Interval agreements

The Responsible Entity has entered into two agreements with Interval which affiliate the Club into the Interval network of affiliated resorts, and permit Club Members who maintain a separate membership with Interval to exchange their Periodic Première Points entitlement to qualify to make accommodation bookings at Interval affiliated resorts.

These are a Master Affiliation Agreement (MAA) dated 13 July
2007, and a Master Services Agreement dated 25 June 2009. Both agreements expire on 31 August 2018 with an optional further 10 year renewal term.

The Agreements collectively set out the terms of the exchange arrangement between the parties. Under the Agreements, Interval has the duty to provide exchanges in the Interval network in accordance with Interval’s Terms and Conditions of Individual Membership and Exchange.

The Responsible Entity agrees to enrol new Members with Interval and to disclose the then current Terms and Conditions of the Interval Membership to all prospective Members prior to their purchase of a Membership in the Club. The Responsible Entity agrees to use the Interval network as its exclusive exchange program for Club Members, except for use of external accommodation.

The agreements include provisions for suspension of performance by Interval, or termination by either party, on the occurrence of certain material events or material defaults in performance. In the latter event the non-defaulting party may serve the defaulting party with a notice specifying the default and the defaulting party has at least 30 calendar days in which to rectify the default. If the default is not rectified, the non- defaulting party may terminate the agreement upon written notice to the defaulting party.