Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The Company entered into an amended and restated loan agreement (the "2012 Liberty Facility") with Liberty Bank which renewed and extended its existing revolving timeshare receivables hypothecation facility. The 2012 Liberty Facility allows for maximum outstanding borrowings of $50 million and provides for an 85% advance on eligible receivables pledged under the facility through March 2015, subject to customary terms and conditions. As of November 30, 2012, there was approximately $21.3 million outstanding under the 2012 Liberty Facility, all of which had been previously borrowed under a prior Liberty facility; therefore, initial availability under the 2012 Facility was approximately $28.7 million. Principal repayments and interest will be paid as cash is collected on the pledged receivables, with the remaining balance maturing in March 2018.

The 2012 Liberty Facility bears interest at the Prime Rate (as published in the Wall Street Journal) plus 2.25%, subject to an interest rate floor of 6.5%; however, the interest rate permanantly decreases to the Prime Rate plus 2.00%, subject to an interest rate floor of 6.0%, upon the outstanding principal balance of the facility reaching or exceeding $30 million.