Document:

Exhibit 10.6

 Exhibit 10.6 
 MICROSTRATEGY INCORPORATED 
 Nonstatutory Stock Option Agreement 

 Granted Under 2013 Stock Incentive Plan 

 

	1.	Grant of Option. 

 This
agreement evidences the grant by MicroStrategy Incorporated, a Delaware corporation (“MicroStrategy”), on September 5, 2013 (the “Grant Date”) to Peng Xiao (the “Participant”), of an option to purchase, in whole or
in part, on the terms provided herein and in MicroStrategy’s 2013 Stock Incentive Plan (the “Plan”), a total of 100,000 shares (the “Shares”) of class A common stock, $0.001 par value per share, of MicroStrategy
(“Common Stock”) at $92.84 per Share. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on September 5, 2023 (the “Final Exercise Date”). 

It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the
Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any
person who acquires the right to exercise this option validly under its terms. 
  

	2.	Vesting Schedule. 

 This
option will become exercisable (“vest”) as to 25% of the original number of Shares on July 26, 2014 and as to an additional 25% on each anniversary thereafter until the option becomes vested in full; provided, however,
that this option shall not become exercisable, and the Participant shall not be permitted to exercise or settle any portion of this option, prior to MicroStrategy’s receipt of the Stockholder Approval (as defined below). 

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent
permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan.

  

	3.	Change in Control Events. 

 (a) Definition. A “Change in Control Event” shall mean: 
 (1) the
acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital
stock of MicroStrategy after the date hereof if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) 50% or more of the combined voting power of the then-outstanding securities of
MicroStrategy entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, 

 
that for purposes of this subsection (1), the following acquisitions shall not constitute a Change in Control Event: (I) any acquisition directly from MicroStrategy (excluding an acquisition
pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for Common Stock, class B common stock, par value $0.001 per share of MicroStrategy (“Class B Common Stock”) or other voting
securities of MicroStrategy, unless the Person exercising, converting or exchanging such security acquired such security directly from MicroStrategy or an underwriter or agent of MicroStrategy), (II) any acquisition by any corporation pursuant to a
Business Combination (as defined below) which complies with clauses (x) and (y) of subsection (3) of this definition, (III) any transfer by Michael J. Saylor or any of his affiliates (within the meaning of Rule 12b-2 of the Exchange
Act) (the “MS Affiliates”) to Michael J. Saylor or any MS Affiliate or (IV) any acquisition by Michael J. Saylor or any MS Affiliate not pursuant to a Business Combination, except for an acquisition that results in any of the effects
described in paragraph (a)(3)(ii)(B) of Rule 13e-3 under the Exchange Act (or any successor provision) with respect to the Common Stock; or 
 (2) on any date after Michael J. Saylor and the MS Affiliates cease to own in the aggregate more than 50% of the combined voting power of the Outstanding Company Voting Securities (the “Applicable
Date”), there is a change in the composition of the Board that results in the Continuing Directors (as defined below) no longer constituting a majority of the Board (or, if applicable, the board of directors of a successor corporation to
MicroStrategy), where the term “Continuing Director” means at any date a member of the Board (x) who was a member of the Board on the date immediately prior to the Applicable Date or (y) who was nominated or elected subsequent to
the Applicable Date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were
Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose initial assumption of office occurred as a result of an actual or
threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or 

(3) the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving MicroStrategy or a sale or
other disposition of all or substantially all of the assets of MicroStrategy (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (x) all or
substantially all of the individuals and entities who were the beneficial owners of the outstanding shares of the Common Stock and Class B Common Stock and any other Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in
such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns MicroStrategy or substantially all of MicroStrategy’s assets either directly or through one or more subsidiaries) (such
resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same 

  
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proportions as their ownership of the Common Stock, Class B Common Stock and such other Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and
(y) no Person (excluding Michael J. Saylor or any MS Affiliate, any employee benefit plan (or related trust) maintained or sponsored by MicroStrategy or by the Acquiring Corporation or any Person who beneficially owned, directly or indirectly,
50% or more of the combined voting power of the Outstanding Company Voting Securities prior to the Business Combination) beneficially owns, directly or indirectly, 50% or more of the combined voting power of the then-outstanding securities of such
corporation entitled to vote generally in the election of directors; provided, however, that for the avoidance of doubt, the consummation of any Business Combination that results in any of the effects described in paragraph
(a)(3)(ii)(B) of Rule 13e-3 under the Exchange Act (or any successor provision) with respect to the Common Stock shall be deemed not to satisfy the condition set forth in clause (x). 

(b) Effect on Option. Notwithstanding the provisions of Section 9(b) of the Plan or Section 2 above, effective
immediately prior to a Change in Control Event, this option shall automatically become immediately exercisable in full. 
  

	4.	Exercise of Option. 

 (a)
Form of Exercise. Each election to exercise this option shall be in writing, signed by the Participant, and received by MicroStrategy at its principal office, accompanied by this agreement, and payment in full in the manner provided in the
Plan. The Participant is permitted to use all methods of payment in Section 5(f) of the Plan, including the methods described in Sections 5(f)(3), (4) and (5). The Participant may purchase less than the number of shares covered hereby;
provided, however, no partial exercise of this option may be for any fractional share. 
 (b) Continuous
Relationship with the Company Required. Except as otherwise provided in this Section 4, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant
Date, an employee, officer or director of, or consultant or advisor to, any entity included in the definition of the Company in the Plan (each, a “Specified Company”) or any other entity the employees, officers, directors, consultants, or
advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”). 
 (c)
Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three
months after such cessation (but in no event after the Final Exercise Date); provided, however, this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement
between the Participant and with any Specified Company, the right to exercise this option shall terminate immediately upon such violation. 

  
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 (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and no Specified Company has terminated such relationship for “Cause” as specified in paragraph
(e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided, however,
this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and provided, further, that this option shall not be exercisable after the Final
Exercise Date. 
 (e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s employment or
other relationship with a Specified Company is terminated for Cause (as defined below), the right to exercise this option shall terminate immediately upon the effective time of such termination of employment or other relationship. If, prior to the
Final Exercise Date, the Participant is given notice by a Specified Company of the termination of his or her employment or other relationship by a Specified Company for Cause, and the effective time of such employment or other termination is
subsequent to the time of the delivery of such notice, the right to exercise this option shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the
Participant’s employment or other relationship shall not be terminated for Cause as provided in such notice or (ii) the effective time of such termination of employment or other relationship (in which case the right to exercise this option
shall, pursuant to the preceding sentence, terminate immediately upon the effective time of such termination of employment or other relationship). If the Participant is party to an employment, consulting or severance agreement with a Specified
Company that contains a definition of “cause” for termination of employment or other relationship, “Cause” shall have the meaning ascribed to such term in such agreement. Otherwise, “Cause” shall mean willful misconduct
by the Participant or willful failure by the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure,
non-competition or other similar agreement between the Participant and any Specified Company), as determined by MicroStrategy, which determination shall be conclusive. The Participant’s employment or other relationship shall be considered to
have been terminated for “Cause” if MicroStrategy determines, within 30 days after the Participant’s resignation, that termination for Cause was warranted. 

 

	5.	Withholding. 

 No Shares
will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to MicroStrategy for payment of, any federal, state or local withholding taxes required by law to be
withheld in respect of this option. The Participant is permitted to satisfy such tax obligations in whole or in part by delivery (either by actual delivery or attestation) of shares of Common Stock, including shares retained from the Award creating
the tax obligation, valued at their Fair Market Value; provided, however, the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding
obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). Shares used to satisfy tax withholding requirements cannot be subject to
any repurchase, forfeiture, unfulfilled vesting or other similar requirements. 

  
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	6.	Nontransferability of Option. 

 The Participant may not sell, assign, transfer, pledge or otherwise encumber this option, either voluntarily or by operation of law, except by will or the laws of descent and distribution, or pursuant to
a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder (“QDRO”); provided, however, that the Participant may transfer
to a Permitted Transferee (as defined below) (x) to the extent permitted by applicable law or regulations, (y) so long as, with respect to such Permitted Transferee, MicroStrategy would be eligible to use a Form S-8 for the registration of
the issuance and sale of the Shares subject to such option under the United States Securities Act of 1933, as amended, and (z) subject to the following additional terms and conditions: 

(a) (i) any Permitted Transferee shall not assign or transfer the option other than by a QDRO or by will or the laws of descent and
distribution and (ii) the option shall continue to be subject to all the terms and conditions of the option as applicable to the Participant (other than the ability to further transfer the option); and 

(b) the Participant and the Permitted Transferee shall execute any and all documents reasonably requested by Microstrategy, including
documents to (i) confirm the status of the transferee as a Permitted Transferee; (ii) satisfy any requirements for an exemption for the transfer under applicable federal and state securities laws and (iii) evidence the transfer.

 As used in this Section 6, “Permitted Transferee” shall mean (i) one or more of the following members of
the Participant’s family: spouse, former spouse, domestic partner sharing the Participant’s household, child (whether natural or adopted), stepchild, or grandchild; (ii) a trust in which the Participant and/or one or more of the
above-referenced family members of the Participant have more than fifty percent of the beneficial interest; (iii) a foundation in which the Participant and/or one or more of the above-referenced family members of the Participant control the
management of assets; or (iv) any other transferee specifically approved by the Board. 
 No interest or right in this
option shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means
whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition of an interest or right in this
option shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding provisions of this Section 6. Except as specifically provided in Section 4(d), this option shall be exercised only by
the Participant or a Permitted Transferee. 

  
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	7.	Data Privacy. 

 In order
to assist the Board in administering the Plan, the Company may process personal data about the Participant. Such data includes but is not limited to the information provided in this agreement and any changes thereto, other appropriate personal and
financial data about the Participant such as home address and business addresses and other contact information, payroll information and any other information that might be deemed appropriate by the Company to facilitate the administration of the
Plan. By accepting this option, the Participant gives explicit consent to the Company to process any such personal data. The Participant also gives explicit consent to the Company to transfer any such personal data outside or within the country in
which the Participant works or is employed, including, with respect to non-U.S. resident Participants, to the United States, to transferees who shall include the Company, a broker retained by the Participant or the Company for the purpose of
assisting with an exercise of options and other persons who are designated by the Company to administer or assist with the implementation, administration or management of the Plan. The Participant may object to the collection, use, processing or
transfer of such data by notifying the General Counsel of MicroStrategy in writing. The Participant understands that such objection may impair his or her ability to participate in the Plan. 

 

	8.	Modified Section 280G Cutback. 

 (a) Notwithstanding any other provision of this agreement or the Plan, except as set forth in Section 8(b), in the event that MicroStrategy undergoes a “Change in Ownership or Control” (as
defined below), the Company shall not be obligated to provide to Participant a portion of any “Contingent Compensation Payments” (as defined below) that the Participant would otherwise be entitled to receive to the extent necessary to
eliminate any “excess parachute payments” (as defined in Section 280G(b)(1) of the Code) for the Participant. For purposes of this Section 8, the Contingent Compensation Payments so eliminated shall be referred to as the
“Eliminated Payments” and the aggregate amount (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-30 or any successor provision) of the Contingent Compensation Payments so eliminated shall be referred to as the
“Eliminated Amount.” 
 (b) Notwithstanding the provisions of Section 8(a), no such reduction in Contingent
Compensation Payments shall be made if (1) the Eliminated Amount (computed without regard to this sentence) exceeds (2) 100% of the aggregate present value (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-31
and Q/A-32 or any successor provisions) of the amount of any additional taxes that would be incurred by Participant if the Eliminated Payments (determined without regard to this sentence) were paid to him or her (including, state and federal income
taxes on the Eliminated Payments, the excise tax imposed by Section 4999 of the Code payable with respect to all of the Contingent Compensation Payments in excess of Participant’s “base amount” (as defined in
Section 280G(b)(3) of the Code), and any Medicare taxes), plus $25,000. For purpose of this paragraph, if any federal or state income taxes would be attributable to the receipt of any Eliminated Payment, the amount of such taxes shall be
computed by multiplying the amount of the Eliminated Payment by the maximum combined federal and state income tax rate provided by law. 

  
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 (c) For purposes of this Section 8 the following terms shall have the following
respective meanings: 
 (1) “Change in Ownership or Control” shall mean a change in the ownership or effective control
of MicroStrategy or in the ownership of a substantial portion of the assets of MicroStrategy determined in accordance with Section 280G(b)(2) of the Code. 
 (2) “Contingent Compensation Payment” shall mean any payment (or benefit) in the nature of compensation that is made or made available (under this agreement, the Plan or otherwise) to a
“disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control. 

(d) The Contingent Compensation Payments to be treated as Eliminated Payments shall be identified by determining the “Contingent
Compensation Payment Ratio” (as defined below) for each Contingent Compensation Payment and then reducing the Contingent Compensation Payments in order beginning with the Contingent Compensation Payment with the highest Contingent Compensation
Payment Ratio. For Contingent Compensation Payments with the same Contingent Compensation Payment Ratio, such Contingent Compensation Payment shall be reduced based on the time of payment of such Contingent Compensation Payments with amounts having
later payment dates being reduced first. For Contingent Compensation Payments with the same Contingent Compensation Payment Ratio and the same time of payment, such Contingent Compensation Payments shall be reduced on a pro rata basis (but not below
zero) prior to reducing Contingent Compensation Payment with a lower Contingent Compensation Payment Ratio. The term “Contingent Compensation Payment Ratio” shall mean a fraction the numerator of which is the value of the applicable
Contingent Compensation Payment that must be taken into account by Participant for purposes of Section 4999(a) of the Code, and the denominator of which is the actual amount to be received by Participant in respect of the applicable Contingent
Compensation Payment. For example, in the case of an equity grant that is treated as contingent on the Change in Ownership or Control because the time at which the payment is made or the payment vests is accelerated, the denominator shall be
determined by reference to the fair market value of the equity at the acceleration date, and not in accordance with the methodology for determining the value of accelerated payments set forth in Treasury Regulation Section 1.280G-1Q/A-24(b) or
(c)). 
 (e) The provisions of this Section 8 are intended to apply to any and all payments or benefits available to the
Participant under this agreement, the Plan or any other agreement or plan of the Company under which the Participant receives Contingent Compensation Payments. 
  

	9.	Provisions of the Plan. 

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is
furnished to the Participant with this option. 
  

	10.	Stockholder Approval Required. 

 The adoption of the Plan by MicroStrategy is subject to the approval of the Plan by the stockholders of MicroStrategy (the “Stockholder Approval”), and if such Stockholder Approval is not
obtained prior to 11:59 p.m., Eastern time, on September 4, 2014, this option shall automatically terminate at such time. 

  
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 IN WITNESS WHEREOF, MicroStrategy has caused this option to be executed under its corporate seal by its duly
authorized officer. This option shall take effect as a sealed instrument. 
  

			
	MicroStrategy Incorporated
		
	By:	 	 /s/ Douglas K. Thede

		
	Name:	 	Douglas K. Thede
		
	Title:	 	Senior Executive Vice President & Chief Financial Officer

  
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 PARTICIPANT’S ACCEPTANCE 

The undersigned hereby accepts the foregoing Option Agreement and agrees to the terms and conditions thereof. The undersigned hereby
acknowledges receiving a copy of the Plan. The undersigned has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel before executing this Option Agreement and fully understands all
provisions of the Plan and this Option Agreement. The undersigned hereby agrees to accept as binding, conclusive and final all decisions or interpretations of MicroStrategy upon any questions relating to the Plan and Option Agreement. 

 

	
	PARTICIPANT:
	
	 /s/ Peng Xiao

	Signature
	
	 Peng Xiao

	Print Name

 CONSENT OF SPOUSE 
 The undersigned spouse of the Participant has read and hereby approves the terms and conditions of the Plan and this Option Agreement. In consideration of MicroStrategy’s granting his or her spouse
the right to purchase shares as set forth in the Plan and this Option Agreement, the undersigned hereby agrees to be irrevocably bound by the terms and conditions of the Plan and this Option Agreement and further agrees that any community property
interest shall be similarly bound. The undersigned hereby appoints the undersigned’s spouse as attorney-in-fact for the undersigned with respect to any amendment or exercise of rights under the Plan or this Option Agreement. 

 

	
	SPOUSE OF PARTICIPANT:
	
	 /s/ S. Kroumova

	Signature
	
	 S. Kroumova

	Print Name

  
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 Exhibit 10.1 

OMNIBUS AMENDMENT No. 2 

THIS OMNIBUS AMENDMENT NO. 2, dated September 6, 2013 (this “Amendment”) is entered into by and among the Transaction
Parties (defined below) and relates to the following transaction documents (the “Transaction Documents”): (1) the Second Amended and Restated Indenture, dated as of September 1, 2012, by and among Marriott Vacations
Worldwide Owner Trust 2011-1, as issuer (the “Issuer”), Marriott Ownership Resorts, Inc., as servicer (the “Servicer” or “MORI”), and Wells Fargo Bank, National Association, as indenture trustee
(the “Indenture Trustee”) and as back-up servicer (the “Back-Up Servicer”) (as amended by Omnibus Amendment No. 1, dated January 15, 2013, by and among the parties hereto (“Omnibus Amendment
No. 1”), the “Indenture”); (2) the Amended and Restated Note Purchase Agreement, dated September 11, 2012, by and among the Issuer, the Servicer, MORI SPC Series Corp., as seller (the
“Seller”), Marriott Vacation Worldwide Corporation, as performance guarantor (the “Performance Guarantor” or “MVW”), the Purchasers (as defined in the Transaction Documents) and Deutsche Bank AG,
New York Branch, as administrative agent (the “Administrative Agent”) (as amended by Omnibus Amendment No. 1, the “Note Purchase Agreement”); (3) the Amended and Restated Purchase Agreement, dated as of
September 1, 2012, by and between MORI and the Seller (the “Purchase Agreement”); (4) the Amended and Restated Sale Agreement, dated as of September 1, 2012, by and between the Seller and the Issuer (the “Sale
Agreement”); (5) the Amended and Restated Performance Guaranty, dated as of September 1, 2012, by and among the Issuer, the Performance Guarantor and the Indenture Trustee (the “Performance Guaranty”);
(6) the Custodial Agreement, dated as of September 1, 2011, by and among Wells Fargo Bank, National Association, as custodian (the “Custodian”), the Issuer, the Indenture Trustee and the Servicer (the “Custodial
Agreement”); (7) the Administration Agreement, dated as of September 1, 2011, by and among the Issuer, MORI, as administrator (the “Administrator”), the Indenture Trustee and Wilmington Trust, National
Association, as owner trustee (the “Owner Trustee”) (the “Administration Agreement”); (8) the Amended and Restated Trust Agreement, dated September 28, 2011, by and between MVCO Series LLC, as owner (the
“Owner” and together with the Issuer, MORI, MVW, the Seller, the Performance Guarantor, the Administrative Agent, the Indenture Trustee, the Servicer, the Administrator, the Back-Up Servicer, the Custodian, the Owner Trustee, the
Purchasers and the Funding Agents, the “Transaction Parties”) and the Owner Trustee (the “Trust Agreement”); and (9) any other ancillary documents, agreements, supplements and/or certificates entered into or
delivered in connection with the foregoing. 
 RECITALS 

WHEREAS, the Transaction Parties desire to amend the Second Amended and Restated Standard Definitions attached or incorporated into each of
the Transaction Documents (as amended by Omnibus Amendment No. 1, the “Second Amended and Restated Standard Definitions”) in the manner set forth herein. 

 WHEREAS, the Transaction Parties desire to amend the Indenture, the Note Purchase Agreement, the
Purchase Agreement and the Sale Agreement, each in the manner set forth herein. 
 WHEREAS, the undersigned Purchasers and Funding Agents
together constitute 100% of the Purchasers and Funding Agents. 
 NOW, THEREFORE, in consideration of the mutual promises hereinafter set
forth, and for other good and adequate consideration, the receipt and sufficiency of which are hereby acknowledged, the Transaction Parties hereby agree as follows: 

Section 1.01. Amendment to the Standard Definitions 

The following definitions shall replace the corresponding definition in the Second Amended and Restated Standard Definitions: 

““Advance Rate” shall mean, with respect to the Borrowing Base Loans related to a Borrowing Base Loan Group, the
applicable Advance Rate specified in the chart below: 
  

					
	 Borrowing Base Loan Group
	  	Applicable Advance Rate	 
	 Domestic Obligor No FICO Loan Group
	  	 	70	% 
	 FICO 550 to 599 Loan Group
	  	 	40	% 
	 FICO 600 to 649 Loan Group
	  	 	50	% 
	 FICO 650 to 699 Loan Group
	  	 	76	% 
	 FICO 700 to 749 Loan Group
	  	 	91	% 
	 FICO 750 Plus Loan Group
	  	 	96	% 
	 Foreign Timeshare Loan Group I
	  	 	68	% 
	 Foreign Timeshare Loan Group II
	  	 	40	%” 

 ““Borrowing Base Loan Group” means any of the Foreign Timeshare Loan Group I, Foreign
Timeshare Loan Group II, Domestic Obligor No FICO Loan Group, FICO 550 to 599 Loan Group, FICO 600 to 649 Loan Group, FICO 650 to 699 Loan Group, FICO 700 to 749 Loan Group and FICO 750 Plus Loan Group.” 

““Excluded Loan Balance” as of any date of determination shall mean the sum of the following: 

(i) the amount by which the aggregate Loan Balance of all Borrowing Base Loans relating to a Timeshare Property at an RCC
Resort or a GRM Resort exceeds 10.0% of the Aggregate Loan Balance of all Borrowing Base Loans; plus 
 (ii) the amount by
which the aggregate Loan Balance of all Borrowing Base Loans with an original term to stated maturity more than 120 months exceeds 30.0% of the Aggregate Loan Balance of all Borrowing Base Loans; plus 

  
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 (iii) the amount by which the aggregate Loan Balance of all Borrowing Base Loans
with both an original term to stated maturity of more than 180 months and were originated after the Closing Date, exceeds 5% of the Aggregate Loan Balance of all Borrowing Base Loans; plus 

(iv) the amount by which the aggregate Loan Balance of all Borrowing Base Loans for which the related Obligor is a resident of
the Highest State Concentration exceeds 30.0% of the Aggregate Loan Balance of all Borrowing Base Loans; plus 
 (v) the
amount by which the aggregate Loan Balance of all Borrowing Base Loans for which the related Obligor is a resident of the Highest Five State Concentration exceeds 60.0% of the Aggregate Loan Balance of all Borrowing Base Loans, plus 

(vi) the amount by which the aggregate Loan Balance of all Borrowing Base Loans having a Foreign Obligor from the Highest
Country Concentration exceeds 30.0% of the aggregate Loan Balance of all Borrowing Base Loans having a Foreign Obligor; plus 

(vii) the amount by which the aggregate Loan Balance of all Borrowing Base Loans having a Foreign Obligor from the Highest
Three Countries Concentration exceeds 60.0% of the aggregate Loan Balance of all Borrowing Base Loans having a Foreign Obligor; plus 

(viii) the Loan Balance of any Pre-Completion Loan with more than 9 months remaining until its Anticipated Completion Date;
plus 
 (ix) the amount by which the aggregate Loan Balance of all Pre-Completion Loans with 9 months or less until their
respective Anticipated Completion Date exceeds 7.5% of the Aggregate Loan Balance of all Borrowing Base Loans; plus 
 (x)
the Loan Balance of any Pre-Completion Loan for which the related Unit is not an Available Unit as of its Anticipated Completion date; plus 

(xi) the amount by which the aggregate Loan Balance of all Borrowing Base Loans with a Loan Balance greater than $125,000
exceeds 15.0% of the Aggregate Loan Balance of all Borrowing Base Loans; plus 
 (xii) the amount by which the aggregate Loan
Balance of all Borrowing Base Loans (other than Borrowing Base Loans related to an Upgrade) for which the related Obligor did not have a Downpayment Percentage of at least 10% at the time of purchase exceeds 10% of the Aggregate Loan Balance of all
Borrowing Base Loans; plus 
 (xiii) the amount by which the aggregate Loan Balance of all Borrowing Base Loans in the FICO
550 to 599 Loan Group exceeds 5% of the Aggregate Loan Balance of all Borrowing Base Loans; plus 
 (xiv) the amount by which
the aggregate Loan Balance of all Borrowing Base Loans for which the related Obligor is a Domestic Obligor with no FICO score exceeds 5% of the Aggregate Loan Balance of all Borrowing Base Loans.” 

““Facility Termination Date’’ shall mean, with respect to any Purchaser Group or Non-Conduit Committed Purchaser,
September 5, 2015, as such date may be extended in accordance with Section 2.3(c) of the Note Purchase Agreement.” 

““Hedge Reserve Amounts” shall mean amounts deposited in the Hedge Reserve Account.” 

““Unused Rate” shall mean with respect to any day during an Interest Accrual Period: 

  
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 (i) if the Outstanding Note Balance on such day divided by the Facility Limit is
greater than 50%, 0.55%, and 
 (ii) if the Outstanding Note Balance on such day divided by the Facility Limit is less than
or equal to 50%, 0.60%.” 
 ““Usage Rate” means 1.20%.” 

The following definitions shall be added to the Second Amended and Restated Standard Definitions in the appropriate alphabetical order: 

““Basel III” means “A Global Regulatory Framework for More Resilient Banks and Banking Systems” developed by
the Basel Committee on Banking Supervision, initially published in December 2010.” 
 ““Charges” means, with
respect to Section 2.2(e) of the Note Purchase Agreement, any external cost, fee or expense incurred by a Non-Conduit Committed Purchaser or an Alternate Purchaser or any internal cost, fee or expense incurred by any business of a Non-Conduit
Committed Purchaser or an Alternate Purchaser managing such Non-Conduit Committed Purchaser’s or such Alternate Purchaser’s interests or obligations under the Note Purchase Agreement.” 

““Delayed Amount” has the meaning specified in Section 2.2(e) of the Note Purchase Agreement.” 

““Delayed Funding Date” has the meaning specified in Section 2.2(e) of the Note Purchase Agreement.” 

““Delayed Funding Notice” has the meaning specified in Section 2.2(e) of the Note Purchase Agreement.” 

““Delayed Funding Purchaser” has the meaning specified in Section 2.2(e) of the Note Purchase Agreement.” 

““Delayed Funding Purchaser Group” has the meaning specified in Section 2.2(e) of the Note Purchase
Agreement.” 
 ““Delayed Funding Reimbursement Amount” means, with respect to any Delayed Amount of a Delayed
Funding Purchaser funded by Non-Delayed Funding Purchasers on a Funding Date, an amount equal to the excess, if any, of (a) such Delayed Amount over (b) the amount, if any, by which the portion of any Principal Distribution Amount paid to
such Non- Delayed Funding Purchasers pursuant to Section 3.04 of the Indenture and Servicing Agreement or of any decrease to the Outstanding Note Balance made in accordance with Section 2.3 of the Note Purchase Agreement, on any date
during the period from and including such Funding Date to but excluding the Delayed Funding Date for such Delayed Amount, was greater than what it would have been had such Delayed Amount been funded by such Delayed Funding Purchaser on such Funding
Date.” 
 ““Domestic Obligor No FICO Loan Group” means Borrowing Base Loans for which the related Domestic
Obligors do not have FICO scores.” 
 ““ECP Asset Amount” shall mean, for any date of determination, an amount
equal to sum of (i) the Loan Balances of all Timeshare Loans and (ii) amounts on deposit in the Trust Accounts.” 

““FICO 550 to 599 Loan Group” means all Borrowing Base Loans for which the related Domestic Obligors have FICO scores in
the range from and including 550 to and including 599.” 

  
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 ““Non-Delayed Funding Purchaser” has the meaning specified in
Section 2.2(f) of the Note Purchase Agreement.” 
 Section 1.02. Amendment of the Indenture 

Section 3.02(e) of the Indenture shall be amended by deleting the same in its entirety and replacing it with: 

“(e) Hedge Reserve Account. Subject to the requirement that the Issuer fund the Hedge Reserve Account when the ECP Asset Amount is
less than each of (A) the sum of $1,000,000 and the then aggregate Outstanding Note Balance and (B) $10,000,000, the Issuer may exercise at any time an option to fund a hedge reserve account as set forth in this Section 3.02(e) to
fully or partially fund its hedging obligations hereunder in lieu of executing Hedge Agreements by providing notice to the Servicer, the Administrative Agent and the Indenture Trustee. The Issuer may also on any Hedge Determination Date, Payment
Date or Funding Date, revoke its option to fund a hedge reserve account at any time by sending written notice to the Servicer, the Administrative Agent and the Indenture Trustee; provided that at the time of such full or partial revocation the
Implied Hedge Amount is equal to or greater than the Outstanding Note Balance. The Issuer may elect multiple exercises and multiple revocations of its option to fund a hedge reserve account as set forth in this Section 3.02(e). Whenever the
Issuer initially elects to exercise the Hedge Reserve Option, the Indenture Trustee shall cause to be established and shall cause to be maintained an account (the “Hedge Reserve Account”) for the benefit of the Noteholders. The
Hedge Reserve Account shall be an Eligible Bank Account initially established at the Corporate Trust Office of the Indenture Trustee, bearing the designation “Marriott Vacations Worldwide Owner Trust 2011-1 – Hedge Reserve Account, Wells
Fargo Bank, National Association, as Indenture Trustee for the benefit of the Noteholders”. Notwithstanding the foregoing, the Issuer shall, on any given date on which the ECP Asset Amount is less than each of (A) the sum of $1,000,000 and
the then aggregate Outstanding Note Balance and (B) $10,000,000, fund the Hedge Reserve Account as set forth in this Section 3.02(e). The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all
funds on deposit from time to time in the Hedge Reserve Account and in all proceeds thereof. The Hedge Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders as their interests appear
in the Trust Estate. If, at any time, the Hedge Reserve Account ceases to be an Eligible Bank Account, the Indenture Trustee shall within two Business Days establish a new Hedge Reserve Account which shall be an Eligible Bank Account, transfer any
cash and/or any investments to such new Hedge Reserve Account and from the date such new Hedge Reserve Account is established, it shall be the “Hedge Reserve Account.” Amounts on deposit in the Hedge Reserve Account shall be invested in
accordance with Section 3.01 hereof. Funding, withdrawals and payments from the Hedge Reserve Account shall be made in the following manner: 

(i) Funding. On each Funding Date on which the ECP Asset Amount is (A) less than each of (1) the sum of
$1,000,000 and the then aggregate Outstanding Note Balance and (2) $10,000,000 or (B) equal to or greater than (1) the sum of $1,000,000 and the then aggregate Outstanding Note Balance or (2) $10,000,000, and the Issuer has
elected to and not revoked such election to fund the Hedge Reserve Account, the Issuer shall deposit or shall cause to be deposited into the Hedge Reserve Account the amount necessary to cause the amount on deposit in the Hedge Reserve Account to be
equal to the Hedge Reserve Account Required Balance (after giving effect to the Increase on such Funding Date, existing Hedge Agreements and Hedge Agreements entered into in respect of such Funding Date) and thereafter, on each Payment Date, if the
amount on deposit in the Hedge Reserve Account (after giving effect to any deposit of the applicable portion of the proceeds of any Increase on such Payment Date) is less than the Hedge Reserve Account Required Balance, a deposit shall be made to
the Hedge Reserve Account, to the extent of Available Funds as provided in Section 3.04 hereof. 
 (ii) Hedge Trigger
Event. Upon the occurrence of a Hedge Trigger Event, if the ECP Asset Amount is equal to or greater than (A) the sum of $1,000,000 and the then aggregate Outstanding Note Balance or (B) $10,000,000, the Issuer shall, no later than 15
calendar days 

  
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thereafter, purchase or cause to be purchased a Hedge Agreement that meets the requirements of Sections 3.03(b) and such that the Hedge Agreements collectively provide for a notional amount at
least equal to, in the aggregate, 90% of the Outstanding Note Balance (after giving effect to the reduction of the Outstanding Note Balance due to the issuance of any Exchange Notes pursuant to Section 2.13 hereof on such date). The Indenture
Trustee shall, as directed by the Issuer and the Administrative Agent, to the extent of funds available in the Hedge Reserve Account, either (i) pay the applicable Hedge Agreement premium to the related Hedge Counterparty, or (ii) in the
event the Issuer provides the Indenture Trustee with evidence that it has already paid such premium, reimburse the Issuer. To the extent there are funds remaining in the Hedge Reserve Account following the payment of such Hedge Agreement premium,
the Indenture Trustee shall withdraw such funds from the Hedge Reserve Account and deposit such funds into the Collection Account as Available Funds for the immediately following Payment Date. To the extent that the Issuer fails to purchase or cause
to be purchased the Hedge Agreement following a Hedge Trigger Event in the timeframe described above, the Administrative Agent is authorized to obtain such Hedge Agreement on behalf of the Issuer and to direct the Indenture Trustee to withdraw from
the Hedge Reserve Account, to the extent of funds available therein, the applicable Hedge Agreement premium and to pay such amount to the related Hedge Counterparty. 

(iii) Payment in Full. To the extent that on the Payment Date on which the Outstanding Note Balance will be reduced to
zero, there are amounts on deposit in the Hedge Reserve Account, the Indenture Trustee shall withdraw all amounts on deposit in the Hedge Reserve Account and shall deposit such amounts into the Collection Account. 

(iv) Amounts in Excess of Hedge Reserve Account Required Balance. If, on any Payment Date, amounts on deposit in the
Hedge Reserve Account are greater than the Hedge Reserve Account Required Balance (after giving effect to all other distributions and disbursements on such Payment Date), the Indenture Trustee shall, based on the Monthly Servicer Report, withdraw
funds in excess of the Hedge Reserve Account Required Balance from the Hedge Reserve Account and deposit such funds into the Collection Account as Available Funds on such Payment Date for application in accordance with Section 3.04 hereof. If
on any Hedge Determination Date, Funding Date or Payment Date, the Issuer has revoked its election, in whole or in part, to fund the Hedge Reserve Account, provided that the Implied Hedge Amount is equal to or greater than the Outstanding Note
Balance and the Issuer has otherwise complied with the Hedge Requirements, amounts on deposit in the Hedge Reserve Account shall be deposited in the Collection Account as Available Funds. 

(v) Facility Termination Date. On the Payment Date immediately following each Facility Termination Date on which
Exchange Notes are being issued by the Issuer pursuant to Section 2.13, the Indenture Trustee acting at the direction of the Servicer, shall withdraw from the Hedge Reserve Account an amount equal to the excess of (i) the amount of cash or
other immediately available funds on deposit in the Hedge Reserve Account on such Payment Date over (ii) the amount withdrawn in accordance with the second sentence of Section 3.02(e)(ii) above, and pay such amount, free and clear of the
Lien of this Indenture and Servicing Agreement, to the indenture trustee under the related Exchange Notes Indenture, for deposit into the hedge reserve account for such Exchange Notes; or if no hedge reserve account has been established for such
Exchange Notes, into the related collection account for distribution in accordance with the indenture for such Exchange Notes.” 

Section 3.03 of the Indenture shall be amended by deleting the same in its entirety and replacing it with: 

“Section 3.03 Hedge Agreements and Hedge Reserve Accounts. 

(a) The Issuer shall, so long as the Notes remain unpaid and the ECP Asset Amount is less than each of (A) the sum of $1,000,000 and the
then aggregate Outstanding Note Balance and (B) $10,000,000, provide Hedge Reserve Amounts in accordance with this Section 3.03; provided, however, 

  
 6 

 
that, on any date on which the ECP Asset Amount is equal to or greater than (A) the sum of $1,000,000 and the then aggregate Outstanding Note Balance or (B) $10,000,000, the Issuer
shall provide Hedge Agreements and/or Hedge Reserve Amounts in accordance with the terms described in this Section 3.03 (the “Hedge Requirements”). 

(b) Hedge Agreements. 

(i) Each Hedge Agreement shall either be in the form of an interest rate cap or an interest rate swap, or a combination
thereof, in each case between the Issuer and a Qualified Hedge Counterparty, with an effective date on or prior to a Funding Date. 

(ii) In the case of an interest rate swap, the related Hedge Agreement shall provide for the payment on each Payment Date to
the related Hedge Counterparty of interest on the notional amount thereof at a fixed rate per annum and the payment to the Indenture Trustee for deposit into the Collection Account of a floating rate per annum equal to the LIBOR Rate for each
Interest Accrual Period; provided that the Issuer and the Hedge Counterparties may, subject to the related Hedge Agreements, make payments on a net basis; provided, further, that the fixed rate per annum paid to a Hedge Counterparty
under an interest rate swap shall not exceed the weighted average coupon for the Borrowing Base Loans as of the last day of the related Due Period, less 8.50%. 

(iii) In the case of an interest rate cap, the related Hedge Agreement shall provide for the payment by the Hedge Counterparty
to the Indenture Trustee for deposit into the Collection Account on each Payment Date if the LIBOR Rate is greater than the Required Cap Rate for the related Interest Accrual Period, if any. 

(iv) Any confirmation related to the ISDA Master Agreement and schedule thereto or long form confirmation, in each case, in the
form of interest rate swaps, shall terminate on the last day that the Notes are assumed to be Outstanding based on the Hedge Amortization Schedules. 

(v) Each Hedge Agreement may permit, if the related Hedge Counterparty fails to meet the rating requirements in clause
(a) of the definition of Qualified Hedge Counterparty, such related Hedge Counterparty to post collateral to secure its obligations under the related Hedge Agreement. To the extent such Hedge Agreement permits the posting of collateral, such
Hedge Agreement shall require the following terms (the “Hedge Agreement Collateral Posting Requirements”): 

(A) the Hedge Counterparty shall, within 15 days’ of failing to meet such rating requirement, secure its obligations under
the related Hedge Agreement, by posting collateral to the Indenture Trustee for deposit into the Hedge Collateral Account in an amount equal to the Hedge Collateral Amount; 

(B) the Hedge Counterparty shall, at least on a weekly basis, mark-to-market the related Hedge Agreement (pursuant to the terms
thereof) and post additional collateral, as necessary such that the amount on deposit in the Hedge Collateral Account is at least equal to the Hedge Collateral Amount; and 

(C) “Hedge Collateral Amount” shall mean with respect to a Hedge Counterparty that has been downgraded below
the rating requirements in clause (a) of the definition of Qualified Hedge Counterparty, the following: 
  

	 	(1)	If the Hedge Counterparty has a long-term unsecured debt rating of below “A” from S&P or a short-term unsecured debt rating below “A-1” from S&P but has a long-term unsecured debt rating of
at least BBB+ from S&P, the Hedge Collateral Amount shall be calculated using the following formula: 

  
 7 

 Max[0, MtM] 
  

	 	(2)	If the Hedge Counterparty has a long-term unsecured debt rating of below “BBB+” from S&P or a short-term unsecured debt rating below “A-2” from S&P but has a long-term unsecured debt rating
of at least BBB- from S&P, the Hedge Collateral Amount shall be calculated using the following formula: 

 Max[0, MtM + (4%
* notional amount of Hedge Agreement)] 
 “MtM” = Mark-to-market value of the Hedge Agreement. For the avoidance of doubt, the
Mark-to-market value shall be expressed as a negative number if the Issuer is net out-of-the-money with respect to the Hedge Agreement and as a positive number if the Issuer is net in-the-money with respect to the Hedge Agreement. 

(vi) Immediately upon receipt, the Indenture Trustee shall deposit all amounts received in respect of the Hedge Agreements into
the Collection Account (other than amounts in respect of the Hedge Agreement Collateral Posting Requirements, which shall be deposited into the Hedge Collateral Account). Other than amendments or modifications to effect the adjustments to the
notional amount of the Hedge Agreements required by this Section 3.03, any consents, directions or approvals of amendments or modifications to a Hedge Agreement required to be given by the Indenture Trustee under the Hedge Agreement will
require the direction of the Required Facility Investors. 
 (vii) Upon notice or knowledge of any Hedge Event of Default or
Termination Event, any party hereto shall provide notice to the other parties hereto and the Hedge Counterparty. 
 (viii)
The Issuer agrees that if any Hedge Counterparty ceases to be a Qualified Hedge Counterparty, unless 100% of the Purchasers agree that such Hedge Counterparty shall continue, the Issuer shall have five (5) Business Days (x) to cause such
Hedge Counterparty to assign its obligations under the related Hedge Agreement to a new Qualified Hedge Counterparty (or such Hedge Counterparty shall have five (5) Business Days to again become a Qualified Hedge Counterparty), (y) to
obtain a guarantor (with such form of guarantee meeting S&P’s then current criteria) that meets the definition of Qualified Hedge Counterparty, or (z) to obtain a substitute Hedge Agreement, together with the related Qualified Hedge
Counterparty’s acknowledgement of the pledge by the Issuer to the Indenture Trustee of the Issuer’s rights under such Hedge Agreement provided, that the Issuer shall not terminate ineligible Hedge Agreements until the related substitute
Hedge Agreements are effective. 
 (ix) Three Business Days prior to (1) each Funding Date, and (2) each Hedge
Determination Date, the Servicer, on behalf of the Issuer shall, provide to the Administrative Agent a timeshare loan data file with sufficient information so that, if required, the Administrative Agent may prepare the Hedge Amortization Schedule.
Subject to the timely delivery of information by the Servicer, with respect to each Funding Date and each Hedge Determination Date, the Administrative Agent shall provide the Issuer and the Servicer with the Hedge Amortization Schedule no later than
two (2) Business Days thereafter. 
 (x) Subject to the limitation on Hedge Agreements in the form of interest rate
swaps set forth in Section 3.03(b)(xii), without affecting the Issuer’s obligations under Section 3.03(b)(viii), the parties hereto agree that the Hedge Requirements do not obligate the Issuer to cause the Hedge Counterparty to
terminate, assign or collateralize its Hedge Agreement as a result of such Hedge Counterparty no longer satisfying the definition of Qualified Hedge Counterparty, 

  
 8 

 
and, consequently, the Issuer may be party to multiple Hedge Agreements and/or interest rate swaps or interest rate caps with counterparties which are Qualified Hedge Counterparties as well as
counterparties that are not Qualified Hedge Counterparties, all collectively having an aggregate notional amount in excess of 100% of the Outstanding Note Balance. 

(xi) In the event the Issuer shall execute a Securitization Take-Out Transaction, whereby all of the Outstanding Note Balance
of the Notes is repaid, it shall terminate all confirmations related to the ISDA Master Agreement and schedules thereto or long form confirmations, in each case, in the form of interest rate swaps. 

(xii) The notional amount of Hedge Agreements in the form of interest rate swaps may not exceed 105% of Outstanding Note
Balance. 
 (c) Hedge Reserve Option and Hedge Reserve Amounts. So long as no Hedge Trigger Event has occurred, in lieu of providing
Hedge Agreements, the Issuer may, upon prior written notice to the Administrative Agent, elect to exercise the Hedge Reserve Option and to deposit Hedge Reserve Amounts equal to the Hedge Reserve Account Required Balance in the Hedge Reserve
Account. 
 (d) Notional Amounts and Adjustments. 

(i) the Issuer shall, on each Hedge Determination Date, ensure that collectively, the Hedge Agreements and the Hedge Reserve
Amounts cause the Implied Hedged Amount to be equal to or greater than the Outstanding Note Balance; 
 (ii) the Issuer
shall, as of each Funding Date, cause the notional amount of the Hedge Agreements to be adjusted, enter into new Hedge Agreements and/or make additional deposits to the Hedge Reserve Account such that the Implied Hedged Amount shall be equal to or
greater than the Outstanding Note Balance; 
 (iii) the Issuer shall, on each Funding Date, adjust (A) the Hedge
Agreements to reflect the Required Cap Rate (in the case of a Hedge Agreement in the form of an interest rate cap) if such Hedge Agreements provides for a cap rate which is below the Required Cap Rate; and (B) the termination date of the Hedge
Agreements in accordance with the Hedge Amortization Schedule following such Funding Date; and 
 (iv) on any Funding Date,
(A) any Hedge Reserve Amounts to be deposited to the Hedge Reserve Account and (B) any additional premium, termination payment or other out-of-pocket costs and expenses relating to the adjustments to the Hedge Agreements, or new Hedge
Agreements shall be funded by the Issuer from the proceeds of the related Increase.” 
 Section 1.03. Amendment of
the Note Purchase Agreement 
 Section 2.2 of the Note Purchase Agreement shall be amended by deleting the same in its entirety
and replacing it with: 
 “Section 2.2 Initial Funding Date; Increase of Purchaser Invested Amounts. 

(a) Upon the terms and subject to the conditions set forth in the Original Note Purchase Agreement on the Initial Funding Date the Issuer sold
a Note to each Funding Agent (on behalf of the related Conduit and Alternate Purchasers which are members of the related Purchaser Group) and each Non-Conduit Committed Purchaser, as described in Section 2.1. Upon the terms and subject to the
conditions set forth herein, on any Business Day after the Amendment Effective Date (x) the Issuer may, at its option, sell to each Non-Conduit Committed Purchaser and each Funding Agent for a Purchaser Group, and (y) (1) each
Non-Conduit Committed Purchaser shall purchase from the Issuer, and (2) each Conduit may, in its sole discretion, purchase from the Issuer, and/or each such Alternate Purchaser shall, in 

  
 9 

 
accordance with subsection 2.2(b), purchase from the Issuer, in each case without recourse except as provided herein and in the other Facility Documents, prior to the Purchaser Termination Date
with respect to such Non-Conduit Committed Purchaser or such Purchaser Group, an increase (an “Increase”) in the outstanding amounts under the Notes (the amount of each such Increase, a “Notes Increase Amount”) at
the request of the Issuer in accordance with Section 2.11 of the Indenture and Servicing Agreement; provided, however, that: 

(i) the Purchaser Invested Amount with respect to each Purchaser Group or Non-Conduit Committed Purchaser shall not exceed the
Purchaser Commitment Amount for such Purchaser Group or Non-Conduit Committed Purchaser after giving effect to such Increase; 

(ii) the Issuer, the Seller, the Servicer and the Performance Guarantor, as applicable, shall have complied in all material
respects with all of their respective covenants and agreements contained in this Agreement, the Indenture and Servicing Agreement, the Sale Agreement, the Purchase Agreement and any other Facility Document, as applicable; 

(iii) the Purchaser Termination Date has not occurred and no Amortization Event, Potential Amortization Event, Servicer Event
of Default, Potential Servicer Event of Default, Event of Default, or Potential Event of Default shall have occurred and be continuing on such Funding Date, and no Amortization Event, Potential Amortization Event, Servicer Event of Default,
Potential Servicer Event of Default, Event of Default, or Potential Event of Default would occur after giving effect to such Increase; 

(iv) by 3:00 P.M. (New York City time), at least three (3) Business Days preceding each proposed Funding Date, the Issuer
shall have delivered to the Administrative Agent, each Funding Agent and each Non-Conduit Committed Purchaser an electronic copy of a “Borrowing Notice” in substantially the form of Exhibit D hereto which will contain a
certification of an authorized officer of the Issuer stating that the Outstanding Note Balance will not exceed the Borrowing Base after giving effect to such Increase, which certificate will set forth the Borrowing Base and provide all data used (or
requested by the Administrative Agent), in Excel format, to calculate the Borrowing Base as of such Funding Date (including without limitation (a) the Aggregate Loan Balance of the Borrowing Base Loans and the aggregate Loan Balance of each
Borrowing Base Loan Group, (b) the Excluded Loan Balance and the Excluded Loan Group Balances, and (c) the Advance Rates used for the related Additional Timeshare Loans); 

(v) after giving effect to such Increase, the Outstanding Note Balance will not exceed the Borrowing Base; 

(vi) after giving effect to such Increase, the Outstanding Note Balance will not exceed the Facility Limit; 

(vii) the Issuer shall have deposited (or caused to be deposited) into the Reserve Account (without giving effect to the
deposit of any Available Funds pursuant to Section 3.04 of the Indenture and Servicing Agreement) an amount equal to the amount, if any, necessary to cause the amount in the Reserve Account to equal the Reserve Account Required Balance after
giving effect to such Increase; 
 (viii) [Reserved]. 

(ix) with respect to any Funding Date, (A) the Hedge Agreements shall have been adjusted, new Hedge Agreements shall have
been entered into and/or additional deposits to the Hedge Reserve Account shall have been made such that the Implied Hedged Amount is equal to or greater than the Outstanding Note Balance after giving effect to such Increase and (B) the Hedge
Amortization Schedule shall have been adjusted in accordance with the Hedge Requirements; 

  
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 (x) all of the representations and warranties of the Issuer, the Seller, the
Servicer and the Performance Guarantor made herein and in any other Facility Document shall be true and correct as of such date (except to the extent any such representation or warranty expressly relates to an earlier date including representations
and warranties made as to financial information which is presented as of a specific date and public filings which relate to their day of filing, each of which shall be true and correct as of such earlier date); 

(xi) on or prior to such Funding Date, the Custodian shall have possession of each original Timeshare Loan and the related
Timeshare Loan File and shall have acknowledged to the Indenture Trustee and the Administrative Agent such possession and its undertaking to hold each such original Timeshare Loan and the related Timeshare Loan File for purposes of perfection of the
Indenture Trustee’s interests in such original Timeshare Loans and the related Timeshare Loan File; provided that the fact that any document not required to be in its respective Timeshare Loan File pursuant to the Purchase Agreement or
Sale Agreement is not in the possession of the Custodian in its respective Timeshare Loan File shall not constitute a failure to satisfy this condition; 

(xii) the Issuer shall have delivered an updated Schedule of Timeshare Loans for all Borrowing Base Loans to the
Administrative Agent; 
 (xiii) all conditions precedent and other obligations related to the delivery, conveyance and Grant
of the related Additional Timeshare Loans in Section 4 of the Purchase Agreement, Section 4 of the Sale Agreement and Sections 4.02 and 4.03 of the Indenture and Servicing Agreement have been satisfied; and 

(xiv) the Notes Increase Amount is at least $1,000,000. 

On each Funding Date, each Purchaser Group shall pay to the related Funding Agent, and each Funding Agent and Non-Conduit Committed Purchaser shall pay to the
Issuer pursuant to the instructions in the related Borrowing Notice, immediately available funds in an amount equal to the Commitment Percentage with respect to such Purchaser Group or Non-Conduit Committed Purchaser of the Notes Increase Amount
with respect to such Funding Date. 
 (b) Each Conduit may fund any Increase in accordance with the terms of Section 2.2(a);
provided, however, that if a Conduit elects not to fund its entire Commitment Percentage of the Notes Increase Amount with respect to any Funding Date or if any Funding Agent otherwise provides notice to the Administrative Agent that
the Alternate Purchasers in the Purchaser Group with respect to which it is acting as Funding Agent will provide such funding, the Issuer shall be deemed to have requested that such Alternate Purchasers fund such portion of the Notes Increase Amount
and each such Alternate Purchaser shall fund its Alternate Purchaser Percentage of such portion of the Notes Increase Amount if the conditions set forth in Section 2.2(a) hereof are satisfied. Absent the circumstances described in the proviso
in the immediately preceding sentence, the Issuer may not request any Alternate Purchaser to fund any portion of any Notes Increase Amount. 

(c) In the event the Issuer requests any Increase, the Issuer shall indemnify each Purchaser against any loss or expense incurred by such
Purchaser, either directly or indirectly (including, in the case of a Conduit, through a Liquidity Agreement), as a result of any failure by the Issuer to complete any such Increase (other than as a result of an election by a Conduit not to fund
such Increase or the failure of an Alternate Purchaser or Non-Conduit Committed Purchaser to fund such Increase) including, without limitation, any loss or reasonable out-of-pocket expenses incurred by any such Purchaser, either directly or
indirectly (including, in the case of a Conduit, pursuant to a Liquidity Agreement), by reason of the liquidation or reemployment of funds acquired by any such Conduit (or any Liquidity Provider), any such Alternate Purchaser or any such Non-Conduit
Committed Purchaser (including, without limitation, funds obtained by issuing commercial paper or promissory notes or obtaining deposits as loans from third parties) to fund such Increase; provided, however, that no Purchaser shall be
entitled to indemnification under this subsection (c) to the extent of any loss or expense which results from the gross negligence or willful misconduct of such Purchaser. 

  
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 (d) The acceptance of funds by the Issuer pursuant to this Section 2.2 in connection with
an Increase shall be deemed to be a certification by the Issuer that the conditions specified in clauses (i) through (xiii) of Section 2.2(a) have been satisfied with respect to such Increase. 

(e) Notwithstanding the foregoing, if any Non-Conduit Committed Purchaser or Alternate Purchaser who shall have previously notified the Issuer
in writing, in substantially the form of Exhibit E hereto, that it has incurred Charges directly related to and as a result of the “liquidity coverage ratio” under Basel III in respect of its Commitment hereunder or any Liquidity
Agreement, or its interest in the Notes, such Non-Conduit Committed Purchaser or Alternate Purchaser may, upon receipt of a Borrowing Notice pursuant to Section 2.2(a) hereof, notify the Issuer in writing by 5:00 P.M. (New York City time) two
Business Days prior to the Funding Date specified in such Borrowing Notice, in substantially the form of Exhibit F hereto (a “Delayed Funding Notice”), of its intent to fund its Commitment of the related Notes Increase Amount
(such amount, the “Delayed Amount”) on a Business Day that is on or before the thirty-fifth (35th) day following the date of delivery by such Non-Conduit Committed Purchaser or Alternate Purchaser of such Delayed Funding Notice
(the “Delayed Funding Date”) rather than on the date specified in such Borrowing Notice. If any Non-Conduit Committed Purchaser or Alternate Purchaser provides a Delayed Funding Notice to the Issuer following the delivery by the
Issuer of a Borrowing Notice, the Issuer may revoke such Borrowing Notice. No Purchaser Group that includes an Alternate Purchaser that has provided a Delayed Funding Notice in respect of an Increase and no Non-Conduit Committed Purchaser that has
provided a Delayed Funding Notice in respect of an Increase (each a “Delayed Funding Purchaser”) shall be considered to be in default of its obligation to fund its Delayed Amount pursuant to Section 2.2(a) hereunder unless and until
it has failed to fund the Delayed Funding Reimbursement Amount with respect to such Delayed Amount on or before the Delayed Funding Date. For the avoidance of doubt, Delayed Funding Purchasers shall be required to fund their respective Delayed
Funding Amounts regardless of the occurrence of an Amortization Event, Potential Amortization Event, Servicer Event of Default, Potential Servicer Event of Default, Event of Default, or Potential Event of Default which occurs during the period from
and including the related Funding Date to and including the related Delayed Funding Date. 
 (f) If (i) one or more Delayed Funding
Purchasers provide a Delayed Funding Notice to the Issuer in respect of any Borrowing Notice and (ii) the Issuer shall not have revoked the Borrowing Notice prior to the Business Day preceding such Funding Date, the Administrative Agent shall,
by no later than 12:00 P.M. (New York City time) on the Business Day preceding such Funding Date, direct each Purchaser Group and each Non-Conduit Committed Purchaser that is not a Delayed Funding Purchaser with respect to such Funding Date (each a
“Non-Delayed Funding Purchaser”) to fund an additional portion of such Notes Increase Amount on such Funding Date equal to such Non-Delayed Funding Purchaser’s proportionate share (based upon such Non-Delayed Funding
Purchaser’s Percentage Interest relative to the sum of the Commitments of all Non-Delayed Funding Purchasers) of the aggregate Delayed Amounts with respect to such Funding Date; provided, however, that in no event shall a Non-Delayed Funding
Purchaser be required to fund any amounts in excess of its Commitment. Subject to Section 2.2(a) hereof, in the case of a Non-Delayed Funding Purchaser that is a Non-Conduit Committed Purchaser, such Non-Conduit Committed Purchaser hereby
agrees, or, in the case of a Non-Delayed Funding Purchaser that is a Purchaser Group, the Conduit in such Purchaser Group may agree, in its sole discretion, and the Alternate Purchasers in such Purchaser Group hereby agree, to fund such portion of
the Increase on such Funding Date. 
 (g) After the Non-Delayed Funding Purchasers fund a Delayed Amount on any Funding Date in accordance
with Section 2.2(f), the Delayed Funding Purchaser in respect of such Delayed Amount will be obligated to fund the Delayed Funding Reimbursement Amount with respect to such Delayed Amount on or before its Delayed Funding Date, irrespective of
whether Issuer would be able to satisfy the conditions set forth in Section 2.2(a) to an Increase, in an amount equal to such Delayed Funding Reimbursement Amount on such Delayed Funding Date. Such Delayed Funding Purchaser shall fund such
Delayed Funding Reimbursement Amount on such Delayed Funding Date by paying such 

  
 12 

 
amount to the Administrative Agent in immediately available funds, and the Administrative Agent shall distribute such funds to each such Non-Delayed Funding Purchaser, pro rata based on the
relative amount of such Delayed Amount funded by such Non-Delayed Funding Purchaser on such Funding Date pursuant to Section 2.2(f).” 

Section 3.1(m) of the Note Purchase Agreement shall be amended by deleting the same in its entirety and replacing it with: 

“Audits. Each of the Administrative Agent, each Funding Agent and each Purchaser and their respective agents and representatives
shall also have the right to discuss the Issuer’s affairs with the officers and employees of the Issuer and Issuer’s independent accountants and to verify under appropriate procedures the validity, amount, quality, quantity, value and
condition of, or any other matter relating to, the Trust Estate, including causing the Issuer or the Servicer, or any officers or employees of the Issuer or the Servicer to work with the Administrative Agent, the Funding Agents or the Purchasers to
contact the Obligors to confirm amounts outstanding under such Obligor’s Timeshare Loan and matters related thereto. In connection with all audits performed under this Agreement, the Administrative Agent shall (i) use reasonable efforts to
coordinate the staffing and timing of such audits in order to minimize the cost and expense thereof and to the extent possible have such audits conducted by all parties at the same time and (ii) engage an auditor that is satisfactory to the
Majority Facility Investors; provided that, the Administrative Agent shall not engage an auditor that was engaged and did not provide the results of the audit related to the immediately preceding audit engagement under this Agreement to any Funding
Agent or Purchaser (for any reason whatsoever) unless each of the Funding Agents and Purchasers consent to such engagement. The Administrative Agent shall also solicit input from the Funding Agents and Purchasers with respect to the scope of such
coordinated audit. Upon the completion of any audit by or on behalf of the Administrative Agent, the Administrative Agent shall provide copies of the results thereof to each Non-Conduit Committed Purchaser and each Funding Agent on behalf of the
related Purchaser Group. The number and frequency of any such audits prior to the occurrence of an Event of Default, Servicer Event of Default or Amortization Event shall be not more frequently than annually (excluding any audits conducted during
the continuance of an Event of Default, Servicer Event of Default or Amortization Event), and after the occurrence and continuance of an Event of Default, Servicer Event of Default or Amortization Event, with such greater frequency as may be
determined by the Administrative Agent in its sole discretion or at the direction of the Majority Facility Investors. Each such audit shall be at the expense of the Issuer. For the avoidance of doubt, expenses associated with due diligence meetings
shall be governed by Section 3.1(l) above. The Issuer acknowledges and agrees that the Administrative Agent shall conduct an audit on or after the earlier of (i) 60 days after the first Funding Date to occur after September 6, 2013
and (ii) March 31, 2014.” 
 The documents attached hereto as Annex A shall be added to the Note Purchase Agreement as
Exhibit E and Exhibit F, respectively. 
 Section 1.04. Amendment to Schedule I of the Purchase Agreement and the Sale
Agreement 
 Clause (tt) of Schedule I to each of the Purchase Agreement and the Sale Agreement shall be amended by deleting the same
in its entirety and replacing it with: 
 “(tt) If the related Obligor is a Domestic Obligor, to the extent such Obligor has a FICO
Score, such FICO score is at least 550.” 
 The following clause (fff) shall be added to Schedule I of each of the Purchase Agreement
and the Sale Agreement in the appropriate alphabetical order: 
 “(fff) If such Timeshare Loan is a Borrowing Base Loan related to the
FICO 550 to 599 Loan Group, such Borrowing Base Loan does not, when aggregated with all other Borrowing Base Loans related to the FICO 550 to 599 Loan Group, cause the weighted average seasoning of Borrowing Base Loans related to the FICO 550 to 599
Loan Group, to be less than 30 months.” 

  
 13 

 Section 1.05. Amendment to Address of the Issuer and the Owner Trustee

 All references to the address of the Issuer in the Transaction Documents and any exhibits thereto shall be amended by deleting the same in
its entirety and replacing it with: 
 Marriott Vacations Worldwide Owner Trust 2011-1 

c/o Wilmington Trust, National Association 

1100 North Market Street 

Wilmington, Delaware 19890 

Attention: Assistant Vice President 

Facsimile Number: (302) 636-5137 

Telephone Number: (302) 636-4140 

All references to the address of the Owner Trustee in the Transaction Documents and any exhibits thereto shall be amended by deleting the same
in its entirety and replacing it with: 
 Wilmington Trust, National Association 

1100 North Market Street 

Wilmington, Delaware 19890 

Attention: Assistant Vice President 

Facsimile Number: (302) 636-5137 

Telephone Number: (302) 636-4140 

Section 2.01. Representations and Warranties 

MVW, MORI, the Seller and the Issuer hereby represent and warrant to each of the other Transaction Parties that, after giving effect to this
Amendment: (a) the representations and warranties set forth in each of the Transaction Documents by each of MVW, MORI, the Seller and the Issuer are true and correct in all material respects on and as of the date hereof, with the same effect as
though made on and as of such date (except to the extent that any representation and warranty expressly relates to an earlier date, then such earlier date), (b) on the date hereof, no Default has occurred and is continuing, and (c) the
execution, delivery and performance of this Amendment in accordance with its terms and the consummation of the transactions contemplated hereby by any of them do not and will not (i) require any consent or approval of any Person, except for
consents and approvals that have already been obtained, (ii) violate any applicable law, or (iii) contravene, conflict with, result in a breach of, or constitute a default under their organization documents, as the same may have been
amended or restated, or contravene, conflict with, result in a breach of or constitute a default under (with or without notice or lapse of time or both) any indenture, agreement or other instrument, to which such entity is a party or by which it or
any of its properties or assets may be bound. 

  
 14 

 Section 2.02. References in all Transaction Documents. 

To the extent any Transaction Document contains a provision that conflicts with the intent of this Amendment, the parties agree that the
provisions herein shall govern. 
 Section 2.03. Counterparts. 

This Amendment may be executed (by facsimile or otherwise) in any number of counterparts, each of which counterparts shall be deemed to be an
original, and such counterparts shall constitute but one and the same instrument. 
 Section 2.04. Governing Law.

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

Section 2.05. Severability of Provisions. 

If any one or more of the covenants, agreements, provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions of this
Amendment. 
 Section 2.06. Continuing Effect. 

Except as expressly amended hereby, each Transaction Document shall continue in full force and effect in accordance with the provisions thereof
and each Transaction Document is in all respects hereby ratified, confirmed and preserved. 
 Section 2.07. Successors and
Assigns. 
 This Amendment shall be binding upon and inure to the benefit of the Transaction Parties and their respective successors
and permitted assigns. 
 Section 2.08 No Bankruptcy Petition. 

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

  
 15 

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

[Signature pages follow] 

  
 16 

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

			
	MARRIOTT VACATIONS WORLDWIDE
	OWNER TRUST 2011-1, as Issuer
		
	By:	 	Wilmington Trust, National Association,
		 	not individually, but solely in its capacity as
		 	Owner Trustee
		
	By:	 	/s/ Rita Marie Ritrovato
		 	Name: Rita Marie Ritrovato
		 	Title:   Assistant Vice President
	
	Address for notices:
	c/o Wilmington Trust, National Association
	1100 North Market Street
	Wilmington, Delaware 19801
	
	Attention: Rita Marie Ritrovato
	Telephone Number: (302) 636-5137
	Facsimile Number: (302) 636-4140
	
	MORI SPC SERIES CORP., as Seller
		
	By:	 	/s/ Greg A. Langford
		 	Name: Greg A. Langford
		 	Title:   President
	
	Address for notices:
	6649 Westwood Boulevard
	Orlando, Florida 32821
	
	Attention: General Counsel
	Telephone: (407) 206-6000
	Facsimile: (407) 513-6680

  
 Omnibus Amendment No. 2 

 
			
	 MARRIOTT OWNERSHIP RESORTS, INC.,

in its individual capacity and as Servicer and

Administrator

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

CORPORATION, as Performance Guarantor

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

  
 Omnibus Amendment No. 2 

 
			
	MVCO SERIES LLC, as Owner
		
	By:	 	/s/ Greg A. Langford
		 	Name: Greg A. Langford
		 	Title: President
	
	Address for notices:
	6649 Westwood Boulevard
	Orlando, Florida 32821
	
	Attention: General Counsel
	Telephone: (407) 206-6000
	Facsimile: (407) 513-6680

  
 Omnibus Amendment No. 2 

 
			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Indenture Trustee, Back-Up
 Servicer and
Custodian

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

	Facsimile Number: (612) 667-3539
	Telephone Number: (612) 667-8058
	
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, not in its individual capacity, but
 solely as Owner
Trustee

		
	By:	 	/s/ Rita Marie Ritrovato
	Name:	 	Rita Marie Ritrovato
	Title:	 	Assistant Vice President
	
	Address for notice:
	
	Wilmington Trust, National Association
	1100 North Market Street
	Mail Code: MD1-WD22
	Wilmington, Delaware, 19801
	
	Attention: Rita Marie Ritrovato
	Telephone Number: (302) 636-5137
	Facsimile Number: (302) 636-4140

  
 Omnibus Amendment No. 2 

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as Administrative Agent
		
	By:	 	/s/ Jay Steiner
		 	Name: Jay Steiner
		 	Title:   Managing Director
		
	By:	 	/s/ Robert Sheldon
		 	Name: Robert Sheldon
		 	Title:   Managing Director
	
	Address for notices:
	60 Wall Street
	New York, New York 10005
	
	Attention: Mary Conners
	Telephone: (212) 250-4731
	Facsimile: (212) 797-5300
	
	Accounts Name: Commercial Loan Dep
	ABA Number: 021-001-033
	 Bank Name: Deutsche Bank Trust Company

Americas

	Account Number: 99401268
	Attention: Lee Joyner Ph. 904-527-6438
	Reference: MVWOT 2011-1

  
 Omnibus Amendment No. 2 

 
			
	MOUNTCLIFF FUNDING LLC
	as Conduit
		
	By:	 	/s/ Joseph Soave
		 	Name: Joseph Soave
		 	Title:   Chief Financial Officer
	
	Address for notices:
	20 Gates Management LLC
	30 Irving Place, 2nd Floor
	New York, NY 10003
	
	Attention: Vidrik Frankfather
	Telephone: (212) 295-4146
	Facsimile: (212) 295-3785
	 E-mail: mountcliff@20gates.com;

mountcliff.group@db.com; ajohal@20gates.com

  
 Omnibus Amendment No. 2 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	as Alternate Purchaser
		
	By:	 	/s/ Michelangelo Raimondi
		 	Name: Michelangelo Raimondi
		 	Title:   Authorized Signatory
		
	By:	 	/s/ Jason D. Muncy
		 	Name: Jason D. Muncy
		 	Title:   Authorized Signatory
	
	Address for notices:
	Eleven Madison Avenue
	New York, NY 10010
	
	Attention: Conduits and Credit Products Group
	Telephone: (212) 325-6688
	Facsimile: (212) 325-4599
	
	Bank Name: Bank of New York, NY
	ABA Number: 021-000-018
	Account Number: 890-039-2770
	Attention: Fred Mastromarino
	Reference: Credit Suisse AG, Cayman Islands Branch

  
 Omnibus Amendment No. 2 

 
			
	 CREDIT SUISSE AG, NEW YORK BRANCH

as Funding Agent

		
	 By:
	 	/s/ Michelangelo Raimondi
		 	Name: Michelangelo Raimondi
		 	Title: Vice President
		
	 By:
	 	/s/ Jason Muncy
		 	Name: Jason Muncy
		 	Title: Vice President
	
	 Address for notices:
 Eleven Madison
Avenue
 New York, NY 10010

	
	 Attention: Conduits and Credit Products Group Telephone: (212) 325-6688

Facsimile: (212) 325-4599

	
	 Bank Name: Bank of New York, NY
 ABA
Number: 021-000-018
 Account Number: 890-038-7025
 Attention:
Fred Mastromarino
 Reference: Credit Suisse AG, New York Branch

  
 Omnibus Amendment No. 2 

 
			
	 GIFS CAPITAL COMPANY, LLC
 as
Conduit

		
	By:	 	/s/ Thomas J. Irvin
		 	Name: Thomas J. Irvin
		 	Title: Manager
	
	Address for notices:
	
	 GIFS Capital Company, LLC
 Suite
4900
 227 West Monroe St.
 Chicago, IL 60606

Attention: Operations
 Email: chioperations@guggenheimpartners.com
Telephone: 312-977-4560
 Telecopy: 312-977-1967

	
	with a copy to:
	
	 c/o The Royal Bank of Scotland

Securitization Support
 250 Bishopsgate

London EC2M 4AA
 Email: secsupportconduit@rbs.com

	
	 Attention: Kristina Neville

Telephone: (312) 664-6566
 Facsimile:
(203) 873-5753

	
	 Bank: The Royal Bank of Scotland plc,

Connecticut Branch
 Account for Payments: The
Royal Bank of
 Scotland plc CT Branch Lending

ABA Number: 026-009-580
 Account Number: 486028642701

Reference: GIFS Collection MVW 2011-1
 Attention: CB
Operations

  
 Omnibus Amendment No. 2 

 
					
	THE ROYAL BANK OF SCOTLAND PLC as Alternate Purchaser and Funding Agent
		
	By:	 	RBS Securities Inc., as agent
		
	By:	 	/s/ David J. Donofrio
		 	Name:	 	David J. Donofrio
		 	Title:	 	Director
	
	 Address for notices:
 c/o The Royal
Bank of Scotland
 550 W. Jackson Blvd., 18th Floor

Chicago, IL 60661

	
	 Attention: Kristina Neville

Telephone: (312) 664-6566
 Facsimile:
(203) 873-5753

	
	 Bank: The Royal Bank of Scotland plc,

Connecticut Branch
 Account for Payments: The
Royal Bank of
 Scotland plc CT Branch Lending

ABA Number: 026-009-580
 Account Number: 486028642701

Reference: GIFS Collection MVW 2011-1
 Attention: CB
Operations

  
 Omnibus Amendment No. 2 

 
					
	 SUNTRUST BANK

as Non-Conduit Committed Purchaser

		
	 By:
	 	/s/ Michael Peden
		 	Name:	 	Michael Peden
		 	Title:	 	Vice President
	
	 Address for notices:
 3333 Peachtree
Street NE
 10th Floor East

Atlanta, Georgia 30326

	
	 Attention: Kayla Williams and David Morley Telephone: (404) 926-5475

Facsimile: (404) 495-2171
 Email:
strh.afg.funding@suntrust.com

	
	 Bank: SunTrust Banks
 ABA Number:
061000104
 Account Number: 1000022220783
 Account Name: STB
AGENCY SERVICES OPERATING ACCT
 Attention: Doug Weltz

Reference: MVWOT 2011-1

  
 Omnibus Amendment No. 2 

 
					
	 DEUTSCHE BANK TRUST COMPANY AMERICAS

as Non-Conduit Committed Purchaser

		
	By:	 	/s/ Jay Steiner
		 	Name:	 	Jay Steiner
		 	Title:	 	Managing Director
		
	By:	 	/s/ Robert Sheldon
		 	Name:	 	Robert Sheldon
		 	Title:	 	Managing Director
	
	 Address for notices:
 60 Wall
Street
 New York, New York 10005

	
	 Attention: Mary Conners
 Telephone:
(212) 250-4731
 Facsimile: (212) 797-5300

	
	 Accounts Name: Commercial Loan Dep

ABA Number: 021-001-033
 Bank Name: Deutsche Bank Trust Company
Americas
 Account Number: 99401268
 Attention: Lee Joyner Ph.
904-527-6438
 Reference: MVWOT 2011-1

  
 Omnibus Amendment No. 2 

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

		
	By:	 	/s/ Steven Maysonet
		 	Name: Steven Maysonet
		 	Title: Vice President
	
	 Address for notices:
 Bank of
America, National Association
 214 North Tryon Street, 15th Floor

NC1-027-15-01
 Charlotte, North Carolina 28255
Attention: Securitization Finance Group c/o
 Robert Wood / Steven Maysonet

Telephone: 980-388-5938 / 980-387-1386 Email: robert.wood@baml.com steven.maysonet@baml.com

	
	 Accounts for Payments: Bank of America

ABA Number: 026 009 593
 Account Name: Wire Clearing Account
Account Number: 4426457864
 Attention: Sean C. Walsh

Attention: 980-386-0159
 Reference: Marriott Vacations Worldwide
Owner Trust 2011-1

  
 Omnibus Amendment No. 2 

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

		
	By:	 	/s/ Ajay Jagsi
		 	Name: Ajay Jagsi
		 	Title: Vice President
	
	 Address for notices:
 14241 Dallas
Parkway, Suite 1300
 Dallas, Texas 75254

	
	 Attention: Ajay Jagsi
 Telephone:
(972) 361-7220
 Facsimile: (866) 719-9124

	
	 Accounts for Payments:
 ABA
Number: 121-000-248
 Account Number: 4124923707
 Attention:
Latonya Whitfield
 Reference: Marriott Vacations Worldwide Owner Trust 2011-1

  
 Omnibus Amendment No. 2 

 Annex A 

[See attached] 

 EXHIBIT E 

[        ], 201     

Marriott Vacations Worldwide Owner Trust 2011-1 

c/o Wilmington Trust, National Association 
 1100
North Market Street 
 Wilmington, Delaware 19801 

Re: Notice of Potential For Delayed Funding  

Reference is made to the Amended and Restated Note Purchase Agreement, dated September 11, 2012, by and among Marriott Vacations Worldwide
Owner Trust 2011-1 (the “Issuer”), Marriott Ownership Resorts, Inc., as Servicer, MORI SPC Series Corp., as Seller, Marriott Vacations Worldwide Corporation, as Performance Guarantor, the Purchasers from time to time parties thereto
(each such party, together with their respective successors in such capacity, a “Funding Agent”), the agent bank for each Purchaser Group from time to time party thereto, and Deutsche Bank AG, New York Branch, in its capacity as
agent for the Purchasers and the Funding Agents (together with any amendments thereto, the “Note Purchase Agreement”). Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Standard
Definitions attached as Annex A to the Note Purchase Agreement. 
 Pursuant to Section 2.2(e) of the Note Purchase Agreement,
[        ], as a [Non-Conduit Committed Purchaser][Alternate Purchaser], hereby notifies the Issuer that it has incurred Charges directly related to and as a result of the “liquidity coverage ratio”
under Basel III in respect of its Commitments under the Note Purchase Agreement and/or its interests in the Notes. 
  

			
	 Sincerely,

		
	 [        ]
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 EXHIBIT F 

[        ], 201     

Marriott Vacations Worldwide Owner Trust 2011-1 
 c/o Wilmington
Trust, National Association 
 1100 North Market Street 

Wilmington, Delaware 19801 
 Re: Delayed
Funding Notice  
 Reference is made to the Amended and Restated Note Purchase Agreement, dated September 11, 2012, by and among
Marriott Vacations Worldwide Owner Trust 2011-1 (the “Issuer”), Marriott Ownership Resorts, Inc., as Servicer, MORI SPC Series Corp., as Seller, Marriott Vacations Worldwide Corporation, as Performance Guarantor, the Purchasers from
time to time parties thereto (each such party, together with their respective successors in such capacity, a “Funding Agent”), the agent bank for each Purchaser Group from time to time party thereto, and Deutsche Bank AG, New York
Branch, in its capacity as agent for the Purchasers and the Funding Agents (together with any amendments thereto, the “Note Purchase Agreement”). Capitalized terms used herein but not otherwise defined shall have the meanings set
forth in the Standard Definitions attached as Annex A to the Note Purchase Agreement. 
 Pursuant to Section 2.2(e) of the Note
Purchase Agreement, [        ], as a [Non-Conduit Committed Purchaser][Alternate Purchaser], hereby notifies the Issuer of its intent to fund its Commitment of the Notes Increase Amount related to the
Borrowing Notice delivered by the Issuer on [        ], on a Business Day that is on or before [        ]1, rather
than on the date specified in such Borrowing Notice. 
  

			
	 Sincerely,

		
	 [        ]
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

	1 	Thirty-five days following the date of delivery by such Non-Conduit Committed Purchaser or Alternate Purchaser of this Delayed Funding Notice.

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