Exhibit 10.2

Execution Copy

INDENTURE SUPPLEMENT

This INDENTURE SUPPLEMENT, dated June 24, 2015 (this “Supplement”), by and among
Marriott Vacations Worldwide Owner Trust 2011-1, as issuer (the “Issuer”),
Marriott Ownership Resorts, Inc. (“MORI”), as servicer (the “Servicer”), Wells
Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”)
and as back-up servicer (the “Back-Up Servicer”), Deutsche Bank AG, New York
Branch, as administrative agent, and the Conduits, Alternate Purchasers, Funding
Agents and Non-Conduit Committed Purchasers signatory hereto (collectively, the
“Transaction Parties”).

RECITALS

WHEREAS, the Transaction Parties desire to amend the Third Amended and Restated
Indenture and Servicing Agreement, dated as of September 1, 2014 (the
“Indenture”), by and among the Issuer, the Servicer, the Indenture, Trustee and
the Back-Up Servicer, in the manner set forth herein.

WHEREAS, the Indenture may be amended by the parties thereto with the consent of
the Majority Facility Investors;

WHEREAS, the undersigned Conduits, Alternate Purchasers, Funding Agents and
Non-Conduit Committed Purchasers constitute 100% of the Conduits, Alternate
Purchasers, Funding Agents and Non-Conduit Committed Purchasers; and

WHEREAS, terms used herein but not otherwise defined shall have the meanings set
forth in the Third Amended and Restated Standard Definitions attached as Annex A
to the Indenture.

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth,
and for other good and adequate consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.01.   Supplement to the Indenture

Section 6.03 of the Indenture shall be amended by adding the following clause
(f) thereto:

“(f) Notwithstanding anything to the contrary set forth in this Indenture, the
Indenture Trustee shall not sell or otherwise liquidate the Trust Estate
following an Event of Default without the consent of Holders of 100% of the
Notes which are Outstanding if the proceeds of such sale or liquidation would be
less than all amounts due and owing under the Notes or otherwise payable to
Noteholders under the Facility Documents.”

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Section 2.01.   Representations and Warranties

Each of the Issuer and MORI represents and warrants to each of the other
Transaction Parties that:

 

  (a)

it is duly organized, validly existing and is in good standing under the laws of
the jurisdiction of its organization;

 

  (b)

the execution, delivery and performance by it of this Supplement have been duly
authorized; and

 

  (c)

this Supplement is binding upon it and is legally enforceable against it in
accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’
rights generally or equitable principles relating to enforceability.

Section 2.02.   References in all Transaction Documents.

To the extent any Transaction Document contains a provision that conflicts with
the intent of this Supplement, the parties agree that the provisions herein
shall govern.

Section 2.03.   Counterparts.

This Supplement may be executed (by facsimile or otherwise) in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

Section 2.04.   Governing Law.

THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO
BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE TRANSACTION PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 2.05.   Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this
Supplement shall be for any reason whatsoever held invalid, then such covenants,
agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Supplement and shall in no
way affect the validity or enforceability of the other provisions of this
Supplement.

Section 2.06.   Continuing Effect.

Except as expressly amended hereby, each Transaction Document shall continue in
full force and effect in accordance with the provisions thereof and each
Transaction Document is in all respects hereby ratified, confirmed and
preserved.

 

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Section 2.07.   Successors and Assigns.

This Supplement shall be binding upon and inure to the benefit of the
Transaction Parties and their respective successors and permitted assigns.

Section 2.08   No Bankruptcy Petition.

(a)       Each party hereto hereby covenants and agrees that, prior to the date
which is one year and one day after the payment in full of all outstanding
Related Commercial Paper or other indebtedness of a Conduit, it will not
institute against, or join any other Person in instituting against a Conduit any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceeding under the laws of the United States or any state of
the United States or any other jurisdiction with authority over such Conduit.
The provisions of this Section 2.08(a) shall survive the termination of this
Agreement.

(b)       Each party hereto hereby covenants and agrees that, prior to the date
which is one year and one day after the payment in full of all Notes and
Exchange Notes, it will not institute against, or join any other Person in
instituting against the Issuer or the Seller any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding
under the laws of the United States or any state of the United States. The
provisions of this Section 2.08(b) shall survive the termination of this
Agreement.

[Signature pages follow]

 

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IN WITNESS WHEREOF, the parties below have caused this Amendment to be duly
executed by their respective duly authorized officers of the day and year first
above written.

 

 

MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1, as Issuer By:   Wilmington
Trust, National Association, not individually, but solely in its capacity as
Owner Trustee   By:  

/s/ Rachel L. Simpson

    Name: Rachel L. Simpson     Title:   Assistant Vice President Address for
notices: c/o Wilmington Trust, National Association 1100 North Market Street
Wilmington, Delaware 19801 Attention: Rachel L. Simpson Telephone Number:
(302) 636-6128 Facsimile Number: (302) 636-4140 MARRIOTT OWNERSHIP RESORTS,
INC., as Servicer By:  

/s/ Joseph J. Bramuchi

  Name: Joseph J. Bramuchi   Title:   Vice President Address for notices: 6649
Westwood Boulevard Orlando, Florida 32821 Attention: General Counsel Telephone:
(407) 206-6000 Facsimile: (407) 513-6680

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Back-Up
Servicer By:

/s/ Jennifer C. Westberg

Name: Jennifer C. Westberg Title:   Vice President Address for notices: Wells
Fargo Bank, National Association MAC N9311-161 Sixth Street & Marquette Avenue
Minneapolis, Minnesota 55479 Attention:         Corporate Trust

Services/Asset-Backed Administration

Facsimile Number:      (612) 667-3539 Telephone Number:     (612) 667-8058

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DEUTSCHE BANK AG, NEW YORK BRANCH, as Administrative Agent By:

/s/ Daniel Gerber

Name: Daniel Gerber Title:   Director By:

/s/ Robert Sheldon

Name: Robert Sheldon Title:   Managing Director Address for notices: 60 Wall
Street New York, New York 10005 Attention: Mary Conners Telephone:
(212) 250-4731 Facsimile:  (212) 797-5300

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MOUNTCLIFF FUNDING LLC as Conduit By:

/s/ Josh Borg

Name: Josh Borg Title:   Authorized Signatory Address for notices: 20 Gates
Management LLC 30 Irving Place, 2nd Floor New York, NY 10003 Attention: Vidrik
Frankfather Telephone: (212) 295-4146 Facsimile:  (212)  295-3785

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH as Alternate Purchaser By:

/s/ Patrick J. Hart

Name: Patrick J. Hart Title:   Authorized Signatory By:

/s/ Jason D. Muncy

Name: Jason D. Muncy Title:   Authorized Signatory Address for notices: Eleven
Madison Avenue New York, NY 10010 Attention: Conduits and Credit Products Group
Telephone: (212) 325-6688 Facsimile:  (212) 325-4599

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CREDIT SUISSE AG, NEW YORK BRANCH as Funding Agent By:

/s/ Patrick J. Hart

Name: Patrick J. Hart Title:   Vice President By:

/s/ Jason Muncy

Name: Jason Muncy Title:   Vice President Address for notices: Eleven Madison
Avenue New York, NY 10010 Attention: Conduits and Credit Products Group
Telephone: (212) 325-6688 Facsimile:  (212) 325-4599

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SUNTRUST BANK as Non-Conduit Committed Purchaser By:

/s/ Michael Peden

Name: Michael Peden Title:   Vice President Address for notices: 3333 Peachtree
Street NE 10th Floor East Atlanta, Georgia 30326 Attention: Kayla Williams and
David Morley Telephone: (404) 926-5475 Facsimile:  (404) 495-2171

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DEUTSCHE BANK AG, NEW YORK BRANCH as Non-Conduit Committed Purchaser By:  

/s/ Daniel Gerber

Name: Daniel Gerber Title:   Director By:

/s/ Robert Sheldon

Name: Robert Sheldon Title:   Managing Director Address for notices: 60 Wall
Street New York, New York 10005 Attention: Mary Conners Telephone:
(212) 250-4731 Facsimile:  (212) 797-5300

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BANK OF AMERICA, N.A. as Non-Conduit Committed Purchaser By:  

/s/ Robert R. Wood

Name: Robert R. Wood Title:   Director Address for notices: Bank of America,
National Association 214 North Tryon Street, 15th Floor NC1-027-15-01 Charlotte,
North Carolina 28255 Attention: Securitization Finance Group c/o Robert Wood /
Christen Picoli Telephone: 980-388-5938 / 980-388-8138

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WELLS FARGO CAPITAL FINANCE, LLC as Non-Conduit Committed Purchaser By:  

/s/ Ajay Jagsi

Name: Ajay Jagsi Title:   Vice President Address for notices: 14241 Dallas
Parkway, Suite 1300 Dallas, Texas 75254 Attention: Ajay Jagsi Telephone:
(972) 361-7220 Facsimile:  (866) 719-9124