Common use of Exceptions to Policy Clause in Contracts

Exceptions to Policy. It is the expectation of DRFS that this policy will address the vast majority of sales transactions. However, the company recognizes that this policy cannot address every situation that is likely to arise in the purchase and lending process. Therefore, the company grants total authority to the VP Client Services, National Contracts Manager or the Director of Operations to grant exceptions to this policy on a discretionary basis. Each exception granted shall be documented in 1) the credit file. Notwithstanding such exception authority, all transactions must comply with applicable federal and state laws and regulations. REVISION HISTORY Date Revision # Modification 07/31/00 1.0 New document 01/19/01 2.0 Revised 03/14/01 3.0 Revised 03/29/01 4.0 Revised 03/30/01 5.0 Revised 06/01/01 6.0 Revised 08/27/01 7.0 Revised 06/01/02 8.0 Revised 07/19/02 9.0 Revised (distributed August 7, 2002) 01/27/03 10.0 Revised 07/11/03 11.0 Revised 01/02/04 11.1 Revised to correct approval permissions 07/23/04 11.2 Revised paragraph for Exceptions to Policy 04/25/05 12.0 Revisions to interest rates- effective 5/2/05 01/09/06 13.0 Revised (effective 6/30/2006) 04/17/07 14.0 Added grey paper, adjusted titles 06/14/07 14.1 Revised Underwriting criteria: Item 7: Judgments and/or Liens for Deeded Property Sales 06/14/07 14.2 Added Underwriting criteria: Item 8: Judgments and/or Liens Trust for Based Sales 06/14/07 14.3 Added new term – 50% down w/0% interest for 12 month term 10/26/07 14.5 Added new term – Tier 1 10% down 180 month term 11/27/07 14.6 Revised Tier 1 a/d rate to 14.9% - effective 12/1/07 06/17/08 14.7 Update to Diamond Template 06/18/08 14.8 Revised – removed 180 month term effective 6/21/08 9/17/08 14.9 Revised – Eliminated surepay discount –; Eliminated Grey Paper financing option 04/04/2009 15.0 Revised – Tier 1 added 15% @ 16.9%; Tier 1-3 Existing Owners 15% @ 14.9%; 25% @ 13.9%; added 84, 60 month terms to all options; Effective 4/4/09 5/18/09 15.1 Revised – Adjusted FICO limits for Tiers 1 – 7; Added grey paper for FICO <600; Credit exceptions automatically place loan as grey paper regardless of FICO score. Effective: 5/20/2009 10-29-2010 15.2 Revised – Added financed cap of $50,000 per loan effective 10/29/2010 Exhibit 1 Diamond Resorts Financial Services, Inc. Exception Form Type of exception: ¨ Credit / Financing ¨ Pricing ¨ Policy Resort: Contract #: Sale Date: Owner Name(s) Sales Agent: Sales Mgr: __________________ QAO: Credit Information: Completed credit app: ¨ Yes ¨ No FICO Tier: Source of Down Pmt: Down Pmt %: Exception Description: Reason for the Exception:

Exceptions to Policy. It is the expectation of DRFS that this policy will address the vast majority of sales transactions. However, the company recognizes that this policy cannot address every situation that is likely to arise in the purchase and lending process. Therefore, the company grants total authority to the VP Client Services, National Contracts Manager or the Director of Operations to grant exceptions to this policy on a discretionary basis. Each exception granted shall be documented in 1) the credit file. Notwithstanding such exception authority, all transactions must comply with applicable federal and state laws and regulations. REVISION HISTORY Date Revision # Modification 07/31/00 1.0 New document 01/19/01 2.0 Revised 03/14/01 3.0 Revised 03/29/01 4.0 Revised 03/30/01 5.0 Revised 06/01/01 6.0 Revised 08/27/01 7.0 Revised 06/01/02 8.0 Revised 07/19/02 9.0 Revised (distributed August 7, 2002) 01/27/03 10.0 Revised 07/11/03 11.0 Revised 01/02/04 11.1 Revised to correct approval permissions 07/23/04 11.2 Revised paragraph for Exceptions to Policy 04/25/05 12.0 Revisions to interest rates- effective 5/2/05 01/09/06 13.0 Revised (effective 6/30/2006) 04/17/07 14.0 Added grey paper, adjusted titles 06/14/07 14.1 Revised Underwriting criteria: Item 7: Judgments and/or Liens for Deeded Property Sales 06/14/07 14.2 Added Underwriting criteria: Item 8: Judgments and/or Liens Trust for Based Sales 06/14/07 14.3 Added new term – — 50% down w/0% interest for 12 month term 10/26/07 14.5 Added new term – — Tier 1 10% down 180 month term 11/27/07 14.6 Revised Tier 1 a/d rate to 14.9% - — effective 12/1/07 06/17/08 14.7 Update to Diamond Template 06/18/08 14.8 Revised – — removed 180 month term effective 6/21/08 9/17/08 14.9 Revised – Eliminated surepay discount –; Eliminated Grey Paper financing option 04/04/2009 15.0 Revised – Tier 1 added 15% @ 16.9%; Tier 1-3 Existing Owners 15% @ 14.9%; 25% @ 13.9%; added 84, 60 month terms to all options; Effective 4/4/09 5/18/09 15.1 Revised – Adjusted FICO limits for Tiers 1 – 7; Added grey paper for FICO <600; Credit exceptions automatically place loan as grey paper regardless of FICO score. Effective: 5/20/2009 10-29-2010 15.2 Revised – Added financed cap of $50,000 per loan effective 10/29/2010 Exhibit 1 Diamond Resorts Financial Services, Inc. Exception Form Type of exception: ¨ Credit / Financing ¨ Pricing ¨ Policy Resort: Contract #: Sale Date: Owner Name(s) Sales Agent: Sales Mgr: __________________ QAO: Credit Information: Completed credit app: ¨ Yes ¨ No FICO Tier: Source of Down Pmt: Down Pmt %: Exception Description: Reason for the Exception:6/21/08

Exceptions to Policy. It is the expectation of DRFS that this policy will address the vast majority of sales transactions. However, the company recognizes that this policy cannot address every situation that is likely to arise in the purchase and lending process. Therefore, the company grants total authority to the VP Client Services, Director, National Contracts Manager and Credit or the Director of Operations to grant exceptions to this policy on a discretionary basis. Each exception granted shall be documented in 1) the credit file. Notwithstanding such exception authority, all transactions must comply with applicable federal and state laws and regulations. KL2 2787979.5 REVISION HISTORY Date Revision # Modification 07/31/00 7/31/2000 1.0 New document 01/19/01 1/19/2001 2.0 Revised 03/14/01 3/14/2001 3.0 Revised 03/29/01 3/29/2001 4.0 Revised 03/30/01 3/30/2001 5.0 Revised 06/01/01 6/1/2001 6.0 Revised 08/27/01 8/27/2001 7.0 Revised 06/01/02 6/1/2002 8.0 Revised 07/19/02 7/19/2002 9.0 Revised (distributed August 7, 2002) 01/27/03 1/27/2003 10.0 Revised 07/11/03 7/11/2003 11.0 Revised 01/02/04 1/2/2004 11.1 Revised to correct approval permissions 07/23/04 7/23/2004 11.2 Revised paragraph for Exceptions to Policy 04/25/05 4/25/2005 12.0 Revisions to interest rates- effective 5/2/05 01/09/06 1/9/2006 13.0 Revised (effective 6/30/2006) 04/17/07 4/17/2007 14.0 Added grey paper, adjusted titles 06/14/07 6/14/2007 14.1 Revised Underwriting criteria: Item 7: Judgments and/or Liens for Deeded Property Sales 06/14/07 6/14/2007 14.2 Added Underwriting criteria: Item 8: Judgments and/or Liens Trust for Based Sales 06/14/07 6/14/2007 14.3 Added new term – - 50% down w/0% interest for 12 month term 10/26/07 10/26/2007 14.5 Added new term – - Tier 1 10% down 180 month term 11/27/07 11/27/2007 14.6 Revised Tier 1 a/d rate to 14.9% - effective 12/1/07 06/17/08 6/17/2008 14.7 Update to Diamond Template 06/18/08 6/18/2008 14.8 Revised – - removed 180 month term effective 6/21/08 9/17/08 9/17/2008 14.9 Revised – - Eliminated surepay discount –-; Eliminated Grey Paper financing option 04/04/2009 4/4/2009 15.0 Revised – - Tier 1 added 15% @ 16.9%; Tier 1-3 Existing Owners 15% @ 14.9%; 25% @ 13.9%; added 84, 60 month terms to all options; Effective 4/4/09 5/18/09 5/18/2009 15.1 Revised – - Adjusted FICO limits for Tiers 1 – - 7; Added grey paper for FICO <600; Credit exceptions automatically place loan as grey paper regardless of FICO score. Effective: 5/20/2009 10-29-2010 10/29/2010 15.2 Revised – - Added financed cap of $50,000 per loan effective 10/29/2010 11/10/2011 15.3 Revised - Rates changed based on Tier and Loyalty Level purchase. Effective 12/2/2011 at Ridge on Sedona - Test period 3/20/2012 15.4 Added Upgrade loan as weighted rate 4/18/2012 15.6 Effective 4/18/2012 at KBC 5/1/2012 15.7 Effective 5/2/2012 Telesales - Orlando/Las Vegas 5/17/2012 15.8 Effective 5/17/2012 Polo Towers, Desert Paradise 5/26/2012 15.9 Effective 5/26/2012 Cancun, Palm Canyon, Riviera Beach, Riviera Oaks, Encino offsite, Ontario offsite, Newport Beach offsite, Cabo Azul 6/1/2012 16.0 Effective 6/1/2012 Scottsdale Villa Mirage KL2 2787979.5 6/27/2012 15.5 Added note - purchaser with best score is qualifier for down payment and interest rate. KL2 2787979.5 Exhibit 1 Diamond Resorts Financial Services, Inc. Exception Form _________________________________________________________________________ Type of exception: ¨ Credit / Credit/Financing ¨ Pricing ¨ Policy Resort: _________________________ Contract #: # __________________ Sale Date: :_________ Owner Name(s) _________________________________________ _________________________________________ Sales Agent: _____________________ Sales Mgr: __________________ QAO: __________ Credit Information: Completed credit app: ¨ Yes ¨ No FICO Tier: _____________________ Source of Down Pmt: __________________________ Down Pmt %: _____________________ Exception Description: _______________________________________________________________________________ _______________________________________________________________________________ Reason for the Exception: _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ KL2 2787979.5 Authorization By: ____________________________________Date:______________________ Title: __________________________________________ E-mail Approval Attached: Yes OR to follow (Note: only the VP Client and Loan Services, Director, National Contracts and Credit or the Director, Operations may authorize Credit exceptions. No person receiving monetary benefit from the sale may approve credit exceptions.) KL2 2787979.5 Exhibit 2 6/27/2012 – SELECT SITES DIAMOND RESORTS INTERNATIONAL® LOYALTY CREDIT UNDERWRITING/SALES PROGRAM *Interest Rate on wrap/upgrade loans will be calculated as a weighted average between the rate on the existing loan being wrapped/upgraded and the qualifying rate on the new purchase per table. Notes: 1 If multiple Purchasers: the Purchaser with best FICO Tier / Score will be the qualifier for the down payment and interest rate per the above table. If one or more purchaser(s) is a Tier 7 and/or has an open Bankruptcy they may remain on the purchase providing a least one purchaser qualifies for financing with Tier 1 to Tier 6 credit and does not have an open Bankruptcy.

Exceptions to Policy. It is the expectation of DRFS that this policy will address the vast majority of sales transactions. However, the company recognizes that this policy cannot address every situation that is likely to arise in the purchase and lending process. Therefore, the company grants total authority to the VP Client Services, Director, National Contracts Manager and Credit or the Director of Operations to grant exceptions to this policy on a discretionary basis. Each exception granted shall be documented in 1) the credit file. Notwithstanding such exception authority, all transactions must comply with applicable federal and state laws and regulations. EXHIBIT D (Underwriting Guidelines), Page 3 REVISION HISTORY Date Revision # Modification 07/31/00 7/31/2000 1.0 New document 01/19/01 1/19/2001 2.0 Revised 03/14/01 3/14/2001 3.0 Revised 03/29/01 3/29/2001 4.0 Revised 03/30/01 3/30/2001 5.0 Revised 06/01/01 6/1/2001 6.0 Revised 08/27/01 8/27/2001 7.0 Revised 06/01/02 6/1/2002 8.0 Revised 07/19/02 7/19/2002 9.0 Revised (distributed August 7, 2002) 01/27/03 1/27/2003 10.0 Revised 07/11/03 7/11/2003 11.0 Revised 01/02/04 1/2/2004 11.1 Revised to correct approval permissions 07/23/04 7/23/2004 11.2 Revised paragraph for Exceptions to Policy 04/25/05 4/25/2005 12.0 Revisions to interest rates- effective 5/2/05 01/09/06 1/9/2006 13.0 Revised (effective 6/30/2006) 04/17/07 4/17/2007 14.0 Added grey paper, adjusted titles 06/14/07 6/14/2007 14.1 Revised Underwriting criteria: Item 7: Judgments and/or Liens for Deeded Property Sales 06/14/07 6/14/2007 14.2 Added Underwriting criteria: Item 8: Judgments and/or Liens Trust for Based Sales 06/14/07 6/14/2007 14.3 Added new term – - 50% down w/0% interest for 12 month term 10/26/07 10/26/2007 14.5 Added new term – - Tier 1 10% down 180 month term 11/27/07 11/27/2007 14.6 Revised Tier 1 a/d rate to 14.9% - effective 12/1/07 06/17/08 6/17/2008 14.7 Update to Diamond Template 06/18/08 6/18/2008 14.8 Revised – - removed 180 month term effective 6/21/08 9/17/08 9/17/2008 14.9 Revised – - Eliminated surepay discount –-; Eliminated Grey Paper financing option 04/04/2009 4/4/2009 15.0 Revised – - Tier 1 added 15% @ 16.9%; Tier 1-3 Existing Owners 15% @ 14.9%; 25% @ 13.9%; added 84, 60 month terms to all options; Effective 4/4/09 5/18/09 5/18/2009 15.1 Revised – - Adjusted FICO limits for Tiers 1 – - 7; Added grey paper for FICO <600; Credit exceptions automatically place loan as grey paper regardless of FICO score. Effective: 5/20/2009 10-29-2010 10/29/2010 15.2 Revised – - Added financed cap of $50,000 per loan effective 10/29/2010 11/10/2011 15.3 Revised - Rates changed based on Tier and Loyalty Level purchase. Effective 12/2/2011 at Ridge on Sedona - Test period 3/20/2012 15.4 Added Upgrade loan as weighted rate 4/18/2012 15.6 Effective 4/18/2012 at KBC 5/1/2012 15.7 Effective 5/2/2012 Telesales - Orlando/Las Vegas 5/17/2012 15.8 Effective 5/17/2012 Polo Towers, Desert Paradise 5/26/2012 15.9 Effective 5/26/2012 Cancun, Palm Canyon, Riviera Beach, Riviera Oaks, Encino offsite, Ontario offsite, Newport Beach offsite, Cabo Azul 6/1/2012 16.0 Effective 6/1/2012 Scottsdale Villa Mirage 6/27/2012 15.5 Added note - purchaser with best score is qualifier for down payment and interest rate. EXHIBIT D (Underwriting Guidelines), Page 4 Exhibit 1 Diamond Resorts Financial Services, Inc. Exception Form Type of exception: ¨ Credit / Financing ¨ Pricing ¨ Policy Resort: Contract #: Sale Date: Owner Name(s) Sales Agent: Sales Mgr: __________________ QAO: Credit Information: Completed credit app: ¨ Yes ¨ No FICO Tier: Source of Down Pmt: Down Pmt %: Exception Description: Reason for the Exception:

Exceptions to Policy. It is the expectation of DRFS that this policy will address the vast majority of sales transactions. However, the company recognizes that this policy cannot address every situation that is likely to arise in the purchase and lending process. Therefore, the company grants total authority to the VP Client Services, Director, National Contracts Manager and Credit or the Director of Operations to grant exceptions to this policy on a discretionary basis. Each exception granted shall be documented in 1) the credit file. Notwithstanding such exception authority, all transactions must comply with applicable federal and state laws and regulations. B-4 KL2 2787975.6 REVISION HISTORY Date Revision # Modification 07/31/00 7/31/2000 1.0 New document 01/19/01 1/19/2001 2.0 Revised 03/14/01 3/14/2001 3.0 Revised 03/29/01 3/29/2001 4.0 Revised 03/30/01 3/30/2001 5.0 Revised 06/01/01 6/1/2001 6.0 Revised 08/27/01 8/27/2001 7.0 Revised 06/01/02 6/1/2002 8.0 Revised 07/19/02 7/19/2002 9.0 Revised (distributed August 7, 2002) 01/27/03 1/27/2003 10.0 Revised 07/11/03 7/11/2003 11.0 Revised 01/02/04 1/2/2004 11.1 Revised to correct approval permissions 07/23/04 7/23/2004 11.2 Revised paragraph for Exceptions to Policy 04/25/05 4/25/2005 12.0 Revisions to interest rates- effective 5/2/05 01/09/06 1/9/2006 13.0 Revised (effective 6/30/2006) 04/17/07 4/17/2007 14.0 Added grey paper, adjusted titles 06/14/07 6/14/2007 14.1 Revised Underwriting criteria: Item 7: Judgments and/or Liens for Deeded Property Sales 06/14/07 6/14/2007 14.2 Added Underwriting criteria: Item 8: Judgments and/or Liens Trust for Based Sales 06/14/07 6/14/2007 14.3 Added new term – - 50% down w/0% interest for 12 month term 10/26/07 10/26/2007 14.5 Added new term – - Tier 1 10% down 180 month term 11/27/07 11/27/2007 14.6 Revised Tier 1 a/d rate to 14.9% - effective 12/1/07 06/17/08 6/17/2008 14.7 Update to Diamond Template 06/18/08 6/18/2008 14.8 Revised – - removed 180 month term effective 6/21/08 9/17/08 9/17/2008 14.9 Revised – - Eliminated surepay discount –-; Eliminated Grey Paper financing option 04/04/2009 4/4/2009 15.0 Revised – - Tier 1 added 15% @ 16.9%; Tier 1-3 Existing Owners 15% @ 14.9%; 25% @ 13.9%; added 84, 60 month terms to all options; Effective 4/4/09 5/18/09 5/18/2009 15.1 Revised – - Adjusted FICO limits for Tiers 1 – - 7; Added grey paper for FICO <600; Credit exceptions automatically place loan as grey paper regardless of FICO score. Effective: 5/20/2009 10-29-2010 10/29/2010 15.2 Revised – - Added financed cap of $50,000 per loan effective 10/29/2010 11/10/2011 15.3 Revised - Rates changed based on Tier and Loyalty Level purchase. Effective 12/2/2011 at Ridge on Sedona - Test period 3/20/2012 15.4 Added Upgrade loan as weighted rate 4/18/2012 15.6 Effective 4/18/2012 at KBC 5/1/2012 15.7 Effective 5/2/2012 Telesales - Orlando/Las Vegas 5/17/2012 15.8 Effective 5/17/2012 Polo Towers, Desert Paradise 5/26/2012 15.9 Effective 5/26/2012 Cancun, Palm Canyon, Riviera Beach, Riviera Oaks, Encino offsite, Ontario offsite, Newport Beach offsite, Cabo Azul B-5 KL2 2787975.6 6/1/2012 16.0 Effective 6/1/2012 Scottsdale Villa Mirage 6/27/2012 15.5 Added note - purchaser with best score is qualifier for down payment and interest rate. B-6 KL2 2787975.6 Exhibit 1 Diamond Resorts Financial Services, Inc. Exception Form _________________________________________________________________________ Type of exception: ¨ Credit / Credit/Financing ¨ Pricing ¨ Policy Resort: _________________________ Contract #: # __________________ Sale Date: :_________ Owner Name(s) _________________________________________ _________________________________________ Sales Agent: _____________________ Sales Mgr: __________________ QAO: __________ Credit Information: Completed credit app: ¨ Yes ¨ No FICO Tier: _____________________ Source of Down Pmt: __________________________ Down Pmt %: _____________________ Exception Description: _______________________________________________________________________________ _______________________________________________________________________________ Reason for the Exception: _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ B-7 KL2 2787975.6 Authorization By: ____________________________________Date:______________________ Title: __________________________________________ E-mail Approval Attached: Yes OR to follow (Note: only the VP Client and Loan Services, Director, National Contracts and Credit or the Director, Operations may authorize Credit exceptions. No person receiving monetary benefit from the sale may approve credit exceptions.) B-8 KL2 2787975.6 Exhibit 2 6/27/2012 – SELECT SITES DIAMOND RESORTS INTERNATIONAL® LOYALTY CREDIT UNDERWRITING/SALES PROGRAM *Interest Rate on wrap/upgrade loans will be calculated as a weighted average between the rate on the existing loan being wrapped/upgraded and the qualifying rate on the new purchase per table. Notes: 1 If multiple Purchasers: the Purchaser with best FICO Tier / Score will be the qualifier for the down payment and interest rate per the above table. If one or more purchaser(s) is a Tier 7 and/or has an open Bankruptcy they may remain on the purchase providing a least one purchaser qualifies for financing with Tier 1 to Tier 6 credit and does not have an open Bankruptcy.

Exceptions to Policy. It is the expectation of DRFS that this policy will address the vast majority of sales transactions. However, the company recognizes that this policy cannot address every situation that is likely to arise in the purchase and lending process. Therefore, the company grants total authority to the VP Client Services, National Contracts Manager or the Director of Operations to grant exceptions to this policy on a discretionary basis. Each exception granted shall be documented in 1) the credit file. Notwithstanding such exception authority, all transactions must comply with applicable federal and state laws and regulations. REVISION HISTORY Date Revision # Modification 07/31/00 1.0 New document 01/19/01 2.0 Revised 03/14/01 3.0 Revised 03/29/01 4.0 Revised 03/30/01 5.0 Revised 06/01/01 6.0 Revised 08/27/01 7.0 Revised 06/01/02 8.0 Revised 07/19/02 9.0 Revised (distributed August 7, 2002) 01/27/03 10.0 Revised 07/11/03 11.0 Revised 01/02/04 11.1 Revised to correct approval permissions 07/23/04 11.2 Revised paragraph for Exceptions to Policy 04/25/05 12.0 Revisions to interest rates- effective 5/2/05 01/09/06 13.0 Revised (effective 6/30/2006) 04/17/07 14.0 Added grey paper, adjusted titles 06/14/07 14.1 Revised Underwriting criteria: Item 7: Judgments and/or Liens for Deeded Property Sales 06/14/07 14.2 Added Underwriting criteria: Item 8: Judgments and/or and/ or Liens Trust for Based Sales 06/14/07 14.3 Added new term – — 50% down w/0% interest for 12 month term 10/26/07 14.5 Added new term – — Tier 1 10% down 180 month term 11/27/07 14.6 Revised Tier 1 a/d rate to 14.9% - — effective 12/1/07 06/17/08 14.7 Update to Diamond Template 06/18/08 14.8 Revised – — removed 180 month term effective 6/21/08 9/17/08 09/17/08 14.9 Revised – — Eliminated surepay discount –—; Eliminated Grey Paper financing option 04/04/2009 04/08/09 15.0 Revised – — Tier 1 added 15% @ 16.9%; Tier 1-3 Existing Owners 15% @ 14.9%; 25% @ 13.9%; added 84, 60 month terms to all options; Effective 4/4/09 5/18/09 4/8/09 05/27/09 15.1 Revised – — Adjusted FICO limits for Tiers 1 – — 7; Added grey paper for FICO <600; Credit exceptions automatically place loan as grey paper regardless of FICO score. Effective: 5/20/2009 10-29-2010 15.2 Revised – Added financed cap of $50,000 per loan effective 10/29/2010 5/27/2009 Exhibit 1 Diamond Resorts Financial Services, Inc. Credit Exception Form Type of exception: ¨ Credit / Financing ¨ Pricing ¨ Policy Resort: Contract #: # Sale Date: Owner Date Purchaser Name(s) Sales Agent: Sales Mgr: __________________ QAO: Credit Information: Completed credit app: ¨ Yes ¨ No FICO Tier: Source of Down Pmt: Down Pmt %: Exception Description: Reason for the Exception:):

Exceptions to Policy. It is the expectation of DRFS that this policy will address the vast majority of sales transactions. However, the company recognizes that this policy cannot address every situation that is likely to arise in the purchase and lending process. Therefore, the company grants total authority to the VP Client Services, National Contracts Manager or the Director of Operations to grant exceptions to this policy on a discretionary basis. Each exception granted shall be documented in 1) the credit file. Notwithstanding such exception authority, all transactions must comply with applicable federal and state laws and regulations. REVISION HISTORY Date Revision # Modification 07/31/00 1.0 New document 01/19/01 2.0 Revised 03/14/01 3.0 Revised 03/29/01 4.0 Revised 03/30/01 5.0 Revised 06/01/01 6.0 Revised 08/27/01 7.0 Revised 06/01/02 8.0 Revised 07/19/02 9.0 Revised (distributed August 7, 2002) 01/27/03 10.0 Revised 07/11/03 11.0 Revised 01/02/04 11.1 Revised to correct approval permissions 07/23/04 11.2 Revised paragraph for Exceptions to Policy 04/25/05 12.0 Revisions to interest rates- effective 5/2/05 01/09/06 13.0 Revised (effective 6/30/2006) 04/17/07 14.0 Added grey paper, adjusted titles 06/14/07 14.1 Revised Underwriting criteria: Item 7: Judgments and/or Liens for Deeded Property Sales 06/14/07 14.2 Added Underwriting criteria: Item 8: Judgments and/or and/ or Liens Trust for Based Sales 06/14/07 14.3 Added new term – — 50% down w/0% interest for 12 month term 10/26/07 14.5 Added new term – — Tier 1 10% down 180 month term 11/27/07 14.6 Revised Tier 1 a/d rate to 14.9% - — effective 12/1/07 06/17/08 14.7 Update to Diamond Template 06/18/08 14.8 Revised – — removed 180 month term effective 6/21/08 9/17/08 09/17/08 14.9 Revised – — Eliminated surepay discount –—; Eliminated Grey Paper financing option 04/04/2009 15.0 Revised – Tier 1 added 15% @ 16.9%; Tier 1-3 Existing Owners 15% @ 14.9%; 25% @ 13.9%; added 84, 60 month terms to all options; Effective 4/4/09 5/18/09 05/27/09 15.1 Revised – — Adjusted FICO limits for Tiers 1 – 1-7; Added grey paper for FICO <600; Credit exceptions automatically place loan as grey paper regardless of FICO score. Effective: 5/20/2009 10-29-2010 15.2 Revised – Added financed cap of $50,000 per loan effective 10/29/2010 5/27/2009 Exhibit 1 Diamond Resorts Financial Services, Inc. Credit Exception Form Type of exception: ¨ Credit / Financing ¨ Pricing ¨ Policy Resort: Contract #: # Sale Date: Owner Date Purchaser Name(s) Sales Agent: Sales Mgr: __________________ QAO: Credit Information: Completed credit app: ¨ Yes ¨ No FICO Tier: Source of Down Pmt: Down Pmt %: Exception Description: Reason for the Exception:):