Common use of Underwriting Criteria Clause in Contracts

Underwriting Criteria. a) Credit underwriting is performed by reviewing the completed credit application and the credit bureau report and/or performance history with the company. b) All financed sales packages must include a completed credit application, signed by all borrowing parties. c) A credit report is required for all financed sales, including existing owners. d) Existing owners 1. For upgrade or add-on transactions of existing owners, a credit report will be required, although credit may be granted considering their performance history with Diamond. In the case of an existing delinquency on an existing Diamond Resorts loan, applicants will be required to resolve this delinquency by making a separate payment to bring the loan current, i.e., such payment posted to the account, before they may proceed with the new transaction. 2. No credit score or lack of history requires a minimum 30% down payment. e) When a credit report / risk score / credit history is not available, a Credit Exception Form (see Exhibit 1) must be completed with the reason clearly stated as to why the credit report / risk score / credit history is not available. Either the VP Client Services, National Contracts Manager or the Director, Operations must provide signature authorization for any and all exceptions per the Credit Exception Form. The credit report and/or Credit Exception Form must be included as part of the credit file. A credit exception will not delay the close of escrow. f) A minimum 30% down payment is required when no credit report is available. g) Minimum down payment (see Exhibit 2) in U.S. funds. Diamond Resorts employees or independent contractors may not contribute to this down payment in any form. The source of down payment must be the borrower(s). Should the down payment be contributed in whole or in part by a third party not participating in the credit transaction, the monies must be accompanied by a letter signed by that party indicating the money is a gift and is not expected to be repaid. h) No bankruptcy within the previous 12 months period for both deeded inventory and trust based sales. More specifically, no approvals for pre-settlement cases; a post-settlement period of 12 months required unless otherwise approved by the VP Client Services, National Contracts Manager or the Director, Operations. i) Judgments or liens on deeded property sales must be closed or meet the following criteria: j) Civil judgments or open public record’s less than 10K will not require exceptions. k) Tax liens less than 1K will not require exceptions l) All other civil judgments, open public record’s or tax liens that do no meet this criteria must be approved by the VP Client Services, National Contract Manager, or the Director of Operations. m) Civil judgments or liens on trust based sales shall not be a factor in extending credit for applicant(s) that otherwise qualifies in accordance with the current credit underwriting policy.

Underwriting Criteria. a) a. Credit underwriting is performed by reviewing the completed credit application and the credit bureau report and/or performance history with the company. b) b. All financed sales packages must include a completed credit application, signed by all borrowing parties. c) c. A credit report is required for all financed sales, including existing owners. d) d. Existing owners 1. a. For upgrade or add-on transactions of existing owners, a credit report will be required, although credit may be granted considering their performance history with Diamond. In the case of an existing delinquency on an existing Diamond Resorts loan, applicants will be required to resolve this delinquency by making a separate payment to bring the loan current, i.e., such payment posted to the account, before they may proceed with the new transaction. 2. b. No credit score or lack of history requires a minimum 30% down payment. e) e. When a credit report / risk score / credit history is not available, a Credit Exception Form (see Exhibit 1) must be completed with the reason clearly stated as to why the credit report / risk score / credit history is not available. Either the VP Client Services, National Contracts Manager or the Director, Operations must provide signature authorization for any and all exceptions per the Credit Exception Form. The credit report and/or Credit Exception Form must be included as part of the credit file. A credit exception will not delay the close of escrow. f) f. A minimum 30% down payment is required when no credit report is available. g) g. Minimum down payment (see Exhibit 2) in U.S. funds. Diamond Resorts employees or independent contractors may not contribute to this down payment in any form. The source of down payment must be the borrower(s). Should the down payment be contributed in whole or in part by a third party not participating in the credit transaction, the monies must be accompanied by a letter signed by that party indicating the money is a gift and is not expected to be repaid. h) h. No bankruptcy within the previous 12 months period for both deeded inventory and trust based sales. More specifically, no approvals for pre-settlement cases; a post-settlement period of 12 months required unless otherwise approved by the VP Client Services, National Contracts Manager or the Director, Operations. i) i. Judgments or liens on deeded property sales must be closed or meet the following criteria: j) j. Civil judgments or open public record’s less than 10K will not require exceptions. k) k. Tax liens less than 1K will not require exceptions l) l. All other civil judgments, open public record’s records or tax liens that do no not meet this criteria must be approved by the VP Client Services, National Contract Manager, or the Director of Operations. m) m. Civil judgments or liens on trust based sales shall not be a factor in extending credit for applicant(s) that otherwise qualifies in accordance with the current credit underwriting policy.

Underwriting Criteria. a) a. Credit underwriting is performed by reviewing the completed credit application and the credit bureau report and/or performance history with the company. b) b. All financed sales packages must include a completed credit application, signed by all borrowing parties. c) c. A credit report is required for all financed sales, including existing owners. d) d. Existing owners 1. a. For upgrade or add-on transactions of existing owners, a credit report will be required, although credit may be granted considering their performance history with Diamond. In the case of an existing delinquency on an existing Diamond Resorts loan, applicants will be required to resolve this delinquency by making a separate payment to bring the loan current, i.e., such payment posted to the account, before they may proceed with the new transaction. 2. b. No credit score or lack of history requires a minimum 30% down payment. e) e. When a credit report / risk score / credit history is not available, a Credit Exception Form (see Exhibit 1) must be completed with the reason clearly stated as to why the credit report / risk score / credit history is not available. Either the VP Client Services, National Contracts Manager or the Director, Operations must provide signature authorization for any and all exceptions per the Credit Exception Form. The credit report and/or Credit Exception Form must be included as part of the credit file. A credit exception will not delay the close of escrow. f) f. A minimum 30% down payment is required when no credit report is available. g) g. Minimum down payment (see Exhibit 2) in U.S. funds. Diamond Resorts employees or independent contractors may not contribute to this down payment in any form. The source of down payment must be the borrower(s). Should the down payment be contributed in whole or in part by a third party not participating in the credit transaction, the monies must be accompanied by a letter signed by that party indicating the money is a gift and is not expected to be repaid. h) h. No bankruptcy within the previous 12 months period for both deeded inventory and trust based sales. More specifically, no approvals for pre-settlement cases; a post-settlement period of 12 months required unless otherwise approved by the VP Client Services, National Contracts Manager or the Director, Operations. i) i. Judgments or liens on deeded property sales must be closed or meet the following criteria: j) j. Civil judgments or open public record’s less than 10K will not require exceptions. k) k. Tax liens less than 1K will not require exceptions l) l. All other civil judgments, open public record’s or tax liens that do no meet this criteria must be approved by the VP Client Services, National Contract Manager, or the Director of Operations. m) m. Civil judgments or liens on trust based sales shall not be a factor in extending credit for applicant(s) that otherwise qualifies in accordance with the current credit underwriting policy.

Underwriting Criteria. a) a. Credit underwriting is performed by reviewing the completed credit application and the credit bureau report and/or performance history with the company. b) b. All financed sales packages must include a completed credit application, signed by all borrowing parties. c) c. A credit report is required for all financed sales, including existing owners. d) d. Existing owners 1. a. For upgrade or add-on transactions of existing owners, a credit report will be required, although credit may be granted considering their performance history with Diamond. In the case of an existing delinquency on an existing Diamond Resorts loan, applicants will be required to resolve this delinquency by making a separate payment to bring the loan current, i.e., such payment posted to the account, before they may proceed with the new transaction. 2. b. No credit score or lack of history requires a minimum 30% down payment. e) e. When a credit report / risk score / credit history is not available, a Credit Exception Form (see Exhibit 1) must be completed with the reason clearly stated as to why the credit report / risk score / credit history is not available. Either the VP Client Services, Director, National Contracts Manager and Credit or the Director, Operations must provide signature authorization for any and all KL2 2787979.5 exceptions per the Credit Exception Form. The credit report and/or Credit Exception Form must be included as part of the credit file. A credit exception will not delay the close of escrow. f) f. A minimum 30% down payment is required when no credit report is available. g) g. Minimum down payment (see Exhibit 2) in U.S. funds. Diamond Resorts employees or independent contractors may not contribute to this down payment in any form. The source of down payment must be the borrower(s). Should the down payment be contributed in whole or in part by a third party not participating in the credit transaction, the monies must be accompanied by a letter signed by that party indicating the money is a gift and is not expected to be repaid. h) h. No bankruptcy within the previous 12 months period for both deeded inventory and trust based sales. More specifically, no approvals for pre-settlement cases; a post-settlement period of 12 months required unless otherwise approved by the VP Client Services, Director, National Contracts Manager and Credit or the Director, Operations. i) i. Judgments or liens on deeded property sales must be closed or meet the following criteria: j) j. Civil judgments or open public record’s 's less than 10K will not require exceptions. k) k. Tax liens less than 1K will not require exceptions l) l. All other civil judgments, open public record’s 's or tax liens that do no meet this criteria must be approved by the VP Client Services, Director, National Contract Managerand Credit , or the Director of Operations. m) m. Civil judgments or liens on trust based sales shall not be a factor in extending credit for applicant(s) that otherwise qualifies in accordance with the current credit underwriting policy.

Underwriting Criteria. a) a. Credit underwriting is performed by reviewing the completed credit application and the credit bureau report and/or performance history with the company. b) b. All financed sales packages must include a completed credit application, signed by all borrowing parties. c) c. A credit report is required for all financed sales, including existing owners. d) d. Existing owners 1. a. For upgrade or add-on transactions of existing owners, a credit report will be required, although credit may be granted considering their performance history with Diamond. In the case of an existing delinquency on an existing Diamond Resorts loan, applicants will be required to resolve this delinquency by making a separate payment to bring the loan current, i.e., such payment posted to the account, before they may proceed with the new transaction. 2. b. No credit score or lack of history requires a minimum 30% down payment.. EXHIBIT D (Underwriting Guidelines), Page 2 e) e. When a credit report / risk score / credit history is not available, a Credit Exception Form (see Exhibit 1) must be completed with the reason clearly stated as to why the credit report / risk score / credit history is not available. Either the VP Client Services, Director, National Contracts Manager and Credit or the Director, Operations must provide signature authorization for any and all exceptions per the Credit Exception Form. The credit report and/or Credit Exception Form must be included as part of the credit file. A credit exception will not delay the close of escrow. f) f. A minimum 30% down payment is required when no credit report is available. g) g. Minimum down payment (see Exhibit 2) in U.S. funds. Diamond Resorts employees or independent contractors may not contribute to this down payment in any form. The source of down payment must be the borrower(s). Should the down payment be contributed in whole or in part by a third party not participating in the credit transaction, the monies must be accompanied by a letter signed by that party indicating the money is a gift and is not expected to be repaid. h) h. No bankruptcy within the previous 12 months period for both deeded inventory and trust based sales. More specifically, no approvals for pre-settlement cases; a post-settlement period of 12 months required unless otherwise approved by the VP Client Services, Director, National Contracts Manager and Credit or the Director, Operations. i) i. Judgments or liens on deeded property sales must be closed or meet the following criteria: j) j. Civil judgments or open public record’s 's less than 10K will not require exceptions. k) k. Tax liens less than 1K will not require exceptions l) l. All other civil judgments, open public record’s 's or tax liens that do no meet this criteria must be approved by the VP Client Services, Director, National Contract Managerand Credit , or the Director of Operations. m) m. Civil judgments or liens on trust based sales shall not be a factor in extending credit for applicant(s) that otherwise qualifies in accordance with the current credit underwriting policy.

Underwriting Criteria. a) a. Credit underwriting is performed by reviewing the completed credit application and the credit bureau report and/or performance history with the company. b) b. All financed sales packages must include a completed credit application, signed by all borrowing parties. c) c. A credit report is required for all financed sales, including existing owners. d) d. Existing owners 1. a. For upgrade or add-on transactions of existing owners, a credit report will be required, although credit may be granted considering their performance history with Diamond. In the case of an existing delinquency on an existing Diamond Resorts loan, applicants will be required to resolve this delinquency by making a separate payment to bring the loan current, i.e., such payment posted to the account, before they may proceed with the new transaction. 2. b. No credit score or lack of history requires a minimum 30% down payment. e) e. When a credit report / risk score / credit history is not available, a Credit Exception Form (see Exhibit 1) must be completed with the reason clearly stated as to why the credit report / risk score / credit history is not available. Either the VP Client Services, Director, National Contracts Manager and Credit or the Director, Operations must provide signature authorization for any and all B-3 KL2 2787975.6 exceptions per the Credit Exception Form. The credit report and/or Credit Exception Form must be included as part of the credit file. A credit exception will not delay the close of escrow. f) f. A minimum 30% down payment is required when no credit report is available. g) g. Minimum down payment (see Exhibit 2) in U.S. funds. Diamond Resorts employees or independent contractors may not contribute to this down payment in any form. The source of down payment must be the borrower(s). Should the down payment be contributed in whole or in part by a third party not participating in the credit transaction, the monies must be accompanied by a letter signed by that party indicating the money is a gift and is not expected to be repaid. h) h. No bankruptcy within the previous 12 months period for both deeded inventory and trust based sales. More specifically, no approvals for pre-settlement cases; a post-settlement period of 12 months required unless otherwise approved by the VP Client Services, Director, National Contracts Manager and Credit or the Director, Operations. i) i. Judgments or liens on deeded property sales must be closed or meet the following criteria: j) j. Civil judgments or open public record’s 's less than 10K will not require exceptions. k) k. Tax liens less than 1K will not require exceptions l) l. All other civil judgments, open public record’s 's or tax liens that do no meet this criteria must be approved by the VP Client Services, Director, National Contract Managerand Credit , or the Director of Operations. m) m. Civil judgments or liens on trust based sales shall not be a factor in extending credit for applicant(s) that otherwise qualifies in accordance with the current credit underwriting policy.