Exhibit 10.1

THIRD AMENDMENT

THIRD AMENDMENT, dated as of May 21, 2012 (this “Amendment”), to the Credit
Agreement, dated as of October 20, 2011 (as amended by the First Amendment,
dated as of November 17, 2011, as further amended by the Waiver and Second
Amendment, dated as of November 18, 2011, the “Credit Agreement”), among
Marriott Vacations Worldwide Corporation, a Delaware corporation (“MVWC”),
Marriott Ownership Resorts, Inc., a Delaware corporation (the “Borrower”), the
several banks and other financial institutions or entities from time to time
party thereto (the “Lenders”), Bank of America, N.A. and Deutsche Bank
Securities Inc., as co-documentation agents, Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Deutsche Bank Securities Inc. as co-syndication agents
and JPMorgan Chase Bank, N.A., as administrative agent.

W I T N E S S E T H

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make
certain loans and other extensions of credit to the Borrower;

WHEREAS, the Borrower has further requested that the Credit Agreement be amended
as set forth herein; and

WHEREAS, the Required Lenders are willing to agree to this Amendment on the
terms set forth herein.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties hereto agree as follows:

SECTION 1. Capitalized Terms. Capitalized terms used but not defined herein
shall have the meanings assigned to such terms in the Credit Agreement.

SECTION 2. Amendments. The Credit Agreement shall be amended as of the Amendment
Effective Date (as defined below) as set forth below.

(a) Amendments to Section 1.1 (Defined Terms). Section 1.1 of the Credit
Agreement is hereby amended as follows:

(i) by inserting the following definition in proper alphabetical order:

“Third Amendment” means the Third Amendment to this Agreement dated May 21,
2012.

(b) Amendments to Section 7.9 (Investments). Section 7.9 of the Credit Agreement
is hereby amended as follows:

(i) by deleting Section 7.9(f) in its entirety and replacing it with the
following:

“(f) (i) Investments by any Foreign Subsidiary in any Foreign Subsidiary that
is, or after giving effect to such Investment will become, a Wholly Owned
Subsidiary; and

(ii) Investments (not otherwise permitted by subsection 7.9(f)(i)) by any Group
Member in any Foreign Subsidiary (or in any Person that after giving effect to
such

--------------------------------------------------------------------------------

Investment will become a Foreign Subsidiary); provided that after giving effect
to such Investment no Default or Event of Default will exist and the amount of
any such Investment shall not exceed on the date such Investment is made, an
amount equal to (1) $100,000,000 minus (2) the aggregate amount of Investments
in Foreign Subsidiaries theretofore made in accordance with this subsection
7.9(f)(ii) after the Effective Date (including for such purpose the fair market
value of any assets contributed to any Foreign Subsidiary (as determined in good
faith by senior management of MVWC) pursuant to this Section 7.9(f)(ii), net of
Indebtedness assigned to, and assumed by, the respective Foreign Subsidiary in
connection therewith) it being understood and agreed that to the extent a Group
Member (other than a Foreign Subsidiary) (after the respective Investment has
been made) receives (A) a cash return from the respective Investment previously
invested pursuant to this Section 7.9(f)(ii) (which cash return may be made by
way of repayment of principal in the case of loans and cash equity returns
(whether as a distribution, dividend or redemption or proceeds of a disposition)
in the case of equity investments), (B) a reduction or termination of an
Investment in the form of a guaranty made under this Section 7.9(f)(ii) or (C) a
return in the form of an asset distribution in respect of the respective
Investment previously invested pursuant to this Section 7.9(f)(ii), then the
amount of such cash return of investment, such reduction or termination of a
guaranty or the fair market value of such distributed asset (as determined in
good faith by senior management of MVWC), as the case may be, shall be added
back; provided that the aggregate amount of add-backs described above in respect
of any Investment permitted by this subsection 7.9(f)(ii) shall not exceed the
amount previously invested pursuant to this Section 7.9(f)(ii) in such
Investment;”.

SECTION 3. Conditions to Effectiveness of Amendment. This Amendment shall become
effective on the date on which the following conditions precedent have been
satisfied or waived (the “Amendment Effective Date”):

(a) The Administrative Agent shall have received a counterpart of this
Amendment, executed and delivered by a duly authorized officer of each of
(i) the Borrower and MVWC and (ii) the Required Lenders.

SECTION 4. Representations and Warranties. Each of the Borrower and MVWC hereby
represents and warrants that (a) each of the representations and warranties
contained in Section IV of the Credit Agreement are, after giving effect to this
Amendment, true and correct in all material respects as if made on and as of the
Amendment Effective Date (unless such representations and warranties are stated
to relate to a specific earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier
date); provided, that each reference to the Credit Agreement therein shall be
deemed to be a reference to the Credit Agreement after giving effect to this
Amendment and (b) after giving effect to this Amendment, no Default or Event of
Default has occurred and is continuing.

SECTION 5. Effects on Credit Documents. (a) Except as specifically amended
herein, all Loan Documents shall continue to be in full force and effect and are
hereby in all respects ratified and confirmed.

(b) The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any Lender or the
Administrative Agent under any of the Loan Documents, nor constitute a waiver of
any provision of the Loan Documents.

SECTION 6. Expenses. The Borrower agrees to pay and reimburse the Administrative
Agent for all of its reasonable out-of-pocket costs and expenses incurred in
connection with the preparation and delivery of this Amendment, and any other
documents prepared in connection herewith and the transactions contemplated
hereby, including, without limitation, the reasonable fees and disbursements of
legal counsel.

--------------------------------------------------------------------------------

SECTION 7. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH
AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY
AGREES AS SET FORTH FURTHER IN SECTION 10.16 OF THE CREDIT AGREEMENT AS IF SUCH
SECTION WERE SET FORTH IN FULL HEREIN.

SECTION 8. Amendments; Execution in Counterparts. (a) This Amendment shall not
constitute an amendment of any other provision of the Credit Agreement not
referred to herein and shall not be construed as a waiver or consent to any
further or future action on the part of the Loan Parties that would require a
waiver or consent of the Required Lenders or the Administrative Agent. Except as
expressly amended hereby, the provisions of the Credit Agreement are and shall
remain in full force and effect.

(b) This Amendment may not be amended nor may any provision hereof be waived
except pursuant to a writing signed by the Borrower, MVWC, the Administrative
Agent and the Required Lenders. This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts,
including by means of facsimile or electronic transmission, each of which when
so executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument.

[Remainder of page intentionally left blank]

--------------------------------------------------------------------------------

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

 

MARRIOTT VACATIONS WORLDWIDE CORPORATION By:  

/s/ Joseph Bramuchi

  Name: Joseph Bramuchi   Title: Vice President

--------------------------------------------------------------------------------

MARRIOTT OWNERSHIP RESORTS, INC. By:  

/s/ Joseph Bramuchi

  Name: Joseph Bramuchi   Title: Vice President

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, N.A., as Administrative Agent and Lender By:  

/s/ Marc Costantino

  Name: Marc Costantino   Title: Executive Director

--------------------------------------------------------------------------------

BANK OF AMERICA, as Lender By:  

/s/ Will T. Bowers

  Name: Will T. Bowers   Title: Senior Vice President

--------------------------------------------------------------------------------

DEUTSCHE BANK AG NEW YORK BRANCH, as Lender By:  

/s/ Mary Kay Coyle

  Name: Mary Kay Coyle   Title: Managing Director By:  

/s/ Marguerite Sutton

  Name: Marguerite Sutton   Title: Director

--------------------------------------------------------------------------------

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender By:  

/s/ Bill O’Daly

  Name: Bill O’Daly   Title: Director By:  

/s/ Tyler R. Smith

  Name: Tyler R. Smith   Title: Associate

--------------------------------------------------------------------------------

BANK OF HAWAII, as Lender By:  

/s/ Donovan Koki

  Name: Donovan Koki   Title: Senior Vice President

--------------------------------------------------------------------------------

FIRST HAWAIIAN BANK, as Lender By:  

/s/ Dawn Hofmann

  Name: Dawn Hofmann   Title: Vice President

--------------------------------------------------------------------------------

THE ROYAL BANK OF SCOTLAND, as Lender By:  

/s/ Timothy J. McNaught

  Name: Timothy J. McNaught   Title: Managing Director

--------------------------------------------------------------------------------

SUNTRUST BANK, as Lender By:  

/s/ Johnetta Bush

  Name: Johnetta Bush   Title: Vice President