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Dial An Exchange Timeshare, Vacation Ownership & Points Clubs Exchange Service

Disclosure Statement - North American Operations


DAELIVE.COM
DISCLOSURE GUIDE
TO THE
DIAL AN EXCHANGE TIMESHARE, VACATION OWNERSHIP & POINTS CLUBS
EXCHANGE SERVICE

This Disclosure Guide to the Dial An Exchange Timeshare, Vacation Ownership & Points Clubs Exchange Service (the “DAE Exchange Program”) is provided for the purpose of describing the DAE Exchange Program, which DAE is offering to Resort Week Owners. DAE recommends that Resort Week Owners thoroughly review the information provided in this Disclosure Guide to ensure full understanding of the terms, conditions, operation and use of the DAE Exchange Program. The Effective Date of this Disclosure Guide is May 9th 2014.

A. DEFINITIONS

Accommodation. Any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, campground, cruise ship cabin, houseboat or other vessel, recreational or other motor vehicle, or any private or commercial structure, which is real or personal property and designed for overnight occupancy by one or more individuals in connection with any Timeshare Plan.

Additional Benefits
Benefits, in addition to the right to make Exchanges and reservations of Bonus Time which may from time to time be made available in connection with the DAE Exchange Program, including, for example, Gold Advantage Benefits.

Bank and Save Option or Deposit First Option. The process by which DAE Members may deposit (bank) their Resort Weeks into the DAE Week Pool and receive an Exchange Credit which is valid for three (3) years from the date of deposit and is available to exchange against at a future date.

Bonus Time. Deposited Weeks that have not been booked in connection with a Confirmed Exchange as of eight (8) weeks prior to the check-in date, which are made available to DAE Members upon payment of the Bonus Time Price or upon the Exchange of a Resort Week.

Bonus Time Price. The price required to be paid by a DAE Member to reserve and use Bonus Time.

Cancellation Protection Option or CPO. The option to choose the ability to cancel a Confirmed Exchange.

Confirmed Exchange. An Exchange which has been accepted by the DAE Member, for which the applicable Exchange Fee has been paid, and which has been confirmed by written posting by DAE.

Credit Extension Fee. The fees paid by DAE Members to extend an Exchange Credit for up to 6 months from the original expiration date.

Currently Enrolled DAE Members. Resort Week Owners who have registered to be DAE Members and who maintain continued ownership of their Resort Weeks.

DAE or Exchange Company. Dial an Exchange, LLC, an Arizona limited liability company, which owns and operates the DAE Exchange Program. Use of the words “we” or “us” throughout this Disclosure Guide refers to DAE.

DAE Exchange Program or DAE Program. The Dial An Exchange Timeshare, Vacation Ownership & Points Clubs Exchange Service, an interval-based program of facilitating exchanges of Resort Weeks.

DAE Inventory. Refers to all of the Deposited Weeks within the DAE Week Pool at any given time.

DAE Member or Member. A Resort Owner who becomes a member of the DAE Exchange Program. There is no membership fee required to become a DAE Member; provided that DAE Members who desire to participate in Gold Advantage must pay the Gold Advantage Fee. Use of the words “you” or “your” throughout this Disclosure Guide refers to a DAE Member. All Gold Advantage Members are DAE Members.

DAE Website. DAE’s website, located at www.daelive.com.

DAE Week Pool™. The DAE pool of Deposited Weeks.

Deposited Week. A Resort Week which has been deposited into the DAE Week Pool for the purpose of securing an Exchange.

Disclosure Guide. This Disclosure Guide to the Dial An Exchange Timeshare, Vacation Ownership & Points Clubs Exchange Service.

Exchange. The process by which DAE Members receive exchanges of Resort Weeks in connection with the DAE Exchange Program.

Exchange Credit. The credit issued to DAE Members for the purpose of making an Exchange at a later date as set forth herein. DAE Members receive Exchange Credits upon depositing Resort Weeks under the Bank and Save Option. Each non-promotional Exchange Credit is valid for three (3) years from the date of deposit and is available to exchange against a future date.

Exchange Fee. The fees paid by DAE Members to DAE for booking an Exchange. Unless otherwise stated, the Exchange Fee includes government imposed surcharges and taxes (GST, VAT, etc.).

Exchange Request. A DAE Member’s request to use DAE Inventory, from which DAE attempts to locate a Deposited Week for use by the requesting DAE Member.

Gold Advantage™. An optional enhanced service upgrade made available exclusively through the DAE Program to those Members who pay the Gold Advantage Initiation Fee and annually renew participation by payment of the applicable Gold Advantage Renewal Fee. DAE reserves the right, in its sole discretion, to cancel, amend or modify Gold Advantage or any Gold Advantage Benefits at any time.

Gold Advantage Benefits. The collection of premium benefits available to Gold Advantage Members through Gold Advantage, which benefits are summarized in Section I of this Disclosure Guide. A complete and current list of the Gold Advantage Benefits is set forth on the DAE Website. DAE reserves the right, in its sole discretion, to cancel, amend or modify Gold Advantage or any Gold Advantage Benefits at any time.

Gold Advantage Initiation Fee. The initial fee payable by DAE Members for participation in Gold Advantage, which fee may be changed from time to time in DAE’s sole discretion.

Gold Advantage Member. A DAE Member who participates in Gold Advantage by making an initial payment of the Gold Advantage Initiation Fee and annual payments of the Gold Advantage Renewal Fee.

Gold Advantage Renewal Fee. The annual renewal fee payable by Gold Advantage Members to continue participation in Gold Advantage, which fee may be changed from time to time in DAE’s sole discretion.

Guest. A DAE Member’s friends and/or family members whom the DAE Member allows to use Resort Weeks obtained through DAE (whether by Exchange, Bonus Time or Additional Benefits) by informing DAE upon confirming a reservation.

Holiday Property. A fully serviced holiday or vacation apartment unit (i.e. a villa, cabana or chalet) which is located at a Resort in a high-demand tourist or vacation destination, has onsite management, and also offers the types of high-quality amenities and facilities typical of a first class vacation accommodation. DAE shall be the sole arbiter of whether a holiday or vacation apartment qualifies as “Holiday Property.” DAE is not responsible for any linen, cleaning and/or service charges related to the use of Holiday Property in connection with the DAE Exchange Program.

Home Resort. Any Resort containing a DAE Member’s Resort Week.

Host Resort. Any Resort to which a DAE Member travels on an Exchange, Bonus Time, Additional Benefits or Gold Advantage Benefits holiday in connection with the DAE Exchange Program.

Indemnitee. DAE and its partners, officers, managers, employees, directors, shareholders, agents, representatives, parent companies, affiliates and subsidiaries and their predecessors, successors and assigns.

Person. Any individual, general partnership, limited partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative or association or any foreign trust or foreign business organization, and the heirs, executors, administrators, legal representatives, successors, and assigns of such “Person” where the context so permits.

Replacement Exchange. An Exchange made in accordance with a DAE Member’s Cancellation Protection Option.

Resort. Any resort, development or other location at which an Accommodation or Holiday Property is located.

Resort Week. Any traditional timeshare week, vacation or fractional ownership week, one week’s use and occupancy of Accommodations based upon vacation points or other right to use and occupy Accommodations for one week, or a one week use of Holiday Property.

Resort Week Owner. A Person who has purchased or otherwise acquired a Resort Week and/or who holds the right to reserve Resort Weeks in accordance with a timeshare or similar vacation ownership or use program.

Search First Option. The process by which DAE Members may search for and select DAE Inventory from the DAE Week Pool and deposit their Resort Week(s) in order to complete an Exchange.

Unit Size Upgrade Fee. The upgrade fee required for DAE Members to receive an Exchange for a Resort Week for occupancy of 1 bedroom, 2 bedroom, 3 bedroom or larger Accommodations upon depositing Resort Weeks for occupancy of Accommodations of a unit size smaller than the Resort Week exchanged in to.

Timeshare Plan. Any single site or multi-site timeshare plan, timesharing plan, vacation ownership plan, fractional interest program or similar plan or program whereby a Person receives the right to use and occupy Accommodations.

B. EXCHANGE COMPANY BACKGROUND

DAE is an Arizona limited liability company with its principal offices located at:

7250 N. 16th Street
Suite 402
Phoenix, AZ 85020

The DAE Exchange Program is carried out at this principal office location and/or other business locations.

DAE’s Manager is: DAE Delaware, LLC, a Delaware limited liability company

DAE’s Officers are: Fermin Cruz

DAE’s Member (owner) is:
DAE Delaware, LLC, a Delaware limited liability company
7250 N. 16th Street
Suite 402
Phoenix, AZ 85020

C. GENERAL INFORMATION

DAE provides the DAE Exchange Program and other related services and benefits to DAE Members. DAE is an independent exchange company and is not owned, operated or controlled by any Resort developer, seller, managing entity or vacation ownership plan whose Resort Week Owners participate in the DAE Exchange Program. Neither DAE nor any of its managers, officers or members has any legal or beneficial interest, directly or indirectly, in any developer, seller, managing entity, Resort, Timeshare Plan or other vacation ownership plan whose Resort Week Owners participate in the DAE Exchange Program.

Unlike DAE, the DAE Exchange Program is not a corporation, legal entity or association of any kind. Rather, the DAE Exchange Program is the service name given to the services available to DAE Members by DAE including, without limitation, the operation of the system by which DAE Members exchange their Resort Weeks for DAE Inventory.

DAE is not currently affiliated with any Resorts, Timeshare Plans, timeshare developers or managers of timeshare property; however, DAE reserves the right, in its sole discretion, to affiliate with any Resorts, Timeshare Plans, timeshare developers or managers of timeshare property in the future.

Membership in DAE is completely voluntary and participation in the DAE Exchange Program is not dependent in any way upon DAE’s affiliation with any Resort, Timeshare Plan, timeshare developer or manager of timeshare property. DAE offers the DAE Exchange Program directly to Resort Week Owners who desire to become DAE Members. There is no required fee for membership in DAE; provided that DAE Members who desire to participate in Gold Advantage must pay the applicable Gold Advantage Initiation Fee along with the annual Gold Advantage Renewal Fee in order to continue participation in Gold Advantage.

The DAE Exchange Program is offered to all Resort Week Owners (even those who are members in other exchange programs), including, without limitation, timeshare, vacation points club and Holiday Property owners, subject to the provisions herein. Gold Advantage is offered to all DAE Members; however, participation in Gold Advantage is completely optional to DAE Members.

Any and all documents governing a DAE Member’s participation in the DAE Exchange Program are separate and distinct from the DAE Member’s membership agreement, terms and conditions, purchase agreement(s) and/or other agreements with their respective Resort and/or Timeshare Plan. The DAE Exchange Program provides an opportunity for DAE Members to make Exchanges of their Resort Weeks and does not provide the right to use or occupy any specific Accommodations or Holiday Property.

Purchasers of Resort Weeks should select Resorts which best meet their ongoing vacation needs. Any decision to purchase Resort Weeks should be based primarily upon the benefits to be gained from the ownership, use and enjoyment of your Resort Weeks at your Resort or within your Timeshare Plan and not upon the anticipated benefits of the DAE Exchange Program. The Resort at which you purchase your Resort Weeks is solely responsible for its financial viability and the quality of its accommodations, facilities, amenities, management and services.

D. REQUESTING AN EXCHANGE

The DAE Exchange Program provides DAE Members with the opportunity to exchange your Resort Weeks for DAE Inventory made available in connection with the DAE Exchange Program. Members have two options for effectuating an Exchange: the Search First Option and the Bank and Save Option (Deposit First Option). Regardless of whether you desire to employ the Search First Option or the Bank and Save Option, you must be in compliance with the Terms and Conditions of this Disclosure Guide in order to make an Exchange.

The Search First Option. This option enables DAE Members to search the DAE Week Pool for Inventory and select the Deposited Week of their choice. Once you choose a Deposited Week for your exchange holiday, you deposit your Resort Week(s) with DAE and make an Exchange Request. Upon receipt of an Exchange offer from DAE, you may choose to accept or decline the Exchange offer. Upon acceptance of an Exchange offer, you must pay the applicable Exchange Fee (and, as applicable, Unit Size Upgrade Fee), and confirmation of the Exchange is delivered to the member via email and again via post mail to the member for presentation at the Resort upon check-in. The Search First Option is subject to the priority of Gold Advantage Members described herein.

The Bank and Save Option (Deposit First Option). This option enables DAE Members to deposit (bank) Resort Weeks into the DAE Week Pool and use a credit received to make an Exchange at a later date. Upon depositing your Resort Week(s), you will receive an Exchange Credit to redeem at any time within three (3) years from the date of deposit. Your Exchange Credit is what enables you to make an Exchange. You can then search the DAE Week Pool and select from available DAE Inventory at any time during the three (3) year term and make an Exchange Request. Upon receipt of an Exchange offer from DAE, you may choose to accept or decline the Exchange offer. Upon acceptance of an Exchange offer, you must pay the applicable Exchange Fee (and, as applicable, Unit Size Upgrade Fee), and confirmation of the Exchange is delivered to the member via email and again via post mail to the member for presentation at the Resort upon check-in. In certain circumstances as determined solely by DAE, a DAE Member whose Exchange Credit has recently expired may be permitted to extend the Exchange Credit for an additional 6 months upon payment of a Credit Extension Fee in an amount determined by DAE in its sole discretion from time to time.

Additionally, DAE Members who use the Bank and Save Option may make an Exchange Request before finding suitable DAE Inventory in the DAE Week Pool. In this case, you must submit an Exchange Request for future Inventory and you are then added to a waitlist for the appropriate Resort Week. Once a Resort Week matching your Exchange Request is deposited into the DAE Week Pool, the first DAE Member on the appropriate waitlist is contacted by DAE with an Exchange offer, subject to priorities available to Gold Advantage Members as described herein. Upon receipt of an Exchange offer from DAE, you may choose to accept or decline the Exchange offer. Upon acceptance of an Exchange offer, you must pay the applicable Exchange Fee (and, as applicable, Unit Size Upgrade Fee), and confirmation of the Exchange is delivered to the member via email and again via post mail to the member for presentation at the Resort upon check-in.

Exchange Requests may be made up to one (1) year in advance and no less than two (2) days in advance of the desired travel dates. Exchange Requests will be processed on a first-come, first served, space available basis, in the order in which they are received; provided that Exchange Requests made by Gold Advantage Members shall have priority over all other Exchange Requests as described herein. Exchange Requests may specify a particular Resort and/or dates; however, flexibility on dates and/or destinations will increase the likelihood of a successful Exchange. In order to provide the greatest flexibility for DAE Members, DAE generally works with a number of different Resorts within any particular vacation area, as opposed to specific Resorts within any particular area. To increase your likelihood for receiving a Confirmed Exchange, we recommend including several different vacation areas and at least 2 or 3 dates in each Exchange Request. Exchange Requests are arranged and confirmed on a space-available basis, subject to priority given to Exchange Requests made by Gold Advantage Members (as described herein), and there are no guarantees of fulfillment of any Exchange Request.

During periods of high demand, i.e. national holidays, peak summer vacation weeks and school holidays, and at Resorts located in high demand vacation areas, space availability is limited. DAE Members requesting Exchanges for these times and at these Resorts are encouraged to request Exchanges as early as possible, subject to the terms hereof. In fact, all DAE Members are encouraged to submit Exchange Requests as far as possible in advance of their requested vacation dates, subject to the provisions hereof.
You are entitled to request and receive Exchanges whether or not your Deposited Weeks have been assigned to another DAE Member

E. ADDITIONAL EXCHANGE INFORMATION

Deposits may be made via email, facsimile, Internet (at the DAE Website), mail and telephone. Generally, Resort Weeks may only be deposited no later than eight (8) weeks prior to the check-in date (or expiration date) for such Resort Week. Late deposits (i.e., deposits made within eight (8) weeks of check-in date) may only be accepted if there is an outstanding Exchange Request from another DAE Member who accepts the Resort Week in connection with an Exchange.

All Exchanges through the DAE Exchange Program are for one (1) week. Exchange Requests for more than one (1) week are processed and confirmed on a week-by-week basis. Receipt of a Confirmed Exchange for one (1) Resort Week does not guarantee receipt of a Confirmed Exchange for any other Resort Week(s). When you confirm the first Exchange Request, it is with the knowledge that DAE may or may not be able to confirm remaining Exchange Requests. It is entirely your decision to either accept or decline any Exchange offers.

Check-in days and times are set by individual Resorts – DAE is not responsible for setting check-in and check-out days or times. DAE Members must abide by the check-in and check-out days and times set by Host Resorts. Unlike hotels, timeshare resorts generally set one day of the week as their check-in and check-out day. Vacation plans should be made in accordance with the check-in and check-out days and times of the Host Resort. There are no priorities, limitations or restrictions on Exchanges based on seasonality, unit size or levels of occupancy of Resort Weeks and related Accommodations or Holiday Property. However, DAE Members who deposit a Resort Week unit size, which is smaller than the Exchange Week confirmed unit size, shall be required to pay the applicable Unit Size Upgrade Fee in order to receive an Exchange for Resort Weeks for occupancy of 1 bedroom, 2 bedroom, 3 bedroom or larger sized Accommodations. DAE attempts to give DAE Members maximum choice of Exchange destinations by not otherwise restricting unit size, quality, location or seasonality. Gold Advantage Members receive the Gold Advantage Benefits in Section I below and on the DAE Website, which Gold Advantage Benefits include, without limitation, priority relating to making Exchanges, viewing Inventory and reserving Bonus Time and Additional Benefits. The standard benefits of DAE Membership are subject to the Gold Advantage Benefits made available to Gold Advantage Members.

Exchange confirmations will include all pertinent information for the DAE Member to contact the Host Resort in connection with the Exchange. All Confirmed Exchanges are final, non-transferable and are issued subject to the terms of this Disclosure Guide including, without limitation, the Terms and Conditions listed below and the Cancellation Policy. Only those Persons named on the confirmation paperwork may occupy the applicable Accommodation or Holiday Property. DAE is not responsible for documents not received due to the error of any third party.

The deposit of Resort Weeks into the DAE Week Pool does not relieve a DAE Member's obligation to pay any and all maintenance fee assessments, taxes or other similar charges imposed by any applicable local, state or federal governmental entity (or its equivalent if the Resort is located in a foreign country) or imposed by a Home Resort, Host Resort or provider of accommodations and/or other services which are required to be paid fully in advance. Exchange privileges may be denied, or a Confirmed Exchange canceled, if a DAE Member's maintenance fee assessments or similar charges have not been paid when due. Special charges, user fees or government taxes that may not be required by the DAE Member's Home Resort may be charged to the DAE Member by a Host Resort. It is the DAE Member’s responsibility to pay those charges, fees, or taxes if they are not reflected in the Exchange Fee.

DAE Members who desire to deposit Resort Weeks that are based upon vacation points or “floating” timeshare weeks must either obtain confirmed unit week reservations/assignments from their Resort or Timeshare Plan or coordinate with DAE in obtaining such confirmed unit week (or the applicable points) from the DAE Member’s Resort or Timeshare Plan before their Resort Weeks can be deposited into the DAE Week Pool.

All non-promotional Exchange Credits expire on the third (3rd) anniversary of their issuance. Upon expiration of your Exchange Credit, your right to make an Exchange terminates. Additionally, cancellation of a Confirmed Exchange within four (4) weeks of your scheduled check-in date (if you have not obtained a CPO in connection with the Confirmed Exchange) or within 48 hours of your schedule check-in date (if you have obtained a CPO in connection with the Confirmed Exchange) results in forfeiture of your Exchange Credits. Therefore, if you do not accept an Exchange within three (3) years of depositing your Resort Week into the DAE Week Pool or, if you cancel a Confirmed Exchange within four (4) weeks of your scheduled check-in date (without obtaining CPO) or within 48 hours of your scheduled check-in date (with obtaining CPO), you will lose the use and occupancy of your Resort Week without being provided substitute Accommodations or Vacation Property by DAE. Additionally, a cancellation of a confirmed exchange (if you have not obtained CPO in connection with a confirmed exchange), results in forfeiture of your Exchange Fee, regardless of date of cancellation. A cancellation of a confirmed exchange (if you have obtained CPO in connection with a confirmed exchange), within 48 hours will result in the forfeiture of the Exchange Fee.

Each year there are a certain number of Deposited Weeks which are not used by DAE in effectuating Exchanges. While some of these Deposited Weeks go unused, Deposited Weeks not used in effectuating Exchanges are generally used as Bonus Time and/or Additional Benefits. Exchange Credits are not dependent on the disposition of the Resort Week which was exchanged to obtain the Exchange Credit.

F. USE OF RESORT WEEKS

Use by DAE. A DAE Member relinquishes all rights to the use and occupancy of his/her Resort Week upon depositing it into the DAE Week Pool. DAE reserves the right to assign your deposited Resort Weeks to others, whether or not the depositing DAE Member has requested or received an Exchange. Deposited Weeks may be used by DAE to satisfy Exchange Requests, as Bonus Time, as Additional Benefits or as Gold Advantage Benefits, to accommodate inspection visits by DAE personnel, for promotions, sale, marketing, or other purposes as determined by DAE in its sole discretion. Deposited Weeks may not be withdrawn from the DAE Week Pool by the depositing DAE Member. DAE reserves the right in its sole discretion to modify the terms of any Deposited Week transfers.

Use by DAE Members. Participation in the DAE Exchange Program is for personal, non-commercial purposes only. The commercial use, including without limitation the auction, rental or sale, of Resort Weeks obtained through DAE (whether by Exchange, Bonus Time Additional Benefits or Gold Advantage Benefits), Exchange Requests or Confirmed Exchanges is strictly prohibited; provided, however, that DAE Members may assign their Resort Weeks to Guests as set forth in this Disclosure Guide. The only Person who may make an Exchange Request or receive a Confirmed Exchange with respect to a Deposited Week shall be the Resort Week Owner of such Resort Week. A Confirmed Exchange may only be used by a DAE Member or Guest whose name appears on the confirmed reservation.

DAE reserves the right, in its sole discretion (without refund or credit), to revoke a Confirmed Exchange, terminate or suspend the membership of any DAE Member, or deny access to any of the products or services offered in connection with their DAE Membership in the event that the DAE Member, or their Guests or respective invitees, misuse Resort Weeks, Exchange Requests or Confirmed Exchanges, or otherwise breach the Terms and Conditions of DAE Membership.

G. DAE PROGRAM FEES

No Membership/Annual Fees. There are no membership fees or annual fees required to participate in the DAE Exchange Program.

Gold Advantage Initiation and Renewal Fees. DAE Members must pay a one-time Gold Advantage Initiation Fee in order to participate in Gold Advantage and receive the Gold Advantage Benefits. Gold Advantage Members must annually pay the current Gold Advantage Renewal Fee to continue such participation in Gold Advantage. The amount of the Gold Advantage Initiation and Renewal Fees required for participation in Gold Advantage is based upon the residency of the DAE Member. The current Gold Advantage Initiation Fees for North America are $89 USD. The current Gold Advantage Renewal Fees for North America are $59 USD.

Gold Advantage Initiation and Renewal Fees may vary and are subject to change at DAE’s sole discretion. DAE Members will be advised by DAE of any Gold Advantage Initiation and Renewal Fee changes. Gold Advantage Members are responsible for paying the then-current Gold Advantage Renewal Fees to continue participation in Gold Advantage. The above Gold Advantage Initiation and Renewal Fees may vary for corporate participation or other programs offered by or through DAE at DAE’s sole discretion. DAE retains the right to waive any Gold Advantage Initiation or Renewal Fees for any reason.

Exchange Fees. DAE charges an Exchange Fee to process and confirm each Exchange based upon the residency of the DAE Member and the destination (domestic or international) of the Confirmed Exchange. The Exchange Fee is not due until the DAE Member’s Exchange Request has been confirmed (i.e., the DAE Member has received a Confirmed Exchange).

The current Exchange Fees are:

Australia  
Domestic & International $139 AUD
New Zealand
Domestic & International $139 NZD
USA, Canada, Mexico & the Caribbean  
Domestic & International $149 USD

UK & Europe  
Short Haul (Domestic) 84 GBP, 99 EURO
Long Haul (International) 99 GBP , 115 EURO

Asia & Middle East
Domestic $125 USD
International $229 USD
Split Week $90 USD

South Africa
Domestic R710 
International  R1365
 

Egypt & Surrounds
Domestic & International $135 USD


Exchange Fees may vary and are subject to change at DAE’s sole discretion. DAE Members will be advised by DAE of any Exchange Fee changes. The above Exchange Fees may vary for corporate participation or other programs offered by or through DAE at DAE’s sole discretion. DAE retains the right to waive or materially decrease any Exchange Fees for any reason, including, by way of example, in connection with various promotions conducted by DAE from time to time, such as promotions relating to the deposit of Resort Weeks which DAE determines to be in high demand. In addition, Gold Advantage Members currently receive a 10% discount on the payment of all Exchange Fees.

Unit Size Upgrade Fees. DAE charges a Unit Size Upgrade Fee for DAE Members to receive an Exchange for a Resort Week for occupancy of 1 bedroom, 2 bedroom, 3 bedroom or larger Accommodations after depositing Resort Weeks for occupancy of Accommodations which are smaller than the Exchange Week confirmed. Therefore, DAE Members who deposit a Resort Week unit size, which is smaller than the Exchange Week confirmed unit size, shall be required to pay the applicable Unit Size Upgrade Fee. Unit Size upgrade Fees are based upon the number of bedrooms of the Accommodations which the DAE Member desires to occupy by virtue of an Exchange. The Unit Size Upgrade Fee is not due until the DAE Member’s Exchange Request has been confirmed (i.e., the DAE Member has received a Confirmed Exchange). The current Unit Size Upgrade Fees in North America are:

Deposit
Unit Size
  1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
Studio $75 $150 $225 $225
1 Bedroom   $75 $150 $225
2 Bedroom     $75 $150

Unit Size Upgrade Fees may vary and are subject to change at DAE’s sole discretion. DAE Members will be advised by DAE of any Unit Size Upgrade Fee changes. The above Unit Size Upgrade Fees may vary for corporate participation or other programs offered by or through DAE at DAE’s sole discretion. DAE retains the right to waive any Unit Size Upgrade Fees for any reason. Unit Size Upgrade Fees are included in the Cancellation Protection Option available on Resort Weeks exchange transactions.

Credit Extension Fees. In certain circumstances as determined solely by DAE, a DAE Members whose Exchange Credit has recently expired may be permitted to extend the Exchange Credit for an additional 6 months upon payment of a Credit Extension Fee in an amount determined by DAE in its sole discretion from time to time. DAE retains the right to waive any Credit Extension Fees for any reason.

Miscellaneous Fees; Taxes. DAE Members are solely responsible for the payment of any and all bed tax, transient occupancy tax or similar tax that may be imposed in connection with the use and occupancy of the Accommodations or Holiday Property pursuant to an Exchange, whether such are included in the Exchange Fee or otherwise imposed.

DAE Members are solely responsible for payment of any applicable port charges, gratuities, personal expenses, utility charges, security deposits and other fees or charges properly levied by a Resort or other party for the use of amenities and facilities.

DAE Members are solely responsible for all damage and loss to the Accommodations or Holiday Property at the Host Resort as a result of DAE Member’s conduct (and the conduct of family, friends, invitees and Guests), as well as all personal charges incurred at the Host Resort including, without limitation, telephone calls, Internet service, meals and beverages, and any other applicable and permissible charges imposed by the Host Resort.

Some resort stays require or make available as an option, all-inclusive fees which are due upon check in, and pay for the guest’s meals and beverages. These all-inclusive programs may include more or less, but are purely at the discretion of the resort. DAE has identified these resorts and labeled them accordingly in the displayable resort profile online. DAE members are solely responsible for all-inclusive fee payments to the Resort.

H. BONUS TIME & ADDITIONAL BENEFITS

DAE reserves the right to offer Bonus Time and Additional Benefits to DAE Members in exchange for Resort Weeks deposited into the DAE Week Pool and/or other costs and fees as determined by DAE from time to time.

Bonus Time. Bonus Time is comprised of all Deposited Weeks that have not been booked in connection with a Confirmed Exchange as of eight (8) weeks prior to the check-in date. DAE makes Bonus Time available to all DAE Members. Bonus Time can be requested and reserved via email, facsimile, Internet (at the DAE Website), and telephone. DAE Members may reserve Bonus Time upon payment of the Bonus Time Price or upon the Exchange of a Resort Week, as the DAE Member may elect. In other words, if a Deposited Week is offered as Bonus Time and you desire to use it for your holiday, you have the choice of either (i) exchanging your Resort Week and paying the Exchange Fee, or (ii) reserving the Deposited Week as Bonus Time and paying the Bonus Time Price. Reservations of Bonus Time are not complete until DAE receives the applicable Bonus Time Price or issues a Confirmed Exchange, as applicable. Gold Advantage Members currently receive a 10% discount on the payment of the applicable Bonus Time Price.

Subject to the terms of this Disclosure Guide, Bonus Time is available to all DAE Members and there is no limit on the amount of Bonus Time that DAE Members can reserve. Your Guests may use the Bonus Time you reserve; provided, however, that (i) all Bonus Time reservations must be made by you, as the DAE Member, on behalf of your Guests, and (ii) you, as the DAE Member, are solely responsible for all damage and loss to the Accommodations or Holiday Property as a result of the conduct of Guests and their invitees, as well as all personal charges incurred in connection with the Bonus Time including, without limitation, telephone calls, Internet service, meals and beverages, and any other applicable and permissible charges. The Bonus Time Price is non-refundable.

Additional Benefits. Additional Benefits include, without limitation, other Accommodations, products or services, as well as “special” or “promotional” offers as may be available as determined by DAE in its sole discretion and upon such Terms and Conditions as may be established by DAE from time to time. DAE may, from time to time and in its sole discretion, add, delete or modify any and all Additional Benefits offered in connection with the Exchange Program. DAE does not guarantee that any specific Additional Benefit will be available to DAE Members, or, if made available, will remain available for any specific period of time.

I. GOLD ADVANTAGE BENEFITS

In addition to the standard benefits of DAE Membership, DAE Members who become and maintain status as Gold Advantage Members are entitled to the Gold Advantage Benefits. Below is a summary of the current Gold Advantage Benefits, a complete list of which is provided on the DAE Website:

Priority Exchange Requests. Exchange Requests of Gold Advantage Members have priority over all other Exchange Requests. Upon making an Exchange Request for a Resort Week, Gold Advantage Members will be placed ahead of all other DAE Members (except for other Gold Advantage Members) on the waitlist for the appropriate Resort Week. Gold Advantage Members have an increased likelihood of receiving Exchanges based upon their Exchange Requests.

Pricing Advantages. Gold Advantage Members currently receive a 10% discount on the payment of Resort Week Exchange Fees, Unit Size Upgrade Fees and Bonus Time Prices. The Gold Advantage 10% discount is not available on CPO, Rentals, daeOptions rental or daeOptions exchange prices.

Advance Notice of Available Inventory. Gold Advantage Members are permitted to view and book new Inventory fourteen (14) days prior to other DAE Members in connection with Exchanges, Bonus Time and Additional Benefits.

Lifestyle Benefits. The Gold Advantage Benefits also include numerous lifestyle benefits made available to Gold Advantage Members through DAE’s partnerships with providers of goods and services. These lifestyle benefits include a variety of discounted products and services which are described in further detail on the DAE Website.

DAE reserves the right, in its sole discretion and at any time, to amend, modify or terminate any existing Gold Advantage Benefits, to add Gold Advantage Benefits and/or to amend, modify or terminate Gold Advantage in its entirety, as determined by DAE. The standard benefits of DAE Membership are subject to the Gold Advantage Benefits made available to Gold Advantage Members.

Any Gold Advantage Member who fails to timely pay the applicable Gold Advantage Renewal Fee shall lose the right to participate in Gold Advantage and receive Gold Advantage Benefits.

J. CANCELLATION POLICY

We understand that circumstances sometimes change causing plans to be altered at the last minute. Where we can, we try our best to accommodate special circumstances once you have paid for your Confirmed Exchange. Subject to the following “Cancellation Policy,” DAE Members may cancel their Resort Weeks Confirmed Exchanges by notifying DAE by telephone or in writing.

Cancellations by DAE. DAE reserves the right, in its sole discretion (without refund or credit), to cancel a Confirmed Exchange, cancel an Exchange Request or otherwise deny the Exchange privileges of any DAE Member whose Exchange Fee is rejected by the DAE Member’s bank or credit card company or who has not fully prepaid all annual maintenance fees, assessments, dues, taxes, and other charges relating to its ownership or membership in the applicable Resort or Timeshare Plan. DAE may cancel or suspend membership privileges of any DAE Member failing to comply with the Terms and Conditions of DAE Membership set forth in this Disclosure Guide.

Cancellation Protection Option (CPO). DAE offers DAE Members the option of obtaining the Cancellation Protection Option (CPO) at the time of accepting an Exchange offer upon payment of the current CPO costs. Should you obtain CPO and subsequently request cancellation of your Confirmed Exchange at least 48 hours prior to your scheduled check-in date, you will have until the earlier of (i) the expiration of your original Exchange Credit, or (ii) 24 months from the date of cancellation, to make a Replacement Exchange. Your right to make a Replacement Exchange shall terminate if not timely made. There is no cost to make a Replacement Exchange. You will have the option of electing to obtain a new CPO on any Replacement Exchange upon payment of the then-current CPO costs. No monetary refunds are allowed on cancellations regardless of whether a CPO has been obtained.

The CPO costs are based upon the residency of the DAE Member and are currently as follows:

Australia  $15 AUD                            New Zealand  $15 NZD       

USA, Canada & Mexico  $30 USD    South Africa  R 90

Asia & Middle East  $25 USD           UK & Europe  12 GBP   15 EURO

Egypt & Surrounds $25 USD    

Costs of CPO may vary and are subject to change in DAE’s sole discretion. DAE Members will be advised by DAE of any changes in the cost of CPO. CPO costs may vary for corporate participation or other programs offered by or through DAE in DAE’s sole discretion. DAE retains the right to waive CPO costs in its sole discretion. CPO cannot be used to cancel a Confirmed Exchange and then re-book the same Resort Week as either a Bonus Week or Additional Benefit. We ask DAE Members to be fair and use CPO for its intended purposes, and not to misuse it. CPO may not be used to cancel any Confirmed Exchange within 48 hours of the scheduled check-in date.

Declining CPO. CPO is completely optional and DAE Members are not required to obtain CPO. Members who decline CPO in connection with a Confirmed Exchange will forfeit their Exchange Fee upon cancellation of a Confirmed Exchange, which includes any change in dates, vacation area or Resorts. Additionally, your Exchange Credit (including your ability to make an Exchange) will be forfeited if you cancel any Confirmed reservation within four (4) weeks of your scheduled check-in date.

Cancellations of Bonus Time & Additional Benefits. CPO is not available for Bonus Weeks or Additional Benefits including, without limitation, “special” or “promotional” offers. Cancellation of any of these types of reservations results in forfeiture of the entire price paid in connection therewith. This includes Bonus Time, Rentals, and daeOptions Rentals and daeOptions Exchanges.

In the event that a Resort becomes uninhabitable due to a natural disaster, DAE is not liable for the resulting cancellations. The Deposited Week used for this Exchange will not be eligible for another Exchange. An additional Exchange Fee (and, as applicable, Unit Size Upgrade Fee) will be required to confirm another Exchange Request using a newly deposited Resort Week.

K. AFFILIATED RESORTS AND DAE PARTICIPANTS

DAE is an independent exchange company and is not currently affiliated with any Resorts, Timeshare Plans, timeshare developers or managers of timeshare property. Accordingly, there are no Resorts or Timeshare Plans that “participate” in the DAE Exchange Program. Instead, DAE offers membership in the DAE Exchange Program directly to Resort Week Owners. Thus, it is not possible or relevant for DAE to list (1) the name and address of each Resort or Timeshare Plan participating in the DAE Exchange Program; (2) the number of Accommodations or Holiday Properties in each Resort or Timeshare Plan that are available for occupancy and which qualify for participation in the DAE Exchange Program, expressed within the numerical groupings 1-5; 6-10; 11-20; 21-50; and 51 and over; or (3) the number of Currently Enrolled DAE Members for each Resort or Timeshare Plan participating in the DAE Exchange Program in the numerical groupings 1-100; 101-249; 250-499; 500-999; and 1000 and over. Notwithstanding the foregoing, DAE reserves the right, in its sole discretion, to affiliate with any Resort, Timeshare Plan, timeshare developer or manager of timeshare property at any time. Any additions of affiliates shall be determined by DAE based upon factors such as size, location, and quality of the affiliated resort and its accommodations and facilities.

The number of Resorts available through the DAE Exchange Program varies at any given time because availability is not based on the “participation” of any particular Resort or Timeshare Plan in the DAE Exchange Program; rather, availability of particular Resorts is solely dependent upon the Resort location of each DAE Member’s Resort Weeks deposited in to the DAE Program. Accordingly, in selecting a location for Exchange, DAE Members are limited to those Resorts in which Resort Weeks have been deposited. The minimum duration of timeshare intervals/Resort Weeks is established by the governing documents of the particular Resort in which such Resort Weeks exist.

The constantly changing Resorts available to DAE Members through the DAE Exchange Program vary in size from a few Accommodations or Holiday Properties to several hundred per Resort. Each DAE Member is given a detailed description of the applicable Resort before selecting a Resort Week at such Resort.

L. ADDITIONAL TERMS AND CONDITIONS

In addition to the foregoing, DAE Members further acknowledge and agree that:

In order for a Resort Week Owner to participate in the DAE Exchange Program, the following conditions must be met: (i) the Resort Week Owner must not be in default under their purchase contract or membership agreement with their respective Resort or Timeshare Plan and are current on all annual maintenance fees, assessments, dues, taxes, and other charges relating to their ownership/membership in the applicable Resort or Timeshare Plan; (ii) with respect to any purported holiday property, the holiday or vacation apartment unit purported to be holiday property must meet all of the DAE qualifications for Holiday Property as determined by DAE in its sole discretion, (iii) the Resort at which an Accommodation or Holiday Property is located must be operated in a commercially reasonable fashion as determined by DAE in its sole discretion and any holiday or vacation apartment must qualify as Holiday Property; and (iv) the Resort Week Owner must have the sole ownership and/or use rights in the Deposited Week at the time the Exchange is confirmed.

DAE reserves, in its sole discretion, the right to amend or modify these Terms and Conditions of participation in the DAE Exchange Program at any time and for any reason including, without limitation, the increase or decrease of fees provided for hereunder and/or the addition of membership fees and other fees. Participants will be provided with notice of all material changes to the DAE Exchange Program subsequent to the Effective Date of this Disclosure Guide. DAE reserves the right to provide such notice via newsletter, email, publication, mailing or posting on the DAE Website (www.daelive.com), or by any other method as DAE may determine. Any amendment or modification will be effective upon publication or mailing. DAE further reserves, in its sole discretion, the right to modify, waive or eliminate any term or condition with respect to any DAE Member or group of DAE Members including, without limitation, any and all fees.

By participating in the DAE Exchange Program, each DAE Member irrevocably and unconditionally submits, for itself and its property, to the jurisdiction of the courts of Maricopa County, Arizona for any and all disputes arising in relation to the DAE Exchange Program. DAE Members agree that not to institute or seek to institute any litigation arising out of or relating to the DAE Exchange Program in any forum other than a court of Maricopa County, Arizona.

Each DAE Member consents and waives such DAE Member’s objection to the non-exclusive personal jurisdiction of a venue in the Arizona state courts situated in Maricopa County, Arizona and the United States District Court for the District of Arizona for all cases and controversies under the Terms and Conditions or between DAE and the DAE Member.

WAIVER OF JURY TRIAL. EACH DAE MEMBER HEREBY WAIVES THE RIGHT TO A JURY TRIAL IN ANY ACTION RELATED TO THE TERMS AND CONDITIONS HEREOF OR THE RELATIONSHIP BETWEEN ANY INDEMNITEE, ANY MEMBER, ANY GUEST OF A MEMBER, AND THEIR RESPECTIVE ASSIGNS AND SUCCESSORS.

If any legal action is initiated by a DAE Member or a Guest or by DAE pertaining, directly or indirectly, to the Terms and Conditions or DAE in general, and DAE prevails, that DAE Member or Guest shall, without limitation, pay all costs incurred by DAE in defending such action, including reasonable attorneys’ fees, paralegal fees and court costs.

The Terms and Conditions in this Disclosure Guide constitute the entire agreement between the parties hereto with respect to the subject matter set forth herein and supersede all previous communications, representations, or agreements, either oral or written, between the parties relating to such subject matter.

DAE’s logo, brand name and other trademarks may not be used without the prior written permission of DAE. Other logos and brand names described herein may be trademarks of their respective owners.

The Terms and Conditions of participation in the DAE Exchange Program shall be governed by and construed in accordance with the laws of the State of Arizona, except for its conflicts of laws and principles.

They remain subject to any and all procedures, terms, conditions, rules and regulations, and financial obligations related to a DAE Member’s ownership/membership in its Resort and/or Timeshare Plan.

They are responsible for abiding by the rules and regulations of the Host Resort. Each DAE Member is responsible for his or her own actions as well as the actions of his or her family, friends, invitees, Guests and any other Persons permitted by a DAE Member to use the Accommodation or Holiday Property in connection with an Exchange, Additional Benefits and Bonus Time.

The failure of a DAE Member to fully comply with all of its obligations related to its ownership/membership in its Resort and/or Timeshare Plan may result in such DAE Member being unable to enjoy the rights and benefits otherwise available in connection with the DAE Exchange Program.

The Resort Week deposited for Exchange has neither been utilized by nor assigned to any other Person. Resort Weeks to be banked in the DAE Week Pool may not be deposited with another exchange company (“Double Banking”). DAE Members shall be solely responsible for any expenses incurred by DAE or another DAE Member who has been denied access to a Deposited Week as a result of Double Banking.

DAE Members who desire to deposit Resort Weeks which are based upon vacation points or “floating” timeshare weeks must obtain either obtain confirmed unit week reservations/assignments from their Resort or Timeshare Plan or coordinate with DAE in obtaining such confirmed unit week (or the applicable points) from the DAE Member’s Resort or Timeshare Plan before their Resort Weeks can be deposited into the DAE Week Pool.

Participation in the DAE Exchange Program is for personal, non-commercial purposes only. The commercial use, including without limitation auction, rental or sale, of Resort Weeks obtained through DAE (whether by Exchange, Bonus Time or Additional Benefits), Exchange Requests or Confirmed Exchanges is strictly prohibited.

All Exchange transactions are between DAE and the applicable DAE Member. Guests are not parties to any transaction between DAE and DAE Members. All Confirmed Exchanges must include the name of the Person(s) allowed to check-in at the Host Resort. Any changes in such Person(s) must be made by the DAE Member who made the Exchange by contacting DAE. Upon receipt of such change, DAE will issue a new Exchange Confirmation and the Host Resort will be notified accordingly.

Accommodations, services and amenities related to Inventory vary by location and Resort, and Accommodations and Holiday Property may vary in size, quality and décor.

The total number of people occupying the Accommodation or Holiday Property must not exceed the maximum Occupancy of the unit set forth in the Exchange Confirmation or reservation; otherwise, access may be refused or an additional charge may be levied against the DAE Member.

All Accommodations and Holiday Property used and occupied in connection with an Exchange must be left in the same condition as when the DAE Member arrived – “Clean and Tidy.”

Any breakages/damages must be reported immediately to the Host Resort staff. The DAE Member is solely responsible for all damage and loss to the Accommodations or Holiday Property at the Host Resort as a result of DAE Member’s conduct (and the conduct of family, friends, invitees and Guests, and the family, friends and invitees of Guests), as well as all personal charges incurred at the Host Resort including, without limitation, telephone calls, Internet service, meals and beverages, and any other applicable and permissible charges imposed by the Host Resort.

DAE Members are solely responsible for the payment of any and all bed tax, transient occupancy tax or similar tax that may be imposed in connection with a Participant’s use and occupancy of the Accommodations at a Participating Resort, provided that unless otherwise stated all taxes are included in the Exchange Fee.

DAE Members are responsible for payment of any all-inclusive fees that may be charged by any resort to cover the member’s food and beverage during the vacation. It is the DAE member’s responsibility to know what is or is not included in the all-inclusive fee charged directly by the Resort.

DAE Members are responsible for payment of any applicable port charges, gratuities, personal expenses, utility charges, security deposits and other fees or charges properly levied by a Resort or other party for the use of amenities and facilities.

DAE is not responsible for loss, damage to, or theft of personal property related to a DAE Member’s use of Accommodations and/or Holiday Property, nor is DAE liable for personal or bodily injury to a DAE Member or its guests and invitees in connection with such use.

Telephone conversations between DAE Members and DAE in connection with the DAE Exchange Program may be recorded and/or monitored for quality control and training purposes and DAE Members hereby expressly consent to such recording and monitoring.

DAE may occasionally offer promotions, products and services through a variety of marketing programs, including through the use of telephone and email solicitations. DAE Members hereby expressly consent and agree to all such solicitations including, without limitation, solicitations by means of prerecorded messaging, automatic dialing equipment, predictive dialing equipment, email and/or similar marketing methods, and further including solicitations to DAE Member’s cellular telephone number, if any.

DAE’s liability to a Member or Guest for any loss, injury or damages resulting from their use of or inability to use the DAE Exchange Program shall be limited to the fees paid to DAE for the relevant use. In no case shall DAE be liable for special, consequential, incidental or indirect damages. Non-DAE Exchange Program related programs and services offered through DAE or by third parties with permission of DAE, are subject to separate terms and conditions and may be changed, eliminated or added to without prior notice to DAE Members. DAE shall not be responsible for the action or omissions and/or representations (whether oral or written) of any third parties. This limitation applies regardless of the form of action whether in contract, tort or otherwise. This limitation of liability shall also apply to DAE and all affiliated companies, successors, assigns and agents of DAE.

Upon a DAE Member’s renewal of participation and upon each instance of receipt of a Confirmed Exchange or reservation for Bonus Time or Additional Benefits, any and all legal claims of a DAE Members against DAE are and shall be waived and DAE is and shall be released from any and all liability arising from a DAE Member’s participation in the DAE Exchange Program with respect to a claim which may have occurred through the date of renewal or receipt of the Confirmed Exchange or reservation for Bonus Time or Additional Benefits.

To the best of DAE Member’s knowledge, neither DAE Member, its owners (if DAE Member is an entity), its officers, directors or employees or anyone else affiliated with DAE Member, whether by a common ownership, by contract, or otherwise, has been designated as, or is, a terrorist, a “Specially Designated National” or a “Blocked Person” under U.S. Executive Order 13224, in lists published by the U.S. Department of the Treasury’s Office of Foreign Assets Control, or otherwise.

All written information DAE Member submits to DAE about his/her/its Resort or Timeshare Plan, the DAE Member or his/her/its finances was or will be at the time delivered, true, accurate and complete, and such information contains no misrepresentation of a material fact, and does not omit any material fact necessary to make the information disclosed not misleading under the circumstances. There are no express or implied covenants or warranties, oral or written, between DAE and DAE Member except as expressly stated in these Terms and Conditions or otherwise in this Disclosure Guide.

DAE Member will indemnify, defend and hold the Indemnitees harmless, to the fullest extent permitted by law, from and against all losses and expenses, incurred by any Indemnitee for any investigation, claim, action, suit, demand, administrative or alternative dispute resolution proceeding, relating to or arising out of any transaction, occurrence or service at a resort, or involving personal injury or property damage, any breach or violation of any contract or any law, regulation or ruling by, or any act, error or omission (active or passive) or, DAE Member, any party associated or affiliated with DAE Member or any of the owners, officers, directors, employees, agents or contractors of DAE Member or DAE Member’s affiliates. DAE Member has no obligation to indemnify any Indemnitee for damages to compensate for property damage or personal injury if a court of competent jurisdiction makes a final decision not subject to further appeal that the Indemnitee engaged in willful misconduct or intentionally caused such property damage or bodily injury.

DAE Member will respond promptly to any matter described in the preceding paragraph, and defend the Indemnitee. DAE Member will reimburse the Indemnitee for all costs of defending the matter, including reasonable attorneys’ fees, incurred by Indemnitee if DAE Member’s insurer or DAE Member does not assume defense of the Indemnitee promptly when requested, or separate counsel is appropriate, in DAE’s discretion, because of actual or potential conflicts of interest. Indemnitee has the right to retain counsel of its choosing. DAE must approve any resolution or course of action in a matter that could directly or indirectly have any adverse effect on DAE, or could serve as a precedent for other matters.

Any DAE Member whose conduct, or whose family’s, Guest’s or invitee’s conduct, shall be deemed by DAE to be likely to endanger the welfare, safety, harmony or good reputation of DAE or is otherwise improper, may be reprimanded, suspended or expelled from the DAE Exchange Program, and have all privileges associated therewith suspended or terminated. DAE shall be the sole arbiters of what constitutes improper conduct as contemplated herein. 

If the Accommodations or Holiday Property for which an Exchange, Bonus Time of any Additional Benefit has been confirmed become unavailable due to natural disaster, act of God, terrorism, civil unrest, or any other event beyond DAE’s control, you waive any and all claims against DAE.

Any complaints about the Accommodations, Holiday Property or services provided at a Host Resort should be made at the earliest opportunity to a person of authority at the Host Resort. In the event the Host Resort does not resolve the matter, you may notify DAE in writing and provide complete and accurate details of the matter within thirty (30) days of your return. We reserve the right to refuse to consider any complaints made where this procedure has not been followed.

Exchange or non-exchange-related programs and services offered by DAE or by third parties with the permission of DAE, including, without limitation all Gold Advantage Benefits, where applicable, shall be governed by this Disclosure Guide including, without limitation, these Terms and Conditions, but may be subject to additional and/or separate terms and conditions and may be changed or eliminated without prior notice to you. Unless specifically stated to the contrary, where the context requires otherwise or where otherwise prohibited, this Disclosure Guide shall control. DAE accepts no responsibility for the acts or omissions of any third parties providing such programs or services directly to you.

If you or your guest fail to comply with this Disclosure Guide or fail to pay any sums owed to DAE, Resort or any other entity affiliated with DAE, your Confirmed Exchange or reservation may be revoked, your membership may be suspended or terminated, or access may be denied to any of the products or services offered by DAE without further obligation. In the event of a suspension based upon non-payment, your Exchange privileges will remain suspended until all sums that are owed are paid.

If DAE should be prevented, hindered or delayed in the performance of any obligation hereunder, including, but not limited to, providing Accommodations or Holiday Property, due to a “Force Majeure” beyond its reasonable control, and which cannot reasonably be circumvented by DAE through the use of alternate sources or other means, then DAE shall be excused from further performance upon written notice to the affected DAE Member stating the reason for such nonperformance. The term “Force Majeure”, as used herein, shall mean and refer to (i) an act of God or public enemy, fire, explosion, perils of the sea, lightning, earthquake, storm, flood, declared or undeclared war, revolution, insurrection, riot, act of piracy, act of terrorism, sabotage, blockade, embargo, accident, epidemic or quarantine; (ii) action by a governmental authority which prevents or delays performance of DAE’s obligations hereunder; or (iii) a strike, lockout or other labor unrest resulting from any cause and whether or not the demands of the employees involved are reasonable or within DAE’s power to concede. Notwithstanding DAE’s inability to perform any obligation hereunder, the Member’s obligations hereunder shall continue.

These Terms and Conditions and this Disclosure Guide are exclusively for the benefit of the parties. There are no third party beneficiaries. No agreement between DAE and anyone else is for DAE Member’s benefit. The section headings in this Disclosure Guide are for convenience of reference only.

Should DAE allow DAE Member to deviate from these Terms and Conditions or this Disclosure Guide, DAE may insist on strict compliance at any time after written notice. DAE’s silence or inaction may not be used to establish a waiver, consent, course of dealing, implied modification or estoppel. All modifications, waivers, approvals and consents of or under these Terms and Conditions or this Disclosure Guide by DAE must be in writing and signed by DAE’s authorized representative to be effective. DIAL AN EXCHANGE, DIAL AN EXCHANGE TIMESHARE, VACATION OWNERSHIP & POINTS CLUBS EXCHANGE SERVICE, DAE, DAE WEEK POOL, GOLD ADVANTAGE, and related markings and design are trademarks that may not be used without the prior written permission of DAE and its affiliates. Other brand names may be trademarks of their respective owners.  © 2014 Dial An Exchange, LLC and its affiliates.

Report of Key Operating Exchange Statistics Year Ended December 31, 2013

Report of Independent Certified Public Accountants

To the Board of Directors of Dial An Exchange, LLC,

We have examined the accompanying Report of Key Operating Exchange Statistics of Dial An Exchange, LLC as of and for the year ended December 31, 2013. This report is the responsibility of management of Dial An Exchange, LLC. Our responsibility is to express an opinion on this report based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining on a test basis, evidence supporting the report and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.

In our opinion, the Report of Key Operating Exchange Statistics presents, in all material respects, the information set forth therein as of and for the year ended December 31, 2013, in accordance with Sections 721.18 (1) (q) and (r) of the Florida Vacation Plan and Timesharing Act.


Certified Public Accountants


May 9th 2014

Year Ended December 31, 2013

Item

The number of purchasers (members) currently enrolled in the exchange program - 126,111

The number of time-share properties, accommodations or other facilities that have current affiliations agreements with the exchange program - 0

The percentage of confirmed exchanges for the year, expressed as the number of confirmed exchanges divided by the number of exchange request properly applied for (see note below) - 85.8%

The number of confirmed exchanges for which DAE has an outstanding obligation to provide an exchange to a DAE member who relinquished a resort week during the current year (2013) in exchange for a time-share period in a future year - 3,944

The percentage stated above is a summary of the properly applied for exchange requests entered with the exchange program in the period reported. The percentage does not indicate a purchaser’s probability of being confirmed to any specific choice or range of choices since availability at individual locations may vary. See accompanying notes.

Notes to Report of Key Operating Exchange Statistics

Summary of Significant Accounting Policies

The accompanying Report of Key Operating Exchange Statistics of Dial An Exchange, LLC (the “Company”) includes the exchange statistics of Dial an Exchange Timeshare, Vacation Ownership and Points Club Exchange Service (the “DAE Exchange Program”) for the year ended December 31, 2013. The statistics reflected in the Report of Key Operating Exchange Statistics have been computed and are being disclosed in accordance with Sections 721.18 (1) (q) and (r) of the Florida Vacation Plan and Timesharing Act.

Description of Company

The Company is an Arizona limited liability company and operates an exchange program pursuant to Section 721.18, Florida Statutes. The purpose of the DAE Exchange Program is to provide members the opportunity to exchange their resort weeks for available inventory in the DAE Exchange Program. The Company has no signed affiliation agreements with any resorts. DAE is an independent exchange company and is not owned, operated or controlled by any resort developer, seller, managing entity or vacation ownership plan whose resort week owners participate in the DAE Exchange Program.

Memberships

Membership in DAE is completely voluntary and participation in the DAE Exchange Program is not dependent in any way upon DAE’s affiliation with any resort, timeshare plan, timeshare developer or manager of timeshare property. DAE offers the DAE Exchange Program directly to resort week owners who desire to become DAE Members. There is no required fee for membership in DAE, and the DAE Exchange program is offered to all resort week owners.

Membership Exchange Request

DAE members may exchange their resort weeks for DAE inventory made available through the exchange program.Members have two options for effectuating an exchange:1) the Search First Option and 2) the Bank and Save Option.  The Search First Option enables DAE Members to search the DAE Week Pool for Inventory and select the deposited week of their choice. Upon selection of a deposited resort week, a Member deposits their resort week with DAE and makes an exchange request. Upon receipt of an exchange offer from DAE, the Member may either accept or decline the exchange offer. 

The Bank and Save Option enables DAE Members to deposit (bank) their resort weeks into the DAE Week Pool and receive a credit to make an exchange at a later date. Upon depositing the resort week, the member receives an exchange credit to redeem any time within three years from the date of the deposit. Members can then search the DAE week pool and select from available DAE inventory, or may submit an exchange request for future inventory that may be deposited into the DAE Week Pool. Exchange credits expire three years from their date of issuance.  Members who accept the exchange offer must then pay the applicable exchange fee, as defined. In order for a resort week owner to participate in the DAE Exchange Program, the owner must not be in default under their purchase contract or membership agreement with their respective resort or timeshare plan and must be current on all annual maintenance fees, assessments, dues, taxes and other charges relating to their ownership/membership in the applicable resort or timeshare plan. The resort week owner must have the sole ownership and/or use rights in the deposited week at the time the exchange is confirmed.