The Facility is secured, in general, by 1) a first mortgage and lien on assets acquired or developed with funds borrowed under the Facility, and 2) a first assignment of all operating agreements, rents and other revenues at the vacation ownership resorts which serve as collateral for the Facility, subject to any requirements of the respective property owners' association. Subject to the eligibility requirements and certain conditions precedent borrowings under this Facility can be drawn through April 9, 2010, with maturity dates varying based on the individual sub-loan agreements. Principal payments will be made through agreed-upon release prices paid to Textron as vacation ownership interests in the properties collateralizing the sub-loans are sold, or through minimum required amortization payments. The interest charged on outstanding borrowings will be prime rate plus 1.50%, and will be paid monthly.

As of April 17, 2008, BVU borrowed $9.0 million in conjunction to the acquisition of the remaining unsold timeshare interests, certain common space and a property management agreement associated with the Royal Suites at Atlantic Palace, an existing timeshare resort in Atlantic City, New Jersey. As of the date of this filing, there was approximately $36.8 million of remaining availability under this Facility, subject to applicable terms, conditions and approved collateral.