Document:

exv10wxqy

 

Exhibit 10 (q)

CENTER CORPORATION 2004

LONG-TERM INCENTIVE PLAN G NONQUALIFIED STOCK OPTION GRANT CERTIFICATE

(Continued from the “Front” of this Grant Certificate)
The Plan G Stock Option Committee (the “Committee”) of Cerner Corporation (the “Company” — which
term includes its subsidiaries wherever applicable) has determined that the Optionee is eligible to
receive an option to purchase shares of common stock of the Company under the Company’s 2004
Long-Term Incentive Plan G (the “Plan”), as so indicated on the Front, and the Committee authorizes
and directs the grant of such an option to Optionee pursuant to the following terms and conditions.

1. Grant of Option. Pursuant to the authorization of the Committee, and subject to the
terms, conditions and provisions contained in this Grant Certificate, the Company hereby grants to
the Optionee an option (the “Option”) to purchase from the Company all or any part of an aggregate
number of shares of Company common stock designated as “Option Shares” on the other side hereof
(“Front”) at a price per share equal to the Exercise Price on the Front.

The effective date written on the Front shall be deemed to be the Granting Date of this Option.

2. Incorporation of the Plan. A copy of the Plan is incorporated herein by reference and
all of the terms, conditions and provisions contained therein shall be deemed to be contained in
this Grant Certificate.

3. Term of Option. The Optionee may purchase all or any portion of the Option Shares
subject to each tranche listed in the Vesting Schedule on the Front hereof at any time on or after
the Exercise Dates listed therein and before the Expiration Date (or any earlier termination date).

This Option shall expire with respect to all Option Shares ten (10) years from the Granting Date
(the “Expiration Date”), unless it shall be terminated at an earlier date in accordance with this
Grant Certificate.

This Option shall expire with respect to all unvested Option Shares immediately upon termination of
the Optionee’s employment with the Company or any of its subsidiaries.

This Option shall expire as to all vested but unexercised Option Shares ninety (90) calendar days
after termination of the Optionee’s employment with the Company or any of its subsidiaries, except
that in the event such employment is terminated: (a) by reason of the Optionee’s retirement
(pursuant to the Company’s then current employment practices), death or disability, then the
Optionee, or Optionee’s estate, shall have twelve (12) months following such termination date to
exercise this Option as to the number of Option Shares vested and exercisable on such termination
date, or (b) for cause, including without limitation, Optionee’s dishonesty, illegal conduct or
breach of the Company’s policies (“Cause”), the Option shall terminate with respect to all vested
but unexercised Option Shares immediately upon such termination.

In the event Optionee has assigned this Option, once vested, to First Hand Foundation, a Missouri
nonprofit corporation, then such Option shall expire two (2) years from the date of the assignment.
In the event of a “Change of Control” as defined in the Plan: (i) 50% of Optionee’s outstanding
Option Shares that have not yet vested shall immediately vest (such 50% shall be comprised of 50%
of each tranche of all unvested Option Shares with different vesting dates); and, (ii) all
remaining Option Shares shall continue to vest according to the current vesting schedule and terms
of this Option, but should Optionee’s employment be terminated by the Company, other than for
Cause, or should Optionee resign for Good Reason (as defined in the Optionee’s Employment Agreement
with the Company or in the Company’s then current Severance Pay Plan), within 12 months of the
Change in Control, all such remaining Option Shares shall vest immediately.

4. Exercise of Option. This Option may be exercised by Optionee delivering to the Company
a written notice of exercise along with a payment in the amount of the Exercise Price for such
shares plus: (a) the amount of any applicable federal, state, or local taxes to be withheld and
remitted by the Company in connection with such exercise; or, (b) the amount of any applicable
Fringe Benefit Tax payable by the Company in respect of such option and/or its vesting or its
exercise. The payment for the Exercise Price for the shares may be made:

(a) In cash, or

(b) By delivery to the Company of that number of shares of Cerner common stock having a fair
market value on the date of exercise equal to the sum of the exercise price of the options to be
exercised, as long as the shares delivered have been held by the Optionee for at least six (6)
months.

Payment for any applicable federal, state, or local taxes must be made in cash. Payment for any
Fringe Benefit Tax must be made in cash.

5. Investment Purpose. By accepting this Option, the Optionee agrees that any and all shares of
stock purchased upon the exercise of this Option will be purchased for investment purposes, and not
with a view to any distribution thereof, and that each notice of the exercise of any portion of
this Option shall be accompanied by a representation in writing signed by the Optionee (or by the
person or persons entitled to exercise the Option in the event of the death of the Optionee) that
the shares of stock are being purchased in good faith for personal investment purposes, and not
with a view to any distribution thereof.

When a registration statement filed with the Securities and Exchange Commission regarding the
shares of common stock subject to this option agreement (the “Registration Statement”) becomes
effective, the investment representation contained in this section will no longer be applicable.

6. Stock Restrictions. Until such time as the Registration Statement becomes effective,
the Optionee, by accepting this Option, further agrees that:

     (a) Each stock certificate issued pursuant to the exercise of the Option granted hereby shall
bear a legend to the effect that the shares represented thereby have not been registered under the
Securities Act of 1933, and may not be transferred except in accordance with the provisions of this
Agreement.

     (b) The shares of the stock acquired upon the exercise of this Option may be transferred, in
whole or in part, only if in the opinion of counsel for the Company such proposed transfer may be
effected without registration under the Securities Act of 1933 and appropriate state securities
laws or such registration has been effected. Prior to the transfer of any such shares the holder
thereof shall furnish the Company written notice of the intention to effect such transfer, which
notice shall include the manner and circumstances of the proposed transfer and such other matters
as the Company may request.

The Optionee shall promptly comply with any request by the Company for information concerning any
disposition by the Optionee of any shares acquired pursuant to this Option which the Company may
need in connection with an income tax return or any other return or report which it may be required
to file with any governmental agency.

7. Notices. Any notices or other communications required or allowed to be made or given to
the Company under the terms of this Agreement shall be addressed to the Company in care of its
President at its offices at 2800 Rockcreek Parkway, North Kansas City, Missouri 64117, and any
notice to be given to the Optionee shall be addressed to the Optionee at Optionee’s address set
forth on the Front of this Agreement. Either Company or Optionee may from time to time change the
address to which notices are to be sent to Company or Optionee, respectively, by giving written
notice of such change to the other. Any notice hereunder shall be deemed to have been duly given
five business days after registered and deposited, postage and registry fee prepaid, in a post
office regularly maintained by the United States Government.

8. Assignment. This Option shall not be assignable by Optionee without the express written
consent of Company, except that Optionee shall have the right to assign this Option, once vested,
to First Hand Foundation, a Missouri nonprofit corporation, anytime during Optionee’s employment
with Cerner or within ninety (90) days of Optionee’s termination of employment from Cerner,
provided the Option has not terminated prior to such assignment. The Company will maintain records
of all stock option grants and exercises. In the event this Grant Certificate and such records do
not agree, such records shall control.

9. Governing Law. This Grant Certificate shall be construed in accordance with the laws
of the State of Missouri.

10.1.07 Version (non-Director)exv10w10

 

Exhibit 10.10

CONFORMED COPY

 

CREDIT AGREEMENT

Among

RESIDENTIAL FUNDING COMPANY, LLC,

The Several Lenders

from Time to Time Parties Hereto,

GMAC LLC,

as Agent,

Dated
as of February 21, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1.1.

	 	Defined Terms
	 	 	1	 
	 
	 	 	 	 	 	 
	1.2.

	 	Other Definitional Provisions
	 	 	19	 
	 
	 	 	 	 	 	 
	2.1.

	 	Loan Commitments
	 	 	20	 
	 
	 	 	 	 	 	 
	2.2.

	 	Procedure for Borrowings
	 	 	20	 
	 
	 	 	 	 	 	 
	2.3.

	 	Termination or Reduction of Commitments
	 	 	20	 
	 
	 	 	 	 	 	 
	2.4.

	 	Prepayments
	 	 	21	 
	 
	 	 	 	 	 	 
	2.5.

	 	Continuation Options
	 	 	21	 
	 
	 	 	 	 	 	 
	2.6.

	 	Minimum Amounts of Borrowings
	 	 	21	 
	 
	 	 	 	 	 	 
	2.7.

	 	Repayment of Loans; Limitation on Recourse; Evidence of Debt
	 	 	21	 
	 
	 	 	 	 	 	 
	2.8.

	 	Interest Rates and Payment Dates
	 	 	22	 
	 
	 	 	 	 	 	 
	2.9.

	 	Non-use fee
	 	 	22	 
	 
	 	 	 	 	 	 
	2.10.

	 	Computation of Interest and Fees
	 	 	23	 
	 
	 	 	 	 	 	 
	2.11.

	 	Inability to Determine Interest Rate
	 	 	23	 
	 
	 	 	 	 	 	 
	2.12.

	 	Pro Rata Treatment and Payments
	 	 	23	 
	 
	 	 	 	 	 	 
	2.13.

	 	Illegality
	 	 	24	 
	 
	 	 	 	 	 	 
	2.14.

	 	Increased Costs
	 	 	24	 
	 
	 	 	 	 	 	 
	2.15.

	 	Taxes
	 	 	25	 
	 
	 	 	 	 	 	 
	2.16.

	 	Indemnity
	 	 	27	 
	 
	 	 	 	 	 	 
	2.17.

	 	Notice of Amounts Payable; Relocation of Lending Office; Mandatory
Assignment
	 	 	29	 
	 
	 	 	 	 	 	 
	2.18.

	 	Release of Pledged Pre-Sale Loans and Pledged Loans
	 	 	30	 
	 
	 	 	 	 	 	 
	2.19.

	 	New Developers; Addition of Collateral
	 	 	31	 
	 
	 	 	 	 	 	 
	2.20.

	 	Required Repayments
	 	 	32	 
	 
	 	 	 	 	 	 
	2.21.

	 	Payments on Settlement Dates
	 	 	32	 
	 
	 	 	 	 	 	 
	3.1.

	 	Financial Condition
	 	 	33	 
	 
	 	 	 	 	 	 
	3.2.

	 	Existence
	 	 	33	 
	 
	 	 	 	 	 	 
	3.3.

	 	Power; Authorization; Enforceable Obligations
	 	 	33	 
	 
	 	 	 	 	 	 
	3.4.

	 	No Legal Bar
	 	 	34	 
	 
	 	 	 	 	 	 
	3.5.

	 	No Material Litigation
	 	 	34	 
	 
	 	 	 	 	 	 
	3.6.

	 	Federal Regulations
	 	 	34	 
	 
	 	 	 	 	 	 
	3.7.

	 	Investment Company Act
	 	 	34	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	3.8.

	 	ERISA
	 	 	34	 
	 
	 	 	 	 	 	 
	3.9.

	 	No Material Misstatements
	 	 	34	 
	 
	 	 	 	 	 	 
	3.10.

	 	Purpose of Loans
	 	 	34	 
	 
	 	 	 	 	 	 
	3.11.

	 	Representations with Respect to Pledged Loans
	 	 	34	 
	 
	 	 	 	 	 	 
	4.1.

	 	Conditions to Initial Loans
	 	 	35	 
	 
	 	 	 	 	 	 
	4.2.

	 	Conditions to Each Loan
	 	 	35	 
	 
	 	 	 	 	 	 
	5.1.

	 	Financial Statements
	 	 	36	 
	 
	 	 	 	 	 	 
	5.2.

	 	Certificates; Other Information
	 	 	36	 
	 
	 	 	 	 	 	 
	5.3.

	 	Notices
	 	 	36	 
	 
	 	 	 	 	 	 
	5.4.

	 	Maintenance of Existence
	 	 	36	 
	 
	 	 	 	 	 	 
	5.5.

	 	Compliance with Bank Facility Agreement Covenants
	 	 	37	 
	 
	 	 	 	 	 	 
	5.6.

	 	Compliance with Bank Facility Agreement Covenants with Respect to Pledged
Loans
	 	 	37	 
	 
	 	 	 	 	 	 
	5.7.

	 	Audits
	 	 	37	 
	 
	 	 	 	 	 	 
	5.8.

	 	Keeping of Records and Books of Account
	 	 	37	 
	 
	 	 	 	 	 	 
	5.9.

	 	Delivery of Notes
	 	 	38	 
	 
	 	 	 	 	 	 
	5.10.

	 	Assignments of Mortgage
	 	 	38	 
	 
	 	 	 	 	 	 
	6.1.

	 	Merger, Consolidation, Etc
	 	 	38	 
	 
	 	 	 	 	 	 
	6.2.

	 	Limitation on Liens
	 	 	38	 
	 
	 	 	 	 	 	 
	6.3.

	 	Line of Business
	 	 	38	 
	 
	 	 	 	 	 	 
	6.4.

	 	Borrowing Base
	 	 	38	 
	 
	 	 	 	 	 	 
	7.1.

	 	Events of Default
	 	 	38	 
	 
	 	 	 	 	 	 
	7.2.

	 	Servicing Termination Events
	 	 	40	 
	 
	 	 	 	 	 	 
	8.1.

	 	Appointment
	 	 	41	 
	 
	 	 	 	 	 	 
	8.2.

	 	Delegation of Duties
	 	 	41	 
	 
	 	 	 	 	 	 
	8.3.

	 	Exculpatory Provisions
	 	 	41	 
	 
	 	 	 	 	 	 
	8.4.

	 	Reliance by Agent
	 	 	41	 
	 
	 	 	 	 	 	 
	8.5.

	 	Notice of Default
	 	 	42	 
	 
	 	 	 	 	 	 
	8.6.

	 	Non-Reliance on Agent and Other Lenders
	 	 	42	 
	 
	 	 	 	 	 	 
	8.7.

	 	Indemnification
	 	 	42	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	8.8.

	 	Agent in Its Individual Capacity
	 	 	43	 
	 
	 	 	 	 	 	 
	8.9.

	 	Successor Agent
	 	 	43	 
	 
	 	 	 	 	 	 
	9.1.

	 	Amendments and Waivers
	 	 	43	 
	 
	 	 	 	 	 	 
	9.2.

	 	Notices
	 	 	44	 
	 
	9.3.

	 	No Waiver; Cumulative Remedies
	 	 	45	 
	 
	 	 	 	 	 	 
	9.4.

	 	Survival of Representations and Warranties
	 	 	45	 
	 
	 	 	 	 	 	 
	9.5.

	 	Payment of Expenses and Taxes
	 	 	45	 
	 
	 	 	 	 	 	 
	9.6.

	 	Successors and Assigns; Participations and Assignments
	 	 	46	 
	 
	 	 	 	 	 	 
	9.7.

	 	Adjustments
	 	 	49	 
	 
	 	 	 	 	 	 
	9.8.

	 	Counterparts
	 	 	50	 

-iii-

 

	 	 	 
	SCHEDULES
	 
	 	 
	I

	 	Commitments
	II

	 	Addresses for Notices
	III

	 	Material Litigation
	IV

	 	List of Resorts
	V

	 	Syndicated Loans
	 
	 	 
	EXHIBITS
	 
	 	 
	A

	 	Pledge Agreement
	B

	 	Assignment and Assumption
	C

	 	Opinions of Counsel to the Company
	D

	 	Note
	E

	 	Borrowing Base Certificate
	F

	 	Monthly Report
	G

	 	US Tax Compliance Certificate
	H

	 	Developer Supplement
	 
	 	 
	ANNEXES
	 
	 	 
	A

	 	Requirements for Eligible Pre-Sale Receivables
	B

	 	Requirements for Eligible A, D & C Loans
	C

	 	Requirements for an Eligible Developer
	D

	 	Requirements for an Eligible Resort Related to an A, D & C Loan

iv

 

CREDIT
AGREEMENT, dated as of February 21, 2008, among:

	 	(a)	 	RESIDENTIAL FUNDING COMPANY, LLC (the “Company”);
	 
	 	(b)	 	the several banks and other financial institutions from time to time parties to
this Agreement (the “Lenders”);
	 
	 	(c)	 	GMAC LLC, as agent for the Lenders hereunder (in such capacity, the
“Agent”).

The parties hereto hereby agree as follows:

SECTION 1. DEFINITIONS

          1.1. Defined Terms. As used in this Agreement, the following terms shall have the
following meanings:

     “A, D & C Loans”: means Construction Loans and Pre-Sale Loans.

     “A, D & C Loan Agreement”: an agreement between a Developer and the Company as
amended or modified from time to time pursuant to which the Company extends a Construction
Loan or a Pre-Sale Loan.

     “A, D & C Note”: the promissory note made by a Developer in favor of the
Company in connection with an A, D & C Loan Agreement and the A, D & C Loan evidenced
thereby.

     “Adjusted Construction Loan Outstanding Balance”: on any date of
determination, (i) the aggregate Outstanding Balance of Eligible Construction Loans that are
Pledged Loans as of the last day of the immediately preceding Settlement Period
minus (ii) the sum, without duplication, for the Eligible Construction Loans that
are Pledged Loans of (A) the Pro Rata Share of the Single Developer Overconcentration Amount
and (B) the Pro Rata Share of the Multiple Developer Overconcentration Amount, in each case
as of the last day of the immediately preceding Settlement Period.

     “Adjusted Pre-Sale Loan Outstanding Balance”: on any date of determination,
(i) the aggregate Outstanding Balance of Eligible Pre-Sale Loans that are Pledged Loans as
of the last day of the immediately preceding Settlement Period minus (ii) the sum,
without duplication, for the Eligible Pre-Sale Loans that are Pledged Loans of (A) the Pro
Rata Share of the Foreign Obligor Overconcentration Amount, (B) the Pro Rata Share of the
Single Developer Overconcentration Amount, (C) the Pro Rata Share of the Multiple Developer
Overconcentration Amount and (D) the Excess Developer Advance Amount for all such pledged
Eligible Pre-Sale Loans, in each case as of the last day of the immediately preceding
Settlement Period.

     “Adjusted Timeshare Backed Loan Outstanding Balance”: on any date of
determination, (i) the aggregate Outstanding Balance of Eligible Timeshare Backed Loans
pledged under the Bank Facility Agreement plus the aggregate Outstanding Balance of Eligible
Timeshare Backed Loans that are Pledged Loans as of the last day of the

 

 

immediately preceding Settlement Period minus (ii) the sum, without
duplication, for all such pledged Eligible Timeshare Backed Loans of (A) the Pro Rata Share
of the Foreign Obligor Overconcentration Amount, (B) the Pro Rata Share of the Single
Developer Overconcentration Amount, (C) the Pro Rata Share of the Multiple Developer
Overconcentration Amount, (D) the Set Aside Letter Overconcentration Amount and (E) the
Excess Developer Advance Amount for all such pledged Eligible Timeshare Backed Loans in each
case as of the last day of the immediately preceding Settlement Period.

     “Affiliate”: as to any Person, any other Person that, directly or indirectly,
is in control of, is controlled by, or is under common control with, such Person. For
purposes of this definition, “control” of a Person means the power, directly or indirectly,
either to (a) vote 10% or more of the securities having ordinary voting power for the
election of directors (or persons performing similar functions) of such Person or (b) direct
or cause the direction of the management and policies of such Person, whether by contract or
otherwise.

     “Agent”: as defined in the preamble hereto.

     “Agreement”: this Agreement, as amended, supplemented or otherwise modified
from time to time.

     “Applicable Margin”: 3.00%.

     “Applicable Underlying Declarations”: each declaration of condominium,
declaration of covenants, conditions and restrictions, supplemental declaration of use
restrictions or similar instrument applicable to a Resort pursuant to which the property
regime, and related non-disturbance rights, are established at such Resort, including all
exhibits and amendments thereto.

     “Approved Fund”: as defined in Section 9.6(b).

     “Assessments”: any assessments, including but not limited to, real estate
taxes, recreation fees, insurance premiums, community club or property owners association
dues, water and sewer improvement district assessments or other similar assessments, made
with respect to a Timeshare, the nonpayment of which would result in the imposition of a
Lien or other encumbrance upon the Timeshare.

     “Assignee”: as defined in Section 9.6(b).

     “Assignment and Assumption”: as defined in Section 9.6(b)(ii)(B) substantially
in the form of Exhibit B.

     “Available Commitment”: as to any Lender at any time, the excess, if any, of
such Lender’s Commitment over the aggregate outstanding principal amount at such time of all
Loans made by such Lender.

     “Available Funds”: with respect to any Settlement Date, the sum of (i) all
amounts paid to Issuer pursuant to the Bank Facility Agreement that were not used to fund

2

 

new Eligible Receivables, (ii) Collections from Pledged Loans received during the
related Settlement Period, and (iii) all Required Repayments required to be made during the
related Settlement Period.

     “Bank Facility Agent”: as defined in the definition of Bank Facility Agreement.

     “Bank Facility Agreement”: the Loan and Security Agreement, dated as of January 26,
2006, among the Issuer, the Company, as Master Servicer, the persons from time to time
parties thereto, as Conduit Lenders, the financial institutions from time to time parties
thereto, as Committed Lenders, the financial institutions from time to time party thereto,
as Managing Agents, and the financial institution party thereto as Administrative Agent (the
“Bank Facility Agent”), as such agreement has heretofore been amended,
supplemented and modified from time to time; provided that no amendment,
modification or supplement thereto that could reasonably be expected to have a material
adverse effect on the interests of the Lenders shall not be effective for purpose of any
provision of the Bank Facility Agreement incorporated in this Agreement, unless the Majority
Lenders shall have given their written consent to such amendment, modification or
supplement; and provided, further that if the Bank Facility Agreement is
terminated, references herein to the Bank Facility Agreement shall be deemed to be references to
such agreement as it was in effect (subject to the foregoing proviso) immediately prior to
such termination.

     “Benefitted Lender”: as defined in Section 9.7.

     “Board of Directors”: as to the Company, its Board of Directors (or analogous
governing body) or any committee thereof.

     “Borrowing”: the making of a Loan hereunder and, if applicable, as to which a
single Interest Period is in effect.

     “Borrowing Base”: on any date of determination, the sum of (i) the Borrowing
Base First Component, (ii) the Borrowing Base Second Component and (iii) the Borrowing Base
Third Component.

     “Borrowing Base Certificate”: a certificate of the Company in the form of
Exhibit E.

     “Borrowing Base First Component”: on any date of determination, (i) the
product of 90% times the Adjusted Timeshare Backed Loan Outstanding Balance as of the last
day of the immediately preceding Settlement Period minus (ii) the Aggregate
Principal Balance (as defined in the Bank Facility Agreement) as of the last day of the
immediately preceding Settlement Period.

     “Borrowing Base Second Component”: as of any date of determination, the
product of 75% times the Adjusted Construction Loan Outstanding Balance as of the
last day of the immediately preceding Settlement Period.

     “Borrowing Base Third Component”: as of any date of determination, the product
of 50% times the sum of (i) the Adjusted Pre-Sale Loan Outstanding Balance and (ii)
the Set Aside Overconcentration Amount as of the last day of the immediately preceding
Settlement Period.

     “Business Day”: a day other than a Saturday, Sunday or other day on which
commercial banks in Minneapolis, Minnesota or New York, New York are authorized or required
by law to close; provided that when used in connection with the determination of the
LIBO Rate, the term “Business Day” shall also exclude any day on which banks are not open
for dealings in Dollars in the London interbank market.

     “Capital Shares”: any and all shares, membership or other ownership interests,
participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person (other than a corporation) and any
and all warrants, rights or options to purchase any of the foregoing.

     “CLO”: as defined in Section 9.6(b).

3

 

     “Closing Date”: the date on which each of the conditions precedent set forth
in Section 4.1 shall have been satisfied.

     “Code”: the Internal Revenue Code of 1986, as amended from time to time.

     “Collateral”: as defined in the Pledge Agreement.

     “Collections”: all amounts received in respect of the Collateral, including,
without limitation, (i) all payments of principal received by or on behalf of the Company
with respect to the Collateral, (ii) all payments of interest made by Obligors with respect
to the Collateral, (iii) all payments of late payment charges and other fees (unless
remitted back to the related Developer) made by Obligors with respect to the Collateral, and
(iv) the proceeds from any Servicer Advance (as defined in the
Bank Facility Agreement) made by
the Company; provided, however, that

     (a) if any of the aforementioned amounts have been conditionally credited to the
account in which such amounts have been deposited during a Settlement Period but are
subsequently deducted from such account as a result of a chargeback of uncollected funds by
the financial institution at which such account is maintained prior to the allocation of
such amounts, then such aforementioned amounts shall be calculated net of any such
chargeback;

     (b) if such chargeback occurs after such allocation, the amount of such chargeback can
be withdrawn from subsequently received Collections;

     (c) payments in respect of Assessments shall not constitute Collections or Collateral;
and

     (d) any condemnation proceeds or insurance proceeds received by the Company or the
Company from a casualty insurance policy maintained by a Developer or Owners’ Association
related to a Resort or Timeshare shall not be deemed Collections if the applicable Developer
or Owners’ Association has elected, with the prior written consent of the Company (to the
extent that the Applicable Underlying Declarations, the Developer Agreements and applicable
law permit the Company to withhold its consent) to rebuild or repair the Resort related to
such Timeshare and such amount received under the condemnation award or the insurance policy
is remitted to the Developer or the Owners’ Association for the rebuilding or repair of the
related Resort.

     “Commitment”: as to any Lender, the obligation of such Lender to make Loans in
an aggregate principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule I, as such amount may be increased or reduced from
time to time in accordance with the provisions of this Agreement.

     “Commitment Percentage”: as to any Lender at any time, the percentage which
such Lender’s Commitment then constitutes of the aggregate Commitments or, at any time after
the Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Loans then outstanding constitutes of the
aggregate principal amount of the Loans then outstanding.

4

 

     “Commitment Period”: the period from and including the date hereof to but not
including the Termination Date or such earlier date on which the Commitments shall terminate
as provided herein.

     “Company”: as defined in the preamble hereto.

     “Construction Loan”: a loan and other financial accommodations from time to
time extended by the Company to a Developer in connection with the acquisition, development,
construction and completion of a Resort and/or Resort amenities, related golf courses and
other related projects.

     “Contract”: as defined in the Bank Facility Agreement.

     “Contractual Obligation”: as to any Person, any provision of any security
issued by such Person or of any agreement, instrument or other undertaking to which such
Person is a party or by which it or any of its property is bound.

     “Credit Documents”: this Agreement, any Notes, the Pledge Agreement and the
ResCap Guaranty.

     “Default”: any of the events specified in Section 7.1, whether or not any
requirement for the giving of notice, the lapse of time, or both, or any other condition,
has been satisfied.

5

 

     “Defaulted A, D & C Loan” means an A, D & C Loan:

     (i) which remains outstanding and not fully repaid more than five (5) days after the
maturity date therefor (whether by scheduled maturity, acceleration or otherwise),

     (ii) which is owing by a Developer subject to an Insolvency Event,

     (iii) which is owing by a Developer for which the Company has terminated its
hypothecation line of credit or other financing arrangement (as a result of a default or
comparable event under such line of credit or financing arrangement) extended to such
Developer that in part evidences an A, D & C Loan subject hereto,

     (iv) in the case of Pre-Sale Loans, for which the Outstanding Balance thereof exceeds
the amount of Pre-Sale Receivables and other collateral both required under the applicable
Pre-Sale Agreement to collateralize such Pre-Sale Loan and actually collateralizing such
Pre-Sale Loan (i.e. exceeds the required borrowing base therefor) by an amount (a) equal to
or less than 10% times the aggregate of such Pre-Sale Receivables and other collateral for a
period of more than forty (40) days, which forty-day period shall begin on the earlier of
(i) the date on which the Company has actual knowledge of such condition, or (ii) the first
Settlement Date immediately following the occurrence of such condition, or (b) greater than
10% times the aggregate of such Pre-Sale Receivables and other collateral at any time,

     (v) for which a breach, default, event of default, amortization event, termination
event or similar event has occurred and is continuing under the applicable A, D & C Loan
Agreement that allows the Company to exercise rights and remedies in respect of such A, D &
C Loan, including the acceleration of the repayment of such A, D & C Loan;

     (vi) which is owing by a Developer for which there shall have occurred any event which
has a Material Adverse Effect on such Developer; or

     (vii) for which a related Resort becomes subject to or is threatened to become subject
to partial or total condemnation or is taken by a Governmental Authority by eminent domain.

     “Defaulted Pre-Sale Receivable”: a Pre-Sale Receivable: (i) for which, on the
last day of any Settlement Period, any payment then due and payable in respect thereof has
remained unpaid for more than ninety (90) days (or, with respect to a Pre-Sale Receivable
originated by Bluegreen Corporation, one-hundred twenty (120) days) from the original due
date for such payment, (ii) which the Company has deemed uncollectible, (iii) which has been written off in the normal course of the Developer’s
or the Company’s business prior to becoming ninety (90) days (or, with respect to a
Receivable originated by Bluegreen Corporation, one-hundred twenty (120) days) past due, or
which otherwise should be written off pursuant to the requirements of the Originator
Resource Guide, (iv) as to which amounts due and payable under the Contract related thereto
have been accelerated or the foreclosure proceedings with respect to the

6

 

Timeshare related thereto have been initiated by the applicable Developer or the
Company or as to which the Company has received a deed-in-lieu of foreclosure or (v) as to
which a Responsible Officer of the Company has received notice that the Obligor thereof is
subject to an Insolvency Event.

     “Delinquent Pre-Sale Receivable”: a Pre-Sale Receivable which is not a
Defaulted Pre-Sale Receivable and (x) as to which, on the last day of any Settlement Period,
any payment then due and payable has remained unpaid for more than sixty (60) days (or, with
respect to a Pre-Sale Receivable originated by Bluegreen Corporation, ninety (90) days) from
the original due date for such payment or (y) which, consistent with the applicable
Originator Resource Guide, or in the ordinary course of the Company’s business has been or
should be classified as delinquent.

     “Developer”: (i) in the case of a Timeshare Backed Loan, a Developer as
defined in the Bank Facility Agreement, (ii) in the case of Pre-Sale Loans, any Person who extends
financing to an Obligor resulting in the generation of a Pre-Sale Receivable for the purpose
of purchasing a Timeshare in a Resort; and (iii) in the case of Construction Loans, any
Person who is constructing a Resort for the purpose of selling Timeshares; provided,
however, that no Person shall constitute a Developer hereunder unless (i) such
Developer is an Eligible Developer on the Closing Date, (ii) if applicable, at the time of
the execution, delivery and effectiveness of the Developer Supplement for such Developer or
(iii) at the time of the execution, delivery and effectiveness of a Developer Supplement
under, and as defined in, the Bank Facility Agreement, so long as the aggregate Outstanding
Balance of Developer Loans of such Developer in the Loan Portfolio do not exceed
$10,000,000.

     “Developer Agreements”: the Developer Facility Documents and the A, D & C Loan
Agreements.

     “Developer Facility Documents”: as defined in the DB Loan Agreement.

     “Developer Loan”: means a Timeshare Backed Loan or an A, D & C Loan.

     “Developer Supplement”: for any Developer whose Developer Loan and Receivables
become subject to the terms of this Agreement after the date hereof, a supplement to this
Agreement prepared and executed by the Company and the Company substantially in the form of
Exhibit H hereto and becomes effective pursuant to Section 2.19.

     “Dollars” and “$”: dollars in lawful currency of the United States of
America.

     “Eligible A, D & C Loans”: on any Settlement Date or Loan Date, as applicable,
any A, D & C Loan which satisfied the requirements of Annex B attached hereto.

     “Eligible Construction Loan”: a Construction Loan that is an Eligible A, D & C
Loan.

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     “Eligible Developer”: (i) with respect to a Timeshare Backed Loan, an Eligible
Developer as defined in the Bank Facility Agreement, and (ii) with respect to an A, D & C Loan, a
Developer that satisfies the requirements in Annex C hereto.

     “Eligible Loan”: an Eligible Construction Loan, Eligible Pre-Sale Loan or
Eligible Timeshare Backed Loan.

     “Eligible Pre-Sale Loan”: a Pre-Sale Loan that is an Eligible A, D & C Loan.

     “Eligible Pre-Sale Receivables”: on any Settlement Date or Loan Date, as
applicable, any Receivable which satisfied the requirements of Annex A attached hereto as of
the last day of the immediately proceeding Settlement Period.

     “Eligible Timeshare Backed Loan”: an “Eligible Developer Loan” as defined in
the Bank Facility Agreement.

     “Eligible Timeshare Receivable”: an “Eligible Receivable” as defined in the
Bank Facility Agreement.

     “Enforceability Exceptions”: exceptions to the enforceability of an obligation
arising under (i) bankruptcy, insolvency, reorganization, moratorium or similar laws
relating to or affecting creditors’ rights generally, and (ii) general principles of equity,
including concepts of materiality, reasonableness, good faith and fair dealing and the
possible unavailability of specific performance, regardless of whether considered in a
proceeding at equity or at law.

     “Environmental Defect”: with respect to a Resort, the noncompliance with any
Environmental Law relating to such Resort so long as such noncompliance has not resulted in
the cessation of operations of such Resort.

     “Environmental Laws”: all federal, state or local laws, rules, regulations or
orders governing, imposing standards of conduct with respect to, or regulating in any way
the discharge, generation, removal, transportation, storage or handling of toxic or
hazardous substances, materials or waste.

     “ERISA”: the Employee Retirement Income Security Act of 1974, as amended from
time to time.

     “Event of Default”: any of the events specified in Section 7.1;
provided that any requirement for the giving of notice, the lapse of time, or both,
or any other condition, has been satisfied.

     “Event of Termination”: as defined in the Bank Facility Agreement.

     “Excess Developer Advance Amount”: on any Settlement Date or Loan Date, as
applicable, for the last day of the immediately preceding Settlement Period for the
applicable Loan Type, the aggregate for all of the Developers of each Developer’s excess of
the Outstanding Balance of each of its Eligible Timeshare Backed Loans or

8

 

Eligible Pre-Sale Loans, respectively, in the Loan Portfolio over 90% or 60%,
respectively, times the Outstanding Balance of Receivables or Pre-Sale Receivables
securing each such Eligible Timeshare Backed Loans or Eligible Pre-Sale Loans, respectively,
in the Loan Portfolio.

     “Federal Funds Effective Rate” for any day, the weighted average of the rates
on overnight federal funds transactions with members of the Federal Reserve System arranged
by federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a
Business Day, the average of the quotations for such day of such rates on such transactions
received by the Agent from three federal funds brokers of recognized standing selected by
it.

     “Federal Funds Rate Loan”: any Loan bearing interest at a rate determined by
reference to the Federal Funds Effective Rate in effect on such day (rounded upwards, if
necessary, to the next 1/16 of 1%). If for any reason the Agent shall have determined
(which determination shall be conclusive absent manifest error) that it is unable to
ascertain the Federal Funds Effective Rate for any reason, the Prime Rate shall be
substituted until the circumstances giving rise to such inability no longer exist. Any
change in the Federal Funds Effective Rate shall be effective as of the opening of business
on the effective day of such change in the Federal Funds Effective Rate.

     “Final Collection Date”: the date following the Termination Date on which the
aggregate outstanding principal balance of the Loans has been reduced to zero and each
Lender and the Agent have received all amounts payable to each Lender or the Agent, as
applicable, pursuant to this Agreement or any other Credit Documents.

     “Financial Officer”: with respect to any Person, the chief financial officer,
principal accounting officer, a financial vice president, treasurer or assistant treasurer
of such Person.

     “Fitch”: Fitch, Inc., and its successors.

     “Foreign Obligor Overconcentration Amount”: on any Settlement Date or Loan
Date, as applicable, the excess of (i) the aggregate Outstanding Balance of all Eligible
Timeshare Receivables and Eligible Pre-Sale Receivables that are owed by Obligors who reside
outside of the United States or Canada on the last day of the immediately preceding
Settlement Period over (ii) an amount equal to 7% times the aggregate
Outstanding Balance of all Eligible Timeshare Receivables and Eligible Pre-Sale Receivables
on the last day of the immediately preceding Settlement Period.

     “Foreign Subsidiary”: each Subsidiary of the Company organized under the laws
of any jurisdiction other than the United States, any state thereof, and the District of
Columbia.

     “Full Recourse Obligations” means the indemnities made by the Company pursuant
to Section 2.13, 2.14, 2.15, 2.16, 2.17 and 2.20 and the obligation of the Company to
distribute Available Funds in accordance with Section 2.21.

9

 

     “GAAP”: generally accepted accounting principles in the United States of
America as in effect from time to time.

     “Governmental Authority”: any nation or government, any state or other
political subdivision thereof and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of government.

     “Guarantee” by any Person means any obligation, contingent or otherwise, of
such Person directly or indirectly guaranteeing any Indebtedness of any other Person and,
without limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness (whether arising by virtue of partnership
arrangements, by agreement to keep-well, to purchase assets, goods, securities or services,
to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered
into for the purpose of assuring in any other manner the holder of such Indebtedness of the
payment thereof or to protect such holder against loss in respect thereof (in whole or in
part), provided that the term Guarantee shall not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee” used as a
verb has a corresponding meaning.

     “Indebtedness” of any Person means on any date, without duplication, (i) all
obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced
by bonds, debentures, notes or other similar instruments, (iii) all obligations of such
Person to pay the deferred purchase price of property or services, except trade accounts
payable arising in the ordinary course of business, (iv) all obligations of such Person as
lessee which are capitalized in accordance with generally accepted accounting principles,
(v) all indebtedness secured by a Lien on any asset of such Person, whether or not such
indebtedness is otherwise an obligation of such Person, and (vi) all indebtedness of others
Guaranteed by such Person; provided that “Indebtedness” of the Company or any of its
Subsidiaries shall not be deemed to include Non-recourse Debt.

     “Insolvency Event”: for any Person (i) such Person admitting in writing its
inability to pay its debts generally, or making a general assignment for the benefit of
creditors; or any proceeding being instituted against such Person or by such Person seeking
to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief, or composition of it or its
debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief or the appointment of a receiver,
trustee, or other similar official for it or for any substantial part of its property, and,
in the case of an involuntary proceeding only, which proceeding has not been dismissed or
stayed for a period of sixty (60) days; or (ii) such Person’s Board of Directors or Board of
Managers voting affirmatively to authorize any of the actions set forth in clause (i) above.

     “Interest Payment Date”: (a) except as set forth in clause (a), as to
any Loan, the last day of the Interest Period applicable thereto; and (b) as to any Federal
Funds Rate Loan, each Settlement Date to occur while such Loan is outstanding and the date
such Loan is paid in full, provided that in addition to the foregoing, each of (x)
the date upon

10

 

which both the Commitments have been terminated and the Loans have been paid in full
shall constitute an “Interest Payment Date” and (y) the Termination Date shall be deemed to
be an “Interest Payment Date” with respect to any interest which is then accrued hereunder.

     “Interest Period”: with respect to any Loan (other than any Federal Funds Rate
Loan):

     (a) initially, the period commencing on the borrowing date, as the case may be, with
respect to such Loan and ending one month thereafter or such other date as the Company and
the Agent shall agree; and

     (b) thereafter, each period commencing on the last day of the preceding Interest
Period applicable to such Loan and ending one month thereafter or such other date as the
Company and the Agent shall agree;

     provided that all of the foregoing provisions relating to Interest Periods are
subject to the following:

     (1) if any Interest Period would otherwise end on a day that is not a Business Day,
such Interest Period shall be extended to the next succeeding Business Day unless, in the
case of an Interest Period pertaining to a Loan, the result of such extension would be to
carry such Interest Period into another calendar month in which event such Interest Period
shall end on the immediately preceding Business Day; and

     (2) any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end
of such Interest Period) shall end on the last Business Day of a calendar month.

     Notwithstanding anything to the contrary contained in this Agreement, no Interest Period for
Loans shall be selected by the Company which ends on a date after the Termination Date.

     “Interval”: with respect to any Timeshare, the number of days or weeks during
a calendar year (or, with respect to a Timeshare that applies on an alternating year basis,
the number of days or weeks during each two-year or three-year period, as applicable) which
the Obligor who acquires such Timeshare is entitled to occupy a unit in a Resort (or group
of Resorts in the case of a points-based or right-to-use program) as a result of such
obligor’s purchase of such Timeshare.

     “Issuer”: RFC Resort Funding, LLC, a Delaware limited liability company.

     “Lenders”: as defined in the preamble hereto.

     “Liabilities”: as defined in the Pledge Agreement.

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     “LIBO Rate”: for any Interest Period, the rate determined by the Agent by
reference to the British Bankers’ Association Interest Settlement Rate for deposits in
Dollars, with a maturity comparable to such Settlement Period, appearing on Bloomberg or any
successor to or substitute for such service, providing rate quotations comparable to those
currently provided by such service, as determined by the Agent from time to time for
purposes of providing quotations of interest rates applicable to deposits in Dollars in the
London interbank market) at approximately 11:00 a.m., London time, on the second Business
Day before the first day of such Interest Period. In the event that such rate is not
available at such time for any reason, then the “LIBO Rate” shall be the rate at which
deposits in Dollars in a principal amount of not less than $1,000,000 and for a maturity
comparable to such Interest Period are offered by the related Reference Bank in immediately
available funds in the London interbank market at approximately 11:00 a.m., London time, on
the second Business Day before (and for value on) the first day of such Interest Period.

     “LIBO Reserve Rate”: with respect to each day during each Interest Period
pertaining to a Loan, a rate per annum determined for such day in accordance with the
following formula (rounded upward to the nearest 1/100th of 1%):

LIBO Rate

1.00 – LIBO Reserve Requirements

     “LIBO Reserve Requirements”: for any day as applied to a Loan of any Lender,
the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction)
of reserve requirements in effect on such day (including, without limitation, basic,
supplemental, marginal and emergency reserves under any regulations of the Board of
Governors of the Federal Reserve System or other Governmental Authority having jurisdiction
with respect thereto) dealing with reserve requirements prescribed for LIBO funding required
to be maintained by such Lender.

     “Lien”: any mortgage, pledge, lien, security interest, conditional sale or
other title retention agreement or other similar encumbrance.

     “Loan”: as defined in Section 2.1(a).

     “Loan Date”: with respect to any Loan, the date on which a Lender extends a
Loan.

     “Loan Portfolio”: on any day, the Developer Loans pledged as collateral under
the Bank Facility Agreement and the Pledged Loans.

     “Loan Type”: a Construction Loan, a Timeshare Backed Loan or a Pre-Sale Loan.

     “Majority Lenders”: at any time, Lenders whose Commitment Percentages
represent more than 50% of the aggregate Commitments or, if the Commitments are terminated
or for purposes of acceleration pursuant to Section 7.1, Lenders holding Loans representing
more than 50% of the aggregate principal amount of all Loans outstanding.

12

 

     “Material Adverse Effect”: a material adverse effect on (a) the financial
condition of the Company and its Subsidiaries taken as a whole, (b) the validity or
enforceability of this Agreement or the rights or remedies of the Agent and the Lenders
hereunder, or (c) the value or collectability of the Collateral, taken as a whole.

     “Maturity Date”: the date which is the first anniversary of the Termination
Date.

     “Monthly Report”: the Monthly Report substantially in the form of Exhibit F.

     “Monthly Reporting Date”: with respect to any Settlement Period, the date one
Business Day prior to the immediately succeeding Settlement Date.

     “Moody’s”: Moody’s Investors Service, Inc. and its successors.

     “Mortgage”: any mortgage, deed of trust, purchase money deed of trust or deed
(i) in the case of a Pre-Sale Loan, executed or to be executed in favor of a Developer to
secure indebtedness extended by such Developer to an Obligor pursuant to the terms of a
Pre-Sale Agreement, where such mortgage encumbers or shall encumber the Timeshare purchased
with the proceeds of such Indebtedness and (ii) in the case of a Construction Loan, in favor
of the Company to secure indebtedness extended by the Company to a Developer pursuant to the
terms of the Construction Loan, where such mortgage encumbers the Resort related to such
Construction Loan.

     “Multiple Developer Overconcentration Amount”: on any Settlement Date or Loan
Date, as applicable, as of the last day of the immediately preceding Settlement Period, if
the aggregate Outstanding Balance of Eligible Loans owing by the three Developers with the
three largest Eligible Loans in the Loan Portfolio (as size shall be determined by the
principal amount thereof) exceeds 50% times the aggregate Outstanding Balance of all
Eligible Loans owing by all Developers in the Loan Portfolio, the amount of such excess.

     “Non-Excluded Taxes”: as defined in Section 2.15(a).

     “Non-US Lender”: as defined in Section 2.15(c).

     “Note”: as defined in Section 9.6(d).

     “Obligor”: (i) with respect to a Pre-Sale Receivable or a Receivable, any
Person obligated to make payments thereon, and (ii) with respect to a Pledged Loan, the
applicable Developer and any guarantor of such Developer’s obligations, solely to the extent
of such guarantor’s guaranty obligations.

     “Originator Resource Guide”: the Loan Policy Guidelines of the Company, as
delivered to the Agent from time to time, which govern the Company’s ability to extend
credit to and otherwise maintain financing transactions with Developers.

     “Other Taxes”: any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made

13

 

hereunder or from the execution, delivery or enforcement, or otherwise with respect to,
this Agreement or any other Credit Document.

     “Outstanding Balance”: with respect to a Pledged Loan at any time, the
outstanding principal balance thereof.

     “Owners’ Association”: for any Resort the homeowners’ or property owners’
association which maintains and manages such Resort.

     “Owners’ Association Agreement”: with respect to any Owners’ Association the
agreement evidencing the formation of such Owners’ Association, together with any
amendments, supplements or modifications thereto, and the bylaws or other governing
documents with respect to such Owners’ Association, together with any amendments,
supplements or modifications thereto.

     “Participant”: as defined in Section 9.6(c).

     “Permitted Lien”: any of the following:

     (a) Liens, charges or other encumbrances for taxes and assessments (i) which are not
yet due and payable or (ii) the validity of which are being contested in good faith by
appropriate proceedings and with respect to which the Company is maintaining adequate
reserves in accordance with generally accepted accounting principles;

     (b) Liens, charges or encumbrances arising under and in accordance with the terms of
any Credit Document;

     (c) Liens, charges or other encumbrances related to storage, work, labor, usage or
other liens of like general nature incurred in the ordinary course of business and not in
connection with the borrowing of money, provided, in each case, the obligation secured is
not overdue or, if overdue, is being contested in good faith by appropriate actions or
proceedings the effect of which is to stay the enforcement of any such lien, charge or
encumbrance;

     (d) liens, charges and other encumbrances affecting an Interval, Contract or Resort
which arise from failure by the related Obligor or Owners’ Association to pay any amount
when due, including without limitation taxes and assessments;

     (e) imperfections in title or Liens arising by operation of law not material in amount
and which, individually or in the aggregate, do not materially interfere with the rights
hereunder of any Lender or the Administrative Agent in the Collateral;

     (f) with respect to a mortgage, ordinary course exceptions to title
which are approved in accordance with the Originator Resource Guide by the
Company (such as easements, dedications, covenants, restrictions, encroachments, claims and other rights and interests
that may be granted in Applicable Underlying Declarations); and

14

 

     (g) any Lien arising in connection with the Bank Facility Agreement or permitted to attach to
the collateral for the Bank Facility Agreement under the terms of such agreement (including Liens
in favor of the Bank Facility Agent on any Eligible Deposit Account (as defined in the
Bank Facility Agreement) to which collections with respect to Receivables or Pledged Loans shall
be deposited).

     “Permitted Modification”:

     (x) with respect to a Receivable or Pre-Sale Receivable, (i) a waiver of late fees,
(ii) any modification permitted under the applicable Originator Resource Guide, and (iii) a
Timeshare Upgrade; and

     (y) with respect to a Developer Agreement, any amendment, waiver or modification that
complies with the Originator Resource Guide that does not materially adversely affect (i)
the repayment of the Liabilities or (ii) the collectability of the Collateral.

     “Person”: an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture,
Governmental Authority or other entity of whatever nature.

     “Pledge Agreement”: the Pledge Agreement, dated as of the date hereof, between
the Company and the Agent, as the same may be amended, supplemented or modified from time to
time.

     “Pledged Loans”: as defined in the Pledge Agreement.

     “Pledged A, D & C Loan”: an A, D & C Loan that is a Pledged Loan.

     “Pledged Pre-Sale Receivable”: a Pre-Sale Receivable that secures repayment of
a Pre-Sale Loan.

     “Pledged Timeshare Backed Loan”: a Timeshare Backed Loan that is a Pledged
Loan.

     “Pre-Sale Agreement”: a contract for the sale of a Timeshare to an Obligor
that has been executed and delivered by all the parties thereto (including such Obligor and
the applicable Developer) but for which a closing has not yet occurred and for which a deed
or other document evidencing such Obligor’s interest in such Timeshare has not yet been
delivered to such Obligor.

     “Pre-Sale Loan”: a loan or other financial accommodation from time to time
extended by the Originator to a Developer in connection with the financing of a Pre-Sale
Agreement.

     “Pre-Sale Receivable”: the indebtedness of any Obligor under Pre-Sale
Agreement and includes the right to payment of any interest or finance charges and other
obligations of such Obligor with respect thereto.

15

 

     “Prime Rate”: the rate of interest per annum publicly announced from time to
time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New
York City (the Prime Rate not being intended to be the lowest rate of interest charged by
JPMorgan Chase Bank, N.A. in connection with extensions of credit to debtors).

     “Pro Rata Share of Foreign Obligor Overconcentration Amount”: on any Settlement
Date or Loan Date, as applicable, with respect to any Loan Type, the product of (i) the
ratio (expressed as a percentage) of (A) the aggregate Outstanding Balance of all Eligible
Receivables and Eligible Pre-Sale Receivables related to such Loan Type that are owed by
Obligors who reside outside of the United States or Canada on the last day of the
immediately preceding Settlement Period to (B) the aggregate Outstanding Balance of all
Eligible Receivables and Eligible Pre-Sale Receivables related to the Loan Portfolio that
are owed by Obligors who reside outside of the United States or Canada on the last day of
the immediately preceding Settlement Period, and (ii) the Foreign Obligor Overconcentration
Amount.

     “Pro Rata Share of Multiple Developer Overconcentration Amount”: on any
Settlement Date or Loan Date, as applicable, with respect to any Loan Type, the product of
(i) the ratio (expressed as a percentage) of (A) the aggregate Outstanding Balance of all
Eligible Loans of such Loan Type owing by the three Developers with the three largest
Eligible Loans (as size shall be determined by the principal amount thereof) on the last day
of the immediately preceding Settlement Period to (B) the aggregate Outstanding Balance of
all Eligible Loans in the Loan Portfolio owing by the three Developers with the three
largest Eligible Loans (as size shall be determined by the principal amount thereof) on the
last day of the immediately preceding Settlement Period, and (ii) the Multiple Developer
Overconcentration Amount.

     “Pro Rata Share of Single Developer Overconcentration Amount”: on any
Settlement Date or Loan Date, as applicable, with respect to any Loan Type, the aggregate
for all Developers of the product of (i) the ratio (expressed as a percentage) of (A) the
aggregate Outstanding Balance of all Eligible Loans of such Loan Type owing by such
Developers included in the Single Developer Overconcentration Amount on the last day of the
immediately preceding Settlement Period to (B) the aggregate Outstanding Balance of all
Eligible Loans owing by such Developers included in the Single Developer Overconcentration
Amount in the Loan Portfolio on the last day of the immediately preceding Settlement Period,
and (ii) the Single Developer Overconcentration Amount attributable to such Developer.

     “Receivable”:
as defined in the Bank Facility Agreement.

     “Records”: all agreements, documents, instruments, books, records and other
information maintained by or on behalf of the Company with respect to the Pledged Loans,
Pledged Pre-Sale Receivables, the related Obligors and the Related Security.

     “Register”: as defined in Section 9.6(b).

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     “Related Security”: with respect to any Pledged Loan, (i) all property and
assets (whether real or personal and whether tangible or intangible) from time to time
securing or purporting to secure payment of such Pledged Loan, including any Pledged
Pre-Sale Receivables, whether pursuant to the related A, D & C Loan Agreement, any Pre-Sale
Agreement with the Obligor, any mortgage related to such loan agreement or Pre-Sale Loan or
otherwise, (ii) liens and security interests in and on any property described in the
preceding clause (i) together with all UCC financing statements, mortgages, and any other
filings covering any collateral securing payment of such Pledged Loan or Pledged Pre-Sale
Agreement, (iii) all guarantees, prepayment penalties, indemnities, warranties, letters of
credit, insurance policies and proceeds and premium refunds thereof and other agreements or
arrangements of whatever character from time to time supporting or securing payment of such
Pledged Loan or Pledged Pre-Sale Agreement, (iv) the related A, D & C Loan Agreement and A,
D & C Note, the Pre-Sale Agreements and any other agreements, documents and instruments
related to such Pledged Loan or Pledged Pre-Sale Agreement, (v) all title insurance, hazard
insurance, and casualty insurance policies and proceeds and premium refunds thereof covering
the Resort and the related Timeshares securing such Pledged Loan or Pledged Pre-Sale
Agreement, (vi) any Timeshare repossessed by the Company or subservicer, (vii) copies of
Records maintained by the Company related to the Pledged Loans and Pledged Pre-Sale Loans
and (viii) all proceeds of the foregoing.

     “Required Repayment”: as defined in Section 2.20.

     “Requirement of Law”: as to any Person, any law, treaty, rule or regulation or
determination of an arbitrator or a court or other Governmental Authority, in each case
applicable to or binding upon such Person or any of its property or to which such Person or
any of its property is subject.

     “ResCap”: Residential Capital, LLC, a Delaware limited liability company.

     “ResCap Guaranty”: the Performance Guaranty, dated as of the date hereof, from
ResCap in favor of the Agent.

     “Resort”: each resort or development built or owned by a Developer listed on
Schedule IV, as the same may be updated from time to time pursuant to the delivery to the
Agent of a Developer Supplement or a Developer Supplement pursuant to the Bank Facility Agreement
in accordance with clause (iii) of the definition of Developer, the Monthly Report, or such
other document reasonably acceptable to the Agent.

     “Responsible Officer”: means, with respect to any Person, the chief executive
officer, the chief financial officer, the treasurer or controller, or such other senior
officers having titles or responsibilities comparable to such officers, of such Person.

     “Right-to-Use Agreement”: as defined in the Bank Facility Agreement.

     “SEC”: Securities and Exchange Commission.

     “Servicing Dates”: as defined in Section 7.2(a).

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     “Servicing Termination Event” means the occurrence of any of the following:

     (a) the Company shall fail to make any payment or deposit to be made by it under
Section 2.21 when due and such failure shall remain unremedied for two (2) Business Days; or

     (b) the Company shall fail to deliver the Monthly Report when due and such failure
shall remain unremedied for two (2) Business Days; or

     (c) the Company shall fail to perform or observe any other term, covenant or agreement
contained in Section 5.5 or 5.6, and such failure can reasonably be expected to give rise to
a Material Adverse Effect; or

     (d) any representation or warranty made by the Company under this Agreement, any
Monthly Report, Borrowing Base Certificate or any Loan request (x) shall prove to have been
false or incorrect in any material respect when made, (y) shall result in a Material Adverse
Effect, and (z) shall not have been cured or waived by the Agent within thirty (30) days
after the date on which such representation or warranty is breached and gives rise to a
Material Adverse Effect.

     “Set Aside Letter”: a letter agreement from the Company in favor of an Owners’
Association or the applicable Governmental Authority which oversees and regulates the
related Resort, executed and delivered in accordance with and to the extent permitted by the
laws, rules and regulations of the jurisdiction in which a Resort is located indicating that
the Timeshare unit acquired by such Obligor in such Resort or the Resort in which such
Timeshare unit is located, as the case may be, shall be complete with respect to the
construction and use thereof within a specified time period and that, notwithstanding such
delayed completion, the purchase and sale of the applicable Timeshare unit shall be deemed
consummated as of the date such Timeshare is sold to such Obligor in accordance with the
laws, rules and regulations of the applicable jurisdiction; provided, that such Set
Aside Letter also must comply with the Originator Resource Guide.

     “Set Aside Letter Overconcentration Amount”: as of any Settlement Date or Loan
Date, as applicable, for the last day of the immediately preceding Settlement Period, the
excess of the aggregate Outstanding Balance of all Eligible Timeshare Receivables related to
the Loan Portfolio for which Set Aside Letters have been delivered for which completion of
construction and the availability for use of the related Timeshare and Resort are expected
(as reasonably determined by a reputable third-party construction engineer) to be completed
within four months of such Settlement Date or Loan Date over 10% times the aggregate
Outstanding Balance of all Eligible Timeshare Receivables related to the Loan Portfolio;
provided, however, that if the Outstanding Balance of any Eligible Timeshare
Receivables subject to a Set Aside Letter for which completion of construction and
availability for use of the related Timeshare and Resort are not expected (as reasonably
determined by a reputable third-party construction engineer) to be completed within four
months of such Settlement Date or Loan Date, all such Eligible Timeshare Receivables shall
be deemed in excess of the above-described 10% allowance and shall be included in the
calculation of the Set Aside Overconcentration Amount.

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     “Settlement Date”: with respect to the first Settlement Period, March 20,
2008, and thereafter, the twentieth calendar day of each calendar month, and if such day is
not a Business Day, then the next succeeding Business Day.

     “Settlement Period”: a period equal to one calendar month; provided, however,
that the first Settlement Period shall be the period from the Closing Date to February 29,
2008.

     “Single Developer Overconcentration Amount”: as of any Settlement Date or Loan
Date, as applicable, for the last day of the immediately preceding Settlement Period, the
aggregate for all Developers of each Developer’s excess of the aggregate Outstanding Balance
of its loans in the Loan Portfolio over 25% times the aggregate Outstanding
Balance of all Eligible Loans in the Loan Portfolio.

     “Subsidiary”: as to any Person, any corporation or other entity of which
securities or other ownership interests having ordinary voting power (other than securities
or other ownership interests having such power only by reason of the happening of a
contingency which has not occurred) to elect a majority of the Board of Directors or other
Persons performing similar functions are at the time directly or indirectly owned by such
Person.

     “Termination Date”: the earliest of (i) the 182nd day after the
date hereof, (ii) the date on which the Commitments terminate pursuant to Section 7.1, or
(iii) the day specified by the Company on at least five Business Days’ written notice to the
Agent.

     “Timeshare”: as defined in the Bank Facility Agreement.

     “Timeshare Backed Loan”: a Developer Loan as defined in the Bank Facility Agreement.

     “Timeshare Upgrade”: as defined in the Bank Facility Agreement.

     “Transferee”: as defined in Section 9.6(f).

     “US Tax Compliance Certificate”: as defined in Section 2.15(c) substantially
in the form of Exhibit I.

     “Utilization”: as of any date, the percentage equivalent of a fraction (i) the
numerator of which is the principal amount of Loans outstanding under this Agreement (after
giving effect to any Borrowing or payment on such date) on such date and (ii) the
denominator of which is the amount of the aggregate Commitments of all Lenders under this
Agreement on such date, after giving effect to any reduction of the Commitments hereunder on
such date.

          1.2. Other Definitional Provisions. (b) Unless otherwise specified therein, all
terms defined in this Agreement shall have the defined meanings when used in any certificate or
other document made or delivered pursuant hereto.

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          (c) As used herein, and any certificate or other document made or delivered pursuant hereto,
accounting terms relating to the Company and its Subsidiaries not defined in Section 1.1 and
accounting terms partly defined in Section 1.1, to the extent not defined, shall have the
respective meanings given to them under GAAP.

          (d) The words “hereof”, “herein” and “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise
specified.

          (e) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

SECTION 2. AMOUNT AND TERMS OF THE FACILITIES

          2.1. Loan Commitments. Subject to the terms and conditions hereof, each Lender
severally agrees to make revolving loans (“Loans”) in Dollars to the Company from time to
time during the Commitment Period in an aggregate principal amount at any one time outstanding not
to exceed the amount of such Lender’s Commitment. During the Commitment Period, the Company may
use the Commitments by borrowing and prepaying the Loans in whole or in part, all in accordance
with the terms and conditions hereof. Notwithstanding anything to the contrary contained in this
Agreement, in no event (after giving effect to the use of proceeds of any Borrowing) shall (i) any
Lender’s Commitment Percentage of a Borrowing of Loans exceed such Lender’s Available Commitment at
the time of such Borrowing or (ii) the aggregate amount of Loans at any one time outstanding exceed
the lesser of (x) the aggregate Commitments then in effect of all Lenders and (y) the Borrowing
Base then in effect. No portion of the Loan shall be funded with “plan assets” within the meaning
of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, if it would cause the
Company to incur any prohibited transaction excise tax penalties under Section 4975 of the Code.

          2.2. Procedure for Borrowings. The Company may borrow Loans under the Commitments
during the Commitment Period on any Business Day; provided that the Company shall give the
Agent irrevocable notice (which notice must be received by the Agent prior to 12:00 Noon Eastern
time, one Business Day prior to the requested borrowing date, specifying (i) the amount to be
borrowed, (ii) the requested borrowing date, and (iii) the respective lengths of the initial
Interest Periods therefor. Each Borrowing under the Commitments shall be in a amount equal to
$1,000,000 minimum. Upon receipt of any such notice from the Company, the Agent shall promptly
notify each Lender thereof. Each Lender will make the amount of its pro rata share of each
Borrowing available to the Agent for the account of the Company prior to 11:00 A.M. Eastern time.
Such Borrowing will then immediately be made available to the Company by the Agent crediting the
account of the Company on the books of such office with the aggregate of the amounts made available
to the Agent by the Lenders and in like funds as received by the Agent.

          2.3. Termination or Reduction of Commitments. The Company shall have the right, upon
not less than five Business Days’ notice to the Agent, to terminate the Commitments when no Loans
are then outstanding or, from time to time, to reduce the unutilized portion of the

20

 

Commitments. Any such reduction shall be in an amount equal to $1,000,000 or a multiple of
$100,000 in excess thereof and shall reduce permanently the Commitments then in effect.

          2.4. Prepayments. The Company may, at any time and from time to time, prepay the
Loans, in whole or in part, without premium or penalty (but subject to the provisions of Section
2.16), prior to 11:00 A.M. Eastern time, upon at least two Business Days’ irrevocable notice to the
Agent, specifying the date and amount of prepayment. Upon receipt of any such notice the Agent
shall promptly notify each Lender thereof. If any such notice is given, the amount specified in
such notice shall be due and payable on the date specified therein, together with any amounts
payable pursuant to Section 2.16. Partial prepayments shall be in an aggregate principal amount of
$1,000,000 or a multiple of $100,000 in excess thereof.

          2.5. Continuation Options. Any LIBO Loans may be continued as such upon the
expiration of the then-current Interest Period with respect thereto, in accordance with the
applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the
next Interest Period to be applicable to such Loans.

          2.6. Minimum Amounts of Borrowings. All Borrowings and continuations of Loans
hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made
pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of
the Loans comprising each Borrowing shall be equal to $1,000,000 or a multiple of $100,000 in
excess thereof and so that there shall not be more than ten Borrowings outstanding at any one time.

          2.7. Repayment of Loans; Limitation on Recourse; Evidence of Debt. (b) The Company
hereby unconditionally promises to pay to each Lender the unpaid principal amount of each Loan made
by such Lender on the Maturity Date. The Company shall also make, on each Settlement Date, a
payment of principal of the Loans in an amount such that, after giving effect to such payment, the
aggregate outstanding principal balance of the Loans shall equal the Borrowing Base. The Company
hereby further agrees to pay interest in immediately available funds at the office of the Agent on
the unpaid principal amount of such Loans from time to time from the date hereof until payment in
full thereof at the rates per annum, and on the dates, set forth in Section 2.8.

          (c) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Company to the appropriate lending office of such Lender
resulting from each Loan made by such lending office of such Lender from time to time, including
the amounts of principal and interest payable and paid to such lending office of such Lender from
time to time under this Agreement.

          (d) The Agent shall maintain the Register pursuant to Section 9.6(b), and a subaccount for
each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of
each Loan made hereunder and the Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from the Company to each Lender
hereunder and (iii) the amount of any sum received by the Agent hereunder from the Company and each
Lender’s share thereof.

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          (e) The entries made in the Register and accounts maintained pursuant to paragraphs (b) and
(c) of this Section 2.7 shall, to the extent permitted by applicable law, be prima facie evidence
of the existence and amounts of the obligations of the Company therein recorded; provided,
however, that the failure of any Lender or the Agent to maintain such account, such
Register or such subaccount, as applicable, or any error therein, shall not in any manner affect
the obligation of the Company to repay (with applicable interest) the Loans made to the Company in
accordance with the terms of this Agreement.

          (f) All payments to be made by the Company in respect of its obligations hereunder other than
the Full Recourse Obligations shall be made only from Collateral (including proceeds obtained
following the exercise of remedies with respect to the Collateral pursuant to the Pledge
Agreement), and only to the extent that the Company, the Agent or the Lenders shall have received
sufficient payments from such proceeds to make payments in respect of such obligations in
accordance with Section 2.21.

          (g) The Revolving Loan of a Lender may be evidenced by a Note issued by the Company in
accordance with Section 9.6(d).

          2.8. Interest Rates and Payment Dates.

          (b) The Loans shall bear interest at a rate per annum equal to the LIBO Rate for the Interest
Period in effect for such Borrowing plus the Applicable Margin or, if Loans are to be converted to
Federal Funds Rate Loans pursuant to Section 2.13, the Federal Funds Rate plus the Applicable
Margin.

          (c) Subject to the provisions of the following sentence, interest shall be payable in arrears
on each Interest Payment Date; provided, that interest accruing pursuant to paragraph (c)
of this Section 2.8 shall be payable from time to time on demand.

          (d) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable
thereon or (iii) any non-use fee or any other amount payable hereunder shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear
interest at a rate per annum which is (x) in the case of overdue principal, the rate that would
otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.8 plus 1% or
(y) in the case of overdue interest or other amount, the rate described in paragraph (a) of this
Section 2.8 plus 1%, in each case from the date of such non-payment until such amount is paid in
full (as well after as before judgment). For purposes of this Agreement, principal shall be
“overdue” only if not paid in accordance with the provisions of Section 2.7.

          2.9. Non-use fee. The Company shall pay to the Agent, for the ratable account of the
Lenders, a non-use fee for each day prior to the termination of the Commitments equal to 0.20% per
annum on the excess, if any, of (x) the aggregate Commitments on such day over (y) the aggregate
principal amount of Loans outstanding. On each Settlement Date (or, if earlier, on the date upon
which both the Commitments are terminated and the Loans are paid in full), the Company shall pay to
the Agent, for the ratable benefit of the Lenders, the portion of such non-use fee which accrued
during the Settlement Period most recently ended (or, in the case of the payment due on the
Maturity Date, the portion thereof ending on such date); provided that any

22

 

Lender may waive the non-use fee payable to it in its sole discretion (it being understood
that, if a Lender shall so waive the payment of the non-use fee payable to it, no Event of Default
shall occur with respect to any failure to pay such Lender its non-use fee).

          2.10. Computation of Interest and Fees. Interest on all Loans shall be computed on
the basis of the actual number of days elapsed over a year of 360 days or, in the case of Loans
bearing interest at the Prime Rate, a year of 365 or 366 days as appropriate (in each case
including the first day but excluding the last day). Each determination of an interest rate by the
Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Company
and the Lenders in the absence of manifest error. All fees shall be computed on the basis of a
year composed of twelve 30-day months. The Agent shall, at any time and from time to time upon
request of the Company, deliver to the Company a statement showing the quotations used by the Agent
in determining any interest rate applicable to Loans pursuant to this Agreement.

          2.11. Inability to Determine Interest Rate. If the LIBO Rate cannot be determined by
the Agent in the manner specified in the definition of the term “LIBO Rate” contained in Section
1.1 of this Agreement, the Agent shall give telecopy or telephonic notice thereof to the Company
and the Lenders as soon as practicable thereafter. Until such time as the LIBO Rate can be
determined by the Agent in the manner specified in the definition of such term contained in said
Section 1.1, the LIBO Rate shall be the last LIBO Rate that the Agent was able to determine.

          2.12. Pro Rata Treatment and Payments. (b) Each Borrowing of Loans from the Lenders
hereunder and (except as provided in Section 2.17(c)) any reduction of the Commitments of the
Lenders shall be made pro rata according to the respective Commitment Percentages of the Lenders.
Each payment (including each prepayment) by the Company on account of principal of and interest on
the Loans shall be made pro rata according to the respective outstanding principal amounts of the
Loans then held by the Lenders.

          (c) All payments (including prepayments) to be made by the Company hereunder, whether on
account of principal, interest or otherwise, shall be made without set-off or counterclaim and
shall be made prior to 2:00 p.m. Eastern time on the due date thereof to the Agent, for the account
of the relevant Lenders in Dollars and in immediately available funds. The Agent shall distribute
such payments to the relevant Lenders promptly upon receipt in like funds as received. If any
payment hereunder (other than payments on the Loans) becomes due and payable on a day other than a
Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect
to payments of principal, interest thereon shall be payable at the then applicable rate during such
extension. If any payment on a Loan becomes due and payable on a day other than a Business Day,
the maturity thereof shall be extended to the next succeeding Business Day unless the result of
such extension would be to extend such payment into another calendar month, in which event such
payment shall be made on the immediately preceding Business Day.

          (d) Unless the Agent shall have been notified in writing by any Lender prior to the deadline
for funding a Borrowing that such Lender will not make the amount that would constitute its
Commitment Percentage of such Borrowing available to the Agent, the Agent may

23

 

assume that such Lender is making such amount available to the Agent, and the Agent may, in
reliance upon such assumption, make available to the Company a corresponding amount. If such
amount is not made available to the Agent by the required time on the borrowing date therefor, such
Lender shall pay to the Agent, on demand, such amount with interest thereon at a rate equal to the
daily average Federal Funds Effective Rate for the period until such Lender makes such amount
immediately available to the Agent. A certificate of the Agent submitted to any Lender with
respect to any amounts owing under this Section 2.12 shall be conclusive in the absence of manifest
error. If such Lender’s Commitment Percentage of such Borrowing is not made available to the Agent
by such Lender within three Business Days of such borrowing date, the Agent shall be entitled to
recover such amount with interest thereon at the Federal Funds Effective Rate, on demand, from the
Company.

          2.13. Illegality. Notwithstanding any other provision herein, if the adoption of or
any change in any Requirement of Law or in the interpretation or application thereof shall make it
unlawful for any Lender to make or maintain Loans as contemplated by this Agreement, such Lender
shall give notice thereof to the Agent and the Company describing the relevant provisions of such
Requirement of Law (and, if the Company shall so request, provide the Company with a memorandum or
opinion of counsel of recognized standing (as selected by such Lender) as to such illegality),
following which (a) the commitment of such Lender hereunder to make and continue Loans as such
shall forthwith be canceled and (b) such Lender’s Loans then outstanding as Loans, if any, shall be
converted automatically to Federal Funds Rate Loans (i) on the respective last days of the then
current Interest Periods with respect to such Loans or (ii) within such earlier period as required
by law. If any such conversion of a Loan occurs on a day which is not the last day of the then
current Interest Period with respect thereto, the Company shall pay to such Lender such amounts, if
any, as may be required pursuant to Section 2.16.

          2.14. Increased Costs. (b) If there shall be (i) any increase in the cost to any
Lender of agreeing to make or making, funding or maintaining any Loans or (ii) any reduction in any
amount receivable in respect thereof, and such increased cost or reduced amount receivable is due
to either:

     (x) the introduction of or any change in or in the interpretation of any law or
regulation after the date hereof; or

     (y) the compliance with any guideline or request made after the date hereof from any
central bank or other Governmental Authority (whether or not having the force of law),

then (subject to the provisions of Section 2.17) the Company shall from time to time, upon demand
by such Lender pay such Lender additional amounts sufficient to compensate such Lender for such
increased cost or reduced amount receivable.

          (c) If any Lender shall have reasonably determined that (i) the applicability of any law,
rule, regulation or guideline adopted after the date hereof pursuant to or arising out of the July
1988 paper of the Basle Committee on Banking Regulations and Supervisory Practices entitled
“International Convergence of Capital Measurement and Capital Standards,” or (ii) the adoption
after the date hereof of any other law, rule, regulation or guideline regarding capital

24

 

adequacy affecting such Lender, or (iii) any change arising after the date hereof in the
foregoing or in the interpretation or administration of any of the foregoing by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or (iv) compliance by such Lender (or any lending office of such Lender), or any holding
company for such Lender which is subject to any of the capital requirements described above, with
any request or directive of general application issued after the date hereof regarding capital
adequacy (whether or not having the force of law) of any such authority, central bank or comparable
agency, has or would have the effect of reducing the rate of return on such Lender’s capital or on
the capital of any such holding company as a direct consequence of such Lender’s obligations
hereunder to a level below that which such Lender or any such holding company could have achieved
but for such adoption, change or compliance (taking into consideration such Lender’s policies and
the policies of such holding company with respect to capital adequacy) by an amount reasonably
deemed by such Lender to be material, then (subject to the provisions of Section 2.17) from time to
time such Lender may request the Company to pay to such Lender such additional amounts as will
compensate such Lender or any such holding company for any such reduction suffered, net of the
savings (if any) which may be reasonably projected to be associated with such increased capital
requirement. Any certificate as to such amounts which is delivered pursuant to Section 2.17(a)
shall, in addition to any items required by Section 2.17(a), include the calculation of the savings
(if any) which may be reasonably projected to be associated with such increased capital
requirement; provided that in no event shall any Lender be obligated to pay or refund any
amounts to the Company on account of such savings.

          (d) In the event that any Governmental Authority shall impose any LIBO Reserve Requirements
which increase the cost to any Lender of making or maintaining Loans, then (subject to the
provisions of Section 2.17) the Company shall thereafter pay in respect of the Loans of such Lender
a rate of interest based upon the LIBO Reserve Rate (rather than upon the LIBO Rate). From and
after the delivery to the Company of the certificate required by Section 2.17(a), all references
contained in this Agreement to the LIBO Rate shall be deemed to be references to the LIBO Reserve
Rate with respect to each such affected Lender.

          2.15. Taxes. (b) All payments made by the Company under this Agreement shall be made
free and clear of, and without deduction or withholding for or on account of, any present or future
income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings,
now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority,
excluding net income taxes and franchise taxes (imposed in lieu of net income taxes) or any other
tax based upon net income imposed on the Agent or any Lender as a result of a present or former
connection between the Agent or such Lender and the jurisdiction of the Governmental Authority
imposing such tax or any political subdivision or taxing authority thereof or therein (other than
any such connection arising solely from the Agent or such Lender having executed, delivered or
performed its obligations or received a payment under, or enforced, this Agreement). If any such
non-excluded taxes, levies, imposts, duties, charges, fees deductions or withholdings
(“Non-Excluded Taxes”) or Other Taxes are required to be withheld from any amounts payable
to the Agent or any Lender hereunder, the amounts so payable to the Agent or such Lender shall be
increased to the extent necessary to yield to the Agent or such Lender (after payment of all
Non-Excluded Taxes and Other Taxes) a net amount equal to the amount it would have received had no
such deduction or withholding been made. Notwithstanding the foregoing, the Company shall not be
required to increase any such amounts

25

 

payable to any Lender with respect to any Non-Excluded Taxes if such Lender fails to comply
with the requirements of paragraph (c) of this Section 2.15. Whenever any Non-Excluded Taxes or
Other Taxes are payable by the Company, as promptly as possible thereafter, the Company shall send
to the Agent for its own account or for the account of such Lender, as the case may be, a certified
copy of an original official receipt received by the Company showing payment thereof. If the
Company fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing
authority or fails to remit to the Agent the required receipts or other required documentary
evidence, the Company shall indemnify the Agent and the Lenders for any incremental taxes, interest
or penalties that may become payable by the Agent or any Lender as a result of any such failure.
The agreements in this Section 2.15 shall survive the termination of this Agreement and the payment
of all other amounts payable hereunder.

          (b) In addition, the Company shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

          (c) Each Lender that is not a “U.S. Person” as defined in Section 7701(a)(30) of the Code
(“Non-US Lender”) shall:

     (X)(i) on or before the date such Non-US Lender becomes a Lender or a Transferee (as
defined in Section 9.6(g) of this Agreement) under this Agreement, deliver to the Company
and the Agent two duly completed copies of United States Internal Revenue Service Form
W-8BEN or W-8ECI, or successor applicable form, as the case may be, certifying that it is
entitled to receive payments under this Agreement without deduction, withholding or backup
withholding of any United States federal income taxes;

     (ii) if, and to the extent, such Lender is legally entitled to do so, deliver to the
Company and the Agent two further copies of any such form or certification on or before the
date that any such form or certification expires or becomes obsolete and after the
occurrence of any event requiring a change in the most recent form previously delivered by
it to the Company; and

     (iii) if, and to the extent, such Lender is legally entitled to do so, obtain such
extensions of time for filing and completing such forms or certifications as may reasonably
be requested by the Company or the Agent; or

     (Y) in the case of any such Non-US Lender claiming exemption from U.S. Federal
Withholding Tax under that is not a “bank” within the Section 871(h) or 881(c) of the Code
with respect to payment of “portfolio interest”, deliver on or before the date such Non-US
Lender becomes a Lender or a Participant under this Agreement, (A) a certificate
substantially in the form of Exhibit G (any such certificate a “US Tax Compliance
Certificate”), (B) two accurate and complete original signed copies of Internal Revenue
Service Form W-8BEN, or successor applicable form, certifying to such Lender’s legal
entitlement at the date of such certificate to a complete exemption from US withholding tax,
(C) two further copies of such form and certification (I) on or before the date it expires
or becomes obsolete and (II) if and to the extent such Non-US Lender is then legally able to
provide such form or certification, after the occurrence of any event requiring a change in
the most recent form previously delivered by it to the

26

 

Company, (D) if and to the extent such Non-US Lender is then legally able to do so, if
necessary, obtain any extensions of time reasonably requested by the Company or the Agent
for filing and completing such forms, and (E) agree, if and to the extent such Non-US Lender
is then legally entitled to do so, upon reasonable request by the Company, to provide to the
Company (for the benefit of the Company and the Agent) such other forms as may be reasonably
required in order to establish the legal entitlement of such Lender to a complete exemption
from or reduced rate of withholding with respect to payments under this Agreement and any
Notes;

unless in any such case an event (including, without limitation, any change in treaty, law or
regulation) has occurred prior to the date on which any such delivery would otherwise be required
which renders all such forms inapplicable or which would prevent such Lender from duly completing
and delivering any such form with respect to it and such Lender so advises the Company and the
Agent. Each Non-U.S. Lender that is an Assignee or Participant hereunder pursuant to Section 9.6
shall, upon the effectiveness of the related transfer, be required to provide all of the forms and
statements required pursuant to this Section 2.15; provided that in the case of a
Participant such Participant shall furnish all such required forms and statements, documentation or
certifications to the Lender from which the related participation shall have been purchased, and
such Lender shall in turn furnish all such required forms (including, without limitation, Internal
Revenue Service Form W-8IMY), documentation and certifications to the Company and the Agent.

          (d) If and to the extent that a Lender, in its sole discretion (exercised in good faith),
determines that it has received or been granted a credit against, a relief from, a remission of, or
a repayment of, any Non-Excluded Tax, in respect of which it has received additional payment under
Section 2.15(a) of this Agreement, then such Lender shall pay to the Company the amount of such
credit, relief, remission or repayment so determined by such Lender, in its sole discretion
(exercised in good faith), attributable to such deduction or withholding of Non-Excluded Tax;
provided that the Lender shall not be obligated to make any payment under this paragraph in
respect of such credit, relief, refund, remission or repayment until the Lender, in its sole
judgment (exercised in good faith), is satisfied that its tax affairs for the tax year in respect
of which such credit, relief, remission or repayment was obtained have been finally settled.

          2.16. Indemnity. Subject to the provisions of Section 2.17(a), the Company agrees to
indemnify each Lender and to hold each Lender harmless from any loss (other than lost profits) or
reasonable expense which such Lender may sustain or incur as a consequence of:

     (a) default by the Company in making a borrowing of into or continuation of any Loan
hereunder after the Company has given a notice requesting the same in accordance with the
provisions of this Agreement;

     (b) default by the Company in making any prepayment after the Company has given a
notice thereof in accordance with the provisions of this Agreement;

     (c) the making of a prepayment of Loans on a day which is not the last day of an
Interest Period with respect thereto;

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     (d) A Receivable, Developer Loan, Pre-Sale Receivable or A, D & C Loan which is
certified by the Company to be an Eligible Receivable, Eligible Developer Loan, Eligible
Pre-Sale Receivable or Eligible A, D & C Loan, respectively, is not an Eligible Receivable,
Eligible Developer Loan, Eligible Pre-Sale Receivable or Eligible A, D & C Loan at such time
such eligibility is certified;

     (e) reliance on any representation or warranty made or deemed made by the Company or
the Master Servicer under this Agreement or any other Credit Document or Developer Facility
Document to which it is a party, which shall have been false or incorrect in any respect
when made or deemed made or delivered, including, without limitation, a breach of the
certification required under Section 2.18 in connection with a release of Collateral from
the Agent’s security interest;

     (f) the failure by the Company to comply with any term, provision or covenant contained
in this Agreement (including, without limitation, the lien release provisions in Section
2.18 hereof) or any other Credit Document or Developer Agreement or by the Company, any
Developer, or the Originator to comply with any applicable law, rule or regulation with
respect to the Collateral (or any assets securing the obligations of the Developer in
connection therewith) or the nonconformity of any Collateral with any such applicable law,
rule or regulation;

     (g) the failure to grant a Lien on, vest and maintain vested in the Agent on behalf of
the Lenders, a valid and perfected Lien in the Collateral free and clear of any Adverse
Claim or any Permitted Lien except in favor of any the Agent whether existing at the time
such Collateral arose or at any time thereafter;

     (h) the failure to file, or any delay in filing, mortgages, financing statements or
other similar instruments or documents under applicable laws against the Company with
respect to any Collateral or the failure to properly record any Mortgage in favor of the
applicable Developer with respect to any Pre-Sale Receivable or Receivable (except in the
case of a Right-to-Use Agreement);

     (i) any dispute, claim, offset or defense (other than discharge in bankruptcy) of (i)
the Obligor to the payment of any Pledged Pre-Sale Receivable or Receivable (including a
defense based on any related Timeshare sale agreement not being a legal, valid and binding
obligation of such Obligor enforceable against it in accordance with its terms) or (ii) the
Developer with respect to a Pledged Loan, a Timeshare Backed Loan or a Developer Agreement;

     (j) any failure of any Developer, the Company or any of its Affiliates to perform its
services, duties or other obligations in accordance with the provisions of the Credit
Documents, including, without limitation, paying all taxes, including sales, excise, stamp
and personal property taxes, when due;

     (k) the payment of such Indemnified Party of taxes, including, without limitation, any
taxes imposed by any jurisdiction on amounts payable and any liability

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(including penalties, interest and expenses) arising therefrom or with respect thereto,
to the extent caused by the Company’s actions or failure to act in breach of this Agreement;

     (l) any claim, action or proceeding of any kind arising out of or in connection with
the Collateral, including any products liability claim or personal injury or property damage
suit or environmental claim or other similar or related claim or action of whatever sort;

     (m) the commingling of funds or other assets of the Company with those of any Affiliate
of the Company, or maintaining any bank account or other depository account to which any
such Affiliate is an account party, into which any such Affiliate makes deposits or from
which any such Affiliate has the power to make withdrawals;

     (n) any third-party claims arising from the Company administration of the Collateral,
the use of proceeds of Loans or the existence of the transactions evidenced by the Credit
Documents, including any investigation, litigation or proceeding in respect of the
foregoing;

     (o) with respect to any Right-to-Use Agreement, (a) the termination thereof (whether by
rejection under Section 365 of the Federal Bankruptcy Code or otherwise) or other
cancellation thereof as a result of or in connection with an Insolvency Proceeding related
to the Developer party to such Right-to-Use Agreement or (b) the termination thereof or the
cancellation thereof by the related Obligor as a result of the Developer’s (or its agent’s
or designee’s) failure to comply with, or perform its obligations under, the terms and
requirements of such Right-to-Use Agreement; and

Any amounts subject to the indemnification provisions of this Section 2.16 shall be paid by the
Company to the Agent within thirty (30) Business Days following Agent’s demand therefor.
Notwithstanding anything to the contrary contained in this Agreement, for the purposes of this
Section 2.16, any representation, warranty, or covenant qualified by the occurrence of a Material
Adverse Effect or limited by a qualifier with respect to the Company’s knowledge shall not be so
qualified or limited.

Such indemnification shall be in an amount equal to the excess, if any, of (i) the amount of
interest which would have accrued on the amount so prepaid, or not so borrowed or continued, for
the period from the date of such prepayment or of such failure to borrow or continue to the last
day of such Interest Period (or, in the case of a failure to borrow or continue, the Interest
Period that would have commenced on the date of such failure) in each case at the applicable rate
of interest for such Loans provided for herein (excluding the Applicable Margin included
therein) over (ii) the amount of interest (as determined by such Lender) which would have accrued
to such Lender on such amount by placing such amount on deposit for a comparable period with
leading banks in the interbank LIBO market. This covenant shall survive the termination of this
Agreement and the payment of all other amounts payable hereunder.

          2.17. Notice of Amounts Payable; Relocation of Lending Office; Mandatory Assignment.
(b) In the event that any Lender becomes aware that any amounts are or will be owed to it pursuant
to Section 2.13, 2.14, 2.15(a) or 2.16, then it shall promptly notify the

29

 

Company thereof and, as soon as possible thereafter, such Lender shall submit to the Company a
certificate indicating the amount owing to it and the calculation thereof. The amounts set forth
in such certificate shall be prima facie evidence of the obligations of the Company hereunder;
provided, however, that the failure of the Company to pay any amount owing to any
Lender pursuant to Section 2.13, 2.14, 2.15(a) or 2.16 shall not be deemed to constitute a Default
or an Event of Default hereunder to the extent that the Company is contesting in good faith its
obligation to pay such amount by ongoing discussions diligently pursued with such Lender or by
appropriate proceedings. The Company shall not be required to compensate a Lender pursuant to
Section 2.14 for any increased costs incurred or reductions suffered more than 270 days prior to
the date that such Lender notifies the Company of the circumstances giving rise to such increased
costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if
the circumstance giving rise to such increased costs or reductions is retroactive, then the 270-day
period referred to above shall be extended to include the period of retroactive effect thereof).

          (c) If a Lender claims any additional amounts payable pursuant to Section 2.13, 2.14 or
2.15(a), it shall use its reasonable efforts (consistent with legal and regulatory restrictions) to
avoid the need for paying such additional amounts, including changing the jurisdiction of its
applicable lending office, provided that the taking of any such action would not, in the
reasonable judgment of the Lender, be disadvantageous to such Lender.

          (d) In the event that any Lender delivers to the Company a certificate in accordance with
Section 2.17(a) (other than a certificate as to amounts payable pursuant to Section 2.16), or the
Company is required to pay any additional amounts or other payments in accordance with Section
2.13, 2.14 or 2.15(a), the Company may, at its own expense and in its sole discretion, (i) require
such Lender to transfer or assign, in whole or in part, without recourse (in accordance with
Section 9.6), all or part of its interests, rights and obligations under this Agreement to another
Person (provided that the Company, with the full cooperation of such Lender, can identify a
Person who is ready, willing and able to be an Assignee with respect to thereto) which shall assume
such assigned obligations or (ii) during such time as no Default or Event of Default has occurred
and is continuing, terminate the Commitment of such Lender and prepay all outstanding Loans of such
Lender; provided that (x) the Company or the Assignee, as the case may be, shall have paid
to such Lender in immediately available funds the principal of and interest accrued to the date of
such payment on the Loans made by it hereunder and (subject to Section 2.16) all other amounts owed
to it hereunder and (y) such assignment or termination of the Commitment of such Lender and the
prepayment of Loans is not prohibited by any law, rule or regulation or order of any court or
Governmental Authority.

          2.18. Release of Pledged Pre-Sale Loans and Pledged Loans. (b) Upon (i) the Final
Collection Date with respect to all Pledged Loans subject to the terms of this Agreement which are
in existence on such date, (ii) the written request of the Company asking for the release of a
Defaulted Pre-Sale Receivable or Defaulted A, D & C Loan to allow for the sale of a Timeshare or
Resort, respectively, pursuant to a judicial foreclosure or (iii) the payment in full of all
amounts owing with respect to a Pledged Loan, pursuant to the terms of the related Developer
Agreement or otherwise, the Agent, following the Company delivery to the Agent of the necessary
documents and instruments, in form and substance reasonably satisfactory to the Agent, shall
release to the Company or its designee any documents in custody and other items of

30

 

Collateral related to the affected Pre-Sale Receivables and/or Pledged Loans in order to
effect the transfer from the Agent to the relevant Person of such Pre-Sale Receivables and/or
Pledged Loans; and such Pre-Sale Receivables and/or Pledged Loans so transferred and released shall
no longer constitute part of the Collateral under the Pledge Agreement and shall not be considered
Eligible Pre-Sale Receivables or Eligible A, D & C Loans, as applicable.

          (c) In conjunction with the Company’s performance of its duties hereunder, including
administering the Pre-Sale Receivables and Pledged Loans, the Company may remove Pre-Sale
Receivables and Pledged Loans from the Collateral and the Agent’s security interest therein shall
automatically terminate and be released, without further action by the Agent, so long as both
before and after giving effect to such termination and release, the following conditions are
satisfied (and the Company shall be deemed to certify the accuracy of the following at the time it
removes any Pre-Sale Receivable or Pledged Loan pursuant to the terms hereof): (i) there shall not
exist any Event of Default nor shall any Event of Default result from such termination and release,
(ii) the Company’s representations, warranties and covenants contained herein shall continue to be
true and correct in all material respects after giving effect to such termination and release,
(iii) the aggregate outstanding principal balance of all Loans shall not exceed the Borrowing Base,
and (iv) such release shall not cause a borrowing base shortfall, default, event of default or
similar event under the applicable Developer Agreements to which such Pre-Sale Receivables or A, D
& C Loans are subject.

          (d) The Company may at any time request that a Pledged Loan be removed from the Collateral
and that the Agent’s security interest therein be terminated. The Agent in its sole discretion may
consent to such request or reject such request. The Company at no time shall make such a request
unless each of the following conditions are satisfied, both before and after giving effect to the
requested termination and release (and the Company shall be deemed to certify the accuracy of the
following at the time of the requested termination pursuant to the terms hereto): (i) there shall
not exist any Event of Default nor shall any Event of Default result from such termination and
release, (ii) the representations, warranties and covenants of the Company contained herein shall
continue to be true and correct in all material respects after giving effect to such termination
and release, (iii) the aggregate outstanding principal balance of all Loans shall not exceed the
Borrowing Base, and (iv) such release shall not cause a Borrowing Base shortfall, default, event of
default or similar event under the applicable Developer Agreement. If the Agent consents in
writing to such a release, then the Agent, following the Company’s delivery to the Agent of each of
the necessary documents and instruments, in form and substance reasonably satisfactory to the
Agent, shall release to the Company or its designee any documents in the Agent’s custody and other
items of Collateral related to the affected Pledged Loans, and shall, at the cost and expense of
the Company, deliver such releases or other documents reasonably requested by the Company in order
to effect the transfer to the relevant Person of such Pledged Loans, and such Pledged Loans so
transferred and released shall no longer constitute part of the Collateral hereunder and shall not
be considered Eligible A, D & C Loans.

          2.19. New Developers; Addition of Collateral.

          (b) If the Company wishes to add to the Collateral a Developer Loan extended to a Developer
not then listed on Schedule IV, the Company shall, together with a Loan request,

31

 

deliver a Developer Supplement for each such Developer; provided that no Developer
Supplement shall be required with respect to any Person for which a Developer Supplement shall have
been executed under, and as defined in, the Bank Facility Agreement so long as the aggregate Outstanding
Balance of Developer Loans of such Person in the Loan Portfolio does not exceed $10,000,000, and
such a Person shall constitute a “Developer” hereunder. Each such Developer Supplement, together
with the corresponding Loan request, shall be delivered to the Agent at least five Business Days
prior to the date on which any Loan secured by such Collateral is to be advanced. Each such
Developer Supplement shall be executed by the Company.

          (c) The effectiveness of any Developer Supplement is subject to the following: (i)
satisfaction of the related eligibility requirements herein, (ii) delivery of the applicable A, D &
C Loan Agreement and A, D & C Note to the Company in trust for the Agent, and (iii) the perfection
on a first-priority basis of the Agent’s interests in the new Collateral.

          (d) Schedule II to the Pledge Agreement and Schedule IV hereto shall be automatically amended
to include A, D & C Loans being added as Collateral if such additions and related Collateral
pledges are made in accordance with the terms hereof.

          2.20. Required Repayments. If on any day the Company or the Agent determines that
(i) the representation and warranty in Section 3.11 was not true and correct when made with respect
to any Developer Loan or Pledged Loan or (ii) the Company shall have breached its covenants with
respect to a Developer Loan or a Pledged Loan under Section 5.5 or 5.6 or Section 3(d) of the
Pledge Agreement, the Company shall be deemed to have received Collections in respect of such
Developer Loan in an amount equal to the Required Repayment of such Developer Loan and shall pay
such Required Repayment on the immediately following Settlement Date. The “Required Repayment” for
any date on which such Required Repayment is required to be made shall be an amount equal to (a) if
such payment is to be made prior to the Termination Date, the lesser of (i) the amount, if any, to
be paid such that the aggregate outstanding principal balance of the Loans shall not exceed the
Borrowing Base and (ii) the excess, if any, of (A) the Borrowing Base determined as of the last day
of the calendar month immediately preceding the date such Required Repayment is required to be made
(the “Prior Month”) as shown in the Monthly Report for the Prior Month, over (B) the amount that
would have equaled the Borrowing Base as of the last day of the Prior Month if the affected
Developer Loan had been excluded and (b) following the Termination Date, the amount advanced
hereunder against such Pledged Loan or Developer Loan.

          2.21. Payments on Settlement Dates. On each Settlement Date, the Company shall pay
the following from, and to the extent of, Available Funds received during the immediately preceding
Settlement Period:

               (i) to the Agent, for the pro rata benefit of the Lenders, in payment of accrued and unpaid
interest due on such Settlement Date (whether accrued and unpaid for the applicable Settlement
Period or any prior Settlement Period);

               (ii) to the Agent, for the pro rata benefit of the Lenders, in payment of accrued and unpaid
non-use fees due on such Settlement Date (whether accrued and unpaid for the applicable Settlement
Period or any prior Settlement Period;

32

 

               (iii) to the Agent, for the pro rata benefit of the Lenders, in payment of any portion of the
aggregate outstanding principal balance of the Loans then due and payable, including, without
limitation, any payment required to cause the aggregate outstanding principal balance of the Loans
to be equal to or less than the lesser of (A) the Borrowing Base and (B) the aggregate Commitments
of all Lenders then in effect;

               (iv) to the Agent, for the benefit of the Agent and the Lenders owed such amounts, in payment
of other amounts due hereunder, including, without limitation, indemnity amount under Sections
2.13, 2.14, 2.15 and 2.16; and

               (v) to the Company, any remaining amounts.

Subsequent to the Termination Date, no Available Funds shall be paid under clause (v) so long as
any Liabilities shall remain outstanding.

SECTION 3. REPRESENTATIONS AND WARRANTIES

          To induce the Agent and the Lenders to enter into this Agreement and to make the Loans, the
Company hereby represents and warrants to the Agent and each Lender that:

          3.1. Financial Condition. The Company has heretofore furnished to each Lender a copy
of its consolidated financial statements for its fiscal year ended December 31, 2006 and for its
fiscal quarter ended September 30, 2007. Such financial statements present fairly in all material
respects the financial condition and results of operations of the Company and its Subsidiaries as
of such date in accordance with GAAP.

          3.2. Existence. The Company (a) is duly organized, validly existing and in good
standing under the laws of the State of Delaware, (b) has the limited liability company power and
authority, and the legal right, to own and operate its property, to lease the property it operates
as lessee and to conduct the business in which it is currently engaged and (c) is duly qualified as
a foreign limited liability company and in good standing under the laws of each jurisdiction where
its ownership, lease or operation of property or the conduct of its business requires such
qualification, except to the extent that all failures to be duly qualified and in good standing
could not, in the aggregate, have a Material Adverse Effect.

          3.3. Power; Authorization; Enforceable Obligations. The Company has the limited
liability company, power and authority, and the legal right, to make, deliver and perform this
Agreement and to borrow hereunder and has taken all necessary limited liability company, action to
authorize the Borrowings on the terms and conditions of this Agreement and to authorize the
execution, delivery and performance of this Agreement. No consent or authorization of any
Governmental Authority or any other Person is required in connection with the Borrowings hereunder
or with the execution, delivery, performance, validity or enforceability of this Agreement. This
Agreement has been duly executed and delivered on behalf of the Company. This Agreement
constitutes a legal, valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings
in equity or at law).

33

 

          3.4. No Legal Bar. The execution, delivery and performance of this Agreement, the
Borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or
Contractual Obligation of the Company and will not result in, or require, the creation or
imposition of any Lien on any of its properties or revenues pursuant to any such Requirement of Law
or Contractual Obligation, except to the extent that all such violations and creation or imposition
of Liens could not, in the aggregate, have a Material Adverse Effect.

          3.5. No Material Litigation. Except as set forth on Schedule III, no litigation,
investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to
the knowledge of the Company, threatened by or against the Company or any of its Subsidiaries or
against any of its or their respective properties or revenues as of the Closing Date (a) with
respect to this Agreement or any of the actions contemplated hereby, or (b) which involves a
probable risk of an adverse decision which would materially restrict the ability of the Company to
comply with its obligations under this Agreement.

          3.6. Federal Regulations. No part of the proceeds of any Loans will be used for
“buying,” “purchasing” or “carrying” any “margin stock” within the respective meanings of each of
the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now
and from time to time hereafter in effect or for any purpose which violates the provisions of the
Regulations of such Board of Governors.

          3.7. Investment Company Act. The Company is not an “investment company”, or a
company “controlled” by an “investment company”, within the meaning of the Investment Company Act
of 1940, as amended.

          3.8. ERISA. The Company and its Subsidiaries are in compliance with all material
provisions of ERISA, except to the extent that all failures to be in compliance could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect.

          3.9. No Material Misstatements. No report, financial statement or other written
information furnished by or on behalf of such Company to the Agent or any Lender pursuant to
Section 3.1 or Section 5.1(a) contains or will contain any material misstatement of fact or omits
or will omit to state any material fact necessary to make the statements therein, in light of the
circumstances under which they were, are or will be made, not misleading, except to the extent that
the facts (whether misstated or omitted) do not result in a Material Adverse Effect.

          3.10. Purpose of Loans. The proceeds of the Loans shall be used by the Company for
working capital and its general business purposes.

          3.11. Representations with Respect to Pledged Loans. Each of the Time Share Backed
Loans included in the calculation of the Borrowing Base in any Borrowing Base Certificate or
Monthly Report shall be an Eligible Developer Loan (as defined in the Bank Facility Agreement) as of the
date of such Borrowing Base Certificate or Monthly Report. Each of the A. D & C Loans included in
the Borrowing Base in any Borrowing Base Certificate or Monthly Report shall be an Eligible A, D &
C Loan as of the date of such Borrowing Base Certificate or Monthly Report. The Borrowing Base set
forth in any Borrowing Base Certificate or Monthly

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Report shall be accurate in all material respects as of the date set forth on such certificate
or report.

SECTION 4. CONDITIONS PRECEDENT

          4.1. Conditions to Initial Loans. The agreement of each Lender to make the initial
Loan requested to be made by it is subject to the satisfaction, prior to or concurrently with the
making of such Loan, of the following conditions precedent:

          (b) Credit Agreement. The Agent shall have received this Agreement, executed and
delivered (including, without limitation, by way of a telecopied signature page) by a duly
authorized officer of the Company and each Lender.

          (c) Pledge Agreement. The Agent shall have received the Pledge Agreement, executed
and delivered (including, without limitation, by way of a telecopied signature page) by a duly
authorized officer of the Company.

          (d) Secretary’s Certificate. The Agent shall have received a certificate of the
Secretary or Assistant Secretary of the Company, in form and substance satisfactory to the Agent,
which certificate shall (i) certify as to the incumbency and signature of the officers of the
Company executing the Credit Documents to which it is a party (with the President, a Vice
President, the Secretary or Assistant Secretary of the Company attesting to the incumbency and
signature of the Secretary or Assistant Secretary of the Company providing such certificate), (ii)
have attached to it a true, complete and correct copy of each of the organizational documents of
the Company and the Issuer, (iii) have attached to it a true and correct copy of the resolutions of
the Board of Directors (or analogous body) of the Company, which resolutions shall authorize the
execution, delivery and performance of each Credit Document to which it is a party and, the
Borrowings by the Company hereunder and the pledge of the Collateral under the Pledge Agreement and
(iv) certify that, as of the date of such certificate (which shall not be earlier than the date
hereof), none of such certificate of formation, limited liability company agreement or Board of
Directors’ resolutions shall have been amended, supplemented, modified, revoked or rescinded.

          (e) Legal Opinions. The Agent shall have received the executed legal opinion of (i)
the general counsel of the Business Capital Group of the Company, and (ii) Mayer Brown LLP, special
New York counsel to the Company, substantially in the forms of Exhibit C.

The Agent shall notify the Company and each Lender promptly after the satisfaction of the foregoing
conditions.

          4.2. Conditions to Each Loan. The agreement of each Lender to make any Loan
requested to be made by it on any Loan Date is subject to the satisfaction of the following
conditions:

     (a) Notice of Borrowing. The Agent shall have received a notice of borrowing,
as required by Section 2.2, and a Borrowing Base Certificate.

35

 

     (b) Representations and Warranties. Each of the representations and
warranties made by the Company in or pursuant to this Agreement (other than pursuant to
Section 3.1 which shall be deemed made only on the Closing Date) shall be true and correct
in all material respects on and as of such date as if made on and as of such Loan Date,
except to the extent any such representations and warranties expressly relate to an earlier
date, in which case such representations and warranties shall have been true and correct in
all material respects as of such earlier date.

     (c) No Default. No Default or Event of Default shall have occurred and be
continuing on such Loan Date or after giving effect to the Loans requested to be made on
such Loan Date.

Each Borrowing by the Company hereunder shall constitute a representation and warranty by
the Company as of the date of such Loan that the conditions contained in this Section 4.2
have been satisfied.

SECTION 5. AFFIRMATIVE COVENANTS

          The Company hereby agrees that, so long as the Commitments remain in effect, or any amount is
owing to any Lender or the Agent hereunder, the Company shall:

          5.1. Financial Statements. Furnish to each Lender:

     (a) as soon as available, and in any event no later than sixty (60) days after the end
of each fiscal quarter of the Company, copies of the unaudited financial statements of the
Company,

     (b) as soon as available, and in any event no later than one hundred and twenty (120)
days after the close of each fiscal year of the Company, a copy of an unqualified audit
report for such year and accompanying audited consolidated financial statements, of the
Company, prepared and certified by a nationally recognized independent public accounting
firm.

          5.2. Certificates; Other Information. Furnish to:

     (a) the Agent, on each Monthly Reporting Date, a Monthly Report; and

     (b) to the Agent, such other information with respect to the Company, the Issuer or
the Collateral as the Agent may reasonably request.

          5.3. Notices. Promptly give notice to the Agent and each Lender of the occurrence of
any Default, Event of Default, an Event of Termination or a Servicing Termination Event,
accompanied by a statement of a Financial Officer setting forth details of the occurrence referred
to therein and stating what action the Company proposes to take with respect thereto.

          5.4. Maintenance of Existence. Preserve, renew and keep in full force and effect its
limited liability company, as applicable, existence and take all reasonable action to maintain all
rights, privileges and franchises necessary or desirable in the normal conduct of its business

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activities except as otherwise permitted pursuant to Section 6.1 or to the extent that failure
to do so would not have a Material Adverse Effect.

          5.5. Compliance with Bank Facility Agreement Covenants. (a) Comply, or shall cause the
Issuer to comply, as applicable, for the benefit of the Lenders with Sections 5.01, 5.02, 5.04(a)
through (f), (k), (l), (m) and (o), 5.05, 6.01, 6.02 and Section 6.05 of the Bank Facility Agreement;
provided that for purposes of this Section 5.5(a), references to the “Administrative
Agent,” “Material Adverse Effect,” Event of Termination” and “Required lenders” in such Sections of
the Bank Facility Agreement shall be deemed to be references to the “Agent,” “Material Adverse Effect,”
“Event of Default” and “Majority Lenders,” respectively, each as defined herein.

          (b) Comply, or shall cause the Issuer to comply, as applicable, for the benefit of the Lenders
with Sections 5.04(h) of the Bank Facility Agreement.

          5.6. Compliance with Bank Facility Agreement Covenants with Respect to Pledged Loans.
Comply, or shall cause the Issuer to comply, with Sections 5.04(a) through (f), (k), (m), (n) and
(o), 6.01 (other than paragraph (b) thereof), 6.02 and Section 6.05 of the Bank Facility Agreement with
respect to the Pledged Loans as though such Pledged Loans were subject to the Bank Facility Agreement;
provided that for purposes of this Section 5.6, references to the “Administrative Agent”,
“Collateral”, “Pledged Timeshare Asset”, “Material Adverse Effect”, “Event of Termination” and
“Required lenders” in such Sections of the Bank Facility Agreement shall be deemed to be references to
“Agent”, “Pledged Loans”, “Pledged Loan”, “Material Adverse Effect”, “Event of Default” and
“Majority Lenders”, respectively, each as defined herein, and “Contract” shall be deemed to include
Pre-Sale Agreements and A, D & C Loan Agreements”.

          5.7. Audits. Permit, upon prior notice to the Company, the Agent (or the Agent’s
agents or representatives) one time per calendar year, during regular business hours and at the
expense of the Company, (i) to have access to all records, files, books of account, data bases, and
information in the possession or under the control of the Company pertaining to all Collateral,
including the Records not in the Agent’s possession, (ii) to discuss matters relating to the
Collateral hereunder or the Company’s performance hereunder with any of the officers of the Company
having knowledge of such matters, and (iii) permit such Persons to inspect, audit and to make
copies of documents directly related to the Collateral, but only to the extent necessary to conduct
the audit; it being understood that large portions of such records may not be copied prior to the
occurrence and continuance of an Event of Termination; provided, however, that this
section shall not be construed to permit such Persons to audit the applicable subservicers or
deposit banks at which a deposit account is held; provided, further, that if an
Event of Default has occurred and is continuing or if the results of any such audit are
inconsistent with information previously given to the Company by the Company or the Company such
that the collectibility of the Receivables is impaired, then the one audit per calendar year
limitation shall be inapplicable.

          5.8. Keeping of Records and Books of Account. Maintain and implement administrative
and operating procedures (including an ability to recreate records evidencing the Collateral in the
event of the destruction of the originals thereof) and keep and maintain (or cause the Company to
keep and maintain) all documents, books, records and other information

37

 

reasonably necessary or advisable for the collection of all amounts due with respect to the
Collateral (including records adequate to track Collections on a Developer specific basis).

          5.9. Delivery of Notes. Promptly upon the request of the Agent, deliver to the Agent
the original A, D & C Notes (which the Company shall have endorsed in blank).

          5.10. Assignments of Mortgage. Upon the request of the Agent following the
occurrence of an Event of Default, prepare and send for recordation in the appropriate real estate
records at the proper recording office assignments of mortgage, in a recordable form satisfactory
to the Agent, assigning all Mortgages securing the Pledged Loans from the Company to the Agent
within thirty (30) days of such request. The Company shall provide evidence of recordation of such
assignments of mortgage within five days of receipt from the applicable recording office.

SECTION 6. NEGATIVE COVENANTS

          The Company hereby agrees that, so long as the Commitments remain in effect or any amount is
owing to any Lender or the Agent hereunder, the Company shall not directly or indirectly:

          6.1. Merger, Consolidation, Etc. Merge or consolidate with or into any other Person,
or sell or convey all or substantially all of the Company’s assets to any Person, unless: (i)
either the Company is the survivor or the Company’s successor is a Person organized and existing
under the laws of the United States or a state thereof and expressly assumes all of the Company’s
obligations under this Agreement; and (ii) immediately after giving effect to such consolidation,
merger, sale or conveyance, no Default or Event of Default shall have occurred and be continuing.
Any sale or conveyance of assets of one or more Significant Subsidiaries (other than to the Company
or another Subsidiary), which, if such assets were owned by the Company, would constitute all or
substantially all of the Company’s consolidated assets, will be deemed to be the transfer of all or
substantially all of the Company’s consolidated assets for purposes of the provisions described
above.

          6.2. Limitation on Liens. Pledge or otherwise subject to any Lien on any Collateral,
except for Permitted Liens.

          6.3. Line of Business. Engage to any material extent in any business activities
other than those related to the financial services industry.

          6.4. Borrowing Base. Permit the aggregate outstanding principal balance of the Loans
hereunder to exceed the aggregate amount of the Commitments or the Borrowing Base at any time.

SECTION 7. EVENTS OF DEFAULT; SERVICING TERMINATION EVENTS

          7.1. Events of Default. If any of the following events shall occur and be
continuing:

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     (a) The Company shall fail to make any payment required to be made by it hereunder
when due and such failure shall remain unremedied for two Business Days; or

     (b) The Company shall fail to perform or observe any term, covenant or agreement
(other than as described in Section 7.1(a)) contained in this Agreement or any other Credit
Document or Developer Facility Document on its part to be performed or observed, such
failure shall remain unremedied for thirty (30) days, and such failure could reasonably be
expected to have or result in a Material Adverse Effect; or

     (c) Any representation or warranty made or deemed to be made by the Company under or
in connection with this Agreement, any Monthly Report, any notice of borrowing, any
Developer Supplement or other information or report delivered pursuant hereto shall prove to
have been false or incorrect, shall remain false or incorrect for 30 days, and could
reasonably be expected to have or result in a Material Adverse Effect; or

     (d) The aggregate outstanding amount of the Loans is greater than the Borrowing Base
on a Settlement Date and such excess remains outstanding for more than three (3) Business
Days or the aggregate outstanding amount of the Loans at any time exceeds the aggregate
Commitments and such excess remains outstanding for more than one (1) Business Day after the
Company becomes aware of such excess; or

     (e) Except to the extent permitted by the terms of this Agreement, the Agent shall not
have acquired, with respect to any of the Collateral subject to the Pledge Agreement, a
valid and perfected security interest in such Collateral free and clear of any Lien except
for Permitted Liens; or

     (f) An Insolvency Event has occurred with respect to the Company;

     (g) A Servicing Termination Event shall occur and remain unwaived; or

     (h) The Company shall cease to own all of the membership interests in the Issuer at
any time; or

     (i) an Event of Termination shall have occurred and shall have been declared under the
Bank Facility Agreement; or

     (j) The Company shall become an “investment company” within the meaning of the
Investment Company Act of 1940, as amended; or

     (k) (i) The Company or any of its Subsidiaries or any Affiliates thereof (excluding
entities that own or control 50% or more of the equity interests of Residential Capital, LLC
and excluding any Subsidiaries of the Company that are special purpose vehicles acting as
sellers or borrowers under an asset securitization) shall default in any payment of
$50,000,000 or more of principal or interest on any Indebtedness, or in the payment of
$50,000,000 or more on account of any Guarantee in respect of such Indebtedness, and such
default shall not have been waived or cured, and shall otherwise continue beyond the
applicable grace period, if any, provided in the instrument or agreement under which such
Indebtedness or Guarantee was created, or (ii) any other

39

 

default under any instrument or agreement relating to any such Indebtedness of the
Company or any of its Subsidiaries or any Affiliates thereof (excluding entities that own or
control 50% or more of the equity interests of Residential Capital, LLC and excluding any
Subsidiaries of the Company that are special purpose vehicles acting as sellers or borrowers
under an asset securitization), or any other event shall occur, and such default shall not
have been waived or cured and shall otherwise continue beyond the applicable grace period,
if any, specified in such agreement or instrument if the effect of such default or event is
to accelerate the maturity of such Indebtedness;

then, and in any such event, the Agent shall at the request, or may with the consent, of the
Majority Lenders, by notice to the Company declare the Termination Date to have occurred,
except that in the case of the Insolvency Event referenced in subsection (f) above, the
Termination Date shall be deemed to have occurred automatically upon the occurrence of such
event. Upon any such declaration or automatic occurrence, the Agent and the Lenders shall
have all rights and remedies under this Agreement and the other Credit Documents and
Developer Facility Documents that may be exercised upon the occurrence of an Event of
Termination and all other rights and remedies provided under the UCC of the applicable
jurisdiction and other applicable laws (to the extent the exercise of such rights is not
precluded by the terms of this Agreement or the other Credit Documents and Developer
Facility Documents), which rights shall be cumulative. Upon the occurrence of the
Termination Date, the Loans under this Agreement and any other obligations under the other
Credit Documents shall be paid as and when collected, in the order of priority set forth in
Section 2.21; provided however, that upon the occurrence of the Termination Date as a result
of the occurrence of an Insolvency Event referenced in subsection (f) above, the Loans under
this Agreement and any other obligations under the other Credit Documents and Developer
Facility Documents shall be immediately due and payable.

          7.2. Servicing Termination Events. (a) Upon written notice from the Company and the
Majority Lenders following the occurrence and during the continuance of a Servicing Termination
Event, the Agent may appoint a Person to make the distributions described in Section 2.21 and to
provide the services described in Section 6.01, 6.02 and 6.05 of the Bank Facility Agreement (the
“Servicing Duties”) with respect to the Pledged Loans and, if the Bank Facility Agreement shall
have been terminated and no longer be in effect, the Pledged Timeshare Assets and Developer Loans
and the other Collateral (each as defined in the Bank Facility Agreement) and on the condition in each
case that any such Person so designated (y) shall agree to deliver to the Company a copy of each
report delivered to the Agent hereunder, and (z) shall agree to perform, at a minimum, the duties
and obligations of the Company pursuant to the terms hereof.

          (b) The Company agrees that, upon replacement of Company as servicer of any of the
Collateral, it will cooperate (and will require each subservicer to cooperate) with the Agent and
the successor servicer in effecting the termination of Company’s responsibilities and rights with
respect to the Servicing Duties with respect to such Collateral and each subservicer’s
responsibilities and rights as subservicer under a sub-servicing agreement, including (i) assisting
the successor Company in enforcing all rights under the applicable Collateral, (ii) transferring,
promptly upon receipt, to the successor servicer any Collections or other amounts related to the
applicable Collateral received by Company, (iii) transferring to the successor

40

 

Company all Developer Agreements and other Records held by or under the control of Company or
any subservicer and (iv) permit the successor servicer to have access to all discs, diskettes and
related property containing information concerning the applicable Collateral and the related
Records and permit the successor Company to use all computer software (to the extent it is
permitted to do so) that may facilitate the Company’s access to and use of such information.

SECTION 8. THE AGENT

          8.1. Appointment. Each Lender hereby irrevocably designates and appoints GMAC LLC as
the Agent of such Lender under this Agreement, and each such Lender irrevocably authorizes GMAC
LLC, as the Agent for such Lender, to take such action on its behalf under the provisions of this
Agreement and to exercise such powers and perform such duties as are expressly delegated to the
Agent by the terms of this Agreement, together with such other powers as are reasonably incidental
thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, (a) the Agent
shall not have any duties or responsibilities, except those expressly set forth herein, and (b) the
Agent shall not have any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement
or otherwise exist against the Agent.

          8.2. Delegation of Duties. The Agent may execute any of its duties under this
Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. The Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care.

          8.3. Exculpatory Provisions. Neither the Agent nor any of its officers, directors,
employees or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by
it or such Person under or in connection with this Agreement (except for its or such Person’s own
gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for
any recitals, statements, representations or warranties made by the Company or any officer thereof
contained in this Agreement or in any certificate, report, statement or other document referred to
or provided for in, or received by the Agent under or in connection with, this Agreement or for the
value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or for
any failure of the Company to perform its obligations hereunder. The Agent shall not be under any
obligation to any Lender to ascertain or to inquire as to the observance or performance of any of
the agreements contained in, or conditions of, this Agreement, or to inspect the properties, books
or records of the Company.

          8.4. Reliance by Agent. The Agent shall be entitled to rely, and shall be fully
protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit,
letter, telecopy, telex or teletype message, statement, order or other document or conversation
believed by it in good faith to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons and upon advice and statements of legal counsel (including, without
limitation, counsel to the Company), independent accountants and other experts selected by the
Agent. The Agent may deem and treat the Lender specified in the Register with respect to any
amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment,
negotiation or transfer thereof shall have been filed with the Agent. The Agent shall be fully
justified in failing or refusing to take any action under this Agreement unless it shall first

41

 

receive such advice or concurrence of the Majority Lenders as it deems appropriate or it shall
first be indemnified to its satisfaction by the Lenders against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action. The Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement
in accordance with a request of the Majority Lenders (or, to the extent that this Agreement
expressly requires a higher percentage of Lenders, such higher percentage), and such request and
any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all
future holders of the obligations owing by the Company hereunder.

          8.5. Notice of Default. The Agent shall not be deemed to have knowledge or notice of
the occurrence of any Default or Event of Default hereunder unless the Agent has received written
notice from a Lender or the Company referring to this Agreement, describing such Default or Event
of Default and stating that such notice is a “notice of default”. In the event that the Agent
receives such a notice, the Agent shall promptly notify the Company (unless the Company shall have
delivered such notice to the Agent) and then give notice thereof to the Lenders (provided
that the failure to notify the Company shall not impair any of the rights of the Agent and the
Lenders with respect to the events and circumstances specified in such notice). The Agent shall
take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Majority Lenders; provided that unless and until the Agent shall have received such
directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking
such action, with respect to such Default or Event of Default as it shall deem advisable in the
best interests of the Lenders.

          8.6. Non-Reliance on Agent and Other Lenders. Each Lender expressly acknowledges
that neither the Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or
Affiliates has made any representations or warranties to it and that no act by the Agent
hereinafter taken, including any review of the affairs of the Company, shall be deemed to
constitute any representation or warranty by the Agent to any Lender. Each Lender represents to
the Agent that it has, independently and without reliance upon the Agent or any other Lender, and
based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, financial and other condition and
creditworthiness of the Company and made its own decision to make its Loans hereunder and enter
into this Agreement. Each Lender also represents that it will, independently and without reliance
upon the Agent or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under this Agreement, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property, financial and other condition
and creditworthiness of the Company. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by the Agent hereunder, the Agent shall not have any duty
or responsibility to provide any Lender with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness
of the Company which may come into the possession of the Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates.

          8.7. Indemnification. The Lenders agree to indemnify the Agent and its Affiliates
(in their respective capacities as such, but only to the extent not reimbursed by the Company and
without limiting the obligation of the Company to do so), ratably according to

42

 

their respective Commitment Percentages in effect on the date on which indemnification is
sought under this Section 8.7 (or, if indemnification is sought after the date upon which the
Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance
with their Commitment Percentages immediately prior to such date of payment in full) but giving
effect to any subsequent assignments in accordance with Section 9.6, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever which may at any time (including, without limitation, at any
time following the payment of the amounts owing hereunder) be imposed on, incurred by or asserted
against the Agent or any of its Affiliates (as the case may be) in any way relating to or arising
out of this Agreement or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by the Agent under or in
connection with any of the foregoing; provided that no Lender shall be liable for the
payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from the gross negligence or willful
misconduct of the Agent or any of its Affiliates (as the case may be). The agreements in this
Section 8.7 shall survive the payment of the Loans and all other amounts payable hereunder.

          8.8. Agent in Its Individual Capacity. The Agent and its Affiliates may make loans
to, accept deposits from and generally engage in any kind of business with the Company as though
the Agent were not the Agent hereunder. With respect to its Loans made or renewed by it, the Agent
shall have the same rights and powers under this Agreement as any Lender and may exercise the same
as though it were not the Agent, and the terms “Lender” and “Lenders” shall include the Agent in
its individual capacity.

          8.9. Successor Agent. The Agent may resign as Agent upon 30 days’ notice to the
Lenders and the Company and following the appointment of a successor Agent in accordance with the
provisions of this Section 8.9. If the Agent shall resign as Agent under this Agreement, then the
Majority Lenders shall appoint from among the Lenders willing to serve as Agent a successor agent
for the Lenders, which successor agent shall be approved by the Company (which approval shall not
be unreasonably withheld and shall not be required if an Event of Default under Section 7.1(a) or
(f) has occurred and is continuing), whereupon such successor agent shall succeed to the rights,
powers and duties of the Agent, and the term “Agent” shall mean such successor agent effective upon
such appointment and approval, and the former Agent’s rights, powers and duties as Agent shall be
terminated, without any other or further act or deed on the part of such former Agent or any of the
parties to this Agreement or any holders of the obligations owing hereunder. After any retiring
Agent’s resignation as Agent, the provisions of this Section 8 shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Agent under this Agreement.

SECTION 9. MISCELLANEOUS

          9.1. Amendments and Waivers. Neither this Agreement, nor any terms hereof may be
amended, supplemented or modified except in accordance with the provisions of this Section 9.1.
The Majority Lenders may, or, with the written consent of the Majority Lenders, the Agent may, from
time to time, (a) enter into with the Company written amendments, supplements or modifications
hereto for the purpose of adding any provisions to this Agreement

43

 

or changing in any manner the rights of the Lenders or of the Company hereunder or (b) waive,
on such terms and conditions as the Majority Lenders or the Agent, as the case may be, may specify
in such instrument, any of the requirements of this Agreement or any Default or Event of Default
and its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall (i) reduce the principal amount of any Loan, or reduce the stated
rate of any interest or fee payable hereunder, or extend the scheduled date of any payment thereof,
or increase the amount or extend the expiration date of any Lender’s Commitment, in each case
without the consent of each Lender directly affected thereby, (ii)(A) amend, modify or waive any
provision of this Section 9.1, (B) reduce the percentage specified in the definition of Majority
Lenders, (C) consent to the assignment or transfer by the Company of any of its rights and
obligations under this Agreement or (D) release any security interest in a material portion of the
Collateral under the Pledge Agreement (except as expressly contemplated hereby and thereby), in
each case without the written consent of all the Lenders, or (iii) amend, modify or waive any
provision of Section 8 or any other provision of this Agreement governing the rights or obligations
of the Agent without the written consent of the Agent. Any such waiver and any such amendment,
supplement or modification shall apply equally to each of the Lenders and shall be binding upon the
Company, the Lenders, the Agent and all future holders of the obligations owing hereunder. In the
case of any waiver, the Company, the Lenders and the Agent shall be restored to their former
position and rights hereunder, and any Default or Event of Default waived shall be deemed to be
cured and not continuing; but no such waiver shall extend to any subsequent or other Default or
Event of Default, or impair any right consequent thereon.

          9.2. Notices. All notices, requests and demands to or upon the respective parties
hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly
provided herein, shall be deemed to have been duly given or made when delivered by hand, or four
days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when
received, addressed as follows in the case of the Company and the Agent, and as set forth in
Schedule II in the case of the other parties hereto, or to such other address as may be hereafter
notified by the respective parties hereto and any future holders of the obligations owing
hereunder:

	 	 	 
	The Company:

	 	Residential Funding Company, LLC
	 

	 	One Meridian Crossings
	 

	 	Minneapolis, MN 55423
	 

	 	Attention: BCG Treasurer
	 

	 	Telecopy: 952-857-6960
	 
	 	 
	 

	 	with copies to:
	 
	 	 
	 

	 	Residential Funding Company, LLC
	 

	 	One Meridian Crossings
	 

	 	Minneapolis, MN 55423
	 

	 	Attention: BCG Chief Counsel
	 

	 	Telecopy: 952-857-6949
	 
	 	 
	The Agent:

	 	GMAC LLC
	 

	 	200 Renaissance Center

44

 

	 	 	 
	 

	 	Detroit, MI 48265
	 

	 	Attention: David Walker, Group VP
	 

	 	Telecopy: 313-656-5401
	 
	 	 
	GMAC:

	 	GMAC LLC
	 

	 	200 Renaissance Center
	 

	 	Detroit, MI 48265
	 

	 	Attention: Bill Solomon, VP and General Counsel
	 

	 	Telecopy: 313-656-6124

provided that any notice, request or demand to or upon the Agent or the Lenders pursuant to
Section 2.2, 2.3, 2.4 or 2.5 shall not be effective until received.

          Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Agent; provided that the
foregoing shall not apply to notices pursuant to Section 2 or any notices related to Borrowings,
payments or repayments unless otherwise agreed by the Agent and the applicable Lender. The Agent
or the Company may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or communications.

          9.3. No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of the Agent or any Lender, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

          9.4. Survival of Representations and Warranties. All representations and warranties
made hereunder and in any document, certificate or statement delivered pursuant hereto or in
connection herewith shall survive the execution and delivery of this Agreement and the making of
the Loans hereunder.

          9.5. Payment of Expenses and Taxes. (b) The Company agrees (a) to pay or reimburse
the Agent for all its reasonable out-of-pocket costs and expenses reasonably incurred in connection
with the development, preparation and execution of, and any amendment, supplement or modification
to, this Agreement and any other documents prepared in connection herewith or therewith, and the
consummation and administration of the transactions contemplated hereby and thereby, including,
without limitation, the reasonable fees and disbursements of counsel to the Agent, (b) to pay or
reimburse each Lender and the Agent for all costs and expenses reasonably incurred in connection
with the enforcement of any rights under this Agreement, including, without limitation, the fees
and disbursements of counsel to the Agent and to the several Lenders (other than those incurred in
connection with the compliance by the relevant Lender with the provisions of Section 2.17(a)), (c)
to pay, indemnify, and hold each Lender, the Agent and their respective Affiliates harmless from,
any and all recording and filing

45

 

fees and any and all liabilities with respect to, or resulting from any delay by the Company
in paying, stamp, excise and other taxes, if any, which may be payable or determined to be payable
in connection with the execution and delivery of, or consummation or administration of any of the
transactions contemplated by, or any amendment, supplement or modification of, or any waiver or
consent under or in respect of, this Agreement, and (d) to pay, indemnify, and hold each Lender,
the Agent and their respective Affiliates (each, an “indemnified person”) harmless from and against
any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, reasonable expenses or disbursements of any kind or nature whatsoever which may at any time
be imposed on, incurred by or asserted against any indemnified person in any way relating to or
arising out of this Agreement or any documents contemplated by or referred to herein or therein or
the transactions contemplated hereby or thereby or any action taken by such indemnified person
under or in connection with any of the foregoing (all the foregoing in this clause (d),
collectively, the “indemnified liabilities”); provided that the Company shall have no
obligation hereunder to an indemnified person with respect to indemnified liabilities arising from
the gross negligence or willful misconduct of such indemnified person. The agreements in this
Section 9.5 shall survive repayment of the Loans and all other amounts payable hereunder.

          9.6. Successors and Assigns; Participations and Assignments. (a) The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that (i) the Company may not assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of
each Lender (and any attempted assignment or transfer by the Company without such consent shall be
null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section.

          (b)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees (each, an “Assignee”) all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitments and the Loans at
the time owing to it) with the prior written consent (such consent not to be unreasonably withheld)
of:

     (A) the Company, provided that no consent of the Company shall be required for
an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or,
if an Event of Default under Section 7.1(a) or (f) has occurred and is continuing, any other
Person; and

     (B) the Agent, provided that no consent of the Agent shall be required for an
assignment to an Assignee that is an affiliate of such assigning Lender.

     (ii) Assignments shall be subject to the following additional conditions:

     (A) except in the case of an assignment to a Lender, an affiliate of a Lender or an
Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s
Commitments or Loans, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent)

46

 

shall
not be less than $5,000,000 unless each of the Company and the Agent otherwise consent,
provided that (1) no such consent of the Company shall be required if an Event of
Default under Section 7.1(a) or (f) has occurred and is continuing and (2) such amounts
shall be aggregated in respect of each Lender and its affiliates or Approved Funds, if any;

     (B) the parties to each assignment shall execute and deliver to the Agent an
assignment and assumption substantially in the form of Exhibit B (each, an “Assignment
and Assumption”);

     (C) the Assignee, if it shall not be a Lender, shall deliver to the Agent an
administrative questionnaire; and

     (D) in the case of an assignment to a CLO (as defined below), the assigning Lender
shall retain the sole right to approve any amendment, modification or waiver of any
provision of this Agreement, provided that the Assignment and Assumption between such Lender
and such CLO may provide that such Lender will not, without the consent of such CLO, agree
to any amendment, modification or waiver that (1) requires the consent of each Lender
directly affected thereby pursuant to the proviso to the second sentence of Section 9.1 and
(2) directly affects such CLO

          For the purposes of this Section 9.6, the terms “Approved Fund” and “CLO” have the following
meanings:

“Approved Fund”: (a) a CLO and (b) with respect to any Lender that is a fund
which invests in bank loans and similar extensions of credit, any other fund that invests in
bank loans and similar extensions of credit and is managed by the same investment advisor as
such Lender or by an affiliate of such investment advisor.

“CLO”: entity (whether a corporation, partnership, trust or otherwise) that is
engaged in making, purchasing, holding or otherwise investing in bank loans and similar
extensions of credit in the ordinary course of its business and is administered or managed
by a Lender or an affiliate of such Lender.

          (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from
and after the effective date specified in each Assignment and Assumption, the Assignee thereunder
shall be a party hereto and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.14, 2.15, 2.16 and 9.5); provided that no Assignee shall then be entitled to
receive any greater amount pursuant to Sections 2.13, 2.14, 2.15 or 2.16 than the assigning Lender
would have been entitled to receive thereunder in respect of the rights and obligations assigned
by such assigning Lender to such Assignee had no such assignment occurred. Any assignment or transfer by a
Lender of rights or obligations under this Agreement

47

 

that does not comply with this Section 9.6 shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with paragraph
(c) of this Section.

          (iv) The Agent, acting for this purpose as an agent of the Company, shall maintain at one of
its offices a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount
of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be prima facie evidence of the existence
and amounts of the obligations of the Company therein recorded, and the Company, the Agent and the
Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
The Register shall be available for inspection by the Company and any Lender, at any reasonable
time and from time to time upon reasonable prior notice. The Agent shall provide a copy of the
Register to the Company on a monthly basis.

          (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an Assignee, the Assignee’s completed administrative questionnaire (unless the Assignee
shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph
(b) of this Section and any written consent to such assignment required by paragraph (b) of this
Section, the Agent shall accept such Assignment and Assumption and record the information contained
therein in the Register.

          (c) (i) Any Lender may, without the consent of the Company or the Agent, sell participations
to one or more banks or other entities (a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans owing to it); provided that (A) such Lender’s obligations under this
Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations, (C) the Company, the Agent and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement and (D) such Lender shall have given prior
written notice to the Company of the identity of such Participant. Any agreement pursuant to which
a Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of
this Agreement; provided that such agreement may provide that such Lender will not, without
the consent of the Participant, agree to any amendment, modification or waiver that (1) requires
the consent of each Lender directly affected thereby pursuant to the proviso to the second sentence
of Section 9.1 and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this
Section, the Company agrees that each Participant shall be entitled to the benefits of Sections
2.13, 2.14, 2.15, 2.16 and 9.5 to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (b) of this Section.

          (ii) A Participant shall not be entitled to receive any greater payment under Section 2.13,
2.14, 2.15, 2.16 or 9.5 than the applicable Lender would have been entitled to receive with respect
to the participation sold to such Participant, unless the sale of the participation to such Participant is made
with the Company’s prior written consent. Any

48

 

Participant that is a Non-U.S. Lender shall not be entitled to the benefits of Section 2.15 unless
such Participant complies with Section 2.15(c)(X)(i).

          (d) Nothing herein shall prohibit any Lender from pledging or assigning all or any portion of
its Loans to any Federal Reserve Bank in accordance with applicable law. In order to facilitate
such pledge or assignment, the Company hereby agrees that, upon request of any Lender at any time
and from time to time after the Company has made its initial Borrowing hereunder, the Company shall
provide to such Lender, at the Company’s own expense, a promissory note, substantially in the form
of Exhibit D, evidencing the Loans or Term Loans owing to such Lender (a “Note”).

          (e) On or prior to the effective date of an assignment, the assigning Lender shall surrender
any outstanding Notes held by it all or a portion of which are being assigned, and the Company
shall, upon the request to the Agent made at the time of such assignment by the assigning Lender or
the Assignee, as applicable, execute and deliver to the Agent (in exchange for the outstanding
Notes of the assigning Lender) a new Note to the order of such Assignee in an amount equal to the
amount of such Assignee’s Loan. Any such new Notes shall be dated the Closing Date and shall
otherwise be in the form of the Note replaced thereby. Any Notes surrendered by the assigning
Lender shall be returned by the Agent to the Company marked “cancelled”.

          (f) The Company authorizes each Lender to disclose to any prospective Participant, any
Participant or any prospective Assignee (each, a “Transferee”) any and all financial
information in such Lender’s possession concerning the Company, its Affiliates and the Collateral
which has been delivered to such Lender by or on behalf of the Company pursuant to this Agreement
or which has been delivered to all Lenders by or on behalf of the Company in connection with their
respective credit evaluations of the Company, its Affiliates and the Collateral prior to becoming a
party to this Agreement; provided that (i) such Transferee has executed and delivered to
the Company and the transferring Lender a written confidentiality agreement reasonably acceptable
to the Company and (ii) the Company has been informed of the identity of such Transferee and has
consented (such consent shall not be unreasonably withheld) to the disclosure of such information
thereto. Nothing contained in this Section 9.6(f) shall be deemed to prohibit the delivery to any
Transferee of any information which is otherwise publicly available.

          9.7. Adjustments. If any Lender (a “Benefitted Lender”) shall at any time
receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in
respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in Section 7.1(f), or otherwise), such that it has received
aggregate payments or collateral on account of its Loans in a greater proportion than any such
payment to or collateral received by any other Lender, if any, in respect of such other Lender’s
Loans which are then due and payable, or interest thereon, such Benefitted Lender shall purchase
for cash from the other Lenders a participating interest in such portion of each such other
Lender’s Loans, or shall provide such other Lenders with the benefits of any such collateral, or
the proceeds thereof, as shall be necessary to cause such Benefitted Lender to share the excess
payment or benefits of such collateral or proceeds ratably with each of the Lenders;
provided, however, that if all or any
portion of such excess payment or benefits is thereafter recovered from such Benefitted
Lender,

49

 

such purchase shall be rescinded, and the purchase price and benefits returned, to the
extent of such recovery, but without interest.

          9.8. Counterparts. (a) This Agreement may be executed by one or more of the parties
to this Agreement on any number of separate counterparts (including by telecopy), and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. A set of
the copies of this Agreement signed by all the parties shall be lodged with the Company and the
Agent.

50

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of this day and year first above written.

	 	 	 	 	 
	 	RESIDENTIAL FUNDING COMPANY, LLC

 	 
	 	By:  	/s/ David Flavin
 	 
	 	 	Name:  	David Flavin 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 

	 	Address:
	 	One Meridian Crossings
	 

	 	 	 	Minneapolis, MN 55423
	 
	 	 	 	 
	 	 	Taxpayer ID: 93-0891336
	 
	 	 	 	 
	 	 	GMAC LLC, as Agent and a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ David Walker
 	 
	 	 	Name:  	David Walker 	 
	 	 	Title:  	Group Vice President and Treasurer 	 
	 

[Credit Agreement Signature Page]

 

 

SCHEDULE I

COMMITMENTS

	 	 	 	 	 
	GMAC LLC
	 	$	750,000,000.00	 

Sch. I -1 

 

ANNEX A

REQUIREMENTS FOR ELIGIBLE PRE-SALE RECEIVABLES

          Any Pre-Sale Receivable satisfying the following conditions shall constitute an “Eligible
Pre-Sale Receivable:”

          (a) the annual interest rate of which is a fixed rate of interest or a variable rate;

          (b) which arises from a Pre-Sale Agreement that may not be cancelled or terminated by the
Obligor thereof unless the related unit is not completed and the deed cannot be recorded, and for
which any contractually granted or legally mandated period of time during which the Obligor may
exercise a right of rescission with respect to the related Pre-Sale Agreement has lapsed since the
effective date of such Pre-Sale Agreement;

          (c) which amortizes fully pursuant to a required set of level and regular cash monthly
payments of principal and interest;

          (d) which satisfies all applicable requirements of the applicable Pre-Sale Agreement to which
it is subject and the Originator Resource Guide, and which was originated in the normal course of
business of the applicable Developer;

          (e) which is not a Delinquent Pre-Sale Receivable or a Defaulted Pre-Sale Receivable;

          (f) which arises under a Pre-Sale Agreement where the Resort related to the Timeshare is or is
required to be affiliated with the Resort Condominiums International exchange network or the
Interval International exchange network;

          (g) the Obligor of which has made or is required to make at closing cash payments, in partial
satisfaction of the purchase price of the related Timeshare in an aggregate amount equal to at
least 10% of the original purchase price of the related Timeshare;

          (h) the terms of the Pre-Sale Agreement related thereto which have not been extended,
rewritten or otherwise modified from the original terms thereof (including by extension of time of
payment or the granting of any discounts, allowances or credits) other than with respect to a
Timeshare Upgrade or a Permitted Modification;

          (i) which is a “general intangible”, an “account”, “chattel paper” or an “instrument” (as such
terms are defined in Article 9 of the UCC) and is denominated and payable only in United States
dollars to an account held at a financial institution located in the United States;

          (j) which is freely assignable and does not require the consent, authorization, approval or
notice to the Obligor thereof or any Governmental Authority (except for such consents,
authorizations, approvals or notices which have already been obtained or are not

A-1 

 

required under applicable law) in connection with the conveyance of or grant of a security
interest in such Pre-Sale Receivable or the related Pre-Sale Agreement and/or Pre-Sale Note, the
Related Security and the related Collections;

          (k) which (1) together with the Pre-Sale Agreement and/or Pre-Sale Note related thereto, (x)
has been duly authorized (if applicable), (y) is in full force and effect, and (z) constitutes the
legal, valid and binding obligation of the Obligor thereof enforceable against such Obligor in
accordance with its terms, subject to Enforceability Exceptions, (2) has not been satisfied,
released, canceled, rescinded or subordinated in priority to any other unsecured debt, nor has any
instrument been executed which would effect any such satisfaction, release, cancellation,
rescission or subordination in priority to any other unsecured debt, and (3) is not subject to any
existing dispute, right of rescission, setoff, recoupment, counterclaim or defense, whether arising
out of transactions concerning such Pre-Sale Receivable or otherwise;

          (l) which, together with the Pre-Sale Agreement and/or Pre-Sale Note related thereto, does not
contravene any laws, rules or regulations applicable thereto (including laws, rules or regulations
relating to truth in lending, vacation time share sales, fair credit billing, fair credit
reporting, equal credit opportunity, fair debt collection practices and privacy) and with respect
to which no party to the Pre-Sale Agreement and/or Pre-Sale Note related thereto is in violation of
any such law, rule or regulation;

          (m) the Obligor of which is not an Affiliate of the Company, the Company or a Developer (or
any Subsidiary of the foregoing) which originated such Pre-Sale Receivable or any Subsidiary
thereof;

          (n) which was originated by an Eligible Developer, is related to an Eligible Resort and
secures an Eligible A, D & C Loan;

          (o) the Outstanding Balance of which does not exceed $100,000;

          (p) which is not subject to any withholding or other foreign tax liability; and

          (q) the original maturity of which does not exceed 120 months; provided, however, that
Pre-Sale Receivables with an Outstanding Balance not in excess of an amount equal to 5% times the
aggregate Outstanding Balance may have an original maturity greater than 120 months and not more
than 144 months.

A-2 

 

ANNEX B

REQUIREMENTS FOR ELIGIBLE A, D & C LOANS

          Any A, D & C Loan satisfying the following conditions shall constitute an “Eligible A, D &
C Loan”:

          (a) (i) substantially complies with all applicable requirements of the Originator Resource
Guide or, to the extent of any substantial non-compliance with such requirements, such
non-compliance was approved by the Company’s credit committee in accordance with the Originator
Resource Guide and (ii) was originated in accordance with the Originator Resource Guide;

          (b) if a Pre-Sale Loan, such Pre-Sale Loan is secured by Eligible Pre-Sale Receivables;

          (c) in the case of a Pre-Sale Loan, which requires certain mandatory payments or additional
contributions of collateral in respect thereof to ensure compliance with the A, D & C Loan’s
borrowing base or other availability provision;

          (d) in the case of a Pre-Sale Loan, the outstanding principal balance under such Pre-Sale Loan
shall not be less than the aggregate outstanding amount of principal balance payable under the
Pre-Sale Receivables securing such Pre-Sale Loan.

          (e) the Developer that constitutes the Company under the applicable A, D & C Loan Agreement
and A, D & C Note is an Eligible Developer;

          (f) the servicing of such A, D & C Loan is performed in accordance with the Originator
Resource Guide;

          (g) such A, D & C Loan does not constitute a Defaulted A, D & C Loan;

          (h) the Collections for such Developer, its A, D & C Loan and its Pre-Sale Receivables are
deposited into an Eligible Deposit Account;

          (i) in the case of a Pre-Sale Loan, the A, D & C Loan Agreement evidencing such Pre-Sale Loan
sets forth an advance rate or similar provision pursuant to which the Company extends credit to the
Developer thereunder that is not more than 90%;

          (j) the Obligor of which is a United States Person, is not an Affiliate of any of the parties
hereto, and is not a Governmental Authority;

          (k) is denominated and payable only in Dollars in the United States;

          (l) arises under an A, D & C Loan Agreement, an A, D & C Note and, in the case of Construction
Loans, a Mortgage, each of which is in full force and effect and constitutes the legal, valid and
binding obligation of the Obligor of such A, D & C Loan and is not subject to

B-1 

 

any dispute, offset, counterclaim or defense whatsoever (except the potential discharge in
bankruptcy of such Obligor);

          (m) together with any related Pre-Sale Agreement, does not contravene any laws, rules or
regulations applicable thereto (including, without limitation, laws, rules and regulations relating
to usury), and with respect to which none of the Company, the Company nor the Obligor is in
violation of any such law, rule or regulation;

          (n) arises under an A, D & C Loan Agreement which (i) does not require the Obligor thereunder
to consent to the transfer, sale or assignment of the rights and duties of the Company thereunder
(or, to the extent consent was required, it was obtained) and (ii) does not contain a
confidentiality provision that purports to restrict the ability of the Agent to exercise its rights
on behalf of the Lenders under this Agreement, including, without limitation, the Agent’s right to
review the related Records;

          (o) from its date of origination, was serviced by the Company in accordance with its customary
policies and procedures;

          (p) the Company acquired it in good faith, for value and without notice of any Lien other than
Permitted Liens and Liens approved by the Agent;

          (q) all information provided by the Company to the Agent in writing hereunder with respect
thereto shall be true and correct in all material respects;

          (r) with respect to Construction Loans, there exists either a legally binding commitment from
a title company to provide a mortgagee title insurance policy, which policy shall insure the
Company’s first priority Lien in respect of the related Resort, subject to applicable title
exceptions, or there exists a mortgagee title insurance policy, which policy is in full force and
effect and insures the Company’s first priority Lien, subject to applicable title exceptions, in
respect of the related Resort;

          (s) the Developer has made a representation that it has and has covenanted to maintain
builder’s risk and general liability insurance in respect of the Resort related to such A, D & C
Loan unless the related Resort is not subject to any construction at such time;

          (t) there has been no fraud, dishonesty or material misrepresentation in connection with the
origination of such A, D & C Loan;

          (u) in the case of a Construction Loan, the Company has security interests in all material
personal property and contractual rights related thereto, each of which have been perfected by UCC
filings in the appropriate jurisdictions;

          (v) arises in the ordinary course of the Company’s Resort lending business;

          (w) was not originated in or subject to the laws of a jurisdiction whose laws would make such
A, D & C Loan Agreement, or the assignment or pledge of such A, D & C Loan Agreement under the
Pledge Agreement or this Agreement, unlawful, usurious, invalid or unenforceable;

B-2 

 

          (x) (x) is owned solely by the Company free and clear of all Liens, other than Permitted
Liens;

          (y) in the case of Construction Loans has a loan-to-cost ratio, determined in accordance with
the Originator Resource Guide, of no greater than 100%;

          (z) in the case of Construction Loans, the terms of the Mortgage related thereto have not been
impaired, waived, altered, satisfied, subordinated, rescinded or modified in any respect, except
for releases of such Mortgage which are required to be granted under the express terms of the
related A, D & C Loan Agreement in connection with any sale of Timeshares pursuant to the terms of
such Mortgage, or otherwise required to be granted in connection with the required public
dedication of certain portions of the Resort or in connection with store or restaurant facilities,
lobbies or other similar facilities, on to increase the loan amount in accordance with the
Originator Resource Guide;

          (aa) the Agent, for the benefit of the Lenders, has a valid and perfected first priority Lien
in such A, D & C Loan Agreement, A, D & C Note and in the Related Security, and Collections with
respect thereto, free and clear of any Liens, other than Permitted Liens. No effective financing
statement or other instrument similar in effect covering such A, D & C Loan Agreement, A, D & C
Note or the Related Security and/or the Collections with respect thereto has at any time been on
file in any recording office except filings required to be made under the Credit Documents;

          (bb) (i) the Company has not waived any default, breach, violation or event of acceleration
with respect to such A, D & C Loan Agreement other than in accordance with the Originator Resource
Guide, and (ii) on the date the A, D & C Loan becomes a Pledged Loan, the Company had no knowledge
that such A, D & C Loan will not be paid in full;

          (cc) any Mortgage with respect to such Resort contains or shall contain customary and
enforceable provisions such as to render the rights and remedies of the holder thereof adequate for
the realization against the Resort of the benefits of the security afforded thereby, including to
the extent permitted by applicable law, (a) in the case of a Mortgage designated as a deed of
trust, by trustee’s sale, (b) by judicial foreclosure or (c) by direct action where permitted;

          (dd) except in connection with a trustee’s sale after default by the Obligor, no fees and
expenses are or will become payable by the Company or the Agent to the trustee designated under any
Mortgage with respect to a Construction Loan constituting a deed of trust;

          (ee) with respect to any Mortgage with respect to such a Construction Loan constituting a deed
of trust, a trustee, duly qualified under applicable law to serve as such, has been properly
designated and currently so serves and is named in such Mortgage;

          (ff) an opinion of counsel has been received by the Company with respect to enforceability
against the related Developer of the related A, D & C Loan Agreement and A, D & C Note;

B-3 

 

          (gg) is not secured by a leasehold estate, provided that ancillary buildings and ancillary
facilities, such as construction staging areas, boat docks and lobbies, may be secured by a
leasehold estate;

          (hh) the Resort shall have been the subject of a duly executed and proper “Phase One
Environmental Audit Report” acceptable to the Company in accordance with the Originator Resource
Guide;

          (ii) the Developer or a guarantor with respect to such A, D & C Loan is obligated to indemnify
the Company and any assignee thereof, including the Company and its assignee, against all
environmental claims arising in connection with any and all activity on the Resort;

          (jj) there is no proceeding pending for the total or partial condemnation or taking by eminent
domain of the related Resort;

          (kk) either contains a “due on sale” clause or provides that the original Obligor (and any
Guarantor) shall remain liable for the A, D & C Note in the event of the transfer of the Resort;

          (ll) except
in the case of the A, D & C Loans listed on Schedule V, the Company is the
sole lender; provided, however, the Company may grant participations in such A, D &
C Loan, if (i) the Company provides notice to the Agent of any such participations, (ii) the
Company remains the sole servicer with respect to such A, D & C Loan, (iii) if such participation
is created after the Closing Date, the Company provides the Agent with a certificate of a
Responsible Officer stating that, to the best of such Responsible Officer’s knowledge after due
inquiry and with the advice of counsel, such participations will not adversely affect either the
Agent’s Lien in the A, D & C Loan and the Related Security or the cash flows of the A, D & C Loan
and attaching a fully executed copy of each such participation agreement, and (iv) such
participations do not restrict in any way the ability of the Company to transfer such A, D & C Loan
and the Related Security; provided, further, that only the portion of such A, D & C
Loan retained by the Company after granting such participations shall be eligible to be an Eligible
A, D & C Loan;

          (mm) the buildings, fixtures and other improvements on the Resort securing such Construction
Loan have not suffered, in their entirety, any material damage which is not covered by the
builder’s risk and general liability insurance or any other insurance in respect of such Resort;

          (nn) the Resort securing such Construction Loan is not the subject of any materially adverse
zoning determination;

          (oo) the Company or its current legal counsel has in its possession a closing binder
containing the closing documents with respect to such A, D & C Loan; and

          (pp) any commitment extensions or payment extensions granted by the Company or the Servicer
with respect to such A, D & C Loan were granted (i) in accordance with the Originator Resource
Guide, (ii) in the good faith belief that such extension will not have

B-4 

 

an adverse effect (other than a de minimis adverse effect) on the eventual collectibility of
such A, D & C Loan and is otherwise in the best interests of the Company and (iii) in substantial
conformity with the Company’s obligations under Section 5.6 hereof.

B-5 

 

ANNEX C

REQUIREMENTS FOR AN ELIGIBLE DEVELOPER

          Any Developer satisfying the following conditions shall constitute an “Eligible
Developer”;

          (a) such Developer qualifies for extensions of credit from the Company under the Originator
Resource Guide and otherwise satisfies the requirements of the Originator Resource Guide or is
otherwise approved by all of the Lenders in writing;

          (b) such Developer is not subject to an Insolvency Event;

          (c) such Developer (i) is not party to any action, suit, proceeding or investigation in any
court, or before any arbitrator of any kind, or before or by any Governmental Authority and (ii) is
not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any
Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii),
individually or in the aggregate for all such actions, suits, proceedings and investigations could
reasonably be expected to have a Material Adverse Effect or to have a material adverse effect on
the ability of such Developer to perform its obligations under any A, D & C Loan Agreement or A, D
& C Note to which it is a party and related documents, or on such Developer’s business generally;

          (d) such Developer is an entity duly organized under the laws of the United States or any
State thereof; and

          (e) prior to the first Loan Date relating to such Developer, the Agent shall have received (x)
audited consolidated financial statements for such Developer with respect to such Developer’s then
most recently completed fiscal year for which financial statements have been, or have been required
under the applicable A, D & C Loan Agreement to have been, delivered to the Company, together with
a copy of an unqualified audit report for such year of such Developer, prepared and certified by a
nationally recognized independent public accounting firm, and (y) unaudited consolidated financial
statements of such Developer with respect to such Developer’s then most recently completed fiscal
quarter for which financial statements have been, or have been required under the applicable A, D &
C Loan Agreement to have been, delivered to the Company, and, in either case, since the date of
such financial statements there shall not have occurred an event which materially adversely affects
the ability of such Developer, to perform its obligations under any A, D & C Loan Agreement or A, D
& C Note to which it is a party.

C-1 

 

ANNEX D

REQUIREMENTS FOR AN ELIGIBLE RESORT

RELATED TO AN A, D & C LOAN

          Any Resort satisfying the following conditions shall constitute an “Eligible Resort”
under the terms of the Credit Agreement:

          (a) which is covered by a hazard insurance policy, and a casualty insurance policy, the
coverage of which equals or exceeds amounts reasonably satisfactory to the Company;

          (b) which complies with the Originator Resource Guide and which has been subject to on-site
inspection in accordance with the Originator Resource Guide;

          (c) which is in compliance with all material applicable Environmental Laws;

          (d) no event has occurred (including without limitation any event affecting the related
Owners’ Association or the condition and maintenance of such Resort) which materially adversely
affects the construction of such Resort and which is reasonably expected to have a material adverse
effect on the collectibility of any Pre-Sale Receivables related to such Resort;

          (e) such Resort it not the subject of any legal, judicial or administrative proceeding,
whether existing, threatened or pending, for the total or partial condemnation of such Resort; and

          (f) for which all accrued and payable applicable taxes on the related Resort have been paid in
full.

D-1

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