tradingplaces.com 64 disclosed herein, neither TPI, VRI nor any of their respective officers has any legal or beneficial interest in the development, sales or management of any timeshare program participating in the Exchange Program. Those Resorts and timeshare programs which TPI and VRI manage (“Managed Resorts”) are marked with the symbol “*” for TPI-managed resorts and with the symbol “◊” for VRI-managed resorts on the attached list of resorts. 2. These terms and conditions constitute a Participant’s contract for the Exchange Program and are separate and distinct contract from a Participant’s contract with the developer or seller of their Vacation Interest. Program Participation 1. All owners of Vacation Interests at Managed Resorts have access to the Exchange Program. In other instances, developers of Resorts affiliated with the Exchange Program arrange for purchasers of Vacation Interests at the Resort to have access to the Exchange Program. In subsequent years, Participants may be contacted directly to renew their access to the Exchange Program. 2. Additionally, the owner of a Vacation Interest at a Resort, other than a Managed Resort, not affiliated with the Exchange Program may elect to participate in the Exchange Program by making a Deposit and submitting an Exchange Request. In these instances, TPI reserves the right to accept or deny a Deposit and an Exchange Request from a prospective Participant. 3. At all times, participation in the Exchange Program is voluntary and does not require the payment of a membership fee. 4. Although continued participation in the Exchange Program is not conditioned on a Home Resort maintaining its status as a Managed Resort or as a Resort affiliated with the Exchange Program, it is conditioned upon the Home Resort’s continued adherence to TPI’s standards of service, appearance, management, and operation. A Home Resort’s failure to maintain these standards or failure to otherwise remain in good standing with TPI may result in the suspension or termination of a Participant’s access to the Exchange Program and its benefits, including the exchange privilege. 5. A Participant’s continued access to the Exchange Program is also conditioned on him or her remaining in good standing with TPI or VRI through his or her compliance with these terms and conditions and all of the requirements of his or her Home Resort, including, without limitation, the payment of all fees assessed by the Home Resort when due. Where applicable, a Participant’s continued access to certain Managed Resorts benefits is also conditioned on him or her remaining in good standing with TPI or VRI through his or her compliance with these terms and conditions and all of the requirements of his or her Home Resort, including, without limitation, the payment of all fees assessed by the Home Resort when due. 6. Participants acknowledge that: a. Resort facilities, amenities, and services vary by country, location, and resort, and room accommodations vary in size, decor, and interior detail. b. The description and amenities symbols provided in promotional materials for each Resort are representative of the features generally available at such Resort. However, unit amenities and views may vary from unit to unit within a Resort, and specific selection of any such elements with respect to the confirmed accommodations cannot be guaranteed. All reasonable efforts are made to ensure that published resort information is accurate. TPI, however, expressly disclaims liability in the event of omission or error. c. The exchange privilege should not be the primary reason for purchasing a Vacation Interest. d. Neither TPI nor VRI is liable for any damage to, loss of, or theft of personal property left in the Home Resort accommodations; nor is TPI or VRI liable for any damage to, loss, or theft of personal property that occurs through the use and occupancy of confirmed accommodations by a Participant or his or her guests. e. Neither TPI nor VRI is liable for any personal or bodily injury that occurs either at the Home Resort or at a Host Resort. TPI and VRI are not liable or responsible for any claim or loss incurred in connection with your purchase or ownership of a Vacation Interest. f. Continued participation in the Exchange Program waives any and all claims a Participant may have against TPI or its related companies, and TPI and its related companies are released from all liability, if any, arising out of such Participant’s prior use of the Exchange Program. g. TPI’s liability, if any, in connection with a Participant’s use of the Exchange Program is limited to the exchange fees and, where applicable, membership fees paid to TPI by such Participant. h. All rules and regulations of the Host Resort, as well as these terms and conditions, must be adhered to. Violation of such rules or these terms and conditions may result in loss of present and future occupancy rights at the Host Resort and/or the cancellation of a Participant’s access to the Exchange Program without further obligation by TPI. i. If a Vacation Interest is owned by a corporation, partnership, or trust, a corporate officer, partner, or trustee must be established as the primary contact or administrator to manage the membership. j. Where multiple individuals are listed as the owners of a Vacation Interest(s), TPI may provide access and exchange benefits for all owners listed until TPI receives verifiable documentation of any change of ownership of the Vacation Interest(s). k. Participation in the Exchange Program and its associated benefits may be used only for personal and noncommercial purposes. Any other use may result in the suspension or termination of a Participant’s privileges, as well as any existing Confirmations and loss of any and all fees associated therewith. Without limiting the generality of the foregoing, all accommodations obtained through TPI, through Confirmation or otherwise, are for the personal use of the Participant in whose name the booking is made, unless a Participant assigns the use and occupancy of such accommodations through the use of a guest certificate. l. Telephone conversations between Participants and employees or representatives of TPI and its related companies may be recorded and/or monitored for training and quality- control purposes. m. If TPI should fail or be delayed or impaired in the performance of any obligation hereunder, including, but not limited to, providing exchange accommodations, due to causes beyond the reasonable control of and without the fault or negligence of TPI, then TPI shall be excused from further performance upon written notice. Such causes may include, but are not limited to, acts of God or public enemy, fire, strikes, lock-out or other labor unrest, riot, explosion, civil disobedience, declared or undeclared war, revolution, insurrection, boycotts, acts of piracy, acts of terrorism, acts of public authorities, blockade, embargo, accident, epidemic or quarantine, delays or defaults caused by public or common carriers, and/or other circumstances materially impacting travel to a particular geographic region or in general. n. Although TPI submits this disclosure statement for approval by regulatory agencies having jurisdiction over