursed, there is no obligation to make future advances or to lend additional funds under the
originator’s commitment or the documents and instruments evidencing or securing such Timeshare Loan and no such advances or loans have been made since the origination of such Timeshare Loan; 

 

	(r)	 the terms of each Timeshare Loan Document related to such Timeshare Loan have not been impaired, waived, altered or modified in any respect, except
(x) by written instruments which are part of the related Timeshare Loan Documents or (y) in accordance with the Credit Policy or the Servicing Standard. No other instrument has been executed or agreed to which would effect any such
impairment, waiver, alteration or modification; the Obligor has not been released from liability on or with respect to such Timeshare Loan, in whole or in part; if required by law or prudent originators of similar loans in the jurisdiction where the
related Timeshare Property is located, all waivers, alterations and modifications have been filed and/or recorded in all places necessary to perfect, maintain and continue a valid first priority Lien of the Mortgage subject only to Permitted Liens;

  

	(s)	 other than if it is an Oak N’ Spruce Loan, such Timeshare Loan is principally and directly secured by an interest in real property;

  

	(t)	 such Timeshare Loan was originated by the Originator or one of its Affiliates in the normal course of its business; was originated and underwritten
in accordance with its underwriting guidelines; and the origination, servicing and collection practices used by the Originator and its Affiliates with respect to such Timeshare Loan have been in all

  
 I-3

	 	 
respects, legal, proper, prudent, customary and in accordance with usual procedures employed by it with respect to comparable assets that the servicer services for itself or its Affiliates, but
without regard for any relationship that it or any of its Affiliates may have with the related Obligor; 

  

	(u)	 such Timeshare Loan is assignable to and by the obligee and its successors and assigns and the related Timeshare Property is assignable upon
liquidation of the related Timeshare Loan, without the consent of any other Person (including any Association, condominium association, homeowners’ or timeshare association); 

 

	(v)	 the Mortgage (and with respect to an Oak N’Spruce Loan originated after July 2004, the related lien) related to such Timeshare Loan is and will
be prior to any Lien on, or other interests relating to, the related Timeshare Property; 

  

	(w)	 to the Originator’s Knowledge, there are no delinquent or unpaid taxes, ground rents (if any), water charges, sewer rents or assessments
outstanding with respect to any of the Timeshare Properties, nor any other outstanding Liens or charges affecting the Timeshare Properties related to such Timeshare Loan that would affect the Lien of the related Mortgage or otherwise materially
affecting the interests of the Securitization Indenture Trustee on behalf of the Securitization Noteholders in such Timeshare Loan; 

  

	(x)	 other than with respect to delinquent payments of principal or interest 30 (thirty) or fewer days past due as of the Cut-Off Date, there is no
default, breach, violation or event of acceleration existing under the Mortgage, the related Mortgage Note or any other document or instrument evidencing, guaranteeing, insuring or otherwise securing such Timeshare Loan, and no event which, with the
lapse of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration thereunder; and the Originator has not waived any such material default, breach, violation
or event of acceleration under the Finance Agreement, Mortgage, the Mortgage Note or any such other document or instrument, as, applicable; 

  

	(y)	 neither the Obligor related to such Timeshare Loan nor any other Person has the right, by statute, contract or otherwise, to seek the partition of
the related Timeshare Property; 

  

	(z)	 such Timeshare Loan has not been satisfied, canceled, rescinded or subordinated, in whole or in part; no portion of the related Timeshare Property
has been released from the Lien of the related Mortgage, in whole or in part; no instrument has been executed that would effect any such satisfaction, cancellation, rescission, subordination or release; the terms of the related Mortgage do not
provide for a release of any portion of the related Timeshare Property from the Lien of the related Mortgage except upon the payment of such Timeshare Loan in full; 

 

	(aa)	 the Originator and any of its Affiliates and, to the Originator’s Knowledge, each other party which has had an interest in such Timeshare Loan
is (or, during the period in which such party held and disposed of such interest, was) in compliance with any and all applicable filing, licensing and “doing business” requirements of the laws of the state wherein the related Timeshare
Property is located to the extent necessary to permit the 

  
 I-4

	 	 
Originator to maintain or defend actions or proceedings with respect to such Timeshare Loan in all appropriate forums in such state without any further act on the part of any such party;

  

	(bb)	 there is no current obligation on the part of any other person (including any buy down arrangement) to make payments on behalf of the Obligor in
respect of such Timeshare Loan; 

  

	(cc)	 the Association related to such Timeshare Loan was duly organized and is validly existing; a manager (the “Manager”) manages such
Resort and performs services for the Associations, pursuant to an agreement between the Manager and the respective Associations, such contract being in full force and effect; to the Originator’s Knowledge, the Manager and the Associations have
performed in all material respects all obligations under such agreement and are not in default under such agreement; 

  

	(dd)	 the Resort related to such Timeshare Loan is insured in the event of fire, earthquake, or other casualty for the full replacement value thereof, and
in the event that the related Timeshare Property should suffer any loss covered by casualty or other insurance, upon receipt of any insurance proceeds, the Associations at the Resorts are required, during the time such Timeshare Property is covered
by such insurance, under the applicable governing instruments either to repair or rebuild the portions of the Resort in which the related Timeshare Property is located or to pay such proceeds to the holders of any related Mortgage or lien secured by
a timeshare estate in the portions of the Resort in which the related Timeshare Property is located; the related Resort, if located in a designated flood plain, maintains flood insurance in an amount not less than the maximum level available under
the National Flood Insurance Act of 1968, as amended; the related Resort has business interruption insurance and general liability insurance in such amounts generally acceptable in the industry; the related Resort’s insurance policies are in
full force and effect with a generally acceptable insurance carrier; 

  

	(ee)	 the Mortgage or Finance Agreement, as applicable, related to such Timeshare Loan gives the obligee and its successors and assigns the right to
receive and direct the application of insurance and condemnation proceeds received in respect of the related Timeshare Property, except where the related condominium declarations, timeshare declarations or applicable state law provide that insurance
and condemnation proceeds be applied to restoration of the improvements; 

  

	(ff)	 each rescission period applicable to such Timeshare Loan has expired; 

 

	(gg)	 no selection procedures were intentionally utilized by the Originator in selecting such Timeshare Loan which the Originator knew were materially
adverse to the Purchaser, the Securitization Indenture Trustee or the Securitization Noteholders; 

  

	(hh)	 the Units related to such Timeshare Loan in the related Resort have been completed in all material respects as required by applicable state and
local laws, free of all defects that could give rise to any claims by the related Obligors under home warranties or applicable laws or regulations, whether or not such claims would create valid offset rights under the

  
 I-5

	 	 
law of the State in which the Resort is located; to the extent required by applicable law, valid certificates of occupancy for such Units have been issued and are currently outstanding; the
Originator and its Affiliates have complied in all material respects with all obligations and duties incumbent upon the developers under the related timeshare declaration (each a “Declaration”), as applicable, or similar applicable
documents for the related Resort; no practice, procedure or policy employed by the related Association in the conduct of its business violates any law, regulation, judgment or agreement, including, without limitation, those relating to zoning,
building, use and occupancy, fire, health, sanitation, air pollution, ecological, environmental and toxic wastes, applicable to such Association which, if enforced, would reasonably be expected to (a) have a material adverse impact on such
Association or the ability of such Association to do business, (b) have a material adverse impact on the financial condition of such Association, or (c) constitute grounds for the revocation of any license, charter, permit or registration
which is material to the conduct of the business of such Association; the related Resort and the present use thereof does not violate any applicable environmental, zoning or building laws, ordinances, rules or regulations of any governmental
authority, or any covenants or restrictions of record, so as to materially adversely affect the value or use of such Resort or the performance by the related Association of its obligations pursuant to and as contemplated by the terms and provisions
of the related Declaration; there is no condition presently existing, and to the Originator’s Knowledge, no event has occurred or failed to occur prior to the date hereof, concerning the related Resort relating to any hazardous or toxic
materials or condition, asbestos or other environmental or similar matters which would reasonably be expected to materially and adversely affect the present use of such Resort or the financial condition or business operations of the related
Association, or the value of the Notes; 

  

	(ii)	 except if such Timeshare Loan is listed on Schedule II hereof, the original Loan Balance of such Timeshare Loan does not exceed $55,000;

  

	(jj)	 payments with respect to such Timeshare Loan are required to be in legal tender of the United States; 

 

	(kk)	 all monthly payments made with respect to such Timeshare Loan have been made by the Obligor and not by the Originator or any Affiliate of the
Originator on the Obligor’s behalf; 

  

	(ll)	 such Timeshare Loan relates to a Resort; 

  

	(mm)	 such Timeshare Loan constitutes either “chattel paper”, a “general intangible” or an “instrument” as
defined in the UCC as in effect in all applicable jurisdictions; 

  

	(nn)	 the sale, contribution, transfer and assignment of such Timeshare Loan and the Related Security does not contravene or conflict with any law, rule
or regulation or any contractual or other restriction, limitation or encumbrance, and the sale, contribution, transfer and assignment of such Timeshare Loan and the Related Security do not require the consent of the Obligor;

  
 I-6

	(oo)	 such Timeshare Loan, the Related Security, related Assignment of Mortgage, related Mortgage, related Mortgage Note, related Finance Agreement and
each other related Timeshare Loan Document are in full force and effect, constitute the legal, valid and binding obligation of the Obligor thereof enforceable against such Obligor in accordance with its terms subject to the effect of bankruptcy,
fraudulent conveyance or transfer, insolvency, reorganization, assignment, liquidation, conservatorship or moratorium, and is not subject to any dispute, offset, counterclaim or defense whatsoever; 

 

	(pp)	 such Timeshare Loan relates to a Completed Unit and the Related Security does not, and the origination of such Timeshare Loan did not, contravene in
any material respect any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to usury, retail installment sales, truth in lending, fair credit reporting, equal credit opportunity, fair
debt collection practices and privacy) and with respect to which no party thereto has been or is in violation of any such law, rule or regulation in any material respect if such violation would impair the collectability of such Timeshare Loan and
the Related Security; no Timeshare Loan was originated in, or is subject to the laws of, any jurisdiction under which the sale, contribution, transfer, conveyance or assignment of such Timeshare Loan would be unlawful, void or voidable;

  

	(qq)	 to the Originator’s Knowledge, (i) no bankruptcy is currently existing with respect to the Obligor related to such Timeshare Loan,
(ii) such Obligor is not insolvent and (iii) the Obligor is not an Affiliate of the Originator; 

  

	(rr)	 except if such Timeshare Loan is listed on Schedule II hereof, such Timeshare Loan shall not have a Timeshare Loan Rate less than
6.00% per annum; 

  

	(ss)	 except if such Timeshare Loan is listed on Schedule II hereof, the Obligor related to such Timeshare Loan has made at least two
(2) month’s aggregate required payments with respect to the Timeshare Loan (not including any down payment); 

  

	(tt)	 if the related Resort is subject to a construction loan, the construction lender shall have signed and delivered a non-disturbance agreement (which
may be contained in such lender’s mortgage) pursuant to which such construction lender agrees not to foreclose on the related Timeshare Properties relating to such Timeshare Loan which have been sold pursuant to this Agreement or any Subsequent
Transfer Agreement; 

  

	(uu)	 the Timeshare Properties and the Resorts related to such Timeshare Loan are free of material damage and waste and are in good repair and fully
operational; there is no proceeding pending or threatened for the total or partial condemnation of or affecting any Timeshare Property or taking of the Timeshare Property by eminent domain; the Timeshare Properties and the Resorts in which the
Timeshare Properties are located are lawfully used and occupied under applicable law by the owner thereof; 

  

	(vv)	 the portions of the Resorts in which the Timeshare Properties are located which represent the common facilities are free of material damage and
waste and are in good repair and condition, ordinary wear and tear excepted; 

  
 I-7

	(ww)	 no foreclosure or similar proceedings have been instituted and are continuing with respect to such Timeshare Loan or the related Timeshare Property;

  

	(xx)	 if such Timeshare Loan is an Oak N’ Spruce Loan, the Originator controls and manages the Oak N’ Spruce Trust and the Oak N’ Spruce
Resort, and the Originator shall not take any action to cause the Oak N’ Spruce Trustee to control or manage the Oak N’ Spruce Trust or the Oak N’ Spruce Resort; 

 

	(yy)	 such Timeshare Loan does not have an original term to maturity in excess of 120 months; 

 

	(zz)	 other than with respect to the Orlando Breeze Resort, no capital reserves are required to be maintained by the Associations related to the Timeshare
Loan; to the Originator’s Knowledge, the maintenance fee levels of such Associations related to the Resorts are adequate in light of the operating requirements of such Associations, and, in respect of the Orlando Breeze Resort, all reserve
requirements have been satisfied; 

  

	(aaa)	 except as required by law, such Timeshare Loan may not be assumed without the consent of the obligee; 

 

	(bbb)	 the Obligor related to such Timeshare Loan has not had any of its rights in respect of the related Timeshare Property suspended;

  

	(ccc)	 the payments under such Timeshare Loan are not subject to withholding taxes imposed by any foreign governments; 

 

	(ddd)	 each entry with respect to such Timeshare Loan as set forth on Schedule II and Schedule III hereof is true and correct. If such
Timeshare Loan is a Qualified Substitute Timeshare Loan or a Subsequent Timeshare Loan, each entry with respect to such Qualified Substitute Timeshare Loan or such Subsequent Timeshare Loan as set forth on Schedule II and Schedule III hereof, as
revised, is true and correct; 

  

	(eee)	 no broker is, or will be, entitled to any commission or compensation in connection with the transfer of such Timeshare Loans hereunder;

  

	(fff)	 if the Obligor related to such Timeshare Loan is paying its scheduled payments by pre-authorized debit or charge, such Obligor has executed an ACH
Form substantially in the form attached hereto as Exhibit A; 

  

	(ggg)	 with respect to such Timeshare Loan, each Contract for Sale contained in the related Timeshare Loan File is a true, correct and accurate copy of the
original Contract for Sale; 

  

	(hhh)	 the Timeshare Loan Documents related to such Timeshare Loan are identical in all material respects to the forms attached to the Local Counsel
Opinion relating to the state in which the related Timeshare Property is located; and 

  

	(iii)	 with respect to such Timeshare Loan, any Lien in favor of the related Association is and will be subordinate to the deed of trust or mortgage Lien
securing payment of such Timeshare Loan. 

  
 I-8

 Annex A 

Standard Definitions 

 Schedule II 

Exceptions – See Attached File 

 Schedule III 

Schedule of Timeshare Loans – See Attached File 

 Exhibit A 

ACH Form – See Attached File

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