Document:

Exhibit 10.11

 Exhibit 10.11 
 EXECUTION VERSION 
 FIRST AMENDMENT 

FIRST AMENDMENT, dated as of November 17, 2011 (this “Amendment”), to the Credit Agreement, dated as of
October 20, 2011 (as further amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Marriott Vacations Worldwide Corporation, a Delaware corporation
(“MVWC”), Marriott Ownership Resorts, Inc., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”),
Bank of America, N.A. and Deutsche Bank Securities Inc., as co-documentation agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc. as co-syndication agents and JPMorgan Chase Bank, N.A., as
administrative agent. 
 W I T N E S S E T H 

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

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

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

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

SECTION 1. Capitalized Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Credit Agreement. 
 SECTION 2. Amendments. The Credit Agreement shall be amended as of the Amendment Effective Date (as
defined below) as set forth below. 
 (a) Amendments to the Table of Contents. The Table of Contents of the Credit
Agreement is hereby amended as follows: 
 (i) by adding “N Form of Notice of Borrowing” immediately after “M Form
of Ritz-Carlton Comfort Letter”; and 
 (ii) by attaching the Form of Notice of Borrowing attached hereto as Annex I
as Exhibit N to the Credit Agreement. 
 (b) Amendments to Section 1.1 (Defined Terms). Section 1.1 of the
Credit Agreement is hereby amended as follows: 
 (i) by inserting the following definitions in proper alphabetical order:

 “First Amendment” means the First Amendment to this Agreement dated November 17, 2011. 

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

 (ii) by amending the definition of “Interest Period” by replacing “notice of
borrowing” in the third line thereof with “Notice of Borrowing, substantially in the form of Exhibit N,”; 
 (iii)
by amending the definition of “Loan Documents” by adding “the First Amendment,” immediately after “this Agreement,” in the first line thereof. 
 (c) Amendments to Section 2.2 (Procedure for Borrowing). Section 2.2 of the Credit Agreement is hereby amended as follows: 

(i) by adding “by delivering a Notice of Borrowing” immediately after “notice” in the second line thereof. 

(d) Amendment to Section 5.1 (Conditions to Initial Extension of Credit). Section 5.1 of the Credit Agreement is hereby
amended as follows: 
 (i) by adding the following sentence after Section 5.1(a): “Notwithstanding the
foregoing, each Subsidiary Guarantor organized or incorporated in the US Virgin Islands shall not be obligated to comply with this Section 5.1(a) as a condition of the initial extension of credit, provided that the Borrower covenants and
agrees to cause each such Subsidiary Guarantor to comply with this Section 5.1(a) (and its obligations under the Guarantee and Collateral Agreement as a Subsidiary Guarantor) within 30 days after the Closing Date.”; 

(ii) by adding the following sentence after Section 5.1(k)(v): “Notwithstanding the foregoing, the Borrower
shall not be obligated to comply with this Section 5.1(k) as a condition of the initial extension of credit with respect to any Mortgaged Properties that are not Time Share Interests or In-Process Property, provided that the Borrower covenants
and agrees with respect to any such Mortgaged Properties that the Borrower shall have complied with this Section 5.1(k) (and the Administrative Agent shall have received a Mortgage and associated deliverables required to be delivered pursuant
to Section 5.1(k)(i) through (v) with respect to each related land parcel or interest therein) within 60 days after the Closing Date.”; 
 (iii) by amending Section 5.1(k)(ii) by inserting the following at the end of clause (A) thereof: “, provided, however, that in no event shall maps or plats of an as-built survey be
required to be furnished to the Administrative Agent or the title insurance company for non-resort or non-inventory Mortgaged Property having a tax assessment value of $500,000 or less”. 

(e) Amendments to Section 7.4 (Liens). Section 7.4 of the Credit Agreement is hereby amended as follows: 

(i) by amending Section 7.4(d) by inserting “pledges or” immediately before “deposits”, in the first line
thereof; and 
 (ii) by adding “, credit card merchant agreements and bank cash account management
agreements” immediately after “performance bonds”, in the second line of Section 7.4(d). 
 (f) Amendments
to Section 10.5 (Payment of Expenses and Taxes). Section 10.5 of the Credit Agreement is hereby amended as follows: 

 (i) by amending Section 10.5(c) and (d) by inserting “,
Issuing Lender” immediately after “Lender”, in the first line thereof. 
 (g) Amendment to Exhibit A (Form of
Guarantee and Collateral Agreement). Exhibit A of the Credit Agreement is hereby amended as follows: 
 (i) by deleting
section 4.2 in its entirety and replacing it with the following: 
 “4.2 Perfected First Priority Liens 

The security interests granted pursuant to this Agreement (a) upon completion of the filings and other actions specified on
Schedule 3 (which, in the case of all filings and other documents referred to on said Schedule, have been delivered to the Administrative Agent in completed and duly executed form, as applicable) will constitute valid perfected security
interests in (i) all of the Collateral and the Proceeds thereof in which a security interest can be perfected by the filing of a UCC-1 financing statement, (ii) the Intellectual Property of the Loan Parties listed in
Schedule 6, (iii) the Pledged Stock listed in Schedule 2 , and (iv) the deposit accounts established by the Borrower pursuant to Section 6.11(a) of the Credit Agreement, in favor of the Administrative
Agent, for the benefit of the Secured Parties, as collateral security for such Grantor’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any such
Collateral from such Grantor (except, with respect to purchasers, to the extent provided otherwise under applicable law) and (b) are prior to all other Liens on the Collateral in existence on the date hereof except Liens permitted
pursuant to Section 7.4 of the Credit Agreement.” 
 SECTION 3. Conditions to Effectiveness of Amendment. This
Amendment shall become effective on the date on which the following conditions precedent have been satisfied or waived (the “Amendment Effective Date”): 
 (a) The Administrative Agent shall have received a counterpart of this Amendment, executed and delivered by a duly authorized officer of each of (i) the Borrower and MVWC and (ii) the Required
Lenders. 
 SECTION 4. Representations and Warranties. Each of the Borrower and MVWC hereby represents and warrants
that (a) each of the representations and warranties contained in Section IV of the Credit Agreement are, after giving effect to this Amendment, true and correct in all material respects as if made on and as of the Amendment Effective Date
(unless such representations and warranties are stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); provided, that each
reference to the Credit Agreement therein shall be deemed to be a reference to the Credit Agreement after giving effect to this Amendment and (b) after giving effect to this Amendment, no Default or Event of Default has occurred and is
continuing. 
 SECTION 5. Effects on Credit Documents. (a) Except as specifically amended herein, all Loan Documents
shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
 (b) The execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents.

 SECTION 6. Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation and 

 
delivery of this Amendment, and any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements
of legal counsel. 
 SECTION 7. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 10.16 OF THE CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL
HEREIN. 
 SECTION 8. Amendments; Execution in Counterparts. (a) This Amendment shall not constitute an amendment of
any other provision of the Credit Agreement not referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Loan Parties that would require a waiver or consent of the Required Lenders or
the Administrative Agent. Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect. 
 (b) This Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by the Borrower, MVWC, the Administrative Agent and the Required Lenders. This Amendment
may be executed in any number of counterparts and by the different parties hereto on separate counterparts, including by means of facsimile or electronic transmission, each of which when so executed and delivered shall be an original, but all of
which shall together constitute one and the same instrument. 
 [Remainder of page intentionally left blank] 

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

  

			
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	/s/     Joseph Bramuchi
		 	Name: Joseph Bramuchi
		 	Title: Vice President and Treasurer

 [First Amendment Signature Page] 

  

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

 [First Amendment Signature Page] 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and Lender
		
	By:	 	/s/     Donald Shokrian
		 	Name: Donald Shokrian
		 	Title: Managing Director

 [First Amendment Signature Page] 

 
			
	BANK OF AMERICA, as Lender
		
	By:	 	/s/     Lesa J. Butler
		 	Name: Lesa J. Butler
		 	Title: Senior Vice President

 [First Amendment Signature Page] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Lender
		
	By:	 	/s/     Mary Kay Cole
		 	Name: Mary Kay Cole
		 	Title: Managing Director

  

			
		
	By:	 	/s/     Omayra Laucella
		 	Name: Omayra Laucella
		 	Title: Vice President

 [First Amendment Signature Page] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender
		
	By:	 	/s/     Bill O’Daly
		 	Name: Bill O’Daly
		 	Title: Director

  

			
		
	By:	 	/s/     Vipul Dhadda
		 	Name: Vipul Dhadda
		 	Title: Associate

 [First Amendment Signature Page] 

 
			
	FIRST HAWAIIAN BANK, as Lender
		
	By:	 	/s/ Jon T. Fukagawa
		 	Name: Jon T. Fukagawa
		 	Title: Vice President

 [First Amendment Signature Page] 

 
			
	THE ROYAL BANK OF SCOTLAND, as Lender
		
	By:	 	/s/    Timothy J. McNaught
		 	Name: Timothy J. McNaught
		 	Title: Managing Director

 [First Amendment Signature Page] 

 
			
	SUNTRUST BANK, as Lender
		
	By:	 	/s/     David Fournier
		 	Name: David Fournier
		 	Title: Vice President

 [First Amendment Signature Page] 

 
			
	US BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	/s/     Stephen L. Sawyer
		 	Name: Stephen L. Sawyer
		 	Title: Vice President

 [First Amendment Signature Page] 

 
			
	WELLS FARGO CAPITAL FINANCE, LLC, as Lender
		
	By:	 	/s/     William R. Doolittle

		 	Name: William R. Doolittle

		 	Title: Vice President

 [First Amendment Signature Page] 

 Annex I 
 EXHIBIT N 
 FORM OF NOTICE OF BORROWING 

JPMORGAN CHASE BANK, N.A. 

        as Administrative Agent under the 
         Credit Agreement referred to below 

                 ,
20                 
 Attention: 

Re: Marriott Ownership Resorts, Inc.  
 Reference is made to the Credit Agreement, dated as of October 20, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Marriott Vacations Worldwide Corporation (“MVWC”), Marriott Ownership Resorts, Inc. (the “Borrower”), the Lenders party thereto, the Documentation Agents and Syndication Agents named
therein and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used herein without definition are used as defined in the Credit Agreement. 

The Borrower hereby gives you irrevocable notice, pursuant to Section 2.2 of the Credit Agreement of its request of a
borrowing (the “Proposed Borrowing”) under the Credit Agreement and, in that connection, sets forth the following information: 
 A. The date of the Proposed Borrowing is             ,         (the “Funding
Date”). 
 B. The aggregate principal amount of the Proposed Borrowing of revolving
loans is1
$            , of which $             consists of ABR Loans and
$             consists of Eurodollar Loans having an initial Interest Period of              months [ and
             months]2. 
 C. Location and number of Borrower’s account to which
proceeds of the Proposed Borrowing are to be disbursed:
                                         
        
 The Borrower hereby certifies that the following statements are true on the
date hereof, both before and after giving effect to the Proposed Borrowing and any other Loan to be made or Letter of Credit to be issued on or before the Funding Date: 

(i) the representations and warranties made by any Loan Party set forth in Section 4 of the Credit Agreement
and elsewhere in the Loan Documents are true and correct in all material 
  

	1 	 Must comply with minimum amounts in Credit Agreement pursuant to Section 2.2. 

 

	2 	 For multiple Eurodollar Tranches 

 
respects on and as of such Funding Date except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true
and correct on and as of such date; and 
 (ii) no Default or Event of Default has occurred or is continuing
after giving effect to the Proposed Borrowing. 
  

			
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	 
		 	Name:
		 	Title:Exhibit 10.12

 Exhibit 10.12 
 EXECUTION VERSION 
 WAIVER AND SECOND AMENDMENT 

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

W I T N E S S E T H 

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

 WHEREAS, the Borrower has further requested that certain provisions of the Credit Agreement be waived or amended as set forth
herein; and 
 WHEREAS, the Required Lenders are willing to agree to this Waiver and Amendment on the terms set forth herein.

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

 SECTION 1. Capitalized Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such
terms in the Credit Agreement. 
 SECTION 2. Waiver. Notwithstanding anything to the contrary contained in
Section 5.1(k)(i) of the Credit Agreement, the Loan Parties shall not be required to deliver Mortgages (and the related title insurance policies, surveys and flood insurance certificates) for approximately 3,100 weeks of Time Share Interests
representing Time Share Interests held for sale at various resorts located in Hawaii or reacquired from retail owners within the 60 days preceding the Closing Date; provided that the Borrower shall cause such Mortgages (and related title
insurance policies, surveys and flood insurance certificates ) to be delivered within 60 days of the Closing Date. Failure to comply with the requirements of the preceding sentence shall be deemed to be a breach of Section 6.10(c)(i) or (ii),
as applicable, of the Credit Agreement. 
 SECTION 3. Amendments. The Credit Agreement shall be amended as of the Waiver
and Amendment Effective Date (as defined below) as set forth below: 
 (a) Amendments to Section 1.1 (Defined
Terms). Section 1.1 of the Credit Agreement is hereby amended as follows: 
 (i) by inserting the
following definition in proper alphabetical order: 
 “Second Amendment” means the Waiver and
Second Amendment to this Agreement dated November 18, 2011. 

 (ii) by amending the definition of “Loan Documents” by adding “the Second
Amendment,” immediately after “the First Amendment,” in the first line thereof. 
 (b) Amendment to
Section 6.10 (Additional Collateral, etc.). Section 6.10(c)(i) is hereby amended by inserting the following after the last sentence thereof: “For purposes of this Section 6.10(c)(i), a Time Share Interest that has been
acquired by a Loan Party from the retail owner thereof (i.e., a reacquired Time Share Interest) shall not be deemed to be owned by a Loan Party until 60 days following such Loan Party’s acquisition thereof.” 

SECTION 4. Conditions to Effectiveness of Waiver and Amendment. This Waiver and Amendment shall become effective on the date on
which the following conditions precedent have been satisfied or waived (the “Waiver and Amendment Effective Date”): 
 (a) The Administrative Agent shall have received a counterpart of this Waiver and Amendment, executed and delivered by a duly authorized officer of each of (i) the Borrower and MVWC and (ii) the
Required Lenders. 
 SECTION 5. Representations and Warranties. Each of the Borrower and MVWC hereby represents and
warrants that (a) each of the representations and warranties contained in Section IV of the Credit Agreement are, after giving effect to this Waiver and Amendment, true and correct in all material respects as if made on and as of the Waiver and
Amendment Effective Date (unless such representations and warranties are stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date);
provided that each reference to the Credit Agreement therein shall be deemed to be a reference to the Credit Agreement after giving effect to this Waiver and Amendment and (b) after giving effect to this Waiver and Amendment, no Default
or Event of Default has occurred and is continuing. 
 SECTION 6. Effect on Credit Documents. Except as specifically
amended herein, all Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
 SECTION 7. Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation and
delivery of this Waiver and Amendment, and any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of legal counsel. 

SECTION 8. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS WAIVER AND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 10.16 OF THE CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN. 

SECTION 9. Waivers; Execution in Counterparts. (a) This Waiver and Amendment shall not constitute a waiver of any other
provision of the Credit Agreement not referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Loan Parties that would require a waiver or consent of the Required Lenders or the
Administrative Agent. Except as expressly waived hereby, the provisions of the Credit Agreement are and shall remain in full force and effect. 

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

[Remainder of page intentionally left blank] 

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

			
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	/s/    Joseph Bramuchi        
		 	Name: Joseph Bramuchi
		 	 Title: Vice President

 [Waiver and Amendment Signature Page] 

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

 [Waiver and Amendment Signature Page] 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and Lender
		
	By:	 	/s/    Marc Costantino        
		 	Name: Marc Costantino
		 	Title: Executive Director

 [Waiver and Amendment Signature Page] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Lender
		
	By:	 	/s/    Erin Morrissey        
		 	Name: Erin Morrissey
		 	 Title: Director

  

			
		
	By:	 	/s/    Marguerite Sutton        
		 	Name: Marguerite Sutton
		 	 Title: Director

 [Waiver and Amendment Signature Page] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender
		
	By:	 	/s/    Shaheen Malik      
		 	Name: Shaheen Malik
		 	 Title: Vice President

  

			
		
	By:	 	/s/    Kevin Buddhdew        
		 	Name: Kevin Buddhdew
		 	 Title: Associate

 [Waiver and Amendment Signature Page] 

 
			
	FIRST HAWAIIAN BANK, as Lender
		
	By:	 	/s/    Jon T. Fukagawa        
		 	Name: Jon T. Fukagawa
		 	Title: Vice President

 [Waiver and Amendment Signature Page] 

 
			
	THE ROYAL BANK OF SCOTLAND, as Lender
		
	By:	 	/s/    Timothy J. McNaught        
		 	Name: Timothy J. McNaught
		 	 Title: Managing Director

 [Waiver and Amendment Signature Page] 

 
			
	SUNTRUST BANK, as Lender
		
	By:	 	/s/    David Fournier        
		 	Name: David Fournier
		 	 Title: Vice President

 [Waiver and Amendment Signature Page] 

 
			
	WELLS FARGO CAPITAL FINANCE, LLC, as Lender
		
	By:	 	/s/    William R. Doolittle        
		 	Name: William R. Doolittle
		 	 Title: Vice President

 [Waiver and Amendment Signature Page]

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