Document:

LOAN MODIFICATION AGREEMENT

     This LOAN MODIFICATION  AGREEMENT (the  "Modification  Agreement") is made,
entered into and effective as of the 20th day of November, 2000, by and among CR
Resorts Cancun, S. de R.L. de C.V., a Mexican limited responsibility corporation
with variable capital ("CR Cancun"), CR Resorts Los Cabos, S. de R.L. de C.V., a
Mexican limited  responsibility  corporation with variable capital ("CR Cabos"),
CR Resorts Puerto Vallarta, S. de R.L. de C.V., a Mexican limited responsibility
corporation with variable capital ("CR Puerto Vallarta"),  Corporacion  Mexitur,
S. de R.L. de C.V., a Mexican limited  responsibility  corporation with variable
capital  ("Mexitur"),  CR Resorts Cancun  Timeshare Trust, S. de R.L. de C.V., a
Mexican limited  responsibility  corporation with variable  capital,  CR Resorts
Cabos  Timeshare  Trust,  S. de R.L. de C.V., a Mexican  limited  responsibility
corporation with variable capital and CR Resorts Puerto Vallarta Timeshare Trust
S. de R.L. de C.V. a Mexican limited  responsibility  corporation  with variable
capital (collectively,  jointly and severally, the "Borrower"); Raintree Resorts
International,  Inc., a Nevada corporation ("Guarantor"),  and TEXTRON FINANCIAL
CORPORATION, a Delaware corporation ("Lender").

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS,  Borrower,  the  Guarantor,  and  Lender  are  parties to that
certain  Loan and  Security  Agreement  dated as of November 23, 1999 (the "Loan
Agreement"),  pursuant to which Lender  agreed to make a loan to Borrower in the
maximum principal amount at any time of  US$10,000,000,  to be guaranteed by the
Guarantor,  all pursuant to the terms,  provisions,  and conditions set forth in
the Loan Agreement and the other Loan Documents,  as such term is defined in the
Loan Agreement (the "Loan"); and

     WHEREAS,  the Loan consists of a note receivable  component in the original
principal amount of up to US$10,000,000; and

     WHEREAS, Borrower, the Guarantor, and Lender desire to increase the maximum
amount of the Loan,  to modify the  definition of Eligible  Notes  Receivable to
include Notes Receivable  denominated in Mexican Unidades de Inversion ("UDIs"),
to  incorporate  a 50% advance  rate  against  UDI  denominated  Eligible  Notes
Receivable,  to increase  the  portfolio  limitation  against  Mexican  currency
denominated  Notes  Receivable  from 30% to 46%, to extend the Revolving  Credit
Period,  to extend the existing  maturity date of the Loan, and otherwise  amend
the  terms,  provisions,  and  conditions  of the Loan  Agreement  in the manner
permitted by Section 12.7 thereof.

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

     1.   Definitions.  Except as otherwise  provided  herein to the contrary or
          unless the context otherwise  requires,  all capitalized terms used in
          this  Modification  Agreement shall have the meanings ascribed to them
          in the Loan Agreement.

     2.   Modification   Closing  Date.   For  purposes  of  this   Modification
          Agreement,  "Modification  Closing Date" shall mean the effective date
          of this Modification Agreement.

     3.   Modification  Commitment  Fee.  In  addition  to  the  Commitment  Fee
          described in Section 1.1(o) of the Loan Agreement,  Borrower shall pay
          Lender an amount  (the  "Modification  Commitment  Fee")  equal to one
          percent  (1%) of the  difference  between the  previous  maximum  Loan
          amount  of  US$10,000,000  and the  modified  maximum  Loan  amount of
          US$13,000,000 or US$30,000. The entire Modification Commitment Fee has
          been earned as of the  Modification  Closing Date and shall be payable
          to Lender, in immediately available funds, on the Modification Closing
          Date.

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     4.   Borrowing Base. Section 1.1(h) of the Loan Agreement is hereby deleted
          in its entirety and replaced by the following:

          (h)  Borrowing Base. With respect to Eligible Notes Receivable pledged
               to Lender in  connection  with each Advance of the Loan for which
               at least one monthly  payment has been made,  an amount  equal to
               the sum of (i) fifty percent  (50%) of the aggregate  outstanding
               principal   balance  of  each   UDI-denominated   Eligible   Note
               Receivable,  plus  (ii)  eighty  percent  (80%) of the  aggregate
               outstanding    principal    balance   of   each   Mexican   Nuevo
               Peso-denominated Eligible Note Receivable, plus (iii) eighty-five
               percent (85%) of the  aggregate  remaining  principal  balance of
               each U.S. Dollar denominated Eligible Note Receivable.

     5.   (Intentionally Omitted).

     6.   Eligible  Notes  Receivable.  Section  1.1(z) of the Loan Agreement is
          hereby     deleted    in    its    entirety    and    replaced    with
          the following:

          (z)  Eligible Notes  Receivable.  Those Pledged Notes Receivable which
               satisfy each of the following criteria:

               (i)  one or more of the entities constituting the Borrower is the
                    sole payee;

               (ii) it arises  from a bona fide sale by  Borrower  of one (1) or
                    more Intervals in one of the Resorts;

               (iii)the  Interval  sale  from  which  it  arises  has  not  been
                    canceled by the Purchaser, any statutory or other applicable
                    cancellation  or  rescission  period  has  expired  and  the
                    Interval  sale is  otherwise  in total  compliance  with the
                    terms and  provisions of this Agreement and all of the other
                    Loan Documents;

               (iv) it is secured by a properly  executed  Assignment of Pledged
                    Notes  Receivable  and a properly  executed  Interval  Lease
                    Contract;

               (v)  principal  and  interest  payments  on it are payable to the
                    Borrower  in legal  tender of the United  States,  provided,
                    however, that (a) up to forty-six percent (46%) by number of
                    all  Eligible  Notes  Receivable  may be  payable  in either
                    Mexican  Nuevos  Pesos  or  Mexican  UDIs,  and  (b)  up  to
                    US$3,000,000 of the aggregate  outstanding principal balance
                    of all  Eligible  Notes  Receivable  may,  at any  time,  be
                    comprised of Notes Receivable payable in Mexican UDIs;

               (vi) payments of  principal  and  interest on it are due in equal
                    monthly  installments  (or in such  other  amounts  to cover
                    principal and interest);

               (vii)it shall  have an  original  term of no more than sixty (60)
                    months;  provided,  however,  that up to twenty-five percent
                    (25%) of the aggregate  outstanding  balance of all Eligible
                    Notes  Receivable  may, at any time,  be  comprised of Notes
                    Receivable   having  an  original   term  of  no  more  than
                    eighty-four (84) months;

               (viii) a cash down payment  and/or other cash  payments have been
                    received  from the  Purchaser in an amount equal to at least
                    fifteen percent (15%) of the original  purchase price of the
                    related  Interval,

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<PAGE>
                    and the Purchaser  thereafter shall have received no cash or
                    other rebates of any kind which would cause the down payment
                    to be less than fifteen  percent (15%) of the total purchase
                    price;

               (ix) no monthly  installment due with respect to the Pledged Note
                    Receivable is more than thirty (30) days  contractually past
                    due as of the date of  funding  of the  first  Advance  with
                    respect to such Pledged Note Receivable,  or more than sixty
                    (60) days contractually past due thereafter;

               (x)  the weighted  average  interest  rate of all Eligible  Notes
                    Receivable  payable in legal tender of the United  States at
                    any time shall be not less than twelve  percent  (12.0%) per
                    annum;

               (xi) the weighted  average  interest  rate of all Eligible  Notes
                    Receivable  payable in both Mexican Nuevos Pesos and Mexican
                    UDIs at any time  shall be not less  than  eighteen  percent
                    (18.0%) per annum;

               (xii)the Purchaser of the related  Interval has immediate  access
                    to a Unit of the type specified in such Purchaser's Interval
                    Lease  Contract,  which  Interval and related Unit have been
                    completed,  developed and  furnished in accordance  with the
                    specifications  provided in the  Purchaser's  Interval Lease
                    Contract,  the public  offering  statement  (if any) and the
                    other Timeshare Documents; and the Purchaser has, subject to
                    the terms of the  Declaration,  Interval  Lease Contract and
                    other Timeshare Documents,  complete and unrestricted access
                    to the related Interval, Unit, Facilities and the Resorts;

               (xiii) neither  the  Purchaser  of the related  Interval  nor any
                    other  maker  of the Note  Receivable  is an  Affiliate  of,
                    personally related to or employed by Borrower;

               (xiv)the   Purchaser  or  other  obligor  has  no  claim  against
                    Borrower  or any  Affiliate  of  Borrower,  and no  defense,
                    set-off  or  counterclaim  exists  with  respect to the Note
                    Receivable;

               (xv) the  maximum  outstanding  principal  balance  of such  Note
                    Receivable does not exceed  US$25,000.00  (or the equivalent
                    in Mexican  Nuevos  Pesos or Mexican UDIs at the time of the
                    Advance  with  respect to such Note  Receivable),  and total
                    principal  balance of all Notes  Receivable  executed by any
                    one  (1)  obligor  will  not  exceed  US$25,000.00  (or  the
                    equivalent  in Mexican  Nuevos  Pesos or Mexican UDIs at the
                    time of the Advance with  respect to such Note  Receivable),
                    without the prior written approval of Lender;

               (xvi) the Note Receivable is executed by a Mexican resident;

               (xvii) the  original  of the  Note  Receivable  and  all  related
                    consumer   documents   have  been  endorsed  in  the  manner
                    prescribed by Lender and delivered to Lender or its approved
                    agent (the "Agent") as provided in this  Agreement,  and the
                    terms  thereof and all  instruments  related  thereto  shall
                    comply in all respects with all applicable federal and state
                    statutes, ordinances, rules and regulations;

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<PAGE>
               (xviii) the Unit in which the Interval being financed by the Note
                    Receivable is located shall not be subject to any Lien which
                    has not  previously  been  consented to in writing by Lender
                    other than the Permitted FINOVA Liens;

               (xix)the  form  of  promissory  note,  federal   truth-in-lending
                    disclosure   statement,   if  any,   or   other   applicable
                    disclosure,  purchase  contract and all other  documents and
                    instruments   corresponding   to   the   Interval   purchase
                    transaction  giving  rise to such Note  Receivable  has been
                    approved in advance by Lender in writing;

               (xx) the  Purchaser  (a) is  entitled  to fifty (50)  consecutive
                    years of use  (commencing  in 1997) in a specific  Unit type
                    during a specified  season at one of the three  locations of
                    the Resorts each year expiring in the year 2047, which right
                    shall be exercised  for a seven (7) day period each year for
                    such fifty (50) year term, or (b) is entitled to twenty-five
                    (25)  biennual  years  of  use  (commencing  in  1997)  in a
                    specific  Unit type during a specified  season at one of the
                    three  locations  of the Resorts  expiring in the year 2047,
                    which shall be  exercised  for a seven (7) day period  every
                    alternate year for such term;

               (xxi)the Purchaser may not accelerate  their usage in the Resorts
                    (provided,  however,  that certain Purchasers may accelerate
                    their usage by a maximum of one (1) week per year,  provided
                    that such Purchasers pay all additional maintenance fees and
                    any and all other fees related to such accelerated usage);

               (xxii) the Note  Receivable is  originated in connection  with an
                    Interval  Lease  Contract and  Borrower has provided  and/or
                    caused all  interest  or  lienholders  which have  mortgages
                    encumbering the Resorts or other agreements or amendments to
                    their respective security documents which expressly state to
                    Lender's  satisfaction  that such interest or lienholder may
                    not disturb the use rights of any Purchaser pursuant to such
                    Purchaser's Interval Lease Contract for so long as Purchaser
                    is not in  default  pursuant  to the terms of such  Interval
                    Lease Contract;

               (xxiii) Lender is in  possession of the executed  original  Notes
                    Receivable  endorsed by  Borrower to Lender,  along with the
                    executed original Interval Lease Contracts  corresponding to
                    such Notes Receivable;

               (xxiv) the Note  Receivable is  originated  in connection  with a
                    related Interval Lease Contract whereby Land Trustee under a
                    Mexican  guaranty trust  satisfactory  to Lender holds legal
                    title to each of the  Resorts  on  behalf  of CR  Cabos,  CR
                    Cancun,  or CR Puerto  Vallarta,  together with CR Remainder
                    (as  to the  remainder  interest  in  each  of  the  Resorts
                    commencing  under the FINOVA Mortgages in the year 2047) and
                    whereby non-disturbance provisions for the continued use and
                    enjoyment  by the  Interval  Purchasers  of the  Resorts and
                    Facilities are in a form and substance acceptable to Lender;
                    and

               (xxv)any and all release  payments  required  under the inventory
                    component  of the FINOVA  Loan  pertaining  to the  Interval
                    related to such Note Receivable,  specifically including the
                    "Interval  Sales  Payment"  as such term is  defined  in the
                    FINOVA Loan Agreement, have been paid in full by Borrower.

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<PAGE>

     7.   Guaranty.   Guarantor  shall,  concurrently  with  the  execution  and
          delivery of this Modification Agreement, execute and deliver to Lender
          an Amended and Restated Payment Guaranty and  Subordination  Agreement
          (hereinafter the "Amended Guaranty Agreement").  Said Amended Guaranty
          Agreement  shall  replace and  supersede  in its entirety the original
          Payment Guaranty and Subordination  Agreement dated as of November 23,
          1999,  executed by Guarantor in favor of Lender.  Upon  execution  and
          delivery by  Guarantor  to Lender of the Amended  Guaranty  Agreement,
          Lender shall return to the Guarantor the original Payment Guaranty and
          Subordination Agreement marked "Canceled and Satisfied." In accordance
          with the  foregoing,  Section  1.1(qq) of the Loan Agreement is hereby
          deleted in its entirety and replaced by the following:

          (qq) Guaranty.   The  Amended  and  Restated   Payment   Guaranty  and
               Subordination  Agreement dated as of November 20, 2000,  executed
               by  Guarantor,  and  delivered  to Lender  concurrently  with the
               Modification  Agreement.  The Guaranty  shall be the absolute and
               unconditional guaranty of payment and performance of the Loan and
               all amounts secured by or under the Loan Documents, as more fully
               set  forth  in  this  Modification  Agreement  and  in  the  Loan
               Agreement.

     8.   Loan.  Section 1.1(ddd) of the Loan Agreement is hereby deleted in its
          entirety and replaced by the following:

          (ddd)Loan. The maximum  US$13,000,000.00  credit facility,  as further
               described in the Loan Agreement,  as modified by the Modification
               Agreement.

     9.   Note  Receivable   Promissory  Note.  Section  1.1(ooo)  of  the  Loan
          Agreement     is    hereby     deleted    in    its    entirety    and
          replaced by the following:

          (ooo)Note  Receivable  Promissory  Note. The Amended and Restated Note
               Receivable  Promissory  Note  evidencing  the Loan  executed  and
               delivered by Borrower and Guarantor to Lender  concurrently  with
               the Modification Agreement.

     10.  Term. Section 1.1(tttt) of the Loan Agreement is hereby deleted in its
          entirety and replaced by the following:

          (tttt) Term. A period of  seventy-two  (72)  calendar  months from the
               Closing  Date under the Loan  Agreement,  plus the number of days
               from  the  Closing  Date to the end of the  month  in  which  the
               Closing Date occurs, therefore expiring on November 30, 2005.

     11.  Loan.  Section  2.1 of the Loan  Agreement  is hereby  deleted  in its
          entirety and replaced with the following:

          2.1  Loan2.1Loan.  Except as may be expressly  set forth herein to the
               contrary,  all amounts of money set forth  herein and in the Loan
               Documents shall be in U.S. Dollars. Upon the terms and subject to
               the  conditions set forth in this  Agreement,  as modified by the
               Modification  Agreement,  Lender shall  advance to Borrower,  and
               Borrower may borrow, repay and reborrow, principal under the Loan
               to be funded in a series of  Advances  during  the  initial  full
               twenty-four  (24) month  period  following  the Closing Date (the
               "Revolving  Credit Period") not to exceed an outstanding  balance
               of  the  lesser  of  US$13,000,000  or  the  Borrowing  Base.  In
               accordance  with the provisions of Section  4.2(c)(v) and Section
               4.2(c)(vi)  of the  Loan  Agreement,  Advances  would  be made in
               increments of at least  US$50,000 but not more often than twice a
               month.  As provided in Section  6.11 of the Loan  Agreement,  the
               proceeds of the Loan will be  disbursed  by Lender  solely to pay
               for Loan Costs (as such term is defined  in the  Commitment),  to
               Borrower for amortization (principal or interest) of mortgage and
               non-mortgage
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<PAGE>
               debt owed by Borrower or by any  Affiliates  of Borrower  and for
               sales,  marketing,   working  capital,  project  development  and
               administrative  expenses  incurred  in  the  operations  for  the
               Resorts,  and for future  expansion of timeshare  development  in
               accordance  with  plans  and  projections  acceptable  to  Lender
               (provided,  however, that the use of the proceeds of the Loan for
               such expansion  shall not adversely  affect the operations of any
               of the Resorts).

               The  maximum  Loan  amount   (exclusive  of  accrued  but  unpaid
               interest)  which may be  outstanding  at any time  under the Loan
               Agreement, as modified by the Modification  Agreement,  shall not
               exceed  US$13,000,000.00,  and Lender  shall  have no  obligation
               whatsoever  to make any Advance  which would cause the  aggregate
               outstanding   principal   balances   of  the   Loan   to   exceed
               US$13,000,000.00.  In the event that the proceeds of the Loan and
               any other amounts  required to be paid by Borrower  hereunder are
               insufficient  to fully  pay all costs as  contemplated  hereunder
               such proceeds will be applied, or if the use of the Loan proceeds
               varies materially (as determined  reasonably and in good faith by
               Lender) from the uses described herein, then Lender shall have no
               obligation to fund (or continue  funding) the Loan or any portion
               thereof; provided,  however, that, Borrower shall be permitted to
               provide  from its own funds an amount  sufficient  to cover  that
               portion of the Loan  proceeds  used for uses  materially  varying
               from the uses described herein.

     12.  Note Maturity  Date.  Section  2.3(b) of the Loan  Agreement is hereby
          deleted in its entirety and replaced by the following:

          (b)  Final Payment.  The entire  outstanding  principal balance of the
               Loan, together with all other Obligations,  shall be paid in full
               on or before  the first day of the  seventy-second  (72nd)  month
               following  the end of the month in which the  Closing  Date under
               the Loan Agreement occurs (the "Note Maturity Date").

     13.  Cross-Collateralization and Default. Section 3.7 of the Loan Agreement
          is hereby deleted in its entirety and replaced with the following:

          3.7  Cross-Collateralization  and Default 3.7  Cross-Collateralization
               and Default.  The Collateral shall secure all of the Obligations.
               All Liens, pledges,  assignments,  mortgages,  security interests
               and collateral  granted by any Borrower entity,  Guarantor or any
               Affiliate  of any  Borrower  entity  or  Guarantor  to or for the
               benefit of Lender pursuant hereto or any other related  documents
               or instruments  shall also secure the  Obligations.  In addition,
               all  other  loans  of any type  made by  Lender  to any  Borrower
               entity,  Guarantor,  or any  Affiliate of any Borrower  entity or
               Guarantor shall be cross-collateralized and cross-defaulted.

     14.  Use of  Proceeds/Margin  Stock.  Section 6.11 of the Loan Agreement is
          hereby deleted in its entirety and replaced by the following:

          6.11 Use of  Proceeds/Margin  Stock6.11UseofProceeds/MarginStock.  The
               proceeds  of the Loan will be  disbursed  only for the  following
               purposes:

               (a)  Payment  of the Loan Costs (as  defined in the  Commitment),
                    attorneys fees, closing costs and those amounts set forth in
                    Section 7.1(v) of the Loan Agreement;

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               (b)  Payment  of  all  indebtedness  secured  by  any  prior  and
                    subordinate  liens  and  mortgages  encumbering  all  or any
                    portion  of the  Collateral,  except  the  Declaration,  the
                    remaining Timeshare Documents and the Security Documents (as
                    defined in the Commitment); and

               (c)  To Borrower:

                    (i)  To  pay  marketing,  project  development,   sales  and
                         administrative expenses incurred in connection with the
                         marketing  and  sale  of  Encumbered  Intervals  and in
                         connection  with the  operations  for the  Resort,  for
                         working  capital,  for future  expansion  of  timeshare
                         development  in accordance  with plans and  projections
                         acceptable to Lender (provided,  however,  that the use
                         of the  proceeds of the Loan for such  expansion  shall
                         not  adversely  affect  the  operations  of  any of the
                         Resorts),  and as provided for under Section 2.1 of the
                         Loan  Agreement.  Further,  the increase in the Loan in
                         the  amount  of  US$3,000,000  will  be  restricted  to
                         capital  investments  made by  Raintree  North  America
                         Resorts,  Inc.,  a Texas  corporation,  an Affiliate of
                         Borrower, in that certain resort project located in the
                         City  of  Cathedral  City,  State  of  California,  and
                         commonly known as the Cimarron Golf Resort.

                    If the  proceeds  of any  Advance  and other  monies paid by
                    Borrower to Lender are insufficient to satisfy the costs and
                    liens with respect to Collateral against which an Advance is
                    to be  made,  or the  use of  proceeds  of the  Loan  or any
                    Advance  varies  materially,  as determined by Lender in its
                    sole discretion, from the uses described above, Lender shall
                    have no  obligation to fund the remainder of the Loan or any
                    further Advances.

     15.  Form  Request for Advance.  Exhibit F to the Loan  Agreement is hereby
          deleted in its  entirety  and  replaced  and  superceded  by Exhibit F
          attached hereto and incorporated herein by this reference.

     16.  Expenses.  Contemporaneously  with the first  Advance of the Loan that
          occurs  on or after  the  Modification  Closing  Date (but in no event
          later than sixty (60) days following the  Modification  Closing Date),
          Borrower shall pay all costs and expenses  related to the negotiation,
          documentation,   and   closing  of  the  subject   Loan   modification
          transaction,  including but not limited to the costs of title updates,
          recording and search fees,  Lender's  attorneys'  fees, and all travel
          and other  out-of-pocket  expenses  reasonably  incurred  by Lender in
          connection therewith.

     17.  Cooperation;  Other Documents and Actions.  Borrower and the Guarantor
          agree  to   cooperate   in  good  faith  with  Lender  by   executing,
          acknowledging,  and/or  delivering to Lender such other  amendments to
          the Loan  Documents  and such  title  and  legal  opinions,  and other
          documents and  information,  and by taking all such other actions,  as
          Lender may  request,  in its sole  discretion,  in order  properly  to
          document  and  otherwise  effectuate  the  subject  Loan  modification
          transaction.

     18.  Special  Advance.  Borrower and Guarantor  acknowledge  and agree that
          Lender's initial advance under this Modification Agreement is the full
          amount of US$3,000,000  of which  $1,400,000 is being used by Borrower
          and Guarantor for capital  investment,  with the remaining  amount for
          cash  flow on a  temporary  basis,  and is  subject  to the  following
          conditions:

          a.   With  respect to that certain  Mexican  Value Added Tax refund in
               the  amount  of   approximately   US$4,000,000   which   Borrower
               anticipates  to collect by no later than March 31, 2001 (the "VAT
               Refund"),  Borrower  shall,  prior  to  depositing,   cashing  or
               otherwise utilizing the VAT Refund, either (a) provide sufficient
               evidence  to  Lender  in order to  establish  that  Borrower  has
               invested at least

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               US$1,400,000  in that  certain  Royale  Mirage  resort  owned  by
               Borrower,  or (b)  segregate  at  least  US$1,400,000  of the VAT
               Refund in an escrow or other mechanism satisfactory to Lender for
               purposes of investing in the Royale Mirage resort.

          b.   A  management  agreement  and loan  amendment  for Royale  Mirage
               satisfactory to Lender shall be executed by Guarantor by no later
               than December 8, 2000.

          c.   All  sources  of  payment  of  interest  currently  due under the
               Indenture have been identified and are currently available.

          d.   The amendments to the three  separate  FINOVA  Mortgages  whereby
               Lender shall be added as second  beneficiary in guaranty shall be
               executed  contemporaneous with this Modification  Agreement,  and
               shall be  presented  to the Land  Trustee  and notary by no later
               than  December  20,  2000 and  recorded in the  appropriate  real
               property records immediately thereafter.

          e.   Execution  of  the  Lockbox  Agreement  contemporaneous  herewith
               satisfactory to Lender.

     19.  Additional Collateral and Promissory Notes.

          a.   Additional Collateral.  By executing this Modification Agreement,
               Borrower and  Guarantor  acknowledge  and agree that in the event
               Lender  obtains   information  which  establishes  that  Lender's
               security  interests as second  beneficiary  in guaranty under the
               FINOVA   Mortgages   has  decreased  in  value  or  is  otherwise
               disputable,  Lender  reserves  the  right to  obtain  a  security
               interest from  Borrower and  Guarantor in additional  collateral,
               including an assignment of Borrower's  beneficial  interest under
               the FINOVA Mortgages.

          b.   Promissory  Notes.  By  executing  this  Modification  Agreement,
               Borrower  and  Guarantor  acknowledge  and agree that  Lender has
               reserved the right to require  Borrower and  Guarantor to execute
               additional  promissory  notes  (either in the form of the Amended
               and Restated Note Receivable  Promissory Note or in the form of a
               promissory note with dual jurisdiction  enforceable in the United
               States  and   Mexico)  in  order  to  evidence   Borrower's   and
               Guarantor's  obligations  to  Lender  under  each  of the  FINOVA
               Mortgages  through which Lender has obtained a second  beneficial
               interest in guaranty.

     20.  Authority.

          a.   As of the Modification  Closing Date, each Borrower entity (a) is
               a  Mexican  limited  responsibility   corporation  with  variable
               capital duly  registered,  validly  existing and in good standing
               under the laws of Mexico and duly licensed or qualified under the
               laws of each  jurisdiction  in which the character or location of
               the  properties  owned  by it or the  business  transacted  by it
               requires licensing and  qualification,  and (b) has all requisite
               power,  corporate  or  otherwise,  to conduct its business and to
               execute and deliver,  and to perform its obligations  under,  the
               Loan Documents.

          b.   The execution,  delivery, and performance by each Borrower entity
               of this Modification  Agreement and all documents and instruments
               executed by Borrower  contemporaneously  herewith  have been duly
               authorized by all necessary  corporate  action by Borrower and do
               not and will not (i) violate any provision of the  Memorandum and
               Articles  of  Incorporation  of  any  Borrower  entity,   or  any
               contract, agreement, statute, ordinance, rule, regulation, order,
               writ,  judgment,  injunction,  decree,  determination,  or  award
               presently  in  effect  to  which  any  Borrower  is a party or is
               subject;  (ii) result in, or require the  creation or  imposition
               of, any Lien upon or with  respect  to any asset of any  Borrower
               other than Liens in favor of Lender;  or (iii) result in a breach
               of, or constitute a default by any Borrower under, any indenture,
               loan,  or  credit  agreement  or any other  contract,  agreement,
               document, instrument, or certificate to which Borrower is a party
               or by which it or any of its assets are bound or affected.

                                       8
<PAGE>
          c.   As of the  Modification  Closing Date,  Guarantor (a) is a Nevada
               corporation  duly  registered,   validly  existing  and  in  good
               standing  under the laws of Nevada and the United States and duly
               licensed  or  qualified  under the laws of each  jurisdiction  in
               which the character or location of the properties  owned by it or
               the   business   transacted   by  it   requires   licensing   and
               qualifications,  and (b) has all  requisite  power,  corporate or
               otherwise,  to conduct its  business  and to execute and deliver,
               and to perform its obligations under, the Loan Documents.

          d.   The  execution,  delivery,  and  performance by Guarantor of this
               Modification Agreement and all documents and instruments executed
               by Guarantor contemporaneously herewith have been duly authorized
               by all  necessary  corporate  actions by Guarantor and do not and
               will not (i) violate any  provision of the Articles or By-Laws of
               Guarantor, or any contract,  agreement, statute, ordinance, rule,
               regulation,   order,   writ,   judgment,    injunction,   decree,
               determination, or award presently in effect to which Guarantor is
               a party or is subject; (ii) result in, or require the creation or
               imposition  of,  any Lien  upon or with  respect  to any asset of
               Guarantor other than Liens in favor of Lender; or (iii) result in
               a breach of, or  constitute  a default by  Guarantor  under,  any
               indenture,  loan,  or credit  agreement  or any  other  contract,
               agreement,   document,   instrument,   or  certificate  to  which
               Guarantor are a party or by which they or any of their assets are
               bound or affected.

          e.   No approval, authorization, order, license, permit, franchise, or
               consent  of,  or   registration   (with  the   exception  of  the
               registration    of   the   Textron    Mortgages),    declaration,
               qualification,  or filing  with,  any  governmental  authority or
               other  Person  is  required  in  connection  with the  execution,
               delivery,  and  performance  by Borrower or Guarantor of the Loan
               Agreement,   as  modified  hereby,  or  any  of  the  other  Loan
               Documents.

          f.   This   Modification   Agreement  and  the  other  Loan  Documents
               constitute legal,  valid and binding  obligations of Borrower and
               Guarantor,   enforceable   against   Borrower  and  Guarantor  in
               accordance with their respective terms.

     21.  Miscellaneous.

          a.   No Other Changes.  Except as expressly set forth herein, each and
               every  term,  provision,  and  condition  contained  in the  Loan
               Agreement,  including all exhibits and schedules  thereto and all
               of  Lender's  rights  and  remedies   thereunder,   shall  remain
               unchanged and in full force and effect following the Modification
               Closing Date. In the event of any conflict between the provisions
               hereof and those  contained  in the Loan  Agreement or any of the
               other Loan  Documents,  the  provisions  hereof  shall govern and
               control  the  parties'  respective  rights and  obligations  with
               respect to the Loan.

          b.   Ratification.  Borrower  and  the  Guarantor  hereby  ratify  and
               reaffirm  as  of  the  date  hereof  all  covenants,  conditions,
               provisions,  representations, and warranties made or contained in
               the Loan  Agreement  or any of the other Loan  Documents,  agree,
               except as expressly  provided  herein or in the Amended  Guaranty
               Agreement to the  contrary,  to be legally  bound  thereby and to
               comply fully therewith, and acknowledge Lender's right to enforce
               such Loan Agreement and other Loan  Documents in accordance  with
               the term, provisions, and conditions thereof.

          c.   Counterparts.  This  Modification  Agreement  may be  executed in
               identical counterparts, each of which shall be deemed an original
               for any and all  purposes and all of which,  collectively,  shall
               constitute one and the same instrument.

          d.   No Defaults.  Borrower and the Guarantor  hereby  acknowledge and
               represent  that  Lender  has  complied  fully  with  all  of  its
               obligations under the Loan Agreement and the other Loan Documents
               through  the  date  hereof  and  is  not   currently  in  default
               thereunder.

                   [REMAINDER OF PAGE INTENTIONALLYLEFT BLANK

                       SIGNATURES BEGIN ON FOLLOWING PAGE]

                                       9

<PAGE>

         IN WITNESS  WHEREOF,  the parties hereto have caused this  Modification
Agreement to be duly executed and delivered as of the date first above written.

BORROWER:

WITNESS:                            CR Resorts Cancun, S. de R.L. de C.V.,
                                    a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ Brian Tucker                           By:/s/ John McCArthy
---------------                            ------------------------
 Witness                                    Name: John McCarthy
                                            Its:  President

                                                                          [SEAL]

WITNESS:                            CR Resorts Los Cabos,  S. de R.L. de C.V.,
                                    a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ Brian Tucker                           By:/s/ John McCArthy
---------------                            ------------------------
 Witness                                    Name: John McCarthy
                                            Its:  President

                                                                          [SEAL]

WITNESS:                  CR  Resorts  Puerto  Vallarta,  S.  de R.L.  de  C.V.,
                                   a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ Brian Tucker                           By:/s/ John McCArthy
---------------                            ------------------------
 Witness                                    Name: John McCarthy
                                            Its:  President

                                                                          [SEAL]
WITNESS:                              Corporacion  Mexitur,  S. de R.L. de C.V.,
                                    a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ Brian Tucker                           By:/s/ John McCArthy
---------------                            ------------------------
 Witness                                    Name: John McCarthy
                                            Its:  President

                                       10
<PAGE>

                                                                          [SEAL]
WITNESS:                           Cancun  Timeshare  Trust, S. de R.L. de C.V.,
                                   a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ Brian Tucker                           By:/s/ John McCArthy
---------------                            ------------------------
 Witness                                    Name: John McCarthy
                                            Its:  President

                                                                          [SEAL]
WITNESS:                CR Resorts Cabos  Timeshare  Trust,  S. de R.L. de C.V.,
                                    a     Mexican     limited     responsibility
                                      corporation     with     variable  capital

/s/ Brian Tucker                           By:/s/ John McCArthy
---------------                            ------------------------
 Witness                                    Name: John McCarthy
                                            Its:  President

                                                                          [SEAL]
WITNESS:               CR RESORTS Puerto  Vallarta  Timeshare  Trust  S. de R.L.
                                   a     Mexican     limited     responsibility
                                      corporation     with     variable  capital

/s/ Brian Tucker                           By:/s/ John McCArthy
---------------                            ------------------------
 Witness                                    Name: John McCarthy
                                            Its:  President

                                                                          [SEAL]

LENDER:

                                               TEXTRON FINANCIAL CORPORATION,
                                                 a Delaware corporation

                                          By:/s/ Donald T. Thiesen
---------------                            ------------------------
 Witness                                    Name: Donald T. Thiesen
                                            Its: Vice  President
                                                                      [SEAL]

GUARANTOR:                                 Raintree Resorts International, Inc.,
                                            a Nevada corporation

 /s/ John McCarthy                           By:/s/ Brian Tucker
---------------                            ------------------------
 Witness                                    Name: Brian Tucker
                                            Its: Sr VP Development

                                                                          [SEAL]

                                       11

<PAGE>

                                    EXHIBIT F

                    FORM OF REQUEST FOR ADVANCE (RECEIVABLES)

                                       12
<PAGE>SECOND LOAN MODIFICATION AGREEMENT

     This  SECOND  LOAN   MODIFICATION   AGREEMENT  (the  "Second   Modification
Agreement") is made,  entered into and effective as of the 29th day of December,
2000,  by and among CR Resorts  Cancun,  S. de R.L. de C.V.,  a Mexican  limited
responsibility  corporation with variable capital ("CR Cancun"),  CR Resorts Los
Cabos, S. de R.L. de C.V., a Mexican  limited  responsibility  corporation  with
variable capital ("CR Cabos"), CR Resorts Puerto Vallarta, S. de R.L. de C.V., a
Mexican limited  responsibility  corporation  with variable  capital ("CR Puerto
Vallarta"),  Corporacion  Mexitur,  S.  de  R.L.  de  C.V.,  a  Mexican  limited
responsibility corporation with variable capital ("Mexitur"),  CR Resorts Cancun
Timeshare  Trust,  S.  de  R.L.  de  C.V.,  a  Mexican  limited   responsibility
corporation with variable capital,  CR Resorts Cabos Timeshare Trust, S. de R.L.
de C.V., a Mexican limited responsibility  corporation with variable capital, CR
Resorts Puerto  Vallarta  Timeshare  Trust S. de R.L. de C.V. a Mexican  limited
responsibility  corporation with variable capital, VILLA VERA RESORT, S. DE R.L.
DE C.V., a Mexican  limited  responsibility  corporation  with variable  capital
("Villa Vera") and PROMOTORA  VILLA VERA, S. DE R.L. DE C.V., a Mexican  limited
responsibility  corporation with variable capital  ("Promotora")  (collectively,
jointly and severally, the "Borrower"); Raintree Resorts International,  Inc., a
Nevada corporation ("Guarantor"),  and TEXTRON FINANCIAL CORPORATION, a Delaware
corporation ("Lender").

                    W I T N E S S E T H:

         WHEREAS, Borrower (with the exception of Villa Vera and Promotora), the
Guarantor,  and Lender are parties to that certain  Loan and Security  Agreement
dated as of November  23, 1999 (the "Loan  Agreement")  and to that certain Loan
Modification  Agreement  dated as of November 20, 2000 (the "First  Modification
Agreement"),  pursuant to which Lender  agreed to make a loan to Borrower in the
maximum principal amount at any time of  US$13,000,000,  to be guaranteed by the
Guarantor,  all pursuant to the terms,  provisions,  and conditions set forth in
the Loan  Agreement,  the  First  Modification  Agreement,  and the  other  Loan
Documents, as such term is defined in the Loan Agreement (the "Loan"); and

     WHEREAS,  the Loan consists of a note receivable  component in the original
principal amount of up to US$13,000,000; and

         WHEREAS,  Borrower,  the  Guarantor,  and Lender desire to increase the
maximum amount of the Loan by  US$5,000,000,  to add Villa Vera and Promotora as
Borrowers under the Loan, to incorporate a second tranche to the Loan, to extend
the Revolving Credit Period,  to extend the existing  maturity date of the Loan,
and otherwise amend the terms, provisions,  and conditions of the Loan Agreement
in the manner permitted by Section 12.7 thereof.

                                       1
<PAGE>
     NOW,  THEREFORE,  for  and in  consideration  of the  premises  and  mutual
covenants  herein  contained  and other  good and  valuable  consideration,  the
receipt and  sufficiency  of which are hereby  acknowledged,  the parties hereto
hereby agree as follows:

     1.  Definitions.  Except as  otherwise  provided  herein to the contrary or
unless the context otherwise requires, all capitalized terms used in this Second
Modification  Agreement  shall have the  meanings  ascribed  to them in the Loan
Agreement,  as  modified  pursuant  to  the  terms  of  the  First  Modification
Agreement.

     2.  Second   Modification   Closing  Date.  For  purposes  of  this  Second
Modification  Agreement,  "Second  Modification  Closing  Date"  shall  mean the
effective date of this Second Modification Agreement.

     3. Second  Modification  Commitment  Fee. In addition to the Commitment Fee
described  in  Section  1.1(o)  of  the  Loan  Agreement  and  the  Modification
Commitment  Fee  described  in  Section 3 of the First  Modification  Agreement,
Borrower shall pay Lender an amount (the "Second  Modification  Commitment Fee")
equal to one and one-half percent (1.5%) of the difference  between the previous
maximum Loan amount of  US$13,000,000  and the  modified  maximum Loan amount of
US$18,000,000,  or US$75,000.  The entire Second Modification Commitment Fee has
been earned as of the Second  Modification  Closing Date and shall be payable to
Lender, in immediately available funds, on the Second Modification Closing Date.

     4.  Borrowing  Base.  Section 1.1(h) of the Loan Agreement and Section 4 of
the First  Modification  Agreement  are  hereby  deleted in their  entirety  and
replaced by the following:

          (h)  Borrowing  Base.  (i) with respect to Eligible  Notes  Receivable
               pledged to Lender in connection with each Advance under Tranche A
               of the Loan for which at least one monthly payment has been made,
               an  amount  equal to the sum of (a)  fifty  percent  (50%) of the
               aggregate  outstanding  principal balance of each UDI-denominated
               Eligible Note  Receivable,  plus (b) eighty  percent (80%) of the
               aggregate  outstanding  principal  balance of each Mexican  Nuevo
               Peso-denominated  Eligible Note Receivable,  plus (c) eighty-five
               percent (85%) of the  aggregate  remaining  principal  balance of
               each U.S. Dollar denominated  Eligible Note Receivable,  and (ii)
               with respect to Eligible  Notes  Receivable  pledged to Lender in
               connection  with  each  Advance  under  Tranche B of the Loan for
               which at least one monthly payment has been made, an amount equal
               to  the  sum  of  (a)  eighty  percent  (80%)  of  the  aggregate
               outstanding    principal    balance   of   each   Mexican   Nuevo
               Peso-denominated  Eligible  Note  Receivable,   plus  (b)  eighty
               percent (80%) of the  aggregate  remaining  principal  balance of
               each U.S. Dollar denominated Eligible Note Receivable.

                                       2
<PAGE>

     5. Eligible  Notes  Receivable.  Section  1.1(z) of the Loan  Agreement and
Section  6 of the First  Modification  Agreement  are  hereby  deleted  in their
entirety and replaced with the following:

          (z) Eligible Notes  Receivable.  Those Pledged Notes  Receivable which
     satisfy each of the following criteria:

               (a) With respect to Tranche A of the Loan:

                    (i) one or more of the entities constituting the Borrower is
               the sole payee;

                    (ii) it arises  from a bona fide sale by Borrower of one (1)
               or more Intervals in one of the Resorts;

                    (iii) the  Interval  sale from  which it arises has not been
               canceled by the  Purchaser,  any  statutory  or other  applicable
               cancellation  or  rescission  period has expired and the Interval
               sale  is  otherwise  in  total  compliance  with  the  terms  and
               provisions of this Agreement and all of the other Loan Documents;

                    (iv) it is  secured  by a properly  executed  Assignment  of
               Pledged Notes Receivable and a properly  executed  Interval Lease
               Contract;

                    (v) principal and interest payments on it are payable to the
               Borrower in legal tender of the United States, provided, however,
               that (a) up to forty-six  percent (46%) by number of all Eligible
               Notes Receivable may be payable in either Mexican Nuevos Pesos or
               Mexican  UDIs,  and  (b)  up to  US$3,000,000  of  the  aggregate
               outstanding  principal  balance of all Eligible Notes  Receivable
               may, at any time,  be  comprised of Notes  Receivable  payable in
               Mexican UDIs;

                    (vi)  payments of  principal  and  interest on it are due in
               equal  monthly  installments  (or in such other  amounts to cover
               principal and interest);

                    (vii) it shall have an  original  term of no more than sixty
               (60) months;  provided,  however,  that up to twenty-five percent
               (25%) of the aggregate  outstanding balance of all Eligible Notes
               Receivable  may, at any time,  be comprised  of Notes  Receivable
               having an original term of no more than eighty-four (84) months;

                                       3
<PAGE>

                    (viii) a cash down payment  and/or other cash  payments have
               been  received  from the Purchaser in an amount equal to at least
               fifteen  percent  (15%)  of the  original  purchase  price of the
               related  Interval,   and  the  Purchaser  thereafter  shall  have
               received  no cash or other  rebates of any kind which would cause
               the down  payment to be less than  fifteen  percent  (15%) of the
               total purchase price;

                    (ix) no monthly  installment due with respect to the Pledged
               Note Receivable is more than thirty (30) days  contractually past
               due as of the date of funding of the first  Advance  with respect
               to such  Pledged  Note  Receivable,  or more than sixty (60) days
               contractually past due thereafter;

                    (x) the weighted average interest rate of all Eligible Notes
               Receivable  payable in legal  tender of the United  States at any
               time shall be not less than twelve percent (12.0%) per annum;

                    (xi) the  weighted  average  interest  rate of all  Eligible
               Notes Receivable payable in both Mexican Nuevos Pesos and Mexican
               UDIs at any time shall be not less than eighteen  percent (18.0%)
               per annum;

                    (xii) the  Purchaser of the related  Interval has  immediate
               access  to a Unit  of the  type  specified  in  such  Purchaser's
               Interval  Lease  Contract,  which  Interval and related Unit have
               been  completed,  developed and furnished in accordance  with the
               specifications   provided  in  the  Purchaser's   Interval  Lease
               Contract,  the public  offering  statement (if any) and the other
               Timeshare Documents;  and the Purchaser has, subject to the terms
               of the  Declaration,  Interval Lease Contract and other Timeshare
               Documents,  complete  and  unrestricted  access  to  the  related
               Interval, Unit, Facilities and the Resorts;

                    (xiii) neither the Purchaser of the related Interval nor any
               other maker of the Note Receivable is an Affiliate of, personally
               related to or employed by Borrower;

                    (xiv) the  Purchaser or other  obligor has no claim  against
               Borrower or any Affiliate of Borrower, and no defense, set-off or
               counterclaim exists with respect to the Note Receivable;

                                       4
<PAGE>

                    (xv) the maximum outstanding  principal balance of such Note
               Receivable  does not exceed  US$25,000.00  (or the  equivalent in
               Mexican  Nuevos  Pesos or Mexican UDIs at the time of the Advance
               with  respect  to such  Note  Receivable),  and  total  principal
               balance of all Notes  Receivable  executed by any one (1) obligor
               will not exceed US$25,000.00 (or the equivalent in Mexican Nuevos
               Pesos or Mexican  UDIs at the time of the Advance with respect to
               such Note  Receivable),  without  the prior  written  approval of
               Lender;

                    (xvi) the Note Receivable is executed by a Mexican resident;

                    (xvii) the original of the Note  Receivable  and all related
               consumer documents have been endorsed in the manner prescribed by
               Lender  and  delivered  to  Lender  or its  approved  agent  (the
               "Agent") as provided in this Agreement, and the terms thereof and
               all instruments related thereto shall comply in all respects with
               all applicable federal and state statutes,  ordinances, rules and
               regulations;

                    (xviii) the Unit in which the Interval being financed by the
               Note Receivable is located shall not be subject to any Lien which
               has not  previously  been consented to in writing by Lender other
               than the Permitted FINOVA Liens;

                    (xix) the form of promissory note, federal  truth-in-lending
               disclosure  statement,  if any, or other  applicable  disclosure,
               purchase   contract  and  all  other  documents  and  instruments
               corresponding to the Interval purchase transaction giving rise to
               such Note  Receivable  has been  approved in advance by Lender in
               writing;

                    (xx) the Purchaser (a) is entitled to fifty (50) consecutive
               years of use  (commencing in 1997) in a specific Unit type during
               a specified  season at one of the four  locations  of the Resorts
               each  year  expiring  in the  year  2047,  which  right  shall be
               exercised  for a seven (7) day  period  each year for such  fifty
               (50) year term, or (b) is entitled to  twenty-five  (25) biennual
               years of use  (commencing in 1997) in a specific Unit type during
               a specified  season at one of the four  locations  of the Resorts
               expiring in the year 2047,  which shall be exercised  for a seven
               (7) day period every alternate year for such term;

                                       5
<PAGE>

                    (xxi) the  Purchaser may not  accelerate  their usage in the
               Resorts   (provided,   however,   that  certain   Purchasers  may
               accelerate  their  usage by a  maximum  of one (1) week per year,
               provided that such Purchasers pay all additional maintenance fees
               and any and all other fees related to such accelerated usage);

                    (xxii) the Note  Receivable is originated in connection with
               an Interval  Lease  Contract and  Borrower  has  provided  and/or
               caused  all  interest  or   lienholders   which  have   mortgages
               encumbering  the Resorts or other  agreements  or  amendments  to
               their  respective  security  documents  which  expressly state to
               Lender's  satisfaction  that such interest or lienholder  may not
               disturb  the  use  rights  of  any  Purchaser  pursuant  to  such
               Purchaser's  Interval  Lease Contract for so long as Purchaser is
               not in  default  pursuant  to the  terms of such  Interval  Lease
               Contract;

                    (xxiii)  Lender is in  possession  of the executed  original
               Notes Receivable  endorsed by Borrower to Lender,  along with the
               executed original Interval Lease Contracts  corresponding to such
               Notes Receivable;

                    (xxiv) the Note  Receivable is originated in connection with
               a related  Interval Lease  Contract  whereby Land Trustee under a
               Mexican  guaranty trust  satisfactory to Lender holds legal title
               to each of the  Resorts on behalf of CR Cabos,  CR Cancun,  or CR
               Puerto Vallarta,  together with CR Remainder (as to the remainder
               interest  in each of the  Resorts  commencing  under  the  FINOVA
               Mortgages   in  the  year  2047)  and   whereby   non-disturbance
               provisions  for the  continued  use and enjoyment by the Interval
               Purchasers  of the  Resorts  and  Facilities  are  in a form  and
               substance acceptable to Lender; and

                    (xxv)  any and  all  release  payments  required  under  the
               inventory component of the FINOVA Loan pertaining to the Interval
               related  to such  Note  Receivable,  specifically  including  the
               "Interval  Sales  Payment"  as such term is defined in the FINOVA
               Loan Agreement, have been paid in full by Borrower.

                                       6
<PAGE>

          (b) With respect to Tranche B of the Loan:

               (i) one or more of the entities  constituting the Borrower is the
          sole payee;

               (ii) it arises  from a bona fide sale by  Borrower  of one (1) or
          more Intervals in one of the Resorts;

               (iii)  the  Interval  sale  from  which  it  arises  has not been
          canceled  by  the  Purchaser,   any  statutory  or  other   applicable
          cancellation or rescission period has expired and the Interval sale is
          otherwise in total  compliance  with the terms and  provisions of this
          Agreement and all of the other Loan Documents;

               (iv) it is secured by a properly  executed  Assignment of Pledged
          Notes Receivable and a properly executed Interval Lease Contract;

               (v)  principal  and  interest  payments  on it are payable to the
          Borrower in legal tender of the United States, provided, however, that
          up to fifteen percent (15%) by number of all Eligible Notes Receivable
          may be payable in Mexican Nuevos Pesos;

               (vi)  payments of  principal  and interest on it are due in equal
          monthly  installments (or in such other amounts to cover principal and
          interest);

               (vii) it shall have an  original  term of no more than sixty (60)
          months; provided, however, that up to twenty-five percent (25%) of the
          aggregate outstanding balance of all Eligible Notes Receivable may, at
          any time, be comprised of Notes Receivable  having an original term of
          no more than eighty-four (84) months;

               (viii) a cash down payment  and/or other cash  payments have been
          received  from the  Purchaser in an amount  equal to at least  fifteen
          percent (15%) of the original  purchase price of the related Interval,
          and the  Purchaser  thereafter  shall have  received  no cash or other
          rebates of any kind which would cause the down payment to be less than
          fifteen percent (15%) of the total purchase price;

                                       7
<PAGE>

               (ix) no monthly  installment due with respect to the Pledged Note
          Receivable is more than thirty (30) days  contractually past due as of
          the date of funding of the first  Advance with respect to such Pledged
          Note Receivable,  or more than sixty (60) days  contractually past due
          thereafter;

               (x) the weighted  average  interest  rate of all  Eligible  Notes
          Receivable  payable in legal  tender of the United  States at any time
          shall be not less than twelve percent (12.0%) per annum;

               (xi) the weighted  average  interest  rate of all Eligible  Notes
          Receivable  payable in Mexican  Nuevos  Pesos at any time shall be not
          less than eighteen percent (18.0%) per annum;

               (xii) the Purchaser of the related  Interval has immediate access
          to a Unit of the type  specified in such  Purchaser's  Interval  Lease
          Contract,  which  Interval  and  related  Unit  have  been  completed,
          developed and furnished in accordance with the specifications provided
          in the  Purchaser's  Interval  Lease  Contract,  the  public  offering
          statement  (if  any)  and  the  other  Timeshare  Documents;  and  the
          Purchaser has, subject to the terms of the Declaration, Interval Lease
          Contract and other  Timeshare  Documents,  complete  and  unrestricted
          access to the related Interval, Unit, Facilities and the Resorts;

               (xiii)  neither the  Purchaser  of the related  Interval  nor any
          other maker of the Note  Receivable  is an  Affiliate  of,  personally
          related to or employed by Borrower;

               (xiv)  the  Purchaser  or  other  obligor  has no  claim  against
          Borrower or any  Affiliate  of  Borrower,  and no defense,  set-off or
          counterclaim exists with respect to the Note Receivable;

               (xv) the  maximum  outstanding  principal  balance  of such  Note
          Receivable does not exceed  US$25,000.00 (or the equivalent in Mexican
          Nuevos  Pesos at the time of the  Advance  with  respect  to such Note
          Receivable),  and total  principal  balance  of all  Notes  Receivable
          executed by any one (1) obligor will not exceed  US$25,000.00  (or the
          equivalent  in Mexican  Nuevos  Pesos at the time of the Advance  with
          respect to such Note  Receivable),  without the prior written approval
          of Lender;

               (xvi) the Note Receivable is executed by a Mexican resident;

                                       8
<PAGE>
               (xvii)  the  original  of the  Note  Receivable  and all  related
          consumer  documents  have been  endorsed in the manner  prescribed  by
          Lender  and  delivered  to  Lender or its  Agent as  provided  in this
          Agreement,  and the terms thereof and all instruments  related thereto
          shall comply in all  respects  with all  applicable  federal and state
          statutes, ordinances, rules and regulations;

               (xviii) the Unit in which the Interval being financed by the Note
          Receivable  is located  shall not be subject to any Lien which has not
          previously  been  consented  to in  writing  by Lender  other than the
          Permitted FINOVA Liens;

               (xix)  the  form of  promissory  note,  federal  truth-in-lending
          disclosure statement, if any, or other applicable disclosure, purchase
          contract and all other documents and instruments  corresponding to the
          Interval purchase  transaction giving rise to such Note Receivable has
          been approved in advance by Lender in writing;

               (xx) the  Purchaser  (a) is  entitled  to fifty (50)  consecutive
          years of use  (commencing  in 1997) in a specific  Unit type  during a
          specified season at one of the four locations of the Resorts each year
          expiring in the year 2047,  which right shall be exercised for a seven
          (7) day period  each year for such  fifty  (50) year  term,  or (b) is
          entitled to  twenty-five  (25) biennual  years of use  (commencing  in
          1997) in a specific Unit type during a specified  season at one of the
          four locations of the Resorts  expiring in the year 2047,  which shall
          be exercised for a seven (7) day period every  alternate year for such
          term;

               (xxi) the Purchaser may not accelerate their usage in the Resorts
          (provided, however, that certain Purchasers may accelerate their usage
          by a maximum of one (1) week per year,  provided that such  Purchasers
          pay all additional maintenance fees and any and all other fees related
          to such accelerated usage);

               (xxii) the Note  Receivable is  originated in connection  with an
          Interval  Lease  Contract and Borrower has provided  and/or caused all
          interest or lienholders  which have mortgages  encumbering the Resorts
          or  other  agreements  or  amendments  to  their  respective  security
          documents  which expressly  state to Lender's  satisfaction  that such
          interest or lienholder may not disturb the use rights of any Purchaser
          pursuant to such  Purchaser's  Interval  Lease Contract for so long as
          Purchaser  is not in default  pursuant  to the terms of such  Interval
          Lease Contract;

                                       9
<PAGE>
               (xxiii)  Lender is in possession of the executed  original  Notes
          Receivable  endorsed by Borrower  to Lender,  along with the  executed
          original   Interval  Lease  Contracts   corresponding  to  such  Notes
          Receivable;

               (xxiv) the Note  Receivable is  originated  in connection  with a
          related  Interval Lease Contract  whereby Land Trustee under a Mexican
          guaranty trust satisfactory to Lender holds legal title to each of the
          Resorts on behalf of CR Cabos, CR Cancun,  CR Puerto Vallarta or Villa
          Vera, together with CR Remainder (as to the remainder interest in each
          of the Resorts commencing under the FINOVA Mortgages in the year 2047)
          and  whereby  non-disturbance  provisions  for the  continued  use and
          enjoyment by the Interval Purchasers of the Resorts and Facilities are
          in a form and substance acceptable to Lender; and

               (xxv) any and all release  payments  required under the inventory
          component of the FINOVA Loan  pertaining  to the  Interval  related to
          such Note  Receivable,  specifically  including  the  "Interval  Sales
          Payment"  as such term is defined in the FINOVA Loan  Agreement,  have
          been paid in full by Borrower.

         6.  Guaranty.  Guarantor  shall,  concurrently  with the  execution and
delivery of this Second Modification Agreement,  execute and deliver to Lender a
Second  Amended  and  Restated  Payment  Guaranty  and  Subordination  Agreement
(hereinafter  the "Second  Amended  Guaranty  Agreement").  Said Second  Amended
Guaranty  Agreement  shall  replace and  supersede  in their  entirety  both the
original Payment Guaranty and  Subordination  Agreement dated as of November 23,
1999,  executed by  Guarantor  in favor of Lender and the  Amended and  Restated
Payment  Guaranty  and  Subordination  Agreement  dated as of November 20, 2000,
executed  by  Guarantor  in favor of Lender.  Upon  execution  and  delivery  by
Guarantor  to Lender of the Second  Amended  Guaranty  Agreement,  Lender  shall
return to the Guarantor  both the original  Payment  Guaranty and  Subordination
Agreement  and the Amended  and  Restated  Payment  Guaranty  and  Subordination
Agreement  marked  "Canceled and  Satisfied." In accordance  with the foregoing,
Section  1.1(qq) of the Loan  Agreement and Section 7 of the First  Modification
Agreement are hereby deleted in their entirety and replaced by the following:

               (qq) Guaranty.  The Second Amended and Restated  Payment Guaranty
          and Subordination Agreement dated as of December 29, 2000, executed by
          Guarantor,  and  delivered  to  Lender  concurrently  with the  Second
          Modification  Agreement.  The  Guaranty  shall  be  the

                                       10
<PAGE>
          absolute and unconditional  guaranty of payment and performance of the
          Loan and all amounts secured by or under the Loan  Documents,  as more
          fully set forth in this  Second  Modification  Agreement,  in the Loan
          Agreement and in the First Modification Agreement.

     7. Interest Rate.  Section  1.1(xx) of the Loan Agreement is hereby deleted
in its entirety and replaced with the following:

               (xx) Interest  Rate. (i) with respect to Tranche A of the Loan, a
          variable  rate,  adjusted as of the first day of each calendar  month,
          equal  to the  sum of the  Prime  Rate  as of the  first  day of  each
          calendar  month,  plus two percent  (2.00%)  per annum,  and (ii) with
          respect to Tranche B of the Loan, a variable rate,  adjusted as of the
          first day of each calendar  month,  equal to the sum of the Prime Rate
          as  of  the  first  day  of  each   calendar   month,   plus  two  and
          three-quarters percent (2.75%) per annum.

     8. Loan.  Section 1.1(ddd) of the Loan Agreement and Section 8 of the First
Modification  Agreement are hereby deleted in their entirety and replaced by the
following:

          (ddd) Loan. The Loan in the maximum  aggregate amount of US$18,000,000
     shall  consist of the  following  two  separate  tranches,  (i) the maximum
     US$13,000,000.00   credit  facility,  as  further  described  in  the  Loan
     Agreement,  as modified by the First Modification  Agreement ("Tranche A"),
     and (ii) the maximum  US$5,000,000.00  credit facility provided pursuant to
     the terms of this Second Modification Agreement ("Tranche B").

     9. Note Receivable  Promissory Note. Section 1.1(ooo) of the Loan Agreement
and Section 9 of the First  Modification  Agreement are hereby  deleted in their
entirety and replaced by the following:

          (ooo) Note Receivable Promissory Note. The Second Amended and Restated
     Note Receivable  Promissory Note evidencing the Loan executed and delivered
     by  Borrower  and  Guarantor  to  Lender   concurrently   with  the  Second
     Modification Agreement.

     10. Resorts.  Section  1.1(hhhh) of the Loan Agreement is hereby deleted in
its entirety and replaced with the following:

          (hhhh) Resorts.  Collectively,  the four separate  timeshare  projects
     consisting of, among other things,  the Resort Property,  commonly known as
     Club  Regina  Resort at Cancun  (located  in Cancun,  Mexico),  Club Regina
     Resort at Puerto Vallarta (located in Puerto Vallarta, Mexico), Club Regina
     Resort at Los Cabos  (located in Los Cabos,  Mexico) and Club Regina Resort
     at Acapulco  (located in

                                       11
<PAGE>
     Acapulco,  Mexico) which presently  consist of an aggregate of four hundred
     thirty (430) Units,  and the Intervals  now existing or hereafter  added in
     one (1) or more phases, and all related Facilities,  Common Furnishings and
     other appurtenances.

     11.  Resort  Property.  Section  1.1(iiii) of the Loan  Agreement is hereby
deleted in its entirety and replaced with the following:

          (iiii) Resort  Property.  Collectively,  that certain real property of
     approximately  Ten  Thousand Two Hundred  Seventy-Six  and  Ninety-Six  One
     Hundredths (10,276.96) square meters located in Cancun Mexico, that certain
     real property of approximately Twenty-Four Thousand Nine Hundred Thirty-Six
     and Eight  Hundred  Nineteen One  Thousandths  (24,936.819)  square  meters
     located  in  Puerto  Vallarta,   Mexico,  that  certain  real  property  of
     approximately  Thirty-Eight  Thousand  Five  Hundred  Seventy  and Nine One
     Thousandths  (38,570.009)  square meters located in Los Cabos,  Mexico, and
     that certain  real  property of  approximately  Twenty-Nine  Thousand  Four
     Hundred Fifty-Two and Seventy Hundredths  (29,452.70) square meters located
     in  Acapulco,  Mexico all as more fully  described  in Exhibit C,  attached
     hereto and incorporated  herein by this reference together with all related
     and appurtenant property,  both real and personal,  amenities,  facilities,
     furniture,   furnishings,   equipment,   appliances,  fixtures,  easements,
     licenses,  rights and interests as established by and more fully  described
     in the Declaration and the other  Timeshare  Documents,  as the same may be
     amended from time to time.

          12. Term.  Section  1.1(tttt) of the Loan  Agreement and Section 10 of
     the First  Modification  Agreement are hereby deleted in their entirety and
     replaced by the following:

               (tttt)  Term.  A period of sixty (60)  calendar  months  from the
          Second  Modification  Closing Date under the Loan Agreement,  plus the
          number of days from the Second Modification Closing Date to the end of
          the  month in which  the  Second  Modification  Closing  Date  occurs,
          therefore expiring on December 31, 2005.

     13. Textron  Mortgages.  Section  1.1(uuuu) of the Loan Agreement is hereby
deleted in its entirety and replaced with the following:

               (uuuu) Textron  Mortgages.  Collectively,  four separate properly
          recorded  and  perfected  mortgages  delivered by Borrower in favor of
          Lender  securing the Loan and  encumbering the Resort Property and all
          Improvements  (including the Units,  all Interval Lease Contracts and,
          to the greatest extent  permitted under United States and Mexican law,
          all  Unsold  Intervals)  constructed  or  to be  constructed

                                       12
<PAGE>
          thereon,  subject only to the Permitted  Liens and  Encumbrances.  The
          Textron  Mortgages  shall be of a second  priority and exclusive (with
          the  exception  of the FINOVA  Mortgages)  as to the  Resort  Property
          (including all possible future phases, all amenities, improvements and
          fixtures  now or  hereafter  located on the Resort  Property,  and all
          easements  and other  rights  appurtenant  to the Resort  Property now
          existing or to be constructed or renovated) and the  Improvements.  In
          accordance with Mexican law, Textron's Mortgages shall be perfected by
          recording  amendments to the existing  guaranty Trust Agreements which
          establish  the FINOVA  Mortgages  in order to add Lender as the second
          beneficiary  in  guaranty  as to  each  of the  Resorts,  with  FINOVA
          remaining  as the  first  beneficiary  in  guaranty  as to each of the
          Resorts.  The documents  establishing  the guaranty  Trust  Agreements
          shall be amended under terms acceptable to Lender,  the trustee of the
          guaranty  Trust  Agreements  (the  "Land  Trustee")  shall  be a  bank
          acceptable to Lender,  and the Trust Agreements shall be recorded with
          the Public  Registries  of  Property  in the  location  of each of the
          Resorts.  The four separate Trust Agreements  establishing the Textron
          Mortgages shall be in the total aggregate amount of  US$18,000,000.00,
          with Trust  Agreements  encumbering  the Club Regina Resort at Cancun,
          Club Regina Resort at Puerto Vallarta, Club Regina Resort at Los Cabos
          and Club Regina  Resort at  Acapulco  in the amounts of  US$5,000,000,
          US$5,000,000,  US$3,000,000 and US$5,000,000,  respectively. The Trust
          Agreements  shall each  include an  acknowledgement  by  Borrower  and
          FINOVA  to  Lender's  rights  in  and to the  Resort  Property  and to
          Lender's  rights to the Notes  Receivable  and related  Interval Lease
          Contracts and Intervals to be financed by Lender pursuant to the terms
          of this Agreement.

     14.  Loan.  Section 2.1 of the Loan  Agreement  and Section 11 of the First
Modification  Agreement are hereby  deleted in their  entirety and replaced with
the following:

          2.1  Loan.  Except  as  may  be  expressly  set  forth  herein  to the
               contrary,  all amounts of money set forth  herein and in the Loan
               Documents shall be in U.S. Dollars. Upon the terms and subject to
               the  conditions set forth in this  Agreement,  as modified by the
               First  Modification  Agreement  and  by the  Second  Modification
               Agreement,  Lender shall  advance to  Borrower,  and Borrower may
               borrow, repay and reborrow, principal under the Loan to be funded
               in a series of Advances during the initial full twelve (12) month
               period  following  the  Second  Modification  Closing  Date  (the
               "Revolving  Credit Period") not to exceed an outstanding  balance
               of  the  lesser  of  US$18,000,000  or  the  Borrowing  Base.  In
               accordance  with the provisions of Section  4.2(c)(v) and Section
               4.2(c)(vi)  of the

                                       13
<PAGE>
               Loan Agreement,  Advances would be made in increments of at least
               US$50,000  but not more often  than twice a month.  As more fully
               set forth in Section 6.11 of the Loan Agreement,  the proceeds of
               the Loan will be disbursed by Lender solely to pay for Loan Costs
               (as such term is  defined in the  Commitment),  to  Borrower  for
               amortization (principal or interest) of mortgage and non-mortgage
               debt owed by Borrower or by any  Affiliates  of Borrower  and for
               sales,  marketing,   working  capital,  project  development  and
               administrative  expenses  incurred  in  the  operations  for  the
               Resorts,  and for future  expansion of timeshare  development  in
               accordance  with  plans  and  projections  acceptable  to  Lender
               (provided,  however, that the use of the proceeds of the Loan for
               such expansion  shall not adversely  affect the operations of any
               of the Resorts).

               The  maximum  Loan  amount   (exclusive  of  accrued  but  unpaid
               interest)  which may be  outstanding  at any time  under the Loan
               Agreement, as modified by the First Modification Agreement and by
               the   Second   Modification    Agreement,    shall   not   exceed
               US$18,000,000.00, with a maximum of US$13,000,000 under Tranche A
               and a maximum of  US$5,000,000  under Tranche B, and Lender shall
               have no  obligation  whatsoever  to make any Advance  which would
               cause the aggregate outstanding principal balances of the Loan to
               exceed  US$18,000,000.00.  In the event that the  proceeds of the
               Loan  and any  other  amounts  required  to be  paid by  Borrower
               hereunder are insufficient to fully pay all costs as contemplated
               hereunder  such  proceeds  will be applied,  or if the use of the
               Loan proceeds varies materially (as determined  reasonably and in
               good faith by Lender) from the uses described herein, then Lender
               shall have no obligation  to fund (or continue  funding) the Loan
               or any portion thereof;  provided,  however, that, Borrower shall
               be permitted  to provide from its own funds an amount  sufficient
               to  cover  that  portion  of the  Loan  proceeds  used  for  uses
               materially varying from the uses described herein.

     15. Note Maturity Date. Section 2.3(b) of the Loan Agreement and Section 12
of the First  Modification  Agreement are hereby  deleted in their  entirety and
replaced by the following:

               (b) Final Payment.  The entire  outstanding  principal balance of
          the Loan,  together with all other Obligations,  shall be paid in full
          on or before the first day of the sixtieth  (60th) month following the
          end of the month in which the Second  Modification  Closing Date under
          the Loan Agreement occurs (the "Note Maturity Date").

                                       14
<PAGE>

     16.  Cross-Collateralization and Default. Section 3.7 of the Loan Agreement
and Section 13 of the First  Modification  Agreement are hereby deleted in their
entirety and replaced with the following:

          3.7  Cross-Collateralization  and Default.  The Collateral  including,
               but not limited to, the  Acapulco  Mortgage  (as defined  below),
               shall  secure  all  of  the  Obligations.   All  Liens,  pledges,
               assignments, mortgages, security interests and collateral granted
               by  any  Borrower  entity,  Guarantor  or  any  Affiliate  of any
               Borrower  entity or  Guarantor  to or for the  benefit  of Lender
               pursuant  hereto or any other  related  documents or  instruments
               shall also secure the Obligations.  In addition,  all other loans
               of any type made by Lender to any Borrower entity,  Guarantor, or
               any  Affiliate  of any  Borrower  entity  or  Guarantor  shall be
               cross-collateralized and cross-defaulted.

     17. Use of  Proceeds/Margin  Stock.  Section 6.11 of the Loan Agreement and
Section  14 of the First  Modification  Agreement  are  hereby  deleted in their
entirety and replaced by the following:

          6.11 Use of  Proceeds/Margin  Stock.  The proceeds of the Loan will be
               disbursed only for the following purposes:

               (a)  Payment  of the Loan Costs (as  defined in the  Commitment),
                    attorneys fees, closing costs and those amounts set forth in
                    Section 7.1(v) of the Loan Agreement;

               (b)  Payment  of  all  indebtedness  secured  by  any  prior  and
                    subordinate  liens  and  mortgages  encumbering  all  or any
                    portion  of the  Collateral,  except  the  Declaration,  the
                    remaining Timeshare Documents and the Security Documents (as
                    defined in the Commitment); and

               (c)  To Borrower:

                    (i)  To  pay  marketing,  project  development,   sales  and
                         administrative expenses incurred in connection with the
                         marketing  and  sale  of  Encumbered  Intervals  and in
                         connection  with the  operations  for the  Resort,  for
                         working  capital,  for future  expansion  of  timeshare
                         development  in accordance  with plans and  projections
                         acceptable to Lender (provided,  however,  that the use
                         of the  proceeds of the Loan for such  expansion  shall
                         not  adversely  affect  the  operations  of  any of the
                         Resorts),  and as provided for under Section 2.1 of the
                         Loan Agreement.  Further,  the increase in Tranche A of
                         the Loan in the amount of US$3,000,000  pursuant to the
                         terms  of the  First  Modification  Agreement  will  be
                         restricted  to  capital  investments  made by  Raintree
                         North America Resorts,  Inc., a Texas  corporation,  an
                         Affiliate of Borrower,  in that certain  resort project
                         located  in  the  City  of  Cathedral  City,  State  of
                         California,  and commonly  known as the  Cimarron  Golf
                         Resort.

                                       15
<PAGE>

                    If the  proceeds  of any  Advance  and other  monies paid by
                    Borrower to Lender are insufficient to satisfy the costs and
                    liens with respect to Collateral against which an Advance is
                    to be  made,  or the  use of  proceeds  of the  Loan  or any
                    Advance  varies  materially,  as determined by Lender in its
                    sole discretion, from the uses described above, Lender shall
                    have no  obligation to fund the remainder of the Loan or any
                    further Advances.

     18. Form  Request for  Advance.  Exhibit F to the Loan  Agreement is hereby
deleted in its entirety and replaced and superceded by Exhibit F attached hereto
and incorporated herein by this reference.

     19.  Expenses.  Contemporaneously  with the first  Advance of the Loan that
occurs on or after the Second  Modification  Closing Date (but in no event later
than sixty (60) days following the Second Modification  Closing Date),  Borrower
shall pay all costs and expenses related to the negotiation,  documentation, and
closing of the subject Loan modification transaction,  including but not limited
to the costs of title updates,  recording and search fees,  Lender's  attorneys'
fees, and all travel and other  out-of-pocket  expenses  reasonably  incurred by
Lender in connection  therewith.

     20.  Cooperation;  Other Documents and Actions.  Borrower and the Guarantor
agree to cooperate in good faith with Lender by executing, acknowledging, and/or
delivering to Lender such other  amendments to the Loan Documents and such title
and legal opinions, and other documents and information,  and by taking all such
other actions, as Lender may request, in its sole discretion,  in order properly
to document and otherwise effectuate the subject Loan modification transaction.

     21.  Special   Advance.   Lender's   initial   advance  under  this  Second
Modification  Agreement not to exceed the amount of  US$1,500,000  is subject to
the following conditions:

          a.   The amendment to the FINOVA  Mortgage  presently  encumbering the
               Club Regina Resort at Acapulco  whereby  Lender shall be added as
               second  beneficiary in guaranty shall be executed  within fifteen
               (15) days  following  the  execution of this Second  Modification
               Agreement  (the "Acapulco  Mortgage"),  and shall be presented to
               the Land Trustee and notary by no later than January 31, 2001 and
               recorded in the  appropriate  real property  records  immediately
               thereafter.

                                       16
<PAGE>
          b.   Final lender's title insurance policies  acceptable to Lender for
               each of the four Resorts  delivered by January 31, 2001, with the
               exception  of Club  Regina  Resort  at  Acapulco  which  shall be
               delivered by February 15, 2001.

          c.   Amendment of the Intercreditor  Agreement  satisfactory to Lender
               in order to reflect the  Acapulco  Mortgage  completed by January
               31, 2001.

          d.   Opinion letters  satisfactory  to Lender from  Borrower's  United
               States and Mexican counsel delivered by January 31, 2001.

          e.   Resolution satisfactory to Lender from Guarantor.

          f.   Confirmation that notice has been provided to consumer obligors.

          g.   Execute  amendment  to  pledge on  Pledged  Notes  Receivable  to
               incorporate  Tranche B of the Loan and to reflect the Club Regina
               Resort at Acapulco by January 31, 2001.

          h.   Modification of the Lockbox Agreement by January 31, 2001.

          i.   Provide  Lender  with  any  other  amendment   documents   deemed
               necessary  by  Lender  to  reflect  the  modifications  set forth
               herein.

     22. Additional Collateral and Promissory Notes.

          a.   Additional  Collateral.  By  executing  this Second  Modification
               Agreement,  Borrower and Guarantor  acknowledge and agree that in
               the event  Lender  obtains  information  which  establishes  that
               Lender's  security  interests as second  beneficiary  in guaranty
               under  the  FINOVA  Mortgages  have  decreased  in  value  or are
               otherwise  disputable,  Lender  reserves  the  right to  obtain a
               security  interest  from  Borrower and  Guarantor  in  additional
               collateral,  including an  assignment  of  Borrower's  beneficial
               interest  under the FINOVA  Mortgages,  provided,  however,  that
               Lender shall act reasonably in the designation of such additional
               collateral  and  the  grant  of  a  security   interest  in  such
               additional  collateral will not cause an undue  financial  burden
               for Borrower or Guarantor.

          b.   Promissory   Notes.   By  executing   this  Second   Modification
               Agreement,  Borrower  and  Guarantor  acknowledge  and agree that
               Lender has reserved the right to require  Borrower and  Guarantor
               to execute additional promissory notes (either in the form of the
               Second Amended and Restated Note Receivable Promissory Note or in
               the form of a promissory note with dual jurisdiction  enforceable
               in the United States and Mexico) in order to evidence  Borrower's
               and  Guarantor's  obligations  to Lender under each of the FINOVA
               Mortgages  through which Lender has obtained a second  beneficial
               interest in guaranty.

                                       17
<PAGE>

     23. Authority.

          a.   As of the Second Modification  Closing Date, each Borrower entity
               (a) is a Mexican limited responsibility corporation with variable
               capital duly  registered,  validly  existing and in good standing
               under the laws of Mexico and duly licensed or qualified under the
               laws of each  jurisdiction  in which the character or location of
               the  properties  owned  by it or the  business  transacted  by it
               requires licensing and  qualification,  and (b) has all requisite
               power,  corporate  or  otherwise,  to conduct its business and to
               execute and deliver,  and to perform its obligations  under,  the
               Loan Documents.

          b.   The execution,  delivery, and performance by each Borrower entity
               of this  Second  Modification  Agreement  and all  documents  and
               instruments executed by Borrower  contemporaneously herewith have
               been  duly  authorized  by  all  necessary  corporate  action  by
               Borrower and do not and will not (i) violate any provision of the
               Memorandum and Articles of  Incorporation of any Borrower entity,
               or any contract, agreement, statute, ordinance, rule, regulation,
               order, writ,  judgment,  injunction,  decree,  determination,  or
               award  presently in effect to which any Borrower is a party or is
               subject;  (ii) result in, or require the  creation or  imposition
               of, any Lien upon or with  respect  to any asset of any  Borrower
               other than Liens in favor of Lender;  or (iii) result in a breach
               of, or constitute a default by any Borrower under, any indenture,
               loan,  or  credit  agreement  or any other  contract,  agreement,
               document, instrument, or certificate to which Borrower is a party
               or by which it or any of its assets are bound or affected.

          c.   As of the Second  Modification  Closing Date,  Guarantor (a) is a
               Nevada corporation duly registered,  validly existing and in good
               standing  under the laws of Nevada and the United States and duly
               licensed  or  qualified  under the laws of each  jurisdiction  in
               which the character or location of the properties  owned by it or
               the   business   transacted   by  it   requires   licensing   and
               qualifications,  and (b) has all  requisite  power,  corporate or
               otherwise,  to conduct its  business  and to execute and deliver,
               and to perform its obligations under, the Loan Documents.

          d.   The  execution,  delivery,  and  performance by Guarantor of this
               Second  Modification  Agreement and all documents and instruments
               executed by Guarantor  contemporaneously  herewith have been duly
               authorized by all necessary corporate actions by Guarantor and do
               not and will not (i) violate  any  provision  of the  Articles or
               By-Laws  of  Guarantor,  or  any  contract,  agreement,  statute,
               ordinance, rule, regulation,  order, writ, judgment,  injunction,
               decree,  determination,  or award  presently  in  effect to which
               Guarantor  is a party or is  subject;  (ii) result in, or require
               the creation or  imposition  of, any Lien upon or with respect to
               any asset of  Guarantor  other than Liens in favor of Lender;  or
               (iii) result in a breach of, or constitute a default by Guarantor
               under,  any  indenture,  loan,  or credit  agreement or any other
               contract,  agreement,  document,  instrument,  or  certificate to
               which  Guarantor  are a party  or by  which  they or any of their
               assets are bound or affected.

                                       18
<PAGE>

                  e.  No  approval,   authorization,   order,  license,  permit,
franchise,   or  consent  of,  or  registration   (with  the  exception  of  the
registration of the Textron Mortgages),  declaration,  qualification,  or filing
with, any governmental  authority or other Person is required in connection with
the execution,  delivery,  and  performance by Borrower or Guarantor of the Loan
Agreement, as modified hereby, or any of the other Loan Documents.

                  f. This  Second  Modification  Agreement  and the  other  Loan
Documents  constitute  legal,  valid and binding  obligations  of  Borrower  and
Guarantor,  enforceable  against Borrower and Guarantor in accordance with their
respective terms.

          24. Miscellaneous.

               a. No Other Changes.  Except as expressly set forth herein,  each
          and  every  term,  provision,  and  condition  contained  in the  Loan
          Agreement  and in  the  First  Modification  Agreement  including  all
          exhibits and schedules thereto and all of Lender's rights and remedies
          thereunder,  shall  remain  unchanged  and in full  force  and  effect
          following  the Second  Modification  Closing Date. In the event of any
          conflict between the provisions hereof and those contained in the Loan
          Agreement,  the First Modification  Agreement or any of the other Loan
          Documents, the provisions hereof shall govern and control the parties'
          respective rights and obligations with respect to the Loan.

               b.  Ratification.  Borrower and the  Guarantor  hereby ratify and
          reaffirm as of the date hereof all covenants, conditions,  provisions,
          representations,   and  warranties  made  or  contained  in  the  Loan
          Agreement,  the First Modification  Agreement or any of the other Loan
          Documents, agree, except as expressly provided herein or in the Second
          Amended  Guaranty  Agreement  to the  contrary,  to be  legally  bound
          thereby and to comply fully therewith,  and acknowledge Lender's right
          to enforce such Loan Agreement,  the First Modification  Agreement and
          other Loan  Documents in  accordance  with the term,  provisions,  and
          conditions thereof.

               c.  Counterparts.  This  Second  Modification  Agreement  may  be
          executed in identical  counterparts,  each of which shall be deemed an
          original  for any and all  purposes  and all of  which,  collectively,
          shall constitute one and the same instrument.

               d. No Defaults. Borrower and the Guarantor hereby acknowledge and
          represent that Lender has complied  fully with all of its  obligations
          under the Loan  Agreement,  the First  Modification  Agreement and the
          other Loan  Documents  through the date hereof and is not currently in
          default thereunder.

                   [REMAINDER OF PAGE INTENTIONALLYLEFT BLANK

                       SIGNATURES BEGIN ON FOLLOWING PAGE]

                                       19
<PAGE>

         IN WITNESS  WHEREOF,  the parties hereto have caused this  Modification
Agreement to be duly executed and delivered as of the date first above written.

BORROWER:

WITNESS:                            CR Resorts Cancun, S. de R.L. de C.V.,
                                    a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ George E. Aldrich                    By: /s/ Douglas Y. Bech
---------------------                    -----------------------
Witness                                  Name: Douglas Y. Bech
                                         Its:Attorney in fact

                                                                          [SEAL]
WITNESS:                            CR Resorts Los Cabos,  S. de R.L. de C.V.,
                                    a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ George E. Aldrich                    By: /s/ Douglas Y. Bech
---------------------                    -----------------------
Witness                                  Name: Douglas Y. Bech
                                         Its:Attorney in fact

                                                                          [SEAL]

WITNESS:                  CR  Resorts  Puerto  Vallarta,  S.  de R.L.  de  C.V.,
                                   a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ George E. Aldrich                    By: /s/ Douglas Y. Bech
---------------------                    -----------------------
Witness                                  Name: Douglas Y. Bech
                                         Its:Attorney in fact

                                       20

<PAGE>

                                                                         [SEAL]
WITNESS:                              Corporacion  Mexitur,  S. de R.L. de C.V.,
                                    a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ George E. Aldrich                    By: /s/ Douglas Y. Bech
---------------------                    -----------------------
Witness                                  Name: Douglas Y. Bech
                                         Its:Attorney in fact

                                                                          [SEAL]
WITNESS:                           Cancun  Timeshare  Trust, S. de R.L. de C.V.,
                                   a     Mexican     limited     responsibility
                                    corporation     with     variable  capital

/s/ George E. Aldrich                    By: /s/ Douglas Y. Bech
---------------------                    -----------------------
Witness                                  Name: Douglas Y. Bech
                                         Its:Attorney in fact

                                                                          [SEAL]
WITNESS:                CR Resorts Cabos  Timeshare  Trust,  S. de R.L. de C.V.,
                                    a     Mexican     limited     responsibility
                                      corporation     with     variable  capital

/s/ George E. Aldrich                    By: /s/ Douglas Y. Bech
---------------------                    -----------------------
Witness                                  Name: Douglas Y. Bech
                                         Its:Attorney in fact

                                                                          [SEAL]
WITNESS:               CR RESORTS Puerto  Vallarta  Timeshare  Trust  S. de R.L.
                                   a     Mexican     limited     responsibility
                                      corporation     with     variable  capital

/s/ George E. Aldrich                    By: /s/ Douglas Y. Bech
---------------------                    -----------------------
Witness                                  Name: Douglas Y. Bech
                                         Its:Attorney in fact
                                                                          [SEAL]
                                       21
<PAGE>

LENDER:

                                               TEXTRON FINANCIAL CORPORATION,
                                                 a Delaware corporation

                                         By: /s/ Donald T. Thiesen
---------------------                    -----------------------
Witness                                  Name: Donald T. Thiesen
                                         Its:Vice President

GUARANTOR:                                 Raintree Resorts International, Inc.,
                                            a Nevada corporation

/s/ George E. Aldrich                    By: /s/ Douglas Y. Bech
---------------------                    -----------------------
Witness                                  Name: Douglas Y. Bech
                                         Its:Attorney in fact
                                                                          [SEAL]

                                       22

<PAGE>

                                    EXHIBIT F

                    FORM OF REQUEST FOR ADVANCE (RECEIVABLES)

                                       23
<PAGE>

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