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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 22: Subsequent Events

On April 21, 2022, we completed a $246 million securitization of our gross timeshare financing receivables with an overall weighted average interest rate of 4.30 percent and an overall advance rate of 95 percent. The proceeds were primarily used to pay down one of our conduit facilities in full, which was a total of $115 million, and for general corporate purposes.

On May 3, 2022, we amended the terms of the Timeshare Facility to increase the borrowing capacity from $450 million to $750 million, allowing us to borrow up to the maximum amount until May 2024 and requiring all amounts borrowed to be repaid in 2025. The Timeshare Facility is secured by certain timeshare financing receivables in our loan portfolio.

On May 4, 2022, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to an aggregate of $500 million of its outstanding shares of common stock.