Document:

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                                                                   EXHIBIT 10.68

                                                                  EXECUTION COPY

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

                                       to

                         MASTER LOAN PURCHASE AGREEMENT
                           Dated as of August 29, 2002

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

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

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                                 by and between

                          EFI DEVELOPMENT FUNDING, INC.
                                    as Seller

                                       and

                           SIERRA DEPOSIT COMPANY, LLC
                                  as Purchaser

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                           PAGE
       <S>                                                                                                   <C>
       Section 1.    Definitions..............................................................................1

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

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

              (b)    Filing of Financing Statements...........................................................6

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

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

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

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

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

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

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

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

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

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

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

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

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

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

       Section 7.    Repurchases or Substitution of Series 2002-1 Loans......................................11

              (a)    Repurchase or Substitution Obligation...................................................11

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

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

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

       Section 8.    Covenants of the Seller.................................................................13

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

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

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

              (l)    Ratification of Agreement...............................................................13

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

                                       -i-
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                                                TABLE OF CONTENTS
                                                   (continued)

<Table>
<Caption>
                                                                                                           PAGE
              <S>                                                                                            <C>
              (n)    Counterparts............................................................................13

              (o)    GOVERNING LAW...........................................................................13

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

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

     Section 2 of the Agreement provides that the Seller may from time to time
sell and assign to the Company, and the Company may from time to time Purchase
from the Seller, all the Seller's right, title and interest in, to and under
Loans listed on the Loan Schedule of the related PA Supplement on the Closing
Date for the related Series. The principal terms of the Purchase and sale of
Loans for each Series shall be set forth in a PA Supplement to the Agreement.

     Pursuant to this PA Supplement and in accordance with Section 2 of the
Agreement, the Seller hereby sells to the Company, and the Company hereby
Purchases from the Seller, the Series 2002-1 Loans, and the Seller and the
Company hereby specify the principal terms of such sales and Purchases.

SECTION 1.   DEFINITIONS.

     All capitalized terms used herein and not otherwise defined herein have the
meanings ascribed to them in the Agreement. Each capitalized term defined herein
shall relate only to the Series 2002-1 Loans and to no other Loans purchased by
the Company from the Seller.

     In the event that any term or provision contained herein shall conflict
with or be inconsistent with any term or provision contained in the Agreement,
the terms and provisions of this PA Supplement shall be controlling.

     The words "hereof," "herein" and "hereunder" and words of similar import
when used in this PA Supplement shall refer to this PA Supplement as a whole and
not to any particular provision of this PA Supplement; and Article, Section,
subsection, Schedule and Exhibit references contained in this PA Supplement are
references to Articles, Sections, subsections, Schedules and Exhibits in or to
this PA Supplement unless otherwise specified.

     "ADDITION DATE" shall mean the date from and after which Additional Loans
are sold pursuant to Section 2(d).

     "AGREEMENT" shall mean the Master Loan Purchase Agreement dated as of
August 29, 2002 by and between the Seller and the Purchaser, as the same may be
amended, supplemented or otherwise modified from time to time thereafter in
accordance with its terms.

     "ASSIGNMENT" shall have the meaning set forth in Section 2(d)(iii)(E).

     "CLOSING DATE" shall mean August 29, 2002.

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

     "CUT-OFF DATE" shall mean August 27, 2002.

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     "EFI HYPOTHECATION LOAN" shall mean a loan from Equivest Capital, Inc. to a
Developer.

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

     (a)     with respect to which (i) the related Timeshare Property is not a
             Lot, (ii) the related Timeshare Property has been purchased by an
             Obligor, (iii) except in the case of a Green Loan, a certificate of
             occupancy for the related Timeshare Property has been issued, (iv)
             except in the case of a Green Loan, the unit for the related
             Timeshare Property is complete and ready for occupancy, is not in
             need of material maintenance or repair, except for ordinary,
             routine maintenance and repairs that are not substantial in nature
             or cost and contains no structural defects materially affecting its
             value, (v) the related Timeshare Property Regime is not in need of
             maintenance or repair, except for ordinary, routine maintenance and
             repairs that are not substantial in nature or cost and contains no
             structural defects materially affecting its value, (vi) there is no
             legal, judicial or administrative proceeding pending, or to the
             Seller's knowledge threatened, for the total condemnation of the
             related Timeshare Property or partial condemnation of any portion
             of the related Timeshare Property Regime that would have a material
             adverse effect on the value of the related Timeshare Property and
             (vii) the related Timeshare Property is not related to a Resort
             located outside of the United States, Canada, Mexico or the United
             States Virgin Islands;

     (b)     with respect to which the rights of the Obligor thereunder are
             subject to declarations, covenants and restrictions of record
             affecting the Resort;

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

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

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

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

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

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

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

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

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

     (l)     with respect to which the related Timeshare Property (A) consists
             of a Fixed Week, Vacation Credits or a UDI and (B) if it consists
             of a Fixed Week, it has been converted into a UDI, which conversion
             does not give rise to the extension of the maturity of any payments
             under such Series 2002-1 Loan;

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

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

     (o)     that arises from transactions in a jurisdiction in which the Seller
             is duly qualified to do business, except where the failure to so
             qualify will not adversely affect or impair the legality, validity,
             binding effect and enforceability of such Series 2002-1 Loan;

                                        3
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     (p)     that has not been cancelled or terminated by the related Obligor
             (regardless of whether such Obligor is legally entitled to do so)
             and constitutes a legal, valid, binding and enforceable obligation
             of the related Obligor, except as such enforceability may be
             limited by Debtor Relief Laws and as such enforceability may be
             limited by general principles of equity, regardless of whether such
             enforceability is considered in a proceeding in equity or at law;

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

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

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

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

     (u)     that is not an EFI Hypothecation Loan;

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

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

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

     "EXCESS CONCENTRATION AMOUNT" shall have the meaning set forth in the
Series 2002-1 Supplement.

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

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     "POOL PURCHASE PRICE" shall have the meaning set forth in Section 3.

     "PURCHASE" shall have the meaning set forth in Section 2(e).

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

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

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

     "SERIES TERMINATION DATE" shall mean the date on which all obligations with
respect to the Series 2002-1 Notes issued under the Series 2002-1 Supplement
have been paid in full and the Series 2002-1 Supplement is discharged.

     "SERIES 2002-1 ADDITIONAL LOAN" shall mean each Additional Loan
constituting one of the Series 2002-1 Loans Purchased from the Seller on an
Addition Cut-Off Date and listed on Schedule 1 to the related Assignment.

     "SERIES 2002-1 LOAN" means each Loan listed from time to time on the Series
2002-1 Loan Schedule.

     "SERIES 2002-1 LOAN SCHEDULE" shall mean the Loan Schedule for the Series
2002-1 Loans.

     "SERIES 2002-1 NOTEHOLDER" shall mean any Noteholder under the Series
2002-1 Supplement.

     "SERIES 2002-1 PLEDGED LOAN" shall have the meaning set forth in the Series
2002-1 Supplement.

     "SERIES 2002-1 SUPPLEMENT" shall mean the supplement to the Master
Indenture and Servicing Agreement executed and delivered in connection with the
original issuance of the Series 2002-1 Notes and all amendments thereof and
supplements thereto.

     "SUBSTITUTION ADJUSTMENT AMOUNT" shall have the meaning set forth in
Section 7.

SECTION 2.   SALE.

             (a)     SERIES 2002-1 LOANS. Subject to the terms and conditions
and in reliance on the representations, warranties, and covenants and agreements
set forth in the Agreement and this PA Supplement, the Seller hereby sells and
assigns to the Company, and the Company hereby Purchases from the Seller,
without recourse except as specifically set forth herein, all of the Seller's
right, title and interest in, to and under the Initial Loans, if any, listed on
the Series 2002-1 Loan Schedule delivered on the Closing Date, together with all
Transferred Assets relating thereto. The Series 2002-1 Additional Loans existing
at the close of business on the related Addition Cut-Off Date and all other
Transferred Assets relating thereto shall be sold by the Seller and purchased by
the Company on the related Addition Date. Notwithstanding the foregoing, and for
avoidance of doubt, the Seller does not assign, and the Purchaser does not

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agree to assume, any obligations specific to any Developer as developer of any
Timeshare Property underlying an Installment Contract.

             (b)     FILING OF FINANCING STATEMENTS. In connection with the
foregoing sale, the Seller agrees to record and file a financing statement or
statements (and continuation statements or other amendments with respect to such
financing statements) with respect to the Series 2002-1 Loans and related
Transferred Assets described in Section 2(a) sold by the Seller hereunder
meeting the requirements of applicable state law in such manner and in such
jurisdictions as are necessary to perfect the interests of the Purchaser created
hereby under the applicable UCC and to deliver a file-stamped copy of such
financing statements and continuation statements (or other amendments) or other
evidence of such filings to the Purchaser.

             (c)     DELIVERY OF SERIES 2002-1 LOAN SCHEDULE. In connection with
the sale and conveyance hereunder, the Seller agrees on or prior to the Closing
Date and on or prior to the applicable Addition Date (in the case of Additional
Series 2002-1 Loans) to indicate or cause to be indicated clearly and
unambiguously in its accounting, computer and other records that the Series
2002-1 Loans and related Transferred Assets have been sold to the Purchaser
pursuant to this PA Supplement. In addition, in connection with the sale and
conveyance hereunder, the Seller agrees on or prior to the Closing Date and on
or prior to the applicable Addition Date (in the case of Additional Series
2002-1 Loans) to deliver to the Company a Series 2002-1 Loan Schedule for such
Series 2002-1 Loans or Additional Series 2002-1 Loans.

             (d)     PURCHASE OF ADDITIONAL SERIES 2002-1 LOANS.

                     (i)     [Reserved].

                     (ii)    The Seller may, with the consent of the Purchaser,
     designate Eligible Loans to be sold as Additional Series 2002-1 Loans.

                     (iii)   On the Addition Date with respect to any Additional
     Series 2002-1 Loans, such Additional Series 2002-1 Loans shall become
     Series 2002-1 Loans, and the Purchaser shall Purchase the Seller's right,
     title and interest in, to and under the Additional Series 2002-1 Loans and
     the other related Transferred Assets as provided in the Assignment, subject
     to the satisfaction of the following conditions on such Addition Date:

                     (A)     The Seller shall have delivered to the Purchaser
             copies of UCC financing statements covering such Additional Series
             2002-1 Loans, if necessary to perfect the Purchaser's first
             priority interest in such Series 2002-1 Additional Loans and the
             other related Transferred Assets;

                     (B)     On each of the Addition Cut-Off Date and the
             Addition Date, the sale of such Additional Series 2002-1 Loans and
             the other related Transferred Assets to the Purchaser shall not
             have caused the Seller's insolvency or have been made in
             contemplation of the Seller's insolvency;

                     (C)     No selection procedure shall have been utilized by
             the Seller that would result in a selection of such Additional
             Series 2002-1 Loans (from the

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             Eligible Loans available to the Seller) that would be materially
             adverse to the interests of the Purchaser as of the Addition Date;

                     (D)     The Seller shall have indicated in its accounting,
             computer and other records that the Additional Series 2002-1 Loans
             and the other related Transferred Assets have been sold to the
             Purchaser and shall have delivered to the Purchaser the required
             Series 2002-1 Loan Schedule;

                     (E)     The Seller and the Purchaser shall have entered
             into a duly executed, written assignment substantially in the form
             of Exhibit B to the Agreement (an "ASSIGNMENT");

                     (F)     The Seller shall have delivered to the Purchaser an
             Officer's Certificate of the Seller dated the Addition Date,
             confirming, to the extent applicable, the items set forth in
             Section 2(d)(iii) (A) through (E);

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

                     (H)     The Purchaser shall have paid the Additional Pool
             Purchase Price as provided in Section 3 of the Agreement.

                     (iv)    The Seller shall have no obligation to sell the
     Additional Series 2002-1 Loans if it has not been paid the Additional Pool
     Purchase Price therefor.

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

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

             (g)     SECURITY INTEREST IN TRANSFERRED ASSETS. The Seller
acknowledges that the Series 2002-1 Loans and related Transferred Assets are
subject to the Lien of the Indenture and

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Servicing Agreement for the benefit of the Trustee and the Series 2002-1
Noteholders (or to the Collateral Agent on behalf of the Trustee and the Series
2002-1 Noteholders).

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

     The Seller acknowledges that the Company will convey the Series 2002-1
Loans and the other related Transferred Assets to the Issuer and that the Issuer
will grant a security interest in the Series 2002-1 Loans and other related
Transferred Assets to the Collateral Agent pursuant to the Indenture and
Servicing Agreement and the related Series 2002-1 Supplement. The Seller agrees
that, upon such grant, the Issuer, the Trustee and the Collateral Agent may
enforce all of the Seller's obligations hereunder and under the Agreement
directly, including without limitation the repurchase obligations of the Seller
set forth in Section 7.

SECTION 3.   PURCHASE PRICE.

     No Series 2002-1 Loans shall be sold on the Closing Date. The purchase
price for Additional Loans sold on an Addition Date shall be the Additional Pool
Purchase Price.

SECTION 4.   PAYMENT OF PURCHASE PRICE.

     Sections 4(a) through (c) are set forth in the Agreement.

     (d)     The closing shall take place at the offices of Orrick, Herrington &
Sutcliffe LLP, Washington Harbour, 3050 K Street, NW, Washington, D.C. 20007, at
10:00 a.m. local time on the Closing Date, or such other time and place as shall
be mutually agreed upon among the parties hereto.

SECTION 5.   CONDITIONS PRECEDENT TO SALE OF SERIES 2002-1 LOANS AND ADDITIONAL
             LOANS.

     (a)     CONDITIONS PRECEDENT TO SALE OF SERIES 2002-1 LOANS. The
Purchaser's obligations hereunder to Purchase and pay for the Series 2002-1
Loans and related Transferred Assets are subject to the fulfillment of the
following conditions on or before the Closing Date:

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

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

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

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

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

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

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

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

SECTION 6.   REPRESENTATIONS AND WARRANTIES OF THE SELLER.

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

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

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

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

             (b)     REPRESENTATIONS AND WARRANTIES REGARDING THE SERIES 2002-1
LOANS. The Seller represents and warrants to the Company as of the Cut-Off Date
and Addition Cut-Off Date as to each Series 2002-1 Loan conveyed on and as of
the Closing Date or the related Addition Date, as applicable (except as
otherwise expressly stated) as follows:

                     (xxiii) LOAN SCHEDULE. The information set forth in the
     Series 2002-1 Loan Schedule is true and correct with respect to such Series
     2002-1 Loan.

                     (xxiv)  GOOD TITLE TO SERIES 2002-1 LOANS. The Seller has
     good and marketable title to such Series 2002-1 Loan free and clear of any
     Lien other than Permitted Encumbrances. The Seller has not sold, assigned
     or pledged such Series 2002-1 Loan or any interest therein to any Person
     other than the Company. With respect to the related Timeshare Property,
     either (A) a generally accepted form of title insurance policy insuring the
     fee estate ownership of the real property subject to the Timeshare Property
     Regime by the Persons owning the respective interests therein and their
     successors and assigns (1) was effective either at the time the Developer
     (or a Subsidiary thereof) acquired the Timeshare Property or at the time of
     registration of the Timeshare Property Regime, (2) is valid and remains in
     full force and effect and (3) was issued by a title insurer qualified to do
     business in the applicable jurisdiction; or (B) either at the time the
     Developer (or a Subsidiary thereof) acquired the Timeshare Property or at
     the time of registration of the Timeshare Property Regime, such fee estate
     ownership had been verified by an attorney's opinion of title, the form and
     substance of which is of a type acceptable for purposes of registration of
     sales of Timeshare Properties and which may be relied upon by Persons
     subsequently owning the respective interests therein and their successors
     and assigns.

                     (xxv)   NO DEFAULTS. As of the Cut-Off Date or related
     Addition Cut-Off Date, as applicable, such Series 2002-1 Loan is not a
     Defaulted Loan and no event has occurred which, with the taking of any
     action or the expiration of any grace or cure period or both, would cause
     such Series 2002-1 Loan to be a Defaulted Loan. The Seller has not waived
     any such default, breach, violation or event permitting acceleration with
     respect to such Series 2002-1 Loan.

                     (xxvi)  EQUAL INSTALLMENTS. Such Series 2002-1 Loan has a
     fixed Loan Rate and provides for substantially equal monthly payments that
     fully amortize the Series 2002-1 Loan over its term.

                     (xxvii) EXCESS CONCENTRATION AMOUNT. The Purchase of such
     Series 2002-1 Loan occurring on such Closing Date or Addition Date, as
     applicable, and the inclusion of such Series 2002-1 Loan as a Series 2002-1
     Pledged Loan pursuant to the

                                       10
<Page>

     Series 2002-1 Supplement to the Indenture and Servicing Agreement, does not
     cause an increase in the Excess Concentration Amount.

     Sections 6(b)(i) through (xxii) are set forth in the Agreement.

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

             (a)     REPURCHASE OR SUBSTITUTION OBLIGATION. Subject to
Section 7(b), upon discovery by the Seller or upon written notice from the
Company, the Issuer or the Trustee that any Series 2002-1 Loan is a Defective
Loan, the Seller shall, within 90 days after the earlier of its discovery or
receipt of notice thereof, cure such Defective Loan in all material respects or
either (i) repurchase such Defective Loan from the Company or its assignee at
the Repurchase Price or (ii) substitute one or more Qualified Substitute Loans
for such Defective Loan. For purposes of this Agreement, the term "REPURCHASE
PRICE" shall mean an amount equal to the outstanding Principal Balance of such
Defective Loan as of the close of business on the Due Date immediately preceding
the Payment Date on which the repurchase is to be made, plus accrued but unpaid
interest thereon to the date of the repurchase. The Company hereby directs the
Seller, for so long as the Indenture and Servicing Agreement is in effect, to
make such payment on its behalf to the Collection Account pursuant to Section
7(b). The following defects with respect to documents in any Loan File, solely
to the extent they do not impair the validity or enforceability of the subject
document under applicable law, shall not be deemed to constitute a breach of the
representations and warranties contained in Section 6(b): misspellings of or
omissions of initials in names; name changes from divorce or marriage;
discrepancies as to payment dates in a Series 2002-1 Loan of no more than 30
days; discrepancies as to Scheduled Payments of no more than $5.00;
discrepancies as to origination dates of not more than 30 days; inclusion of
additional parties other than the primary Obligor not listed in the Master
Servicer's records or in the Series 2002-1 Loan Schedule and non-substantive
typographical errors and other non-substantive minor errors of a clerical or
administrative nature.

             (b)     REPURCHASES AND SUBSTITUTIONS. The Seller shall provide
written notice to the Company of any repurchase pursuant to Section 7(a) not
less than two Business Days prior to the date on which such repurchase is to be
effected, specifying the Defective Loan and the Repurchase Price therefor. Upon
the repurchase of a Defective Loan pursuant to Section 7(a), the Seller shall
deposit the Repurchase Price in the Collection Account on behalf of the Company
no later than 12:00 noon, New York time, on the Payment Date on which such
repurchase is made (the "REPURCHASE DATE").

     If the Seller elects to substitute a Qualified Substitute Loan or Loans for
a Defective Loan pursuant to this Section 7(b), the Seller shall deliver such
Qualified Substitute Loan in the same manner as the other Series 2002-1 Loans
sold hereunder, including delivery of the applicable Loan Documents as required
pursuant to the Custodial Agreement and satisfaction of the same conditions with
respect to such Qualified Substitute Loan as to the Purchase of Additional Loans
set forth in Section 2(d)(iii). Payments due with respect to Qualified
Substitute Loans prior to the last day of the Due Period next preceding the date
of substitution shall not be property of the Company, but will be retained by
the Master Servicer and remitted by the Master Servicer to the

                                       11
<Page>

Seller on the next succeeding Payment Date. Scheduled Payments due on a
Defective Loan prior to the last day of the Due Period next preceding the date
of substitution shall be property of the Company, and after such last day of the
Due Period next preceding the date of substitution the Seller shall be entitled
to retain all Scheduled Payments due thereafter and other amounts received in
respect of such Defective Loan. The Seller shall cause the Master Servicer to
deliver a schedule of any Defective Loans so removed and Qualified Substitute
Loans so substituted to the Company and such schedule shall be an amendment to
the Series 2002-1 Loan Schedule. Upon such substitution, the Qualified
Substitute Loan or Loans shall be subject to the terms of this PA Supplement in
all respects, the Seller shall be deemed to have made the representations and
warranties with respect to each Qualified Substitute Loan set forth in Section
6(b) of the Agreement and this PA Supplement and Section 6(c) of the Agreement,
in each case as of the date of substitution, and the Seller shall be deemed to
have made a representation and warranty that each Loan so substituted is an
Qualified Substitute Loan as of the date of substitution. The Seller shall be
obligated to repurchase or substitute for any Eligible Substitute Loan as to
which the Seller has breached the Seller's representations and warranties in
Section 6(b) to the same extent as for any other Series 2002-1 Loan, as provided
herein. In connection with the substitution of one or more Qualified Substitute
Loans for one or more Defective Loans, the Master Servicer shall determine the
amount (such amount, a "SUBSTITUTION ADJUSTMENT AMOUNT"), if any, by which the
aggregate principal balance of all such Qualified Substitute Loans as of the
date of substitution is less than the aggregate principal balance of all such
Defective Loans (after application of the principal portion of the Scheduled
Payments due in the month of substitution that are to be distributed to the
Company in the month of substitution). The Seller shall deposit the amount of
such shortfall into the Collection Account in immediately available funds on the
date of substitution, without any reimbursement therefor.

     Upon each repurchase or substitution, the Company shall automatically and
without further action sell, transfer, assign, set over and otherwise convey to
the Seller, without recourse, representation or warranty, all of the Company's
right, title and interest in and to the related Defective Loan, the related
Timeshare Property, the Loan File relating thereto and any other related
Transferred Assets, all monies due or to become due with respect thereto and all
Collections with respect thereto (including payments received from Obligors from
and including the last day of the Due Period next preceding the date of
transfer, subject to the payment of any Substitution Adjustment Amount). The
Company shall execute such documents, releases and instruments of transfer or
assignment and take such other actions as shall reasonably be requested by the
Seller to effect the conveyance of such Defective Loan, the related Timeshare
Property and related Loan File pursuant to this Section 7(b).

     Promptly after the occurrence of a Repurchase Date and after the repurchase
of Defective Loans in respect of which the Repurchase Price has been paid on
such date, the Seller shall direct the Master Servicer to delete such Defective
Loans from the Series 2002-1 Loan Schedule.

     The obligation of the Seller to repurchase or substitute for any Defective
Loan shall constitute the sole remedy against the Seller with respect to any
breach of the representations and warranties set forth in Section 6(b) available
hereunder to the Company or its successors or assigns.

                                       12
<Page>

             (c)     REPURCHASES OF SERIES 2002-1 LOANS THAT BECOME DEFAULTED
LOANS. If any Series 2002-1 Loan becomes a Defaulted Loan during any Due Period,
the Seller may repurchase such Defaulted Loan from the Company or its assignees
at the Repurchase Price therefor and in accordance with the additional
provisions applicable to repurchases of Defective Loans under Section 7(b).

             (d)     MAXIMUM REPURCHASES. Notwithstanding anything to the
contrary in the Agreement or this PA Supplement, no Defaulted Loans shall be
repurchased by the Seller to the extent that the aggregate principal balance of
all Defaulted Loans so repurchased is greater than the Defaulted Loan Repurchase
Cap.

SECTION 8.   COVENANTS OF THE SELLER.

     Section 8 is set forth in the Agreement.

SECTION 9.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

     Section 9 is set forth in the Agreement.

SECTION 10.  COVENANTS OF THE COMPANY.

     Section 10 is set forth in the Agreement.

SECTION 11.  MISCELLANEOUS PROVISIONS.

             (l)     RATIFICATION OF AGREEMENT. As supplemented by this PA
Supplement, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this PA Supplement shall be read, taken and
construed as one and the same instrument.

             (m)     AMENDMENT. This PA Supplement may be amended from time to
time or the provisions hereof may be waived or otherwise modified by the parties
hereto by written agreement signed by the parties hereto.

             (n)     COUNTERPARTS. This PA Supplement may be executed in two or
more counterparts, and by different parties on separate counterparts, each of
which shall be an original, but all of which shall constitute one and the same
instrument.

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

             (p)     SUCCESSORS AND ASSIGNS. This PA Supplement shall be binding
upon each of the Seller and the Company and their respective permitted
successors and assigns, and shall inure to the benefit of, and be enforceable
by, each of the Seller and the Company and each of the Issuer, the Trustee, the
Collateral Agent and the Noteholders.

                                       13
<Page>

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

                                        EFI DEVELOPMENT FUNDING,
                                        INC.,
                                         as Seller

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

                                        SIERRA DEPOSIT COMPANY,
                                        LLC,
                                         as Purchaser

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

                     [Signature page for EFI PA Supplement]<Page>

                                                                   EXHIBIT 10.69

                                                                  EXECUTION COPY

                         MASTER POOL PURCHASE AGREEMENT

                           dated as of August 29, 2002

                                 by and between

                           SIERRA DEPOSIT COMPANY, LLC
                                  as Depositor

                                       and

                     SIERRA RECEIVABLES FUNDING COMPANY, LLC
                                    as Issuer

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                PAGE
<S>                                                                               <C>
Section 1.    Definitions..........................................................1

Section 2.    Purchase and Sale....................................................5

Section 3.    Pool Loan Purchase Price.............................................5

Section 4.    Payment of Purchase Price............................................5

              (a)   Closing Dates..................................................5

              (b)   Manner of Payment of Additional Pool Loan Purchase Price.......6

              (c)   Payment of Adjustments.........................................6

Section 5.    Conditions Precedent to Sale of Pool Loans...........................6

Section 6.    Representations and Warranties of the Depositor......................6

Section 7.    Affirmative Covenants of the Depositor...............................8

              (a)   Separate Legal Entity..........................................8

              (b)   Compliance with Laws, Etc......................................9

              (c)   Preservation of Corporate Existence............................9

              (d)   Keeping of Records and Books of Account........................9

              (e)   Payment of Taxes...............................................9

              (f)   Turnover of Collections........................................9

Section 8.    Negative Covenants of the Depositor.................................10

              (a)   Sales, Liens, Etc.............................................10

              (b)   No Mergers, Etc...............................................10

              (c)   Change in Name................................................10

              (d)   Indebtedness..................................................10

              (e)   Amendments, Etc...............................................10

              (f)   Capital Expenditures..........................................10

              (g)   Limitation on Business........................................10

              (h)   Capital Contributions.........................................10

Section 9.    Repurchases or Substitutions of Pool Loans for
              Breach of Representations and Warranties............................11

Section 10.   Representations and Warranties of the Issuer........................11

Section 11.   Affirmative Covenants of the Issuer.................................12
</Table>

                                       -i-
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                PAGE
<S>                                                                              <C>
Section 12.   Depositor Repurchases...............................................13

              (a)   Optional Substitution of Schedule 1-A Pool Loans..............13

              (b)   Substitution of Other Pool Loans..............................14

              (c)   Substitutions.................................................14

              (d)   Condition Precedent to Substitution of Pool Loans.............14

Section 13.   Termination.........................................................14

              (a)   Purchase Termination Events...................................14

              (b)   Purchase Termination..........................................14

Section 14.   Indemnities by the Depositor........................................14

Section 15.   Miscellaneous.......................................................15

              (a)   Amendment.....................................................15

              (b)   Assignment....................................................15

              (c)   Counterparts..................................................16

              (d)   Governing Law.................................................16

              (e)   Notices.......................................................16

              (f)   Severability of Provisions....................................16

              (g)   Successors and Assigns........................................16

              (h)   No Proceedings................................................16

              (i)   Recourse to the Depositor.....................................17

              (j)   Recourse to the Issuer........................................17

              (k)   Confidentiality...............................................17

Exhibit A     Form of Assignment of Additional Pool Loans........................A-1
</Table>

                                      -ii-
<Page>

                         MASTER POOL PURCHASE AGREEMENT

      THIS MASTER POOL PURCHASE AGREEMENT (the "AGREEMENT") dated as of August
29, 2002 is made by and between SIERRA DEPOSIT COMPANY, LLC, a Delaware limited
liability company, as depositor (the "DEPOSITOR") and SIERRA RECEIVABLES FUNDING
COMPANY, LLC, a Delaware limited liability company, as issuer (the "ISSUER").

                                    RECITALS

      WHEREAS, the Depositor has purchased certain Pool Loans and related Pool
Assets (including an interest in the Timeshare Properties underlying such Pool
Loans) from FAC, EFI and Trendwest (collectively with other sellers of Pool
Loans that may be named in the future, the "SELLERS") pursuant to the applicable
Purchase Agreements and related PA Supplements and from time to time hereafter
will purchase from the Sellers additional Pool Loans and related Pool Assets;
and

      WHEREAS, the Depositor wishes to sell the Pool Loans and related Pool
Assets that it now owns and the Pool Loans and related Pool Assets that it from
time to time hereafter will own to the Issuer, and the Issuer is willing to
purchase such Pool Loans and related Pool Assets from the Depositor from time to
time, on the terms and subject to the conditions contained in this Agreement and
the related Pool Purchase Agreement Supplement (each, a "PPA SUPPLEMENT") for
each Series of Notes; and

      WHEREAS, the Issuer intends to grant security interests in the Pool Loans
and related Pool Assets that it purchases from the Depositor to the Collateral
Agent on behalf of the Trustee and the holders of Notes issued from time to time
pursuant to a Master Indenture and Servicing Agreement of even date herewith,
together with any Indenture Supplements thereto (collectively, the "INDENTURE
AND SERVICING AGREEMENT"), each by and between the Issuer, FAC as Master
Servicer, the Trustee and the Collateral Agent.

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

SECTION 1.   DEFINITIONS.

      All terms used but not otherwise specifically defined herein shall have
the meanings ascribed to them in the Purchase Agreements. Whenever used in this
Agreement, the following words and phrases shall have the following meanings:

      "ADDITION CUT-OFF DATE" shall mean any Addition Cut-Off Date under the
applicable Purchase Agreement.

      "ADDITION DATE" shall mean any Addition Date under the applicable Purchase
Agreement.

      "ADDITIONAL POOL LOAN" shall mean, for each Series, a Loan constituting
one of the Pool

<Page>

Loans of such Series purchased from the Depositor on an Addition Date and listed
on Schedule 1 to the related Assignment.

      "ADDITIONAL POOL LOAN PURCHASE PRICE" shall have the meaning set forth in
Section 3.

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

      "ASSIGNMENT" shall have the meaning set forth in the applicable PPA
Supplement.

      "CENDANT" shall mean Cendant Corporation or any successor thereof.

      "CLOSING DATE" shall mean, for each Series, the Closing Date set forth in
the applicable PPA Supplement.

      "DEFECTIVE LOAN" shall mean any Defective Loan under the applicable
Purchase Agreement.

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

      "DEPOSITOR INDEMNIFIED AMOUNTS" shall have the meaning set forth in
Section 14.

      "DEPOSITOR INDEMNIFIED PARTY" shall have the meaning set forth in
Section 14.

      "DUE DATE" shall mean, with respect to any Pool Loan, the date on which an
Obligor is required to make a Scheduled Payment thereon.

      "EFI" shall mean EFI Development Funding, Inc., a wholly-owned indirect
Subsidiary of Cendant.

      "ELIGIBLE POOL LOAN" shall mean any Pool Loan that is an Eligible Loan as
defined in the applicable PA Supplement.

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

      "FACILITY DOCUMENTS" shall mean, collectively, this Agreement, each PPA
Supplement, the Purchase Agreements, each PA Supplement, the Indenture and
Servicing Agreement, each Indenture Supplement, the Custodial Agreement, the
Lockbox Agreements, the Collateral Agency Agreement, the Title Clearing
Agreements, the Loan Conveyance Documents, the Depositor Administrative Services
Agreement, the Issuer Administrative Services Agreement, the Financing
Statements, all other documents specified in a PPA Supplement as Facility
Documents and all other agreements, documents and instruments delivered pursuant
thereto or in connection therewith.

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

      "GUARANTEE" shall mean the performance guarantee dated as of the date
hereof, executed by the Performance Guarantor in favor of the Depositor, the
Issuer and the Trustee.

                                        2
<Page>

      "INDENTURE AND SERVICING AGREEMENT" shall have the meaning set forth in
the recitals.

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

      "INDEPENDENT DIRECTOR" shall mean an individual who is an Independent
Director as defined in the Limited Liability Company Agreement of the Depositor
or the Issuer, as applicable, as in effect on the date of this Agreement.

      "INITIAL POOL LOANS" shall mean, with respect to any Series, the Pool
Loans listed on the Pool Loan Schedule on the Closing Date for such Series.

      "INSTALLMENT CONTRACT" shall mean any Installment Contract under the
applicable Purchase Agreement.

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

      "ISSUER ADMINISTRATIVE SERVICES AGREEMENT" shall mean the Administrative
Services Agreement dated as of August 29, 2002 by and between FAC as
administrator and the Issuer.

      "LOAN" shall have the meaning assigned to that term in the applicable
Purchase Agreement.

      "MORTGAGE" shall have the meaning assigned to that term in the applicable
Purchase Agreement.

      "NOTES" shall mean any Series of Notes issued by the Issuer pursuant to
the Indenture and Servicing Agreement and the respective Indenture Supplements.

      "OBLIGOR" shall have the meaning assigned to that term in the applicable
Purchase Agreement.

      "ORIGINATOR" shall have the meaning assigned to that term in the
applicable Purchase Agreement.

      "PA SUPPLEMENT" shall mean any supplement to a Purchase Agreement relating
to Loans constituting collateral for a particular Series of Notes.

      "PERFORMANCE GUARANTOR" shall mean Cendant.

      "PERMITTED ENCUMBRANCE" shall have the meaning assigned to that term in
the applicable Purchase Agreement.

      "POOL ASSETS" shall mean, with respect to any Series, any and all right,
title, and interest of the Depositor in, to and under (a) the Pool Loans from
time to time and the related Transferred

                                        3
<Page>

Assets and all of the Depositor's rights under the Purchase Agreements and the
Guarantee, (b) the Pool Collections and (c) the proceeds of any of the
foregoing.

      "POOL COLLECTIONS" shall mean, for any Series, all funds that are received
on account of or otherwise in connection with the Pool Loans for such Series,
including without limitation (a) all Collections in respect of any Pool Loans,
(b) all amounts received from any Seller in respect of amounts relating to
Repurchase Prices and Substitution Adjustment Amounts under the applicable PA
Supplement or from Cendant in respect of any payments made by Cendant as
guarantor of the obligations of the Seller or the Master Servicer under the
Guarantee.

      "POOL LOAN" shall mean, for each Series, each Loan that is listed on the
applicable Pool Loan Schedule on the Closing Date for the related Series and
Additional Pool Loans that are listed from time to time on such Pool Loan
Schedule.

      "POOL LOAN CONVEYANCE DOCUMENTS" shall mean, with respect to any Pool
Loan, (a) the Assignment of Additional Pool Loans in the form of Exhibit A, if
applicable, and (b) any such other releases, documents, instruments or
agreements as may be required by the Depositor, the Issuer or the Trustee in
order to more fully effect the sale (including any prior assignments) of such
Pool Loan and any other related Pool Assets.

      "POOL LOAN PURCHASE PRICE," for the Pool Assets with respect to any
Series, shall have the meaning set forth in the applicable PPA Supplement.

      "POOL LOAN SCHEDULE" shall mean the list of Loans attached to the
applicable PPA Supplement as Schedule 1, as amended from time to time on each
Addition Date and Repurchase Date as provided in the applicable PPA Supplement
and Section 8(b) of this Agreement, which list shall set forth the same
information with respect to each Pool Loan as required in the Loan Schedules for
the applicable Purchase Agreement.

      "POOL PURCHASE PRICE," for each Series, shall have the meaning set forth
in the applicable PPA Supplement.

      "PPA SUPPLEMENT" shall have the meaning set forth in the recitals.

      "PURCHASE" shall mean, with respect to any Series, the sale of Loans and
related Transferred Assets from the Depositor to the Issuer.

      "PURCHASE AGREEMENT" shall mean each of the Master Loan Purchase Agreement
dated as of August 29, 2002 by and between FAC as seller, FRI as co-originator,
Fairfield Myrtle Beach, Inc. as co-originator, Sea Gardens Beach and Tennis
Resort, Inc., Vacation Break Resorts, Inc., Vacation Break Resorts at Star
Island, Inc., Palm Vacation Group, Ocean Ranch Vacation Group and the Depositor
as purchaser; the Master Loan Purchase Agreement dated as of August 29, 2002 by
and between EFI as Seller and the Depositor as purchaser; or the Master Loan
Purchase Agreement dated as of August 29, 2002 by and between Trendwest as
Seller and the Depositor as purchaser, in each case as such agreements may be
amended, modified or supplemented from time to time in accordance with the terms
thereof, and any other purchase agreement relating to the purchase of Loans from
a Seller by the Depositor.

                                        4
<Page>

      "PURCHASE TERMINATION DATE" shall mean the date specified by the Trustee
following the occurrence of a Purchase Termination Event; PROVIDED, HOWEVER,
that if an Insolvency Event has occurred with respect to either the Depositor or
the Issuer, the Purchase Termination Date shall be deemed to have occurred
automatically without any such notice.

      "PURCHASE TERMINATION EVENT" shall have the meaning set forth in
Section 13.

      "REPURCHASE DATE," for each Series, shall have the meaning set forth in
the applicable PPA Supplement.

      "REPURCHASE PRICE," for each Series, shall have the meaning set forth in
the applicable PPA Supplement.

      "SCHEDULE 1-A POOL LOAN" shall have the meaning set forth in Section 12.

      "SCHEDULE 1-B POOL LOAN" shall have the meaning set forth in Section 12.

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

      "SELLER SUBSIDIARY" shall mean any Subsidiary of a Seller, other than the
Depositor or the Issuer.

      "TIMESHARE PROPERTY" shall have the meaning set forth in the applicable
Purchase Agreement.

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

      "TRUSTEE" shall have the meaning set forth in the recitals.

      "WORLDMARK" shall mean WorldMark, The Club, a California not-for-profit
mutual benefit corporation.

SECTION 2.   PURCHASE AND SALE.

      Provisions with respect to the Purchase and sale of the Pool Loans and the
related Pool Assets for each Series shall be set forth in the related PPA
Supplement.

SECTION 3.   POOL LOAN PURCHASE PRICE.

      The Pool Loan Purchase Price for the Pool Loans and the related Pool
Assets of each Series sold on each Closing Date shall be set forth in the
related PPA Supplement.

      The purchase price for any Additional Pool Loans and the related Pool
Assets (the "ADDITIONAL POOL LOAN PURCHASE PRICE") conveyed to the Issuer under
this Agreement and the related PPA Supplement on each Addition Date shall be a
dollar amount equal to the aggregate outstanding principal balance of such
Additional Pool Loans sold on such Addition Date, subject to adjustment to
reflect such factors as the Issuer and the Depositor mutually agree, and further
subject to any requirements of the related PPA Supplement.

                                        5
<Page>

SECTION 4.   PAYMENT OF PURCHASE PRICE.

      (a)    CLOSING DATES. On the terms and subject to the conditions of this
Agreement and the related PPA Supplement, payment of the Pool Loan Purchase
Price for the Pool Loans and the related Pool Assets transferred on each Closing
Date shall be made by the Issuer on such Closing Date in immediately available
funds to the Depositor to such accounts at such banks as the Depositor shall
designate to the Issuer not less than one Business Day prior to such Closing
Date.

      (b)    MANNER OF PAYMENT OF ADDITIONAL POOL LOAN PURCHASE PRICE. On the
terms and subject to the conditions of this Agreement and the related PPA
Supplement, the Issuer shall pay to the Depositor, on each other Business Day on
which any Pool Assets are purchased from the Depositor by the Issuer pursuant to
the related PPA Supplement, the Additional Pool Loan Purchase Price for such
Pool Assets by paying such Additional Pool Loan Purchase Price to the Depositor
in cash.

      (c)    PAYMENT OF ADJUSTMENTS. The Depositor shall pay to the Issuer in
cash, on the date of receipt by the Depositor, any payment in respect of
Repurchase Prices or Substitution Adjustment Amounts relating to the Pool Assets
made by any Seller to the Depositor pursuant to any Purchase Agreement. The
Depositor shall instruct the Sellers to deposit all payments in respect of such
Repurchase Prices and Substitution Adjustment Amounts directly in the Collection
Account.

SECTION 5.   CONDITIONS PRECEDENT TO SALE OF POOL LOANS.

      The conditions precedent to a sale of Pool Assets shall be as specified in
the related PPA Supplement.

SECTION 6.   REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR.

      The Depositor represents and warrants as of each Closing Date and as of
each Addition Date, or as of such other date specified in such representation
and warranty, that:

             (a)    The Depositor is a limited liability company duly formed,
validly existing and in good standing under the laws of the State of Delaware
and has full limited liability company power, authority and legal right to own
its properties and conduct its business as such properties are presently owned
and as such business is presently conducted, and to execute, deliver and perform
its obligations under this Agreement and the related PPA Supplement. The
Depositor is duly qualified to do business and is in good standing as a foreign
entity, and has obtained all necessary licenses and approvals in each
jurisdiction necessary to carry on its business as presently conducted and to
perform its obligations under this Agreement and the related PPA Supplement.

             (b)    The execution, delivery and performance by the Depositor of
each of the Facility Documents to which it is a party and the consummation by
the Depositor of the transactions provided for in this Agreement, the related
PPA Supplement and each other Facility Document to which it is a party have been
duly authorized by the Depositor by all necessary limited liability company
action.

                                        6
<Page>

             (c)    This Agreement, the related PPA Supplement and each other
Facility Document to which it is a party has been duly and validly executed and
delivered by the Depositor and constitutes the legal, valid and binding
obligation of the Depositor, enforceable against it in accordance with its
respective terms, except as such enforceability may be subject to or limited by
Debtor Relief Laws or by general principles of equity (whether considered in a
suit at law or in equity).

             (d)    The execution, delivery and performance by the Depositor of
this Agreement, the related PPA Supplement and each other Facility Document to
which it is a party and the consummation by the Depositor of the transactions
contemplated hereby and thereby do not contravene (i) the Depositor's limited
liability company agreement, (ii) any law, rule or regulation applicable to the
Depositor, (iii) any contractual restriction contained in any material
indenture, loan or credit agreement, lease, mortgage, deed of trust, security
agreement, bond, note, or other material agreement or instrument binding on the
Depositor or (iv) any order, writ, judgment, award, injunction or decree binding
on or affecting the Depositor or its properties (except where such contravention
would not have a Material Adverse Effect with respect to the Depositor or its
properties), and do not result in (except as provided in the Facility Documents)
or require the creation of any Lien upon or with respect to any of its
properties; and no transaction contemplated hereby requires compliance with any
bulk sales act or similar law. To the extent that this representation is being
made with respect to Title I of ERISA or Section 4975 of the Code, it is made
subject to the assumption that none of the assets being used to purchase the
Pool Loans and Pool Assets constitute assets of any Benefit Plan or Plan with
respect to which the Depositor is a party in interest or disqualified person.

             (e)    There are no proceedings or investigations pending, or to
the best knowledge of the Depositor threatened, against the Depositor before any
court, regulatory body, administrative agency or other tribunal or governmental
instrumentality (A) asserting the invalidity of this Agreement, the related PPA
Supplement or any other Facility Document to which it is a party, (B) seeking to
prevent the consummation of any of the transactions contemplated by this
Agreement, the related PPA Supplement or any other Facility Document to which it
is a party, (C) seeking any determination or ruling that would adversely affect
the validity or enforceability of this Agreement, the related PPA Supplement or
any other Facility Document to which it is a party or (D) seeking any
determination or ruling that would, if adversely determined, be reasonably
likely to have a Material Adverse Effect with respect to the Depositor.

             (f)    All approvals, authorizations, consents or orders of any
court or governmental agency or body required in connection with the execution
and delivery by the Depositor of this Agreement, the related PPA Supplement or
any other Facility Document to which it is a party, the consummation by it of
the transactions contemplated hereby or thereby and the performance by it of,
and the compliance by it with, the terms hereof or thereof, have been obtained,
except where the failure to do so would not have a Material Adverse Effect with
respect to the Depositor.

             (g)    The Depositor, both prior to and immediately after giving
effect to the sale of Pool Loans to the Issuer on such date, (A) is not
insolvent (as such term is defined in the Bankruptcy Code), (B) is able to pay
its debts as they become due and (C) does not have

                                        7
<Page>

unreasonably small capital for the business in which it is engaged or for any
business or transaction in which it is about to engage.

             (h)    The Depositor has observed the applicable legal requirements
on its part for the recognition of the Depositor as a legal entity separate and
apart from each of the Seller, the Seller Subsidiaries and any of their
respective Affiliates.

             It is understood and agreed that the representations and warranties
contained in this Section 6 shall remain operative and in full force and effect,
shall survive the transfer and conveyance of the Pool Loans by the Depositor to
the Issuer and the grant of a security interest in the Pool Assets by the Issuer
to the Collateral Agent and shall inure to the benefit of the Issuer, the
Trustee, the Collateral Agent and the Noteholders and their respective
designees, successors and assigns.

SECTION 7.   AFFIRMATIVE COVENANTS OF THE DEPOSITOR.

      From and after the date hereof until the termination of this Agreement,
the Depositor shall:

             (a)    SEPARATE LEGAL ENTITY. Take such actions as shall be
required on its part in order that the identity of the Depositor as a legal
entity separate from each of the Sellers, the Seller Subsidiaries and any of
their respective Affiliates will be recognized, including:

                    (i)     The Depositor will conduct its business in office
             space allocated to it and for which it pays an appropriate rent and
             overhead allocation;

                    (ii)    The Depositor will maintain corporate records and
             books of account separate from those of the Sellers, the Seller
             Subsidiaries, their respective Affiliates and the Issuer and
             telephone numbers and stationery that are separate and distinct
             from those of the Seller, the Seller Subsidiaries, their respective
             Affiliates and the Issuer;

                    (iii)   The Depositor's assets will be maintained in a
             manner that facilitates their identification and segregation from
             those of any of the Sellers, the Seller Subsidiaries, their
             respective Affiliates and the Issuer;

                    (iv)    The Depositor will strictly observe corporate
             formalities in its dealings with the public and with the Sellers,
             the Seller Subsidiaries, their respective Affiliates and the Issuer
             and, except as contemplated by the Facility Documents, funds or
             other assets of the Depositor will not be commingled with those of
             any of the Sellers, the Seller Subsidiaries, their respective
             Affiliates and the Issuer. The Depositor will at all times, in its
             dealings with the public and with the Sellers, the Seller
             Subsidiaries, their respective Affiliates and the Issuer, hold
             itself out and conduct itself as a legal entity separate and
             distinct from the Sellers, the Seller Subsidiaries, their
             respective Affiliates and the Issuer. The Depositor will not
             maintain joint bank accounts or other depository accounts to which
             any of the Sellers, the Seller Subsidiaries or their respective
             Affiliates (other than the Master Servicer) has independent access;

                                        8
<Page>

                    (v)     The duly elected board of directors of the Depositor
             and duly appointed officers of the Depositor will at all times have
             sole authority to control decisions and actions with respect to the
             daily business affairs of the Depositor;

                    (vi)    Not less than one member of the Depositor's board of
             directors will be an Independent Director. The Depositor will
             observe those provisions in its limited liability agreement that
             provide that the Depositor's board of directors will not approve,
             or take any other action to cause the filing of, a voluntary
             bankruptcy petition with respect to the Depositor unless the
             Independent Director and all other members of the Depositor's board
             of directors unanimously approve the taking of such action in
             writing prior to the taking of such action;

                    (vii)   The Depositor will compensate each of its employees,
             consultants and agents from the Depositor's own funds for services
             provided to the Depositor; and

                    (viii)  The Depositor will not hold itself out to be
             responsible for the debts of any of the Sellers, the Seller
             Subsidiaries or their respective Affiliates.

             (b)    COMPLIANCE WITH LAWS, ETC. Comply in all material respects
with all applicable laws, rules, regulations, judgments, decrees and orders
(including without limitation those relating to the Loans and related Timeshare
Properties), in each case to the extent that any such failure to comply,
individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect with respect to the Depositor.

             (c)    PRESERVATION OF CORPORATE EXISTENCE. Preserve and maintain
its limited liability company existence, rights, franchises and privileges in
the jurisdiction of its formation and qualify and remain qualified in good
standing as a foreign entity in each jurisdiction in which the failure to
preserve and maintain such qualification as a foreign corporation could
reasonably be expected to have a Material Adverse Effect with respect to the
Depositor.

             (d)    KEEPING OF RECORDS AND BOOKS OF ACCOUNT. Mark its computer
files, books and records to indicate the sale of all Pool Assets to the Issuer
hereunder and under each PPA Supplement.

             (e)    PAYMENT OF TAXES. To the extent required by applicable law,
file (or cause to be filed on its behalf as a member of a consolidated group)
all tax returns and reports required by law to be filed by it and pay all taxes,
assessments and governmental charges thereby shown to be owing by it, except for
any such taxes, assessments or charges (i) that are being diligently contested
in good faith by appropriate proceedings, for which adequate reserves in
accordance with GAAP have been set aside on its books and that have not given
rise to any Liens (other than Permitted Encumbrances) or (ii) the amount of
which, either singly or in the aggregate, would not have a Material Adverse
Effect with respect to the Depositor.

             (f)    TURNOVER OF COLLECTIONS. If the Depositor or any of its
agents or representatives at any time receives any cash, checks or other
instruments constituting Pool Collections, segregate and hold such payments in
trust for, and in a manner acceptable to, the Master Servicer and promptly upon
receipt (and in any event within two Business Days

                                        9
<Page>

following receipt) remit all such cash, checks and instruments, duly endorsed or
with duly executed instruments of transfer, to the applicable Collection
Account.

SECTION 8.   NEGATIVE COVENANTS OF THE DEPOSITOR.

      From and after the date hereof until the final Series Termination Date,
the Depositor agrees that it will not:

             (a)    SALES, LIENS, ETC. Sell, assign (by operation of law or
otherwise) or otherwise dispose of, or create or suffer to exist any Lien (other
than Permitted Encumbrances) of anyone claiming by or through it on or with
respect to, any Pool Asset or any interest therein, other than sales of Pool
Assets pursuant to this Agreement.

             (b)    NO MERGERS, ETC. Consolidate with or merge with or into any
other Person or convey, transfer or sell (other than to the Issuer) all or
substantially all of its properties and assets to any Person.

             (c)    CHANGE IN NAME. Change its name or its type or jurisdiction
of organization unless the Depositor has given the Issuer and its assignees and
the rating agencies then rating any Series of Notes at least 30 days' prior
written notice thereof and taken all action necessary or reasonably requested by
the Trustee to amend its existing financing statements and file additional
financing statements in all applicable jurisdictions in order to perfect and
maintain the perfection of the ownership interest or security interest of the
Issuer in the Pool Loans and the related Pool Assets.

             (d)    INDEBTEDNESS. Create, incur or permit to exist, or give any
guarantee or indemnity in respect of, any indebtedness except for (A)
liabilities created or incurred by the Depositor pursuant to the Facility
Documents or contemplated by such Facility Documents and (B) other reasonable
and customary operating expenses; PROVIDED that the Depositor shall not incur
any indebtedness for borrowed money in excess of $9,500 unless the related
creditor shall agree in writing to a non-petition covenant substantially similar
to Section 15(h)(ii) hereof for the benefit of the Depositor.

             (e)    AMENDMENTS, ETC. Permit the validity or effectiveness of any
Facility Document to which it is a party or the rights and obligations created
thereby or pursuant thereto to be amended, terminated, postponed or discharged,
or permit any amendment to any Facility Document to which it is a party without
the consent of the Issuer and the Indenture Trustee, or permit any Person whose
obligations form part of the Pool Assets to be released from such obligations,
except in accordance with the terms of such Facility Document.

             (f)    CAPITAL EXPENDITURES. Incur or make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or
personalty).

             (g)    LIMITATION ON BUSINESS. Engage in any business other than
financing, purchasing, owning and selling and managing the Pool Assets in the
manner contemplated by the Facility Documents and all activities incidental
thereto, or enter into or be a party to any agreement or instrument other than
any Facility Document or documents and agreements incidental thereto.

                                       10
<Page>

             (h)    CAPITAL CONTRIBUTIONS. Except as contemplated by the
Facility Documents, make any loan or advance or credit to, or guarantee
(directly or indirectly or by an instrument having the effect of assuring
another's payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

SECTION 9.   REPURCHASES OR SUBSTITUTIONS OF POOL LOANS FOR BREACH OF
             REPRESENTATIONS AND WARRANTIES.

      Provisions with respect to repurchase and substitution of the Pool Loans
for each Series for breaches of representations and warranties shall be set
forth in the related PPA Supplement.

SECTION 10.  REPRESENTATIONS AND WARRANTIES OF THE ISSUER.

      The Issuer represents and warrants as of each Closing Date and as of each
Addition Date, or as of such other date specified in such representation and
warranty, that:

             (a)    The Issuer is a limited liability company duly formed,
validly existing and in good standing under the laws of the State of Delaware
and has full limited liability company power, authority, and legal right to own
its properties and conduct its business as such properties are presently owned
and as such business is presently conducted, and to execute, deliver and perform
its obligations under this Agreement and the related PPA Supplement. The Issuer
is duly qualified to do business and is in good standing as a foreign entity,
and has obtained all necessary licenses and approvals in each jurisdiction
necessary to carry on its business as presently conducted and to perform its
obligations under this Agreement.

             (b)    The execution, delivery and performance by the Issuer of
each of the Facility Documents to which it is a party and the consummation by
the Issuer of the transactions provided for in this Agreement, the related PPA
Supplement and each other Facility Document to which it is a party have been
duly authorized by the Issuer by all necessary limited liability company action.

             (c)    This Agreement, the related PPA Supplement and each other
Facility Document to which it is a party constitutes the legal, valid and
binding obligation of the Issuer, enforceable against it in accordance with its
respective terms, except as such enforceability may be subject to or limited by
Debtor Relief Laws or by general principles of equity (whether considered in a
suit at law or in equity).

             (d)    The execution, delivery and performance by the Issuer of
this Agreement, the related PPA Supplement and each other Facility Document to
which it is a party and the consummation by the Issuer of the transactions
contemplated hereby and thereby do not contravene (i) the Issuer's limited
liability company agreement, (ii) any law, rule or regulation applicable to the
Issuer, (iii) any contractual restriction contained in any material indenture,
loan or credit agreement, lease, mortgage, deed of trust, security agreement,
bond, note, or other material agreement or instrument binding on the Issuer or
(iv) any order, writ, judgment, award, injunction or decree binding on or
affecting the Issuer or its properties (except where such

                                       11
<Page>

contravention would not have a Material Adverse Effect with respect to the
Issuer or its properties), and do not result in (except as provided in the
Facility Documents) or require the creation of any Lien upon or with respect to
any of its properties; and no transaction contemplated hereby requires
compliance with any bulk sales act or similar law. To the extent that this
representation is being made with respect to Title I of ERISA or Section 4975 of
the Code, it is made subject to the assumption that none of the assets being
used to purchase the Pool Loans and Pool Assets constitute assets of any Benefit
Plan or Plan with respect to which the Issuer is a party in interest or
disqualified person.

             (e)    There are no proceedings or investigations pending, or to
the best knowledge of the Issuer threatened, against the Issuer before any
court, regulatory body, administrative agency or other tribunal or governmental
instrumentality (A) asserting the invalidity of this Agreement, the related PPA
Supplement or any other Facility Document to which it is a party, (B) seeking to
prevent the consummation of any of the transactions contemplated by this
Agreement, the related PPA Supplement or any other Facility Document to which it
is a party, (C) seeking any determination or ruling that would adversely affect
the validity or enforceability of this Agreement, the related PPA Supplement or
any other Facility Document to which it is a party or (D) seeking any
determination or ruling that would, if adversely determined, be reasonably
likely to have a Material Adverse Effect with respect to the Issuer.

             (f)    All approvals, authorizations, consents or orders of any
court or governmental agency or body required in connection with the execution
and delivery by the Issuer of this Agreement, the related PPA Supplement or any
other Facility Document to which it is a party, the consummation by it of the
transactions contemplated hereby or thereby and the performance by it of, and
the compliance by it with, the terms hereof or thereof, have been obtained,
except where the failure to do so would not have a Material Adverse Effect with
respect to the Issuer.

             (g)    The Issuer (A) is not insolvent (as such term is defined in
the Bankruptcy Code), (B) is able to pay its debts as they become due and
(C) does not have unreasonably small capital for the business in which it is
engaged or for any business or transaction in which it is about to engage.

             (h)    The Issuer has observed the applicable legal requirements on
its part for the recognition of the Issuer as a legal entity separate and apart
from each of the Seller, the Seller Subsidiaries and any of their respective
Affiliates.

SECTION 11.  AFFIRMATIVE COVENANTS OF THE ISSUER.

      From and after the date hereof until the termination of this Agreement,
the Issuer shall take such actions as shall be required on its part in order
that the identity of the Issuer as a legal entity separate from the Depositor,
the Sellers, the Seller Subsidiaries and any of their respective Affiliates will
be recognized, including:

                    (i)     The Issuer will conduct its business in office space
             allocated to it and for which it pays an appropriate rent and
             overhead allocation;

                                       12
<Page>

                    (ii)    The Issuer will maintain corporate records and books
             of account separate from those of the Depositor, the Sellers, the
             Seller Subsidiaries and their respective Affiliates and telephone
             numbers and stationery that are separate and distinct from those of
             the Sellers, the Seller Subsidiaries and their respective
             Affiliates;

                    (iii)   The Issuer's assets will be maintained in a manner
             that facilitates their identification and segregation from those of
             any of the Depositor, the Sellers, the Seller Subsidiaries and
             their respective Affiliates;

                    (iv)    The Issuer will strictly observe corporate
             formalities in its dealings with the public and with the Depositor,
             the Sellers, the Seller Subsidiaries and their respective
             Affiliates and, except as contemplated by the Facility Documents,
             funds or other assets of the Issuer will not be commingled with
             those of any the Depositor, the Sellers, the Seller Subsidiaries
             and their respective Affiliates. The Issuer will at all times, in
             its dealings with the public and with any of the Depositor, the
             Sellers, the Seller Subsidiaries and their respective Affiliates,
             hold itself out and conduct itself as a legal entity separate and
             distinct from the Depositor, the Sellers and their respective
             Affiliates. The Issuer will not maintain joint bank accounts or
             other depository accounts to which any of the Depositor, the
             Sellers, the Seller Subsidiaries and their respective Affiliates
             (other than the Master Servicer) has independent access;

                    (v)     The duly elected board of directors of the Issuer
             and duly appointed officers of the Issuer will at all times have
             sole authority to control decisions and actions with respect to the
             daily business affairs of the Issuer;

                    (vi)    Not less than one member of the Issuer's board of
             directors will be an Independent Director. The Issuer will observe
             those provisions in its limited liability company agreement that
             provide that the Issuer's board of directors will not approve, or
             take any other action to cause the filing of, a voluntary
             bankruptcy petition with respect to the Issuer unless the
             Independent Director and all other members of the Issuer's board of
             directors unanimously approve the taking of such action in writing
             prior to the taking of such action;

                    (vii)   The Issuer will compensate each of its employees,
             consultants and agents from the Issuer's own funds for services
             provided to the Issuer; and

                    (viii)  The Issuer will not hold itself out to be
             responsible for the debts of any of the Depositor, the Sellers, the
             Seller Subsidiaries and their respective Affiliates.

SECTION 12.  DEPOSITOR REPURCHASES.

             (a)    OPTIONAL SUBSTITUTION OF SCHEDULE 1-A POOL LOANS. On each
Closing Date and each Addition Date, the Depositor shall designate the Pool
Loans, if any, Purchased on such date that will be subject to optional
substitution in whole or in part by the Depositor (such Pool Loans, the
"SCHEDULE 1-A POOL LOANS"), and such Pool Loans shall be listed as Schedule 1-A

                                       13
<Page>

Pool Loans in the Pool Loan Schedule for the applicable Series as set forth in
the related PPA Supplement. All other Pool Loans Purchased by the Issuer from
the Depositor on any Closing Date or Addition Cut-Off Date (the "SCHEDULE 1-B
POOL LOANS") shall be listed as Schedule 1-B Pool Loans in the Pool Loan
Schedule for the applicable Series and shall not be subject to optional
substitution pursuant to this Section 12. The Depositor may not change the
designation of any Pool Loan from a Schedule 1-B Pool Loan to a Schedule 1-A
Pool Loan.

             (b)    SUBSTITUTION OF OTHER POOL LOANS. The PPA Supplement for any
Series may designate additional categories of Pool Loans that will be subject to
substitution by the Depositor.

             (c)    SUBSTITUTIONS. Schedule 1-A Pool Loans and any other Pool
Loans subject to substitution pursuant to this Section 12 and any PPA Supplement
shall be removed from the Schedule 1-A Pool Loans and another Pool Loan
substituted therefore by the Depositor subject to the notice and re-conveyance
provisions applicable to Defective Loans substitution provisions of the related
PPA Supplement.

             (d)    CONDITION PRECEDENT TO SUBSTITUTION OF POOL LOANS. No
removal and substitution of any Pool Loans shall be made under Section 12 of
this Agreement or any PPA Supplement on any date unless the Depositor provides a
Pool Loan in substitution for the Pool Loan released in accordance with the
provisions applicable to substitution for Defective Loans under the related PPA
Supplement.

SECTION 13.  TERMINATION.

             (a)    PURCHASE TERMINATION EVENTS. "PURCHASE TERMINATION EVENTS"
for each Series, if any, shall be set forth in the related PPA supplement.

      If a Purchase Termination Event occurs, the Depositor shall promptly give
notice to the Issuer and its assignees of such Purchase Termination Event.

             (b)    PURCHASE TERMINATION. On the Purchase Termination Date, the
Depositor shall cease transferring Pool Assets to the Issuer. Notwithstanding
any cessation of the transfer to the Issuer of additional Pool Assets, Pool
Assets transferred to the Issuer prior to the Purchase Termination Date and Pool
Collections in respect of such Pool Assets, whenever accrued in respect of such
Pool Assets, shall continue to be property of the Issuer available for grant of
security interest pursuant to the Indenture and Servicing Agreement.

SECTION 14.  INDEMNITIES BY THE DEPOSITOR.

      Without limiting any other rights that any Depositor Indemnified Party may
have hereunder or under applicable law, the Depositor agrees to indemnify the
Issuer and each of its successors, permitted transferees and assigns (including
the Trustee for the benefit of Noteholders), and all officers, directors,
shareholders, controlling Persons, employees and agents of any of the foregoing
(each of the foregoing Persons, a "DEPOSITOR INDEMNIFIED PARTY"), from and
against any and all damages, losses, claims (whether on account of settlements
or otherwise), actions, suits, demands, judgments, liabilities (including
penalties), obligations or disbursements of any kind or nature and related costs
and expenses (including reasonable attorneys' fees and

                                       14
<Page>

disbursements) awarded against or incurred by any of them, arising out of or as
a result of any of the following (all of the foregoing, collectively, "DEPOSITOR
INDEMNIFIED LOSSES"):

             (a)    any representation or warranty made by the Depositor under
any of the Facility Documents having been untrue or incorrect in any respect
when made or deemed to have been made; PROVIDED, HOWEVER, that the Depositor's
obligation to repurchase Defective Loans pursuant to Section 9 with respect to
any representation assigned to the Issuer pursuant to the related PPA Supplement
having been incorrect when made shall be the only remedy available to the Issuer
or its assignees relating to such incorrect representation;

             (b)    the failure to vest and maintain in the Issuer a first
priority perfected ownership or security interest in the Pool Assets, free and
clear of any Lien arising through the Depositor or anyone claiming through or
under the Depositor; or

             (c)    any failure of the Depositor to perform its duties or
obligations in accordance with the provisions of any Facility Documents to which
it is a party.

      Notwithstanding the foregoing, no indemnification payments shall be
payable by the Depositor pursuant to this Section 14 except to the extent of
funds available to the Depositor for such purpose.

      Notwithstanding the foregoing (and with respect to clause (ii) below,
without prejudice to the rights that the Issuer may have pursuant to the other
provisions of this Agreement or the provisions of any of the other Facility
Documents), in no event shall any Depositor Indemnified Party be indemnified for
any Depositor Indemnified Losses (i) resulting from negligence or willful
misconduct on the part of such Depositor Indemnified Party, (ii) to the extent
the same includes losses in respect of Pool Assets and reimbursement therefor
that would constitute credit recourse to the Depositor for the amount of any
Pool Asset not paid by the related Obligor or (iii) resulting from the action or
omission of the Master Servicer.

      If for any reason the indemnification provided in this Section 15 is
unavailable to a Depositor Indemnified Party or is insufficient to hold a
Depositor Indemnified Party harmless, then the Depositor shall contribute to the
maximum amount payable or paid to such Depositor Indemnified Party as a result
of such loss, claim, damage or liability in such proportion as is appropriate to
reflect not only the relative benefits received by such Depositor Indemnified
Party on the one hand and the Depositor on the other hand, but also the relative
fault of such Depositor Indemnified Party and the Depositor, and any other
relevant equitable considerations.

SECTION 15.  MISCELLANEOUS.

      (a)    AMENDMENT. This Agreement and any PPA Amendment may be amended from
time to time or the provisions hereof may be waived or otherwise modified by the
parties hereto or thereto by written agreement signed by the parties hereto or
thereto.

      (b)    ASSIGNMENT. The Issuer has the right to assign its interest under
this Agreement and any PPA Amendment as may be required to effect the
purposes of the Indenture and Servicing Agreement without the consent of the
Depositor, and the assignee shall succeed to the rights hereunder of the Issuer.
In addition, but only to the extent allowed by the Indenture and

                                       15
<Page>

Servicing Agreement, each of the Collateral Agent and the Trustee has the right
to assign its interest hereunder and under any PPA Agreement without the written
consent of the Depositor and the assignee shall succeed to the rights hereunder
or thereunder of Collateral Agent or Trustee.

      (c)    COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

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

      (e)    NOTICES. All demands and notices hereunder shall be in writing and
shall be deemed to have been duly given, if personally delivered at or mailed by
registered mail, postage prepaid, or by express delivery service, to (i) in the
case of Depositor, Sierra Deposit Company, LLC, 10750 West Charleston Blvd.,
Suite 130, Mailstop 2067, Las Vegas, Nevada 89135, Attention: President, or such
other address as may hereafter be furnished to the Issuer and (ii) in the case
of the Issuer, Sierra Receivables Funding Company, LLC, 10750 West Charleston
Blvd., Suite 130, Mailstop 2046, Las Vegas, Nevada 89135, Attention: President,
or such other address an may be furnished to the Depositor.

      (f)    SEVERABILITY OF PROVISIONS. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.

      (g)    SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
Depositor and the Issuer and their respective successors and assigns, as may be
permitted hereunder, and shall inure to the benefit of, and be enforceable by,
the Depositor and the Issuer and each of the Collateral Agent, the Trustee and
the Noteholders.

      (h)    NO PROCEEDINGS.

             (i)    The Depositor hereby agrees that it will not institute
      against the Issuer or join any other Person in instituting against the
      Issuer any proceeding under any Debtor Relief Law so long as the
      Termination Date shall not have occurred or there shall not have elapsed
      one year plus one day since the Termination Date. The foregoing shall not
      limit the right of the Depositor to file any claim in or otherwise take
      any action with respect to any proceeding under any Debtor Relief Law that
      was instituted against the Issuer by any Person other than the Depositor.

             (ii)   The Issuer hereby agrees that it will not institute against
      the Depositor or WorldMark or join any other Person in instituting against
      the Depositor or WorldMark any proceeding under any Debtor Relief Law so
      long as the Termination Date shall not have occurred or there shall not
      have elapsed one year plus one day since the Termination

                                       16
<Page>

      Date. The foregoing shall not limit the right of the Issuer to file any
      claim in or otherwise take any action with respect to any proceeding under
      any Debtor Relief Law that was instituted against the Depositor or
      WorldMark by any Person other than the Issuer.

      (i)    RECOURSE TO THE DEPOSITOR. Except to the extent expressly provided
otherwise in the Facility Documents, the obligations of the Depositor under the
Facility Documents to which it is a party are solely the obligations of the
Depositor, and no recourse shall be had for payment of any fee payable by or
other obligation of or claim against the Depositor that arises out of any
Facility Document to which the Depositor is a party against any director,
officer or employee of the Depositor. The provisions of this Section 15(i) shall
survive the termination of this Agreement.

      (j)    RECOURSE TO THE ISSUER. Except to the extent expressly provided
otherwise in the Facility Documents, the obligations of the Issuer under the
Facility Documents to which it is a party (i) are solely the obligations of the
Issuer, and no recourse shall be had for payment of any fee payable by or other
obligation of or claim against the Issuer that arises out of any Facility
Document to which the Issuer is a party against any director, officer or
employee of the Issuer and (ii) are payable solely from funds available to the
Issuer under the Indenture and Servicing Agreement for such purpose. The
provisions of this Section 15(j) shall survive the termination of this
Agreement.

      (k)    CONFIDENTIALITY. The Issuer agrees to maintain the confidentiality
of any information regarding the Sellers, the Seller Subsidiaries, the Depositor
and Cendant obtained in accordance with the terms of this Agreement that is not
publicly available; PROVIDED, HOWEVER, that the Issuer may reveal such
information (i) as necessary or appropriate in connection with the
administration or enforcement of this Agreement or its funding of Purchases
under this Agreement, (ii) as required by law, government regulation, court
proceeding or subpoena and (iii) as necessary or appropriate in connection with
the financing statements filed pursuant to this Agreement or any PPA Supplement.

                                       17
<Page>

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

                                        SIERRA DEPOSIT COMPANY, LLC
                                         as Depositor

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

                                        SIERRA RECEIVABLES FUNDING COMPANY, LLC
                                         as Issuer

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

                  [Signature page for Pool Purchase Agreement]

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