Common use of Matters Applicable to Clause in Contracts

Matters Applicable to. All Requests for Compensation 100 SECTION 3.06 Replacement of Lenders under Certain Circumstances 100 SECTION 3.07 Illegality 101 SECTION 3.08 Survival 102 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION 4.01 Conditions to Initial Credit Extension 102 SECTION 4.02 Conditions to All Credit Extensions 104 ARTICLE V REPRESENTATIONS AND WARRANTIES SECTION 5.01 Existence, Qualification and Power; Compliance with Laws 105 SECTION 5.02 Authorization; No Contravention 105 SECTION 5.03 Governmental Authorization; Other Consents 105 SECTION 5.04 Binding Effect 105 SECTION 5.05 Financial Statements; No Material Adverse Effect 105 SECTION 5.06 Litigation 106 SECTION 5.07 Ownership of Property; Liens 106 SECTION 5.08 Environmental Compliance 106 SECTION 5.09 Taxes 107 SECTION 5.10 Compliance with ERISA 107 SECTION 5.11 Subsidiaries; Equity Interests 107 SECTION 5.12 Margin Regulations; Investment Company Act 107 SECTION 5.13 Disclosure 107 SECTION 5.14 Intellectual Property; Licenses, Etc. 108 SECTION 5.15 Solvency 108 SECTION 5.16 Collateral Documents 108 SECTION 5.17 Use of Proceeds 108 SECTION 5.18 Patriot Act 108 SECTION 5.19 Sanctioned Persons 108 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 ARTICLE VI AFFIRMATIVE COVENANTS SECTION 6.01 Financial Statements 109 SECTION 6.02 Certificates; Other Information 110 SECTION 6.03 Notices 111 SECTION 6.04 Maintenance of Existence 111 SECTION 6.05 Maintenance of Properties 112 SECTION 6.06 Maintenance of Insurance 112 SECTION 6.07 Compliance with Laws 112 SECTION 6.08 Books and Records 112 SECTION 6.09 Inspection Rights 112 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 SECTION 6.11 Use of Proceeds 114 SECTION 6.12 Further Assurances and Post-Closing Covenants 114 SECTION 6.13 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 Nature of Business 115 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS SECTION 7.01 Liens 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 131

Matters Applicable to. All Requests for Compensation 100 SECTION 3.06 Section 3.07 Replacement of Lenders under Certain Circumstances 100 SECTION 3.07 Illegality 101 SECTION Section 3.08 Survival 102 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION Section 4.01 Conditions to Initial Credit Extension Borrowing 102 SECTION 4.02 Conditions to All Credit Extensions 104 ARTICLE V REPRESENTATIONS AND WARRANTIES SECTION Section 5.01 Existence, Qualification and Power; Compliance with Laws 105 SECTION 106 Section 5.02 Authorization; No Contravention 105 SECTION 106 Section 5.03 Governmental Authorization; Other Consents 105 SECTION Authorization 107 Section 5.04 Binding Effect 105 SECTION 107 Section 5.05 Financial Statements; No Material Adverse Effect 105 SECTION 107 Section 5.06 Litigation 106 SECTION 108 Section 5.07 Ownership of Property; Liens 106 SECTION Environmental Matters 108 Section 5.08 Environmental Taxes 108 Section 5.09 ERISA Compliance 106 SECTION 5.09 Taxes 107 SECTION 108 Section 5.10 Compliance with ERISA 107 SECTION Subsidiaries 109 Section 5.11 Subsidiaries; Equity Interests 107 SECTION 5.12 Margin Regulations; Investment Company Act 107 SECTION 109 Section 5.12 Disclosure 109 Section 5.13 Disclosure 107 SECTION Solvency 110 Section 5.14 Intellectual PropertySanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws 110 Section 5.15 Security Documents 110 Section 5.16 No Default 110 Section 5.17 Title to Properties 111 Section 5.18 Material Project Documents 111 Section 5.19 Pari Passu 111 Section 5.20 Use of Proceeds 111 Section 5.21 Licenses, Permits, Etc. 108 SECTION 5.15 Solvency 108 SECTION 5.16 Collateral Documents 108 SECTION 5.17 Use of Proceeds 108 SECTION 5.18 Patriot Act 108 SECTION 5.19 Sanctioned Persons 108 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 ARTICLE VI AFFIRMATIVE COVENANTS SECTION 111 Section 5.22 Real Property 112 Section 6.01 Financial Statements 109 SECTION 112 Section 6.02 Certificates; Other Information 110 SECTION 114 Section 6.03 Notices 111 SECTION 115 Section 6.04 Maintenance Payment of Existence 111 SECTION Tax Obligations 116 Section 6.05 Preservation of Existence, Etc. 116 Section 6.06 Maintenance of Properties 112 SECTION 6.06 Maintenance of Insurance 112 SECTION 116 Section 6.07 Compliance with Laws 112 SECTION Bank Accounts 116 Section 6.08 Books and Records 112 SECTION 117 Section 6.09 Compliance with Laws 117 Section 6.10 Inspection Rights 112 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 SECTION 117 Section 6.11 Additional Collateral 117 Section 6.12 Further Assurances 119 Section 6.13 Maintenance of Ratings 119 Section 6.14 Accounting Changes 119 Section 6.15 Use of Proceeds 114 SECTION 6.12 Further Assurances and 119 Section 6.16 Post-Closing Covenants 114 SECTION 6.13 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 Deliveries 119 Section 6.17 Lender Calls 119 Section 6.18 Change in Nature of Business 115 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS SECTION 119 Section 6.19 Separateness. 119 Section 6.20 Permits 120 Section 6.21 Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws 120 Section 6.22 Insurance 120 Section 6.23 Interest Rate Hedging 121 Section 6.24 Protection of Security Interests 121 Section 7.01 Liens 116 SECTION 121 Section 7.02 Investments 120 SECTION 124 Section 7.03 Indebtedness 123 SECTION 126 Section 7.04 Fundamental Changes 127 SECTION 128 Section 7.05 Dispositions 129 SECTION Section 7.06 Restricted Payments 131130 Section 7.07 Transactions with Affiliates 131 Section 7.08 Burdensome Agreements 131 Section 7.09 Financial Covenant 132 Section 7.10 [Reserved] 132 Section 7.11 Change in Nature of Business 132 Section 7.12 Bank Accounts 133 Section 7.13 Subsidiaries 133 Section 7.14 Use of Proceeds 133 Section 7.15 Modification of Material Project Documents 133 Section 7.16 Additional Material Project Documents; Additional TSAs 134 Section 7.17 Interest Rate ▇▇▇▇▇▇ 134 Section 7.18 Accounting Changes 135 Section 7.19 No Settlement, Etc. 135 Section 7.20 Amendments to Constitutional Documents 135 Section 8.01 Events of Default 135 Section 8.02 Remedies Upon Event of Default 138 Section 8.03 [Reserved] 139 Section 8.04 Application of Funds 139 Section 8.05 ▇▇▇▇▇▇▇▇’s Right to Cure 139 Section 9.01 Appointment and Authorization of Agents 140 Section 9.02 Delegation of Duties 141 Section 9.03 Liability of Agents 142 Section 9.04 Reliance by Agents 142 Section 9.05 Notice of Default 143 Section 9.06 Credit Decision; Disclosure of Information by Agents 143 Section 9.07 Indemnification of Agents 143 Section 9.08 Agents in Their Individual Capacities 144 Section 9.09 Successor Agents 144 Section 9.10 Administrative Agent May File Proofs of Claim 145 Section 9.11 Collateral and Guaranty Matters 146 Section 9.12 Other Agents; Lead Arrangers and Managers 147 Section 9.13 Appointment of Supplemental Agents 147 Section 9.14 Withholding Tax Indemnity 148 Section 9.15 ERISA Matters 148 Section 9.16 Erroneous Payments 149 Section 10.01 Amendments, Etc. 150 Section 10.02 Notices and Other Communications; Facsimile Copies 154 Section 10.03 No Waiver; Cumulative Remedies 156 Section 10.04 Attorney Costs and Expenses 156 Section 10.05 Indemnification by the Borrower 157 Section 10.06 Payments Set Aside 158 Section 10.07 Successors and Assigns 158 Section 10.08 Confidentiality 166 Section 10.09 Setoff 168 Section 10.10 Interest Rate Limitation 168 Section 10.11 Counterparts 168 Section 10.12 Integration; Termination 169 Section 10.13 Survival of Representations and Warranties 169 Section 10.14 Severability 169 Section 10.15 GOVERNING LAW 169 Section 10.16 WAIVER OF RIGHT TO TRIAL BY JURY 170 Section 10.17 Binding Effect 170 Section 10.18 USA PATRIOT Act 170 Section 10.19 No Advisory or Fiduciary Responsibility 171 Section 10.20 Electronic Execution of Assignments 172 Section 10.21 Appointment of Independent Consultants 172 Section 10.22 Judgment Currency 172 Section 10.23 Acknowledgement and Consent to Bail-In of Affected Financial Institutions 172 Section 10.24 First Lien Intercreditor Agreement 173 Section 10.25 Acknowledgement Regarding Any Supported QFCs 173 SCHEDULES 1.01A Commitments 1.01B Collateral Documents 2.03(b) Target Debt Balance Schedule 4.01(p) Permits

Matters Applicable to. All Requests for For Compensation 100 SECTION 3.06 Replacement of 73 63074-0023/128477681.2 -i- 63074-0023/128477681.2 WEIL:\95547849\7\35899.0483 Section 3.07.Replacement Of Lenders under Under Certain Circumstances 100 SECTION 3.07 Illegality 101 SECTION 3.08 Survival 102 74 Section 3.08.Survival 75 ARTICLE IV CONDITIONS 4CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION 4.01 Conditions to 76 Section 4.01.Conditions To Initial (Closing Date) Credit Extension 102 SECTION 4.02 Conditions to 76 Section 4.02.Conditions To All Credit Extensions 104 79 ARTICLE V REPRESENTATIONS 5REPRESENTATIONS AND WARRANTIES SECTION 5.01 ExistenceWARRANTIES 79 Section 5.01.Existence, Qualification and And Power; Compliance with Laws 105 SECTION 5.02 Authorization80 Section 5.02.Authorization; No Contravention 105 SECTION 5.03 Governmental 80 Section 5.03.Governmental Authorization; Other Consents 105 SECTION 5.04 Binding Consents; Liquor Licenses 80 Section 5.04.Binding Effect 105 SECTION 5.05 Financial 81 Section ▇.▇▇.▇▇▇▇▇▇▇▇▇ Statements; No Material Adverse Effect 105 SECTION 5.06 Litigation 106 SECTION 5.07 Ownership 81 Section 5.06.Litigation 82 Section 5.07.Ownership of Property; Liens 106 SECTION 5.08 Environmental Liens; Material Agreements 82 Section 5.08.Environmental Compliance 106 SECTION 5.09 Taxes 107 SECTION 5.10 82 Section 5.09.Taxes 83 Section 5.10.ERISA Compliance with ERISA 107 SECTION 5.11 Subsidiaries84 Section 5.11.Subsidiaries; Equity Interests 107 SECTION 5.12 Margin 84 Section 5.12.Margin Regulations; Investment Company Act 107 SECTION 5.13 Disclosure 107 SECTION 5.14 Intellectual 85 Section 5.13.Disclosure 85 Section 5.14.Intellectual Property; Licenses, Etc. 108 SECTION 5.15 Solvency 108 SECTION 5.16 Collateral Documents 108 SECTION 5.17 Use of Proceeds 108 SECTION 5.18 Patriot Act 108 SECTION 5.19 Sanctioned Persons 108 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 Etc 85 Section 5.15.Solvency 85 Section 5.16.Perfection, Etc 85 Section 5.17.Compliance with Laws Generally 86 Section 5.18.Labor Matters 86 Section 5.19.Senior Debt 86 Section 5.20.Limitations on Holdings and Certain Subsidiaries 86 ARTICLE VI AFFIRMATIVE COVENANTS SECTION 6.01 Financial 6AFFIRMATIVE COVENANTS 87 Section ▇.▇▇.▇▇▇▇▇▇▇▇▇ Statements 109 SECTION 6.02 Certificates87 Section 6.02.Certificates; Other Information 110 SECTION 6.03 Notices 111 SECTION 6.04 Maintenance 88 Section 6.03.Notices 90 Section 6.04.Payment of Existence 111 SECTION 6.05 Maintenance Obligations; Material Agreements; Liquor Licenses 90 Section 6.05.Preservation of Existence, Etc 91 -ii- Section 6.06.Maintenance of Properties 112 SECTION 6.06 Maintenance 91 Section 6.07.Maintenance of Insurance 112 SECTION 6.07 Compliance with 91 Section 6.08.Compliance With Laws 112 SECTION 6.08 Books 91 Section 6.09.Books and Records 112 SECTION 6.09 Inspection 91 Section 6.10.Inspection and Appraisal Rights 112 SECTION 6.10 Covenant to 91 Section 6.11.Use of Proceeds 92 Section 6.12.Covenant To Guarantee Obligations and And Give Security 113 SECTION 6.11 Use 92 Section 6.13.Control Accounts, Approved Deposit Accounts 94 Section 6.14.Compliance with Environmental Laws 95 Section 6.15.Further Assurances 95 Section 6.16.Maintenance of Proceeds 114 SECTION 6.12 Further Assurances and Post-Closing Covenants 114 SECTION 6.13 Designation Ratings 95 Section 6.17.Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 95 Section ▇.▇▇.▇▇▇▇ Closing Matters 96 ARTICLE 7NEGATIVE COVENANTS 96 Section 7.01.Liens 97 Section ▇.▇▇.▇▇▇▇▇▇▇▇▇▇▇ 99 Section 7.03.Indebtedness 102 Section 7.04.Fundamental Changes 104 Section 7.05.Dispositions 105 Section 7.06.Restricted Payments 106 Section 7.07.Change In Nature of Business 108 Section 7.08.Transactions With Affiliates 108 Section 7.09.Burdensome Agreements 108 Section ▇.▇▇.▇▇▇▇▇▇▇▇▇ Covenants 109 Section 7.11.Amendments of Certain Documents 109 Section 7.12.Accounting Changes 109 Section 7.13.Prepayments, Etc. of Indebtedness 110 Section 7.14.Limitations on Holdings and Certain Subsidiaries 110 Section 7.15.Designated Senior Debt 111 Section 7.16.Pension Plans 111 ARTICLE 8EVENTS OF DEFAULT AND REMEDIES 111 Section ▇.▇▇.▇▇▇▇▇▇ of Default 111 Section 8.02.Remedies upon Event of Default 113 Section 8.03.Application Of Funds 113 -iii- ARTICLE 9ADMINISTRATIVE AGENT AND OTHER AGENTS 115 SECTION 6.17 Fiscal Year Section 9.01.Appointment and Authority 115 SECTION 6.18 U.S. Timeshare Real Property Section 9.02.Rights as a Lender 115 Section 9.03.Exculpatory Provisions 116 ARTICLE VII NEGATIVE COVENANTS SECTION 7.01 Liens Section ▇.▇▇.▇▇▇▇▇▇▇▇ by Administrative Agent 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 131Section 9.05.Delegation of Duties 117

Matters Applicable to. All Requests for Compensation 100 SECTION 3.06 111112 Section 3.07 Replacement of Lenders under Certain Circumstances 100 SECTION 3.07 Illegality 101 SECTION 112113 Section 3.08 Survival 102 114115 ARTICLE IV IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION Section 4.01 Conditions to Initial Credit Extension 102 SECTION 114115 Section 4.02 Conditions to All Credit Extensions 104 after the Closing Date 117 ARTICLE V V. REPRESENTATIONS AND WARRANTIES SECTION WARRANTIES Section 5.01 Existence, Qualification and Power; Compliance with Laws 105 SECTION 118 Section 5.02 Authorization; No Contravention 105 SECTION 118119 Section 5.03 Governmental Authorization; Other Consents 105 SECTION 118119 Section 5.04 Binding Effect 105 SECTION 119 Section 5.05 Financial Statements; No Material Adverse Effect 105 SECTION 119 Section 5.06 Litigation 106 SECTION 120 Section 5.07 Ownership of Property; Liens 106 SECTION 120121 Section 5.08 Environmental Compliance 106 SECTION Matters 120121 Section 5.09 Taxes 107 SECTION 121 Section 5.10 ERISA Compliance with ERISA 107 SECTION 121122 Section 5.11 Subsidiaries; Equity Interests 107 SECTION 122 Section 5.12 Margin Regulations; Investment Company Act 107 SECTION 122 Section 5.13 Disclosure 107 SECTION 122123 Section 5.14 Labor Matters 123 Section 5.15 Intellectual Property; Licenses, Etc. 108 SECTION 5.15 123 Section 5.16 Solvency 108 SECTION 5.16 Collateral Documents 108 SECTION 123124 Section 5.17 Use Subordination of Proceeds 108 SECTION Junior Financing 123124 Section 5.18 USA Patriot Act 108 SECTION 123124 Section 5.19 Sanctioned Persons 108 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 Security Documents 124 ARTICLE VI VI. AFFIRMATIVE COVENANTS SECTION COVENANTS Section 6.01 Financial Statements 109 SECTION 125 Section 6.02 Certificates; Other Information 110 SECTION 127 Section 6.03 Notices 111 SECTION 128 Section 6.04 Maintenance Payment of Existence 111 SECTION Taxes 129 Section 6.05 Preservation of Existence, Etc. 129 Section 6.06 Maintenance of Properties 112 SECTION 6.06 129 Section 6.07 Maintenance of Insurance 112 SECTION 6.07 129 Section 6.08 Compliance with Laws 112 SECTION 6.08 130 Section 6.09 Books and Records 112 SECTION 6.09 130 Section 6.10 Inspection Rights 112 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 SECTION 130 Section 6.11 Use of Proceeds 114 SECTION 6.12 Further Assurances and Post-Closing Covenants 114 SECTION 6.13 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 Nature of Business 115 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS SECTION 7.01 Liens 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 131Additional Collateral; Additional Guarantors 131 Section 6.12

Matters Applicable to. All Requests for Compensation 100 103109 SECTION 3.06 Replacement of Lenders under Certain Circumstances 100 104110 SECTION 3.07 Illegality 101 105111 SECTION 3.08 Survival 102 105111 SECTION 3.09 Benchmark Replacement Setting. 111 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION 4.01 Conditions to Initial Credit Extension 102 106112 SECTION 4.02 Conditions to All Credit Extensions 104 107114 ARTICLE V REPRESENTATIONS AND WARRANTIES WARRANTIES SECTION 5.01 Existence, Qualification and Power; Compliance with Laws 105 108115 SECTION 5.02 Authorization; No Contravention 105 108115 SECTION 5.03 Governmental Authorization; Other Consents 105 108115 SECTION 5.04 Binding Effect 105 108115 SECTION 5.05 Financial Statements; No Material Adverse Effect 105 109115 SECTION 5.06 Litigation 106 109116 SECTION 5.07 Ownership of Property; Liens 106 109116 SECTION 5.08 Environmental Compliance 106 109116 SECTION 5.09 Taxes 107 110117 SECTION 5.10 Compliance with ERISA 107 110117 SECTION 5.11 Subsidiaries; Equity Interests 107 110117 SECTION 5.12 Margin Regulations; Investment Company Act 107 111117 SECTION 5.13 Disclosure 107 111118 SECTION 5.14 Intellectual Property; Licenses, Etc. 108 111118 SECTION 5.15 Solvency 108 111118 SECTION 5.16 Collateral Documents 108 111118 SECTION 5.17 Use of Proceeds 108 111118 SECTION 5.18 Patriot Act 108 112118 SECTION 5.19 Sanctioned Persons 108 112118 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 112119 ARTICLE VI AFFIRMATIVE COVENANTS COVENANTS SECTION 6.01 Financial Statements 109 112119 SECTION 6.02 Certificates; Other Information 110 113120 SECTION 6.03 Notices 111 114121 SECTION 6.04 Maintenance of Existence 111 115121 SECTION 6.05 Maintenance of Properties 112 115122 SECTION 6.06 Maintenance of Insurance 112 115122 SECTION 6.07 Compliance with Laws 112 115122 SECTION 6.08 Books and Records 112 115122 SECTION 6.09 Inspection Rights 112 115122 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 116123 SECTION 6.11 Use of Proceeds 114 SECTION 6.12 Further Assurances and Post-Closing Covenants 114 SECTION 6.13 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 Nature of Business 115 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS SECTION 7.01 Liens 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 1316.11

Matters Applicable to. All Requests for Compensation 100 141157 SECTION 3.06 3.07 Replacement of Lenders under Certain Circumstances 100 SECTION 3.07 Illegality 101 142158 SECTION 3.08 Survival 102 144160 ARTICLE IV 4 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 144160 SECTION 4.01 Conditions to Initial Credit Extension 102 144160 SECTION 4.02 Conditions to All Credit Extensions 104 146162 ARTICLE V 5 REPRESENTATIONS AND WARRANTIES WARRANTIES 147163 SECTION 5.01 Existence, Qualification and Power; Compliance with Laws 105 147163 SECTION 5.02 Authorization; No Contravention 105 147163 SECTION 5.03 Governmental Authorization; Other Consents 105 148164 SECTION 5.04 Binding Effect 105 148164 SECTION 5.05 Financial Statements; No Material Adverse Effect 105 148164 SECTION 5.06 Litigation 106 149165 SECTION 5.07 Ownership of Property; Liens 106 149165 SECTION 5.08 Environmental Compliance 106 Matters 149165 SECTION 5.09 Taxes 107 150166 SECTION 5.10 ERISA Compliance with ERISA 107 150166 SECTION 5.11 Subsidiaries; Equity Interests 107 151167 SECTION 5.12 Margin Regulations; Investment Company Act 107 151167 SECTION 5.13 Disclosure 107 151167 SECTION 5.14 Labor Matters 152168 SECTION 5.15 Intellectual Property; Licenses, Etc. 108 SECTION 5.15 Solvency 108 Etc 152168 SECTION 5.16 Collateral Documents 108 Solvency 152168 SECTION 5.17 Use of Proceeds 108 FCC Authorizations 152168 SECTION 5.18 USA Patriot Act 108 Act; OFAC; FCPA 153169 SECTION 5.19 Sanctioned Persons 108 Security Documents 153169 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 Institutions 154170 ARTICLE VI 6 AFFIRMATIVE COVENANTS COVENANTS 154170 SECTION 6.01 Financial Statements 109 154170 SECTION 6.02 Certificates; Other Information 110 157174 SECTION 6.03 Notices 111 158175 SECTION 6.04 Maintenance Payment of Existence 111 Taxes 158176 SECTION 6.05 Maintenance Preservation of Properties 112 Existence, Etc. 176 SECTION 6.06 Maintenance of Insurance 112 Properties 159176 SECTION 6.07 Maintenance of Insurance 159176 SECTION 6.08 Compliance with Laws 112 177 SECTION 6.08 6.09 Books and Records 112 177 SECTION 6.09 6.10 Inspection Rights 112 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 160177 SECTION 6.11 Use of Proceeds 114 Additional Collateral; Additional Guarantors 160178 SECTION 6.12 Compliance with Environmental Laws 162180 SECTION 6.13 Further Assurances and Post-Closing Covenants 114 163180 SECTION 6.13 6.14 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 163181 SECTION 6.15 Maintenance of Ratings 115 181 SECTION 6.16 Nature Use of Proceeds 164181 SECTION 6.17 Lender Meetings 164182 SECTION 6.18 End of Fiscal Years 164182 SECTION 6.19 Lines of Business 115 164182 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS SECTION 7.01 Liens 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 1316.20 Communications Regulations 182

Matters Applicable to. All Requests for Compensation 100 SECTION 3.06 123120 Section 3.07 Replacement of Lenders under Certain Circumstances 100 SECTION 3.07 Illegality 101 SECTION 124121 Section 3.08 Survival 102 125123 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION 125123 Section 4.01 Conditions to Initial Credit Extension 102 SECTION 125123 Section 4.02 Conditions to All Credit Extensions 104 after the Closing Date 127124 ARTICLE V REPRESENTATIONS AND WARRANTIES SECTION WARRANTIES 127125 Section 5.01 Existence, Qualification and Power; Compliance with Laws 105 SECTION Power 127125 Section 5.02 Authorization; No Contravention 105 SECTION 127125 Section 5.03 Governmental Authorization; Other Consents 105 SECTION 128125 Section 5.04 Binding Effect 105 SECTION 128126 Section 5.05 Financial Statements; No Material Adverse Effect 105 SECTION 128126 Section 5.06 Litigation 106 SECTION 128126 Section 5.07 Labor Matters 128126 Section 5.08 Ownership of Property; Liens 106 SECTION 5.08 128126 Section 5.09 Environmental Matters 128126 Section 5.10 Taxes 129126 Section 5.11 ERISA Compliance 106 SECTION 5.09 Taxes 107 SECTION 5.10 Compliance with ERISA 107 SECTION 5.11 Subsidiaries; Equity Interests 107 SECTION 129126 Section 5.12 Subsidiaries 129127 Section 5.13 Margin Regulations; Investment Company Act 107 SECTION 5.13 129127 Section 5.14 Disclosure 107 SECTION 5.14 129127 Section 5.15 Intellectual Property; Licenses, Etc. 108 SECTION 5.15 Etc 130127 Section 5.16 Solvency 108 SECTION 5.16 Collateral Documents 108 SECTION 130127 Section 5.17 Use of Proceeds 108 SECTION 130127 Section 5.18 Patriot Act 108 SECTION Compliance with Laws; PATRIOT Act; FCPA; OFAC 130127 Section 5.19 Sanctioned Persons 108 SECTION Collateral Documents 130128 Section 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 Insurance 131128 ARTICLE VI AFFIRMATIVE COVENANTS SECTION COVENANTS 131128 Section 6.01 Financial Statements 109 SECTION 131129 Section 6.02 Certificates; Other Information 110 SECTION 132130 Section 6.03 Notices 111 SECTION 6.04 Maintenance of Existence 111 SECTION 6.05 Maintenance of Properties 112 SECTION 6.06 Maintenance of Insurance 112 SECTION 6.07 Compliance with Laws 112 SECTION 6.08 Books and Records 112 SECTION 6.09 Inspection Rights 112 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 SECTION 6.11 Use of Proceeds 114 SECTION 6.12 Further Assurances and Post-Closing Covenants 114 SECTION 6.13 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 Nature of Business 115 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS SECTION 7.01 Liens 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 131133131 Section 6.04

Matters Applicable to. All Requests for Compensation 100 SECTION 3.06 Replacement of Lenders under Certain Circumstances 100 SECTION 3.07 Illegality 101 SECTION 3.08 Survival 102 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION 4.01 Conditions to Initial Credit Extension 102 SECTION 4.02 Conditions to All Credit Extensions 104 ARTICLE V REPRESENTATIONS AND WARRANTIES104 SECTION 5.01 Existence, Qualification and Power; Compliance with Laws 105 SECTION 5.02 Authorization; No Contravention 105 SECTION 5.03 Governmental Authorization; Other Consents 105 SECTION 5.04 Binding Effect 105 SECTION 5.05 Financial Statements; No Material Adverse Effect 105 SECTION 5.06 Litigation 106 SECTION 5.07 Ownership of Property; Liens 106 SECTION 5.08 Environmental Compliance 106 SECTION 5.09 Taxes 107 SECTION 5.10 Compliance with ERISA 107 SECTION 5.11 Subsidiaries; Equity Interests 107 SECTION 5.12 Margin Regulations; Investment Company Act 107 SECTION 5.13 Disclosure 107 SECTION 5.14 Intellectual Property; Licenses, Etc. 108 SECTION 5.15 Solvency 108 SECTION 5.16 Collateral Documents 108 SECTION 5.17 Use of Proceeds 108 SECTION 5.18 Patriot Act 108 SECTION 5.19 Sanctioned Persons 108 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 ARTICLE VI AFFIRMATIVE COVENANTS SECTION 6.01 Financial Statements 109 SECTION 6.02 Certificates; Other Information 110 SECTION 6.03 Notices 111 SECTION 6.04 Maintenance of Existence 111 SECTION 6.05 Maintenance of Properties 112 SECTION 6.06 Maintenance of Insurance 112 SECTION 6.07 Compliance with Laws 112 SECTION 6.08 Books and Records 112 SECTION 6.09 Inspection Rights 112 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 SECTION 6.11 Use of Proceeds 114 SECTION 6.12 Further Assurances and Post-Closing Covenants 114 SECTION 6.13 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 Nature of Business 115 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS SECTION 7.01 Liens 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 131131 SECTION 7.07 Transactions with Affiliates 134 SECTION 7.08 Prepayments, Etc., of Indebtedness 136 SECTION 7.09 Financial Covenants 136 SECTION 7.10 Amendments or Waivers of Organizational Documents 139 SECTION 7.11 Restrictions on Subsidiaries’ Distributions 139 SECTION 8.01 Events of Default 140 SECTION 8.02 Remedies Upon Event of Default 142 SECTION 8.03 Exclusion of Immaterial Subsidiaries 142 SECTION 8.04 Application of Funds 143 SECTION 8.05 Right to Cure 144 SECTION 8.06 Change of Control 145 SECTION 9.01 Appointment and Authorization of Agents 145 SECTION 9.02 Delegation of Duties 146 SECTION 9.03 Liability of Agents 147 SECTION 9.04 Reliance by Agents 147

Matters Applicable to. All Requests for Compensation 100 SECTION 3.06 Replacement of Lenders under Certain Circumstances 100 SECTION 3.07 Illegality 101 #97627787v7 SECTION 3.08 Survival 102 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION 4.01 Conditions to Initial Credit Extension 102 SECTION 4.02 Conditions to All Credit Extensions 104 ARTICLE V REPRESENTATIONS AND WARRANTIES104 SECTION 5.01 Existence, Qualification and Power; Compliance with Laws 105 SECTION 5.02 Authorization; No Contravention 105 SECTION 5.03 Governmental Authorization; Other Consents 105 SECTION 5.04 Binding Effect 105 SECTION 5.05 Financial Statements; No Material Adverse Effect 105 SECTION 5.06 Litigation 106 SECTION 5.07 Ownership of Property; Liens 106 SECTION 5.08 Environmental Compliance 106 SECTION 5.09 Taxes 107 SECTION 5.10 Compliance with ERISA 107 SECTION 5.11 Subsidiaries; Equity Interests 107 SECTION 5.12 Margin Regulations; Investment Company Act 107 SECTION 5.13 Disclosure 107 SECTION 5.14 Intellectual Property; Licenses, Etc. 108 SECTION 5.15 Solvency 108 SECTION 5.16 Collateral Documents 108 SECTION 5.17 Use of Proceeds 108 SECTION 5.18 Patriot Act 108 SECTION 5.19 Sanctioned Persons 108 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 ARTICLE VI AFFIRMATIVE COVENANTS SECTION 6.01 Financial Statements 109 SECTION 6.02 Certificates; Other Information 110 SECTION 6.03 Notices 111 SECTION 6.04 Maintenance of Existence 111 SECTION 6.05 Maintenance of Properties 112 SECTION 6.06 Maintenance of Insurance 112 SECTION 6.07 Compliance with Laws 112 SECTION 6.08 Books and Records 112 SECTION 6.09 Inspection Rights 112 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 SECTION 6.11 Use of Proceeds 114 SECTION 6.12 Further Assurances and Post-Closing Covenants 114 SECTION 6.13 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 Nature of Business 115 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS #97627787v7 SECTION 7.01 Liens 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 131131 SECTION 7.07 Transactions with Affiliates 134 SECTION 7.08 Prepayments, Etc., of Indebtedness 136 SECTION 7.09 Financial Covenants 136 SECTION 7.10 Amendments or Waivers of Organizational Documents 139 SECTION 7.11 Restrictions on Subsidiaries’ Distributions 139 SECTION 8.01 Events of Default 140 SECTION 8.02 Remedies Upon Event of Default 142 SECTION 8.03 Exclusion of Immaterial Subsidiaries 142 SECTION 8.04 Application of Funds 143 SECTION 8.05 Right to Cure 144 SECTION 8.06 Change of Control 145 SECTION 9.01 Appointment and Authorization of Agents 145 SECTION 9.02 Delegation of Duties 146 SECTION 9.03 Liability of Agents 147 SECTION 9.04 Reliance by Agents 147

Matters Applicable to. All Requests for Compensation 100 SECTION 3.06 Replacement of Lenders under Certain Circumstances 100 SECTION 3.07 Illegality 101 SECTION 3.08 Survival 102 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS SECTION 4.01 Conditions to Initial Credit Extension 102 SECTION 4.02 Conditions to All Credit Extensions 104 ARTICLE V REPRESENTATIONS AND WARRANTIES SECTION 5.01 Existence, Qualification and Power; Compliance with Laws 105 SECTION 5.02 Authorization; No Contravention 105 SECTION 5.03 Governmental Authorization; Other Consents 105 SECTION 5.04 Binding Effect 105 SECTION 5.05 Financial Statements; No Material Adverse Effect 105 SECTION 5.06 Litigation 106 SECTION 5.07 Ownership of Property; Liens 106 SECTION 5.08 Environmental Compliance 106 SECTION 5.09 Taxes 107 SECTION 5.10 Compliance with ERISA 107 SECTION 5.11 Subsidiaries; Equity Interests 107 SECTION 5.12 Margin Regulations; Investment Company Act 107 SECTION 5.13 Disclosure 107 SECTION 5.14 Intellectual Property; Licenses, Etc. 108 SECTION 5.15 Solvency 108 SECTION 5.16 Collateral Documents 108 SECTION 5.17 Use of Proceeds 108 SECTION 5.18 Patriot Act 108 SECTION 5.19 Sanctioned Persons 108 SECTION 5.20 FCPA 109 SECTION 5.21 No EEA Financial Institution 109 ARTICLE VI AFFIRMATIVE COVENANTS COVENANTS SECTION 6.01 Financial Statements 109 SECTION 6.02 Certificates; Other Information 110 SECTION 6.03 Notices 111 SECTION 6.04 Maintenance of Existence 111 SECTION 6.05 Maintenance of Properties 112 SECTION 6.06 Maintenance of Insurance 112 SECTION 6.07 Compliance with Laws 112 SECTION 6.08 Books and Records 112 SECTION 6.09 Inspection Rights 112 SECTION 6.10 Covenant to Guarantee Obligations and Give Security 113 SECTION 6.11 Use of Proceeds 114 SECTION 6.12 Further Assurances and Post-Closing Covenants 114 SECTION 6.13 Designation of Subsidiaries 115 SECTION 6.14 Payment of Taxes 115 SECTION 6.15 Maintenance of Ratings 115 SECTION 6.16 Nature of Business 115 SECTION 6.17 Fiscal Year 115 SECTION 6.18 U.S. Timeshare Real Property 116 ARTICLE VII NEGATIVE COVENANTS SECTION 7.01 Liens 116 SECTION 7.02 Investments 120 SECTION 7.03 Indebtedness 123 SECTION 7.04 Fundamental Changes 127 SECTION 7.05 Dispositions 129 SECTION 7.06 Restricted Payments 131-ii- #95019790v9#96368857v7