Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 FIRST
AMENDMENT 
 FIRST AMENDMENT, dated as of June 26, 2015 (this “Amendment”), to the Second Amended and Restated Credit
Agreement, dated as of September 10, 2014 (as amended, supplemented or otherwise modified prior to the date hereof, 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-syndication agents, Bank of America, N.A. and Deutsche Bank Securities Inc. as co-documentation agents and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative
Agent”). 
 W I T N E S S E T H 

WHEREAS, MVWC, the Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement; and 

WHEREAS, MVWC and the Borrower have requested that the Credit Agreement be amended as set forth herein and the Lenders and the Administrative
Agent have agreed to enter into this Amendment. 
 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. (a) The Credit Agreement is hereby
amended as of the First Amendment Effective Date to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example:
double-underlined text) as set forth in the pages of the Credit Agreement
attached as Exhibit A hereto. 
 (b)     The Credit Agreement is further amended as of the First
Amendment Effective Date by (i) deleting Schedule 1.1A in its entirety and replacing it with a new Schedule 1.1A in the form of Exhibit B hereto, (ii) deleting Schedule 1.1C in its entirety and replacing it with a new Schedule 1.1C
in the form of Exhibit C hereto and (iii) deleting Schedule 4.21 in its entirety and replacing it with a new Schedule 4.21 in the form of Exhibit D hereto. 

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 “First 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 (A) MWVC, (B) the Borrower, (C) the Lenders and (D) the Administrative Agent. 

(b)     After giving effect to this Amendment, each of the representations and warranties made by any Loan Party in or
pursuant to the Loan Documents shall be true and correct in all material respects on and as of the First Amendment Effective Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such earlier date), except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be
true and correct in all respects. 

 (c)     No Default or Event of Default has occurred and is continuing on the
First Amendment Effective Date or after giving effect to the amendments contemplated herein and the extensions of credit requested to be made on the First Amendment Effective Date. 

(d)     All governmental and third party approvals necessary in connection with the transactions contemplated hereby and
by the Credit Agreement shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or, to the Borrower’s knowledge, threatened by any competent authority that
would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. 
 (e)     The
Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses for which invoices have been presented to the Borrower on or before the First Amendment Effective Date. 

(f)     The Administrative Agent and the other Lenders shall have received, at least 5 days prior to the First Amendment
Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, previously requested of the
Borrower by the Administrative Agent. 
 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 4 of the Credit Agreement are, after giving effect to this Amendment, true and correct in all material respects (and in all respects if
qualified by materiality) as if made on and as of the First Amendment Effective Date (or to the extent such representations and warranties expressly relate to a specific earlier date, 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 GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, 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 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 by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed
to constitute one and the same instrument. Delivery of an executed signature page of this Amendment by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Amendment
signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 
 [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 J. Bramuchi
		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
  

 
  

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	/s/ Joseph J. Bramuchi
		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
  

 
  

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

			
		  	JPMORGAN CHASE BANK, N.A., as Administrative Agent and a Lender
		
		  	By:  /s/ Nadeige
Dang                                         
               
		  	       Name: Nadeig Dang
		  	       Title:   Vice President

  
  
  

 

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

			
		  	BANK OF AMERICA, N.A., as a Lender
		
		  	By:  /s/ Suzanne E.
Picket                                        
        
		  	       Name: Suzanne E. Pickett
		  	       Title:   Vice President

  
  
  

 

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

			
		  	 DEUTSCHE BANK AG NEW YORK BRANCH, as a

Lender

		
		  	By: /s/ James
Rolison                                        
            
		  	       Name: James Rolison
		  	       Title:   Managing Director
		
		  	By:  /s/ J.T. Johnston
Coe                                         
   
		  	       Name: J.T. Johnston Coe
		  	       Title:   Managing Director

  
  
  

 

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

			
		  	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
		  	By: /s/ Bill
O’Daly                                       
                     
		  	       Name: Bill O’Daly
		  	       Title:   Authorized Signatory
		
		  	By: /s/ Sean
MacGregor                                        
            
		  	       Name: Sean MacGregor
		  	       Title:   Authorized Signatory

  
  
  

 

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

			
			SUNTRUST BANK, as a Lender
		
			By: /s/ James R. Spaulding                             
                   
			       Name: James R. Spaulding
			       Title:   FVP

  
  
  

 

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

			
		  	BANK OF HAWAII, as a Lender
		
		  	By: /s/ Roderick
Peroff                                        
            
		  	       Name: Roderick Peroff
		  	       Title:   Vice President

  
  
  

 

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

			
		  	THE BANK OF NEW YORK MELLON, as a Lender
		
		  	By: /s/ Carol
Murray                                        
              
		  	       Name: Carol Murray
		  	       Title:   Managing Director

  
  
  

 

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	FIRST HAWAIIAN BANK, as a Lender
		
	By:	 	 /s/ Derek Chang

		 	Name: Derek Chang
		 	Title:   Vice President

  
  

 
  

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	US BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Steven L. Sawyer

		 	Name: Steven L. Sawyer
		 	Title:   Senior Vice President

  
  

 
  

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	WELLS FARGO CAPITAL FINANCE, LLC, as a Lender
		
	By:	 	 /s/ Ajay Jagsi

		 	Name: Ajay Jagsi
		 	Title:   Vice President

  
  

 
  

  
 [Signature Page to First
Amendment to Second Amended and Restated Credit Agreement] 

 Exhibit A 

[See Attached.] 

 CONFORMED COPY REFLECTING 

FIRST AMENDMENT, DATED AS OF JUNE 26, 2015 
  

 
  

$200,000,000 
 SECOND AMENDED AND
RESTATED CREDIT AGREEMENT 
 among 

MARRIOTT VACATIONS WORLDWIDE CORPORATION, 

MARRIOTT OWNERSHIP RESORTS, INC., 

as Borrower, 
 The Several Lenders
from Time to Time Parties Hereto, 
 BANK OF AMERICA, N.A. and DEUTSCHE BANK SECURITIES INC., 

as Co-Syndication Agents and Co-Documentation Agents, 

and 
 JPMORGAN CHASE BANK, N.A.,

 as Administrative Agent 

Dated as of September 10, 2014 
  

 
  

J.P. MORGAN SECURITIES LLC, as Lead Arranger and Bookrunner 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and DEUTSCHE BANK 

SECURITIES INC., as Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 		 		Page	 
	SECTION 1.		 DEFINITIONS
		 	2	  
			
	 1.1
		 Defined Terms
		 	2	  
	 1.2
		 Other Definitional Provisions
		 	3036	  
	 1.3
		 Conversion of Foreign Currencies
		 	3037	  
			
	SECTION 2.		 AMOUNT AND TERMS OF COMMITMENTS
		 	3138	  
			
	 2.1
		 Commitments
		 	3138	  
	 2.2
		 Procedure for Borrowing
		 	3138	  
	 2.3
		 Commitment Fees, etc
		 	3239	  
	 2.4
		 Termination or Reduction of Commitments
		 	3239	  
	 2.5
		 Optional Prepayments
		 	3240	  
	 2.6
		 Mandatory Prepayments and Commitment Reductions
		 	3240	  
	 2.7
		 Conversion and Continuation Options
		 	3341	  
	 2.8
		 Limitations on
EurodollarEurocurrency Tranches
		 	3342	  
	 2.9
		 Interest Rates and Payment Dates
		 	3342	  
	 2.10
		 Computation of Interest and Fees
		 	3442	  
	 2.11
		 Market Disruption; Inability to Determine
Interest Rate; Illegality
		 	3443	  
	 2.12
		 Pro Rata Treatment and Payments
		 	3545	  
	 2.13
		 Requirements of Law
		 	3747	  
	 2.14
		 Taxes
		 	3849	  
	 2.15
		 Indemnity
		 	4152	  
	 2.16
		 Change of Lending Office
		 	4152	  
	 2.17
		 Replacement of Lenders
		 	4152	  
	 2.18
		 Defaulting Lenders
		 	4253	  
	 2.19
		 Accordion
		 	4354	  
	 2.20
		 Refunding of Dollar Loans Made by Foreign Currency
Lenders
		 	56	  
	 2.21
		 Loan Conversion and Participation
		 	56	  
			
	SECTION 3.		 LETTERS OF CREDIT
		 	4457	  
			
	 3.1
		 L/C Commitment
		 	4457	  
	 3.2
		 Procedure for Issuance of Letter of Credit
		 	4558	  
	 3.3
		 Fees and Other Charges
		 	4558	  
	 3.4
		 L/C Participations
		 	4659	  
	 3.5
		 Reimbursement Obligation of the Borrower
		 	4760	  
	 3.6
		 Obligations Absolute
		 	4760	  
	 3.7
		 Letter of Credit Payments
		 	4760	  
	 3.8
		 Applications
		 	4861	  
	 3.9
		 Termination of Issuing Bank
		 	4861	  
			
	SECTION 4.		 REPRESENTATIONS AND WARRANTIES
		 	4861	  
			
	 4.1
		 Financial Condition
		 	4861	  
	 4.2
		 No Change
		 	4961	  
	 4.3
		 Existence; Compliance with Law
		 	4962	  

  
 i 

							
	 4.4
		 Power; Authorization; Enforceable Obligations
		 	4962	  
	 4.5
		 No Legal Bar
		 	4962	  
	 4.6
		 Litigation
		 	4962	  
	 4.7
		 No Default
		 	5062	  
	 4.8
		 Ownership of Property; Liens
		 	5063	  
	 4.9
		 Intellectual Property
		 	5063	  
	 4.10
		 Taxes
		 	5063	  
	 4.11
		 Federal Regulations
		 	5063	  
	 4.12
		 Labor Matters
		 	5063	  
	 4.13
		 ERISA
		 	5063	  
	 4.14
		 Investment Company Act; Other Regulations
		 	5164	  
	 4.15
		 Subsidiaries
		 	5164	  
	 4.16
		 Use of Proceeds
		 	5164	  
	 4.17
		 Environmental Matters
		 	5164	  
	 4.18
		 Accuracy of Information, etc
		 	5265	  
	 4.19
		 Security Documents
		 	5265	  
	 4.20
		 Solvency
		 	5366	  
	 4.21
		 Regulation H
		 	5366	  
	 4.22
		 Certain Documents
		 	5366	  
	 4.23
		 Anti-Corruption Laws and Sanctions
		 	5366	  
			
	SECTION 5.		 CONDITIONS PRECEDENT
		 	5467	  
			
	 5.1
		 Conditions to Initial Extension of Credit
		 	5467	  
	 5.2
		 Conditions to Each Extension of Credit
		 	5770	  
			
	SECTION 6.		 AFFIRMATIVE COVENANTS
		 	5871	  
			
	 6.1
		 Financial Statements
		 	5871	  
	 6.2
		 Certificates; Other Information
		 	5972	  
	 6.3
		 Compliance and Borrowing Base Certificates
		 	6073	  
	 6.4
		 Payment of Obligations
		 	6174	  
	 6.5
		 Maintenance of Existence; Compliance
		 	6174	  
	 6.6
		 Maintenance of Property; Insurance
		 	6174	  
	 6.7
		 Inspection of Property; Books and Records; Discussions
		 	6376	  
	 6.8
		 Notices
		 	6376	  
	 6.9
		 Environmental Laws
		 	6376	  
	 6.10
		 Additional Collateral, etc
		 	6477	  
	 6.11
		 Accounts
		 	6679	  
	 6.12
		 Credit Rating
		 	6679	  
	 6.13
		 Compliance with Anti-Corruption Laws and Sanctions
		 	6679	  
			
	SECTION 7.		 NEGATIVE COVENANTS
		 	6780	  
			
	 7.1
		 Financial Condition Covenants
		 	6780	  
	 7.2
		 Borrowing Base
		 	6780	  
	 7.3
		 Indebtedness
		 	6780	  
	 7.4
		 Liens
		 	7083	  
	 7.5
		 Fundamental Changes
		 	7184	  
	 7.6
		 Disposition of Property
		 	7285	  
	 7.7
		 Restricted Payments
		 	7386	  

  
 ii 

							
	 7.8
		 Capital Expenditures
		 	7386	  
	 7.9
		 Investments
		 	7386	  
	 7.10
		 Transactions with Affiliates
		 	7588	  
	 7.11
		 Sales and Leasebacks
		 	7588	  
	 7.12
		 Swap Agreements
		 	7588	  
	 7.13
		 Changes in Fiscal Periods
		 	7689	  
	 7.14
		 Negative Pledge Clauses
		 	7689	  
	 7.15
		 Clauses Restricting Subsidiary Distributions
		 	7689	  
	 7.16
		 Lines of Business
		 	7689	  
	 7.17
		 Amendments to Intercompany Agreements
		 	7689	  
	 7.18
		 Optional Payments and Modifications of Subordinated Debt
		 	7689	  
	 7.19
		 Use of Proceeds
		 	7790	  
			
	SECTION 8.		 EVENTS OF DEFAULT
		 	7790	  
			
	SECTION 9.		 THE AGENTS
		 	8093	  
			
	 9.1
		 Appointment
		 	8093	  
	 9.2
		 Delegation of Duties
		 	8093	  
	 9.3
		 Exculpatory Provisions
		 	8093	  
	 9.4
		 Reliance by Administrative Agent
		 	8093	  
	 9.5
		 Notice of Default
		 	8194	  
	 9.6
		 Non-Reliance on Agents and Other Lenders
		 	8194	  
	 9.7
		 Indemnification
		 	8194	  
	 9.8
		 Agent in Its Individual Capacity
		 	8295	  
	 9.9
		 Successor Administrative Agent
		 	8295	  
	 9.10
		 Documentation Agents and Syndication Agents
		 	8295	  
			
	SECTION 10.		 MISCELLANEOUS
		 	8295	  
			
	 10.1
		 Amendments and Waivers
		 	8295	  
	 10.2
		 Notices
		 	8396	  
	 10.3
		 No Waiver; Cumulative Remedies
		 	8598	  
	 10.4
		 Survival of Representations and Warranties
		 	8598	  
	 10.5
		 Payment of Expenses and Taxes
		 	8598	  
	 10.6
		 Successors and Assigns; Participations and Assignments
		 	8699	  
	 10.7
		 Adjustments; Set-off
		 	89102	  
	 10.8
		 Counterparts
		 	89103	  
	 10.9
		 Severability
		 	89103	  
	 10.10
		 Integration
		 	89103	  
	 10.11
		 GOVERNING LAW
		 	90103	  
	 10.12
		 Submission To Jurisdiction; Waivers
		 	90103	  
	 10.13
		 Acknowledgements
		 	90104	  
	 10.14
		 Releases of Guarantees and Liens
		 	91104	  
	 10.15
		 Confidentiality
		 	91105	  
	 10.16
		 WAIVERS OF JURY TRIAL
		 	92106	  
	 10.17
		 USA Patriot Act
		 	92106	  
	 10.18
		 Effect of Amendment and Restatement of the Existing Credit Agreement
		 	92106	  

  
 iii 

 SCHEDULES: 
  

			
	1.1A		Commitments**
	1.1B		Borrowing Base*
	1.1C		Mortgaged Property**
	1.1D		Description of Singapore LC
	1.1E		Fiscal Periods*
	1.1F		Excluded Property*
	4.4		Consents, Authorizations, Filings and Notices
	4.15		Subsidiaries*
	4.19(a)		UCC Filing Jurisdictions*
	4.19(b)		Mortgage Filing Jurisdictions*
	4.21		Real Property in Flood Area**
	7.3(d)		Existing Indebtedness
	7.4(f)		Existing Liens

 EXHIBITS: 
  

			
	A		[Reserved]
	B		Form of Compliance Certificate*
	C		Form of Closing Certificate
	D		Form of Mortgage
	E		Form of Assignment and Assumption*
	F		Form of Borrowing Base Certificate*
	G-1		Form of Legal Opinion of Greenberg Traurig LLP
	G-2		Form of In-House Legal Opinion
	G-3		Form of Land Trust Legal Opinion
	H		Forms of U.S. Tax Certificate*
	J-1		Form of Increased Facility Activation Notice*
	J-2		Form of New Lender Supplement*
	K		Power of Attorney
	L		Form of Marriott Comfort Letter
	M		Form of Ritz-Carlton Comfort Letter
	N		Form of Notice of Borrowing*

  
  

 

* As amended on the Second Amendment
and Restatement Effective Date. 

**
 As amended on the First Amendment Effective Date. 
  

  
 iv 

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT (as amended, restated, supplemented or otherwise
modified from time to time, this “Agreement”), dated as of September 10, 2014, 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 parties to this Agreement (the “Lenders”), Bank of America, N.A. and Deutsche Bank Securities Inc., as
co-syndication agents (collectively, in such capacity, the “Syndication Agents”), Bank of America, N.A. and Deutsche Bank Securities Inc., as co-documentation agents (collectively, in such capacity, the “Documentation
Agents”), and JPMORGAN CHASE BANK, N.A., as administrative agent. 
 W I T N E S S E T H: 

WHEREAS, MVWC, the Borrower, the several banks and other financial institutions or entities from time to time parties thereto, the
Documentation Agents, the Syndication Agents and the Administrative Agent entered into that certain Credit Agreement, dated as of October 20, 2011 (as amended by the First Amendment, dated as of November 17, 2011, the Waiver and Second
Amendment, dated as of November 18, 2011, the Third Amendment, dated as of May 21, 2012, and the Fourth Amendment, dated as of June 27, 2012, the “Original Credit Agreement”); 

WHEREAS, MVWC, the Borrower, the Subsidiary Guarantors, the Administrative Agent and the several banks and other financial institutions
or entities from time to time parties thereto entered into the First Amendment and Restatement Agreement, to amend and restate the Original Credit Agreement (as amended by the First Amendment and Restatement Agreement, the First Amendment, dated as
of June 12, 2013, and the Second Amendment, dated as of October 4, 2013, the “Existing Credit Agreement”) as of the First Amendment
and Restatement Effective Date; 

WHEREAS, the Borrower has requested that the Existing Credit Agreement be amended and restated to, among other things,
(a) establish Commitments hereunder to replace the Existing Commitments in the manner set forth herein and (b) make certain other changes as more fully set forth herein, which amendment and restatement shall become effective on the Second
Amendment and Restatement Effective Date; 

WHEREAS, the Required Lenders have, pursuant to the Second Amendment and Restatement Agreement, agreed that this Agreement shall amend
and restate the Existing Credit Agreement on the Second Amendment and Restatement
Effective Date; 
 WHEREAS, each Lender has executed the Second Amendment and Restatement Agreement; 

WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the
parties under the Existing Credit Agreement and that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the “Obligations” (under, and as defined in, the Existing Credit Agreement) outstanding on
the Second Amendment and Restatement Effective Date as contemplated hereby; and

 WHEREAS, all Obligations are and shall continue to be secured by all collateral on which a Lien is granted to the
Administrative Agent pursuant to any Loan Document. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto hereby agree to amend and restate the Existing Credit Agreement, and the Existing Credit Agreement is hereby amended and restated in its entirety as follows: 

  
 2 

 

 SECTION 1. DEFINITIONS 

1.1     Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the
respective meanings set forth in this Section 1.1. 
 “40 Act”: the Investment Company Act of 1940, as amended. 

“ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of
(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% and (c) the EurodollarEurocurrency Rate that would be calculated as of such day (or, if such day is not a Business Day, as of the next preceding Business Day) in respect of a proposed
EurodollarEurocurrency Loan denominated in Dollars with a
one-month Interest Period plus 1%. Any change in the ABR due to a change in the Prime Rate, the Federal Funds Effective Rate or such EurodollarEurocurrency Rate shall be effective as of the opening of business on the day of such
change in the Prime Rate, the Federal Funds Effective Rate or such
EurodollarEurocurrency Rate, respectively. 
 “ABR Loans”: Loans the rate of interest applicable to
which is based upon the ABR. 
 “Adjustment Date”: as defined in
Section 2.6(c). 
 “Administrative Agent”: JPMorgan Chase
Bank, N.A., together with its affiliates, as the arranger of the Commitments and as the administrative agent for the Lenders under this Agreement and the other Loan Documents, together with any of its successors. 

“Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of
directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Agents”: the collective reference to the Syndication Agents, the Documentation Agents and the Administrative Agent. 

“Aggregate Exposure”: with respect to any Lender at any time, an amount equal to the amount of such Lender’s Commitment
then in effect or, if the Commitments have been terminated, the amount of such Lender’s Extensions of Credit then outstanding,
plus the amount of any participating interest purchased by such Lender pursuant to Section 2.21, minus the amount of any participating interest sold by such Lender pursuant to
Section 2.21. 
 “Aggregate Exposure Percentage”: with
respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 

“Agent Indemnitee”: as defined in Section 9.7. 

“Agreement”: as defined in the preamble hereto. 

“ALTA”: the American Land Title Association. 

  
 3 

 

 “Anti-Corruption Laws”: all laws, rules and regulations of the U.S. government,
the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom applicable from time to time concerning or relating to bribery or corruption. 

“Applicable Foreign
Currency Funding Office”: with respect to any Foreign Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent as may be specified from time to time by the Administrative Agent as its funding office with respect
to Foreign Currency Loans denominated in such Foreign Currency by written notice to the Borrower and the Foreign Currency Lenders. 

“Applicable Margin”: for each Type of Loan at any date, the rate per annum for such Type of Loan set forth under the relevant
column heading in the Pricing Grid based upon the Borrower’s Level at such date. 
 “Application”: an application, in
such form as the relevant Issuing Lender may specify from time to time, requesting the Issuing Lender to open a Letter of Credit. 

“Approved Fund”: as defined in Section 10.6(b). 

“Assignee”: as defined in Section 10.6(b). 

“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit E. 

“Australian
Dollars” or “AUD”: the lawful currency of Australia. 

“Available Commitment”: as to any Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s
Commitment then in effect over (b) such Lender’s Extensions of Credit then outstanding. 
 “Available Foreign Currency Commitment”: as to any Foreign Currency Lender at any time (after giving effect to the making and
application of the proceeds of any Loans required to be made on such date pursuant to Section 2.20), an amount equal to the lesser of (a) the excess, if any, of (i) such Foreign Currency Lender’s Foreign Currency Commitment then
in effect over (ii) such Foreign Currency Lender’s Foreign Currency Extensions of Credit then outstanding and (b) such Foreign Currency Lender’s Available Commitment at such
time. 
 “Bankruptcy Event”: with respect to any Person, such
Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its
business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided
that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such
ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental
Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

  
 4 

 

 “Base Consolidated Tangible Net Worth Amount”: 75% of Consolidated Tangible Net
Worth as reflected in the unaudited balance sheet of MVWC included in the unaudited financial statements of MVWC for Fiscal Quarter ended June 20, 2014. 

“BBSY Screen
Rate”: as defined in the definition of “Eurocurrency Base Rate”. 

“Benefitted Lender”: as defined in Section 10.7(a). 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower”: as defined in the preamble hereto. 

“Borrowing Base”: as of any date of determination, the Aggregate Borrowing Base Amount (as defined in Schedule 1.1B)
calculated in accordance with Schedule 1.1B, as the same may be amended from time to time. The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant
to Section 5.2(c) or 6.3(b), as applicable, adjusted on a pro forma basis as specified herein. 
 “Borrowing Base
Certificate”: a certificate substantially in the form of Exhibit F. 
 “Borrowing Base Coverage Ratio”: as of any
date of determination, the ratio of (a) the Borrowing Base as of such date to (b) the sum of (i) Total Extensions of Credit as of such date and (ii) Net Mark-to-Market Specified Swap Exposure of the Loan Parties as of such date;
provided that, for the avoidance of doubt, the amount specified in clause (ii) hereof shall in no circumstances be an amount less than zero. 

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to
make Loans hereunder. 
 “Business”: as defined in Section 4.17(b). 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to close, provided that (i) with respect to notices
and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, such day is alsoEurocurrency Loans denominated in Dollars, the term “Business Day” shall also exclude any day on which banks are not open for
dealings in Dollar deposits in the London interbank market and (ii) with respect to notices and determinations in connection with, and payments of principal and interest on, any Foreign Currency Loans, the term “Business Day” shall
also exclude (w) any day on which commercial banks in London are authorized or required by law to close, (x) any day which is not a day for trading by and between banks in Dollar deposits
for the applicable currency in the interbank eurodollar market.eurocurrency market, (y) with
respect to any Foreign Currency Loans denominated in Euros, any day which is not also a TARGET Day (as determined by the Administrative Agent) and (z) with respect to Foreign Currency Loans denominated in a Foreign Currency other than Euros,
any day which is not also a day on which banks are open for dealings in such currency in the Principal Financial Center for the applicable currency. 

“Calculation
Date”: the last Business Day of each month (or any other day reasonably selected by the Administrative Agent and notified to the Borrower in writing); provided that (a) the second
Business Day preceding (or such other Business Day as the Administrative Agent shall deem applicable with respect to any Foreign Currency in accordance with rate-setting convention for such 

  

  
 5 

 

 
currency) the date any Foreign Currency Loan is made or continued is also a
“Calculation Date”, (b) the date any other Loan is made or continued hereunder is also a “Calculation Date” and (c) the date of issuance, amendment, renewal or extension of any Letter of Credit is also a
“Calculation Date”. 
 “Capital Expenditures”: for
any period, with respect to any Person, the aggregate of all expenditures by such Person and its Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements,
capitalized repairs and improvements during such period) or for construction, acquisition or remodeling that are capitalized as an asset on the consolidated balance sheet of such Person and its Subsidiaries under GAAP. 

“Capital Lease Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any lease of
(or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the
purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Cash Equivalents”: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States
government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or
overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not
less than $500,000,000; (c) commercial paper (including, for the avoidance of doubt, asset-backed commercial paper) of an issuer rated at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized
rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial
bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of
one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign
government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of six
months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; (g) money market mutual or similar funds that invest
exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition; or (h) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the 40 Act), (ii) are rated AAA by
S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 
 “Closing Date” or
“Original Closing Date”: November 21, 2011. 
 “Code”: the Internal Revenue Code of 1986, as amended.

  
 6 

 “Collateral”: all property of the Loan Parties, now owned or hereafter
acquired, upon which a Lien is purported to be created by any Security Document. For the avoidance of doubt it is understood that Excluded Property is not “Collateral”. 

“Collection Account”: any deposit or securities account of a Loan Party designated by the Borrower as a “Collection
Account” in which the Administrative Agent has a valid, perfected and enforceable security interest and over which the Administrative Agent has “control” (as defined in the Uniform Commercial Code) pursuant to an account control
agreement satisfactory in form and substance to the Administrative Agent. 
 “Collateralized”: with respect to any Letter
of Credit, means that such Letter of Credit is secured by cash collateral arrangements and/or backstop letters of credit entered into on terms and in amounts reasonably satisfactory to the relevant Issuing Lender or, in the case of Section 2.6,
to the Administrative Agent; and the terms “Collateralize” and “Collateralization” shall have correlative meanings. 

“Commitment”: the obligation of a Lender, if any, to make Loans and participate in Letters of Credit in an aggregate
principal and/or face amount not to exceed the amount set forth under the heading “Commitment” opposite such Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Lender became a party hereto after
the Second Amendment and Restatement Effective Date, or in an Increased Facility
Activation Notice or in a New Lender Supplement pursuant to which such Lender became a party hereto, as applicable, as the same may be changed from time to time pursuant to the terms hereof. As of the Second Amendment and Restatement Effective Date, the total amount of Commitments is $200,000,000.

 “Commitment Fee Rate”: at any date, the rate per annum set forth under the relevant column heading in the Pricing
Grid based upon the Borrower’s Level at such date. 
 “Commitment Period”: the period from and including the Closing
Date (or, in the case of a Lender that becomes a party hereto after the Closing Date pursuant to Section 2.19, the date on which such Lender becomes a party hereto) to but excluding the Termination Date. 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Compliance Certificate”: a certificate duly executed by a Responsible Officer substantially in the
form of Exhibit B. 
 “Consolidated Adjusted EBITDA”: for any period, Consolidated EBITDA for such period, 

plus (to the extent taken into account in calculating Consolidated EBITDA for such period) 

(a)     any extraordinary or non-recurring non-cash expenses or losses, including, for the avoidance of doubt, any
extraordinary or non-recurring non-cash expenses disclosed in the form 8-K filed by Marriott with the SEC on September 9, 2011, and extraordinary or non-recurring cash charges to the extent such cash charges are incurred on or after the First
Amendment and Restatement Effective Date but on or before the end of the fourth
full fiscal quarter following the First Amendment and Restatement Effective
Date and do not exceed an aggregate amount of $45,000,000; 
  

  
 7 

 

 (b)     losses from dispositions of real estate that are not to traditional
consumer purchasers; provided that the amounts referred to in clauses (a) and (b) shall not, in the aggregate, exceed $150,000,000 for any Fiscal Year; 

(c)     total non-cash product costs of MVWC and its Subsidiaries on a consolidated basis for such period; and 

(d)     additional one-time cash charges related to organizational and separation costs incurred in connection with the
Spin-Off; provided that the aggregate amount added by this clause (d) shall not exceed $30,000,000; 
 minus to the
extent taken into account in calculating Consolidated Net Income for such period, the sum of 
 (u)    
(i) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the
ordinary course of business), including gains from dispositions of real estate that are not to traditional consumer purchasers; (ii) income tax credits (to the extent not netted from income tax expense); and (iii) any other non-operating,
non-cash income (other than non-cash income associated with “financially reportable sales less than closed sales”); 

(v)     any cash payments made during such period in respect of items described in clause (a) above subsequent to the
Fiscal Quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis; 

(w)     the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of MVWC or is merged into
or consolidated with MVWC or any of its Subsidiaries; 
 (x)     the income of any Person (other than a Subsidiary of
MVWC) in which MVWC or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by MVWC or such Subsidiary in the form of dividends or similar distributions; and 

(y)     the undistributed earnings or income of any Subsidiary of MVWC (including any Special Purpose Subsidiary) or
income attributable to any residual interest in any obligation of a Special Purpose Subsidiary to the extent that the declaration or payment of dividends or similar distributions or payment on account of such residual interest by such Subsidiary is
not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary; 

minus 

(z)     Developer Capital Spending of MVWC and its Subsidiaries on a consolidated basis for such period. 

“Consolidated EBITDA”: for any period, Consolidated Net Income for such period, 

plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period,
the sum of  
 (a)     GAAP income tax expense (or minus any benefit); 

  
 8 

 

 (b)     GAAP interest expense, amortization or write-off of debt discount and
debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Loans); 
 (c)
    depreciation and amortization expense; and 
 (d)     amortization of intangibles (including,
but not limited to, goodwill) and organization costs. 
 For the purposes of calculating Consolidated EBITDA for any Reference Period
pursuant to any determination of a financial covenant involving the calculation of Consolidated EBITDA, (i) if at any time during such Reference Period, MVWC or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA
for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the
Consolidated EBITDA (if negative) attributable thereto for such Reference Period and (ii) if during such Reference Period MVWC or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be
calculated after giving pro forma effect thereto as if such Material Acquisition occurred on the first day of such Reference Period. 

“Consolidated Interest Coverage Ratio”: for any period, the ratio of (a) Consolidated Adjusted EBITDA for such period to
(b) Consolidated Interest Expense for such period. 
 “Consolidated Interest Expense”: for any period, total cash
interest expense (including that attributable to Capital Lease Obligations) of MVWC and its Subsidiaries for such period with respect to all outstanding Indebtedness of MVWC and its Subsidiaries (including (i) all commissions, discounts and
other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements and related derivatives in respect of interest rates to the extent such net costs are allocable to such period
in accordance with GAAP and (ii) dividends paid on the Preferred Stock). 
 “Consolidated Leverage Ratio”: as of any
date of determination, the ratio of (a) Consolidated Total Debt on such date to (b) Consolidated Adjusted EBITDA for the Reference Period most recently ended on or prior to such date. 

“Consolidated Net Income”: for any period, the consolidated net income (or loss) of MVWC and its Subsidiaries, determined on
a consolidated basis in accordance with GAAP. 
 “Consolidated Net Worth”: at any date, all amounts that would, in
conformity with GAAP, be included on a consolidated balance sheet of MVWC under stockholders’ equity at such date. 

“Consolidated Tangible Net Worth”: at any date, (a) Consolidated Net Worth, minus (b) the net book value of all
assets on the consolidated balance sheet of MVWC used to calculate Consolidated Net Worth that would be treated as intangible assets under GAAP (including goodwill, trademarks, trade names, service marks, service names, copyrights, patents,
organizational expenses and the excess of any equity in any Subsidiary over the cost of the investment in such Subsidiary), all as determined on a consolidated basis in accordance with GAAP. 

“Consolidated Total Debt”: at any date, the aggregate principal amount of all Indebtedness of MVWC and its Subsidiaries at
such date, determined using consolidation principles in accordance with GAAP, minus (A) the lesser of (x) the greater of (i) the aggregate amount of all 

  
 9 

 

 
Unrestricted cash and Cash Equivalents held by MVWC, the Borrower and the Subsidiary Guarantors at such date minus $50,000,000 and (ii) $0 and (y) $100,000,000, and (B) any
Specified Cash on deposit in a prefunding account established and maintained for the benefit of an Indenture Trustee in connection with Qualified Securitization Transactions. 

“Continuing Directors”: the directors of MVWC on the Closing Date, after giving effect to the Spin-Off and the other
transactions contemplated by the Original Credit Agreement, and each other director, if, in each case, such other director’s nomination for election to the board of directors of MVWC is recommended by at least 66-2/3% of the then Continuing
Directors. 
 “Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Conversion Date”: any date on which either (a) an Event of Default under Section 8(g) has occurred or (b) the
Commitments shall have been terminated and/or the Loans shall have been declared immediately due and payable pursuant to Section 8. 

“Converted Loans”:
as defined in Section 2.21(a). 
 “Credit Party”: the
Administrative Agent, the Issuing Lender or any other Lender. 
 “Default”: any of the events specified in Section 8,
whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
 “Defaulting
Lender”: any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or
(iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such
Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has
made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good
faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend
credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund
prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such
certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 

“Destination Club Competitor Brand”: (i) a branded timeshare, fractional or vacation ownership resort chain with both
(x) one thousand (1,000) or more timeshare units or villas and (y) five (5) or more timeshare, fractional or vacation ownership resorts; or (ii) a timeshare, fractional or vacation ownership exchange program with both
(x) ten thousand (10,000) or more timeshare weeks (or weeks-equivalents, if denominated in points) affiliated with the exchange program and (y) such affiliated weeks represent three (3) or more timeshare, fractional or vacation
ownership resorts. 

  
 10 

 

 “Developer Capital Spending”: for any period, the sum of (i) Capital
Expenditures of MVWC and its Subsidiaries on a consolidated basis that are attributable to the acquisition of completed Time Share Interests or development of Time Share Interests (excluding, for the avoidance of doubt, any Time Share Development
Property Capital Expenditures) during such period and (ii) the portion of any Time Share Development Property Capital Expenditures made during such period or in any prior period which is attributable to the portion of any Time Share Development
Property (or any In-Process Property that was formerly categorized as Time Share Development Property) which is converted to Time Share Interests during such period. 

“Direct Competitor”: any Person, or any Person that controls or is under common control with or that is controlled by a
Person, that (i) owns, directly or indirectly, a Lodging Competitor Brand or a Destination Club Competitor Brand or (ii) is a master franchisee, master franchisor or sub-franchisor for a Lodging Competitor Brand or a Destination Club
Competitor Brand (for the purposes hereof, the terms master franchisee, master franchisor, and sub-franchisor each mean a Person that has been granted the right by a franchisor to offer and sell subfranchises for such Person’s own
account); provided that any prospective Assignee that is a commercial bank shall not constitute a Direct Competitor if it acquired its interest in a Person that is a Direct Competitor as a consequence of having been a lender to a Person that
is a Direct Competitor. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or to cause the direction of the management and policies of such Person, whether by contract or otherwise.

 “Direct-from-Consumer Time Share Interests”: any Time Share Interests which any Loan Party repurchases directly from
consumers, forecloses on or obtains through an exchange, deed-in-lieu of foreclosure or similar process after the Closing Date. 

“Disposition”: with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other
disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Documentation Agents”: as defined in the preamble hereto. 

“Dollars” and “$”: dollars in lawful currency of the United States. 

“Dollar Equivalent”: on any date of determination, (a) with respect to any amount denominated in Dollars, such amount
and (b) with respect to an amount denominated in any other currency, the equivalent in Dollars of such amount determined by the Administrative Agent in accordance with normal banking industry practice using the Exchange Rate on the date of determination of such equivalent, and suchmost
recent Calculation Date (or if such date is a Calculation Date, such date), which determination shall be conclusive in the absence of manifest error. In making any determination of the Dollar Equivalent for a particular Optional Currency, the Administrative Agent shall use the relevant Exchange Rate in effect on the date on which the
Borrower delivers a request for a Letter of Credit to be denominated in such currency, such amount to be adjusted thereafter on each Adjustment Date and on any other date upon which a Dollar Equivalent is required to be determined pursuant to
the provisions of this Agreement.
As appropriate, amounts specified herein as amounts in Dollars shall be or include any relevant Dollar Equivalent amount. 

“Dollar
Loans”: as defined in Section 2.1(a). 

“Documentation Agents”: as defined in the preamble hereto. 

  
 11 

 

“Domestic Funding Office”: the office of the Administrative Agent specified in Section 10.2
or such other office as may be specified from time to time by the Administrative Agent as its funding office with respect to
Loans denominated in Dollars by written notice to the Borrower and the
Lenders. 
 “Domestic Subsidiary”: any Subsidiary of the
Borrower organized under the laws of any jurisdiction within the United States. 
 “Effective Date”: October 20, 2011.

 “Eligible In-Process Property”: as defined in Schedule 1.1B. 

“Eligible Time Share Interests”: as defined in Schedule 1.1B. 

“EMU” means the
economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998. 

“Environmental Laws”: any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes,
ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the
environment, as now or may at any time hereafter be in effect. 
 “ERISA”: the Employee Retirement Income Security Act of
1974, as amended from time to time. 
 “ERISA Affiliate”: any trade or business (whether or not incorporated) that,
together with any Group Member, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event”:
(a) the failure of any Plan to comply with any material provisions of ERISA and/or the Code (and applicable regulations under either) or with the material terms of such Plan; (b) the existence with respect to any Plan of a non-exempt
Prohibited Transaction; (c) any Reportable Event; (d) the failure of any Group Member or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure
by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (e) a determination that any Pension Plan is,
or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (f) the filing pursuant to Section 412 of the Code or Section 302 of ERISA of an application for a
waiver of the minimum funding standard with respect to any Pension Plan; (g) the occurrence of any event or condition which might constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension
Plan or the incurrence by any Group Member or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Pension Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any
Pension Plan; (h) the receipt by any Group Member or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under
Section 4042 of ERISA; (i) the failure by any Group Member or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan pursuant to Sections 431 or 432 of the Code; (j) the incurrence by any Group Member or
any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; (k) the receipt by any Group Member or any ERISA Affiliate of any notice, or the receipt by any Multiemployer
Plan from a Group Member or any ERISA Affiliate of any notice, 

  
 12 

 

 concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected
to be, Insolvent, in Reorganization, in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or terminated (within the meaning of Section 4041A of ERISA); or
(l) the failure by any Group Member or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA. 

“Eurocurrency Reserve Requirements”: for
any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal
fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve
requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 

“EURIBOR Screen
Rate”: as defined in the definition of “Eurocurrency Base Rate”. 

“Euro” or
“€”: the single currency of participating member states of the European Union. 

“EurodollarEurocurrency Base Rate”: (a) with respect to any EurodollarEurocurrency Loan denominated in Euros for any
Interest Period, the London interbank offered rate
as administered by the ICE Benchmark
AdministrationBanking Federation of the European Union (or any
other Person that takes over the administration of such rate) for
DollarsEuros for a period equal in length to such Interest Period as displayed on pages LIBOREURIBOR01 or
LIBOR02 of the Reuters
Sscreen that displays such rate (or, in the event such rate does not appear on
asuch Reuters page or screen, on any successor or substitute page on such screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “EURIBOR Screen Rate”) at approximately 11:00 A.M., London time, two Business Days prior to the commencement
ofas of the Specified Time on the Quotation Day for such Interest Period, (b) with respect to any Eurocurrency
Loan denominated in Australian Dollars for any Interest Period, the average bid reference rate as administered by the Australian Financial Markets Association (or any other Person that takes over the administration of such rate) for Australian
Dollar bills of exchange with a tenor equal in length to such Interest Period as displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “BBSY Screen Rate”) as of
the Specified Time on the Quotation Day for such Interest Period, (c) with respect to any Eurocurrency Loan denominated in Singapore Dollars for any Interest Period, the rate administered by the Association of Banks in Singapore (or any other
Person that takes over the administration of such rate) for deposits in Singapore Dollars for a period equal in length to such Interest Period as displayed on page SIBOR of the Reuters screen (or, in the event such rate does not appear on such
Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its
reasonable discretion; in each case, the “SIBOR Screen Rate”) as of the Specified Time on the Quotation Day for such Interest Period and (d) with respect to any Eurocurrency Loan (other than any Eurocurrency Loan denominated in Euros,
Australian Dollars or Singapore Dollars), the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in the relevant currency for a period
equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such
screen that displays  
  

  
 13 

 

such rate, or on the appropriate page of such
other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case the “LIBOR Screen Rate”) as of the Specified Time on the Quotation Day for such Interest Period; provided that if the
Screenapplicable Screen Rate is less than
zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, that if the applicable Screen Rate shall not be available at such time for such Interest Period (an
“Impacted Interest Period”) with respect to
Dollarsthe relevant currency (the
“Impacted Currency”), then the
EurodollarEurocurrency Base Rate shall be the Interpolated Rate at such time;
provided, further, that if the Screen Rate shall be less than zero, such
rate shall be deemed to be zero for purposes of this Agreement. “Interpolated Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis
between: (a) the Screen Rate for the longest period (for which that Screen Rate is available in Dollars)
that is shorter than the Impacted Interest Period and (b) the Screen Rate for the shortest period (for which that Screen Rate is available for
Dollars) that exceeds the Impacted Interest
Period, in each case, at such
time,(provided that if the Interpolated Rate shall be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement); provided, further, that all of the foregoing shall
be subject to Section 2.11(a). 

“Eurocurrency Reserve
Requirements”: for any day as applied to a Eurocurrency Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such
day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding
(currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 

“EurodollarEurocurrency Loans”: Loans the rate of interest applicable to which is based
upon the EurodollarEurocurrency Rate. 

“EurodollarEurocurrency Rate”: with respect to each day during each Interest Period
pertaining to a
EurodollarEurocurrency Loan, a rate per annum determined for such day in accordance with the following formula: 
  

	
	
EurodollarEurocurrency
 Base Rate

	1.00 - Eurocurrency Reserve Requirements

 “EurodollarEurocurrency Tranche”: the collective reference to Eurodollar LoansEurocurrency Loans denominated in a single
currency and as to which the then current Interest Periods with respect to all of whichthereto begin on the same date and end on the same later date (whether or not such Loans
shall originally have been made on the same day). 
 “Event of Default”: any of the events specified in
Section 8, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 

“Exchange Act”: the Securities Exchange Act of 1934, as amended. 

“Exchange Rate”: for any day with respect to any currency (other than Dollars), the rate at which such currency may be
exchanged into Dollars in the London foreign exchange market for delivery two Business Days later (or, with respect to Pounds Sterling,
such other Business Day as the Administrative Agent shall reasonably deem applicable with respect to such currency), as set forth at 11:00 A.M., London time, on such day on the applicable Reuters
currencyWRLD page (or equivalent) with respect to
such currency. In the event that such rate does not appear on the applicable Reuters 

  
 14 

 currencyWRLD
page (or equivalent), the Exchange Rate with respect to such currency shall
be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower or, in the absence of such agreement, such Exchange Rate shall instead be the spot
rate of exchange of the Administrative Agent in the London
Iinterbank market or other market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about 11:00 A.M., London time, on such day for the purchase of Dollars
with such currency, for delivery two Business Days later (or, with respect to Pounds Sterling, such other Business Day as the
Administrative Agent shall reasonably deem applicable with respect to such currency); provided, however, that if at the time of any such determination, for any reason, no such spot
rate is being quoted, the Administrative Agent may use any method it reasonably deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 

“Excluded Foreign Subsidiary”: any Foreign Subsidiary in respect of which either (a) the pledge of all of the Capital
Stock of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the good faith judgment of the Borrower, result in adverse tax consequences to the Borrower. 

“Excluded Property”: (i) raw land, (ii) real property that is not yet at a stage of development such that it would
be classified as In-Process Property, (iii) Time Share Receivables and Related Assets that constitute collateral for the Receivables Warehouse Facility or that secure a Qualified Securitization Transaction, (iv) any property (excluding
In-Process Property, Time Share Receivables, residual interests in Qualified Securitization Transactions and any Intercompany Agreement) to the extent that such grant of a security interest in such property is prohibited by any Requirements of Law,
requires a consent not obtained of any Governmental Authority pursuant to such Requirement of Law or is prohibited by, or constitutes a breach or default under or results in the termination of, or requires any consent not obtained under, any
contract, license, agreement, instrument or other document evidencing or giving rise to such property (provided that at the time such contract, license, agreement, instrument or other document became effective it did not violate Section 7.14)
or, in the case of any such property that constitutes Investment Property, Pledged Stock or Pledged Notes, any applicable shareholder or similar agreement (provided that at the time such agreement became effective it did not violate
Section 7.14), except to the extent that such Requirement of Law or the term in such contract, license, agreement, instrument or other document or shareholder or similar agreement providing for such prohibition, breach, default or termination
or requiring such consent is ineffective under applicable law, (v) any real property (a) with respect to which no management contract exists with any Group Member or (b) to the extent that no Group Member has the contractual right to
name the Administrative Agent as an additional insured or loss payee on any insurance policies insuring such real property, as contemplated by Section 6.6(b)(iii), (vi) any Direct-from-Consumer Time Share Interests (other than any
Direct-from-Consumer Time Share Interests that the Borrower elects to include in the Borrowing Base as Eligible Time Share Interests pursuant to Section 6.10(c)(iii)), (vii) any other real property (other than In-Process Property, Time
Share Receivables or Time Share Interests), if such real property is not subject to a Mortgage as of the Second Amendment and
Restatement Effective Date and (viii) the properties listed on Schedule 1.1F hereto. 

“Excluded Swap Obligation”: with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, and only
for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure to constitute an “eligible contract
participant,” as defined in the Commodity Exchange Act and the regulations thereunder, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such
Swap Obligation or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” 

  
 15 

 of such Guarantor as specified in any agreement between the relevant Loan Parties and hedge counterparty
applicable to such Swap Obligations, and agreed by the Administrative Agent. If a Swap Obligation arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is
attributable to Swaps for which such guarantee or security interest is or becomes illegal. 
 “Excluded Taxes”: with
respect to any payment made by any Loan Party under any Loan Document, any of the following Taxes imposed on or with respect to a Credit Party: (a) income or franchise Taxes imposed on (or measured by) net income by any jurisdiction under the
laws of which such Credit Party is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits Taxes or similar Taxes imposed by any jurisdiction
described in clause (a) above and (c) in the case of a Non-U.S. Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17), any U.S. Federal withholding Taxes resulting from any Requirement of Law in
effect (including FATCA) on the date such Non-U.S. Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Non-U.S. Lender’s failure to comply with Section 2.14(f), except to the extent that
such Non-U.S. Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from any Loan Party with respect to such withholding Taxes pursuant to
Section 2.14(a). 
 “Extensions of Credit”: as to any Lender at any time, an amount equal to the sum of (a) the
aggregate principal amount of all Dollar Loans held by such Lender then outstanding, (b) the Dollar Equivalent of the aggregate
principal amount of all Foreign Currency Loans held by such Lender then outstanding and (bc) such Lender’s
Percentage of the L/C
ObligationsParticipation Amount then outstanding. 
 “Existing Commitment”: each “Commitment” (as
defined in the Existing Credit Agreement as in effect immediately prior to the Second Amendment and Restatement Effective Date) as in effect immediately prior to the Second Amendment and
Restatement Effective Date. 
 “Existing Credit Agreement”: as
defined in the recitals hereto. 
 “Existing Guarantee and Collateral Agreement”: that certain Amended and Restated
Guarantee and Collateral Agreement, dated as of November 30, 2012, among the Borrower, Guarantors and the Administrative Agent. 

“Facility”: the Commitments and the extensions of credit made hereunder. 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), and any regulations issued thereunder or official interpretations thereof and any agreements entered into pursuant to Section 1472(b)(1) of the Code. 

“Federal Funds Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the
average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by
it; provided that if the Federal Funds Effective Rate is less than zero, such rate shall be deemed to be zero for purposes of this
Agreement. 
  

  
 16 

 “Fee Payment Date”: (a) the third Business Day following the last day of
each March, June, September and December and (b) the last day of the Commitment Period. 
 “Fee Payment Period”:
initially, the period from and including the Effective Date to and including the last day of the month preceding the initial Fee Payment Date, and thereafter, each calendar quarter; provided that the final Fee Payment Period shall end on the
final Fee Payment Date. 

“First Amendment”:
the First Amendment, dated as of June 26, 2015, among the Borrower, Marriott Vacations Worldwide Corporation, the Administrative Agent and the Lenders party thereto. 

“First Amendment and Restatement Agreement”: that certain Amendment and Restatement Agreement, dated as of November 30,
2012 among the Borrower, the Administrative Agent, the Lenders party thereto and the other parties thereto. 
 “First Amendment and Restatement Effective Date”: the “Amendment Effective Date”
(as defined in the First Amendment and Restatement Agreement), which date is November 30, 2012. 
 “First Amendment Effective Date”: as defined in the First Amendment.

 “Fiscal Month”: in relation to any Group Member, the relevant fiscal month as determined in accordance with
Schedule 1.1E. 
 “Fiscal Quarter”: in relation to any Group Member, the relevant fiscal quarter as determined in
accordance with Schedule 1.1E. 
 “Fiscal Year”: in relation to any Group Member, the relevant fiscal year as determined in
accordance with Schedule 1.1E. 
 “Flood Area”: as defined in Section 4.21. 

“Foreign Subsidiary”: any Subsidiary of MVWC or the Borrower that is not a Domestic Subsidiary. 

“Foreign Benefit Arrangement”: any employee benefit arrangement mandated by non-US law that is maintained or contributed to
by any Group Member or any ERISA Affiliate. 

“Foreign
Currency”: Australian Dollars, Euros, Japanese Yen, Pounds Sterling, Singapore Dollars and any additional currencies determined after the First Amendment Effective Date by mutual agreement of the Borrower, the Foreign Currency Lenders and the
Administrative Agent, provided each such currency is a lawful currency that is freely convertible into Dollars and is freely traded and readily available in the London interbank eurocurrency
market. 

“Foreign Currency
Commitment”: the obligation of a Foreign Currency Lender, if any, to make Foreign Currency Loans in an aggregate principal and/or face amount the Dollar Equivalent of which does not exceed the amount set forth under the heading “Foreign
Currency Commitment” opposite such Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Lender became a party hereto after the First Amendment Effective Date, or in an Increased Facility Activation
Notice or in a New Lender Supplement pursuant to which such Lender became a party hereto, as applicable, as the same may be changed from time to time pursuant to the terms hereof. As of the First Amendment Effective Date, the total amount of Foreign
Currency Commitments is $130,000,000.  
  

  
 17 

“Foreign Currency
Commitment Percentage”: as to any Foreign Currency Lender at any time, the percentage which such Foreign Currency Lender’s Foreign Currency Commitment at such time constitutes of the Total Foreign Currency Commitments (or if the Foreign
Currency Commitments have terminated or expired, the percentage which the Foreign Currency Extensions of Credit of such Foreign Currency Lender at such time constitutes of the Total Foreign Currency Extensions of Credit at such time). 

“Foreign Currency
Extensions of Credit”: as to any Foreign Currency Lender at any time, an amount equal to the Dollar Equivalent of the aggregate principal amount of all Foreign Currency Loans held by such Lender then outstanding. 

“Foreign Currency
Lender”: at any time, each Lender with a Foreign Currency Commitment of greater than zero. 

“Foreign Currency
Loans”: as defined in Section 2.1(b). 
 “Foreign Plan”:
each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to US law and is maintained or contributed to by any Group Member or any ERISA Affiliate. 

“Foreign Plan Event”: with respect to any Foreign Benefit Arrangement or Foreign Plan, (a) the failure to make or, if
applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Benefit Arrangement or Foreign Plan; (b) the failure to register or loss of
good standing with applicable regulatory authorities of any such Foreign Benefit Arrangement or Foreign Plan required to be registered; or (c) the failure of any Foreign Benefit Arrangement or Foreign Plan to comply with any material provisions
of applicable law and regulations or with the material terms of such Foreign Benefit Arrangement or Foreign Plan. 
 “Foreign Time
Share Receivable”: a note receivable held by a Foreign Subsidiary arising from the financing of the sale of timeshare intervals and fractional products to a retail customer outside of the United States. 

“Form 10”: the registration statement of MVWC in respect of its common stock on Form 10 under the Exchange Act as filed with
the SEC, including the Exhibits thereto, as amended. 

“Funding Office”: the office of the Administrative Agent specified in Section 10.2 or such other office as may be specified from time to time by the
Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 

“GAAP”: generally accepted accounting principles in the United States as in effect from time to time, except that for
purposes of Section 7.1, GAAP shall be determined on the basis of such principles in effect on the Effective Date and consistent with those used in the preparation of the most recent audited financial statements referred to in
Section 4.1(a). In the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower
and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s
financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the
Required Lenders, all financial covenants, standards and 

  
 18 

 
terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles
required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants or, if applicable, the SEC. 

“Governmental Authority”: any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory
organization (including the National Association of Insurance Commissioners). 
 “Group Members”: the collective reference
to MVWC, the Borrower and their respective Subsidiaries. 
 “Guarantee and Collateral Agreement”: (i) prior to the
First Amendment and Restatement Effective Date, the Original Guarantee and
Collateral Agreement, (ii) on or after the First Amendment and Restatement Effective Date and prior to the Second Amendment and Restatement Effective Date, the Existing Guarantee and Collateral Agreement and (iii) on or after the Second Amendment
and Restatement Effective Date, the Second Amended and Restated Guarantee
and Collateral Agreement. 
 “Guarantee Obligation”: as to any Person (the “guaranteeing person”), any
obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any
bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner,
whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance
or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure
or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of
business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is
made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good
faith. For the avoidance of doubt, the inclusion of a “cap” or other limit on the maximum total exposure under any such Guarantee Obligation shall not, in and of itself, mean that the liability is either “stated” or
“determinable.” 
 “Guarantors”: the collective reference to MVWC and the Subsidiary Guarantors. 

“Impacted
Currency”: as defined in the definition of “Eurocurrency Base Rate”. 

“Impacted Interest
Period”: as defined in the definition of “Eurocurrency Base Rate”. 
  

  
 19 

 “Increased Facility Activation Date”: any Business Day on which any Lender
shall execute and deliver to the Administrative Agents an Increased Facility Activation Notice pursuant to Section 2.19(a) and, in the case of a New Lender, a New Lender Supplement pursuant to Section 2.19(b). 

“Increased Facility Activation Notice”: a notice substantially in the form of Exhibit J-1. 

“Increased Facility Closing Date”: any Business Day designated as such in an Increased Facility Activation Notice. 

“Indebtedness”: of any Person at any date, without duplication: 

(a) all indebtedness of such Person for borrowed money; 

(b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary
course of such Person’s business); provided that, for the avoidance of doubt, any obligation to pay for Marriott Rewards points that arises prior to the effective date of the Spin-Off and the payment of which is deferred pursuant to the
Marriott Rewards Affiliation Agreement shall be Indebtedness); 
 (c) all obligations of such Person evidenced by notes, bonds, debentures
or other similar instruments, 
 (d) all indebtedness created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property); 

(e) all Capital Lease Obligations (but not operating leases) of such Person; 

(f) all obligations of such Person, including recorded loss contingency under GAAP, as an account party or applicant under or in respect of:

 (i) bankers acceptances, 

(ii) surety bonds (excluding surety bonds that support, or are in lieu of, obligations to escrow funds or that are performance
bonds, bonds for operating licenses or maintenance fee subsidy bonds, in each case that have not been drawn), and 

(iii) the outstanding face amount of letters of credit; 

(g) the liquidation value of all redeemable preferred Capital Stock of such Person, including the Preferred Stock; 

(h) all Guarantee Obligations of such Person in respect of obligations that constitute Indebtedness of the kind referred to in clauses
(a) through (g) above; 
 (i) all obligations that constitute Indebtedness of the kind referred to in clauses (a) through
(h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person
has assumed or become liable for the payment of such obligation; and 

  
 20 

 (j) for the purposes of Section 8(e) only, all obligations of such Person in respect of
Swap Agreements and related derivatives. 
 The Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness
expressly provide that such indebtedness is non-recourse to such Person. For the avoidance of doubt, Indebtedness of the type described in the preceding sentence shall not be considered to be recourse to a Person if recourse is contingent upon the
occurrence of specified events that have not yet occurred in circumstances in which the occurrence of such events is within the control of such Person (e.g., provisions commonly known as “bad boy” provisions). Notwithstanding
anything herein to the contrary, Indebtedness shall not include (i) any payment obligation or other liability of such Person under the Marriott International, Inc. Executive Deferred Compensation Plan or the Marriott Vacations Worldwide
Corporation Executive Deferred Compensation Plan, each a non-qualified deferred compensation plan within the meaning of IRC Section 409A, and (ii) any amounts relating to full membership agreements in The Ritz-Carlton Golf Club &
Spa, Jupiter (Florida) which are refundable, without interest, to full members in good standing after thirty years of continuous membership and which do not, in any case, have a redemption date earlier than the year 2029. 

“Indemnified Liabilities”: as defined in Section 10.5. 

“Indemnified Taxes”: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by any Loan
Party under any Loan Document and (b) Other Taxes. 
 “Indemnitee”: as defined in Section 10.5. 

“Indenture Trustee”: with respect to a Qualified Securitization Transaction, any entity designated as trustee or indenture
trustee in the documents relating to such Qualified Securitization Transaction. 
 “Independent Financial Advisor”: an
accounting, appraisal, investment banking firm or consultant to Persons engaged in similar businesses of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged.

 “In-Process Property”: real property owned by a Loan Party that such Loan Party intends to convert into Time Share
Interests for which the Preliminary Construction Stage has commenced; provided that for the avoidance of doubt, raw land shall not be considered In-Process Property. For purposes of this definition, the “Preliminary Construction Stage
has commenced” when each of the following is true regarding the applicable real property: (a) the engineering and design work is complete; (b) all material construction contracts relating to the applicable real property have been
executed; (c) the portion of the site related to the real property has been cleared, prepared and excavated; and (d) construction of the building substructure has commenced. 

“Insolvent”: with respect to any Multiemployer Plan, the condition that such plan is insolvent within the meaning of
Section 4245 of ERISA. 
 “Intellectual Property”: the collective reference to all rights, priorities and privileges
relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and
processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

  
 21 

 

 “Intercompany Agreements”: collectively, the Marriott License Agreement, the
Ritz-Carlton License Agreement, the Noncompetition Agreement, the Marriott Rewards Affiliation Agreement, the Marriott Comfort Letter and the Ritz-Carlton Comfort Letter. 

“Interest Payment Date”: (a) as to any ABR Loan, the last day of each March, June, September and December (or, if an
Event of Default is in existence, the last day of each calendar month) to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any
EurodollarEurocurrency Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any EurodollarEurocurrency Loan having an Interest Period longer than three months, each day that is
three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan (other than any Loan that is an ABR Loan), the date of any repayment or prepayment made in
respect thereof. 
 “Interest Period”: as to any
EurodollarEurocurrency Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such
EurodollarEurocurrency Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its Notice of Borrowing, substantially in the form of Exhibit N, or notice of conversion, as the case may be, given with
respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such EurodollarEurocurrency Loan and ending one, two, three or six months thereafter, as selected by
the Borrower by irrevocable notice to the Administrative Agent not later than 11:00 A.M., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided
that, all of the foregoing provisions relating to Interest Periods are subject to the following: 

  (i)        if any Interest Period would otherwise end on a day that is not
a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the
immediately preceding Business Day; 
   (ii)        the Borrower may not
select an Interest Period that would extend beyond the Termination Date; and 

  (iii)        any Interest Period that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month. 

“Interpolated
Rate”: at any time and with respect to any Impacted Currency for any Impacted Interest Period, the rate per annum (rounded to the same number of decimal places as the applicable Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to
the rate that results from interpolating on a linear basis between: (a) the applicable Screen Rate for the longest period for which such Screen Rate is available for the Impacted Currency that is shorter than the Impacted Interest Period and (b) the Screen Rate for the shortest period for which that Screen Rate is
available for the Impacted Currency is longer than the Impacted Interest Period, in each case,
as of the Specified Time on the Quotation Day. When determining the rate for a period which is shorter than the shortest
period for which the applicable Screen Rate is available, such Screen Rate for purposes of clause (a) above shall be deemed to be (i) if the Impacted Currency is Dollars, the overnight rate for Dollars determined by the Administrative
Agent from such service as the Administrative Agent may select in its reasonable discretion and (ii) otherwise, the Overnight Eurocurrency Rate. 

 

  
 22 

 

 “Investments”: as defined in Section 7.9. 

“IRS”: the United States Internal Revenue Service. 

“Issuing Lender”: each of JPMorgan Chase Bank, N.A., Bank of America, N.A., Deutsche Bank AG New York Branch and any other
Lender (i) approved by the Administrative Agent and the Borrower and (ii) that has agreed in its sole discretion to act as an “Issuing Lender” hereunder, or any of their respective affiliates, in each case in its capacity as
issuer of any Letter of Credit. Each reference herein to “the Issuing Lender” shall be deemed to be a reference to the relevant Issuing Lender. Upon its termination as an Issuing Lender in accordance with Section 3.9, such Lender
shall cease to be an “Issuing Lender”. 

“Japanese Yen”:
the official legal currency of Japan. 
 “Land Trust”: the land
trust number 1082-0300-00 established pursuant to Section 689.071 of the Florida Statutes pursuant to the Trust Agreement, effective as of March 11, 2010, by and among First American Trust FSB, as trustee, the Borrower, as developer, and
MVC Trust Owners Association, Inc., a Florida not-for-profit company. 
 “L/C Commitment”: as to any Issuing Lender, the
amount agreed from time to time by such Issuing Lender and the Borrower (and notified to the Administrative Agent) as the maximum amount of Letters of Credit that such Issuing Lender is willing to issue at any time for the account of the Group
Members hereunder, such amount to be based upon the amount of L/C Obligations attributable to Letters of Credit issued by such Issuing Lender at such time. The L/C Commitment of (i) JPMorgan Chase Bank, N.A. is $20,000,000, (ii) Bank of
America, N.A. is $20,000,000 and (iii) Deutsche Bank AG New York Branch is $20,000,000. 
 “L/C Exposure”: at any
time, the total L/C Obligations. The L/C Exposure of any Lender at any time shall be its Percentage of the total L/C ExposureParticipation Amount at such time. 

“L/C Foreign Currency”: at any time, United Arab Emirates Dirham, Bahraini Dinar, Hong Kong Dollars, Euros, South African Rand, Singapore Dollars
and any other currency that is a lawful currency that is freely convertible into Dollars and is freely traded and
readily
available in the London interbank eurocurrency market that has been designated by the Borrower (with the consent of the
Administrative Agent and the relevant Issuing Lender) to be an
“L/C Foreign Currency”. 
 “L/C Obligations”: at any time, an amount equal to the sum of
(a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit (including the Dollar Equivalent of
the undrawn and unexpired amount of the then outstanding Letters of Credit denominated in L/C Foreign Currencies) and (b) the aggregate amount of drawings under Letters of Credit that have
not then been reimbursed pursuant to Section 3.5 (including the Dollar Equivalent of the aggregate amount of drawings under
Letters of Credit denominated in L/C Foreign Currencies that have not then been reimbursed pursuant to Section 3.5 ). 

“L/C Participation
Amount”: as to any L/C Participant at any time, an amount equal to (a) the lesser of (i) (x) the percentage which such L/C Participant’s Commitment then constitutes of the Total Commitments multiplied by (y) the
aggregate L/C Obligations at such time and (ii) the excess, if any, of (x) such L/C Participant’s Commitment then in effect over (y) the sum of (I) the aggregate principal
 
  

  
 23 

 

 
amount of all Dollar Loans held by such L/C Participant then outstanding plus
(II) the Dollar Equivalent of the aggregate principal amount of all Foreign Currency Loans held by such L/C Participant then outstanding, plus (b) for each L/C Participant that is a Non-Foreign Currency Lender (i) the percentage which such
Non-Foreign Currency Lender’s Commitment then constitutes of the aggregate Commitments of all Non-Foreign Currency Lenders multiplied by (ii) the aggregate amount of the L/C Obligations which cannot be allocated in accordance with clause
(a). 

“L/C Participation
Percentage”: as to any L/C Participant at any time, the percentage which such L/C Participant’s L/C Participation Amount then constitutes of the total L/C Obligations at such time. 

 “L/C Participants”: in respect of any Letter of Credit, the collective reference to all the Lenders other than
the Issuing Lender. 
 “L/C Sublimit”: $100,000,000. 

“Lender Parent”: with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a Subsidiary.

 “Lenders”: as defined in the preamble hereto. 

“Letters of Credit”: as defined in Section 3.1(a). 

“Level”: as defined in the Pricing Grid. 

“LIBOR Screen
Rate”: as defined in the definition of “Eurocurrency Base Rate”. 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having
substantially the same economic effect as any of the foregoing). 
 “Loans”: as defined in
Section 2.1(a)Dollar Loans and Foreign Currency Loans, collectively and individually, as context may
require. 
 “Loan Documents”: this Agreement, the
Security Documents, the Notes and any amendment, waiver, supplement or other modification to any of the foregoing. 
 “Loan
Parties”: each Group Member that is a party to a Loan Document. 

“Local Time”:
(i) with respect to Foreign Currency Loans denominated in Euros and Pounds Sterling, local time in London and (ii) with respect to Foreign Currency Loans denominated in Foreign Currencies other than Euros and Pounds Sterling, local time in
the Principal Financial Center for such Foreign Currency. 
 “Lodging
Competitor Brand”: (i) a branded full service or luxury hotel chain with both (x) four thousand (4,000) or more rooms and (y) twenty (20) or more hotels or (ii) a branded select service or extended
stay hotel chain with both (x) ten thousand (10,000) or more rooms and (y) fifty (50) or more hotels. 

  
 24 

 

 “Management Fees”: management fees paid to a Loan Party under management
contracts with homeowners’ associations domiciled in the United States. 
 “Marriott”: Marriott International, Inc.

 “Marriott Comfort Letter”: the agreement dated as of November 21, 2011, executed and delivered by Marriott, and
Marriott Worldwide Corporation, as licensors, MVWC, as licensee, and the Administrative Agent. 
 “Marriott License
Agreement”: the License, Services and Development Agreement by Marriott and Marriott Worldwide Corporation, a Maryland corporation, as licensors and MVWC, as licensee, effective as of the Spin-Off Date, as the same may from time to time be
amended, modified or otherwise supplemented. 
 “Marriott Rewards Affiliation Agreement”: the Marriott Rewards Affiliation
Agreement, dated as of the Spin-Off Date, by and among Marriott, Marriott Rewards, LLC, an Arizona limited liability company, MVWC and Marriott Ownership Resorts, Inc., a Delaware corporation, as the same may from time to time be amended, modified
or otherwise supplemented. 
 “Material Adverse Effect”: a material adverse effect on (a) the business, property,
operations or financial condition of MVWC and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders
hereunder or thereunder. 
 “Material Acquisition”: any acquisition of property or series of related acquisitions of
property that: 
 (a)       constitutes assets comprising all or substantially all of an operating unit of a
business or constitutes all or substantially all of the common stock of a Person; and 
 (b)       involves
the payment of consideration by MVWC and its Subsidiaries in excess of $200,000,000. 
 “Material Disposition”: any
Disposition of property or series of related Dispositions of property that yields gross proceeds to MVWC or any of its Subsidiaries in excess of $200,000,000. 

“Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum
products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 

“Moody’s”: Moody’s Investors Service, Inc. 

“Moody’s Rating”: at any time, the Borrower’s corporate family rating issued by Moody’s and then in effect.

 “Mortgaged Properties”: the real property and interests in real property listed on Schedule 1.1C and any real property
or interest in real property as to which a Mortgage is granted pursuant to Section 6.10(c). 

  
 25 

 

 “Mortgages”: each of the mortgages and deeds of trust made by any Loan Party in
favor of, or for the benefit of, the Administrative Agent for the benefit of the Lenders, substantially in the form of Exhibit D (with such changes thereto as shall be advisable in the judgment of the Administrative Agent under the law of the
jurisdiction in which such mortgage or deed of trust is to be recorded). 
 “Multiemployer Plan”: a multiemployer plan as
defined in Section 4001(a)(3) of ERISA. 
 “MVWC”: as defined in the preamble hereto. 

“Net Cash Proceeds”: in connection with any issuance or sale of Capital Stock, the cash proceeds received from such issuance,
net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith. 

“Net Mark-to-Market Specified Swap Exposure”: with respect to any Person, as of any date of determination, the excess (if
any) of all unrealized losses over all unrealized profits of such Person arising from Specified Swap Agreements outstanding as of such date of determination. As used in this definition, “unrealized losses” means the fair market value of
the cost to such Person of replacing such Specified Swap Agreement as of such date of determination (assuming the Specified Swap Agreement were to be terminated as of that date) and “unrealized profits” means the fair market value of the
gain to such Person of replacing such Specified Swap Agreement as of such date of determination (assuming such Specified Swap Agreement were to be terminated as of that date). 

“New Lender”: as defined in Section 2.19(b). 

“New Lender Supplement”: as defined in Section 2.19(b). 

“Noncompetition Agreement”: the Noncompetition Agreement, dated as of the Spin-Off Date, between Marriott and MVWC, as the
same may from time to time be amended, modified or otherwise supplemented. 

“Non-Foreign Currency
Lender”: any Lender which is not a Foreign Currency Lender. 

“Non-Recourse Debt”: Indebtedness of a Person: (a) as to which neither the Borrower nor any Guarantor provides any
Guarantee Obligation or credit support of any kind or is directly or indirectly liable, except as expressly permitted by Section 7.3(w), and (b) which does not provide any recourse against any of the assets of the Borrower or any
Guarantor. Notwithstanding the foregoing, (i) the provision of Standard Securitization Undertakings in connection with a Qualified Securitization Transaction shall not invalidate the status of the Indebtedness of such Time Share SPV that is
otherwise classified as Non-Recourse Debt pursuant to the terms of this definition and (ii) Indebtedness shall not be considered to be recourse to a Person if recourse is contingent upon the occurrence of specified events that have not yet
occurred in circumstances in which the occurrence of such events is within the control of such Person (e.g., provisions commonly known as “bad boy” provisions). 

“Non-U.S. Lender”: any Lender that is not a U.S. Person. 

“Notes”: the collective reference to any promissory note evidencing Loans. 

“Notice of Borrowing”: a Notice of Borrowing, substantially in the form of Exhibit N. 

  
 26 

 

 “Obligations”: the unpaid principal of and interest on (including interest
accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether
or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender (or, in the case of Specified Swap Agreements, a
Person that is a Lender or an Affiliate of a Lender at the time such Specified Swap Agreement is entered into (or, in respect of any Specified Swap Agreement entered into prior to the Second Amendment and Restatement Effective Date, any Person that is a Lender or an Affiliate of a Lender
on the Second Amendment and Restatement Effective Date) notwithstanding
whether such Person subsequently ceases at any time to be a Lender, or an Affiliate of a Lender, under this Agreement for any reason), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred,
which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, any Specified Swap Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account
of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant
hereto) or otherwise; provided, that for purposes of determining any Guarantee Obligations of any Guarantor pursuant to the Guarantee and Collateral Agreement, the definition of “Obligations” shall not create any guarantee by any
Guarantor of (or grant of security interest by any Guarantor to support, if applicable) any Excluded Swap Obligations of such Guarantor. 

“Opening Balance Sheet”: on the Closing Date, the pro forma balance sheet referred to in Section 4.1(b). 

“Optional
 Currency”: at any time, United Arab Emirates Dirham, Bahraini Dinar, Hong Kong Dollars, Euros, South African Rand, Singapore Dollars and any other
currency that is freely convertible into Dollars and is freely traded and available in the London interbank eurocurrency
market that has been designated by the Borrower (with the consent of the Administrative Agent and the relevant Issuing Lender) to be an “Optional Currency”. 
 “Original Commitment”: each “Commitment” (as defined in the
Original Credit Agreement as in effect immediately prior to the First Amendment and Restatement Effective Date) as in effect immediately prior to the First Amendment and
Restatement Effective Date. 
 “Original Credit Agreement”: as
defined in the recitals hereto. 
 “Original Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement
dated as of November 21, 2011, delivered in connection with the Original Credit Agreement. 
 “Original Lenders”: the
Lenders under the Original Credit Agreement. 
 “Original Loans”: the Loans outstanding immediately prior to the First
Amendment and Restatement Effective Date. 

“Other Taxes”: any present or future stamp, court, documentary, intangible, recording, filing or similar excise or property
Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.

  
 27 

 

“Outstanding
Percentage”: with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Extensions of Credit at such time to the Total Extensions of Credit at such
time. 

“Overnight Eurocurrency
Rate”: with respect to any amount denominated in a Foreign Currency, the rate of interest per annum at which overnight deposits in the applicable Foreign Currency, in an amount approximately equal to the amount with respect to which such rate
is being determined, would be offered for such day by a branch or Affiliate of JPMorgan Chase Bank, N.A. in the applicable offshore interbank market for such currency to major banks in such interbank market. 
 “Participant”: as defined in Section 10.6(c). 

“Participant Register”: as defined in Section 10.6(c). 

“Patriot Act”: as defined in Section 10.17. 

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to ERISA any successor entity performing similar
functions. 
 “Pension Plan”: any Plan subject to the provisions of Title IV of ERISA or Section 412 of the Code or
Section 302 of ERISA. 
 “Percentage”: as to any Lender at any time, the percentage which such Lender’s
Commitment then constitutes of the Total Commitments or, at any time after the Commitments shall have expired or terminated, the percentage which the
Dollar Equivalent of the aggregate principal amount of such Lender’s Loans
then outstanding constitutes of the Dollar Equivalent of the aggregate
principal amount of the Loans then outstanding, provided, that, in the event that the Loans are paid in full prior to the reduction to zero of the Total Extensions of Credit, the Percentages shall be determined in a manner designed to ensure
that the other outstanding Extensions of Credit shall be held by the Lenders on, as nearly as practicable, a comparable basis. Notwithstanding the foregoing, in the case of Section 2.18 when a Defaulting Lender shall exist, Percentages shall be determined without regard to any Defaulting Lender’s Commitment.

 “Permitted Liens”: Liens of the type referred to in clauses (a), (b) and (e) of Section 7.4. 

“Permitted Refinancing”: in respect of any existing Subordinated Debt, new Subordinated Debt issued in exchange for, or the
net proceeds of which are used to refinance, renew, replace, defease, discharge or refund such existing Subordinated Debt; provided that: 

(a)       the new Subordinated Debt satisfies the requirements of Section 7.3(s) as of the date of
incurrence; and 
 (b)       the new Subordinated Debt has a final maturity date later than the final maturity
date of, and has a weighted average life to maturity equal to or greater than the weighted average life to maturity of, the Subordinated Debt being exchanged, refinanced, renewed, replaced, defeased, discharged or refunded. 

“Person”: an individual, partnership, corporation, limited liability company, limited liability partnership, syndicate,
business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

  
 28 

 

 “Plan”: any employee benefit plan as defined in Section 3(3) of ERISA,
including any employee welfare benefit plan (as defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA but excluding any Multiemployer Plan), and any plan which is both an employee welfare
benefit plan and an employee pension benefit plan, and in respect of which any Group Member or any ERISA Affiliate is (or, if such Plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
section 3(5) of ERISA. 

“Pounds Sterling”:
the lawful currency of the United Kingdom. 
 “Power of
Attorney”: a power of attorney made by the Administrative Agent in favor of the relevant mortgagor under a Mortgage substantially in the form of Exhibit K. 

“Preferred Stock”: 40 shares, par value $0.01 per share of Series A Cumulative Redeemable Preferred Stock of MVW US Holdings,
Inc., with an aggregate liquidation preference of $40,000,000. 
 “Pricing Grid”: the table set forth below: 

 

													
	 	 	 	  	 	  	 	 	 	 	 	 	 
	  		Level		S&P Rating/
Moody’s Rating		
Applicable Margin
 for
EurodollarEurocurrency
Loans
		Applicable Margin for
ABR Loans		Commitment Fee Rate		  
	 		 I
		BBB-/Baa3 or higher		1.625%		0.625%		0.200%		 
	 		 II
		BB+/Ba1		1.875%		0.875%		0.250%		 
	 		 III
		BB/Ba2		2.125%		1.125%		0.300%		 
	 		 IV
		BB-/Ba3		2.500%		1.500%		0.325%		 
	 		 V
		B+/B1 or lower or no rating		3.125%		2.125%		0.500%		 
	 	 	 	  	 	  	 	 	 	 	 	 	 

 For the purposes of the Pricing Grid, changes in the Applicable Margin resulting from changes in the Level shall become
effective on the date of the change in the related S&P Rating or Moody’s Rating. If there is a split-rating and the ratings differential is one level, the higher rating will apply. If there is a split-rating and the ratings differential is
two levels or more, the rating next below the higher of the split-ratings will apply; provided that prior to the time, if any, that MVWC obtains a Moody’s Rating, the pricing grid will be construed as if there were only a S&P Rating
and references to Moody’s Rating and split ratings shall be ignored. In addition, at all times while an Event of Default shall have occurred and be continuing, the applicable Level shall be Level V. If the rating system of S&P or
Moody’s shall change, or if any such rating agency shall cease to be in the business of assigning corporate credit ratings generally (any such rating agency an “Affected Rating Agency”), the Borrower and the Administrative
Agent (in consultation with the Lenders) shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from the Affected Rating Agency and, pending the effectiveness of any such
amendment, the Applicable Margin and the Commitment Fee Rate shall be determined by reference to (x) the rating of the rating agency that is not an Affected Rating Agency or (y) if there is no rating agency that is not an Affected Rating
Agency, the rating of the Affected Rating Agency most recently in effect prior to such change or cessation. 

  
 29 

 

 “Prime Rate”: the rate of interest per annum publicly announced from time to
time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection with extensions of credit
to debtors). 

“Principal Financial
Center”: with respect to any Foreign Currency, the principal financial center where such currency is cleared and settled, as reasonably determined by the Administrative Agent. 

“Pro Rata Share”:
with respect to any Lender, as applicable, (a) a fraction (expressed as a percentage), the numerator of which shall be the amount of such Lender’s Commitment and the denominator of which shall be the aggregate amount of all of the
Lenders’ Commitments, or (b) with respect to matters relating to Foreign Currency Commitments and Loans in Foreign Currency only, a fraction (expressed as a percentage), the numerator of which shall be the amount of such Lender’s
Foreign Currency Commitment and the denominator of which shall be the aggregate amount of all of the applicable Lenders’ Foreign Currency Commitments, in each case as adjusted from time to time in accordance with the provisions of this Agreement. Notwithstanding the foregoing, however, if at any time Borrower shall be unable to draw down the entire Available Commitment solely as a
result of all or any portion of the Foreign Currency Commitments being outstanding, then, for purposes of funding the remaining Available Commitment, “Pro Rata Share” with respect to each Lender that shall not have advanced an amount (or
Dollar Equivalent Amount) equal to an amount (or Dollar Equivalent Amount) equal to 100% of its Commitment, shall be deemed to mean the sum of such Lender’s Pro Rata Share (with respect to the Commitments) and such Lender’s pro rata share
(with respect to the Commitments) of the aggregate Pro Rata Shares (with respect to the Commitments) of all the Lenders that shall have advanced 100% of their Commitments.  

“Prohibited Transaction”: as defined in Section 406 of ERISA and Section 4975(f)(3) of the Code. 

“Projections”: as defined in Section 6.2(c). 

“Properties”: as defined in Section 4.17(a). 

“Qualified Securitization Transaction”: any transaction or series of transactions previously entered into or that may be
entered into by any Group Member pursuant to which such Group Member sells, assigns, conveys, participates, contributes to capital or otherwise transfers to (i) a Time Share SPV (in the case of a transfer by such Group Member) or (ii) any
other Person (in the case of a transfer by a Time Share SPV), or may grant a security interest in or pledge, any Time Share Receivables or interests therein (whether now existing or arising in the future) of any Group Member, and any assets related
thereto, including, without limitation, all collateral securing such Time Share Receivables, all contracts and contract rights, purchase orders, security interests, financing statements or other documentation in respect of such Time Share
Receivables and all guarantees, indemnities, warranties or other documentation or other obligations in respect of such accounts receivable, any other assets which are customarily transferred, or in respect of which security interests are customarily
granted, in connection with asset securitization transactions involving receivables similar to such receivables and any collections or proceeds of any of the foregoing (the “Related Assets”). 

“Quotation Day”:
with respect to any Eurocurrency Loan for any Interest Period, (a) if such Eurocurrency Loan is denominated in Euros, the day that is two TARGET Days prior to the commencement of such Interest Period, (b) if such Eurocurrency Loan is
denominated in Australian Dollars or Pounds Sterling, the first day of such Interest Period and (c) if such Eurocurrency Loan is  

 

  
 30 

 

denominated in Dollars, Japanese Yen or
Singapore Dollars, the day that is two Business Days prior to the commencement of such Interest Period; provided, in each case, that if market practice differs in the relevant market where the Eurocurrency Rate for such currency is to be determined,
the Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).  
 “Receivables Warehouse Facility”: as defined in Section 5.1(b)(ii).

 “Reference Bank
Rate”: with respect to any Eurocurrency Loan denominated in any currency for any Interest Period, the arithmetic mean of the Submitted Reference Bank Rates (rounded upward to four decimal places) in respect thereof. 

“Reference Banks”:
with respect to any currency, such banks as may be appointed by the Administrative Agent (and agreed by such bank) with the written consent of the Borrower, such consent not to be unreasonably withheld or delayed. 
 “Reference Period”: the period of four consecutive Fiscal Quarters of MVWC
then most recently ended. 
 “Register”: as defined in Section 10.6(b). 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Date”: as defined in Section 3.5. 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for
amounts drawn under Letters of Credit. 
 “Related Assets”: as defined in the definition of Qualified Securitization
Transaction. 
 “Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization
within the meaning of Section 4241 of ERISA. 
 “Reportable Event”: any of the events set forth in
Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Pension Plan, other than those events as to which notice is waived pursuant to DOL Reg. Section 4043. 

“Requested Foreign
Currency Loan”: as defined in Section 2.20. 
 “Required
Lenders”: at any time, Lenders the Percentages of which in the aggregate exceed 50% at such time. 
 “Requirement of
Law”: as to any Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer”: the chief executive officer, president or chief financial officer of MVWC, but in any event, with
respect to financial matters, the chief financial officer of MVWC. 

  
 31 

 

 “Restricted”: when referring to cash or Cash Equivalents of the Borrower or any
of its Subsidiaries, that such cash or Cash Equivalents (i) appear (or would be required to appear) as “restricted” on a balance sheet of the Borrower or of any such Subsidiary (unless such appearance is related to the Loan Documents
or Liens created thereunder), (ii) are subject to any Lien in favor of any Person other than the Administrative Agent pursuant to the Security Documents or (iii) are not otherwise generally available for use by the Borrower or such
Subsidiary. 
 “Residual Interests”: residual interests in securitizations owned by the Loan Parties. 

“Restricted Payments”: as defined in Section 7.7. 

“Ritz-Carlton Comfort Letter”: the agreement substantially in the form of Exhibit M, executed and delivered by The
Ritz-Carlton Hotel Company, LLC, as licensor, MVWC, as licensee, and the Administrative Agent. 
 “Ritz-Carlton License
Agreement”: the License, Services and Development Agreement by The Ritz-Carlton Hotel Company, LLC, as licensor and MVWC, as licensee, dated as of November 21, 2011, as the same may from time to time be amended, modified or otherwise
supplemented. 
 “S&P”: Standard & Poor’s Financial Services LLC. 

“S&P Rating”: at any time, the rating issued by S&P and then in effect with respect to MVWC’s S&P issuer
rating. 
 “Sanctioned Country”: at any time, a country or territory which is itself the subject or target of any Sanctions
(at the time of this Agreement, the Crimea region of Ukraine, Cuba, Iran, North
Korea, Sudan and Syria). 
 “Sanctioned Person”: at any time, (a) any Person listed in any Sanctions-related
list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council or the European Union, (b) any Person operating,
organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 

“Screen Rate”: the
EURIBOR Screen Rate, the BBSY Screen Rate, the SIBOR Screen Rate and the LIBOR Screen Rate, collectively and individually, as the context may require. 

“SEC”: the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 

“Second Amended and Restated Guarantee and Collateral Agreement”: that certain Second Amended and Restated Guarantee and
Collateral Agreement, dated as of September 10, 2014, among the Borrower, the Guarantors and the Administrative Agent. 

  
 32 

 

 “Second Amendment and Restatement Agreement”: that certain Amendment and
Restatement Agreement, dated as of the date hereof, among the Borrower, the Administrative Agent, the Lenders party thereto and the other parties thereto. 

“Second Amendment and
Restatement Effective Date”: the “Second Amendment Effective Date”: (as defined in the Second Amendment and Restatement Agreement), which date is September 10, 2014. 

“Security Documents”: the collective reference to the Guarantee and Collateral Agreement, the Mortgages and all other
security documents hereafter delivered to the Administrative Agent granting a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Separation and Distribution Agreement”: the Separation and Distribution Agreement, dated as of the Spin-Off Date, between
Marriott, MVWC, the Borrower, Marriott Resorts Hospitality Corporation, MVCI Asia Pacific Pte. Ltd. and MVCO Series LLC as the same may from time to time be amended, modified or otherwise supplemented. 

“SIBOR Screen
Rate”: as defined in the definition of “Eurocurrency Base Rate”. 

“Singapore
Dollars”: the lawful currency of the Republic of Singapore. 

“Singapore L/C”: as described on Schedule 1.1D. 

“Solvent”: when used with respect to any Person, means that, as of any date of determination, (a) the amount of the
“present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance
with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the
liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able
to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to
payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

“Special Purpose Subsidiary”: any (i) Time Share SPV, (ii) trust, property owning company and similar entity that
is formed for the purpose of protecting the consumer purchasers of vacation ownership interests from the insolvency or bankruptcy of MVWC, the Borrower or any of the Guarantors and (iii) any Subsidiary of the Borrower that is not a Loan Party
and which owns no assets other than Time Share Development Property. 
 “Specified Cash”: the proceeds of any Qualified
Securitization Transaction of any Group Member which appear (or would be required to appear) as “restricted” on the consolidated balance sheet of MVWC and its consolidated Subsidiaries and which, pursuant to the terms of the documents
related to such Qualified Securitization Transaction, must be used during a specified period to acquire additional Time Share Receivables or Related Assets to support the securities issued in connection with such Qualified Securitization
Transaction. 

  
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 “Specified Swap Agreement”: any Swap Agreement in respect of interest rates,
currency exchange rates or commodity prices entered into by the Borrower or any Guarantor and any Person that is a Lender or an affiliate of a Lender at the time such Swap Agreement is entered into (or, in respect of any Swap Agreement entered into
prior to the Second Amendment and Restatement Effective Date, any Person that is a
Lender or an Affiliate of a Lender on the Second Amendment and Restatement
Effective Date), notwithstanding whether such Person subsequently ceases at any time to be a Lender or an Affiliate thereof under this Agreement for any reason. 

“Specified Time”:
(a) with respect to any Eurocurrency Loan denominated in Australian Dollars, 11:00 A.M. Sydney, Australia time; (b) with respect to any Eurocurrency Loan denominated in Singapore Dollars, 11:00 A.M. Local Time; and (c) with respect to
any Eurocurrency Loan denominated in Dollars, Euros, Japanese Yen or Pounds Sterling, 11:00 A.M., London time. 

“Spin-Off”: the spin-off by Marriott of its timeshare operations and development business to its shareholders through a tax
free special dividend of the common stock of MVWC, on the material terms described in the Form 10 on file with the SEC on the Effective Date, including satisfaction (without waiver other than with respect to the MVWC board composition) of all the
conditions to the spin-off described therein. 
 “Spin-Off Date”: November 21, 2011, the date on which the Spin-Off
was consummated. 
 “Spin-Off Documentation”: collectively, the Form 10, the Separation and Distribution Agreement, the
Marriott License Agreement, the Ritz-Carlton License Agreement, and the Marriott Rewards Affiliation Agreement and, in each case, all schedules, exhibits and annexes thereto and all side letters and agreements affecting the terms thereof or entered
into in connection therewith. 
 “Standard Securitization Undertakings”: (i) representations, warranties, covenants,
indemnities and performance guarantees of (x) MVWC or any of its Subsidiaries to a Time Share SPV or to its order or (y) a Time Share SPV to an entity issuing Non-Recourse Debt or its order, (ii) servicing obligations entered into by
any Group Member (other than a Time Share SPV) and (iii) the provision of cash or Cash Equivalents to pay fees and expenses reasonably related thereto, which, in each case of (i), (ii) and (iii) above, are reasonably customary in
securitization transactions for the relevant asset being securitized. 

“Submitted Reference
Bank Rate”: as to any Reference Bank: 
 (a) in relation to any Eurocurrency Loan denominated in Euros for any Interest Period, the rate supplied to the Administrative Agent at its
request by such Reference Bank as of the Specified Time on the Quotation Day for a Eurocurrency Loan denominated in Euros for the applicable Interest Period as the rate which such Reference Bank assesses to be the rate at which interbank term
deposits in Euros and for the relevant period are offered for spot value (T+2) by one prime bank to another prime bank within the EMU zone; 

(b) in relation to any
Eurocurrency Loan denominated in Australian Dollars for any Interest Period, the bid rate observed by the relevant Reference Bank for Australian Dollar denominated bank accepted bills and negotiable certificates of deposit issued by banks which for
the time being designated as “Prime Banks” by the Australian Financial Markets Association that have a remaining maturity equal to such Interest Period;  

 

  
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(c) in relation to any
Eurocurrency Loan denominated in Singapore Dollars for any Interest Period, the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Administrative Agent at its request quoted by the Reference Banks to leading
banks in the Singapore interbank market, as of the Specified Time on the Quotation Day for the offering of deposits for a period comparable to the Interest Period for that Loan; and 

(d) in relation to any
Eurocurrency Loan denominated in Dollars, Japanese Yen or Pounds Sterling, the rate (rounded upward to four decimal places) supplied to the Administrative Agent at its request by such Reference Bank as of the Specified Time on the Quotation Day for
a Eurocurrency Loan in the relevant currency for the applicable Interest Period as the rate at which such Reference Bank could borrow funds in the London interbank market in such currency and for the relevant period, were it to do so by asking for
and then accepting interbank offers in reasonable market size in that currency and for that period; provided that upon supplying such Submitted Reference Bank Rate to the Administrative Agent pursuant to this clause (d), such Reference Bank shall
certify that it has not submitted or shared such Submitted Reference Bank Rate with any individual who is formally designated as being involved in the ICE LIBOR submission process administered by ICE Benchmark Administration. 
 “Subsidiary”: as to any Person, a corporation, partnership, limited
liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a
majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by
such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of MVWC. Notwithstanding the foregoing “Subsidiary” shall not
include a resort or property owner’s association which is organized primarily to administer the affairs of the underlying resort or property. 

“Subordinated Debt”: any Indebtedness that is contractually subordinated in right of payment to the Obligations and to any
Guarantee Obligation of any Group Member in respect of the Obligations. 
 “Subsidiary Guarantor”: at any date, each
Subsidiary of MVWC or of the Borrower that is a party to the Guarantee and Collateral Agreement on such date. 
 “Swap”:
any agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Swap Agreement”: any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement or any combination thereof involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing
risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees
or consultants of the Borrower or any of its Subsidiaries shall be a “Swap Agreement”. 
 “Swap Obligation”: with
respect to any person, any obligation to pay or perform under any Swap. 
 “Syndication Agents”: as defined in the preamble
hereto. 

  
 35 

 

“TARGET Day”: any
day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to
be a suitable replacement) is open for the settlement of payments in Euros. 

“Taxes”: any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Termination
Date”: September 10, 2019. 
 “Time Share Development Property”: any portion of any existing hotel or resort
property acquired by any Group Member, which has not been dedicated to any time share arrangement, plan, scheme or similar device and which such Group Member intends primarily to convert into Time Share Interests. For the avoidance of doubt, any
real property interest that qualifies as Time Share Development Property shall be deemed not to qualify as In-Process Property or a Time Share Interest. 

“Time Share Development Property Capital Expenditures”: any Capital Expenditures of MVWC and its Subsidiaries on a
consolidated basis attributable to the acquisition, renovation and/or improvement of any Time Share Development Property. 
 “Time
Share Interest”: (i) inventory available to occupy as a dwelling or accommodation, and which may be coupled with an estate in real estate or limited to a right to use real estate without an estate or ownership interest, pursuant to any
time share arrangement, plan, scheme, or similar device, in any legal form or structure (including units physically located within a project that are currently used for sales and/or administrative purposes and that have received certificates of
occupancy for such use) or (ii) any real property interest completed and available to occupy as a dwelling or accommodation and intended by Borrower to be dedicated to any such time share arrangement (including units physically located within a
project that are currently used for sales and/or administrative purposes and that have received certificates of occupancy for such use). 

“Time Share Receivable”: a note receivable arising from the financing of the sale of timeshare intervals and fractional
products to a retail customer. 
 “Time Share SPV”: an entity intended to be bankruptcy-remote and which is formed for the
purpose of engaging in securitization transactions with respect to Time Share Receivables and the indebtedness of which is Non-Recourse Debt. 

“Title Insurance Company”: as defined in Section 5.1(k)(ii). 

“Total Available
Commitments”: at any time, the aggregate amount of the Available Commitments of the Lenders at such time. 

“Total Available
Foreign Currency Commitments”: at any time, the aggregate amount of the Available Foreign Currency Commitments of the Foreign Currency Lenders at such time. 

“Total Commitments”: at any time, the aggregate amount of the Commitments then in effect. 

“Total Extensions of Credit”: at any time, the aggregate amount of the Extensions of Credit of the Lenders outstanding at
such time. 

  
 36 

 

“Total Foreign Currency
Commitments”: at any time, the aggregate amount of the Foreign Currency Commitments then in effect. 

“Total Foreign Currency
Extensions of Credit”: at any time, the aggregate amount of the Foreign Currency Extensions of Credit of the Foreign Currency Lenders outstanding at such time. 

“Transferee”: any Assignee or Participant. 

“Type”: as to any Loan, its nature as an ABR Loan or a
EurodollarEurocurrency Loan. 
 “United States”: the United States of America. 

“Unrestricted”: when referring to cash or Cash Equivalents of the Borrower or any of its Subsidiaries, that such cash or Cash
Equivalents are not Restricted. 
 “U.S. Person”: a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “U.S. Tax Certificate”: as defined in Section 2.14(f)(ii)(D). 

“Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other than directors’
qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries; provided that Capital Stock constituting Preferred Stock of MVW US Holdings, Inc. shall be disregarded for purposes of this
definition. 
 “Wholly Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a Wholly Owned Subsidiary of MVWC or
of the Borrower. 
 “Withdrawal Liability”: any liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA. 
 1.2     Other
Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant
hereto or thereto. Terms used but not defined herein shall have the meaning given to such terms in the Guarantee and Collateral Agreement. 

(b)     As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant
hereto or thereto, (i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP
(provided that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (x) without giving effect to any election under Accounting Standards
Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of a Group Member at “fair value”, as defined therein and (y) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the
full stated principal amount thereof), (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall
be construed to 

  
 37 

 

 
mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts,
leasehold interests and contract rights, (v) references to real property shall include beneficial interests in the Land Trust, (vi) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to
refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time and (vii) unless otherwise specified, references to fiscal periods are references to the relevant fiscal periods of
MVWC. 
 (c)     The words “hereof”, “herein” and “hereunder” and words of similar import,
when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d)     The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of
such terms. 
 1.3     Conversion of Foreign Currencies. 

(a)  
   The Administrative Agent shall determine the Dollar Equivalent of any amount denominated in an Optional Currency as required hereby, and a determination thereof by the
Administrative Agent shall be conclusive absent manifest error using the procedure set forth in the definition of “Dollar Equivalent” and Section 1.3(b). The Administrative Agent may, but shall not be obligated to, rely on any
determination made by any Loan Party in any document delivered to the Administrative Agent. A Letter of Credit
denominated in an Optional Currency shall initially have a Dollar Equivalent determined using the Exchange Rate in effect on the date the Borrower requests the issuance thereof, adjusted on each Adjustment Date using the Exchange Rates used to make
the calculations pursuant to Section 2.6(c). 
 (a)     Not later than 11:00 A.M. (London time) on each Calculation Date, the Administrative Agent shall (i) determine the Exchange Rate as of
such Calculation Date for (x) each Foreign Currency in which a Foreign Currency Loan is then outstanding or will be outstanding after giving effect to any submitted borrowing notices and (y) each L/C Foreign Currency in which a Letter of
Credit has been issued and is then outstanding or will be outstanding after giving effect to any submitted Applications, (ii) give notice to the Borrower of each Exchange Rate determined pursuant to clause (i) and (iii) give notice to
the Foreign Currency Lenders of each Exchange Rate determined pursuant to clause (i)(x). Each Exchange Rate so determined shall become effective on the relevant Calculation Date and remain effective until the next succeeding Calculation Date and
shall for all purposes of this Agreement (other than for purposes of Section 1.3(c), Section 2.21 or any provision expressly requiring the use of a current Exchange Rate) be the Exchange Rate employed in converting any amounts between
Dollars and the relevant Foreign Currency or L/C Foreign Currency, as applicable. 

(b)     Not later than 11:00 A.M. (London time) on each Calculation Date, the Administrative Agent shall determine (i) the aggregate Dollar Equivalent of the Foreign Currency Loans then outstanding
(after giving effect to any Foreign Currency Loans to be made or repaid on such date), (ii) the aggregate Dollar Equivalent of the undrawn and unexpired amount of the then outstanding Letters of Credit denominated in L/C Foreign Currencies and
(iii) the aggregate Dollar Equivalent of the amount of drawings under Letters of Credit denominated in L/C Foreign Currencies that have not then been reimbursed pursuant to Section 3.5.

  

  
 38 

 

 (bc)     For purposes of determining compliance with any covenant or
restriction in this Agreement that is based on the amount of any Indebtedness that is denominated in a currency other than Dollars, the Dollar Equivalent thereof shall be determined based on the Exchange Rate in effect at the time such Indebtedness
was incurred unless the specific restriction or covenant provides a different method or time for valuation; provided that the Exchange Rates used in calculating the financial covenants set forth in Section 7.1 shall be determined in
accordance with GAAP as set forth in the financial statements that are the basis for such calculations. 
 (cd)    
 The Administrative Agent may set up appropriate rounding off mechanisms or otherwise round-off amounts hereunder to the nearest higher or lower amount in whole Dollar or cent to ensure amounts owing by any party hereunder or that otherwise need to
be calculated or converted hereunder are expressed in whole Dollars or in whole cents, as may be necessary or appropriate. 
 SECTION
2.     AMOUNT AND TERMS OF COMMITMENTS 
 2.1     Commitments. (a) Subject to the terms
and conditions hereof, each Lender severally agrees to make revolving credit loans in Dollars (“Dollar Loans”) to the Borrower from time to time during the Commitment Period; provided that, after giving effect to such borrowing and the use of proceeds thereof, (i) such Lender’s
Extensions of Credit do not exceed the amount of such Lender’s Commitment and (ii) the Total Extensions of Credit shall not exceed the lesser of (x) the Borrowing Base at such time and (y) the Total Commitments then in effect.
During the Commitment Period the Borrower may use the Commitments by borrowing, prepaying the Dollar Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The
Dollar Loans may from time to time be EurodollarEurocurrency Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.7. 

(b)     Subject to the terms and conditions hereof, each Foreign Currency
Lender severally agrees to make revolving credit loans in Foreign Currencies (“Foreign Currency Loans”) to the Borrower from time to time during the Commitment Period; provided that, after giving effect to such borrowing and the use of
proceeds thereof, (i) such Lender’s Foreign Currency Extensions of Credit do not exceed the amount of such Lender’s Foreign Currency Commitment, (ii) such Lender’s Extensions of Credit do not exceed the amount of such
Lender’s Commitment, (iii) the Total Foreign Currency Extensions of Credit shall not exceed the lesser of (x) the Borrowing Base at such time and (y) the Total Foreign Currency Commitments then in effect and (iv) the Total
Extensions of Credit shall not exceed the lesser of (x) the Borrowing Base at such time and (y) the Total Commitments then in effect. During the Commitment Period the Borrower may use the Foreign Currency Commitments by borrowing,
prepaying the Foreign Currency Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. All Foreign Currency Loans shall be Eurocurrency Loans.

 (bc)     The Borrower shall repay all outstanding Loans on the
Termination Date. 
 2.2     Procedure for Borrowing.  (a) The Borrower may borrow Dollar Loans under the Commitments during the Commitment Period on any Business Day,
provided that the Borrower shall give the Administrative Agent irrevocable notice by delivering a Notice of Borrowing (which notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time, (a) three Business
Days prior to the requested Borrowing Date, in the case of
EurodollarEurocurrency Loans, or (b) one Business Day prior to the requested Borrowing Date, in the case of ABR Loans) (provided that any such notice of a borrowing of ABR Loans under the Facility to finance payments
required by Section 3.5 may be given not later than 10:00 A.M., New York City time, on the date of the proposed borrowing), specifying (i) the amount and Type of
Dollar Loans to be borrowed, (ii) the requested Borrowing Date and
(iii) in the case of
EurodollarEurocurrency Loans, the respective amounts of each
EurodollarEurocurrency Tranche in 
  

  
 39 

 

 respect thereof and the respective lengths of the initial Interest Periods therefor. Each borrowing of Dollar Loans under the Commitments shall be in an amount equal to (x) in the
case of ABR Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Commitments are less than $1,000,000, such lesser amount) and (y) in the case of
EurodollarEurocurrency Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make
the amount ofequal to its
pPro rRata sShare of the principal amount of each
borrowing of Dollar Loans available to the Administrative Agent for the
account of the Borrower at the Domestic Funding Office prior to 12:00 Noon,
New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the
Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. 

(b)     The Borrower may borrow Foreign Currency Loans under the Foreign Currency
Commitments during the Commitment Period on any Business Day, provided that the Borrower shall give the Administrative Agent irrevocable notice by delivering a Notice of Borrowing (which notice must be received by the Administrative Agent prior to
11:00 A.M., London time, four Business Days prior to the requested Borrowing Date, specifying (i) the amount of Foreign Currency Loans to be borrowed, (ii) the requested Borrowing Date, (iii) the Foreign Currency in which such Foreign
Currency Loans will be denominated and (iv) the respective amounts of each Eurocurrency Tranche in respect thereof and the respective lengths of the initial Interest Periods therefor. Each borrowing of Foreign Currency Loans under the Foreign
Currency Commitments shall be in an amount in a Foreign Currency the Dollar Equivalent of which is at least equal to $5,000,000 (or, if the Total Available Foreign Currency Commitments at such time are less than $5,000,000, such lesser amount). Upon
receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Foreign Currency Lender thereof. Each Foreign Currency Lender will make the amount equal to its Foreign Currency Commitment Percentage of the principal
amount of each borrowing of Foreign Currency Loans available to the Administrative Agent for the account of the Borrower at the Applicable Foreign Currency Funding Office for the relevant Foreign Currency prior to 12:00 Noon Local Time on the
Borrowing Date requested by the Borrower in the relevant Foreign Currency in immediately available funds. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of
such office with the aggregate of the amounts made available to the Administrative Agent by the Foreign Currency Lenders and in like funds as received by the Administrative Agent.

 2.3     Commitment Fees, etc. (a) The Borrower agrees to pay to the Administrative Agent
for the account of each Lender a commitment fee for the period from and including the Closing Date to the last day of the Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Commitment of such Lender
during the period for which payment is made, payable in arrears for each Fee Payment Period on the related Fee Payment Date, commencing on the first such date to occur after the Closing Date. 

(b)     The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in
any fee agreements with the Administrative Agent and to perform any other obligations contained therein. 
 2.4
    Termination or Reduction of Commitments.
(a) The Borrower shall have the right, upon not less than one Business
Days’ notice (or three Business Days’ notice if the related termination or reduction would require a prepayment of EurodollarEurocurrency Loans prior to the last day of an Interest Period) to the Administrative
Agent, to terminate the Commitments or, from time to time, to reduce the amount of the Commitments; provided that no such termination or reduction of 

  
 40 

 

 
Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Loans made on the effective date thereof, the Total Extensions of Credit would exceed the Total
Commitments; provided, further, that no such termination or reduction of Commitments shall be permitted if, after giving effect thereto
(and to any terminations or reductions of Foreign Currency Commitments on the effective date thereof pursuant to Section 2.4(b)), the Foreign Currency Commitment of any Lender would exceed the Commitment of such Lender. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Commitments then in effect. 

(b)     The Borrower shall have the right, upon not less than three
Business Days’ notice to the Administrative Agent, to terminate the Foreign Currency Commitments or, from time to time, to reduce the amount of the Foreign Currency Commitments; provided that no such termination or reduction of Foreign Currency
Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Foreign Currency Loans made on the effective date thereof, the Total Foreign Currency Extensions of Credit would exceed the Total Foreign Currency
Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Foreign Currency Commitments then in effect. 

2.5     Optional Prepayments.
(a) The Borrower may at any time and from time to time prepay the Dollar Loans, in whole or in part, without premium or penalty, upon irrevocable notice
delivered to the Administrative Agent no later than 11:00 A.M., New York City time, three Business Days prior thereto, in the case of EurodollarEurocurrency Loans, and no later than 11:00 A.M., New York City time, one Business Day
prior thereto, in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of EurodollarEurocurrency Loans or ABR Loans; provided, that if a EurodollarEurocurrency Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.15. Upon receipt of any such notice the
Administrative Agent shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Dollar Loans that are ABR Loans) accrued interest to such date on the amount prepaid.
Partial prepayments of Dollar Loans shall be in an aggregate principal
amount of at least $1,000,000. 

(b)     The Borrower may at any time and from time to time prepay the
Foreign Currency Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 11:00 A.M. Local Time three Business Days prior thereto, which notice shall specify the date and
amount of prepayment and the Foreign Currency in which the Foreign Currency Loans to be prepaid are denominated; provided, that if a Foreign Currency Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the
Borrower shall also pay any amounts owing pursuant to Section 2.15. Upon receipt of any such notice the Administrative Agent shall promptly notify each Foreign Currency Lender thereof. If any such notice is given, the amount specified in such
notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid. Partial prepayments of Foreign Currency Loans shall be in an aggregate principal amount the Dollar Equivalent of which
is at least $1,000,000. 
 2.6     Mandatory Prepayments
and Commitment Reductions. (a) If at any time the sum of (x) 105% of
the Dollar Equivalent of Letters of Credit denominated in
OptionalL/C Foreign Currencies plus (y) the outstanding amount of the Extensions of Credit other than Letters of Credit denominated in
OptionalL/C Foreign Currencies would exceed the Borrowing Base in effect at such time, the Borrower shall, within one (1) Business Day, either prepay (or Collateralize Letters of Credit if there are no, or an insufficient
amount of, Loans outstanding) and/or otherwise reduce, as applicable, the then outstanding Extensions of Credit in the amount of such excess. 

  
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(b)     If at any time the outstanding amount of the Foreign Currency
Extensions of Credit would exceed the lesser of (i) the Borrowing Base and (ii) the Total Foreign Currency Commitments in effect at such time, the Borrower shall, within one (1) Business Day, prepay the then outstanding Foreign
Currency Extensions of Credit in the amount of such excess. 
 (bc)
    If the Borrower prepays outstanding Extensions of Credit or Foreign Currency Extensions of
Credit to comply with its obligations under this Section 2.6(a) or Section 7.2, such prepayment may be applied to
outstanding Extensions of Credit or Foreign Currency Extensions of Credit, as applicable, in the order specified by the Borrower. 
 (cd)
    On the last Business
Day of each month (each an “Adjustment Date”) on which any Letters of Credit denominated in an Optional Currency are outstanding, the Administrative Agent shall determine the Dollar
Equivalent of the aggregate outstanding amount of such Letters of Credit as of such day. If, on such AdjustmentIf, on
any Calculation Date, the sum of (i) 105% of the Dollar Equivalent of suchany outstanding Letters of Credit denominated in an L/C Foreign Currency plus (ii) the aggregate outstanding
Extensions of Credit other than such Letters of Credit exceed the Total Commitments then in effect, then the Administrative Agent shall notify the Borrower and within five Business Days of such notice, the Borrower shall prepay Loans or
Collateralize Letters of Credit in an aggregate principal or face amount at least equal to such excess. 
 2.7
    Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert EurodollarDollar Loans that are Eurocurrency Loans to ABR Loans by giving the Administrative Agent
prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of
EurodollarDollar Loans that are
Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to EurodollarEurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice
shall specify the length of the initial Interest Period therefor), provided that no ABR Loan may be converted into a EurodollarEurocurrency Loan when any Event of Default has occurred and is continuing and the
Administrative Agent or the Required Lenders have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. Except as provided in Section 2.21(a), no Eurocurrency Loan may be converted to a Loan denominated in a different currency. 
 (b)     Any
EurodollarEurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable
provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans,; provided that
no Eurodollar Loan may be continued
as such when any Event of Default has occurred and is
continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion not to permit such continuations, and (i) no Eurocurrency Loan may be continued as such, (ii) unless repaid, each Eurocurrency Loan that is a Dollar Loan shall be
converted to an ABR Loan on the last day of the Interest Period applicable thereto and (iii) each Foreign Currency Loan shall be due and payable on the last day of the Interest Period applicable thereto; provided, further, that
(i) if the Borrower shall fail to give any required notice as
described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso suchwith respect to any Dollar Loans that are Eurocurrency Loans, such Dollar Loans shall be
automatically converted to ABR Loans on the last day of such then expiring Interest Period and (ii) if the Borrower shall
fail to give any required notice as described above in this paragraph with respect to any Foreign Currency Loans, such Foreign Currency Loans shall be automatically continued as Eurocurrency Loans with an Interest Period of three months’
duration. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. No Eurocurrency
Loan may be continued as
a Loan denominated in a different currency. 

 

  
 42 

 

 2.8     Limitations on EurodollarEurocurrency Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of
EurodollarEurocurrency Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that,
(a) after giving effect thereto,
(a) the aggregate principal amount of the EurodollarDollar Loans that are Eurocurrency Loans comprising each
EurodollarEurocurrency Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and,
(b) the Dollar Equivalent of the aggregate principal amount of Foreign Currency Loans comprising each Eurocurrency Tranche
shall be at least equal to $5,000,000 and (c) no more than ten EurodollarEurocurrency Tranches shall be outstanding at any one time. 

2.9     Interest Rates and Payment Dates. (a) Each
EurodollarEurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the
EurodollarEurocurrency Rate determined for such day plus the Applicable Margin. 
 (b)     Each ABR
Loan shall bear interest for each day at a rate per annum equal to the ABR determined for such day plus the Applicable Margin. 

(c)    (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise) all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would
otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans plus 2%, and (ii) (x) if all or a portion of any interest payable on any Dollar Loan or Reimbursement Obligation or any commitment fee or other amount payable
hereunder in Dollars shall not be paid when due (whether at the stated
maturity, by acceleration or otherwise), such overdue amount (in the case of any Reimbursement Obligations converted into Dollars on the applicable Reimbursement Date if necessary) shall bear interest at a rate per annum equal to the rate then
applicable to ABR Loans plus 2% and (y) if all or a portion of any interest payable on any Foreign Currency Loan or
other amount payable hereunder in any Foreign Currency shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate that would otherwise be
applicable to Foreign Currency Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until
such amount is paid in full (as well after as before judgment). 
 (d)     Interest shall be payable in arrears
on each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand. If any Letters of Credit remain outstanding on the Termination Date the fees in
respect thereof shall be payable from time to time on demand. 
 2.10     Computation of Interest and Fees.
(a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, (i) with respect to ABR Loans the
rate of interest on which is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed and (ii) with respect to Foreign Currency Loans denominated in Pounds Sterling or Australian Dollars, the interest thereon shall be
calculated on the basis of a 365 day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a
EurodollarEurocurrency Rate. Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change
becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate. 

  
 43 

 

 (b)     Each determination of an interest rate by the Administrative Agent
pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall deliver to the Borrower at least one Business Day prior to the related
Payment Date a statement showing the quotations used by the Administrative Agent in determining (i) any interest rate pursuant to Section 2.9(a) and (ii) any interest rate pursuant to Section 2.9(b) when clause (b) or
(c) of the definition of ABR is applicable; provided that the failure to provide any such statement shall not relieve the Borrower of its obligation to pay any such amounts due under Section 2.9 as and when the same become due
pursuant to the terms hereof. 
 (c)     The Administrative Agent shall provide to the Borrower at least one Business
Day prior to each Interest Payment Date, a statement of the amounts due on such date pursuant to Sections 2.3, 2.9, and 3.3, as applicable; provided that the failure to provide any such statement shall not relieve the Borrower of its
obligation to pay any such amounts as and when the same become due pursuant to the terms hereof. 
 2.11     Market Disruption;
Inability to Determine Interest Rate;
Illegality. (a) If at the time that the Administrative Agent shall seek to determine the relevant Screen Rate on the
Quotation Day for any Interest Period for a Eurocurrency Loan in Dollars or any Foreign Currency, the applicable Screen Rate shall not be available for such Interest Period with respect to such currency for any reason and the Administrative Agent
shall reasonably determine that it is not possible to determine the Interpolated Rate for such Interest Period with respect to such currency (which conclusion shall be conclusive and binding absent manifest error), then the Reference Bank Rate shall
be the Eurocurrency Base Rate for such Interest Period for such Eurocurrency Loan in such currency; provided that if any Reference Bank Rate shall be
less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, that if, as of the
Specified Time on the Quotation Day for such Interest Period, less than two Reference Banks shall have supplied a Submitted Reference Bank Rate to the Administrative Agent for purposes of determining the Eurocurrency Base Rate for such Eurocurrency
Loan in such currency, the Administrative Agent shall be deemed to have determined that adequate and reasonable means do not exist for ascertaining the Eurocurrency Base Rate for such Eurocurrency Loan in such currency for such Interest Period and
Section 2.11(b)(i) shall apply. 
 2.11     Inability to
Determine Interest Rate; Illegality. (a)(b) If prior to the first day of any Interest Period for any Eurocurrency Loan in any currency: 

 (i)       the Administrative Agent
shall have determineds (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar RateEurocurrency Base Rate or the Eurocurrency
Rate for such Eurocurrency Loan in such currency for such Interest Period, or 

 (ii)       the Administrative Agent shall have receiveds notice from the Required Lenders that the Eurodollar Rate determined or to be determinedEurocurrency
Base Rate or the Eurocurrency Rate with respect to such Eurocurrency Loan in such currency for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively
certified by such Lenders in a certificate setting forth in reasonable detail the basis for such determination) of making or maintaining their affected Loans
in such currency during such Interest Period, 

 

  
 44 

 

 the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant
Lenders as soon as practicable thereafter. If such notice is given
(xv) any
 EurodollarDollar Loan requested to be made as a Eurocurrency Loan on the first day of such Interest Period shall be made as an ABR Loan, (yw)
any Foreign Currency Loan requested to be made on the first day of such Interest Period shall not be made, (x) any ABR Loans that were to have been converted on the first day of such Interest Period to EurodollarEurocurrency Loans shall be continued as ABR Loans and,
(zy) any outstanding
EurodollarEurocurrency Loans that are
Dollar Loans shall be converted, on the last day of the then-current Interest Period, to ABR
Loans and (z) any outstanding Eurocurrency Loan that is denominated in any Foreign Currency shall be continued on the last
day of the then-current Interest Period as a Eurocurrency Loan denominated in such Foreign Currency bearing interest at an interest rate equal to the sum of (i) the weighted average of the rates notified to the Administrative Agent by each
Foreign Currency Lender as soon as practicable and in any event no later than the close of business on the date that is one Business Day after the Quotation Day for the applicable Interest Period (or, if earlier, the first day of such Interest
Period), to be that which expresses as a percentage rate per annum the cost to the relevant Foreign Currency Lender of funding its portion of such Eurocurrency Loan denominated in such Foreign Currency for such Interest Period from whatever source
it may reasonably select (provided that if any Foreign Currency Lender does not supply a quotation by the time specified in this clause (z)(i) the rate of interest shall be calculated on the basis of the quotations of the remaining Foreign Currency
Lenders) plus (ii) the Applicable Margin hereunder. Until such notice has been withdrawn by the Administrative Agent, no further
EurodollarEurocurrency Loans shall be made
orand no Eurocurrency Loans denominated in
Dollars shall be continued as such, nor shall the Borrower have the right to convert Loans to Eurodollar
Loans.Eurocurrency Loans. Notwithstanding the foregoing, if the circumstances giving rise to such notice affect
Eurocurrency Loans in some (but not all) currencies in which a Eurocurrency Loan may be denominated hereunder, then any Eurocurrency Loans denominated in other currencies will not be affected by the provisions of this Section. 
 (bc)     Notwithstanding any other provision of this Agreement, if the
adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain any
EurodollarEurocurrency Loan or to give effect to its obligations as contemplated hereby with respect to any EurodollarEurocurrency Loan, then, by written notice to the Borrower and to the Administrative
Agent: 
  (i)       such Lender may declare that EurodollarEurocurrency Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder (or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be
converted into
EurodollarEurocurrency Loans, whereupon any request for a
EurodollarEurocurrency Loan (or to convert an ABR Loan to a
EurodollarEurocurrency Loan or to continue a
EurodollarEurocurrency Loan for an additional Interest Period) shall, as to such Lender only, be deemed a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert a EurodollarEurocurrency Loan into an ABR Loan, as the case may be), unless such declaration shall be subsequently withdrawn; and 

 (ii)       such Lender may require that all outstanding EurodollarEurocurrency Loans denominated in Dollars made by
it be converted to ABR Loans, in which event all such
EurodollarEurocurrency Loans denominated in Dollars shall be
automatically converted to ABR Loans as of the effective date of such notice as provided in the last sentence of this Section 2.11(b). 
 In the
event any Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the
EurodollarEurocurrency Loans that would have been made by such Lender or the converted EurodollarEurocurrency Loans of such Lender shall 

 

  
 45 

 

 instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of,
such EurodollarEurocurrency Loans. For purposes of this Section 2.11(b), a notice to the Borrower by any Lender shall be effective as to each
EurodollarEurocurrency Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such EurodollarEurocurrency Loan; in all other cases such notice shall be effective on the date of
receipt by the Borrower. 
 2.12     Pro Rata Treatment and Payments. (a) Except as provided in Section 2.20, Eeach
borrowing of Dollar Loans by the Borrower from the Lenders hereunder, shall be
made in accordance with the Pro Rata Share of the Lenders in effect on the date of such borrowing.
eEach payment by the Borrower on account of any commitment fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the respective PercentageCommitments of the relevant Lenders except to the extent required or permitted pursuant to.
Subject to Sections 2.17, 2.18 and 2.19. 

2.12(bc
),E
each payment (including each prepayment) by the Borrower on account of
principal of and interest on the Dollar Loans shall be made pro
rata according to the respective outstanding principal amounts of the Dollar Loans then held by the Lenders except to the extent required or permitted pursuant to Sections 2.17, 2.18
and 2.19.. (c) All payments (including prepayments) to be made by the Borrower
hereunder in Dollars, whether on account of principal, interest, fees or
otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Domestic Funding Office, in Dollars and in immediately available funds; provided
that reimbursement of drawings under Letters of Credit shall be made as provided in Section 3.5. The Administrative Agent shall distribute such payments to each relevant Lender promptly upon receipt in like funds as received, net of any amounts
owing by such Lender pursuant to Section 9.7. 

(b)     Each borrowing of Foreign Currency Loans by the Borrower from the
Foreign Currency Lenders hereunder shall be made, and any reduction of the Foreign Currency Commitments shall be allocated by the Administrative Agent, in accordance with the Pro Rata Share of the Foreign Currency Lenders in effect on the date of
such borrowing. Subject to Section 2.12 (c), each payment (including each prepayment) by the Borrower on account of principal of and interest on any Foreign Currency Loans shall be made pro rata according to the respective outstanding principal
amounts of the Foreign Currency Loans then held by the Foreign Currency Lenders. All payments (including prepayments) to be made by the Borrower hereunder in respect of Foreign Currency Loans, whether on account of principal, interest, fees or
otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon Local Time on the due date thereof to the Administrative Agent, for the account of the Foreign Currency Lenders, at the Applicable Foreign Currency Funding
Office for the relevant Foreign Currency, in the currency of such Foreign Currency Loan and in immediately available funds. The Administrative Agent shall distribute such payments to each Foreign Currency Lender promptly upon receipt in like funds
as received, net of any amounts owing by such Foreign Currency Lender pursuant to Section 9.7. 

(c)     After any Conversion Date, all payments in respect of the
Obligations hereunder (including any payments pursuant to Section 6.5 of the Guarantee and Collateral Agreement) shall be made pro rata in accordance with the Aggregate Exposure of each Lender.
 

(d)     If any payment hereunder (other than payments on the EurodollarEurocurrency Loans) becomes due and payable on a day other than a Business Day, such
payment shall be extended to the next succeeding Business Day. If any payment on a
EurodollarEurocurrency Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into
another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the
then applicable rate during such extension. 

  
 46 

 

(e)     Notwithstanding the foregoing, payments and reductions in
Commitments and Foreign Currency Commitments may be made on a non pro rata basis
to the extent required or permitted pursuant to Sections 2.17, 2.18, 2.19 and 2.20. 

(df
)     Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing
of Dollar Loans that such Lender will not make the amount that would
constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such
assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand,
such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the
period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence
of manifest error. If such Lender’s share of such borrowing of Dollar Loans is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon
at the rate per annum applicable to ABR Loans, on demand, from the Borrower. Nothing in this Section 2.12(df) shall be deemed to limit the rights of the Borrower against such Lender. 

(g)     Unless the Administrative Agent shall have been notified in writing
by any Foreign Currency Lender prior to a borrowing of Foreign Currency Loans that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that
such Foreign Currency Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available
to the Administrative Agent by the required time on the Borrowing Date therefor, such Foreign Currency Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the
Eurocurrency Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until
such Foreign Currency Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Foreign Currency Lender with respect to any
amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Foreign Currency Lender’s share of such borrowing of Foreign Currency Loans is not made available to the Administrative Agent by such Foreign
Currency Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Eurocurrency Loans, on demand, from the Borrower.
Nothing in this Section 2.12(g) shall be deemed to limit the rights of the Borrower against such Foreign Currency Lender. 

(eh
)     Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the
Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make
available to the applicable Lenders their respective pro rata
shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on

  
 47 

 

 
demand, from each Lender to which any amount was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal
Funds Effective Rate (in the case of any amounts made available in Dollars) or the daily average Eurocurrency Rate (in the case of any
amounts made available in any currency other than Dollars). Nothing in this Section 2.12(eh) shall be deemed to limit the rights of the Administrative Agent or any Lender against
the Borrower. 
 (fi)       If any Lender shall fail to make any payment
required to be made by it pursuant to Section 2.2,
2.12(df),
2.12(eg), 2.12(h), 2.14(e), 2.20, 2.21, 3.4 or 9.7, then the Administrative Agent may, in its discretion and
notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received hereunder by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or the Issuing Lender to satisfy such
Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of
such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

2.13     Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof or compliance by any Credit Party with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the Effective Date: 

  (i)       shall subject such Credit Party to any Taxes (other than Indemnified Taxes
and Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

  (ii)       shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan, insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit (or participations therein) by, or any other acquisition of funds
by, any office of such Credit Party that is not otherwise included in the determination of the
EurodollarEurocurrency Rate; or 
 (iii)       shall impose on such Credit Party any
other condition; 
 and the result of any of the foregoing is to increase the cost to such Credit Party, by an amount that such Credit Party deems to be
material, of making, converting into, continuing or maintaining Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such
Credit Party, upon its demand, any additional amounts necessary to compensate such Credit Party for such increased cost or reduced amount receivable. If any Credit Party becomes entitled to claim any additional amounts pursuant to this paragraph, it
shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. 

(b)       If any Lender shall have determined that the adoption of or any change in any Requirement of Law
regarding capital adequacy or liquidity or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity (whether or not
having the force of law) from any Governmental Authority made subsequent to the Effective Date shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations
hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such

  
 48 

 

 
corporation’s policies with respect to capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the
Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 

(c)     If by reason of the adoption of or any change in any Requirement of
Law subsequent to the First Amendment Effective Date, disruption of currency or foreign exchange markets, war or civil disturbance or similar event, the funding of any Foreign Currency Loan in any relevant Foreign Currency or the funding of any
Foreign Currency Loan in any relevant Foreign Currency to an office located other than in New York shall be impossible or, in the reasonable judgment of the Administrative Agent such Foreign Currency is no longer available or readily convertible
into Dollars, or the Dollar Equivalent of such Foreign Currency is no longer readily calculable, then, no Foreign Currency Loans in the relevant currency shall be made or any Foreign Currency Loan in the relevant currency shall be made to an office
of the Administrative Agent located in New York, as the case may be, until such time as, in the reasonable judgment of the Administrative Agent, the funding of Foreign Currency Loans in the relevant Foreign Currency is possible, the funding of
Foreign Currency Loans in the relevant Foreign Currency to an office located other than in New York is possible, the relevant Foreign Currency is available and readily convertible into Dollars or the Dollar Equivalent of the relevant Foreign
Currency Loan is readily calculable, as applicable. 
 (d)     (i) If by reason of the adoption of or any change in any Requirement of Law subsequent to the First Amendment Effective Date, disruption
of currency or foreign exchange markets, war or civil disturbance or similar event, any payment in respect of any Foreign Currency Loans due in a Foreign Currency or and/or at a place of payment other than New York shall be impossible or, in the
reasonable judgment of the Administrative Agent, such Foreign Currency is no longer available or readily convertible into Dollars, or the Dollar Equivalent of such Foreign Currency is no longer readily calculable, then, at the election of any
affected Foreign Currency Lender, the Borrower shall make payment of such Foreign Currency Loans in dollars (based upon the Exchange Rate in effect for the day on which such payment occurs, as determined by the Administrative Agent in accordance
with the terms hereof) and/or in New York or (ii) if any Foreign Currency in which Foreign Loans are outstanding is redenominated then, at the election of any affected Foreign Currency Lender, such affected Foreign Currency Loan and all
obligations of the Borrower in respect thereof shall be converted into obligations in Dollars (based upon the Exchange Rate in effect on such date, as determined by the Administrative Agent in accordance with the terms hereof), and, in each case,
the Borrower shall indemnify the Foreign Currency Lenders, against any currency exchange losses as reasonably determined by such affected Foreign Currency Lender or reasonable out-of-pocket expenses that it shall sustain as a result of such
alternative payment. 

(ce
)     Notwithstanding anything herein to the contrary, (i) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign regulatory authorities, in each case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in each case be deemed to be a change in any Requirement of Law, regardless of the date
enacted, adopted, issued or implemented. 
 (df)     A certificate as to any additional amounts payable pursuant
to this Section 2.13 (which certificate shall set forth in reasonable detail the basis for the claim for such additional amounts and a calculation thereof) submitted by any Credit Party to the Borrower (with a copy to the Administrative Agent)
shall be conclusive in the absence of manifest error. Notwithstanding anything to the contrary in this Section 2.13, the Borrower shall not be required to compensate a Credit Party pursuant

  
 49 

 

 
to this Section 2.13 for any amounts incurred more than nine months prior to the date that such Credit Party notifies the Borrower of such Credit Party’s intention to claim compensation
therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower pursuant to
this Section 2.13 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.14    Taxes.  (a) Each payment by or on behalf of any Loan Party under any Loan Document shall be
made without withholding for any Taxes, unless such withholding is required by any law (as determined by the applicable withholding agent in its sole discretion exercised in good
faith), provided, that (i) if any Taxes are withheld by a Loan Party
(or the Administrative Agent, as the case may be) and such Taxes are Indemnified Taxes, then the amount payable by such Loan Party shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional
amounts payable under this Section 2.14), the applicable Credit Party receives the amount it would have received had no such withholding been made, and (ii) if the Taxes were withheld by a Loan Party or the Administrative Agent, as the
case may be, such Loan Party or the Administrative Agent, as the case may be, shall timely pay the full amount of such Taxes to the relevant Governmental Authority in accordance with applicable law. 

(b)    The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law. 
 (c)    As soon as practicable after any payment of Indemnified Taxes by any Loan Party to a Governmental
Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 
 (d)     The Loan Parties shall jointly and severally
indemnify each Credit Party for any Indemnified Taxes that are paid or payable by such Credit Party in connection with any Loan Document (including amounts paid or payable under this Section 2.14(d)) and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.14(d) shall be paid within 10 days after the
Credit Party delivers to the Borrower a certificate stating the amount of any Indemnified Taxes so paid or payable by such Credit Party and describing the basis for the indemnification claim. Such certificate shall be conclusive of the amount so
paid or payable absent manifest error. Such Credit Party shall deliver a copy of such certificate to the Administrative Agent. 

(e)    Each Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified
Taxes, only to the extent that the Loan Parties have not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so) attributable to such Lender that are paid or payable
by the Administrative Agent in connection with any Loan Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
The indemnity under this Section 2.14(e) shall be paid within 10 days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate
shall be conclusive of the amount so paid or payable absent manifest error. 

  
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 (f)    (i)  Any Lender that is entitled to an exemption from, or
reduction of, any applicable withholding Tax with respect to any payments under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such
properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not
such Lender is subject to any withholding (including backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Sections 2.14(f)(ii)(A) through (E) and 2.14(f)(iii)) shall not be required if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense (or, in the case of a Change in Law, any incremental material unreimbursed cost or expense) or would materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of such Borrower or
the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this Section 2.14(f). If any form or certification previously delivered pursuant to this Section 2.14(f) expires or becomes
obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify such Borrower and the Administrative Agent in writing of such
expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. 

(ii)    Without limiting the generality of the foregoing, if the Borrower is a U.S. Person, any
Lender with respect to the Borrower shall, if it is legally eligible to do so, deliver to such Borrower and the Administrative Agent (in such number of copies reasonably requested by such Borrower and the Administrative Agent) on or prior to the
date on which such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable: 

(A)    in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such Lender
is exempt from U.S. Federal backup withholding tax; 
 (B)    in the case of a Non-U.S. Lender
claiming the benefits of an income tax treaty to which the United States is a party (1) with respect to payments of interest under Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of,
U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (2) with respect to any other applicable payments under Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption
from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(C)    in the case of a Non-U.S. Lender for whom payments under any Loan Document constitute income
that is effectively connected with such Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI; 

(D)    in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code both (1) IRS Form W-8BEN or IRS Form W-8BEN-E and (2) a certificate substantially in the form of Exhibit H (a “U.S. Tax Certificate”) to the effect that such Lender is not
(a) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, (c) a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected; 

  
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 (E)    in the case of a Non-U.S. Lender that is not the
beneficial owner of payments made under any Loan Document (including a partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C) and
(D) and (F) of this paragraph (f)(ii) that would be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a
partnership and one or more of its partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 

(F)    any other form prescribed by law as a basis for claiming exemption from, or a reduction of,
U.S. Federal withholding Tax together with such supplementary documentation necessary to enable the Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld. 

(iii)    If a payment made to a Lender under any Loan Document would be subject to U.S. Federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
applicable Loan Party and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower or the Administrative Agent to comply with its
obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 2.14(f)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(g)    For purposes of determining withholding Taxes imposed under FATCA, from and after the Second Amendment and Restatement Effective Date, the Borrower and the Administrative Agent shall treat
(and the Lenders hereby authorize the Administrative Agent to treat) the Obligations as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

(h)    If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes
as to which it has been indemnified pursuant to this Section 2.14 (including additional amounts paid pursuant to this Section 2.14), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 2.14 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid to such indemnified party pursuant to the previous sentence (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
Section 2.14(h), in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this Section 2.14(h) if such payment would place such indemnified party in a less favorable position (on a net
after-Tax basis) than such indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 2.14(h) shall not be construed to require any indemnified party
to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the indemnifying party or any other Person. 

  
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 (i)       Each party’s obligations under this
Section 2.14 shall survive any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other obligations under the Loan Documents. 

(j)       For purposes of Sections 2.14(e) and (f), the term “Lender” includes the Issuing
Lender. 
 2.15    Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless
from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of
EurodollarEurocurrency Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from EurodollarEurocurrency Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of
EurodollarEurocurrency Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have
accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to
borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein,
if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank
eurodollareurocurrency market. A certificate as to any amounts payable pursuant to this Section 2.15 submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the
termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.16    Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the
payment of additional amounts under Section 2.13 or Section 2.14(a) with respect to such Lender or if such Lender gives a notice described in Section 2.11(b), it will use reasonable efforts (subject to overall policy considerations of
such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender,
cause such Lender and its lending offices to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the rights of any
Lender pursuant to Section 2.11(b), 2.13 or 2.14(a). Any Lender may, at its option, cause its Loans to be made by any branch,
Affiliate or international banking facility of such Lender, provided that such Lender shall remain responsible for all of its obligations hereunder and no additional taxes, costs or other burdens shall be imposed upon the Borrower or the
Administrative Agent as a result thereof. 

2.17    Replacement of Lenders. The Borrower shall be permitted to replace any Lender that (a) requests
reimbursement for amounts owing pursuant to Section 2.13 or 2.14(a) or sends a notice described in Section 2.11(b), (b) becomes a Defaulting Lender, or (c) does not consent to any proposed amendment, supplement, modification,
consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the Required Lenders (with the percentage in such
definition being deemed to be 66-2/3% for this purpose) has been obtained), with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall
have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall have taken no action under Section 2.16 so as to eliminate the continued need for payment of

  
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amounts owing pursuant to Section 2.13 or 2.14(a) or to eliminate the illegality described in Section 2.11(b), (iv) the replacement financial institution shall purchase, at par,
all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be liable to such replaced Lender under Section 2.15 if any
EurodollarEurocurrency Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement financial institution shall be reasonably satisfactory to the
Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower shall be obligated to pay the registration and processing fee
referred to therein), (viii) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.13 or 2.14(a) or comply with Section 2.11(b), as the case may
be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 

2.18    Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes
a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a)      fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant
to Section 2.3; 
 (b)      the Commitment and Extensions of Credit of such Defaulting Lender shall not
be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.1); provided, that this clause
(b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby; 

(c)    if any L/C Exposure exists at the time such Lender becomes a Defaulting Lender then: 

  (i)    all or any part of the L/C Exposure of such Defaulting Lender shall be reallocated
among the non-Defaulting Lenders in accordance with their respective L/C Participation Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Extensions of Credit plus such Defaulting Lender’s L/C Exposure does not exceed the total of all non-Defaulting
Lenders’ Commitments and (y) no non-Defaulting Lender’s Extensions of Credit would exceed such non-Defaulting Lender’s Commitment; 

  (ii)    if the reallocation described in clause (i) above cannot, or can only partially,
be effected, the Borrower shall, within one Business Day following notice by the Administrative Agent, Collateralize for the benefit of the Issuing Lender only the Borrower’s obligations corresponding to such Defaulting Lender’s L/C
Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 8 for so long as such L/C Exposure is outstanding; 

  (iii)    if the Borrower cash collateralizes any portion of such Defaulting Lender’s L/C
Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting
Lender’s L/C Exposure is cash collateralized; 
   (iv)    if the L/C Exposure of the
non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.3 and Section 3.3(a) shall be adjusted in accordance with such non-Defaulting Lenders’ Pro Rata Shares and L/C Participation Percentages, respectively; and 

 

  
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   (v)    if all or any portion of such Defaulting
Lender’s L/C Exposure is neither reallocated nor Collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all fees payable under
Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure shall be payable to the Issuing Lender until and to the extent that such L/C Exposure is reallocated and/or Collateralized; and 

  (d)    so long as such Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue, amend
or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or Collateralized by the
Borrower in accordance with Section 2.18(c), and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.18(c)(i) (and such Defaulting
Lender shall not participate therein). 
 If (i) a Bankruptcy Event with respect to a Lender Parent of any Lender shall occur following
the Effective Date and for so long as such event shall continue or (ii) the Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to
extend credit, the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless the Issuing Lender shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Issuing Lender to defease
any risk to it in respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Borrower and the Issuing Lender each
agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such
date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such
Foreign Currency Loans in accordance with its Foreign Currency Commitment Percentage. (if any)
and (ii) such Dollar Loans as would be held by such Lender if it had never been a Defaulting Lender (assuming that for each borrowing of Dollar Loans during the period such Lender was a Defaulting Lender, the amount of Dollar Loans actually
funded had been funded by all Lenders (including such Defaulting Lender) pro rata based on the Pro Rata Share of the Lenders (including such Defaulting Lender) at the time of such borrowing).

 2.19    Accordion.  (a) The Borrower and any one or more Lenders or other banks,
financial institutions or other entities may from time to time agree that such Lender shall increase the amount of its Commitment
(including any associated Foreign Currency Commitment, if agreed between the Borrower and such Lender) or such other Person shall provide an additional Commitment (including any associated
Foreign Currency Commitment, if agreed between the Borrower and such other Person) by executing and delivering to the Administrative Agent an Increased Facility Activation Notice specifying
(i) the amount of such increased or additional Commitment (and any associated Foreign Currency Commitment), as applicable, and (ii) the applicable Increased Facility Closing Date. Notwithstanding the foregoing, (i) without the consent of the Required Lenders, the aggregate amount of incremental Commitments
obtained after the Effective Date pursuant to this Section 2.19(a) shall not exceed $100,000,000 and (ii) without the consent of the Administrative Agent, each increase effected pursuant to this Section 2.19(a) shall be in a minimum
amount of at least $10,000,000 (provided that such amount may be less than $10,000,000 if such amount represents all remaining availability under the limit set forth 

  
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in Section 2.19(a)(i) and shall be in an increment of $500,000); provided that (1) no Lender shall have any obligation to participate in any increase described in this
Section 2.19(a) unless it agrees to do so in its sole discretion; (2) any prospective lender (if not already a Lender or an affiliate of a Lender) providing any such additional Commitment shall be reasonably acceptable to the
Administrative Agent; (3) after giving effect to such additional Commitment, the New Lender providing such additional Commitment shall have an aggregate Commitment of at least $5,000,000 (and in additional increments of $500,000), unless
otherwise agreed by the Administrative Agent; (4) on a pro forma basis after giving effect to such increased or additional Commitment, as applicable, no Default or Event of Default exists or would exist; (5) on a pro
forma basis after giving effect to such increased or additional Commitment, as applicable, and assuming that the Commitments were fully utilized on the Increased Facility Closing Date, the Borrower would be in compliance with the covenant
contained in Section 7.2 as of such day; and (6) the representations and warranties contained in Section 4 shall be true and correct in all material respects immediately prior to, and after giving effect to, the Increased Facility
Closing Date. 
 (b)    Any additional bank, financial institution or other entity that has elected to become a
“Lender” under this Agreement in accordance with the provisions of Section 2.19(a) shall execute a supplement (each, a “New Lender Supplement”), substantially in the form of Exhibit J-2, whereupon, effective on the
related Increased Facility Closing Date, such bank, financial institution or other entity (a “New Lender”) shall become a Lender hereunder and shall be bound by and entitled to the benefits of this Agreement. 

(c)    On each Increased Facility Closing Date, the Borrower shall
(i) borrow
Foreign Currency Loans under theany
relevant increased or additional Foreign Currency Commitments from the
relevant Foreign Currency Lenders (or repay outstanding Foreign Currency Loans, or both) in an amount (giving effect to any concurrent repayment
of Foreign Currency Loans) determined by reference to the amount of each
Type of Loan (and, in the case
of Eurodollar Loans, of each Eurodollar Tranche) which would thenEurocurrency Tranche of Foreign Currency Loans which would have been outstanding from
such Foreign Currency Lender if (ix) each such Type or EurodollarEurocurrency Tranche had been borrowed or effected on such Increased Facility Closing
Date and
(iiy)
 all Foreign Currency Lenders participated in each such Eurocurrency Tranche on a pro rata basis in accordance with their respective Foreign Currency Commitment Percentages and (ii) borrow Dollar Loans under any relevant increased or additional
Commitments from the relevant Lenders (or repay outstanding Dollar Loans, or both) in an amount (after giving effect to any concurrent repayment of Dollar Loans) determined by reference to the amount of each Type of Dollar Loan (and, in the case of Dollar Loans that are Eurocurrency Loans, each Eurocurrency Tranche of Dollar Loans) which would then have been outstanding from such Lender
if (x) each such Type or Eurocurrency Tranche had been borrowed or effected on such Increased Facility Closing Date and (y) all Lenders participated in each such Type or EurodollarEurocurrency Tranche on a pro rata basis. The Eurodollar in accordance with their respective Pro Rata Shares (as determined after giving effect to clause (i)). The Eurocurrency Base Rate applicable to any
EurodollarEurocurrency Loan borrowed pursuant to the preceding sentence shall equal the EurodollarEurocurrency Base Rate then applicable to the EurodollarEurocurrency Loans of the other Lenders in the same
EurodollarEurocurrency Tranche (or, until the expiration of the then-current Interest Period, such other rate as shall be agreed upon between the Borrower and the relevant Lender). 

(d)    Notwithstanding anything to the contrary in this Agreement, each of the parties hereto hereby agrees that, on each
Increased Facility Activation Date, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence of the increased Commitments
(and associated Foreign Currency Commitments, if any) pursuant to this
Section 2.19. Any such deemed amendment may be effected in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to the other parties hereto. 

  
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2.20    Refunding of Dollar Loans Made by Foreign Currency Lenders.
(a) If on any Borrowing Date on which the Borrower has requested the Foreign Currency Lenders to make Foreign Currency Loans (the “Requested Foreign Currency Loans”), 

  
(i)       the aggregate principal amount
of the Requested Foreign Currency Loans would exceed the Total Available Foreign Currency Commitments on such Borrowing Date (before giving effect to the making and payment of any Loans required to be made pursuant to this Section 2.20 on the
day prior to Borrowing Date), and 
   (ii)      the Dollar Equivalent of the amount of such excess is less than or equal to the aggregate Available Commitments of all Non-Foreign Currency
Lenders (before giving effect to the making and payment of any Loans pursuant to this Section 2.20 on the day prior to such Borrowing Date), 

each Non-Foreign Currency Lender shall make
a Dollar Loan to the Borrower on the day prior to such Borrowing Date, and the proceeds of such Dollar Loans shall be simultaneously applied to repay outstanding Dollar Loans of the Foreign Currency Lenders in amounts such that, after giving effect
to (1) such borrowings and repayments and (2) the borrowing from the Foreign Currency Lenders of the Requested Foreign Currency Loans, the Outstanding Percentage of each Lender will equal (as nearly as possible) its Percentage. To effect
such borrowings and repayments, (x) not later than 12:00 Noon, New York City time, on the day prior to such Borrowing Date, the proceeds of such Dollar Loans shall be made available by each Non-Foreign Currency Lender to the Administrative
Agent at the Domestic Funding Office in Dollars and in immediately available funds and the Administrative Agent shall apply the proceeds of such Dollar Loans to repayment of outstanding Dollar Loans of the Foreign Currency Lenders and (y) on
such Borrowing Date, (I) the Foreign Currency Lenders shall, in accordance with the applicable provisions hereof, make the Requested Foreign Currency Loans in an aggregate amount equal to the amount so requested by the Borrower (but not in any
event greater than the Total Available Foreign Currency Commitments after giving effect to the making of such repayment of any Dollar Loans on such Borrowing Date) and (II) the Borrower shall pay to the Administrative Agent for the account of the
Lenders whose Dollar Loans to the Borrower are repaid on the day prior to such Borrowing Date pursuant to this Section 2.20 all interest accrued on the amounts repaid to the date of repayment, together with any amounts payable pursuant to
Section 2.15 in connection with such repayment. 
 (b)    If any borrowing of Dollar Loans is required pursuant to this Section 2.20, the Borrower shall notify the Administrative Agent in the
manner provided for Dollar Loans in Section 2.2, except that the minimum borrowing amounts set forth in subsection 2.2 shall not be applicable to the extent that such minimum borrowing amounts exceed the amounts of Dollar Loans required to be
made pursuant to this Section 2.20. 
 2.21    Loan Conversion and Participation. (a) On any Conversion Date, (i) all Foreign Currency Loans then outstanding shall be converted
into Dollar Loans (calculated on the basis of the relevant Exchange Rates as of the Business Day immediately preceding such Conversion Date) (“Converted Loans”), (ii) all accrued and unpaid interest and other amounts owing in respect
of such Converted Loans through such Conversion Date shall be converted to Dollars (calculated on the basis of the relevant Exchange Rates as of the Business Day immediately preceding such Conversion Date) and shall be immediately due and payable
and (iii) the Commitments of the Lenders shall terminate. After any Conversion Date, all Eurocurrency Loans shall bear interest at the rate which would otherwise be applicable to ABR Loans.

  

  
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(b)    On any Conversion Date, each Lender severally, unconditionally and
irrevocably agrees that it shall purchase or sell, as applicable, an undivided participating interest in the Loans in the amount necessary to cause such Lender’s Extensions of Credit (plus the amount of any participating interest purchased by
such Lender pursuant to Section 2.21, minus the amount of any participating interest sold by such Lender pursuant to Section 2.21) to equal (as nearly as practicable) the lesser of (x) the percentage which such Lender’s
Commitment then constitutes of the Total Commitments (in each case calculated immediately prior to the termination or expiration of the Commitments) multiplied by the Total Extensions of Credit at such time and (y) such Lender’s Commitment
(calculated immediately prior to the termination or expiration of the Commitments). The Administrative Agent shall notify each Lender of the occurrence of any Conversion Date and shall specify the amount of the participating interest to be purchased
or sold by such Lender in accordance with the immediately preceding sentence. Promptly upon receipt of such notice, each Lender required to purchase a participating interest pursuant to this Section 2.21(b) will immediately transfer to the
Administrative Agent, in immediately available funds, the amount of its participating interest in Dollars, and the proceeds of such participating interest shall be distributed by the Administrative Agent to each Lender from which a participating
interest is being purchased in the amount provided for in the first sentence of this paragraph. 

(c)    If a Defaulting Lender exists on any Conversion Date, the
Administrative Agent may, in consultation with one or more other Lenders which are not Defaulting Lenders, revise this Section 2.21 and related definitions in order to allocate payments for the benefit of such Defaulting Lender in a manner
consistent with subsection 2.18. 
 SECTION
3.      LETTERS OF CREDIT 
 3.1     L/C Commitment. (a) Subject to the terms
and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Lenders set forth in Section 3.4(a), agrees to issue at the request of the Borrower letters of credit (each a “Letter of Credit”) for the
account of any Group Member on any Business Day during the Commitment Period in such form as may be approved from time to time by such Issuing Lender; provided that (i) the Borrower shall not request, and no Issuing Lender shall be
required to issue, any Letter of Credit if after giving effect to such issuance (and to any concurrent funding or prepayment of a Loan and to the application of proceeds thereof and to any concurrent expiration or termination or amendment or
modification of any previously issued Letter of Credit), (A) the sum of (x) 105% of the Dollar Equivalent of Letters of Credit denominated in OptionalL/C Foreign Currencies issued by such Issuing Lender plus (y) the outstanding
amount of all Letters of Credit issued by such Issuing Lender other than those denominated in
OptionalL/C Foreign Currencies would exceed such Issuing Lender’s L/C Commitment then in effect, (B) the sum of (x) 105% of the Dollar Equivalent of Letters of Credit denominated in OptionalL/C Foreign Currencies plus (y) the outstanding amount of all Letters of Credit other than those denominated in OptionalL/C Foreign Currencies would exceed the L/C Sublimit then in effect, or (C) the sum
of (x) 105% of the Dollar Equivalent of Letters of Credit denominated in
OptionalL/C Foreign Currencies plus (y) the then Outstanding
Aamount of the Extensions of Credit other than Letters of Credit
denominated in OptionalL/C Foreign Currencies would exceed the lesser of
(AI) the Total Commitments then in effect and
(BII) the Borrowing Base and (ii) the Borrower shall be a co-applicant, and jointly and severally liable with respect to, each Letter of Credit issued for the account of any other Group Member. Each Letter of
Credit shall (x) be denominated in Dollars or, if agreed by the applicable Issuing Lender, any OptionalL/C Foreign Currency and (y) expire no later than the earlier of (A) the date
that is one year after the date of issuance of such Letter of Credit and (B) thirty (30) days prior to the Termination Date then in effect; provided, that any Letter of Credit with a one-year tenor may provide for the subsequent or
successive renewal or automatic renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in foregoing clause (B). If agreed by an Issuing Lender, Letters of Credit issued by such Issuing Lender may
have an expiration date that exceeds one year (but in all events expires no later than thirty (30) days prior to the Termination Date then in effect); provided that the 

  
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Borrower shall not request the issuance of any such Letter of Credit if the aggregate face amount of all such Letters of Credit outstanding on the date of such request and giving effect to the
proposed issuance would exceed the Dollar Equivalent of $10,000,000. 
 (b)    An Issuing Lender shall not at any time
be obligated to issue any Letter of Credit if such issuance would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 

3.2    Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that the Issuing
Lender issue a Letter of Credit by delivering to the Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and
information as the Issuing Lender may request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance
with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application
therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the
Borrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the
Lenders, notice of the issuance of each Letter of Credit (including the amount thereof). No Issuing Lender shall issue any Letter of Credit during any period commencing on the first Business Day after it receives written notice from the
Administrative Agent that one or more of the conditions precedent contained in Section 5.2 shall not on such date be satisfied or waived, and ending when the Administrative Agent provides written notice to the effect that such conditions are
satisfied or waived. The Administrative Agent shall promptly notify the Issuing Lenders upon becoming aware that such conditions in Section 5.2 are thereafter satisfied or waived. The Issuing Lenders shall not otherwise be required to determine
that, or take notice whether, the conditions precedent set forth in Section 5.2 have been satisfied or waived in connection with the issuance of any Letter of Credit. 

3.3    Fees and Other Charges. (a) The Borrower will pay a fee on all outstanding Letters of Credit at a per
annum rate equal to the Applicable Margin then in effect with respect to
EurodollarEurocurrency Loans, shared ratably among the Lenders according to their respective average daily L/C
Participation Amounts and payable in arrears on each Fee Payment Date in respect of the related Fee Payment Period during which such Letters of Credit were outstanding. In addition, the Borrower
shall pay to the Issuing Lender for its own account a fronting fee equal to the greater of (x) 0.20% per annum on the undrawn and unexpired amount of each Letter of Credit issued by it or (y) $500, in the case of either clause
(x) or (y), payable in arrears on each Fee Payment Date in respect of the related Fee Payment Period during which such Letters of Credit were outstanding. For the purposes of the foregoing calculations, the average daily undrawn and unexpired
amount of any Letter of Credit denominated in an
OptionalL/C Foreign Currency during any Fee Payment Period shall be calculated by multiplying (i) the average daily undrawn and unexpired amount of such Letter of Credit (expressed in the OptionalL/C Foreign Currency in which such Letter of Credit is denominated) during such period by (ii) the Exchange Rate for each such
OptionalL/C Foreign Currency in effect on the Fee Payment Date or by such other method that the Administrative Agent and the Borrower may agree. 

(b)     In addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender for such normal and
customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

  
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 3.4     L/C Participations. (a) The Issuing Lender irrevocably
agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the
terms and conditions set forth below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s
L/C Participation Percentage in the Issuing Lender’s obligations and rights
under and in respect of each Letter of Credit issued by it and the amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the
Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement (or in the event that any reimbursement received by the Issuing Lender shall be required to be returned by it at any time), such L/C Participant
shall pay to the Issuing Lender in Dollars upon demand at the Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s
L/C Participation Percentage of the Dollar Equivalent of the amount of such
draft, or any part thereof, that is not so reimbursed (or is so returned) (calculated, in the case of any Letter of Credit denominated in an OptionalL/C Foreign Currency, as of the Reimbursement Date therefor); provided that in no event
shall an L/C Participant be obligated to fund an amount that would cause such L/C Participant’s Extensions of Credit to exceed such L/C Participant’s Commitment. Subject to the foregoing, each L/C Participant’s obligation to pay such
amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against the Issuing Lender, the Borrower or
any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition
(financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether
or not similar to any of the foregoing. 
 (b)     If any amount required to be paid by any L/C Participant to
the Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit is
not paid to the Issuing Lender within three Business Days after the date such
payment is due, such L/C Participant shall pay to the Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such
payment is required to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any
such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, the Issuing Lender shall be
entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans. A certificate of the Issuing Lender submitted to any L/C Participant with
respect to any amounts owing under this Section 3.4(b) shall be conclusive in the absence of manifest error. 

(c)     Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and has received from
any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), the Issuing Lender
receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will
distribute to such L/C Participant its pro
ratarespective share thereof; provided, however,
that in the event that any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the Issuing Lender
to it. 

  
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 3.5     Reimbursement Obligation of the Borrower. If any draft is paid
under any Letter of Credit, the Borrower shall reimburse the Issuing Lender for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment,
not later than 12:00 Noon, New York City time, on (i) the Business Day that the Borrower receives notice of such draft, if such notice is received on such day prior to 10:00 A.M., New York City time, or (ii) if clause (i) above does
not apply, the Business Day immediately following the day that the Borrower receives such notice (such date, the “Reimbursement Date”). Each such payment shall be made to the relevant Issuing Lender at its address for notices
referred to herein (or in the case of any payment in a currency other than Dollars, as directed by such Issuing Lender) in the currency in which such Letter of Credit is denominated and in immediately available funds (or, in the case of a currency
other than Dollars, in such funds as shall be customary for settlement of obligations in such currency in the interbank market). Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at
the rate set forth in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.9(b) and (y) thereafter, Section 2.9(c). It is understood that the Borrower may elect to use the proceeds of a borrowing
pursuant to Section 2.2 to finance its reimbursement obligations pursuant to this Section 3.5. Notwithstanding the last sentence of Section 2.2, the proceeds of any such borrowing of Loans shall be made available to the relevant Issuing Lender (and not to the
Borrower) to the account specified by such Issuing Lender, in like funds as received by the Administrative Agent, and the Issuing Lender may credit its
PercentagePro Rata Share of such borrowing (in the case of Dollar Loans) or its Foreign Currency Commitment
Percentage (in the case of Foreign Currency Loans) of such borrowing, as applicable, to the relevant Reimbursement Obligation in lieu of funding such amount to the Administrative Agent.

 3.6     Obligations Absolute. The Borrower’s obligations under this Section 3 shall be
absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a Letter of Credit or any other
Person. The Borrower also agrees with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, the validity or
genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party
to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or delay
in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of the Issuing Lender. The Borrower agrees that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done
in the absence of gross negligence or willful misconduct, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 

3.7     Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the
Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any
payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with
such Letter of Credit. 

  
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 3.8     Applications. To the extent that any provision of any
Application related to any Letter of Credit is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply. 

3.9     Termination of Issuing Bank. The Borrower may elect to terminate the status of any Issuing Lender as an
Issuing Lender by giving not less than 10 Business Days prior notice of such election to the relevant Issuing Lender and the Administrative Agent; provided that after giving effect to such termination the terminated Issuing Lender does not have any
L/C Obligations owing to it. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters
of Credit, MVWC and the Borrower hereby jointly and severally represent and warrant to the Administrative Agent and each Lender that: 

4.1     Financial Condition. (a) The audited combined balance sheets of MVWC as at the last day of the 2009
Fiscal Year and 2010 Fiscal Year, and the related combined statements of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from Ernst & Young LLP, presented fairly the
combined financial condition of MVWC and its Subsidiaries as at such dates, and the combined results of its operations and its combined cash flows for the fiscal years then ended. The unaudited combined balance sheet of MVWC as at the last day of
the second Fiscal Quarter of the 2011 Fiscal Year, and the related unaudited combined statements of income and of cash flows for the period of two Fiscal Quarters ended on such date, presented fairly, in all material respects, the combined financial
condition of MVWC and its Subsidiaries as at such date, and the combined cash flows for the period of two Fiscal Quarters then ended (subject to normal year-end audit adjustments). All such financial
statements, including the related schedules and notes thereto, were prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). As of the
Effective Date, no Group Member has any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long term leases or unusual forward or long term commitments, including any interest rate or foreign currency swap or
exchange transaction or other obligation in respect of derivatives, that are not reflected in the most recent financial statements and footnotes referred to in this paragraph. Except for Dispositions in the internal reorganization contemplated by
the Separation and Distribution Agreement of property not intended to be part of the post spin-off business of the Group Members, during the period from the last day of the 2010 Fiscal Year to and including the Effective Date there has been no
Disposition by any Group Member of any material part of its business or property. 
 (b)     The unaudited pro forma
opening balance sheet of MVWC as at the last day of the most recent Fiscal Quarter preceding the Closing Date for which financial statements are required to have been provided pursuant to Section 5.1(c), copies of which were furnished to each
Lender prior to the Closing Date, were prepared giving effect (as if such events had occurred on such date) to (i) the consummation of the Spin-Off, (ii) the Loans made on the Closing Date and the use of proceeds thereof and (iii) the
payment of fees and expenses in connection with the foregoing. Such balance sheet was prepared based on the best information available to MVWC as of the date of delivery thereof, and presented fairly on a pro forma basis the estimated
financial position of MVWC and its consolidated Subsidiaries as at the Closing Date, assuming that the events specified in the preceding sentence had actually occurred at the last day of such Fiscal Quarter. 

4.2     No Change. Except as disclosed in the Form 10 as in effect prior to the Effective Date, since the last day
of the 2010 Fiscal Year, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect. 

  
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 4.3     Existence; Compliance with Law. Each of the Borrower and MVWC
is, and as of the Closing Date and thereafter each other Group Member will be (a) duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) duly qualified as a foreign corporation or
other organization and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification and (c) in compliance with all Requirements of Law,
except in the case referred to in clause (b) or (c), to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Borrower and MVWC has, and as of the
Closing Date and thereafter each other Group Member will have, the power and authority, and the legal right, to own and operate its property, to lease the properties it operates as lessee and to conduct the business in which it is currently engaged,
except to the extent that any failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

4.4     Power; Authorization; Enforceable Obligations. Each Loan Party has the power and authority, and the legal
right, to make, deliver and perform the Loan Documents to which it is (or becomes) a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Prior to becoming a party thereto, each Loan Party will have taken all necessary
organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent
or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the Spin-Off and the extensions of credit hereunder or with the execution, delivery,
performance, validity or enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations, filings and notices described in Schedule 4.4, which consents, authorizations, filings and notices will have been
obtained or made and will be in full force and effect on or prior to the Closing Date and (ii) the filings referred to in Section 4.19. Each Loan Document will have been duly executed and delivered on behalf of each Loan Party party
thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law). 
 4.5     No Legal Bar. The execution, delivery and performance of this
Agreement and the other Loan Documents upon execution, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of any Group Member and will
not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents). No
Requirement of Law or Contractual Obligation applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. 

4.6     Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental
Authority is pending or, to the knowledge of MVWC or the Borrower, threatened by or against any Group Member or against any of their respective properties or revenues (a) with respect to any of the Loan Documents or any of the transactions
contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 

4.7     No Default. No Group Member is in default under or with respect to any of its Contractual Obligations in
any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

  
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 4.8     Ownership of Property; Liens. Each of the Borrower and MVWC
has, and as of the Closing Date and thereafter each other Group Member will have title in fee simple to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other property, and none
of such property is subject to any Lien except as permitted by Section 7.4. 
 4.9     Intellectual
Property. Each Group Member as of the Closing Date will own, or be licensed or be otherwise permitted to use, all Intellectual Property necessary for the conduct of its business as currently conducted. No material claim against a Group Member
has been asserted and is pending by any Person challenging or questioning the use by such Group Member of any Intellectual Property or the validity or effectiveness of any Intellectual Property owned or used by such Group Member, nor does MVWC or
the Borrower know of any valid basis for any such claim. The use of Intellectual Property by each Group Member does not infringe on, misappropriate or violate the rights of any Person in any material respect. 

4.10     Taxes. Each Group Member has filed or caused to be filed all Federal, state and other material Tax returns
that are required to be filed and has paid all Taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other material Taxes, fees or other charges imposed on it or any of its property by
any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the
relevant Group Member); no Tax Lien has been filed, and, to the knowledge of MVWC and the Borrower, no claim is being asserted, with respect to any such Tax, fee or other charge. 

4.11     Federal Regulations. No part of the proceeds of any Loans, and no other extensions of credit hereunder,
will be used (a) for “buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect for any purpose that
violates the provisions of the Regulations of the Board or (b) for any purpose that violates the provisions of the Regulations of the Board. No more than 25% of the assets of the Group Members consist of “margin stock” as so defined.
If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. 
 4.12     Labor Matters.
Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against any Group Member pending or, to the knowledge of MVWC or the Borrower, threatened;
(b) hours worked by and payment made to employees of each Group Member have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group
Member on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant Group Member. 

4.13     ERISA. Except as could not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect: (a) each Group Member and each of their respective ERISA Affiliates is in compliance with the applicable provisions of ERISA and the provisions of the Code relating to Plans and the regulations and published interpretations
thereunder; (b) no ERISA Event or Foreign Plan Event has occurred or is reasonably expected to occur; and (c) all amounts required by applicable law with respect to, or by the terms of, any retiree welfare benefit arrangement maintained by
any Group Member or any ERISA Affiliate or to which any Group Member or any ERISA Affiliate has an obligation to contribute have been accrued in accordance with Statement of Financial Accounting Standards No. 106. The present value of all
accumulated benefit obligations under each Pension Plan (based on the assumptions used for purposes of Accounting Standards Codification No. 715: 

  
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Compensation-Retirement Benefits) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than an immaterial amount the fair market value of the
assets of such Pension Plan allocable to such accrued benefits, and the present value of all accumulated benefit obligations of all underfunded Pension Plans (based on the assumptions used for purposes of Accounting Standards Codification
No. 715: Compensation-Retirement Benefits) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than an immaterial amount the fair market value of the assets of all such underfunded Pension
Plans. 
 4.14     Investment Company Act; Other Regulations. No Loan Party is (i) registered or is required
to be registered as an “investment company” under the 40 Act or (ii) “controlled” by a company that is registered or required to be registered under the 40 Act. No Loan Party is subject to regulation under any Requirement of
Law (other than Regulation X of the Board) that limits its ability to incur Indebtedness. 
 4.15    
Subsidiaries. Except as disclosed to the Administrative Agent by the Borrower in writing from time to time after the Effective Date, (a) Schedule 4.15 sets forth the name and jurisdiction of incorporation of each Subsidiary that
will be in existence on and after the Closing Date and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other
agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the Borrower or any Subsidiary. 

4.16     Use of Proceeds. The proceeds of the Loans and the Letters of Credit shall be used for general corporate
purposes. 
 4.17     Environmental Matters. Except as, in the aggregate, could not reasonably be expected to
have a Material Adverse Effect: 
 (a)       the facilities and properties owned, leased or operated by any
Group Member (the “Properties”) do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations or under circumstances that constitute or constituted a violation of, or could
give rise to liability under, any Environmental Law; 
 (b)       no Group Member has received or is aware of
any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by any Group Member (the
“Business”), nor does MVWC or the Borrower have knowledge or reason to believe that any such notice will be received or is being threatened; 

(c)       Materials of Environmental Concern have not been transported or disposed of from the Properties in
violation of, or in a manner or to a location that could give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in
violation of, or in a manner that could give rise to liability under, any applicable Environmental Law; 

(d)       no judicial proceeding or governmental or administrative action is pending or, to the knowledge of
MVWC and the Borrower, threatened, under any Environmental Law to which any Group Member is or will be named as a party with respect to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders,
administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business; 

  
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 (e)       there has been no release or threat of release of
Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of any Group Member in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts or in a
manner that could give rise to liability under Environmental Laws; 
 (f)       the Properties and all
operations at the Properties are in compliance, and have in the last five years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with
respect to the Properties or the Business; and 
 (g)       no Group Member has assumed any liability of any
other Person under Environmental Laws. 
 4.18     Accuracy of Information, etc. No statement or information of
any Loan Party contained in this Agreement, any other Loan Document when executed, the Form 10 or any other document, certificate or statement furnished by or on behalf of any Loan Party to the Administrative Agent or the Lenders, or any of them,
for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished (or, in the case of the Form 10, as of the
Effective Date), any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein not misleading. The projections and pro forma financial information contained in
the materials referenced above are based upon good faith estimates and assumptions believed by management of MVWC to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to future events is
not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. The representations and warranties of any Loan Party
contained in the Spin-Off Documentation will be true and correct in all material respects on the Closing Date. There is no fact known to any Loan Party that could reasonably be expected to have a Material Adverse Effect that has not been expressly
disclosed herein, in the other Loan Documents, in the Form 10 as of the Effective Date or in any other documents, certificates and statements furnished to the Administrative Agent and the Lenders for use in connection with the transactions
contemplated hereby and by the other Loan Documents. 
 4.19     Security Documents. (a) The Guarantee and
Collateral Agreement when executed will be effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the
case of the Pledged Stock described in the Existing Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock were delivered to the Administrative Agent (together with a properly completed and signed stock power or
endorsement), and in the case of the other Collateral described in the Existing Guarantee and Collateral Agreement, when financing statements and other filings specified on Schedule 4.19(a) of the Existing Credit Agreement in appropriate form were
filed in the offices specified on Schedule 4.19(a) of the Existing Credit Agreement, and when the other actions described in Schedule 3 to the Existing Guarantee and Collateral Agreement were completed, the Existing Guarantee and Collateral
Agreement constituted a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Existing Guarantee and
Collateral Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.4). In the case of the Pledged Stock described in the Guarantee and
Collateral Agreement and required to be delivered hereunder, when stock certificates representing such Pledged Stock not previously delivered to the Administrative Agent are delivered to the Administrative Agent (together with a properly completed
and signed stock power or endorsement), and in the case of the other 

  
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Collateral described in the Guarantee and Collateral Agreement, to the extent not previously filed, when financing statements and other filings specified on Schedule 4.19(a) in appropriate form
are filed in the offices specified on Schedule 4.19(a), and to the extent not previously taken, when the other actions described in Schedule 3 to the Guarantee and Collateral Agreement have been completed, the Guarantee and Collateral
Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and
Collateral Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.4). 

(b)     Each of the Mortgages when executed will be effective to create in favor of the Administrative Agent, for the
benefit of the Lenders, a legal, valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof, and when the Mortgages are filed in the offices specified on Schedule 4.19(b), each such Mortgage shall constitute a
fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the Mortgaged Properties and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior and
superior in right to any other Person. Schedule 1.1C lists each parcel of Mortgaged Property located in the United States and held by the Borrower or any of its Subsidiaries as of the Second Amendment and Restatement Effective Date, and such Mortgaged Property is all of the real property,
interests in real property, In-Process Property and Time Share Interests required to be mortgaged pursuant to the Existing Credit Agreement (as of the Second Amendment
and Restatement Effective Date and after giving effect to any applicable
waivers or modifications in respect thereof). 
 4.20     Solvency. (i) On a consolidated basis, the
Group Members are, and after giving effect to the incurrence of all Indebtedness and obligations being incurred in connection herewith will be and will continue to be, Solvent and (ii) on an individual basis, each of MVWC, the Borrower and each
other Loan Party that owns any Mortgaged Property included in the Borrowing Base are, and after giving effect to the incurrence of all Indebtedness and obligations being incurred in connection herewith will be and will continue to be, Solvent. 

4.21     Regulation H. Except as listed on Schedule 4.21, which Schedule to the knowledge of MVWC and the Borrower
lists as of the date hereof all real property located in a Flood Area (defined below), no Mortgage encumbers improved real property that is located in an area that has been identified by the Secretary of Housing and Urban Development as an area
having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1994 (each a “Flood Area”). 

4.22     Certain Documents. On or prior to the Closing Date, the Borrower will have delivered to the Administrative
Agent a complete and correct copy of the Spin-Off Documentation, including any amendments, supplements or modifications with respect to any of the foregoing in effect as of the Closing Date. 

4.23     Anti-Corruption Laws and Sanctions. Each Loan Party, for itself or through its parent or other Affiliates,
has implemented and maintains in effect policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and
each Loan Party, its Subsidiaries and their respective officers and employees and, to the knowledge of each Loan Party, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of
(a) the Loan Parties, their respective Subsidiaries or their respective directors, officers or employees, or (b) to the knowledge of each Loan Party, any agent of such Loan Party or any of its Subsidiaries that will act in any capacity in
connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable
Sanctions. 

  
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 SECTION 5.     CONDITIONS PRECEDENT 

5.1     Conditions to Initial Extension of Credit. The agreement of each Original Lender to make the initial
extension of credit requested to be made by it on the Original Closing Date was subject to the satisfaction, prior to or concurrently with the making of such extension of credit, of the following conditions precedent: 

(a)     Credit Agreement; Guarantee and Collateral Agreement. The Administrative Agent shall have received
(i) the Original Credit Agreement, executed and delivered by the Administrative Agent, MVWC, the Borrower and each Person listed on Schedule 1.1A thereto, (ii) the Original Guarantee and Collateral Agreement, executed and delivered by
MVWC, the Borrower and each Subsidiary Guarantor and (iii) an Acknowledgement and Consent in the form attached to the Original Guarantee and Collateral Agreement, executed and delivered by each Issuer (as defined therein), if any, that is not a
Loan Party. 
 (b)     Spin-Off, etc. The following transactions shall have been consummated: 

  (i)     the Administrative Agent shall have received evidence satisfactory to it that the
Separation and Distribution Agreement, substantially in the form delivered to the Original Lenders prior to the Effective Date, shall have been executed and delivered by the parties thereto and the Spin-Off shall have been consummated on the terms
and conditions set forth in such Separation and Distribution Agreement; 
   (ii)     the
Borrower shall have entered into a revolving warehouse credit facility (as the same may from time to time be amended, modified, supplemented, restated, replaced or refinanced, the “Receivables Warehouse Facility”) with an aggregate
commitment of at least $200 million and a term of not less than 364 days (from the date of its effectiveness) to finance its acquisition of Time Share Receivables pending the securitization thereof; and 

  (iii)     the Administrative Agent shall have received evidence satisfactory to it that each
of the Intercompany Agreements shall have been executed and delivered by the relevant parties thereto and shall have become effective in substantially the form delivered to the Original Lenders prior to the Effective Date. 

(c)     Pro Forma Balance Sheet; Financial Statements. The Original Lenders shall have received
(1) (a) audited combined balance sheets and related statements of income, stockholders’ equity and cash flows of MVWC and its Subsidiaries for the two most recently completed Fiscal Years ended at least 90 days before the Original
Closing Date and (b) unaudited combined balance sheets and related statements of income, stockholders’ equity and cash flows of MVWC and its Subsidiaries for each subsequent Fiscal Quarter ended at least 90 days before the Original Closing
Date; and (2) the Opening Balance Sheet, prepared on a pro forma basis after giving effect to the Spin-Off as if the Spin-Off had occurred as at the last day of the second Fiscal Quarter of Fiscal Year 2011; provided that
to the extent such financial statements referred to in items (1) or (2), as the case may be, are included in the filing of the required financial statements on form 10-K and form 10-Q or in the Form 10 (as it may be supplemented or amended
until it becomes effective under the Exchange Act) by MVWC, such filed financial statements will satisfy the foregoing requirements. 

  
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 (d)     Approvals. All governmental and third party approvals
necessary in connection with the Spin-Off, the continuing operations of the Group Members and the transactions contemplated by the Original Credit Agreement shall have been obtained and be in full force and effect, and all applicable waiting periods
shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the Spin-Off or the financing contemplated by the Original Credit Agreement. 

(e)     Lien Searches. The Administrative Agent shall have received the results of a recent Lien search with
respect to each Loan Party in each relevant jurisdiction listed on Schedule 4.19(a) to the Original Credit Agreement, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 7.4 or
discharged on or prior to the Original Closing Date pursuant to documentation satisfactory to the Administrative Agent. 

(f)     Fees. The Original Lenders and the Administrative Agent shall have received all fees required to be paid,
and all expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Original Closing Date. 

(g)     Closing Certificate; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative
Agent shall have received (i) a certificate of each Loan Party, dated the Original Closing Date, substantially in the form of Exhibit C to the Original Credit Agreement, with appropriate insertions and attachments, including the certificate of
incorporation of each Loan Party that is a corporation certified by the relevant authority of the jurisdiction of organization of such Loan Party, (ii) a long form good standing certificate for each Loan Party from its jurisdiction of
organization, (iii) a certificate from the chief financial officer of MVWC certifying that after giving effect to the Spin-Off and any concurrent extension of credit under the Original Credit Agreement, (x) no Default or Event of Default
exists and (y) all representations and warranties of each Loan Party set forth in the Loan Documents are true and correct; (iv) a certificate from the chief financial officer of MVWC, stating that the Loan Parties on a consolidated basis
after giving effect to the Spin-Off and the other transactions contemplated by the Original Credit Agreement are Solvent before and after giving effect to the funding of any Loans or issuance of the initial Letters of Credit on the Original Closing
Date; (v) a certificate from the chief financial officer of MVWC certifying (x) that on and as of the date of the Spin-Off, MVWC and the Borrower are in compliance with the financial covenants contained in Section 7.1, calculated on a
pro forma basis for the Spin-Off and, in the case of income statement calculations, for the most-recent Fiscal Quarter for which financial statements have been provided pursuant to Section 5.1(c) prior to the Original Closing Date
and (y) the amount of Investments in Foreign Subsidiaries outstanding as of the last day of the Fiscal Month ending at least 10 Business Days prior to the Effective Date and (vi) a Borrowing Base Certificate from the chief financial
officer of MVWC demonstrating that, as at the last day of the most recently completed Fiscal Month ended at least 20 days before the Original Closing Date, on a pro forma basis giving effect to the extensions of credit on and as of the
Original Closing Date, the Borrower is in compliance with Section 7.2. 
 (h)     Legal Opinions. The
Administrative Agent shall have received the following executed legal opinions: 
   (i)    
the legal opinion of Greenberg Traurig LLP, counsel to the Borrower and its Subsidiaries, substantially in the form of Exhibit G-1 to the Original Credit Agreement; 

  (ii)     the legal opinion of in-house counsel of the Borrower and its Subsidiaries,
substantially in the form of Exhibit G-2 to the Original Credit Agreement; 

  
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   (iii)     to the extent consented to by the
relevant counsel, each legal opinion, if any, delivered in connection with the Spin-Off, accompanied by a reliance letter in favor of the Original Lenders; 

  (iv)     the legal opinion of local counsel in Florida with respect to the Land Trust
substantially in the form of Exhibit G-3 to the Original Credit Agreement; and 
   (v)    
the legal opinion of such other special and local counsel as may be required by the Administrative Agent and in each case, in form and substance reasonably satisfactory to the Administrative Agent. 

Each such legal opinion shall cover such other matters incident to the transactions contemplated by the Original Credit Agreement as the
Administrative Agent may reasonably require. 
 (i)     Pledged Stock; Stock Powers; Pledged Notes. The
Administrative Agent shall have received (i) the certificates representing the shares of Capital Stock pledged pursuant to the Original Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed
in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant to the Original Guarantee and Collateral Agreement endorsed (without recourse) in blank (or
accompanied by an executed transfer form in blank) by the pledgor thereof; provided that such certificates and related stock powers with respect to Foreign Subsidiaries shall not be required to be delivered to the Administrative Agent until
60 days following the Original Closing Date; provided further that unless reasonably requested by the Administrative Agent, no Foreign Subsidiary shall be required to certificate any equity interests which are not certificated. 

(j)     Filings, Registrations and Recordings. Each document (including any Uniform Commercial Code financing
statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Lenders, a
perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens permitted by Section 7.4), shall be in proper form for filing, registration or recordation. 

(k)     Mortgages, etc. (i) The Administrative Agent shall have received a Mortgage with respect to each
Mortgaged Property, executed and delivered by a duly authorized officer of each party thereto. 

  (ii)     If the Collateral includes mortgages on land parcels (or interests therein) either
(A) the Administrative Agent shall have received, and the title insurance company issuing the policy referred to in clause (iii) below (the “Title Insurance Company”) shall have received, maps or plats of an as-built
survey of the sites of the Mortgaged Properties certified to the Administrative Agent and the Title Insurance Company in a manner satisfactory to them, dated a date satisfactory to the Administrative Agent and the Title Insurance Company by an
independent professional licensed land surveyor satisfactory to the Administrative Agent and the Title Insurance Company, provided, however, that in no event shall maps or plats of an as-built survey be required to be furnished to the
Administrative Agent or the title insurance company for non-resort or non-inventory Mortgaged Property having a tax assessment value of $500,000 or less or (B), the Administrative Agent shall have received in respect of each land parcel (or
interests therein) the related public offering statement covering the land parcel and any interests therein. 

  
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   (iii)     The Administrative Agent shall have
received in respect of each Mortgaged Property a mortgagee’s title insurance policy (or policies) or marked up binder for such insurance, in each case in form and substance, and containing coverages, satisfactory to the Administrative Agent.
The Administrative Agent shall have received evidence satisfactory to it that all premiums in respect of each such policy, all charges for mortgage recording tax, and all related expenses, if any, have been paid. 

  (iv)     If the Mortgage covers any improved land parcel that is located in a Flood Area, the
Administrative Agent shall have received (A) a certificate confirming flood insurance in an amount and on terms that are in compliance with Section 6.6(e) of this Agreement and (B) confirmation that the Borrower has received the
notice required pursuant to Section 208.25(i) of Regulation H of the Board. 
   (v)    
The Borrower shall have made available at its offices to the Administrative Agent a copy of all recorded documents referred to, or listed as exceptions to title in, the title policy or policies referred to in clause (iii) above and a copy of
all other material documents affecting the Mortgaged Properties. 
 (l)      Ratings. MVWC shall have
received a corporate credit rating from S&P. 
 (m)     Collection Accounts. The Administrative Agent shall
have received evidence reasonably satisfactory to it that the system of Collection Accounts referred to in Section 6.11(a) shall have been established and all related account control agreements, in form and substance reasonably satisfactory to
the Administrative Agent, shall have been executed and delivered by the Administrative Agent, the relevant depositary bank and the appropriate Loan Party. 

(n)     Patriot Act. At least five days prior to the Original Closing Date, the Administrative Agent and the other
Original Lenders shall have received documentation and other information from each of the Loan Parties required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including,
without limitation, the Patriot Act. 
 (o)     Schedules. At least 3 (three) Business Days prior to the Original
Closing Date, the Administrative Agent shall have received Schedule 1.1C, Schedule 4.19(a) and Schedule 4.19(b), each completed and in form and substance reasonably satisfactory to the Administrative Agent. Upon delivery of such schedules they will
be deemed to be a part of the Credit Agreement as originally executed. 
 For the purpose of determining compliance with the conditions specified in this
Section 5.1, each Original Lender shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 5.1 unless the Administrative Agent shall have received written notice from such
Original Lender prior to the proposed Original Closing Date specifying its objection thereto. 
 5.2     Conditions
to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent:

   (a)     Representations and Warranties. Each of the representations and warranties
made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects (and in all respects if qualified by materiality) on and as of such date as if made on and as of such date (or to the extent such
representations and warranties expressly relate to an earlier date, as of such earlier date). 

  
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   (b)     No Default. No Default or Event of
Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 

  (c)     Borrowing Base. The Administrative Agent shall have received a Borrowing Base
Certificate demonstrating pro forma compliance with Section 7.2 after giving effect to the extensions of credit requested to be made on such date (it being understood that (x) the Borrowing Base Certificate delivered pursuant
to clause (vi) of Section 5.1(g) satisfies this requirement on the Closing Date and (y) that such Borrowing Base Certificate shall be based on the most recent Borrowing Base Certificate delivered pursuant to Section 6.3(b)
adjusted only for the requested extension of credit); provided that no such certificate shall be required in connection with an extension of credit that does not result in an increase in the Total Extensions of Credit. 

Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of
the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 
 SECTION
6.     AFFIRMATIVE COVENANTS 
 Each of MVWC and the Borrower agrees that, so long as the Commitments remain in effect,
any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder, each of MVWC and the Borrower shall and shall cause each of their respective Subsidiaries, as applicable, to: 

6.1     Financial Statements. Furnish to the Administrative Agent and each Lender: 

  (a)     as soon as available, but in any event within 90 days after the end of each
Fiscal Year, a copy of the audited consolidated balance sheet of MVWC and its consolidated Subsidiaries as at the end of such Fiscal Year and the related audited consolidated statements of income and of cash flows for such Fiscal Year, setting forth
in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or other
independent certified public accountants of nationally recognized standing; 
   (b)     as
soon as available, but in any event not later than 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year (except in the case of the third Fiscal Quarter of Fiscal Year 2011, not later than 45 days after the effective
date of the Spin-Off), the unaudited consolidated balance sheet of MVWC and its consolidated Subsidiaries as at the end of such Fiscal Quarter and the related unaudited consolidated statements of income and of cash flows for such Fiscal Quarter and
the portion of the Fiscal Year through the end of such Fiscal Quarter, setting forth in each case in comparative form the figures for the previous Fiscal Year, certified by a Responsible Officer as being fairly stated in all material respects
(subject to normal year-end audit adjustments); and 
 All such financial statements shall be complete and correct
in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the
periods reflected therein and with prior periods. 

  
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 Information required to be delivered pursuant to clause (a) or (b) of this Section shall be deemed to
have been delivered if such information, or one or more annual or quarterly reports containing such information, shall have been posted by the Administrative Agent on Intralinks or similar site to which Lenders have been granted access or shall be
available on the website of the SEC at http://www.sec.gov or on the website of MVWC at http://marriottvacationsworldwide.com. Each Lender shall be solely responsible for timely accessing posted documents and maintaining its copies of such documents.
Information required to be delivered pursuant to this Section may also be delivered by electronic communication of a “pdf” or similar copy. 

6.2     Certificates; Other Information. Furnish to the Administrative Agent and each Lender (or, in the case of
clause (m), to the relevant Lender): 
   (a)     concurrently with the delivery of the
financial statements referred to in Section 6.1(a), a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any
Default or Event of Default arising pursuant to Section 7.1, except as specified in such certificate; 

  (b)     concurrently with the delivery of any financial statements pursuant to
Section 6.1, a certificate of a Responsible Officer stating that, to the best of each such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and
satisfied every condition contained in this Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default
except as specified in such certificate; 
   (c)     as soon as available, and in any event
no later than 90 days after the end of each Fiscal Year, a detailed consolidated budget for the following Fiscal Year (including a projected consolidated balance sheet of the MVWC and its Subsidiaries as of the end of the following Fiscal Year, the
related consolidated statements of projected cash flow and projected income and a description of the underlying assumptions applicable thereto) (collectively, the “Projections”), which Projections shall in each case be accompanied
by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in
any material respect; 
   (d)     concurrently with the delivery of any financial statements
pursuant to Section 6.1, copies of all amendments, supplements, waivers or other modifications with respect to any Intercompany Agreement or the Separation and Distribution Agreement that became effective during the fiscal period covered by
such financial statements (or in the case of the financial statements pursuant to Section 6.1(a), during the fourth Fiscal Quarter) and which have not previously been delivered to the Lenders hereunder; 

  (e)     within five Business Days after the same are sent, copies of all financial statements
and reports that MVWC or the Borrower sends to the holders of any class of its debt securities or public equity securities and, within five Business Days after the same are filed, copies of all financial statements and reports that MVWC or the
Borrower may make to, or file with, the SEC; 

  
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   (f)     within seven Business Days of the end of
each Fiscal Month, a timeshare sales report as of the end of such period for Time Share Interests included in the Borrowing Base as of the last day of such Fiscal Month in a format approved by the Administrative Agent; 

  (g)     within twenty days (or if such twentieth day is not a Business Day, the next such day
that is a Business Day) of the end of each calendar month, the servicer reports for each securitization transaction for which the Residual Interests are included in the Borrowing Base as of the last day of such calendar month; 

  (h)     promptly following receipt thereof, copies of (i) any documents described in
Section 101(f) and 101(j) of ERISA with respect to a Pension Plan and (ii) any documents described in Section 101(f), 101(k) or 101(l) of ERISA that any Group Member or any ERISA Affiliate may request with respect to any Multiemployer
Plan; provided, that if the relevant Group Members or ERISA Affiliates have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plans, then, upon reasonable request of the Administrative
Agent, such Group Member or the ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices to the Administrative Agent promptly
after receipt thereof; 
   (i)     within 15 Business Days following the completion of each
Fiscal Year, any changes to contracts (including any termination or expiration thereof) governing the receipt of Management Fees that could reasonably be expected to affect the amount of fees received or the timing of receipt thereof;
provided that, if the aggregate amount of Management Fees received by the Loan Parties during such Fiscal Year exceeded $40,000,000, MVWC and the Borrower shall not be required to provide notice to the Administrative Agent of any such change
that could not reasonably be expected to result in a material change to the amount of fees receivable under the applicable contract or the timing of receipt thereof; provided, further, that, for purposes of the foregoing proviso, the
termination or expiration of any such contract, or any change to any provision governing the termination or expiration thereof, shall be deemed to be a “material change”; 

  (j)     within 15 Business Days after the delivery of any financial statements pursuant to
Section 6.1, the discount rate used to calculate the book value of Residual Interests and any changes to the assumptions used in the calculation of the book value of Residual Interests, including any such changes since the date of delivery of
the most recent Borrowing Base Certificate; 
   (k)     within 15 Business Days following the
Closing Date, a schedule of Investments in Foreign Subsidiaries outstanding as of the Closing Date; 

  (l)     promptly upon the request of the Administrative Agent, furnish a copy of any of the
documents referred to in Section 5.1(k)(v) with respect to such Mortgaged Properties or any such documents in respect of any Mortgaged Property referred to in Section 6.10 to the Administrative Agent; and 

  (m)     promptly, such additional financial and other information as any Lender may from time
to time reasonably request. 
 6.3     Compliance and Borrowing Base Certificates. The Borrower shall deliver to
the Administrative Agent: 

  
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 (a)     concurrently with the delivery of any financial statements pursuant
to Section 6.1, a Compliance Certificate of a Responsible Officer (i) stating that, to the best of such Responsible Officer’s knowledge, no Default or Event of Default has occurred and is continuing as of the date of such certificate,
except as specified in such certificate, (ii) containing all information and calculations necessary for determining compliance by each Group Member with the provisions of this Agreement referred to therein as of the last day of the Fiscal
Quarter or Fiscal Year, as the case may be, and (iii) to the extent not previously disclosed to the Administrative Agent, (1) a description of any change in the jurisdiction of organization of any Loan Party, (2) a list of any
Intellectual Property in the categories set forth in Schedule 6 to the Guarantee and Collateral Agreement acquired or exclusively licensed by any Loan Party and (3) a description of any Person that has become a Group Member, in each case since
the date of the most recent report delivered pursuant to this clause (iii) (or, in the case of the first such report so delivered, since the Effective Date); 

(b)    within 20 days (or if such twentieth day is not a Business Day, the next such day that is a Business Day) following
the end of each Fiscal Month, a Borrowing Base Certificate duly executed by the Chief Financial Officer, Controller or a Company Vice President setting forth a calculation of the Borrowing Base as of the end of such fiscal period; provided,
that, MVWC shall deliver an interim Borrowing Base Certificate to the Administrative Agent upon (i) any Material Disposition (it being understood and agreed that such Borrowing Base Certificate shall be calculated after giving pro
forma effect to such Material Disposition) and (ii) as required by Section 5.2(c); and 
 (c)    within
20 days (or if such twentieth day is not a Business Day, the next such day that is a Business Day) following the end of each Fiscal Month the Borrower will provide certification to the Title Insurance Company of the quantum of beneficial interests
in the Land Trust subject to a Mortgage. 
 6.4    Payment of Obligations. Pay, discharge or otherwise satisfy at
or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves
in conformity with GAAP with respect thereto have been provided on the books of the relevant Group Member. 

6.5    Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full force and effect its
organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.5 and
except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations and Requirements of Law except to the extent
that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

6.6    Maintenance of Property; Insurance. (a) (i) Keep all property useful and necessary in its business
in good working order and condition, ordinary wear and tear excepted and (ii) maintain with financially sound and reputable companies insurance on all its property in at least such amounts and against at least such risks (but including in any
event public liability, product liability and business interruptions) as are usually insured against in the same general area by companies engaged in the same or a similar business. 

(b)     Without limiting the requirements in Section 6.6(a), maintain, with financially sound and reputable
companies, insurance policies (i) insuring the Collateral (including any Collateral that is owned through the Beneficial Interests (as defined in the Mortgages)) against loss by fire, explosion, theft and such other casualties as is consistent
with that carried by other reasonably prudent 

  
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owners/operators engaged in the same or similar business in the same general area or as may otherwise be reasonably satisfactory to the Administrative Agent, and (ii) insuring the Loan
Parties, the Administrative Agent and the other Secured Parties (as defined in the Guarantee and Collateral Agreement) against liability for personal injury and property damage relating to such Collateral, such policies to be in such form and
amounts and having such coverage as is consistent with that carried by other reasonably prudent owners/operators engaged in the same or similar business in the same general area or as may otherwise be reasonably satisfactory to the Administrative
Agent; in the case of both clause (i) and clause (ii) of this Section 6.6(b), taking into account the commercial reasonableness of the procurement of such insurance coverage in light of then current market conditions. Except as the
Administrative Agent may agree, in its sole discretion, all such insurance shall (i) provide that no cancellation in coverage thereof shall be effective until at least thirty (30) days after receipt by the Administrative Agent of written
notice thereof, (ii) if commercially available, provide that no material reduction in amount or material change in coverage thereof shall be effective until at least thirty (30) days after receipt by the Administrative Agent of written
notice thereof, (iii) if insuring Collateral, name the Administrative Agent as an additional insured party or loss payee, as its interests may appear; provided that if the notice provision in clause (ii) above is not commercially
available, the Borrower shall promptly upon obtaining knowledge thereof provide the Administrative Agent with notice of such material reduction or change in coverage. With respect to Beneficial Interests, the obligation hereunder (including under
subsection (e) below) shall be deemed satisfied so long as the Trust or the Trust Association (as defined in the Mortgages) or other owners’ association governing the “Trust Property” (as defined by the Trust Agreement referred
to in the Mortgages) owns a “master” or “blanket” policy for the Trust Property in accordance with the terms hereof (or such policy has been obtained on its behalf). 

(c)    Upon execution of this Agreement, Borrower shall deliver (i) certificates of insurance which evidence the
required coverages, and certificates with respect to any renewals thereof to the Administrative Agent and (ii) supplemental reports with respect thereto as the Administrative Agent may from time to time reasonably request. 

(d)    Promptly shall comply with and conform in all material respects to (i) all provisions of each such insurance
policy, and (ii) all requirements of the insurers applicable to the Loan Parties or to any of the Collateral or to the use, manner of use, occupancy, possession, operation, maintenance, alteration or repair of any of the Collateral and not use
or knowingly permit the use of the Collateral in any manner which would permit any insurer to cancel any insurance policy or void coverage required to be maintained by this Agreement. 

(e)    All improved real property or interest therein that is encumbered by a Mortgage and located in a Flood Area must be
insured for flood risks in amounts as are available on commercially reasonable terms and as approved by the Administrative Agent, which approval shall not be unreasonably withheld; provided, however, that in no case can the amount of insurance be
less than that required by applicable law and regulation. Such insurance may be maintained under an “all-risk” blanket program which includes the required flood coverage 

(f)    If Borrower is in default of its obligations to insure or deliver certificates of insurance for any such policy or
policies (including any policies required under subsection (e) above), then Administrative Agent, at its option upon ten (10) days’ notice to Mortgagor (as defined in the relevant Mortgage), if during such 10-day period such default
remains uncured, may effect such insurance from year to year at rates substantially similar to the rate at which Borrower had insured the Collateral, and pay the premium or premiums therefor, and Borrower shall pay to Administrative Agent within ten
(10) days after demand together with supporting documentation such premium or premiums so paid by Mortgagee (as defined in the relevant Mortgage). 

  
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 6.7    Inspection of Property; Books and Records; Discussions.
(a) Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) upon
prior notice to the Borrower permit representatives of the Administrative or any Lender (provided that such Lender is accompanied by a representative of the Administrative Agent) to visit and inspect any of its properties and examine and make
abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Group Members with officers and employees of
the Group Members and with their independent certified public accountants; provided that such inspections and visits by the Administrative Agent shall be at the expense of the Borrower; provided further, that if no Event of Default has occurred and
is continuing only one such visit and inspection in any calendar year shall be at the expense of the Borrower. 

6.8    Notices. Promptly give notice to the Administrative Agent and each Lender of: 

(a)     the occurrence of any Default or Event of Default; 

(b)    any (i) default or event of default under any Contractual Obligation of any Group Member or
(ii) litigation, investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to
have a Material Adverse Effect; 
 (c)     any litigation or proceeding affecting any Group Member
(i) in which the amount involved is $5,000,000 or more and not covered by insurance, (ii) in which injunctive or similar relief is sought which, if granted, could reasonably be expected to have a Material Adverse Effect or (iii) which
relates to any Loan Document; 
 (d)     the occurrence of any ERISA Event or Foreign Plan Event
that, alone or together with any other ERISA Event(s) and/or Foreign Plan Event(s) that have occurred, could reasonably be expected to result in liability of any Group Member or any ERISA Affiliate in an aggregate amount exceeding $5,000,000, as
soon as possible and in any event within 10 Business Days after MVWC knows or has reason to know thereof; and 

(e)     any event that has had or could reasonably be expected to have a Material Adverse Effect.

 Each notice pursuant to this Section 6.8 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence
referred to therein and stating what action the relevant Group Member proposes to take with respect thereto. 

6.9    Environmental Laws. (a) Comply in all material respects with, and use reasonable commercial efforts to
ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply in all material respects with and maintain, and use reasonable commercial efforts to ensure that all
tenants and subtenants obtain and comply in all material respects with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws. 

(b)     Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other
actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws. 

  
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 6.10    Additional Collateral, etc. (a) With respect to any
property acquired after the Closing Date by any Loan Party (other than (w) any property described in Sections 6.10(c) or (d), (x) any property subject to a Lien expressly permitted by Section 7.4(g), (y) property acquired by any
Excluded Foreign Subsidiary or any Special Purpose Subsidiary or (z) any Excluded Property) as to which the Administrative Agent, for the benefit of the Lenders, does not have a perfected Lien, the applicable Loan Party shall promptly
(i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit
of the Lenders, a security interest in such property and (ii) take all actions necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in such property, including
the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent. 

(b)    [Reserved.] 

(c)    With respect to (i) any In-Process Property or (ii) Time Share Interests acquired or converted from
In-Process Property after the Closing Date by any Loan Party (other than (x) any such real property subject to a Lien expressly permitted by Section 7.4(g), (y) real property acquired by any Excluded Foreign Subsidiary and
(z) Excluded Property): 
   (i)     (A)    In respect of any
such Time Share Interests (other than any Direct-from-Consumer Time Share Interests), the applicable Loan Party will, within twelve months of the date in which any In-Process Property becomes Time Share Interests or a Time Share Interest (other than
any Direct-from-Consumer Time Share Interest) is acquired, execute and deliver for recording a first priority Mortgage (or a recordable instrument extending and spreading the lien of any existing Mortgage) in favor of the Administrative Agent
encumbering such Time Share Interests (other than any Direct-from-Consumer Time Share Interests) owned by any Loan Party. 

          (B)    Each such Mortgage shall be accompanied
by delivery of the relevant items set forth in Section 5.1(k) that would have been required to have been provided if such property had been owned by the relevant Loan Party on the Closing Date and any consents or estoppels reasonably deemed
necessary or advisable by the Administrative Agent in connection with such Mortgage. Each of the foregoing shall be in form and substance reasonably satisfactory to the Administrative Agent. 

          (C)    If requested by the Administrative
Agent, the Borrower shall also deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

          (D)    For the avoidance of doubt, any Time
Share Interests acquired or converted from In-Process Property after the Closing Date by any Loan Party that at any time are not subject to a Mortgage in accordance with this Section 6.10(c) shall be excluded from the definition of Eligible
Time Share Interests. 
   (ii)     In respect of any In-Process Property that the
Borrower elects to include in the Borrowing Base as Eligible In-Process Property, the applicable Loan Party shall (A) execute and deliver a first priority Mortgage, in favor of the Administrative Agent, for the benefit of the Lenders, covering
such real property, together with the relevant items set forth in Section 5.1(k) that would have been required to have been provided if such property had been owned by the relevant Loan Party on the Closing Date and any consents or estoppels
reasonably deemed 

  
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necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and
(B) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent. For the avoidance of doubt, any such In-Process Property that at any time is not subject to a Mortgage in accordance with this Section 6.10(c) shall be excluded from the definition of Eligible In-Process Property. 

(iii)    In respect of any Direct-from-Consumer Time Share Interests that the Borrower elects to include
in the Borrowing Base as Eligible Time Share Interests, the applicable Loan Party shall (A) execute and deliver a first priority Mortgage, in favor of the Administrative Agent, for the benefit of the Lenders, covering such real property,
together with the relevant items set forth in Section 5.1(k) that would have been required to have been provided if such property had been owned by the relevant Loan Party on the Closing Date and any consents or estoppels reasonably deemed
necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and (B) if requested by the Administrative Agent, deliver to
the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. For the avoidance of doubt, any such
Direct-from-Consumer Time Share Interest that at any time is not subject to a Mortgage in accordance with this Section 6.10(c) shall be excluded from the definition of Eligible Time Share Interests. 

(d)    With respect to any Subsidiary (other than an Excluded Foreign Subsidiary and a Special Purpose Subsidiary) created
or acquired after the Closing Date by any Loan Party (which, for the purposes of this paragraph (d), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary or a Special Purpose Subsidiary), the applicable Loan Party
shall promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the
Lenders, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by any Loan Party, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated
stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement, (B) to take such actions
necessary or advisable to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary,
including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent and, (C) if such Subsidiary
owns any real property of the type in which mortgages are required by Section 6.10(c), cause such Subsidiary to comply with such Sections and (D) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the
form of Exhibit C, with appropriate insertions and attachments, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
 (e)    With respect to any new
Excluded Foreign Subsidiary or Special Purpose Subsidiary created or acquired after the Closing Date by any Loan Party, the applicable Loan Party shall promptly (i) execute and deliver to the Administrative Agent such amendments to the
Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such new
Subsidiary that is owned by any such Loan Party (provided that in no event 

  
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shall more than 66-2/3% of the total outstanding voting Capital Stock of any such new Excluded Foreign Subsidiary be required to be so pledged), (ii) deliver to the Administrative Agent the
certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, and take such other action as may be necessary or, in the opinion of the
Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described
above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

6.11    Accounts. 

(a)      On or before the Closing Date, the Borrower shall have (or shall have caused the relevant Loan Party to
have) established the following deposit accounts as Collection Accounts: 

  (i)       one or more accounts for the purpose of collecting proceeds of the
sale of Time Share Interests that are included in the calculation of the Borrowing Base (other than sales of legacy and fractional products from resorts in the U.S. Virgin Islands); 

  (ii)      one or more accounts for the purpose of collecting Management Fees; and

   (iii)     one or more accounts for the purpose of collecting proceeds of Residual
Interests that are included in the calculation of the Borrowing Base. 
 (b)      The relevant Loan Parties
shall cause all (i) proceeds and deposits received from the buyers of Time Share Interests and not subject to rescission that are included in the calculation of the Borrowing Base (other than from buyers of legacy and fractional products from
resorts in the U.S. Virgin Islands) to be deposited in the Collection Accounts established for such purpose, (ii) Management Fees to be deposited in the Collection Account established for such purpose and (iii) proceeds of Residual
Interests that are included in the calculation of the Borrowing Base to be deposited in the Collection Account established for such purpose. Such deposits shall be made promptly and in any event no later than two Business Days following receipt by
any Loan Party or any agent of any Loan Party of such proceeds. 
 (c)      Each of the relevant Loan Parties
further agrees to direct (A) all account debtors in respect of any Management Fees that constitute Collateral to make all payments thereof directly to a lock box associated with a Collection Account established pursuant to
Section 6.11(a)(ii); (B) all agents that conduct closings of sales of Time Share Interests to remit net proceeds of such sales received from Time Share Interest buyers upon such closings directly to a Collection Account established
pursuant to Section 6.11(a)(i); and (C) any trustee or administrative agent that holds or receives proceeds of Residual Interests included in the calculation of the Borrowing Base to remit all such proceeds directly to a Collection Account
established pursuant to Section 6.11(a)(iii). 
 6.12    Credit Rating. The Borrower shall at all times use
its commercially reasonable efforts to cause a public corporate credit rating by S&P to be maintained with respect to MVWC. 

6.13    Compliance with Anti-Corruption Laws and Sanctions. Each Loan Party, for itself or through its parent or
other Affiliates, will maintain in effect and enforce policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions. 

  
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 SECTION 7.     NEGATIVE COVENANTS 

Each of MVWC and the Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any
Loan or other amount is owing to any Lender or the Administrative Agent hereunder, each of MVWC and the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly: 

7.1    Financial Condition Covenants. 

(a)    Consolidated Leverage Ratio.  Permit the ratio of Consolidated Total Debt to Consolidated Adjusted
EBITDA for the Reference Period set forth below to exceed the ratio set forth below opposite such Reference Period: 
  

			
	 FISCAL QUARTER(S) ENDING
		
CONSOLIDATED LEVERAGE

RATIO

	
Closing Date through last day of

2012 Fiscal Year
		6.00:1.0
	
Last day of first 2013 Fiscal

Quarter
		6.00:1.0
	
Last day of second 2013 Fiscal

Quarter
		5.75:1.0
	
Last day of third 2013 Fiscal

Quarter
		5.75:1.0
	
Last day of 2013 Fiscal Year
		5.75:1.0
	
Last day of first 2014 Fiscal

Quarter
		5.75:1.0
	
Last day of each Fiscal Quarter

thereafter
		5.25:1.0

 (b)     Consolidated Interest Coverage Ratio. Permit the Consolidated Interest
Coverage Ratio for any Reference Period to be less than the 3.00:1:00. 
 (c)    Consolidated Net Worth. Permit
Consolidated Tangible Net Worth at any time to be less than the sum of (i) the Base Consolidated Tangible Net Worth Amount plus (ii) in respect of each Fiscal Quarter that has elapsed following the Second Amendment and Restatement Effective Date, 80% of any increase in Consolidated Tangible Net Worth
during each such Fiscal Quarter attributable to Net Cash Proceeds received by any Group Member in an offering of common equity during such Fiscal Quarter, on a cumulative basis. 

7.2    Borrowing Base. Permit the Borrowing Base Coverage Ratio to be less than 1.25:1.00. 

7.3    Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness,
except: 
 (a)    Indebtedness of any Loan Party pursuant to any Loan Document; 

  
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 (b)    Indebtedness of MVWC or of the Borrower to any
Subsidiary and of any Wholly Owned Subsidiary Guarantor to MVWC or to the Borrower or any other Subsidiary; 

(c)    Guarantee Obligations incurred in the ordinary course of business by MVWC or the Borrower or any of
their respective Subsidiaries of obligations of any Wholly Owned Subsidiary Guarantor; 

(d)    Indebtedness outstanding on the Effective Date and listed on Schedule 7.3(d) and any
refinancings, refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal amount thereof); 

(e)    Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens permitted
by Section 7.4(g) in an aggregate principal amount not to exceed $12,000,000 at any one time outstanding; 

(f)    Indebtedness arising under any Swap Agreements permitted by Section 7.12; 

(g)    Indebtedness in respect of, represented by, or in connection with appeal, bid, performance, surety,
customs or similar bonds issued for the account of any Group Member, the performance of bids, tenders, sales or contracts (in each case, other than for the repayment of borrowed money), statutory obligations, workers’ compensation claims,
unemployment insurance, other types of social security or pension benefits, self-insurance and similar obligations and arrangements, in each case, to the extent incurred in the ordinary course of business; 

(h)    Indebtedness incurred under, and Guarantee Obligations relating to, the Receivables Warehouse
Facility; 
 (i)    Non-Recourse Debt of any Time Share SPV in respect of any Qualified Securitization
Transactions; 
 (j)    Indebtedness of Foreign Subsidiaries and Indebtedness of Foreign Subsidiaries
that is guaranteed by a Loan Party to the extent permitted by Section 7.3(k); 
 (k)    unsecured
Guarantee Obligations of a Loan Party or any Subsidiary in respect of Indebtedness of a Foreign Subsidiary to the extent permitted by Section 7.9(f); 

(l)    Indebtedness of a newly-acquired Subsidiary that is outstanding on the date such Subsidiary is
acquired; provided that any such Indebtedness was not created in contemplation of such acquisition and such acquisition was made in compliance with Section 7.9; 

(m)    Guarantee Obligations in respect of the Singapore L/C; 

(n)    Guarantee Obligations under the Separation and Distribution Agreement or the Intercompany
Agreements; 
 (o)    Guarantee Obligations constituting Standard Securitization Undertakings in respect
of a Qualified Securitization Transaction; 
 (p)    Indebtedness in respect of the Preferred Stock;

  
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 (q)    Indebtedness in respect of the deferred purchase price
of Marriott Rewards points under the Marriott Rewards Affiliation Agreement; 
 (r)    Indebtedness which
may be deemed to exist in connection with customary agreements providing for indemnification, purchase price adjustments and similar obligations in connection with the acquisition or disposition of assets in connection with transactions otherwise
permitted hereunder; 
 (s)    Subordinated Debt; provided that (w) no Event of Default exists on
the date of incurrence thereof or would result therefrom, (x) such Indebtedness does not have any scheduled or mandatory payments of principal prior to the date that is three months following the Termination Date (as in effect in the date of
incurrence of such Indebtedness) and (y) after giving effect to such Indebtedness and the use of proceeds thereof, in each case for the Reference Period ending on the last day of the Fiscal Quarter preceding the date on which such Indebtedness
is incurred for which financial statements are available pursuant to Section 6.1, (1) the Borrower will be in compliance with the financial covenants set forth in Section 7.1 determined on a pro forma basis as of the
last day of such Reference Period and (2) the consolidated leverage ratio set forth in Section 7.1(a) determined on such pro forma basis would be no greater than 0.25x less than the maximum consolidated leverage ratio set
forth in Section 7.1(a) as at the last day of such Fiscal Quarter, it being acknowledged and agreed that the required ratio levels to be satisfied will be the levels applicable on the last day of the Fiscal Quarter in which such Indebtedness is
incurred; 
 (t)    Indebtedness of any Group Member relating to MVWC’s European or Asia Pacific
businesses incurred under and Guarantee Obligations of the Borrower or MVWC incurred in connection with hypothecations of or Qualified Securitization Transactions with respect to Time Share Receivables relating to resorts within MVWC’s European
or Asia Pacific businesses; 
 (u)    Non-Recourse Debt attaching to any Time Share Interests or Time
Share Development Property that is acquired by any Group Member that is not a Loan Party after the Closing Date; provided that (i) such Indebtedness existed at the time such real property was acquired and was not created in contemplation
of such acquisition and (ii) at any time such Indebtedness is assumed and after giving pro forma effect to such assumption, the aggregate principal amount of all Indebtedness assumed and then outstanding pursuant to this
Section 7.3(u), when aggregated with the principal amount of all other Indebtedness then outstanding pursuant to Section 7.3(v), shall not exceed $180,000,000; 

(v)    Non-Recourse Debt incurred by any Group Member that is not a Loan Party to finance (i) the
acquisition or development of any Time Share Interests by such Group Member or (ii) the acquisition of any Time Share Development Property by such Group Member; provided that at any time such Indebtedness is incurred and after giving
pro forma effect to such incurrence, the aggregate principal amount of all Indebtedness incurred and then outstanding pursuant to this Section 7.3(v), when aggregated with the principal amount of all other Indebtedness then
outstanding pursuant to Section 7.3(u), shall not exceed $180,000,000; 
 (w)    unsecured Guarantee
Obligations of a Loan Party or any Subsidiary in respect of Indebtedness of any Group Member permitted by Section 7.3(u) or (v) in an aggregate principal amount not to exceed $60,000,000 at any one time outstanding; and 

  
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 (x)    additional Indebtedness of MVWC or any of its
Subsidiaries in an aggregate principal amount (for MVWC and all Subsidiaries) not to exceed $10,000,000 at any one time outstanding. 

7.4    Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or
hereafter acquired, except: 
 (a)    Liens for Taxes not yet due or that are being contested in good
faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; 

(b)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other
like Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings and which do not in the aggregate materially detract from the value of
the property subject thereto; 
 (c)    pledges or deposits in connection with workers’
compensation, unemployment insurance and other social security legislation; 
 (d)    pledges or
deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds, credit card merchant agreements and bank cash account management agreements and
other obligations of a like nature incurred in the ordinary course of business; 
 (e)    easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and that do not in any case materially detract from the value of the property subject
thereto or materially interfere with the ordinary conduct of the business of MVWC or any of its Subsidiaries; 

(f)    Liens in existence on the Effective Date listed on Schedule 7.4(f), securing Indebtedness permitted
by Section 7.3(d), provided that no such Lien is spread to cover any additional property after the Closing Date and that the amount of Indebtedness secured thereby is not increased; 

(g)    Liens securing Indebtedness of MVWC or any Subsidiary incurred pursuant to Section 7.3(e) to
finance the acquisition of fixed or capital assets that do not constitute In-Process Property or Time Share Interests, provided that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or
capital assets, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not increased; 

(h)    Liens created pursuant to the Security Documents; 

(i)    any interest or title of a lessor under any lease entered into by MVWC or any Subsidiary in the
ordinary course of its business and covering only the assets so leased; 
 (j)    Liens on (1) Time
Share Receivables and Related Assets transferred to a Time Share SPV and (2) assets of a Time Share SPV, in either case incurred in connection with a Qualified Securitization Transaction or the Receivables Warehouse Facility; 

  
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 (k)    pledges or deposits of cash or Cash Equivalents made
to secure obligations in respect of Swap Agreements permitted hereunder; 
 (l)    Liens on property or
Capital Stock of a Person at the time such Person becomes a Subsidiary; provided however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming a Subsidiary; provided further,
however, that any such Lien may not extend to any other property owned by a Group Member; 

(m)    pledges or deposits securing the Singapore L/C; 

(n)    Liens not otherwise permitted by this Section 7.4 so long as such Liens to do not encumber
In-Process Property or Time Share Interests and neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the
assets subject thereto exceeds (as MVWC and all Subsidiaries) $2,000,000 at any one time; 

(o)    Liens on Foreign Time Share Receivables securing Indebtedness permitted by Section 7.3(j);

 (p)    Liens on the monetized notes underlying hypothecations of, or Qualified Securitization
Transactions with respect to, Time Share Receivables permitted by Section 7.3(t); and 

(q)    Liens on the property of a Group Member that is not a Loan Party and pledges of the Capital Stock
of such Group Member, in each case to secure Non-Recourse Debt permitted by Sections 7.3(u), (v) or (w). 

7.5    Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve
itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its property or business, except that: 

(a)    (i) any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower
(provided that the Borrower shall be the continuing or surviving corporation), (ii) any Subsidiary of MVWC (other than the Borrower and its Subsidiaries) may be merged or consolidated with or into MVWC (provided that MVWC shall be
the continuing or surviving corporation) or with or into any Subsidiary of MVWC and (iii) any Subsidiary of the Borrower may be merged or consolidated with or into any Wholly Owned Subsidiary Guarantor (provided that the Wholly Owned
Subsidiary Guarantor shall be the continuing or surviving corporation); 
 (b)    (i) any Subsidiary of
the Borrower may Dispose of any or all of its assets (A) to the Borrower or any Wholly Owned Subsidiary Guarantor (upon voluntary liquidation or otherwise) or (B) pursuant to a Disposition permitted by Section 7.6, and (ii) any
Subsidiary of MVWC (other than the Borrower and its Subsidiaries) may Dispose of any or all of its assets (A) to MVWC or any Subsidiary (upon voluntary liquidation or otherwise) or (B) pursuant to a Disposition permitted by
Section 7.6; 
 (c)    any Investment expressly permitted by Section 7.9 may be structured as
a merger, consolidation or amalgamation; and 
 (d)    the restrictions contained in this
Section 7.5 shall not apply to any transaction entered into in connection with the Spin-Off. 

  
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 7.6     Disposition of Property. Dispose of any of its property,
whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: 

(a)     the Disposition of obsolete or worn out property in the ordinary course of business; 

(b)     the sale of inventory (including Time Share Interests) in the ordinary course of business; 

(c)     Dispositions permitted by clause (i) (A) or (ii)(A) of Section 7.5(b); 

(d)     the sale or issuance of any Subsidiary’s Capital Stock to MVWC or the Borrower or any Wholly
Owned Subsidiary Guarantor; 
 (e)     (i) the Disposition of Time Share Receivables in the
ordinary course of business (which may include the Disposition of disputed or written down Time Share Receivables in a manner determined to be prudent by MVWC), (ii) Dispositions of Time Share Receivables and Related Assets or an interest
therein of the type specified in the definition of “Qualified Securitization Transaction” to a Time Share SPV, in each case provided that, after giving pro forma effect to such Disposition and application of proceeds thereof, the
Borrower is in compliance with Section 7.2 and (iii) the Disposition of Time Shares Receivables by Foreign Subsidiaries for fair value; 

(f)      the Disposition of Time Share Interests (other than in the ordinary course of business) not
to exceed $50,000,000 in gross proceeds in any Fiscal Year; 
 (g)     the Disposition of real property
(other than Time Share Interests) not to exceed $150,000,000 in gross proceeds in any Fiscal Year; 

(h)     Dispositions resulting from any casualty or other insured damage to, or any taking under power of
eminent domain or by condemnation or similar proceeding of, any property or asset of any Group Member; 

(i)      Dispositions in connection with and contemplated by the Separation and Distribution
Agreement and the Intercompany Agreements; 
 (j)      the Disposition of property having a fair
market value not to exceed $5,000,000 in the aggregate for any Fiscal Year; 
 (k)     the issuance
of Preferred Stock; 
 (l)      the Disposition in the ordinary course of business of interests in
the entities which hold the interests in inventory used in the operation of the Marriott Vacation Club, Asia Pacific business to an independent trustee or administrative third parties subject to regulatory provisions of the laws of the jurisdictions
governing such entities; and 
 (m)    any operating or capital lease entered into by any Group Member
(as lessor) in the ordinary course of business. 

  
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 7.7     Restricted Payments. Declare or pay any dividend (other than
dividends payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition
of, any Capital Stock of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member (collectively,
“Restricted Payments”), except that: 
 (a)     any Subsidiary may make Restricted
Payments to MVWC, the Borrower or any Wholly Owned Subsidiary Guarantor; 
 (b)     so long as no
Default or Event of Default shall have occurred and be continuing, MVWC may purchase MVWC’s common stock or common stock options from present or former officers or employees of any Group Member upon the death, disability or termination of
employment of such officer or employee, provided, that the aggregate amount of payments under this clause (b) after the Effective Date (net of any proceeds received by MVWC after the Effective Date in connection with resales of any
common stock or common stock options so purchased) shall not exceed $5,000,000 in any Fiscal Year; 

(c)     any Foreign Subsidiary may make Restricted Payments to any Foreign Subsidiary that is a Wholly
Owned Subsidiary; 
 (d)     so long as no Default or Event of Default shall have occurred and be
continuing, the issuer thereof may pay ordinary dividends on the Preferred Stock; and 
 (e)     MVWC
and the Borrower may make Restricted Payments so long as after giving effect to such Restricted Payment, (i) no Default or Event of Default has occurred and is continuing or would result therefrom, (ii) the Consolidated Leverage Ratio as
of the last day of the most recent Reference Period (after giving effect to such Restricted Payment as if such Restricted Payment occurred on such date) is less than or equal to 5.00 to 1.00 on a pro forma basis and (iii) MVWC and
the Borrower are in compliance on a pro forma basis with (x) the financial covenants contained in Section 7.1(b) and (c) of this Agreement as of the last day of the most recent Reference Period (after giving effect to
such Restricted Payment as if such Restricted Payment occurred on such date) and (y) the Borrowing Base Coverage Ratio contained in Section 7.2 as of the date of such Restricted Payment. 

7.8     Capital Expenditures. Make or commit to make any Capital Expenditure, except Capital Expenditures of MVWC
and its Subsidiaries in the ordinary course of business not exceeding $350,000,000 in any Fiscal Year; provided, that (a) up to $50,000,000 of any such amount referred to above, if not so expended in the Fiscal Year for which it is
permitted, may be carried over for expenditure in the next succeeding Fiscal Year and (b) Capital Expenditures made pursuant to this Section 7.8 during any Fiscal Year shall be deemed made, first, in respect of amounts permitted for
such Fiscal Year as provided above and, second, in respect of amounts carried over from the prior Fiscal Year pursuant to clause (a) above. 

7.9     Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital
contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other investment in, any Person (all of the foregoing, “Investments”),
except: 
 (a)     extensions of trade credit in the ordinary course of business; 

  
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 (b)     Investments in Cash Equivalents; 

(c)     Guarantee Obligations permitted by Section 7.3; 

(d)     loans and advances to employees of any Group Member in the ordinary course of business (including
for travel, entertainment and relocation expenses) in an aggregate amount for all Group Members not to exceed $5,000,000 at any one time outstanding; 

(e)     intercompany Investments by any Group Member in the Borrower or any Person that, prior to such
investment, is a Wholly Owned Subsidiary Guarantor; 
 (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) $175,000,000 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; 

(g)     Investments in Time Share Receivables in the ordinary course of business; 

(h)     Investments (i) by a Group Member in a Time Share SPV or any Investment by a Time Share SPV
in any other Person, in each case, in connection with a Qualified Securitization Transaction, provided, however, that any Investment in any such Person is in the form of a note or any equity interest or interests in Time Share Receivables and
Related Assets generated by a Group Member and contributed or sold to such Time Share SPV in connection with a Qualified Securitization Transaction; or (ii) by a Group Member in any Time Share SPV in connection with its exercise of any rights
under clean up call provisions of 15% or less in any Qualified Securitization Transaction; 
 (i)    
provided that after giving effect thereto no Default or Event of Default will exist, Investments by MVWC, the Borrower or a Wholly Owned Subsidiary Guarantor constituting either the acquisition of (x) all or substantially all of the assets, or
all or substantially all of the assets constituting a 

  
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business, division or product line, of any Person not already a Subsidiary of MVWC or (y) 100% of the Capital Stock of any such Person, which Person shall, as a result of the acquisition of
such Capital Stock, become a Wholly Owned Subsidiary Guarantor (or shall be merged with and into the Borrower or another Wholly Owned Subsidiary Guarantor, with the Borrower or such Wholly Owned Subsidiary Guarantor being the surviving or continuing
Person) in an aggregate amount (valued at cost, including any Indebtedness assumed in connection with such acquisition) not to exceed $225,000,000 during the term of this Agreement; 

  (j)        in addition to Investments otherwise expressly permitted by this
Section 7.9, Investments by MVWC, the Borrower or any of their respective Subsidiaries in an aggregate amount (valued at cost) not to exceed $5,000,000 during the term of this Agreement; 

  (k)        Investments constituting Restricted Payments permitted by
Section 7.7; and 
   (l)        to the extent constituting an Investment,
any Swap Agreement permitted by Section 7.12. 
 7.10     Transactions with Affiliates. Enter into any
transaction, including any purchase, sale, lease or exchange of property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than MVWC, the Borrower or any Wholly Owned Subsidiary
Guarantor) unless such transaction is (a) otherwise permitted under this Agreement, (b) in the ordinary course of business of the relevant Group Member, and (c) upon fair and reasonable terms no less favorable to the relevant Group
Member than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate. The restrictions contained in this Section 7.10 shall not apply to (i) any transaction between or among Subsidiaries of the
Borrower (other than MVWC, the Borrower or any Wholly Owned Subsidiary Guarantor) in the ordinary course of business, (ii) transactions between or among Group Members in the ordinary course of business not to exceed $10,000,000 in the
aggregate, (iii) transactions in which the Borrower or any Subsidiary delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Subsidiary from a financial
point of view or stating that the terms are not materially less favorable, when taken as a whole, than those that might reasonably have been obtained by the Borrower or such Subsidiary in a comparable transaction at such time on an arms’ length
basis from a Person that is not an Affiliate, (iv) any transaction (including any working capital true-up payment) entered into in connection with the Spin-Off, including the Separation and Distribution Agreement and the Intercompany
Agreements, (v) to any sale or other transfer of Time Share Receivables and other Related Assets or other transactions customarily effected as part of (A) a Qualified Securitization Transaction (including, without limitation, servicing
agreements and other similar arrangements customary in Qualified Securitization Transactions) or (B) the Receivables Warehouse Facility, (vi) timeshare and fractional sales commissioned services provided through operations in Mexico, Latin
America or the Caribbean or (vii) owner services activities provided through Promociones Marriott, S.A. de C.V. 

7.11     Sales and Leasebacks. Enter into any arrangement with any Person providing for the leasing by any Group
Member of real or personal property that has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental
obligations of such Group Member. 
 7.12     Swap Agreements. Enter into any Swap Agreement, except
(a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Capital Stock), (b) Swap Agreements entered into in order to effectively cap, collar or
exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the 

  
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Borrower or any Subsidiary, (c) back-to-back Swap Agreements between MVWC, the Borrower or any Subsidiary and a counterparty which constitutes, in all material respects, a mirror Swap
Agreement to any swap transaction described in clauses (a) and (b) of this Section 7.12 in connection with the Receivables Warehouse Facility or any Qualified Securitization Transaction and (d) any accelerated share repurchase
agreement, prepaid forward purchase agreement or similar contract and all other agreements related thereto with respect to the purchase by MVWC of its Capital Stock to the extent permitted by Section 7.7(e). 

7.13     Changes in Fiscal Periods. Permit a Fiscal Year to end on a day other than as specified for such Fiscal
Year in Schedule 1.1E or change the method for determining Fiscal Quarters or Fiscal Months. 
 7.14     Negative
Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Group Member (other than a Special Purpose Subsidiary) to create, incur, assume or suffer to exist any Lien upon any of
its property or revenues, whether now owned or hereafter acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents and (b) any agreements governing any
purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby). 

7.15     Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become effective any
consensual encumbrance or restriction on the ability of any Subsidiary of MVWC (other than a Special Purpose Subsidiary with respect to the Qualified Securitization Transaction to which such Special Purpose Subsidiary is a party) to (a) make
Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, MVWC or any other Subsidiary, (b) make loans or advances to, or other Investments in, MVWC or any Subsidiary or (c) transfer
any of its assets to MVWC, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents and (ii) any restrictions with respect to a Subsidiary imposed pursuant to an
agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary. 

7.16     Lines of Business. Enter into any business, either directly or through any Subsidiary, except for those
businesses in which the Borrower and its Subsidiaries are engaged on the date of this Agreement (after giving effect to the Spin-Off) or that are reasonably related thereto; provided that, for avoidance of doubt, the operation by any Loan
Party of any Time Share Development Property prior to or during the conversion of such Time Share Development Property to Time Share Interests shall be deemed to be reasonably related to the businesses in which the Borrower and its Subsidiaries were
engaged on or prior to the date of this Agreement. 
 7.17     Amendments to Intercompany Agreements. Amend,
supplement or otherwise modify (pursuant to a waiver or otherwise) the terms and conditions of the Intercompany Agreements or the Separation and Distribution Agreement if the effect of any such amendment, supplement or modification (individually or
when taken cumulatively with all prior such amendments, supplements and modifications) (a) would make the terms of any such agreement (including any of the indemnities or licenses contained therein or any fees payable thereunder) taken as a
whole, materially less favorable to the interests of the Borrower, the Borrower and its Subsidiaries taken as a whole, the Group Members taken as a whole or the Lenders with respect thereto or (b) could reasonably be expected to have a Material
Adverse Effect. 
 7.18     Optional Payments and Modifications of Subordinated Debt. (a) Permit any Group
Member to make any optional or voluntary payment, prepayment, repurchase or redemption of, or otherwise voluntarily or optionally defease the principal of or interest on, or any other amount owing in respect of, any Subordinated Debt except pursuant
to a Permitted Refinancing. 

  
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 (b)     Permit any Group Member to amend, modify or otherwise change, or
consent or agree to any amendment, modification, waiver or other change to, any of the terms of any agreement or instrument governing or evidencing Subordinated Debt in any manner that is, taken as a whole with all such changes, materially adverse
to the Lenders without the prior consent of the Administrative Agent (with the approval of the Required Lenders). 

7.19     Use of Proceeds. The Borrower will not request any Loan or Letter of Credit, and the Borrower shall not
use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 8.     EVENTS OF DEFAULT 

If any of the following events shall occur and be continuing: 

(a)     the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in
accordance with the terms hereof; or the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within three Business Days after any such interest or
other amount becomes due in accordance with the terms hereof; or 
 (b)     any representation or
warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such
other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made; or 

(c)     any Loan Party shall default in the observance or performance of any agreement contained in
Section 6.2(f), Section 6.3(b), clause (i) or (ii) of Section 6.5(a) (with respect to MVWC and the Borrower only), Section 6.8(a) or Section 7 of this Agreement or Sections 5.3 and 5.5(b) of the Guarantee and
Collateral Agreement; or 
 (d)     any Loan Party shall default in the observance or performance of any
other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after the earlier of the date
on which a Responsible Officer obtains knowledge thereof or notice to the Borrower from the Administrative Agent or the Required Lenders; or 

(e)     any Group Member shall (i) default in making any payment of any principal of any Indebtedness
(including any Guarantee Obligation, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any,
provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained

  
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in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or
to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due, or to require prepayment, repurchase,
redemption or defeasance thereof, prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided, that a default, event or condition described in clause (i), (ii) or
(iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph
(e) shall have occurred and be continuing with respect to Indebtedness the aggregate outstanding principal amount of which is, in the case of Indebtedness that is Non-Recourse Debt $75,000,000 or more, and with respect to any other
Indebtedness, $20,000,000 or more; or 
 (f)     there shall be an event of default that has not been
cured or waived under, or involuntary termination prior to maturity of, the Receivables Warehouse Facility; or 

(g)    (i) any Group Member shall commence any case, proceeding or other action (A) under any
existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver,
trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets; or (ii) there shall be commenced against any Group Member any case, proceeding or other action of a nature referred to in clause
(i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed or undischarged for a period of 60 days; or (iii) there shall be commenced against any Group Member
any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have
been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) any Group Member shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts
set forth in clause (i), (ii), or (iii) above; or (v) any Group Member shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or (vi) or any Group Member shall make a
general assignment for the benefit of its creditors; or 
 (h)    (i) an ERISA Event and /or a Foreign
Plan Event shall have occurred; (ii) a trustee shall be appointed by a United States district court to administer any Pension Plan; (iii) the PBGC shall institute proceedings to terminate any Pension Plan; (iv) any Group Member or any
of their respective ERISA Affiliates shall have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity does not have reasonable grounds for
contesting such Withdrawal Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner; or (v) any other event or condition shall occur or exist with respect to a Plan, a Foreign Benefit Arrangement, or a Foreign
Plan; and in each case in clauses (i) through (v) above, such event or condition, together with all other such events or conditions, if any, could, in the sole judgment of the Required Lenders, reasonably be expected to result in a
Material Adverse Effect; or 
 (i)     one or more judgments or decrees shall be entered against any
Group Member involving in the aggregate a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of $10,000,000 or more, and all such judgments or decrees shall not have been vacated,
discharged, stayed or bonded pending appeal within 30 days from the entry thereof; or 

  
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 (j)      any of the Security Documents shall cease, for
any reason, to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be
created thereby; or 
 (k)     the guarantee contained in Section 2 of the Guarantee and
Collateral Agreement shall cease, for any reason, to be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; or 

(l)      (i) prior to the consummation of the Spin-Off, Marriott shall cease to own and control, of
record and beneficially, directly or indirectly, 100% of the outstanding common stock of MVWC, (ii) after consummation of the Spin-Off, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of more than 30% of the outstanding common stock of MVWC; (iii) the board of directors of MVWC shall cease to consist of a majority of Continuing
Directors; or (iv) MVWC shall cease to own and control, of record and beneficially, directly or indirectly, 100% of each class of outstanding Capital Stock of the Borrower free and clear of all Liens (except Liens created by the Guarantee and
Collateral Agreement); or 
 (m)    any Intercompany Agreement shall cease, for any reason, to be in
full force and effect (other than pursuant to or as provided by the terms hereof or any other Loan Document); 
 then, and in any such event, (A) if
such event is an Event of Default specified in clause (i) or (ii) of paragraph (g) above with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all
other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall
immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request
of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the
Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan
Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall
immediately become due and payable. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a
cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the
payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and
under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder

  
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and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be lawfully
entitled thereto). Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. 

SECTION 9.     THE AGENTS 

9.1       Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as
the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, (in such capacity,) to
take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the
other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except
those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise
exist against the Administrative Agent. 
 9.2       Delegation of Duties. The Administrative
Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable
care. 
 9.3       Exculpatory Provisions. Neither any Agent nor any of their respective officers,
directors, employees, agents, advisors, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such
Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such
Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this
Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under
any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any
Loan Party. 
 9.4       Reliance by Administrative Agent. The Administrative Agent shall be entitled
to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy or email message, statement, order or other document or conversation believed by it to be genuine
and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to MVWC or the Borrower), independent accountants and other experts selected by the Administrative
Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The
Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the

  
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Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and
expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents
in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the
Loans. 
 9.5       Notice of Default. The Administrative Agent shall not be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender, MVWC or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such
notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such
Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

9.6       Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the
Agents nor any of their respective officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates have made any representations or warranties to it
and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to
the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations,
property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and
without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates.
Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or
other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or
any of its officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates. 

9.7       Indemnification. The Lenders agree to indemnify each Agent and its officers, directors,
employees, affiliates, agents, advisors and controlling persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their
respective Aggregate Exposure Percentages in effect on the date on which indemnification is sought under this Section 9.7 (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have
been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever that may at any time (whether before or after the payment of the 

  
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Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any
documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that no Lender
shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable
hereunder. 
 9.8       Agent in Its Individual Capacity. Each Agent and its affiliates may make loans
to, accept deposits from and generally engage in any kind of business with any Loan Party and its affiliates as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or
participated in by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and
“Lenders” shall include each Agent in its individual capacity. 
 9.9       Successor
Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan
Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(g) with respect to the Borrower shall have
occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the
term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other
or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following
a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent
hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 and of
Section 10.5 shall continue to inure to its benefit. 
 9.10     Documentation Agents and Syndication
Agents. Neither the Documentation Agents nor the Syndication Agents shall have any duties or responsibilities hereunder in its capacity as such. 

SECTION 10.     MISCELLANEOUS 

10.1     Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any terms hereof or thereof
may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the
Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions
to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and 

  
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conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any
Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (i) decrease or forgive the principal amount or extend the final scheduled date of
maturity of any Loan, L/C Obligation or Reimbursement Obligation, reduce the stated rate of any interest or fee payable hereunder (except in connection with the waiver of applicability of any post-default increase in interest rates (which waiver
shall be effective with the consent of the Required Lenders)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Commitment (including any related Foreign Currency Commitment), in each case without the written
consent of each Lender directly and adversely affected thereby; (ii) amend this Section 10.1 without the written consent of each Lender; (iii) reduce any percentage specified in the definition of Required Lenders, consent to the
assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release MVWC from its obligations under the Guarantee and Collateral
Agreement or release Subsidiary Guarantors comprising all or substantially all of the value of the Subsidiary Guarantors (taken as a whole) from their obligations under the Guarantee and Collateral Agreement (it being understood that no such waiver,
consent, or amendment shall be required in connection with the release of collateral as described in Section 8.15 of the Guarantee and Collateral Agreement), in each case without the written consent of all Lenders; (iv) amend, modify or
waive any provision of Section 2.12, Section 10.7(a) or the definitions of “Percentage”, “Pro Rata
Share”, “Outstanding Percentage” or “Aggregate Exposure Percentage” without the written consent of each Lender directly and adversely affected thereby; (v) amend, modify or waive the definitions of “Foreign Currency” or “Foreign Currency Commitment Percentage” without
the written consent of each Foreign Currency Lender directly and adversely affected thereby, (vi) amend, modify or waive any provision of Section 9 or any other provision of any Loan
Document that affects the Administrative Agent without the written consent of the Administrative Agent; or (vii) amend, modify or waive any provision of Section 3 without the written consent of each Issuing Lender. Any such waiver and any such amendment, supplement or modification shall apply equally to each of
the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their
former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of
Default, or impair any right consequent thereon. Furthermore, notwithstanding the foregoing, the Administrative Agent, with the consent of the Borrower, may amend, modify or supplement any Loan Document without the consent of any Lender or the
Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest error in any Loan Document. 

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the
Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to
share in the benefits of this Agreement and the other Loan Documents with the Extensions of Credit and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facility in any
determination of the Required Lenders. 
 10.2     Notices. All notices, requests and demands to or upon the
respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in
the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed as follows in the case of MVWC, the Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative
Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties hereto: 

  
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	 To MVWC:
		 Marriott Vacations Worldwide Corporation
 6649
Westwood Boulevard
 Orlando, Florida 32821
 Attention: General
Counsel
 Facsimile Number: (407) 513-6680
 Telephone
Number: (407) 206-6000

		
	 To Borrower:
		 Marriott Ownership Resorts, Inc.

6649 Westwood Boulevard

Orlando, Florida 32821

Attention: General Counsel

Facsimile Number: (407) 513-6680

Telephone Number: (407) 206-6000

		
			 with a copy to:

		
			 Marriott Ownership Resorts, Inc.

6649 Westwood Boulevard, Ste 500

Orlando, Florida 32821

Attention: Joseph Bramuchi, Vice President

Facsimile Number: (407) 206-6005

Telephone Number: (407) 513-6954

		
	 If to the Administrative Agent:
		
		
			 JPMorgan Chase Bank, N.A.

Loan and Agency Services Group

500 Stanton Christiana Road, OPS 2, Floor 03

Newark, DE 19713-2107

Attn: Aisha O. Lawani

Telephone: 302-634-1300

		
	 Withwith copies
to:
		
		
			 JPMorgan Chase Bank, N.A.

			 383 Madison Ave, Floor 24

			 New York, NY 10179

			 Attention: Nadeige Dang

			 Telecopy: 646-861-6193

			 Telephone: 212-622-4522

  
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	 and, in the case of notices,

requests or demands with

respect to any Foreign

Currency Loan, copies to:
		
		
			 J.P. Morgan Europe Limited

			 Loans Agency,
6th Floor 

25 Bank Street, Canary Wharf

London E145JP

United Kingdom

Attention: Loans Agency

Telecopy: +44-20-7777-2360

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective
until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative
Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to
particular notices or communications. 
 10.3     No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law. 
 10.4     Survival of Representations and Warranties.
All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the
making of the Loans and other extensions of credit hereunder. 
 10.5     Payment of Expenses and Taxes. The
Borrower agrees (a) to pay or reimburse the Administrative Agent for all its costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the
other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the
Administrative Agent and filing and recording fees and expenses, with statements with respect to the foregoing to be submitted to the Borrower prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to time
thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate, (b) to pay or reimburse each Lender and the Administrative Agent for all its costs and expenses incurred in connection with the
enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the reasonable fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each
Lender and of counsel to the Administrative Agent, (c) to pay, indemnify, and hold each Lender, Issuing Lender and the Administrative Agent harmless from, any and all recording and filing fees and any and all liabilities with respect to, or
resulting from any delay in paying, stamp, excise and other Taxes, if any, that may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated
by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (d) to pay, indemnify, and hold each Lender, Issuing

  
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Lender and the Administrative Agent and their respective officers, directors, employees, affiliates, agents, advisors and controlling persons (each, an “Indemnitee”) harmless
from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance
and administration of this Agreement, the other Loan Documents and any such other documents, including any claim, litigation, investigation or proceeding regardless of whether any Indemnitee is a party thereto and whether or not the same are brought
by the Borrower, its equity holders, affiliates or creditors or any other Person, including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law
applicable to the operations of any Group Member or any of the Properties and the reasonable fees and expenses of legal counsel in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document (all
the foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such
Indemnified Liabilities are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee, and provided, further, that this
Section 10.5(d) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not
to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities,
settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee. All amounts due under this Section 10.5 shall be payable
not later than 10 days after written demand therefor. Statements payable by the Borrower pursuant to this Section 10.5 shall be submitted to Joseph Bramuchi, VP Capital Markets & Treasury (Telephone No. (407) 513-6954) (Telecopy
No. (407) 206-6005), at the address of the Borrower set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative Agent. The agreements in this
Section 10.5 shall survive the termination of this Agreement and the repayment of the Loans and all other amounts payable hereunder. 

10.6     Successors and Assigns; Participations and Assignments. (a) The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not
assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender and each Issuing Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void)
and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 

(b)      (i)     Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
assign to one or more assignees (each, an “Assignee”), other than a natural person, a Loan Party or an Affiliate of a Loan Party, all or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitments and the Loans at the time owing to it (provided that, for avoidance of doubt, any such assignment by a Lender that is a
Foreign Currency Lender shall include a pro rata assignment of any Foreign Currency Commitments of, and Foreign Currency Loans held by, such Lender) with the prior written consent of: 

 (A)     the Borrower (such consent not to be unreasonably withheld or delayed), provided that
no consent of the Borrower shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default has occurred and is continuing, any other Person; and provided,
further, that the Borrower shall be deemed to have consented to any such assignment unless the Borrower shall object thereto by written notice to the Administrative Agent within ten Business Days after having received notice thereof; and 

  
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 (B)     the Administrative Agent (such consent not to be
unreasonably withheld or delayed); and 
 (C)     each Issuing Lender (such consent not to be
unreasonably withheld or delayed). 
 (ii)     Assignments shall be subject to the following additional
conditions: 
 (A)     except in the case of an assignment to a Lender, an affiliate of a Lender or an
Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans, the Dollar
Equivalent amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that (1) no such consent of the Borrower shall be required if an Event of
Default has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates or Approved Funds, if any; 

(B)     (1)     the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 and (2) the assigning Lender shall have paid in full any amounts owing by it to the Administrative Agent; and 

(C)      the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and their related parties or
their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

; provided that in no event may an assignment be made to a Direct Competitor of the Borrower without the prior written consent of the
Borrower. 
 For the purposes of this Section 10.6, “Approved Fund” means any Person (other than a natural person)
that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an affiliate of a Lender or
(c) an entity or an affiliate of an entity that administers or manages a Lender. 
 (iii)    
Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under 

  
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this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 10.5). Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph
(c) of this Section. 
 (iv)    The Administrative Agent, acting for this purpose as an agent of
the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments (including any related Foreign Currency Commitments) of, and principal amount of the
Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Lenders and
the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. 

(v)     Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and
an Assignee, the Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such
assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this
Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c)     Any Lender may, without
the consent of the Borrower, the Administrative Agent or any Issuing Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Commitments (including any related Foreign Currency Commitments) and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations, and (iii) the Borrower, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (i) requires the consent of each Lender
directly affected thereby pursuant to the proviso to the second sentence of Section 10.1 and (ii) directly affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and
2.15 (subject to the requirements and limitations therein, including the requirements under Section 2.14(f) (it being understood that the documentation required under Section 2.14(f) shall be delivered to the participating Lender)) to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (i) agrees to be subject to the provisions of Sections 2.13 and 2.14 as if
it were an assignee under paragraph (b) of this Section and (ii) shall not be entitled to receive any greater payment under Sections 2.13 and 2.14, with respect to any participation, than its participating Lender would have been entitled
to receive, except to the extent such entitlement to receive a greater payment results from an adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or
directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the Effective Date that occurs after the Participant acquired the applicable participation. To the extent permitted by

  
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law, each Participant also shall be entitled to the benefits of Section 10.7(b) as though it were a Lender, provided such Participant shall be subject to Section 10.7(a) as though it
were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest)
of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any
Commitments (including any related Foreign Currency Commitments), Loans, Letters
of Credit or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such
Commitment (including any related Foreign Currency Commitment), Loan,
Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

(d)       Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority, and this Section shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

(e)       The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any
Lender requiring Notes to facilitate transactions of the type described in paragraph (d) above. 
 10.7    
Adjustments; Set-off. (a) Except to the extent that this Agreement or a court order expressly provides for payments to be allocated to a particular Lender or to the Lenders, if any Lender (a
“Benefitted Lender”) shall receive any payment of all or part of the Obligations owing to it (or any participation
therein arising pursuant to Section 2.21) (other than in connection with an assignment made pursuant to Section 10.6), or receive any collateral in respect thereof (whether voluntarily
or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8(fg), or otherwise), in a greater proportion than any such payment to or collateral
received by any other Lender, if any, in respect of the Obligations (or any participations therein arising pursuant to
Section 2.21) owing to such other Lender, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such
other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders;
provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such
recovery, but without interest; provided, further, that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation”, no amounts received from, or set off with respect to, any
Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. 
 (b)       In addition
to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any Obligations
becoming due and payable by the Borrower (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any currency, in 

  
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each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate thereof or any of their respective branches or agencies
to or for the credit or the account of the Borrower. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such application made by such Lender, provided that the failure to give such notice shall not
affect the validity of such application. 
 10.8     Counterparts. This Agreement may be executed by one or more
of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by email or
facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 

10.9     Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 10.10    Integration. This Agreement and the other
Loan Documents represent the entire agreement of MVWC, the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the
Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 

10.11    GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 10.12    Submission
To Jurisdiction; Waivers. Each of MVWC, the Borrower, the Administrative Agent and each Lender hereby irrevocably and unconditionally: 

  (a)       submits for itself and its property in any legal action or proceeding
relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction (or, in the case of matters relating to the Security Documents,
non-exclusive jurisdiction) of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 

  (b)       consents that any such action or proceeding may be brought in such courts
and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

  (c)       agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to MVWC or the Borrower, as the case may be at its address set forth in Section 10.2 or at such other address of
which the Administrative Agent shall have been notified pursuant thereto; 

  
 104 

 

 (d)       agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e)       waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

10.13    Acknowledgements. Each of MVWC and the Borrower hereby acknowledges that: 

(a)       it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents; 
 (b)       neither the Administrative Agent nor any
Lender has any fiduciary relationship with or duty to MVWC or the Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders, on one hand, and MVWC
and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

(c)       no joint venture is created hereby or by the other Loan Documents or otherwise exists
by virtue of the transactions contemplated hereby among the Lenders or among MVWC, the Borrower and the Lenders. 
 10.14   
Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or
consent of any Lender except as expressly required by Section 10.1) to take any action requested by the Borrower having the effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of
any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.1 or (ii) under the circumstances described in paragraph (c) or (d) below. 

(b)       In furtherance of the provisions of Section 10.14(a), each of the Lenders authorizes the
Administrative Agent to deliver one or more Powers of Attorney to the relevant mortgagors in respect of any Mortgage that encumbers Time Share Interests. The parties hereto agree and acknowledge that the purpose of such Power of Attorney is for
administrative convenience to facilitate the release of the Lien created by such Mortgage on any Time Share Interest that is sold pursuant to the provisions of Section 7.6(b) and for no other purpose. It is understood and agreed that such Power
of Attorney is revocable by the Administrative Agent upon the occurrence of, or at any time during the continuance of, an Event of Default (provided that such Powers of Attorney shall automatically be revoked upon all amounts owing under this
Agreement becoming due in accordance with Section 8 without any action or notice hereunder). The Borrower further agrees that the failure of any Loan Party to comply with the limitations set forth herein in respect of any such Power of Attorney
shall constitute an Event of Default hereunder. 
 (c)       At such time as the Loans, the Reimbursement
Obligations and the other obligations under the Loan Documents shall have been paid in full (other than obligations under or in respect of Specified Swap Agreements), the Commitments have been terminated and no Letters of Credit shall be outstanding
(or such Letters of Credit are Collateralized), the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive such termination) of the
Administrative Agent and each Loan Party under the Security Documents shall terminate, all without delivery of any instrument or performance of any act by any Person. 

  
 105 

 

 (d)       In the event any real property that is subject to a
Mortgage becomes an Excluded Property pursuant to clause (v) of the definition thereof, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly
required by clause (iii) of the proviso to the second sentence of Section 10.1) to take any action necessary to release the Lien created by such Mortgage. 

10.15    Confidentiality. Each of the Administrative
Agent, each Issuing Lender and each Lender agrees to keep confidential all
non-public information provided to it by any Loan Party or its affiliates, the Administrative Agent, any Issuing
Lender or any Lender pursuant to or in connection with this Agreement that is designated by the provider thereof as confidential; provided that nothing herein shall prevent the
Administrative Agent or any Lender from disclosing any such information (a) to the Administrative Agent, any other Lender or any affiliate thereof, (b) subject to an agreement to comply with the provisions of this Section, to any actual or
prospective Transferee or any direct or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty), (c) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of
any of its affiliates, (d) upon the request or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) if
requested or required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed, (h) to the National Association of Insurance Commissioners or any similar organization or any nationally
recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, or (i) in connection with the exercise of any remedy hereunder or under any
other Loan Document, or
(j) to data service providers, including league table providers,
that serve the lending industry (but, in the case of this clause (j), solely to the extent that (i) such Information is information about the terms of the financing contemplated hereby routinely provided by arrangers to data services providers
and (ii) such Information is provided to such data service providers no earlier than the fifth Business Day after the Closing Date) or (k) if agreed by the Borrower in its sole
discretion, to any other Person. 
 Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other
Loan Documents may include material non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material
non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law, including Federal and state securities laws. 

All information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the
course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective
securities. Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public information in
accordance with its compliance procedures and applicable law, including Federal and state securities laws. 
 The Administrative Agent agrees to keep confidential the Submitted Reference Bank Rates to be used in the calculation of the Reference Bank
Rate; provided that the Submitted Reference Bank Rates may be shared with the Borrower and any of its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates that have a commercially
 
  

  
 106 

 

reasonable business need to know such rates;
provided that, prior to receipt of such rates, any recipient thereof (other than the Borrower) shall (i) certify to the Administrative Agent that it is not an individual who is formally designated as being involved in the ICE LIBOR submission
process and (ii) shall agree to comply with the provisions of this paragraph as if it were the Administrative Agent. The Borrower hereby represents and warrants, as of the Closing Date and each date on which it receives Submitted Reference Bank
Rates, that it is not an individual who is formally designated as being involved in the ICE LIBOR submission process, and agrees to comply with the provisions of this paragraph as if it were the Administrative Agent. For the avoidance of doubt, the
Reference Bank Rate shall be disclosed to Lenders in accordance with Section 2.10(a). 

10.16    WAIVERS OF JURY TRIAL. MVWC, THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

10.17    USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

10.18    Effect of Amendment and Restatement of the Existing Credit Agreement. On the Second Amendment and Restatement Effective Date, the Existing Credit Agreement shall be amended and
restated in its entirety. The parties hereto acknowledge and agree that (a) this Agreement and the other Loan Documents, whether executed and delivered in connection herewith or otherwise, do not constitute a novation or termination of the
“Obligations” (as defined in the Existing Credit Agreement) under the Existing Credit Agreement as in effect prior to the Second Amendment
and Restatement Effective Date and which remain outstanding, (b) the
“Obligations” are in all respects continuing (as amended and restated hereby and which are hereinafter subject to the terms herein) and (c) the Liens as granted under the applicable Loan Documents securing payment of such
“Obligations” are in all respects continuing and in full force and effect. 

 Exhibit B 

Schedule 1.1A 
 Commitments

  

									
	Lender	  	Commitment	 	  	Foreign
Currency
Commitment	 
	
JPMorgan Chase Bank, N.A.
  
	  	 	$30,000,000	  	  	 	$30,000,000	  
	
Bank of America, N.A.
  
	  	 	$30,000,000	  	  	 	$30,000,000	  
	
Deutsche Bank AG New York Branch
  
	  	 	$30,000,000	  	  	 	$0	  
	
SunTrust Bank
  
	  	 	$30,000,000	  	  	 	$30,000,000	  
	
Credit Suisse AG, Cayman Islands Branch

 
	  	 	$20,000,000	  	  	 	$0	  
	
Wells Fargo Capital Finance, LLC
  
	  	 	$20,000,000	  	  	 	$20,000,000	  
	
Bank of Hawaii
  
	  	 	$10,000,000	  	  	 	$0	  
	
The Bank of New York Mellon
  
	  	 	$10,000,000	  	  	 	$0	  
	
First Hawaiian Bank
  
	  	 	$10,000,000	  	  	 	$10,000,000	  
	
US Bank, National Association
  
	  	 	$10,000,000	  	  	 	$10,000,000	  
	
Total
  
	  	   
	    $200,000,000  
	    
	  	   
	    $130,000,000  
	    

 Exhibit C 

Schedule 1.1C 
 [See
attached.] 

 Schedule 1.1C 

Mortgaged Property 
  

													
	Project  	 	        Description        
	 	  

# of Weeks or
Interests
	 	 	County	 	State 	 	Owning Entity
	 Canyon Villas
	 	legacy inventory	 	 	5	  	 	Maricopa	 	AZ	 	Marriott Ownership Resorts, Inc.
	 Canyon Villas Total
	 	 	 	 	5	  	 	 	 	 	 	 
	 	 		 		 
	 Northstar - RCC Lake Tahoe
	 	legacy inventory	 	 	3	  	 	Placer	 	CA	 	The Ritz-Carlton Development Company, Inc.
	 Northstar - RCC Lake Tahoe Total
	 	 	 	 	3	  	 	 	 	 	 	 
	 GRC Lake Tahoe - Commercial Units
	 	
non-borrowing

base
	 	 	4	  	 	El Dorado	 	CA	 	Heavenly Resorts Properties, LLC
	 GRC Lake Tahoe Total
	 	 	 	 	4	  	 	 	 	 	 	 
	 Timber Lodge
	 	legacy inventory	 	 	17	  	 	Eldorado	 	CA	 	Marriott Ownership Resorts, Inc.
	 Timber Lodge - Commercial Units
	 	 non-borrowing

base
	 	 	4	  	 	Eldorado	 	CA	 	Marriott Ownership Resorts, Inc.
	 Timber Lodge Total
	 	 	 	 	21	  	 	 	 	 	 	 
	 Newport Coast
	 	admin space	 	 	3	  	 	Orange	 	CA	 	Marriott Ownership Resorts, Inc.
	 Newport Coast
	 	model unit	 	 	52	  	 	Orange	 	CA	 	Marriott Ownership Resorts, Inc.
	 Newport Coast
	 	legacy inventory	 	 	71	  	 	Orange	 	CA	 	Marriott Ownership Resorts, Inc.
	 Newport Coast - Market Place & Cell
Tower
	 	 non-borrowing

base
	 	 	2	  	 	Orange	 	CA	 	Marriott Ownership Resorts, Inc.
	 Newport Coast Total
	 	 	 	 	128	  	 	 	 	 	 	 
	 Desert Springs I
	 	legacy inventory	 	 	1	  	 	Riverside	 	CA	 	Marriott Ownership Resorts, Inc.
	 Desert Springs Golf Course
	 	 non-borrowing

base
	 	 	1	  	 	Riverside	 	CA	 	Marriott’s Desert Springs Development Corporation
	 Desert Springs I Total
	 	 	 	 	2	  	 	 	 	 	 	 
	 Desert Springs II
	 	legacy inventory	 	 	1	  	 	Riverside	 	CA	 	Marriott Ownership Resorts, Inc.
	 Desert Springs II Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Shadow Ridge
	 	legacy inventory	 	 	10	  	 	Riverside	 	CA	 	Marriott Ownership Resorts, Inc.
	 Shadow Ridge - golf course parcels
	 	 non-borrowing

base
	 	 	1	  	 	Riverside	 	CA	 	Marriott Ownership Resorts, Inc.
	 Shadow Ridge Total
	 	 	 	 	11	  	 	 	 	 	 	 
	 Shadow Ridge II
	 	legacy inventory	 	 	4	  	 	Riverside	 	CA	 	Marriott Ownership Resorts, Inc.
	 Shadow Ridge II Total
	 	 	 	 	4	  	 	 	 	 	 	 
	 RCC San Francisco
	 	WIP	 	 	14	  	 	San Francisco	 	CA	 	R.C. Chronicle Building, L.P.
	 RCC San Francisco Total
	 	 	 	 	14	  	 	 	 	 	 	 
	 Vail - RCC
	 	legacy inventory	 	 	3	  	 	Eagle	 	CO	 	The Ritz-Carlton Development Company, Inc.
	 Vail - RCC Total
	 	 	 	 	3	  	 	 	 	 	 	 
	 Aspen Highlands
	 	legacy inventory	 	 	108	  	 	Pitkin	 	CO	 	The Ritz-Carlton Development Company, Inc.
	 Aspen Highlands Total
	 	 	 	 	108	  	 	 	 	 	 	 
	 Mountain Valley Lodge
	 	legacy inventory	 	 	1	  	 	Summit	 	CO	 	Marriott Ownership Resorts, Inc.
	 Mountain Valley Lodge - Commercial
	 	 non-borrowing

base
	 	 	5	  	 	Summit	 	CO	 	Marriott Ownership Resorts, Inc.
	 Mountain Valley Lodge Total
	 	 	 	 	6	  	 	 	 	 	 	 
	 	 		 		 
	 Birch at Streamside
	 	legacy inventory	 	 	1	  	 	Eagle	 	CO	 	Marriott Ownership Resorts, Inc.
	 Birch at Streamside Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 	 		 		 
	 Douglas at Streamside
	 	legacy inventory	 	 	1	  	 	Eagle	 	CO	 	Marriott Ownership Resorts, Inc.
	 Douglas at Streamside - Commercial Units
	 	 non-borrowing

base
	 	 	5	  	 	Eagle	 	CO	 	Marriott Ownership Resorts, Inc.
	 Douglas at Streamside Total
	 	 	 	 	6	  	 	 	 	 	 	 
	 	 		 		 
	 Evergreen at Streamside
	 	legacy inventory	 	 	1	  	 	Eagle	 	CO	 	Marriott Ownership Resorts, Inc.
	 Evergreen at Streamside Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Legends Edge
	 	legacy inventory	 	 	5	  	 	Bay	 	FL	 	Marriott Ownership Resorts, Inc.
	 Legends Edge - Commercial Units
	 	 non-borrowing

base
	 	 	2	  	 	Bay	 	FL	 	Marriott Ownership Resorts, Inc.
	 Legends Edge Total
	 	 	 	 	7	  	 	 	 	 	 	 
	 Lakeland Parking Area & Office
Space
	 	 non-borrowing

base
	 	 	4	  	 	Polk	 	FL	 	Marriott Ownership Resorts, Inc.
	 Lakeland Other Property
Total
	 	 	 	 	4	  	 	 	 	 	 	 
	 Beach Place
	 	legacy inventory	 	 	4	  	 	Broward	 	FL	 	Marriott Ownership Resorts, Inc.
	 Beach Place - Commercial Units
	 	 non-borrowing

base
	 	 	5	  	 	Broward	 	FL	 	Marriott Ownership Resorts, Inc.
	 Beach Place Total
	 	 	 	 	9	  	 	 	 	 	 	 
	 Crystal Shores
	 	legacy inventory	 	 	34	  	 	Collier	 	FL	 	Marriott Ownership Resorts, Inc.
	 Crystal Shores - Commercial Units
	 	 non-borrowing

base
	 	 	2	  	 	Collier	 	FL	 	Marriott Ownership Resorts, Inc.
	 Crystal Shores - Admin Space
	 	admin space	 	 	104	  	 	Collier	 	FL	 	Marriott Ownership Resorts, Inc.
	 Crystal Shores Total
	 	 	 	 	140	  	 	 	 	 	 	 
	 Villas at Doral
	 	legacy inventory	 	 	5	  	 	Miami-Dade	 	FL	 	Marriott Ownership Resorts, Inc.
	 Villas at Doral Total
	 	 	 	 	5	  	 	 	 	 	 	 

 Schedule 1.1C 

Mortgaged Property 
  

													
	Project  	 	        Description        
	 	  

# of Weeks or
Interests
	 	 	County	 	State 	 	Owning Entity
	 Cypress Harbour
	 	legacy inventory	 	 	12	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Cypress Harbour - TEC Building
	 	 non-borrowing

base
	 	 	1	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Cypress Harbour
Total
	 	 	 	 	13	  	 	 	 	 	 	 
	 Grande Vista
	 	legacy inventory	 	 	21	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Grande Vista - Commercial Units
	 	 non-borrowing

base
	 	 	12	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Grande Vista - Faldo Golf Course
	 	 non-borrowing

base
	 	 	1	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Grande Vista - Sales Center
	 	 non-borrowing

base
	 	 	1	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Grande Vista - Sales Center Parking
	 	 non-borrowing

base
	 	 	1	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Grande Vista Total
	 	 	 	 	36	  	 	 	 	 	 	 
	 	 		 		 
	 Horizons at Orlando
	 	legacy inventory	 	 	4	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Horizons at Orlando - Commercial Units
	 	 non-borrowing

base
	 	 	5	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Horizons at Orlando - Sales Center Building
	 	 non-borrowing

base
	 	 	1	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Horizons at Orlando
Total
	 	 	 	 	10	  	 	 	 	 	 	 
	 Lakeshore Reserve
	 	legacy inventory	 	 	8	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Lakeshore Reserve - Commercial Units
	 	 non-borrowing

base
	 	 	4	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Lakeshore Reserve - Sales Center
	 	 sales center &

model unit
	 	 	11	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Lakeshore Reserve
Total
	 	 	 	 	23	  	 	 	 	 	 	 
	 MVCD Trust
	 	 	 	 	356,000	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 MVCD Trust Total
	 	 	 	 	356,000	  	 	 	 	 	 	 
	 Royal Palms
	 	legacy inventory	 	 	1	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Royal Palms Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Sabal Palms
	 	legacy inventory	 	 	1	  	 	Orange	 	FL	 	Marriott Ownership Resorts, Inc.
	 Sabal Palms Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Jupiter
	 	 non-borrowing

base
	 	 	5	  	 	Palm Beach	 	FL	 	RBF, LLC
	 Jupiter Total
	 	 	 	 	5	  	 	 	 	 	 	 
	 Ocean Pointe
	 	legacy inventory	 	 	4	  	 	Palm Beach	 	FL	 	Marriott Ownership Resorts, Inc.
	 Ocean Pointe - Commercial Units
	 	 non-borrowing

base
	 	 	2	  	 	Palm Beach	 	FL	 	Marriott Ownership Resorts, Inc.
	 Ocean Pointe Total
	 	 	 	 	6	  	 	 	 	 	 	 
	 Oceana Palms
	 	legacy inventory	 	 	1	  	 	Palm Beach	 	FL	 	Marriott Ownership Resorts, Inc.
	 Oceana Palms - Sales Center
	 	 sales center &

model unit
	 	 	10	  	 	Palm Beach	 	FL	 	Marriott Ownership Resorts, Inc.
	 Oceana Palms - Commercial Units
	 	 non-borrowing

base
	 	 	4	  	 	Palm Beach	 	FL	 	Marriott Ownership Resorts, Inc.
	 Oceana Palms Total
	 	 	 	 	15	  	 	 	 	 	 	 
	 Kauai Beach Club
	 	legacy inventory	 	 	5	  	 	Kauai	 	HI	 	Marriott Ownership Resorts, Inc.
	 Kauai Beach Club - commercial units
	 	 non-borrowing

base
	 	 	2	  	 	Kauai	 	HI	 	Marriott Ownership Resorts, Inc.
	 Kauai Beach Club
Total
	 	 	 	 	7	  	 	 	 	 	 	 
	 Kauai Kalanipu’u
	 	legacy inventory	 	 	1	  	 	Kauai	 	HI	 	Kauai Lagoons LLC
	 Kauai Kalanipu’u
	 	model	 	 	52	  	 	Kauai	 	HI	 	Kauai Lagoons LLC
	 Kauai Lagoons
Total
	 	 	 	 	53	  	 	 	 	 	 	 
	 Waiohai Beach Club
	 	model	 	 	52	  	 	Kauai	 	HI	 	Marriott Ownership Resorts, Inc.
	 Waiohai Beach Club
	 	legacy inventory	 	 	4	  	 	Kauai	 	HI	 	Marriott Ownership Resorts, Inc.
	 Waiohai Beach Club - Commercial Units
	 	 non-borrowing

base
	 	 	10	  	 	Kauai	 	HI	 	Marriott Ownership Resorts, Inc.
	 Waiohai Beach Club
Total
	 	 	 	 	66	  	 	 	 	 	 	 
	 Maui Ocean Club
	 	legacy inventory	 	 	20	  	 	Maui	 	HI	 	Marriott Ownership Resorts, Inc.
	 Maui Ocean Club - Commercial Units
	 	 non-borrowing

base
	 	 	15	  	 	Maui	 	HI	 	Marriott Ownership Resorts, Inc.
	 Maui Ocean Club
Total
	 	 	 	 	35	  	 	 	 	 	 	 
	 Maui Sequel
	 	model	 	 	52	  	 	Maui	 	HI	 	Marriott Ownership Resorts, Inc.
	 Maui Sequel
	 	legacy inventory	 	 	1	  	 	Maui	 	HI	 	Marriott Ownership Resorts, Inc.
	 Maui Sequel Total
	 	 	 	 	53	  	 	 	 	 	 	 
	 Ko Olina - Sales Center
	 	sales center	 	 	1	  	 	Honolulu	 	HI	 	Marriott Ownership Resorts, Inc.
	 Ko Olina
	 	legacy inventory	 	 	479	  	 	Honolulu	 	HI	 	Marriott Ownership Resorts, Inc.
	 Ko Olina Total
	 	 	 	 	480	  	 	 	 	 	 	 

 Schedule 1.1C 

Mortgaged Property 
  

													
	Project  	 	        Description        
	 	  

# of Weeks or
Interests
	 	 	County	 	State 	 	Owning Entity
	 Custom House
	 	legacy inventory	 	 	124	  	 	Suffolk	 	MA	 	Marriott Ownership Resorts, Inc.
	 Custom House - Commercial Units
	 	 non-borrowing

base
	 	 	2	  	 	Suffolk	 	MA	 	Marriott Ownership Resorts, Inc.
	 Custom House Total
	 	 	 	 	126	  	 	 	 	 	 	 
	 Horizons at Branson
	 	legacy inventory	 	 	3	  	 	Taney	 	MO	 	Marriott Ownership Resorts, Inc.
	 Horizons at Branson - Commercial Units
	 	 non-borrowing

base
	 	 	5	  	 	Taney	 	MO	 	Marriott Ownership Resorts, Inc.
	 Horizons at Branson Total
	 	 	 	 	8	  	 	 	 	 	 	 
	 Fairway Villas
	 	legacy inventory	 	 	1	  	 	Atlantic	 	NJ	 	Marriott Ownership Resorts, Inc.
	 Fairway Villas Golf Course
	 	 non-borrowing

base
	 	 	1	  	 	Atlantic	 	NJ	 	Marriott Ownership Resorts, Inc.
	 Fairway Villas Total
	 	 	 	 	2	  	 	 	 	 	 	 
	 Grand Chateau - Sales Center
	 	Sales Center	 	 	1	  	 	Clark	 	NV	 	Hard Carbon, LLC
	 Grand Chateau
	 	legacy inventory	 	 	59	  	 	Clark	 	NV	 	Hard Carbon, LLC
	 Grand Chateau Total
	 	 	 	 	60	  	 	 	 	 	 	 
	 Barony Beach Club
	 	legacy inventory	 	 	5	  	 	Beaufort	 	SC	 	Marriott Ownership Resorts, Inc.
	 Barony Beach Club - commercial units
	 	 non-borrowing

base
	 	 	1	  	 	Beaufort	 	SC	 	Marriott Ownership Resorts, Inc.
	 Barony Beach Club Total
	 	 	 	 	6	  	 	 	 	 	 	 
	 Grande Ocean
	 	legacy inventory	 	 	1	  	 	Beaufort	 	SC	 	Marriott Ownership Resorts, Inc.
	 Grande Ocean Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Monarch
	 	legacy inventory	 	 	1	  	 	Beaufort	 	SC	 	Marriott Ownership Resorts, Inc.
	 Monarch Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Sunset Pointe
	 	legacy inventory	 	 	1	  	 	Beaufort	 	SC	 	Marriott Ownership Resorts, Inc.
	 Sunset Pointe Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Surf Watch
	 	legacy inventory	 	 	1	  	 	Beaufort	 	SC	 	Marriott Ownership Resorts, Inc.
	 Surf Watch Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Hilton Head - Admin Building
	 	 non-borrowing

base
	 	 	1	  	 	Beaufort	 	SC	 	Marriott Ownership Resorts, Inc.
	 Hilton Head - Other Property
Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Ocean Watch - Sales Center - Commercial Units A
& B
	 	 sales center - 12

villas
	 	 	12	  	 	Horry	 	SC	 	Marriott Ownership Resorts, Inc.
	 Ocean Watch - CFC Commercial Unit A
	 	 non-borrowing

base
	 	 	1	  	 	Horry	 	SC	 	Marriott Ownership Resorts, Inc.
	 Ocean Watch - Model
	 	model unit	 	 	52	  	 	Horry	 	SC	 	Marriott Ownership Resorts, Inc.
	 Ocean Watch
	 	legacy inventory	 	 	2	  	 	Horry	 	SC	 	Marriott Ownership Resorts, Inc.
	 Ocean Watch Total
	 	 	 	 	67	  	 	 	 	 	 	 
	 Mountain Side
	 	legacy inventory	 	 	6	  	 	Summit	 	UT	 	Marriott Ownership Resorts, Inc.
	 Mountain Side Total
	 	 	 	 	6	  	 	 	 	 	 	 
	 Summit Watch
	 	legacy inventory	 	 	1	  	 	Summit	 	UT	 	Marriott Ownership Resorts, Inc.
	 Summit Watch - Aquacade
	 	 non-borrowing

base
	 	 	1	  	 	Summit	 	UT	 	Marriott Ownership Resorts, Inc.
	 Summit Watch Total
	 	 	 	 	2	  	 	 	 	 	 	 
	 Manor Club Sequel
	 	legacy inventory	 	 	1	  	 	James City	 	VA	 	Marriott Ownership Resorts, Inc.
	 Manor Club Sequel Total
	 	 	 	 	1	  	 	 	 	 	 	 
	 Manor Club
	 	legacy inventory	 	 	1	  	 	James City	 	VA	 	Marriott Ownership Resorts, Inc.
	 Manor Club Total
	 	 	 	 	1	  	 	 	 	 	 	 

 Note:   Schedule 1.1 C includes inventory that may have been released in the normal course of business after
June 19, 2015. 

 Exhibit D 

Schedule 4.21 
 Real
Property in Flood Areas 
  

									
	Resort/Property		Building		County		State  		Flood
Zone
	Mountain Valley Lodge		Creekside, Downhill, Eagle		Summit		CO		AE
	Beach Place		1		Broward		FL		AO
	Crystal Shores		A, B, Stilts Restaurant, CFB		Collier		FL		AE
	Cypress Harbour		53, 54, 55, 63, 64, 65, TEC Building		Orange		FL		A
	Legends Edge		CFB		Bay		FL		AE
	Oceana Palms		A		Palm Beach  		FL		V8
	Ocean Pointe		D, E		Palm Beach  		FL		A7
	Waiohai Beach Club		 1000, 2000, 3000, 4000, 5000,

6000, 7000, 8000, Pool Bar/Towel
 Hut (commercial unit C)
		Kauai		HI		AE
	Barony Beach Club		A, B, C, D, F, G, CFB		Beaufort		SC		A7
	Grande Ocean		A, B, C, D, E, F, G, H, J, K, CFB		Beaufort		SC		A7
	Harbour Club		A		Beaufort		SC		A7
	Harbour Point		Heron, Osprey, Pelican		Beaufort		SC		A7
	Heritage Club		A		Beaufort		SC		A7
	Hilton Head		Welcome Center		Beaufort		SC		A7
	Monarch		A, B, C, D		Beaufort		SC		A7
	Sunset Pointe		Marsh, Sunset		Beaufort		SC		A7
	Surf Watch		A, B, C, D, E, CFB		Beaufort		SC		A7
	Ocean Watch		A, B, C		Horry		SC		VE
	Summit Watch		702, 710, 780, 804, 890 Main Street		Summit		UT		AO
	Summit Watch		738, 900 Main Street		Summit		UT		AE
	Ritz-Carlton Club, St Thomas  		Jasmine, Kava		 		USVI 		AE
	Ritz-Carlton Club, St Thomas		Lily		 		USVI 		VEExhibit 4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

ANHEUSER-BUSCH INBEV FINANCE INC. 

and 
 ANHEUSER-BUSCH INBEV SA/NV

 and 
 the SUBSIDIARY
GUARANTORS party hereto from time to time 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

Trustee 
 and 

THE BANK OF NEW YORK MELLON, LONDON BRANCH 

Paying Agent 
  

 
 THIRTEENTH SUPPLEMENTAL INDENTURE 

Dated as of July 23, 2015 
  

 
 To the Indenture, dated as of
January 17, 2013, 
 among Anheuser-Busch InBev Finance Inc., 

Anheuser-Busch InBev NV/SA, the Subsidiary Guarantors party thereto from time to 

time and 
 The Bank of New York
Mellon Trust Company, N.A., Trustee 
 4.600% Notes due 2045 
  

 
  

 TABLE OF CONTENTS 

 

							
	 		 		 Page
	 
	
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF
GENERAL
 APPLICATION
	   

  

			
	 SECTION 1.01
		Definitions		 	3	  
	 SECTION 1.02
		Effect of Headings		 	4	  
	 SECTION 1.03
		Separability Clause		 	4	  
	 SECTION 1.04
		Benefits of Instrument		 	4	  
	
	 ARTICLE II
	   

	
	 4.600% Senior Notes due 2045
	   

			
	 SECTION 2.01
		Creation of Series; Establishment of Form		 	5	  
	 SECTION 2.02
		Guarantee		 	6	  
	 SECTION 2.03
		Interest		 	6	  
	 SECTION 2.04
		Payment of Principal, Interest and Other Amounts		 	6	  
	 SECTION 2.05
		Optional Redemption.		 	8	  
	 SECTION 2.06
		Optional Tax Redemption		 	9	  
	
	 ARTICLE III
	   

	
	 Miscellaneous Provisions
	   

			
	 SECTION 3.01
		Effectiveness		 	10	  
	 SECTION 3.02
		Original Issue		 	10	  
	 SECTION 3.03
		Ratification and Integral Part		 	10	  
	 SECTION 3.04
		Priority		 	10	  
	 SECTION 3.05
		Successors and Assigns		 	10	  
	 SECTION 3.06
		Counterparts		 	10	  
	 SECTION 3.07
		Guarantee Limitations		 	10	  
	 SECTION 3.08
		The Trustee		 	11	  
	 SECTION 3.09
		Governing Law		 	11	  
			
	 EXHIBIT A
				 	A-1	  
	 EXHIBIT B
				 	B-1	  

  
 - i - 

 THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of July 23, 2015 (the “Thirteenth
Supplemental Indenture”), among ANHEUSER-BUSCH INBEV FINANCE INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), ANHEUSER-BUSCH INBEV NV/SA, a société
anonyme duly organized and existing under the laws of the Kingdom of Belgium (the “Parent Guarantor”), ANHEUSER-BUSCH INBEV WORLDWIDE, INC., a corporation duly organized and existing under the laws of the State of Delaware,
BRANDBEV S.À R.L., a société à responsabilité limitée incorporated under the laws of Luxembourg, with registered office at 5, Rue Gabriel Lippmann, L-5365 Münsbach, Luxembourg, registered
with the Luxembourg Register of Commerce and Companies under the number B 80.984 and having a share capital of USD 30,020,720, BRANDBREW S.A., a société anonyme incorporated under the laws of Luxembourg, with its registered
address at 5, rue Gabriel Lippmann, L-5365 Luxembourg and registered with the Luxembourg register of commerce and companies under number B-75696, COBREW NV, a public limited liability company organized and existing under Belgian law, ANHEUSER-BUSCH
COMPANIES, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware, (each, a “Subsidiary Guarantor”, and together with the Parent Guarantor, the “Guarantors”), The Bank
of New York Mellon Trust Company, N.A., as trustee, registrar and transfer agent (the “Trustee”) and The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”) to the Indenture, dated as of
January 17, 2013, among the Company, the Guarantors and the Trustee (the “Indenture”). 
 RECITALS OF THE COMPANY
AND THE GUARANTORS 
 WHEREAS, the Company, the Guarantors and the Trustee are parties to the Indenture, which provides for the
issuance from time to time of unsecured debt securities of the Company; 
 WHEREAS, Section 901(9) of the Indenture permits
supplements thereto without the consent of Holders of Securities to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Indenture; 

WHEREAS, as contemplated by Section 301 of the Indenture, the Company intends to issue a new series of Securities to be known as the
Company’s “4.600% Notes due 2045” (the “Notes”) under the Indenture; 
 WHEREAS, the Company and the
Guarantors have taken all necessary corporate action to authorize the execution and delivery of this Thirteenth Supplemental Indenture; 

NOW, THEREFORE, THIS THIRTEENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

  
 - 1 - 

 For and in consideration of the premises and the other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Company, the Guarantors, the Trustee and the Paying Agent (solely with respect to matters relating to its paying agency) mutually agree as follows: 

  
 - 2 - 

 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 1.01            Definitions. 

Except as otherwise expressly provided or unless the context otherwise requires, all terms used in this Thirteenth Supplemental Indenture
which are defined in the Indenture shall have the meanings ascribed to them by the Indenture. The following terms used in this Thirteenth Supplemental Indenture have the following respective meanings: 

“Business Day” means a day on which commercial banks and exchange markets are open, or not authorized to
close, in the City of New York, London, Brussels and Taipei. If the date of maturity of interest on or principal of the Notes or the date fixed for redemption or payment in connection with an acceleration of any Note is not a Business Day, then
payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or payment in connection with
acceleration, and no interest shall accrue as a result of the delayed payment. 
 “Change in Tax Law” has
the meaning set forth in Section 2.06(a). 
 “Clearstream” means Clearstream Banking,
société anonyme, Luxembourg (or any successor securities clearing agency). 
 “Common
Depositary” means, with respect to Notes issuable or issued in whole or in part in the form of one or more Global Securities, The Bank of New York Mellon, London Branch, which is the common depositary for Euroclear and Clearstream, or such
successor as the Company shall designate from time to time in an Officer’s Certificate delivered to the Trustee. 

“Company” has the meaning set forth in the first paragraph of this Thirteenth Supplemental Indenture. 

“Date of the Prospectus Supplement” means July 10, 2015, which is the date of the final Prospectus
Supplement prepared in connection with the issuance of the Notes and filed with the Securities and Exchange Commission. 

“Euroclear” means Euroclear Bank S.A./N.V. (or any successor securities clearing agency), as operator of the
Euroclear system. 
 “Global Security” has the meaning set forth in Section 2.01(d). 

  
 - 3 - 

 “Guarantors” has the meaning set forth in the first paragraph of
this Thirteenth Supplemental Indenture. 
 “Indenture” has the meaning set forth in the first paragraph of
this Thirteenth Supplemental Indenture. 
 “Interest Payment Date” has the meaning specified in
Section 2.03. 
 “Thirteenth Supplemental Indenture” has the meaning set forth in the Recitals. 

“Notes” has the meaning set forth in the Recitals. 

“Parent Guarantor” has the meaning set forth in the first paragraph of this Thirteenth Supplemental
Indenture. 
 “Regular Record Date” means the January 8 and July 8 immediately preceding the
applicable Interest Payment Date (whether or not a Business Day); provided, however, that if the Notes are represented by one or more Global Securities, the Regular Record Date shall be the close of business on the business day (for this
purpose a day on which Clearstream and Euroclear are open for business) immediately preceding the related Interest Payment Date. 

“Stated Maturity” has the meaning specified in Section 2.01(f). 

“Trustee” has the meaning set forth in the first paragraph of this Thirteenth Supplemental Indenture. 

SECTION 1.02            Effect of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

SECTION 1.03            Separability Clause. 

In case any provision in this Thirteenth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION
1.04            Benefits of Instrument. 
 Nothing in this Thirteenth
Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Thirteenth Supplemental
Indenture or the Indenture. 

  
 - 4 - 

 ARTICLE II

4.600% Senior Notes due 2045 

SECTION 2.01            Creation of Series; Establishment of Form. 

(a)        There is hereby established a new series of Securities under the Indenture entitled
“4.600% Notes due 2045”. 
 (b)        The form of the Notes, including the form of the
certificate of authentication, is attached hereto as Exhibit A. 
 (c)        The Company
shall issue the Notes in an aggregate principal amount of USD 565,000,000. Subject to the receipt of all necessary regulatory and listing approvals from applicable authorities in the Republic of China, including, but not limited to, the Taipei
Exchange, the Company may from time to time, without the consent of the Holders of the Notes, issue additional Notes in accordance with Sections 301 and 901 of the Indenture. Any such additional Notes subsequently issued shall rank equally and
ratably with the Notes in all respects (except for the payment of interest accruing prior to the issue date of such further Notes or except for the first payment of interest following the issue date of such further Notes), so that such further Notes
shall be consolidated and form a single series with the Notes and shall have the same terms as to status, redemption or otherwise as the Notes. 

(d)        The Notes shall be issued initially in the form of one or more permanent global
securities, without coupons, registered in the name of the Common Depositary or a nominee of the Common Depositary (each, a “Global Security”) and deposited with the Common Depositary. Any proposed transfer of an interest in the
Notes shall consist of a transfer within a Global Security and shall be effected through the book-entry system maintained by, and in accordance with the applicable procedures of, Euroclear and Clearstream. 

(e)        The Notes shall not have a sinking fund. 

(f)        The stated maturity of the principal of the Notes shall be July 23, 2045 (the
“Stated Maturity”). 
 (g)        The outstanding principal amount of the Notes
shall accrue interest at a rate equal to 4.600% per annum, as provided in Section 2.03. 

(h)        The Notes shall be issued in denominations of USD 200,000 in principal amount and integral
multiples of USD 1,000 in excess thereof. 
 (i)        The Notes shall be subject to both
Defeasance and Covenant Defeasance in accordance with the Indenture. 

  
 - 5 - 

 (j)        The Notes shall be senior unsecured
obligations of the Company and will rank equally with all other existing and future unsecured and unsubordinated debt obligations of the Company. 

SECTION 2.02            Guarantee. Subject to the terms and applicable
limitations set forth in the Indenture and the form of Notes, the Notes shall be jointly and severally, irrevocably, fully and unconditionally guaranteed by the Guarantors as to all payments due on the Notes whether at their Stated Maturity, by
acceleration, redemption, repayment or otherwise in accordance with the terms of such Guarantees and the Indenture. In the case of the failure of the Company to pay punctually any principal, premium or interest on the Notes, the Guarantors shall
cause any such payment to be made as it becomes due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise. The Guarantees shall be unsecured and unsubordinated indebtedness of the Guarantors and rank equally with
other unsecured and unsubordinated indebtedness of the Guarantors that is currently outstanding or that they may issue in the future. 

SECTION 2.03            Interest. The Notes shall bear interest at a rate
equal to 4.600% per annum, and computed on the basis of a 360-day year consisting of twelve (12) 30-day months. Interest on the Notes will accrue from July 23, 2015 or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, as the case may be. Interest is payable semi-annually, in arrears, on January 23 and July 23 of each year (each, an “Interest Payment Date”), subject to deferral of such payment in
accordance with the definition of “Business Day” contained in Section 1.01 hereof, commencing January 23, 2016 to the Person in whose name the Notes were registered at the close of business on the applicable Regular Record Date
until the principal thereof is paid or made available for payment. 
 SECTION
2.04            Payment of Principal, Interest and Other Amounts. 

(a)        Payments of principal of, premium, if any, and interest on the Notes shall be made in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts and such payments on Notes represented by a Global Security shall be made through one or more Paying Agents appointed
under the Indenture to the Common Depositary or its nominee, as the Holder of the Global Security. Initially, the Paying Agent for the Notes will be The Bank of New York Mellon, London Branch at its corporate trust office located at One Canada
Square, London E14 5AL, United Kingdom and the Registrar for the Notes will be The Bank of New York Mellon Trust Company, N.A., in St. Louis, Missouri. The Company may change the Paying Agent or Registrar without prior notice to the Holders of the
Notes, and in such an event the Company may act as Paying Agent or Registrar. Payments of principal of, premium, if any, and interest on the Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the
Holder thereof; provided, however, that in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. 

  
 - 6 - 

 (b)        In order to provide for all payments due on
the Notes as the same shall become due, the Company shall cause to be paid to the Paying Agent, no later than 10:00 a.m. London time one Business Day prior to the due date for the payment of each Note, at such bank as the Paying Agent shall
previously have notified to the Company, immediately available funds sufficient to meet all payments due on such Notes. If for any reason the amounts received by the Paying Agent are insufficient to satisfy all claims in respect of all payments then
due on the Notes, the Paying Agent shall forthwith notify the Company, and the Paying Agent shall not be obliged to pay any such claims until the Paying Agent has received the full amount of the monies then due and payable in respect of such Notes.
If, however, the Paying Agent in its sole discretion shall make payment on the Notes on their maturity or redemption, or payments of interest or such other payments when otherwise due (it being understood that the Paying Agent shall have no
obligation whatsoever to make any such payment) and the amount which should have been received is not received on such date, the Company agrees forthwith on demand to pay, or procure the payment of, to the Paying Agent, in addition to the amount
which should have been paid hereunder, interest thereon from the day following the date when the amount unpaid should have been received under this Supplemental Indenture to the date when such amount is actually received (inclusive) at a rate equal
to the cost of the Paying Agent of funding such amount, as certified by the Paying Agent and expressed as a rate per annum. 

(c)        The Paying Agent hereby agrees that: 

(i)        it will hold all sums held by it as Paying Agent for the payment of the principal of or
interest on the Notes in trust for the benefit of the Holders of the Notes entitled thereto, or for the benefit of the Trustee, as the case may be, until such sums shall be paid out to such Holders as provided in the Indenture; 

(ii)        it will promptly give the Trustee notice of: (x) a Company deposit for the payment
of principal of or interest on the Notes, (y) any failure by the Company in the making of any deposit for the payment of principal of or or interest on the Notes that shall have become payable, and (z) any default by the Company in making
any payment of the principal of or interest on the Notes where the same shall be due and payable as provided in the Notes; and 

(iii)        At any time after an Event of Default in respect of the Notes shall have occurred, the
Paying Agent shall, if so required by notice in writing given by the Trustee to the Paying Agent: (y) thereafter, until otherwise instructed by the Trustee, act as agent of the Trustee under the terms of the Indenture; and/or (z) deliver
all Notes and all sums, documents and records held by the Paying Agent in respect of the Notes to the Trustee or as the Trustee shall direct in such notice; provided that such notice shall be deemed not to apply to any document or record which the
Paying Agent is obliged not to release by any applicable law or regulation. 

  
 - 7 - 

 (d)        In acting under this Supplemental Indenture,
the Paying Agent shall not (a) be under any fiduciary duty towards any Person, (b) be responsible for or liable in respect of the authorization, validity or legality of any Note amount paid by it hereunder (except to the extent that any
such liability is determined by a court of competent jurisdiction to have been resulted from the Paying Agent’s negligence, wilful misconduct or bad faith), (c) be under any obligation towards any Person other than the Trustee and the
Company or (d) assume any relationship of agency or trust for or with any Holder. 

(e)        The Paying Agent shall have the benefit of Section 603(10) of the Indenture. 

(f)        The Company will pay to the Paying Agent the compensation, fees and expenses in respect of
the Paying Agent’s services as separately agreed with the Paying Agent. 
 (g)        The
Company will also pay all reasonable documented out-of-pocket expenses (including legal expenses) incurred by the Paying Agent in connection with its services hereunder, together with any applicable value added tax and stamp, issue, or other
documentary taxes and duties. 
 (h)        For purposes of Section 105 of the Indenture,
notices to the Paying Agent shall be given to the following address: 
 The Bank of New York Mellon, London Branch 

One Canada Square, London E14 5AL 

Attention: Corporate Trust Administration 

SECTION 2.05            Optional Redemption. 

(a)        The Company may, at its option, redeem the Notes as a whole or in part on each
July 23rd on or after July 23, 2016 upon not less than 30 nor more than 60 days’ prior notice, as provided in Section 1104 of the Indenture. Notice of redemption shall be given
by first-class mail, postage prepaid, mailed (or otherwise transmitted in accordance with applicable procedures of Euroclear or Clearstream) to the Holders of the Notes being redeemed. The redemption price
will be equal to 100% of the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption Date. 

  
 - 8 - 

 (b)        Unless the Company (and/or a Guarantor)
defaults on payment of the redemption price, from and after the Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. By 10:00 A.M. (London time) on the Business Day prior to the Redemption Date, the
Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in the Indenture) money sufficient to pay the redemption price of and
accrued interest on the Notes to be redeemed on such date. 
 (c)        If fewer than all of the
Notes are to be redeemed, the Trustee will select, not more than 60 days prior to the Redemption Date, the particular Notes or portions thereof for redemption from the outstanding Notes not previously called for redemption, on a pro rata basis or by
such method as the Trustee deems fair and appropriate; provided, however, that if the Notes are represented by one or more Global Securities, interests in the Notes shall be selected for redemption by Euroclear or Clearstream, as applicable,
in accordance with its standard procedures therefor. 
 SECTION
2.06            Optional Tax Redemption. 

(a)        The Company may, at the Company’s or the Parent Guarantor’s option, redeem the
Notes in whole but not in part, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Notes then outstanding plus accrued and unpaid interest on
the principal amount being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which the
Company or any Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration of any such laws, treaties,
regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after the Date of the Prospectus Supplement (any such change or amendment, a “Change in Tax Law”),
the Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the Company or the relevant Guarantor taking reasonable measures
available to it; provided, however, that the Notes may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations under the Notes to a Substitute Company (as defined in
Section 801 of the Indenture), unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 

(b)        Prior to the mailing of any notice of redemption pursuant to this Section 2.06, the
Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result
of such Change in Tax Law. 

  
 - 9 - 

 (c)        No notice of redemption pursuant to this
Section 2.06 may be given earlier than ninety (90) days prior to the earliest date on which the Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. 

ARTICLE III 

Miscellaneous Provisions 

SECTION 3.01            Effectiveness. This Thirteenth Supplemental
Indenture will become effective upon its execution and delivery. 
 SECTION
3.02            Original Issue. The Notes may, upon execution of this Thirteenth Supplemental Indenture, be executed by the Company and delivered by the Company and the Parent
Guarantor to the Trustee for authentication, and the Trustee shall, upon Company order, authenticate and deliver such Notes as in such Company order provided. 

SECTION 3.03            Ratification and Integral Part. The Indenture as
supplemented by this Thirteenth Supplemental Indenture, is in all respects ratified and confirmed, and this Thirteenth Supplemental Indenture will be deemed an integral part of the Indenture in the manner and to the extent herein and therein
provided. 
 SECTION 3.04            Priority. This Thirteenth
Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. The provisions of this Thirteenth Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the
Indenture to the extent the Indenture is inconsistent herewith. 
 SECTION
3.05            Successors and Assigns. All covenants and agreements in the Indenture, as supplemented and amended by this Thirteenth Supplemental Indenture, by the Company and the
Guarantors will bind their respective successors and assigns, whether so expressed or not. 
 SECTION
3.06            Counterparts. This Thirteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 SECTION
3.07            Guarantee Limitations. The limitations applicable to the Guarantees, as set forth in Section 209 of the Indenture, will apply to the Guarantees issued hereunder;
provided, however, that any further limitations, or any amendments or modifications to such Guarantees or limitations thereon, shall be set forth in an additional supplemental indenture, in each case in accordance with the Indenture. 

  
 - 10 - 

 SECTION 3.08            The
Trustee and the Paying Agent. Neither the Trustee nor the Paying Agent shall be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Thirteenth Supplemental Indenture or for or in respect of the recitals
contained herein, all of which are made solely by the Company and the Guarantors. 
 SECTION
3.09            Governing Law. This Thirteenth Supplemental Indenture and the Notes and Guarantees will be governed by and construed in accordance with the laws of the State of New
York. 

  
 - 11 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Thirteenth Supplemental Indenture to be
duly executed, all as of the day and year first above written. 
  

			
	 ANHEUSER-BUSCH INBEV FINANCE INC.

as Company

		
	By:		/s/ Matthew J. Amer

			Name:  Matthew J. Amer
			Title:    Authorized Officer

  

			
	 ANHEUSER-BUSCH INBEV NV/SA

 
 as Parent Guarantor

		
	By:		/s/ Benoit Loore
			Name:  Benoit Loore
			Title:    Authorized Officer
		
	By:		/s/ Patricia Frizo
			Name:    Patricia Frizo
			Title:    Authorized Officer

  

			
	 THE BANK OF NEW YORK MELLON,
TRUST
COMPANY, N.A.,
 as Trustee

		
	By:		/s/ R. Tarnas
			Name:  R. Tarnas
			Title:    Vice President

  

			
	 THE BANK OF NEW YORK MELLON,
LONDON
BRANCH,
 as Paying Agent

		
	By:		/s/ Marco Thuo
			Name:  Marco Thuo
			Title:    Vice President

 [Thirteenth Supplemental Indenture Signature Page] 

  

 
			
	 ANHEUSER-BUSCH INBEV WORLDWIDE INC.

as Subsidiary Guarantor

		
	By:		/s/ Matthew J. Amer
			Name: Matthew J. Amer
			Title:    Authorized Officer

  

			
	 ANHEUSER-BUSCH COMPANIES, LLC

As Subsidiary Guarantor

		
	By:		/s/ Matthew J. Amer
			Name: Matthew J. Amer
			Title:    Authorized Officer

  

			
	 COBREW NV 
 as
Subsidiary Guarantor

		
	By:		/s/ Benoit Loore
			Name: Benoit Loore
			Title:    Authorized Officer
		
	By:		/s/ Patricia Frizo
			Name: Patricia Frizo
			Title:    Authorized Officer

  

			
	 BRANDBREW S.A.
 as
Subsidiary Guarantor

		
	By:		/s/ Yannick Bomans
			Name: Yannick Bomans
			Title:    Authorized Officer

  

			
	 BRANDBEV S.À R.L.

as Subsidiary Guarantor

		
	By:		/s/ Yannick Bomans
			Name: Yannick Bomans
			Title:    Authorized Officer

 [Thirteenth Supplemental Indenture Signature Page] 

  

 Exhibit A 

FORM OF NOTES 
 FACE OF
SECURITY 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY TO ANHEUSER-BUSCH INBEV FINANCE INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY
OR ITS NOMINEE OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR ITS NOMINEE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED HAS AN INTEREST HEREIN. 

  
 A-1 

 Exhibit A 
  

 Anheuser-Busch InBev Finance Inc. 

4.600% Note due 2045 
 Payment of
Principal, Premium, if any, 
 and Interest Irrevocably, Fully and Unconditionally Guaranteed by 

Anheuser-Busch InBev NV/SA, Anheuser-Busch InBev Worldwide, Inc., Brandbev 

S.à r.l., BrandBrew S.A., Cobrew NV and Anheuser-Busch Companies, LLC 

 

			
	No.	 	USD
		
	Common Code: 126128614	 	ISIN: XS1261286147

 Anheuser-Busch InBev Finance Inc., a corporation duly organized and existing under the laws of
the State of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to The Bank of New York Depository (Nominees)
Limited, as nominee of The Bank of New York Mellon, London Branch as common depositary for Euroclear Bank, S.A./N.V. (“Euroclear”), and Clearstream Banking, société anonyme (“Clearstream”), or
its registered assigns, on July 23, 2045 (the “Maturity Date”), the principal sum of U.S. dollars, and to pay interest thereon from July 23, 2015 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually, in arrears, on January 23 and July 23, in each year, commencing on January 23, 2016, at the rate of 4.600% per annum, until the principal hereof is paid or made available for payment,
subject to deferral of such interest payment in accordance with the Indenture in case such date is not a Business Day. 

The interest so payable, and punctually paid or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the January 8 and July 8 (whether or
not a Business Day), as the case may be, immediately preceding such Interest Payment Date; provided, however, that if this Security is represented by one or more Global Securities, the Regular Record Date shall be the close of business on the
business day (for this purpose a day on which Clearstream and Euroclear are open for business) immediately preceding the related Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

  
 A-2 

 Exhibit A 
  

 Subject to the terms of the Indenture, this Security is fully and
unconditionally guaranteed as to all payments due hereon whether at the Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of the Guarantees and the Indenture. 

Payments of principal of, premium, if any, and interest on the Notes shall be made in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts and such payments on Notes represented by a Global Security shall be made through one or more Paying Agents appointed under the Indenture to the
Common Depositary or its nominee, as the Holder of this Security. Initially, the Paying Agent for the Securities will be The Bank of New York Mellon, London Branch at its corporate trust office located at One Canada Square, London E14 5AL, United
Kingdom and the Registrar for the Securities will be The Bank of New York Mellon Trust Company, N.A., St. Louis, Missouri. The Company may change the Paying Agent or Registrar without prior notice to the Holders, and in such an event the Company may
act as Paying Agent or Registrar. Payments of principal, premium, if any, and interest on the Securities represented by this Security shall be made by wire transfer of immediately available funds; provided, however, that in the case of
payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. 
 Notwithstanding
any provision of this Security or the Indenture, the Company may make any and all payments of principal, premium (if any) and interest on this Security pursuant to the applicable procedures of the Common Depositary for this Security as permitted in
the Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

 Exhibit A 
  

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
 Dated: 
  

			
	 ANHEUSER-BUSCH INBEV FINANCE

INC.

		
	By		 
			Name:
			Title: Authorized Officer

  

			
	 Attest:

 

  
 CERTIFICATE OF AUTHENTICATION 

This Security is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Trustee
		
	By		 
			Authorized Signatory

  
 A-4 

 Exhibit A 
  

 REVERSE OF SECURITY 

1.  Securities and Indenture 

This Security is one of a duly authorized issue of securities of the Company (payable in U.S. dollars) (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of January 17, 2013 (the “Base Indenture”), as supplemented by the Thirteenth Supplemental Indenture, dated as of
July 23, 2015 (the “Thirteenth Supplemental Indenture” and together with the Base Indenture, the “Indenture”), in each case among the Company, Anheuser-Busch InBev NV/SA, as Parent Guarantor, the Subsidiary
Guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered. 
 2.  Series and Denomination 

This Security is one of the series designated on the face hereof, initially limited to an aggregate principal amount of USD
565,000,000, except as provided in the Indenture. References herein to “this series” mean the series of securities designated on the face hereof. Except as provided in the preceding paragraph, references herein to the
“Securities” means (unless the context otherwise requires) the Securities of this series and includes any other securities issued, as provided in the Indenture and forming a single series with the Securities of this series. 

The Securities are issuable only in registered form without coupons in denominations of USD 200,000 in principal amount and
integral multiples of USD 1,000 in excess thereof. 
 3.  Redemption at the Company’s Option 

The Company may, at its option, redeem the Securities of this series as a whole or in part on each July 23rd on or after July 23, 2016 upon not less than 30 nor more than 60 days prior notice at a redemption price equal to 100% of the aggregate principal amount of the Securities to be redeemed plus
accrued and unpaid interest on the principal amount being redeemed to (but excluding) the Redemption Date. 
 In the event
of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

  
 A-5 

 Exhibit A 
  

 4.  Optional Tax Redemption 

The Company may, at the Company’s or the Parent Guarantor’s option, redeem the Securities of this series in whole,
but not in part, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Securities of this series then outstanding plus accrued and unpaid
interest on the principal amount being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in
which the Company or any Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration of any such laws,
treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after the Date of the Prospectus Supplement (any such change or amendment, a “Change in Tax
Law”), the Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the Company or the relevant Guarantor taking
reasonable measures available to it; provided, however, that the Securities of this series may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations under the Securities of
this series to a Substitute Company, unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 

Prior to the mailing of any notice of redemption pursuant to this Section, the Company or the relevant Guarantor will deliver
to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result of such Change in Tax Law. 

No notice of redemption pursuant to this Section may be given earlier that ninety (90) days prior to the earliest date on
which the Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Securities of this series were then due. 

5.  Additional Amounts 

In the event that any Guarantor becomes obligated to make payments in respect of the Securities of this series, such Guarantor
will make all payments in respect of the Securities of this series without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on
behalf of any jurisdiction in which such Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax (the “Relevant Taxing Jurisdiction”)
unless such withholding or deduction is required by law. In such event, such Guarantor will pay to the Holders of the Securities of this series such additional amounts (the 

  
 A-6 

 Exhibit A 
  

 

 
“Additional Amounts”) as shall be necessary in order that the net amounts received by the Holders, after such withholding or deduction, shall equal the respective amounts of
principal and interest which would otherwise have been receivable in the absence of such withholding or deduction; except that no such Additional Amounts shall be payable on account of any taxes or duties which: 

(a)        are payable by any person acting as custodian bank or collecting agent on
behalf of such Holder, or otherwise in any manner which does not constitute a deduction or withholding by such Guarantor from payment of principal or interest made by it, or 

(b)        are payable by reason of such Holder or beneficial owner having, or having
had, some personal or business connection with such Relevant Taxing Jurisdiction and not merely by reason of the fact that payments in respect of the Securities of this series or the Guarantees thereof are, or for purposes of taxation are deemed to
be, derived from sources in, or are secured in, the Relevant Taxing Jurisdiction, or 

(c)        are imposed or withheld by reason of the failure of such Holder or
beneficial owner to provide certification, information, documents or other evidence concerning the nationality, residence, or identity of the Holder and beneficial owner or to make any valid or timely declaration or similar claim or satisfy any
other reporting requirements relating to such matters, whether required or imposed by statute, treaty, regulation or administrative practice, as a precondition to exemption from, or a reduction in the rate of withholding or deduction of, such taxes,
or 
 (d)        consist of any estate, inheritance, gift, sales, excise, transfer,
personal property or similar taxes, or 
 (e)        are imposed on or with respect
to any payment by the applicable Guarantor to the registered Holder of this Security if such Holder is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that taxes would not have been imposed
on such payment had such registered Holder been the sole beneficial owner of this Security, or 

(f)        are deducted or withheld pursuant to (i) any European Union directive
or regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Relevant Taxing Jurisdiction or the European Union is a party, or (iii) any provision of
law implementing, or complying with, or introduced to conform with, such directive, regulation, treaty or understanding, or 

  
 A-7 

 Exhibit A 
  

 

 (g)        are payable by reason of
a change in law or practice that becomes effective more than 30 days after the relevant payment of principal or interest becomes due, or is duly provided for and written notice thereof is provided to the Holders, whichever occurs later, or 

(h)        are payable because this Security was presented to a particular paying
agent for payment if this Security could have been presented to another paying agent without any such withholding or deduction, or 

(i)        are payable for any combination of (a) through (h) above. 

References to principal or interest in respect of the Securities of this series shall be deemed to include any Additional
Amounts which may be payable as set forth in the Indenture. 
 The covenant regarding Additional Amounts shall not apply to
any Guarantor at any time when such Guarantor is incorporated in a jurisdiction in the United States, and will apply to the Company any time it is incorporated in a jurisdiction outside of the United States. 

In addition, any amounts to be paid by the Company or any Guarantor on the Securities of this series will be paid net of any
deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such
Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding. 

6.  Transfer and Exchange 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 A-8 

 Exhibit A 
  

 

 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Guarantors, the Trustee and any agent
of the Company, the Guarantors or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Guarantors, the Trustee nor any
such agent shall be affected by notice to the contrary. 
 7.  Limitation on Suits 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee indemnity and/or security, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security
for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

8.  Amendment, Modification and Waiver 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company or the Guarantors and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal
amount of the Securities at the time Outstanding (irrespective of series) that are to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 

  
 A-9 

 Exhibit A 
  

 

 9.  Defeasance 

The Indenture contains provisions for defeasance at any time of certain restrictive covenants and Events of Default with
respect to this Security upon compliance with certain conditions set forth in the Indenture. 
 10.  Governing
Law 
 This Security shall be governed by and construed in accordance with the laws of the State of New York. 

11.  Defined Terms 

All terms used in this Security which are defined in the Base Indenture or the Thirteenth Supplemental Indenture, shall have
the meanings assigned to them in the Base Indenture or the Thirteenth Supplemental Indenture. 

  
 A-10 

 Exhibit B 

FORM OF GUARANTEE 

For value received, the undersigned (herein called the “Guarantors”, and each, a “Guarantor” which terms
include any successor Person or Persons under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby jointly and severally, irrevocably, fully and unconditionally guarantee to the Trustee and to each Holder of this
Security, which has been authenticated and delivered by the Trustee, the due and punctual payment of the principal of (including any amount in respect of original issue discount), and any premium and interest (together with any Additional Amounts
payable pursuant to the terms of this Security), on this Security and the due and punctual payment of the sinking fund payments, if any, and analogous obligations, if any, provided for pursuant to the terms of this Security, when and as the same
shall become due and payable, whether at Stated Maturity or upon redemption or upon declaration of acceleration or otherwise according to the terms of this Security and of the Indenture. In case of default by the Company in the payment of any such
principal (including any amount in respect of original issue discount), interest (together with any Additional Amounts payable pursuant to the terms of this Security), sinking fund payment, or analogous obligation, each Guarantor agrees duly and
punctually to pay the same. Each Guarantor hereby agrees that its obligations hereunder shall rank pari passu with all other unsecured and unsubordinated obligations of such Guarantor, shall be as principal and not merely as surety, and shall
be absolute and unconditional irrespective of any extension of the time for payment of this Security, any modification of this Security, any invalidity, irregularity or unenforceability of this Security or the Indenture, any failure to enforce the
same or any waiver, modification, consent or indulgence granted to the Company with respect thereto by the Holder of this Security or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety
or guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a demand or proceeding first against the Company, protest
or notice with respect to this Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged as to this Security except by payment in full of the principal of (including any
amount payable in respect of original issue discount), and any premium and interest (together with any Additional Amounts payable pursuant to the terms of this Security), thereon. 

Each Guarantor irrevocably waives any and all rights to which it may be entitled, by operation of law or otherwise, upon
making any payment hereunder (i) to be subrogated to the rights of a Holder against the Company with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Company in respect thereof or (ii) to receive any
payment, in the nature of contribution or for any other reason, from any other obligor with respect to such payment. 
 This
Guarantee shall not be valid or become obligatory for any purpose with respect to this Security until the certificate of authentication on this Security shall have been signed by the Trustee. 

  
 B-1 

 Exhibit B 
  

 

 All terms used in this Guarantee which are not defined herein shall have the
meaning assigned to them in the Security upon which this Guarantee is endorsed. 
 This Guarantee is subject to the release
upon the terms set forth in the Indenture. 
 This Guarantee is subject to certain limitations and waivers set forth in the
Indenture, as it may be supplemented from time to time. 
 This Guarantee is governed by and construed in accordance with
the laws of the State of New York. 

  
 B-2 

 Exhibit B 
  

 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be signed by
facsimile by its duly authorized officer or representative and, if required by applicable law, has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 

 

			
	 ANHEUSER-BUSCH INBEV NV/SA

as Parent Guarantor

		
	By:		 
			Name:
			Title:    Authorized Officer
		
	By:		 
			Name:
			Title:    Authorized Officer

  

			
	 ANHEUSER-BUSCH INBEV WORLDWIDE INC.

as Subsidiary Guarantor

		
	By:		 
			Name:
			Title:    Authorized Officer

  

			
	 ANHEUSER-BUSCH COMPANIES, LLC

As Subsidiary Guarantor

		
	By:		 
			Name:
			Title:    Authorized Officer

  

			
	 COBREW NV 
 as
Subsidiary Guarantor

		
	By:		 
			Name:
			Title:    Authorized Officer
		
	By:		 
			Name:
			Title:    Authorized Officer

  
 B-3 

 Exhibit B 
  

 

 
			
	 BRANDBREW S.A.
 as
Subsidiary Guarantor

		
	By:		 
			Name:
			Title:    Authorized Officer

  

			
	 BRANDBEV S.À R.L.

as Subsidiary Guarantor

		
	By:		 
			Name:
			Title:    Authorized Officer

  
 B-4

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