Document:

Exhibit 10.2

 Exhibit 10.2 
 EXECUTION COPY 
 MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1, 

as Issuer 

MARRIOTT OWNERSHIP RESORTS, INC., 
 as Servicer 
 and 

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

 
 SECOND AMENDED
AND RESTATED INDENTURE AND SERVICING 
 AGREEMENT 

Dated as of September 1, 2012 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	2	  
			
	 Section 1.01
	  	 General Definitions
	  	 	2	  
			
	 Section 1.02
	  	 Compliance Certificates and Opinions
	  	 	2	  
			
	 Section 1.03
	  	 Form of Documents Delivered to Indenture Trustee
	  	 	3	  
			
	 Section 1.04
	  	 Acts of Noteholders, etc.
	  	 	4	  
			
	 Section 1.05
	  	 Notice to Noteholders; Waiver
	  	 	5	  
			
	 Section 1.06
	  	 Effect of Headings and Table of Contents
	  	 	5	  
			
	 Section 1.07
	  	 Successors and Assigns
	  	 	5	  
			
	 Section 1.08
	  	 GOVERNING LAW
	  	 	5	  
			
	 Section 1.09
	  	 Legal Holidays
	  	 	6	  
			
	 Section 1.10
	  	 Execution in Counterparts
	  	 	6	  
			
	 Section 1.11
	  	 Inspection
	  	 	6	  
			
	 Section 1.12
	  	 Survival of Representations and Warranties
	  	 	6	  
		
	 ARTICLE II THE NOTES
	  	 	7	  
			
	 Section 2.01
	  	 General Provisions
	  	 	7	  
			
	 Section 2.02
	  	 Definitive Notes
	  	 	8	  
			
	 Section 2.03
	  	 Registration, Transfer and Exchange of Notes
	  	 	8	  
			
	 Section 2.04
	  	 Mutilated, Destroyed, Lost and Stolen Notes
	  	 	10	  
			
	 Section 2.05
	  	 Payment of Interest and Principal; Rights Preserved
	  	 	10	  
			
	 Section 2.06
	  	 Persons Deemed Owners
	  	 	11	  
			
	 Section 2.07
	  	 Cancellation
	  	 	11	  
			
	 Section 2.08
	  	 Noteholder Lists
	  	 	11	  

  
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	 Section 2.09
	  	 Treasury Notes
	  	 	12	  
			
	 Section 2.10
	  	 Principal, Interest and NPA Costs
	  	 	12	  
			
	 Section 2.11
	  	 Increases in Outstanding Note Balance
	  	 	12	  
			
	 Section 2.12
	  	 Reduction of the Facility Limit
	  	 	12	  
			
	 Section 2.13
	  	 Facility Termination Date
	  	 	13	  
		
	 ARTICLE III ACCOUNTS; COLLECTION AND APPLICATION OF MONEYS; REPORTS
	  	 	14	  
			
	 Section 3.01
	  	 Trust Accounts; Investments by Indenture Trustee
	  	 	14	  
			
	 Section 3.02
	  	 Establishment and Administration of the Trust Accounts
	  	 	16	  
			
	 Section 3.03
	  	 Hedge Agreement
	  	 	19	  
			
	 Section 3.04
	  	 Distributions
	  	 	22	  
			
	 Section 3.05
	  	 Reports to Noteholders
	  	 	24	  
			
	 Section 3.06
	  	 Withholding Taxes
	  	 	25	  
		
	 ARTICLE IV THE TRUST ESTATE
	  	 	25	  
			
	 Section 4.01
	  	 Conveyance of Trust Estate/ Acceptance by Indenture Trustee
	  	 	25	  
			
	 Section 4.02
	  	 Acquisition of Timeshare Loans
	  	 	26	  
			
	 Section 4.03
	  	 Additional Timeshare Loans
	  	 	26	  
			
	 Section 4.04
	  	 Grant of Security Interest; Tax Treatment
	  	 	27	  
			
	 Section 4.05
	  	 Further Action Evidencing Grant of Security Interest
	  	 	28	  
			
	 Section 4.06
	  	 Substitution and Repurchase of Timeshare Loans
	  	 	28	  
			
	 Section 4.07
	  	 Release of Lien
	  	 	30	  
			
	 Section 4.08
	  	 Appointment of Custodian
	  	 	33	  
			
	 Section 4.09
	  	 Sale of Timeshare Loans
	  	 	33	  
		
	 ARTICLE V SERVICING OF TIMESHARE LOANS
	  	 	33	  
			
	 Section 5.01
	  	 Appointment of Servicer; Servicing Standard
	  	 	33	  

  
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	 Section 5.02
	  	 Payments on the Timeshare Loans
	  	 	33	  
			
	 Section 5.03
	  	 Duties and Responsibilities of the Servicer
	  	 	34	  
			
	 Section 5.04
	  	 Servicer Events of Default
	  	 	37	  
			
	 Section 5.05
	  	 Accountings; Statements and Reports
	  	 	39	  
			
	 Section 5.06
	  	 Records
	  	 	41	  
			
	 Section 5.07
	  	 Fidelity Bond
	  	 	41	  
			
	 Section 5.08
	  	 Merger or Consolidation of the Servicer
	  	 	42	  
			
	 Section 5.09
	  	 Sub-Servicing
	  	 	42	  
			
	 Section 5.10
	  	 Servicer Resignation
	  	 	42	  
			
	 Section 5.11
	  	 Fees and Expenses
	  	 	43	  
			
	 Section 5.12
	  	 Access to Certain Documentation
	  	 	43	  
			
	 Section 5.13
	  	 No Offset
	  	 	43	  
			
	 Section 5.14
	  	 Cooperation
	  	 	43	  
			
	 Section 5.15
	  	 Indemnification; Third Party Claim
	  	 	44	  
			
	 Section 5.16
	  	 Limitation on Liability
	  	 	44	  
			
	 Section 5.17
	  	 Aruba Notice
	  	 	44	  
			
	 Section 5.18
	  	 St. Kitts
	  	 	44	  
			
	 Section 5.19
	  	 Back-Up Servicer and Successor Servicer
	  	 	45	  
		
	 ARTICLE VI EVENTS OF DEFAULT; REMEDIES
	  	 	47	  
			
	 Section 6.01
	  	 Events of Default
	  	 	47	  
			
	 Section 6.02
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	50	  
			
	 Section 6.03
	  	 Remedies
	  	 	51	  
			
	 Section 6.04
	  	 Indenture Trustee May File Proofs of Claim. (a)
	  	 	52	  
			
	 Section 6.05
	  	 Indenture Trustee May Enforce Claims Without Possession of Notes
	  	 	53	  

  
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	 Section 6.06
	  	 Application of Money Collected
	  	 	53	  
			
	 Section 6.07
	  	 Limitation on Suits
	  	 	54	  
			
	 Section 6.08
	  	 Unconditional Right of Noteholders to Receive Principal and Interest
	  	 	55	  
			
	 Section 6.09
	  	 Restoration of Rights and Remedies
	  	 	55	  
			
	 Section 6.10
	  	 Rights and Remedies Cumulative
	  	 	55	  
			
	 Section 6.11
	  	 Delay or Omission Not Waiver
	  	 	55	  
			
	 Section 6.12
	  	 Control by Noteholders
	  	 	55	  
			
	 Section 6.13
	  	 Waiver of Events of Default
	  	 	56	  
			
	 Section 6.14
	  	 Undertaking for Costs
	  	 	56	  
			
	 Section 6.15
	  	 Waiver of Stay or Extension Laws
	  	 	57	  
			
	 Section 6.16
	  	 Sale of Trust Estate
	  	 	57	  
		
	 ARTICLE VII THE INDENTURE TRUSTEE
	  	 	58	  
			
	 Section 7.01
	  	 Certain Duties
	  	 	58	  
			
	 Section 7.02
	  	 Notice of Events of Default and Amortization Events
	  	 	59	  
			
	 Section 7.03
	  	 Certain Matters Affecting the Indenture Trustee
	  	 	60	  
			
	 Section 7.04
	  	 Indenture Trustee Not Liable for Notes or Timeshare Loans
	  	 	61	  
			
	 Section 7.05
	  	 Indenture Trustee May Own Notes
	  	 	61	  
			
	 Section 7.06
	  	 Indenture Trustee’s Fees and Expenses
	  	 	61	  
			
	 Section 7.07
	  	 Eligibility Requirements for Indenture Trustee
	  	 	61	  
			
	 Section 7.08
	  	 Resignation or Removal of Indenture Trustee
	  	 	62	  
			
	 Section 7.09
	  	 Successor Indenture Trustee
	  	 	62	  
			
	 Section 7.10
	  	 Merger or Consolidation of Indenture Trustee
	  	 	64	  
			
	 Section 7.11
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	 	64	  
			
	 Section 7.12
	  	 Note Registrar Rights
	  	 	65	  
			
	 Section 7.13
	  	 Authorization
	  	 	65	  

  
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	 ARTICLE VIII COVENANTS
	  	 	66	  
			
	 Section 8.01
	  	 Payment of Principal and Interest
	  	 	66	  
			
	 Section 8.02
	  	 Maintenance of Office or Agency; Chief Executive Office
	  	 	66	  
			
	 Section 8.03
	  	 Money for Payments to Noteholders to be Held in Trust
	  	 	66	  
			
	 Section 8.04
	  	 Existence; Merger; Consolidation, etc.
	  	 	66	  
			
	 Section 8.05
	  	 Protection of Trust Estate; Further Assurances
	  	 	67	  
			
	 Section 8.06
	  	 Additional Covenants
	  	 	68	  
			
	 Section 8.07
	  	 Taxes
	  	 	69	  
			
	 Section 8.08
	  	 Treatment of Notes as Debt for Tax Purposes
	  	 	69	  
			
	 Section 8.09
	  	 Collections
	  	 	69	  
			
	 Section 8.10
	  	 Segregation of Collections
	  	 	70	  
			
	 Section 8.11
	  	 Change in Payment Instructions to Obligors
	  	 	70	  
			
	 Section 8.12
	  	 Change in Payment Instructions to Obligors
	  	 	70	  
			
	 Section 8.13
	  	 Notices to Obligors
	  	 	71	  
			
	 Section 8.14
	  	 Segregation of Collections
	  	 	71	  
			
	 Section 8.15
	  	 Further Instruments and Acts
	  	 	71	  
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	72	  
			
	 Section 9.01
	  	 Supplemental Indentures without Consent of Noteholders
	  	 	72	  
			
	 Section 9.02
	  	 Supplemental Indentures with Consent of Noteholders
	  	 	72	  
			
	 Section 9.03
	  	 Execution of Supplemental Indentures
	  	 	73	  
			
	 Section 9.04
	  	 Effect of Supplemental Indentures
	  	 	74	  
			
	 Section 9.05
	  	 Reference in Notes to Supplemental Indentures
	  	 	74	  

  
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	 ARTICLE X OPTIONAL PREPAYMENT AND MANDATORY REDEMPTION OF NOTES
	  	 	74	  
			
	 Section 10.01
	  	 Optional Prepayment
	  	 	74	  
			
	 Section 10.02
	  	 Mandatory Redemption
	  	 	74	  
		
	 ARTICLE XI SATISFACTION AND DISCHARGE
	  	 	75	  
			
	 Section 11.01
	  	 Satisfaction and Discharge of Indenture
	  	 	75	  
			
	 Section 11.02
	  	 Application of Trust Money
	  	 	76	  
			
	 Section 11.03
	  	 Trust Termination Date
	  	 	76	  
		
	 ARTICLE XII REPRESENTATIONS AND WARRANTIES
	  	 	76	  
			
	 Section 12.01
	  	 Representations and Warranties of the Issuer
	  	 	76	  
			
	 Section 12.02
	  	 Representations and Warranties of the Initial Servicer
	  	 	80	  
			
	 Section 12.03
	  	 Representations and Warranties of the Indenture Trustee and the Back-Up Servicer
	  	 	82	  
			
	 Section 12.04
	  	 Multiple Roles
	  	 	84	  
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	84	  
			
	 Section 13.01
	  	 Officer’s Certificate and Opinion of Counsel as to Conditions Precedent
	  	 	84	  
			
	 Section 13.02
	  	 Statements Required in Certificate or Opinion
	  	 	84	  
			
	 Section 13.03
	  	 Notices
	  	 	85	  
			
	 Section 13.04
	  	 No Proceedings
	  	 	87	  
			
	 Section 13.05
	  	 Limitation of Liability
	  	 	88	  
			
	 Section 13.06
	  	 Entire Agreement
	  	 	88	  
			
	 Section 13.07
	  	 Severability of Provisions
	  	 	88	  
			
	 Section 13.08
	  	 Indulgences; No Waivers
	  	 	89	  
			
	 Section 13.09
	  	 Conditions Precedent to the Amendment Effective Date
	  	 	89	  

  
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	Exhibit A	  	Form of Notes
		
	Exhibit B	  	Form of Investor Representation Letter
		
	Exhibit C	  	Form of Supplemental Grant
		
	Exhibit D	  	Form of Funding Date Certificate
		
	Exhibit E	  	[Reserved]
		
	Exhibit F	  	Form of Servicer Officer’s Certificate
		
	Exhibit G	  	Form of Aruba Notice
		
	Exhibit H	  	Trade Names
		
	Exhibit I	  	Data Conversion Layout
		
	Exhibit J	  	Exchange Notes Pool Criteria
		
	Annex A	  	Standard Definitions

  
 vii

 SECOND AMENDED AND RESTATED INDENTURE AND SERVICING AGREEMENT 

This Second Amended and Restated Indenture and Servicing Agreement, dated as of September 1, 2012 (this “Indenture and
Servicing Agreement”), is among MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1, a statutory trust organized under the laws of the State of Delaware, as issuer (the “Issuer”), Marriott Ownership Resorts, Inc.
(“MORI”), a Delaware corporation, as servicer (the “Servicer”), and Wells Fargo Bank, National Association, a national banking association, as indenture trustee (the “Indenture Trustee”) and as
back-up servicer (in such capacity, the “Back-Up Servicer”) and hereby amends and restates in its entirety that certain indenture and servicing agreement, dated as of September 1, 2011 (the “Closing Date Indenture and
Servicing Agreement”), by and among the parties hereto, as amended by that certain amended and restated indenture and servicing agreement, dated as of September 1, 2011 (the “Amended and Restated Indenture and Servicing
Agreement”), by and among the parties hereto. 
 RECITALS OF THE ISSUER 

WHEREAS, The Issuer duly authorized the execution and delivery of the Closing Date Indenture and Servicing Agreement to provide for the
issuance of Timeshare Loan-Backed Variable Funding Notes, Series 2011-1 (the “Notes”) as provided therein; 

WHEREAS, the Issuer, MORI, the Servicer, the Indenture Trustee and the Back-Up Servicer entered into the Amended and Restated Indenture
and Servicing Agreement as of September 1, 2011; and 
 WHEREAS, the parties hereto desire to amend and restate in its
entirety the Amended and Restated Indenture and Servicing Agreement and the Standard Definitions as provided herein, and all actions required to do so under Section 9.02 of the Amended and Restated Indenture and Servicing Agreement have been
taken. 
 NOW, THEREFORE, THIS INDENTURE AND SERVICING AGREEMENT WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the holders thereof, it is mutually covenanted and agreed, for
the benefit of the Noteholders, as follows: 
 GRANTING CLAUSE 

To secure the payment of the principal of and interest on the Notes in accordance with their terms, the payment of all of the sums
payable under this Indenture and Servicing Agreement and the performance of the covenants contained in this Indenture and Servicing Agreement, the Issuer hereby Grants to the Indenture Trustee, for the benefit of the Noteholders and the Hedge
Counterparties, all of the Issuer’s right, title and interest in and to the following whether now owned or hereafter acquired and any and all benefits accruing to the Issuer from, (i) all Timeshare Loans and Conveyed Timeshare Loan Assets
acquired by the Issuer, (ii) the Qualified Substitute Timeshare Loans, if any, (iii) the Receivables in respect of such Timeshare Loans due on and after the related Cut-Off Date, (iv) the related Timeshare Loan Files, (v) all

  
 1 

 
Related Security in respect of each such Timeshare Loan, (vi) all rights and remedies under the Sale Agreement, (vii) all rights and remedies under the Custodial Agreement,
(viii) all rights and remedies under the Hedge Agreements, (ix) all rights and remedies under the Performance Guaranty, (x) all amounts in or to be deposited to each Trust Account, and (xi) proceeds of the foregoing (including,
without limitation, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind, and other forms of
obligations and receivables which at any time constitute all or part or are included in the proceeds of any of the foregoing) (collectively, the “Trust Estate”). Notwithstanding the foregoing, the Trust Estate shall not include any
Miscellaneous Payments and Processing Charges made by an Obligor. 
 Such Grant is made in trust to secure (i) the payment
of all amounts due on the Notes in accordance with their terms, equally and ratably except as otherwise may be provided in this Indenture and Servicing Agreement, without prejudice, priority, or distinction between any Note by reason of differences
in time of issuance or otherwise, (ii) the payment of all amounts due to the Hedge Counterparty under the Hedge Agreement and (iii) the payment of all other sums payable under the Notes and this Indenture and Servicing Agreement.

 The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and
agrees to perform the duties herein required to the best of its ability and to the end that the interests of the Noteholders may be adequately and effectively protected as hereinafter provided. 

ARTICLE I  

DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
 Section 1.01 General Definitions. 

In addition to the terms defined elsewhere in this Indenture and Servicing Agreement, capitalized terms shall have the meanings given
them in the “Second Amended and Restated Standard Definitions” attached hereto as Annex A. 
 Section 1.02
Compliance Certificates and Opinions. 
 Upon any written application or request (or oral application with prompt written
or electronic confirmation) by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture and Servicing Agreement, other than any request that (a) the Indenture Trustee authenticate the Notes specified in such
request, (b) the Indenture Trustee invest moneys in any of the Trust Accounts pursuant to the written directions specified in such request, or (c) the Indenture Trustee pay moneys due and payable to the Issuer hereunder to the
Issuer’s assignee specified in such request, the Indenture Trustee shall require the Issuer to furnish to the Indenture Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture and
Servicing Agreement relating to the proposed action have been complied with and that the request otherwise is in accordance with the terms of this Indenture and Servicing Agreement, and an Opinion of Counsel stating that in the opinion of

  
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such counsel all such conditions precedent, if any, have been complied with, except that, in the case of any such requested action as to which other evidence of satisfaction of the conditions
precedent thereto is specifically required by any provision of this Indenture and Servicing Agreement, no additional certificate or opinion need be furnished. 
 Section 1.03 Form of Documents Delivered to Indenture Trustee. 
 In
any case where several matters are required to be certified by, or covered by an opinion of any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters
in one or several documents. 
 Any certificate or opinion of an officer of the Issuer delivered to the Indenture Trustee may be
based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such officer knows that such Opinion of Counsel with respect to the matters upon which his certificate or opinion is based are erroneous. Any such officer’s
certificate or opinion and any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer as to such factual matters unless such officer or
counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may be based on the written opinion of other counsel, in which event such Opinion of Counsel shall be accompanied by
a copy of such other counsel’s opinion which shall contain appropriate language permitting reliance on such other counsel’s opinion. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture and Servicing Agreement,
they may, but need not, be consolidated and form one instrument. 
 Wherever in this Indenture and Servicing Agreement, in
connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided in Section 7.01(b) hereof. 
 Whenever in
this Indenture and Servicing Agreement it is provided that the absence of the occurrence and continuation of a Potential Event of Default, Event of Default, Potential Servicer Event of Default, Servicer Event of Default, Potential Amortization Event
or Amortization Event is a condition precedent to the taking of any action by the Indenture Trustee at the request or direction of the Issuer, then, notwithstanding that the satisfaction of such condition is a condition precedent to the
Issuer’s right to make such request or direction, the 

  
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Indenture Trustee shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and continuation of such event. For all purposes of
this Indenture and Servicing Agreement, the Indenture Trustee shall not be deemed to have knowledge of any Default, Event of Default, Servicer Event of Default or Amortization Event nor shall the Indenture Trustee have any duty to monitor or
investigate to determine whether a Default, an Event of Default (other than an Event of Default of the kind described in Section 6.01(a) hereof), a Servicer Event of Default or an Amortization Event has occurred unless a Responsible Officer of
the Indenture Trustee shall have actual knowledge thereof or shall have been notified in writing thereof by the Issuer, the Servicer or any Noteholder. 
 Section 1.04 Acts of Noteholders, etc. 
 (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture and Servicing Agreement to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such Noteholders in person or by agents duly appointed in writing, including but not limited to trust agents and administrative agents; and, except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as
the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and Servicing Agreement
and (subject to Section 7.01 hereof) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 1.04. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity other than his or her
individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved
in any other manner which the Indenture Trustee, in its reasonable discretion, deems sufficient. 
 (c) Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the holder of any Note shall bind every future holder of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

(d) By accepting the Notes issued pursuant to this Indenture and Servicing Agreement, each Noteholder irrevocably appoints the Indenture
Trustee hereunder as the special attorney-in-fact for such Noteholder vested with full power on behalf of such Noteholder to effect and enforce the rights of such Noteholder for the benefit of such Noteholder; provided that nothing contained
in this Section 1.04(d) shall be deemed to confer upon the Indenture Trustee any duty or power to vote on behalf of the Noteholders with respect to any matter on which the Noteholders have a right to vote pursuant to the terms of this Indenture
and Servicing Agreement. 

  
 4 

 Section 1.05 Notice to Noteholders; Waiver. 

(a) Where this Indenture and Servicing Agreement provides for notice to Noteholders of any event, or the mailing of any report to
Noteholders, such notice or report shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, certified mail return receipt requested, or sent by private courier or confirmed electronically to each Noteholder
affected by such event or to whom such report is required to be mailed, at its address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or the
mailing of such report. In any case where a notice or report to Noteholders is mailed, neither the failure to mail such notice or report, nor any defect in any notice or report so mailed, to any particular Noteholder shall affect the sufficiency of
such notice or report with respect to other Noteholders. Where this Indenture and Servicing Agreement provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
waiver. 
 (b) In case by reason of the suspension of regular mail service or by reason of any other cause it shall be
impracticable to mail or send notice to Noteholders, in accordance with Section 1.05(a) hereof, of any event or any report to Noteholders when such notice or report is required to be delivered pursuant to any provision of this Indenture and
Servicing Agreement, then such notification or delivery as shall be made with the approval of the Indenture Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 1.06 Effect of Headings and Table of Contents. 

The Article and Section headings herein and in the Table of Contents are for convenience only and shall not affect the construction
hereof. 
 Section 1.07 Successors and Assigns. 

All covenants and agreements in this Indenture and Servicing Agreement by each of the parties hereto shall bind its respective successors
and permitted assigns, whether so expressed or not. 
 Section 1.08 GOVERNING LAW. 

THIS INDENTURE AND SERVICING AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK. UNLESS MADE APPLICABLE IN A SUPPLEMENT HERETO, THIS INDENTURE AND SERVICING AGREEMENT IS NOT SUBJECT TO THE TRUST INDENTURE ACT OF 1939, AS AMENDED, AND SHALL NOT BE GOVERNED THEREBY AND CONSTRUED IN ACCORDANCE THEREWITH.

  
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 Section 1.09 Legal Holidays. 

In any case where any Payment Date or the Stated Maturity or any other date on which principal of or interest on any Note is proposed to
be paid shall not be a Business Day, then (notwithstanding any other provision of this Indenture and Servicing Agreement or of the Notes) such payment need not be made on such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on such Payment Date, Stated Maturity, or other date on which principal of or interest on any Note is proposed to be paid, provided that no penalty interest shall accrue for the period from and after such Payment Date,
Stated Maturity, or any other date on which principal of or interest on any Note is proposed to be paid, as the case may be, until such next succeeding Business Day. 
 Section 1.10 Execution in Counterparts. 
 This Indenture and Servicing
Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this
Indenture and Servicing Agreement by facsimile or other electronic transmission (i.e., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof and deemed an original. 

Section 1.11 Inspection. 
 The Issuer agrees that it will permit the Indenture Trustee, the Administrative Agent, each Funding Agent and each Purchaser or their agents or representatives inspection rights in accordance with
Section 3.1(l) of the Note Purchase Agreement. All information obtained by the Indenture Trustee, the Administrative Agent, any Funding Agent or any Purchaser pursuant to this Section 1.11 shall be kept confidential; provided that any of
the foregoing parties may share any information obtained by it or its representatives pursuant to this Section 1.11 with each other, and as permitted by Section 6.8 of the Note Purchase Agreement. 

Section 1.12 Survival of Representations and Warranties. 

The representations, warranties and certifications of the Issuer made in this Indenture and Servicing Agreement or in any certificate or
other writing delivered by the Issuer pursuant hereto shall survive the authentication and delivery of the Notes hereunder. 

  
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 ARTICLE II  
 THE NOTES 
 Section 2.01 General Provisions. 

(a) Form of Notes. The Notes shall be designated as the Marriott Vacations Worldwide Owner Trust 2011-1, Timeshare Loan Backed
Variable Funding Notes, Series 2011-1. The Notes, together with their certificates of authentication, shall be in substantially the form set forth in Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other
variations as are required or are permitted by this Indenture and Servicing Agreement, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may consistently herewith be determined by
the officer executing such Notes, as evidenced by such officer’s execution of such Notes. 
 (b) Denominations. The
Outstanding Note Balance of Notes which may be authenticated and delivered under this Indenture and Servicing Agreement shall not exceed the Facility Limit and the outstanding principal amount of a Note held by any single Purchaser Group or any
single Non-Conduit Committed Purchaser shall not exceed the then-effective Purchaser Commitment Amount for such Purchaser Group or Non-Conduit Committed Purchaser. The Notes shall be issuable only as registered Notes without interest coupons in the
denominations of at least $1,000,000 and in integral multiples of $1,000; provided, however, that the foregoing shall not restrict or prevent the transfer in accordance with Section 2.03 hereof of any Note with a remaining
Outstanding Note Balance of less than $1,000,000. 
 (c) Execution, Authentication, Delivery and Dating. The original
Notes were issued and delivered to the Noteholders on the Closing Date. On the Amendment Effective Date, each Funding Agent and each Non-Conduit Committed Purchaser shall surrender its Note to the Issuer in exchange for an amended and restated Note
dated the Amendment Effective Date and reflecting any changes to the related Commitment Amount and such other changes as are appropriate to reflect the amendment and restatement of this Indenture and Servicing Agreement and the Note Purchase
Agreement. Upon surrender of an original Note and issuance of an amended and restated Note therefor, such original Note shall be cancelled and destroyed by the Note Registrar. The Notes shall be manually executed on behalf of the Issuer by an
Authorized Officer of the Owner Trustee. Any Note bearing the signature of an individual who was at the time of execution thereof an Authorized Officer of the Owner Trustee shall bind the Issuer, notwithstanding that such individual ceases to hold
such office prior to the authentication and delivery of such Note or did not hold such office at the date of such Note. No Note shall be entitled to any benefit under this Indenture and Servicing Agreement or be valid or obligatory for any purpose
unless there appears on such Note a certificate of authentication substantially in the form set forth in Exhibit A hereto, executed by the Indenture Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered hereunder. Each Note shall be dated the date of its authentication. The Notes may from time to time be executed by the Issuer and delivered to the Indenture Trustee for
authentication together with an Issuer Order to the Indenture Trustee directing the authentication and delivery of such Notes and thereupon the same shall be authenticated and delivered by the Indenture Trustee in accordance with such Issuer Order.

  
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 Section 2.02 Definitive Notes. The Notes shall be issued in definitive form only. One
Note shall initially be issued for each Purchaser Group and be registered in the name of the related Funding Agent. One Note shall be issued for each Non-Conduit Committed Purchaser, if any, and be registered in the name of the Non-Conduit Committed
Purchaser itself. 
 Section 2.03 Registration, Transfer and Exchange of Notes. 

(a) Note Register. At all times during the term of this Indenture and Servicing Agreement, the Issuer shall cause to be kept at
the Corporate Trust Office a register (the “Note Register”) for the registration, transfer and exchange of Notes. The Indenture Trustee is hereby appointed “Note Registrar” for purposes of registering Notes and
transfers of Notes as herein provided. The names and addresses of all Noteholders and the names and addresses of the transferees of any Notes shall be registered in the Note Register. The Person in whose name any Note is so registered shall be
deemed and treated as the sole owner and Noteholder thereof for all purposes of this Indenture and Servicing Agreement and the Note Registrar, the Issuer, the Indenture Trustee, the Servicer and any agent of any of them shall not be affected by any
notice or knowledge to the contrary. The Notes are transferable or exchangeable only upon the surrender of such Note to the Note Registrar at the Corporate Trust Office together with an assignment and transfer (executed by the Holder or his duly
authorized attorney), subject to the applicable requirements of this Section 2.03. Upon request of the Indenture Trustee, the Note Registrar shall provide the Indenture Trustee with the names and addresses of Noteholders. 

(b) Surrender. Upon surrender for registration of transfer of any Note, subject to the applicable requirements of this
Section 2.03, the Issuer shall execute and the Indenture Trustee shall duly authenticate in the name of the designated transferee or transferees, one or more new Notes in denominations of a like aggregate denomination as the Note being
surrendered. Each Note surrendered for registration of transfer shall be canceled and subsequently destroyed by the Note Registrar. Each new Note issued pursuant to this Section 2.03 shall be registered in the name of any Person as the
transferring Holder may request, subject to the applicable provisions of this Section 2.03. All Notes issued upon any registration of transfer or exchange of Notes shall be entitled to the same benefits under this Indenture and Servicing
Agreement as the Notes surrendered upon such registration of transfer or exchange. 
 (c) Securities Laws and other Transfer
Restrictions. The issuance of the Notes will not be registered or qualified under the Securities Act or the securities laws of any state. No resale or transfer of any Note may be made unless such resale or transfer is made pursuant to an
effective registration statement under the Securities Act and an effective registration or a qualification under applicable state securities laws, or is made in a transaction that does not require such registration or qualification because such
resale or transfer is in compliance with Rule 144A under the Securities Act, to a person who the transferor reasonably believes is a Qualified Institutional Buyer (as defined in Rule 144A) that is purchasing for its own account or for the account of
a Qualified Institutional Buyer and to whom notice is given that such resale or transfer is being made in reliance upon Rule 144A under the Securities Act as certified by such transferee (unless such transferee is already a Purchaser) in a letter in
the form of Exhibit B hereto and in accordance with any applicable securities laws of any state of the United States and any applicable jurisdiction. None of the Issuer, the Servicer or the Indenture Trustee is obligated to register or
qualify the Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture and Servicing Agreement to permit the transfer of any Note without registration. 

  
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 Except during the occurrence and continuance of an Event of Default, no resale or transfer
of any Note may be made to a Direct Competitor without the prior written consent of the Issuer and the Servicer. Neither the Indenture Trustee nor the Note Registrar shall have any obligation to monitor the compliance with the immediately preceding
sentence. 
 (d) ERISA Considerations. No resale or other transfer of any Note or any interest therein may be made to any
purchaser or transferee unless (i) such purchaser or transferee is not, and will not acquire such Note or any interest therein on behalf of or with the assets of, any Benefit Plan or (ii) no “prohibited transaction” under ERISA
or Section 4975 of the Code that is not subject to a statutory, regulatory or administrative exemption and no violation of any substantially similar provision of federal, state or local law will occur in connection with such purchaser’s or
such transferee’s acquisition, holding or disposition of such Note or any interest therein. In addition, neither the Notes nor any interest therein may be purchased by or transferred to any Benefit Plan, or person acting on behalf of or with
assets of any Benefit Plan, unless it represents that it is not sponsored (within the meaning of Section 3(16)(B) of ERISA) by the Issuer, MORI, the Seller, the Servicer, the Back-Up Servicer, the Indenture Trustee or the Noteholders, or by any
Affiliate of any such Person. 
 (e) Transfer Fees, Charges and Taxes. No fee or service charge shall be imposed by the
Note Registrar for its services in respect of any registration of transfer or exchange referred to in this Section 2.03. The Note Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other
governmental charge payable in connection with any such transfer. 
 (f) No Obligation to Register. None of the Issuer,
the Indenture Trustee, the Servicer or the Note Registrar is obligated to register or qualify the Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture and Servicing Agreement to
permit the transfer of such Notes without registration or qualification. Any such Noteholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Issuer, the Indenture Trustee, the Servicer and the Note Registrar against
any loss, liability or expense that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. 
 (g) Rule 144A Information. The Servicer agrees to cause the Issuer and the Issuer agrees to provide such information as required under Rule 144A(d)(4) under the Securities Act so as to allow
resales of Notes to Qualified Institutional Buyers in accordance herewith. 
 (h) Sole Obligation. The Notes represent
the sole obligation of the Issuer payable from the Trust Estate and do not represent the obligations of the Originator, the Servicer, the Seller, the Back-Up Servicer, the Indenture Trustee, the Noteholders or the Custodian. 

(i) Liquidity Providers. Notwithstanding anything to the contrary herein, each Conduit under the terms of its Liquidity Agreement
or the Note Purchase Agreement may at any time sell or grant to one or more Liquidity Providers party to the Liquidity Agreement or one 

  
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or more Alternate Purchasers party to the Note Purchase Agreement, participating interests or security interest, as applicable, in the Notes provided that each Liquidity Provider or Alternate
Purchaser shall, by any such purchase, be deemed to have acknowledged and agreed to the provisions of this Indenture and Servicing Agreement. 
 Section 2.04 Mutilated, Destroyed, Lost and Stolen Notes. 
 (a) If any
mutilated Note is surrendered to the Indenture Trustee, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a replacement Note of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 
 (b) If there shall be delivered to the Issuer and the Indenture Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless then, in the absence of actual notice to the Issuer or
the Indenture Trustee that such Note has been acquired by a bona fide purchaser, the Issuer shall execute and upon its request the Indenture Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a replacement
Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 (c) In case the final
installment of principal on any such mutilated, destroyed, lost or stolen Note has become or will at the next Payment Date become due and payable, the Issuer in its discretion may, instead of issuing a replacement Note, pay such Note. 

(d) Upon the issuance of any replacement Note under this Section 2.04, the Issuer or the Indenture Trustee may require the payment
by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed as a result of the issuance of such replacement Note. 
 (e) Every replacement Note issued pursuant to this Section 2.04 in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or
not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture and Servicing Agreement equally and proportionately with any and all other Notes duly issued hereunder.

 (f) The provisions of this Section 2.04 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.05
Payment of Interest and Principal; Rights Preserved. 
 (a) Any installment of interest or principal, payable on any Note
that is punctually paid or duly provided for by or on behalf of the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note was registered at the close of business on the Record Date for such Payment Date by wire
transfer of federal funds to the account and number specified in the Note Register, in each case on such Record Date for such Person (which shall be, as to each original Noteholder, the account and number specified in the Note Purchase Agreement)
or, if no wire transfer information is available, by check mailed to the address specified in the Note Register. 

  
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 (b) All reductions in the principal amount of a Note effected by payments of installments of
principal made on any Payment Date shall be binding upon all Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment is noted on such Note. All
payments on the Notes shall be paid without any requirement of presentment, except that each Holder of any Note shall be deemed to agree, by its acceptance of the same, to surrender such Note at the Corporate Trust Office prior to receipt of payment
of the final installment of principal of such Note. 
 Section 2.06 Persons Deemed Owners. 

Prior to due presentment of a Note for registration of transfer, the Issuer, the Indenture Trustee, and any agent of the Issuer or the
Indenture Trustee may treat the registered Noteholder as the owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not payment on such Note is overdue, and
neither the Issuer, the Indenture Trustee, nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 
 Section 2.07 Cancellation. 
 All Notes surrendered for registration of
transfer or exchange or following final payment shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by it. The Issuer may at any time deliver to the Indenture
Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.07, except as expressly permitted by this Indenture and Servicing Agreement. All canceled Notes held by the Indenture Trustee may be disposed of in the
normal course of its business or as directed by an Issuer Order. 
 Section 2.08 Noteholder Lists. 

The Indenture Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names
and addresses of Noteholders. In the event the Indenture Trustee no longer serves as the Note Registrar, the Issuer shall furnish to the Indenture Trustee at least five Business Days before each Payment Date (and in all events in intervals of not
more than six months) and at such other times as the Indenture Trustee may request in writing a list in such form and as of such date as the Indenture Trustee may reasonably require of the names and addresses of Noteholders. For so long as Wells
Fargo Bank, National Association is acting in the capacity of Indenture Trustee, it shall also be the Note Registrar hereunder. 

  
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 Section 2.09 Treasury Notes. 

In determining whether the Noteholders of the requisite percentage of the Outstanding Note Balance have concurred in any direction,
waiver or consent, Notes held or redeemed by the Issuer or held by an Affiliate of the Issuer shall be considered as though not Outstanding, except that for the purposes of determining whether the Indenture Trustee shall be protected in relying on
any such direction, waiver or consent, only Notes which a Responsible Officer of the Indenture Trustee knows are so owned shall be so disregarded. 
 Section 2.10 Principal, Interest and NPA Costs. 
 (a) Stated
Maturity. The Notes shall mature and be fully due and payable at Stated Maturity. 
 (b) Optional Redemption and
Mandatory Redemption Date. The Notes are subject to optional and mandatory redemption as provided in Article X hereto. 

(c) Interest. Interest Distribution Amounts on each Note shall be due and payable on each Payment Date. No later than 3:00 P.M.
(New York City time), four Business Days prior to each Payment Date, the Administrative Agent shall provide notice to the Issuer, the Servicer and the Indenture Trustee of the aggregate amount of Interest Distribution Amounts and Unused Fees to be
paid on such Payment Date. 
 (d) NPA Costs. NPA Costs shall be due and payable to each Funding Agent and each
Non-Conduit Committed Purchaser on each Payment Date. No later than 3:00 P.M. (New York City time), four Business Days prior to each Payment Date, the Administrative Agent shall provide notice to the Issuer, the Servicer and the Indenture Trustee of
the aggregate amount of NPA Costs to be paid on such Payment Date. 
 Section 2.11 Increases in Outstanding Note
Balance. 
 The Noteholders agree by acceptance of the Notes that, the Issuer may, from time to time by irrevocable written
Borrowing Notice given to the Administrative Agent, the Indenture Trustee and the Servicer and subject to the terms and conditions with respect to an Increase set forth in Section 2.2 of the Note Purchase Agreement, request that the Noteholders
fund an Increase in the aggregate amount and on the date specified in the Borrowing Notice. If the terms and conditions to the Increase set forth in the Note Purchase Agreement are satisfied or waived, then such Increase shall be funded in
accordance with the Note Purchase Agreement. 
 Section 2.12 Reduction of the Facility Limit. 

In accordance with the Note Purchase Agreement, the Issuer may, upon at least five Business Days’ written notice to the
Administrative Agent, each Funding Agent and each Non-Conduit Committed Purchaser, reduce, in part, the Facility Limit to (but not below) the Outstanding Note Balance. Any such reduction in the Facility Limit shall not be less than $1,000,000 and in
increments of $1,000,000 in excess thereof and shall be applied to reduce the Purchaser Commitment Amount of each Purchaser Group and each Non-Conduit Committed Purchaser on a pro rata basis pursuant to the terms of the Note Purchase Agreement.

  
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 Section 2.13 Facility Termination Date. 

(a) If a Facility Termination Date occurs with respect to less than all Noteholders, then the Issuer, the Servicer and the Indenture
Trustee shall enter into an indenture and servicing agreement substantially in the form of this Indenture and Servicing Agreement, together with any changes mutually acceptable to such parties and the Extending Noteholders (each such indenture and
servicing agreement, an “Exchange Notes Indenture”). The Issuer shall issue to each Extending Noteholder on the Payment Date immediately following such Facility Termination Date, an Exchange Note in a principal amount equal to the
principal amount of such Extending Noteholder’s Note (or, in the case of any Extending Noteholder which is extending its Facility Termination Date for an amount less than its entire Purchaser Commitment Amount, the Extended Portion with respect
to such Extending Noteholder); provided, however, that if, upon the issuance of the Exchange Notes, the initial aggregate outstanding note balance of the Exchange Notes would not be at least $1,000,000, then the Issuer shall not issue
any Exchange Notes and no Facility Termination Date with respect to any Noteholder shall be extended; provided, further, however, that if, upon the issuance of the Exchange Notes, the Outstanding Note Balance for the Notes would
be less than $1,000,000, then the Issuer shall prepay the entire Outstanding Note Balance pursuant to Section 10.01 immediately following the issuance of the Exchange Notes. 

(b) Each Noteholder, by its acceptance of a Note, hereby agrees that if it becomes an Extending Noteholder and the Facility Termination
Date occurs with respect to any Noteholder, it will surrender its Note to the Issuer in exchange for an Exchange Note in an equal principal amount (or, in the case of any Extending Noteholder which is extending its Facility Termination Date for an
amount less than its entire Purchaser Commitment Amount, the Extended Portion with respect to such Extending Noteholder) on the Payment Date immediately following the Facility Termination Date with respect to the other Non-Extending Noteholders.
Upon such exchange, the Notes surrendered shall be deemed to be fully paid and the Indenture Trustee shall cancel such Notes. 

(c) In connection with the execution by the Issuer of an Exchange Notes Indenture on the Payment Date immediately succeeding any Facility
Termination Date, Timeshare Loans with aggregate Loan Balances not less than the product of (i) the Extending Noteholders’ Percentage on such Facility Termination Date and (ii) the Aggregate Loan Balance on such Payment Date shall be
released from the Lien of this Indenture and Servicing Agreement and pledged as security for the Exchange Notes issued pursuant to such Exchange Notes Indenture. 
 (d) In connection with the issuance of any Exchange Notes on the Payment Date following a Facility Termination Date, the Issuer, the Servicer, the Seller, the Performance Guarantor, each Extending
Purchaser with respect to such Facility Termination Date and the Administrative Agent shall enter into a note purchase agreement with respect to the Exchange Notes, substantially in the form of the Note Purchase Agreement, together with any changes
mutually acceptable to such parties. 

  
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 ARTICLE III 
 ACCOUNTS; COLLECTION AND 
 APPLICATION OF MONEYS; REPORTS 

Section 3.01 Trust Accounts; Investments by Indenture Trustee. 

(a) On or before the Closing Date, the Indenture Trustee has established and shall maintain in the name of the Indenture Trustee for the
benefit of the Noteholders as provided in this Indenture and Servicing Agreement, the Trust Accounts, which accounts shall be Eligible Bank Accounts maintained at the Corporate Trust Office. From time to time, the Indenture Trustee shall establish,
to the extent required under this Indenture and Servicing Agreement, accounts in the name of the Indenture Trustee for the benefit of the Noteholders, which accounts shall be Eligible Bank Accounts. 

Subject to the further provisions of this Section 3.01, the Indenture Trustee shall, upon receipt or upon transfer from another
account, as the case may be, deposit into such Trust Accounts all amounts received by it which are required to be deposited therein in accordance with the provisions of this Indenture and Servicing Agreement. All such amounts and all investments
made with such amounts, including all income and other gain from such investments, shall be held by the Indenture Trustee in such accounts as part of the Trust Estate as herein provided, subject to withdrawal by the Indenture Trustee in accordance
with, and for the purposes specified in the provisions of, this Indenture and Servicing Agreement. 
 (b) The Indenture Trustee
shall assume that any amount remitted to it in respect of the Trust Estate is to be deposited into the Collection Account pursuant to Section 3.02(a) hereof. 
 (c) None of the parties hereto shall have any right of set-off with respect to any Trust Account, or any investment therein. 
 (d) So long as no Event of Default shall have occurred and be continuing, all or a portion of the amounts in any Trust Account shall be invested and reinvested by the Indenture Trustee pursuant to an
Issuer Order in one or more Eligible Investments. Subject to the restrictions on the maturity of investments set forth in Section 3.01(f) hereof, each such Issuer Order may authorize the Indenture Trustee to make the specific Eligible
Investments set forth therein, to make Eligible Investments from time to time consistent with the general instructions set forth therein, or to make specific Eligible Investments pursuant to instructions received in writing or by electronic or
facsimile transmission from the employees or agents of the Issuer, as the case may be, identified therein, in each case in such amounts as such Issuer Order shall specify. 
 (e) In the event that either (i) the Issuer shall have failed to give investment directions to the Indenture Trustee by 9:30 A.M., New York City time on any Business Day on which there may be
uninvested cash or (ii) an Event of Default shall be continuing, the Indenture 

  
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Trustee shall promptly invest and reinvest the funds then in the designated Trust Account to the fullest extent practicable in those obligations or securities described in clause 5 of the
definition of “Eligible Investments”. All investments made by the Indenture Trustee shall mature no later than the maturity date therefor permitted by Section 3.01(f) hereof. 

(f) No investment of any amount held in any Trust Account shall mature later than the Business Day immediately preceding the Payment Date
which is scheduled to occur immediately following the date of investment. All income or other gains (net of losses) from the investment of moneys deposited in any Trust Account shall be deposited by the Indenture Trustee in such account immediately
upon receipt. 
 (g) Any investment of any funds in any Trust Account and any sale of any investment held in such accounts,
shall be made under the following terms and conditions: 
 (i) each such investment shall be made in the name of
the Indenture Trustee, in each case in such manner as shall be necessary to maintain the identity of such investments as assets of the Trust Estate; 
 (ii) any certificate or other instrument evidencing such investment shall be delivered directly to the Indenture Trustee and the Indenture Trustee shall have sole possession of such instrument, and all
income on such investment; 
 (iii) the proceeds of any sale of an investment shall be remitted by the purchaser
thereof directly to the Indenture Trustee for deposit in the account in which such investment was held; provided that no such sale may occur on any day other than the Business Day immediately preceding a Payment Date (for the avoidance of doubt, any
full or partial liquidation of an investment in a money market fund is not subject to the foregoing date restriction); and 
 (iv) during the continuance of a Potential Event of Default, Event of Default, Potential Amortization Event, Amortization Event, Potential Servicer Event of Default or Servicer Event of Default, neither
the Issuer nor any of its Affiliates may exercise any voting rights with respect to an investment. 
 (h) If any amounts are
needed for disbursement from any Trust Account and sufficient uninvested funds are not collected and available therein to make such disbursement, in the absence of an Issuer Order for the liquidation of investments held therein in an amount
sufficient to provide the required funds, the Indenture Trustee shall select and cause to be sold or otherwise converted to cash a sufficient amount of the investments in such account. 

(i) The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any Trust Account resulting from losses
on investments made in accordance with the provisions of this Section 3.01 including, but not limited to, losses resulting from the sale or depreciation in the market value of such investments (but the institution serving as Indenture Trustee
shall at all times remain liable for its own obligations, if any, constituting part of such investments). The Indenture Trustee shall not be liable for any investment made by it in accordance with this Section 3.01 on the grounds that it could
have made a more favorable investment or a more favorable selection for sale of an investment. 

  
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 (j) Each party hereto agrees that each of the Trust Accounts constitutes a “securities
account” within the meaning of Article 8 of the UCC and in such capacity Wells Fargo Bank, National Association shall be acting as a “securities intermediary” within the meaning of 8-102 of the UCC and that, regardless of any
provision in any other agreement, for purposes of the UCC, the State of New York shall be deemed to be the “securities intermediary’s jurisdiction” under Section 8-110 of the UCC. The Indenture Trustee shall be the
“entitlement holder” within the meaning of Section 8-102(a)(7) of the UCC with respect to the Trust Accounts. In furtherance of the foregoing, Wells Fargo Bank, National Association, acting as a “securities intermediary,”
shall comply with “entitlement orders” within the meaning of Section 8-102(a)(8) of the UCC originated by the Indenture Trustee with respect to the Trust Accounts, without further consent by the Issuer. Each item of property (whether
investment property, financial asset, security, instrument or cash) credited to each Trust Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC. All securities or other property
underlying any financial assets credited to each Trust Account shall be registered in the name of the Indenture Trustee or indorsed to the Indenture Trustee or in blank and in no case will any financial asset credited to any Trust Account be
registered in the name of the Issuer, payable to the order of the Issuer or specially indorsed to the Issuer. The Trust Accounts shall be under the sole dominion and control (as defined in Section 8-106 of the UCC) of the Indenture Trustee and
the Issuer shall have no right to close, make withdrawals from, or give disbursement directions with respect to, or receive distributions from, the Collection Account except in accordance with Section 3.04 hereof. 

(k) In the event that Wells Fargo Bank, National Association, as securities intermediary, has or subsequently obtains by agreement, by
operation of law or otherwise a security interest in the Trust Accounts or any security entitlement credited thereto, it hereby agrees that such security interest shall be subordinate to the security interest created by this Indenture and Servicing
Agreement and that the Indenture Trustee’s rights to the funds on deposit therein shall be subject to Section 3.04 hereof. The financial assets credited to, and other items deposited to the Trust Accounts will not be subject to deduction,
set-off, banker’s lien, or any other right in favor of any Person other than as created pursuant to this Indenture and Servicing Agreement. 
 Section 3.02 Establishment and Administration of the Trust Accounts. 

(a) Collection Account. The Indenture Trustee has caused to be established and shall cause to be maintained an account (the
“Collection Account”) for the benefit of the Noteholders. The Collection 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 — Collection Account, Wells Fargo Bank, National Association, as Indenture Trustee for the benefit of the Noteholders”. 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 Collection Account and in all proceeds thereof. The Collection 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 Collection Account ceases to be an 

  
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Eligible Bank Account, the Indenture Trustee shall within two Business Days establish a new Collection Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to
such new Collection Account and from the date such new Collection Account is established, it shall be the “Collection Account”. The Indenture Trustee agrees to immediately deposit any amounts received by it into the Collection Account.
Amounts on deposit in the Collection Account shall be invested in accordance with Section 3.01 hereof. Withdrawals and payments from the Collection Account will be made on each Payment Date as provided in Section 3.04 hereof. All
investment earnings on the Collection Account shall be distributed to the Owner Trustee for distribution to the owners of the beneficial interests in the Issuer on each Payment Date. 

(b) Reserve Account. The Indenture Trustee has caused to be established and shall cause to be maintained an account (the
“Reserve Account”) for the benefit of the Noteholders. The 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 — Reserve Account, Wells Fargo Bank, National Association, as Indenture Trustee for the benefit of the Noteholders”. 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 Reserve Account and in all proceeds thereof. The 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 Reserve Account ceases to be an Eligible Bank Account, the Indenture Trustee shall within two Business Days establish a new Reserve Account which shall be an Eligible Bank Account, transfer
any cash and/or any investments to such new Reserve Account and from the date such new Reserve Account is established, it shall be the “Reserve Account.” Amounts on deposit in the Reserve Account shall be invested in accordance with
Section 3.01 hereof. Deposits to the Reserve Account shall be made in accordance with Section 3.04(a) hereof. Funding, withdrawals and payments from the Reserve Account shall be made in the following manner: 

(i) Funding. On each Funding Date, the Issuer shall deposit or shall cause to be deposited into the Reserve Account
an amount equal to the Reserve Account Required Funding Date Deposit (after giving effect to the addition of Additional Timeshare Loans on such date) and thereafter, on each Payment Date if the amount on deposit in the 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 Reserve Account Required Balance, a deposit shall be made to the Reserve Account, to the extent of Available Funds as provided in
Section 3.04 hereof. 
 (ii) Withdrawals. If, on any Determination Date, the amounts on deposit in
the Collection Account (after giving effect to all deposits thereto required hereunder) are insufficient to pay the Required Payments for the related Payment Date, on such Payment Date, the Indenture Trustee shall, based on the Monthly Servicer
Report and to the extent of funds available in the Reserve Account, withdraw from the Reserve Account and deposit into the Collection Account an amount equal to the lesser of such insufficiency and the amount on deposit in such Reserve Account (the
amount withdrawn, the “Reserve Account Draw Amount”). 

  
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 (iii) Mandatory Redemption Date, Stated Maturity or Payment in Full.
On the earliest to occur of a Mandatory Redemption Date, the Stated Maturity and the Payment Date on which the Outstanding Note Balance will be reduced to zero, the Indenture Trustee shall withdraw all amounts on deposit in the Reserve Account and
shall deposit such amounts into the Collection Account. 
 (iv) Amortization Event and Acceleration Event.
Upon the occurrence of an Amortization Event, the Indenture Trustee shall withdraw all amounts on deposit in the Reserve Account and shall deposit such amounts to the Collection Account to be used as Available Funds on the next Payment Date. Upon
the occurrence of an Acceleration Event, the Indenture Trustee shall withdraw all amounts on deposit in the Reserve Account and shall deposit such amounts to the Collection Account for distribution in accordance with Section 6.06 hereof.

 (v) Amounts in Excess of Reserve Account Required Balance. If, on any Payment Date, amounts on deposit
in the Reserve Account are greater than the 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 Reserve Account Required Balance from the 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. 

(vi) 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 Reserve Account an amount equal to the excess of (i) the amount of cash or other
immediately available funds on deposit in the Reserve Account on such Payment Date (after giving effect to any withdrawals pursuant to Section 3.02(b)(ii)) over (ii) the Reserve Account Required Balance as of such Payment Date (after
giving effect to the release of any Timeshare Loans on such date pursuant to Section 4.07) 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 reserve account for such Exchange Notes. 
 (c) Control Account. The Issuer has
established or has caused to be established and shall maintain or cause to be maintained a system of operations, accounts and instructions with respect to the Obligors and a Control Account at the Control Account Bank as described herein. Pursuant
to the Control Agreement to which the Issuer (or its agent) is party, the Control Account Bank shall be instructed that prior to the occurrence of an Event of Default or Servicer Event of Default, the Servicer is authorized to effect or direct
deposits and withdrawals into and out of the Control Account. The Servicer is authorized to, and the Servicer hereby agrees to, segregate collections therein and direct the Control Account Bank to initiate electronic transfer of all funds therein
that relate to the Timeshare Loans owned by the Issuer to the Collection Account within two Business Days of receipt (or, if initially there is insufficient information to determine to which timeshare loan any funds relate, within two Business Days
of obtaining sufficient information). Upon the occurrence of an Event of Default or Servicer Event 

  
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of Default, the Indenture Trustee may, or upon the direction of the Administrative Agent or Majority Facility Investors, shall, deliver a notice of an Event of Default or Servicer Event of
Default to the Agent (as defined in the Control Account Intercreditor Agreement) and request that the Agent deliver a shifting control notice to the Control Account Bank whereupon the Servicer shall no longer be authorized to give any direction to
the Control Account Bank or have access of any kind to the Control Account. The Indenture Trustee is hereby irrevocably authorized and empowered following the occurrence and during the continuance of an Event of Default or Servicer Event of Default,
as the Issuer’s attorney-in-fact, to endorse any item deposited in the Control Account, or presented for deposit in the Control Account or the Collection Account, requiring the endorsement of the Issuer, which authorization is coupled with an
interest and is irrevocable. 
 (d) Hedge Collateral Account. In the event a Hedge Agreement contemplates the posting of
collateral, the Indenture Trustee shall cause to be established and shall maintain an account (the “Hedge Collateral Account”) for the benefit of the Noteholders. The Hedge Collateral 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 Collateral Account, Wells Fargo Bank, National Association, as Indenture Trustee
for the benefit of the Noteholders”. 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 Collateral Account and in all proceeds thereof. The Hedge
Collateral 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 Collateral Account ceases to be an Eligible Bank
Account, the Indenture Trustee shall within two Business Days establish a new Hedge Collateral Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new Hedge Collateral Account and from the date such new
Hedge Collateral Account is established, it shall be the “Hedge Collateral Account.” Amounts on deposit in the Hedge Collateral Account shall be invested in accordance with Section 3.01 hereof and in accordance with the terms of the
related Hedge Agreement and in the event of any conflict regarding eligible investments, the provisions of the related Hedge Agreement shall prevail. Deposits and withdrawals to and from the Hedge Collateral Account shall be made in accordance with
the Hedge Agreements. 
 Section 3.03 Hedge Agreement. 

(a) The Issuer shall, at all times, so long as the Notes remain unpaid, provide Hedge Agreements in accordance with the terms described
below in this Section 3.03. The Hedge Agreements shall meet the following requirements (the “Hedge Requirements”): 
 (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) the Hedge Agreements shall provide for a notional amount at
least equal to, in the aggregate, 90% of the Outstanding Note Balance as of the Initial Funding Date and such notional amount shall amortize on a monthly basis in accordance with the Hedge Amortization Schedule; 

  
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 (iii) the Issuer shall, as of each Funding Date, cause the notional amount
of the Hedge Agreements to be adjusted or enter into new Hedge Agreements to reflect any increase in the Outstanding Note Balance as of such Funding Date so that the adjusted notional amount of the Hedge Agreements shall on such Funding Date (after
giving effect to the Increase on such date) be an amount at least equal to 90%, but, in the case of Hedge Agreements in the form of interest rate swaps, not in excess of 105%, of the Outstanding Note Balance and such notional amount shall amortize
on a monthly basis in accordance with the Hedge Amortization Schedule; 
 (iv) 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) and (B) the termination date of the Hedge Agreements in accordance with the Hedge Amortization
Schedule following such Funding Date; 
 (v) any additional premium due for the adjustments to the Hedge
Agreements on any Funding Date shall be paid by the Issuer from the proceeds of the related Increase; 
 (vi) in
the case of an interest rate swap, the 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%; 
 (vii) in the case of an interest rate cap, the 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; 

(viii) the Hedge Agreements shall terminate on the last day that the Notes are assumed to be Outstanding based on the
Hedge Amortization Schedules; and 
 (ix) 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”): 

  
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 (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: 

 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. 
 (b) 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. 

  
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 (c) 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. 
 (d) 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.

 (e) Three Business Days prior to each Funding Date and Payment 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. With respect to each Funding Date or upon the periodic (but not more frequent
than monthly) request of the Servicer, the Administrative Agent shall provide the Issuer and the Servicer with the Hedge Amortization Schedule within 2 Business Days of its receipt of the data file from the Issuer. 

(f) Subject to the limitation on Hedge Agreements in the form of interest rate swaps set forth in Section 3.03(a)(iii), without
affecting the Issuer’s obligations under Section 3.03(d), 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, 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. 

(g) 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 Hedge Agreements in the form of interest rate swaps. 
 Section 3.04
Distributions. 
 (a) Priority of Distributions. So long as no Acceleration Event has occurred and is continuing,
to the extent of Available Funds on deposit in the Collection Account (including any Reserve Account Draw Amount deposited therein), on each Payment Date the Indenture Trustee shall, based on the Monthly Servicer Report, make the following
disbursements and distributions to the following parties no later than 11:00 A.M. (New York City time), in the following order of priority: 

  
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 (i) to the Indenture Trustee, the Indenture Trustee Fee, plus any accrued
and unpaid Indenture Trustee Fees with respect to prior Payment Dates, and Indenture Trustee Expenses and Custodial Fees incurred and charged by the Indenture Trustee during the related Due Period; provided that payments to the Indenture Trustee as
reimbursement for any expenses will be limited to $25,000 per calendar year (up to a cumulative total of $250,000) as long as no Event of Default has occurred, and the Notes have not been accelerated, or the Trust Estate sold, pursuant to this
Indenture and Servicing Agreement; 
 (ii) to the Back-Up Servicer, the Back-Up Servicing Fee, plus any accrued
and unpaid Back-Up Servicing Fees with respect to prior Payment Dates and any Transition Expenses incurred during the related Due Period (up to an aggregate cumulative total of $340,000); 

(iii) on the Payment Date occurring in January of each year only, to the Owner Trustee, the Owner Trustee Fee, and on each
Payment Date, expenses incurred by the Owner Trustee; provided that payments to the Owner Trustee as reimbursement for any expenses will be limited to $10,000 per calendar year (up to a cumulative total of $100,000) as long as no Event of Default
has occurred, and the Notes have not been accelerated, or the Trust Estate sold, pursuant to this Indenture and Servicing Agreement; 
 (iv) on the Payment Date occurring in January of each year only, to the Administrator, the Administrator Fee, and on each Payment Date, expenses incurred by the Administrator; provided that payments to
the Administrator as reimbursement for any expenses will be limited to $5,000 per calendar year (up to a cumulative total of $30,000 as long as no Event of Default has occurred, and the Notes have not been accelerated, or the Trust Estate sold,
pursuant to this Indenture and Servicing Agreement; 
 (v) to the Servicer, the Servicing Fee, plus any accrued
and unpaid Servicing Fees with respect to prior Payment Dates; 
 (vi) to each Hedge Counterparty, its Net Hedge
Payment, if any; 
 (vii) to the Administrative Agent, the Administrative Agent Fee, plus any accrued and unpaid
Administrative Agent Fees with respect to prior Payment Dates; 
 (viii) to the Noteholders, the Interest
Distribution Amount and any unpaid Interest Distribution Amounts from prior Payment Dates; 
 (ix) to the
Noteholders, the related Unused Fees and any NPA Costs (other than the portion thereof related to clause (iii) of the definition of Breakage and Other Costs), plus any accrued and unpaid Unused Fees and/or NPA Costs (other than the portion
thereof related to clause (iii) of the definition of Breakage and Other Costs) from prior Payment Dates; 

(x) on a pari passu basis (A) to the Noteholders, the Principal Distribution Amount and (B) other than if the
Hedge Counterparty is the “Defaulting Party” or the sole “Affected Party” (as such terms are defined in the Hedge Agreement), to the Hedge Counterparty, the Hedge Termination Payment, if any; 

  
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 (xi) to the Noteholders, the Usage Step-Up Fees and any unpaid Usage Step-Up
Fees from prior Payment Dates; 
 (xii) to the Noteholders, any NPA Costs not paid in accordance with
(ix) above; 
 (xiii) after the occurrence and continuance of an Amortization Event, or on and after the
Facility Termination Date, to the Noteholders, all remaining Available Funds until the Outstanding Note Balance is reduced to zero; 
 (xiv) to the Reserve Account, all remaining amounts until the amounts on deposit in the Reserve Account shall equal the Reserve Account Required Balance; 

(xv) to the Hedge Counterparty, any Hedge Termination Payment required under the Hedge Agreement and not paid in
accordance with clause (x) above; 
 (xvi) to the Indenture Trustee, Custodian and Back-Up Servicer any
expenses not paid in accordance with (i) and (ii) above; 
 (xvii) to the Owner Trustee, any expenses
not paid in accordance with (iii) above; 
 (xviii) to the Administrator, any expenses not paid in
accordance with (iv) above; and 
 (xix) to the Owner Trustee for distribution to the owners of the
beneficial interests in the Issuer, any remaining Available Funds on deposit in the Collection Account. 
 (b) Acceleration
Event. If an Acceleration Event shall have occurred and be continuing, distributions shall be made in the manner and priority set forth in Section 6.06 hereof. 
 Section 3.05 Reports to Noteholders. 
 On each Payment Date the
Indenture Trustee shall account to each Noteholder (i) the portion of payments then being made which represents principal and the amount which represents interest, and shall contemporaneously advise the Issuer of all such payments, and
(ii) the amounts on deposit in each Trust Account and identifying the investments included therein. The Indenture Trustee may satisfy its obligations under this Section 3.05 by making available electronically the Monthly Servicer Report to
the Noteholders and the Issuer; provided, however, the Indenture Trustee shall have no obligation to provide such information described in this Section 3.05 until it has received the requisite information from the Issuer or the
Servicer. On or before the 5th day prior to the final Payment Date of the Notes, the Indenture Trustee shall send notice of such Payment Date to the Noteholders. Such notice shall include a statement that if such Notes are paid in full on the final
Payment Date, interest shall cease to accrue as of the day immediately preceding such final Payment Date. 

  
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 The Indenture Trustee will make available to the Noteholders, via the Indenture
Trustee’s Internet Website, the Monthly Servicer Report available each month and, with the consent or at the direction of the Issuer, such other information regarding the Notes and/or the Timeshare Loans as the Indenture Trustee may have in its
possession, but only with the use of a password provided by the Indenture Trustee. The Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor.

 The Indenture Trustee’s Internet Website shall be initially located at “www.CTSLink.com” or at such other
address as shall be specified by the Indenture Trustee from time to time in writing to the Issuer, the Servicer and the Noteholders. In connection with providing access to the Indenture Trustee’s Internet Website, the Indenture Trustee may
require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Indenture and Servicing Agreement. 

The Indenture Trustee shall have the right to change the way Monthly Servicer Reports are distributed in order to make such distribution
more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. 

Annually (and more often if required by applicable law), the Indenture Trustee shall distribute to Noteholders any Form 1099 or similar
information returns required by applicable tax law to be distributed to the Noteholders. The Servicer shall prepare or cause to be prepared all such information for distribution by the Indenture Trustee to the Noteholders. 

Section 3.06 Withholding Taxes. The Indenture Trustee, on behalf of the Issuer, shall comply with all requirements of the Code and
applicable Treasury Regulations and applicable state and local law with respect to the withholding from any distributions made by it to any Noteholder of any applicable withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith. 
 ARTICLE IV 

THE TRUST ESTATE 

Section 4.01 Conveyance of Trust Estate/ Acceptance by Indenture Trustee. 

(a) The Indenture Trustee does hereby acknowledge and accept the conveyance by the Issuer of the assets constituting the Trust Estate.
The Indenture Trustee shall hold the Trust Estate in trust for the benefit of the Noteholders, subject to the terms and provisions hereof. In connection with any transfer of Timeshare Loans to the Issuer, the Issuer has delivered or has caused the
Seller to deliver, or will deliver or will cause the Seller to deliver, (i) to the Custodian, the Timeshare Loan Files, and (ii) to the Servicer, the Timeshare Loan Servicing Files. 

  
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 (b) The Indenture Trustee shall perform its duties under this Section 4.01 and
hereunder on behalf of the Trust Estate and for the benefit of the Noteholders in accordance with the terms of this Indenture and Servicing Agreement and applicable law and, in each case, taking into account its other obligations hereunder, but
without regard to: 
 (i) any relationship that the Indenture Trustee or any Affiliate of the Indenture Trustee
may have with an Obligor; 
 (ii) the ownership of any Note by the Indenture Trustee or any Affiliate of the
Indenture Trustee; 
 (iii) the Indenture Trustee’s right to receive compensation for its services hereunder
or with respect to any particular transaction; or 
 (iv) the ownership, or holding in trust for others, by the
Indenture Trustee of any other assets or property. 
 Section 4.02 Acquisition of Timeshare Loans. 

The Issuer covenants that, except as provided in Section 4.03 hereof, it shall only acquire Timeshare Loans in accordance with the
provisions of the Sale Agreement and, without limiting the generality of the Granting Clause set forth herein, upon any such acquisition, such Timeshare Loans shall be deemed to be a part of the Trust Estate. 

Section 4.03 Additional Timeshare Loans. 
 (a) Subject to the limitations and conditions specified in this Section 4.03, the Issuer may from time to time identify Additional Timeshare Loans that are Eligible Timeshare Loans to be acquired by
or Granted to the Issuer on a Funding Date or Transfer Date, as applicable. Such Additional Timeshare Loans and the related assets shall be included in the Trust Estate as provided herein. 

(b) The acquisition or Grant of the Additional Timeshare Loans shall be subject to the satisfaction of the following conditions:

 (i) all conditions precedent in Section 2.2 of the Note Purchase Agreement related to an Increase in the
Outstanding Note Balance shall have been satisfied; 
 (ii) the Issuer and the Servicer shall execute a
Supplemental Grant substantially in the form of Exhibit C hereto; 
 (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 the

  
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addition of the Timeshare Loans; it being understood and agreed that, provided there is no Borrowing Base Shortfall at such time and after giving effect to a Securitization Take-Out Transaction,
the occurrence of any Amortization Event, Potential Amortization Event, Servicer Event of Default, Potential Servicer Event of Default, Event of Default or Potential Event of Default solely as a result of the release of Timeshare Loans hereunder in
connection with a Securitization Take-Out Transaction shall not be deemed an Amortization Event, Potential Amortization Event, Servicer Event of Default, Potential Servicer Event of Default, Event of Default or Potential Event of Default for
purposes of this Indenture and Servicing Agreement or any other Facility Document for a period of 3 months following such Securitization Take-Out Transaction; 
 (iv) on or prior to the Funding Date or Transfer Date, the Custodian shall have possession of the related Timeshare Loan Files and shall have delivered a receipt therefor in accordance with the provisions
of the Custodial Agreement; 
 (v) the Issuer shall have taken any actions necessary or advisable to maintain the
Indenture Trustee’s perfected security interest in the Trust Estate (including in such Additional Timeshare Loans) for the benefit of the Noteholders; 
 (vi) each Additional Timeshare Loan shall be an Eligible Timeshare Loan; and 
 (vii) the Issuer shall execute a Funding Date Certificate in the form of Exhibit D hereto. 
 Section 4.04 Grant of Security Interest; Tax Treatment. 
 (a) The
provisions of this Indenture and Servicing Agreement shall be construed in furtherance of the Intended Tax Characterization. The conveyance by the Issuer of the Timeshare Loans to the Indenture Trustee shall not constitute and are not intended to
result in an assumption by the Indenture Trustee or any Noteholder of any obligation of the Issuer or the Servicer to the Obligors, the insurers under any insurance policies, or any other Person in connection with the Timeshare Loans. 

(b) It is the intention of the parties hereto that, with respect to all taxes, the Notes will be treated as indebtedness of the Issuer to
the Noteholders secured by the Timeshare Loans (the “Intended Tax Characterization”). The Issuer, the Servicer, the Back-Up Servicer and the Indenture Trustee, by entering into this Indenture and Servicing Agreement, and each
Noteholder by the purchase of a Note, agree to report such transactions for purposes of all taxes in a manner consistent with the Intended Tax Characterization, unless otherwise required by applicable law. If the Notes are not properly treated as
indebtedness with respect to all taxes, then the parties intend (as provided in the Trust Agreement) that they shall constitute interests in a partnership for such purposes and, in that regard, agree that no election to treat the Issuer in any part
as a corporation under Treasury Regulation section 301.7701-3 shall be made by any Person. 
 (c) The Issuer, the Servicer and
the Back-Up Servicer shall take no action inconsistent with the Indenture Trustee’s interest in the Timeshare Loans and shall indicate or shall cause to be indicated in its books and records held on its behalf that each Timeshare Loan
constituting the Trust Estate has been pledged to the Indenture Trustee on behalf of the Noteholders. 

  
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 Section 4.05 Further Action Evidencing Grant of Security Interest. 

(a) The Issuer and the Servicer each agrees that, from time to time, at its respective expense, it will promptly execute and deliver all
further instruments and documents, and take all further action, that may be necessary or appropriate, or that the Servicer or the Indenture Trustee or the Majority Facility Investors may reasonably request, in order to perfect, protect or more fully
evidence the security interest in the Timeshare Loans or to enable the Indenture Trustee to exercise or enforce any of its rights hereunder. Without limiting the generality of the foregoing, the Issuer will, without the necessity of a request and
upon the request of the Servicer or the Indenture Trustee, authorize or execute, as applicable, and file (or cause to be filed) such assignments of Mortgage, financing or continuation statements, or amendments thereto or assignments thereof, and
such other instruments or notices, as may be necessary or appropriate to create and maintain in the Indenture Trustee a first priority perfected security interest, at all times, in the Trust Estate, including, without limitation, recording and
filing UCC-1 financing statements, amendments or continuation statements prior to the effective date of any change of the name, identity or structure or relocation of its chief executive office or its jurisdiction of formation or any change that
would or could affect the perfection pursuant to any financing statement or continuation statement or assignment previously filed or make any UCC-1 or continuation statement previously filed pursuant to this Indenture and Servicing Agreement
seriously misleading within the meaning of applicable provisions of the UCC (and the Issuer shall give the Indenture Trustee at least 30 Business Days prior notice of the expected occurrence of any such circumstance). The Issuer shall promptly
deliver to the Indenture Trustee file-stamped copies of any such filing. 
 (b) (i) The Issuer hereby grants to each of the
Servicer and the Indenture Trustee a power of attorney to execute and file all documents including, but not limited to assignments of Mortgage, UCC financing statements, amendments or continuation statements, on behalf of the Issuer as may be
necessary or desirable to effectuate the foregoing and (ii) the Servicer hereby grants to the Indenture Trustee a power of attorney to execute and file all documents on behalf of the Servicer as may be necessary or desirable to effectuate the
foregoing; provided, however, that such grant shall not create a duty on the Indenture Trustee or the Servicer to file, prepare, record or monitor, or any responsibility for the contents or adequacy of, any such documents. 

Section 4.06 Substitution and Repurchase of Timeshare Loans. 

(a) Mandatory Substitution and Repurchase of Timeshare Loans for Breach of Representation or Warranty. If at any time, any party
hereto obtains knowledge, discovers, or is notified by any other party hereto, that any representation or warranty of the Seller in the Sale Agreement was incorrect at the time such representation or warranty was made, then the party discovering
such defect, omission, or circumstance shall promptly notify the other parties to this Indenture and Servicing Agreement, the Seller, and the Performance Guarantor. In the event any such representation or warranty of the Seller is incorrect and
materially and adversely affects the 

  
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value of a Timeshare Loan or the interests of the Noteholders therein, then the Issuer and the Indenture Trustee shall require the Seller, within 60 days after the date it is first notified of,
or otherwise discovers such breach, to eliminate or otherwise cure in all material respects the circumstance or condition which has caused such representation or warranty to be incorrect or if the breach relates to a particular Timeshare Loan and is
not cured in all material respects (such Timeshare Loan, a “Defective Timeshare Loan”), either (a) repurchase such Defective Timeshare Loan at the Repurchase Price or (b) provide one or more Qualified Substitute Timeshare
Loans and pay the related Substitution Shortfall Amount, if any. The Indenture Trustee is hereby appointed attorney-in-fact, which appointment is coupled with an interest and is therefore irrevocable, to act on behalf and in the name of the Issuer
to enforce the Seller’s repurchase or substitution obligations if the Seller has not complied with its repurchase or substitution obligations under the Sale Agreement within 60 days of the end of the aforementioned 60 day period. 

Notwithstanding the foregoing, (A) the failure to deliver a policy of lender’s title insurance in respect
of a Timeshare Loan shall not constitute a breach of representation or warranty in respect of such Timeshare Loan if (i) the Timeshare Loan File contains a commitment to issue a policy of lender’s title insurance, and (ii) if such
actual policy is delivered to the Custodian not later than the 90th day following the Funding Date or the Transfer Date, as the case may be, and (B) the failure to provide evidence that a Mortgage or certificate of title has been recorded and/or stamped, as the case
may be, in the appropriate recording office shall not constitute a breach of representation or warranty in respect of such Timeshare Loan if such evidence is provided not later than the 90th day following the Funding Date or the Transfer Date, as the case may be; provided, however, that if such
policy of lender’s title insurance was delayed because the related original Mortgage (or a copy thereof) had not been received from the appropriate recording office by the Custodian prior to the 80th day following the Funding Date or the Transfer Date, as the case may
be, then such 90-day periods in (A)(ii) and (B) shall be extended to a date 30 days after such receipt. 
 (b) Optional
Repurchase and Substitution of Timeshare Loans. On any date, pursuant to the Sale Agreement, the Seller shall have the option, but not the obligation, to either (i) repurchase a Defaulted Timeshare Loan from the Issuer for a price equal to
the Repurchase Price therefor, or (ii) substitute one or more Qualified Substitute Timeshare Loans for a Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any; provided, however, the aggregate Cut-Off
Date Loan Balance of Defaulted Timeshare Loans that may be repurchased and of Defaulted Timeshare Loans that may be substituted pursuant to this Section 4.06(b) shall be limited on any date to 20% of the highest aggregate Loan Balance of all
Timeshare Loans owned by the Issuer since the Closing Date or, if a Securitization Take-Out Transaction shall have occurred, the related Securitization Take-Out Date, less the aggregate Cut-Off Date Loan Balance of all Defaulted Timeshare Loans
previously repurchased or substituted pursuant to this Section 4.06(b). 
 (c) Repurchase Prices and Substitution
Shortfall Amounts. The Issuer and the Indenture Trustee shall direct that the Seller remit all amounts in respect of Repurchase Prices and Substitution Shortfall Amounts to the Indenture Trustee for deposit in the Collection Account. In the
event that more than one Timeshare Loan is substituted pursuant to Section 4.06(a) or Section 4.06(b) hereof on any Transfer Date, the Substitution Shortfall Amounts and the Loan Balances of Qualified Substitute Timeshare Loans shall be
calculated on an aggregate basis for all substitutions made on such Transfer Date. 

  
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 (d) Schedule of Timeshare Loans. The Issuer shall cause the Seller to provide the
Indenture Trustee on any date on which a Timeshare Loan is repurchased or substituted, with a revised Schedule of Timeshare Loans to the Sale Agreement reflecting the removal of Timeshare Loans and subjecting any Qualified Substitute Timeshare Loans
to the provisions thereof. 
 (e) Officer’s Certificate. No substitution of a Timeshare Loan shall be effective
unless the Issuer and the Indenture Trustee shall have received an Officer’s Certificate from the Seller indicating that (i) the new Timeshare Loan meets all the criteria of the definition of “Qualified Substitute Timeshare
Loan”, (ii) the Timeshare Loan Files for such Qualified Substitute Timeshare Loan have been delivered to the Custodian, and (iii) the Timeshare Loan Servicing Files for such Qualified Substitute Timeshare Loan have been delivered to
the Servicer. 
 (f) Qualified Substitute Timeshare Loans. On or prior to the related Transfer Date, the Issuer shall
direct the Seller to deliver or cause the delivery of the Timeshare Loan Files of the related Qualified Substitute Timeshare Loans to the Custodian on or prior to the related Transfer Date in accordance with the provisions of this Indenture and
Servicing Agreement and the Custodial Agreement. 
 Section 4.07 Release of Lien. 

(a) Repurchase and Substitutions and Paid–in-Full Timeshare Loans. The Issuer shall be entitled to obtain a release from the
Lien of this Indenture and Servicing Agreement for any Timeshare Loan repurchased or substituted pursuant to Section 4.06 hereof, (i) in the case of any repurchase, after payment of the Repurchase Price of the Timeshare Loan, or
(ii) in the case of any substitution, after payment of any applicable Substitution Shortfall Amount and the delivery of the Timeshare Loan Files for the related Qualified Substitute Timeshare Loan to the Custodian. The Issuer shall be entitled
to obtain a release from the Lien of the Indenture and Servicing Agreement for any Timeshare Loan which has been paid in full. In connection with this Section 4.07(a), the Indenture Trustee will execute and deliver such endorsements and
assignments as are provided to it by the Seller, in each case without recourse, representation or warranty, as shall be necessary to vest in the Seller, the legal and beneficial ownership of each repurchased or substituted Timeshare Loan being
released pursuant to this Section 4.07(a). The Servicer shall direct the Custodian to release the related Timeshare Loan Files upon receipt of a Request for Release from the Servicer, as provided for in the Custodial Agreement. 

(b) Release Upon Optional Prepayments. If the Issuer exercises its right to prepay the Notes in whole or in part as provided in
Section 10.01 of this Indenture and Servicing Agreement, the Issuer and the Administrative Agent shall notify the Indenture Trustee in writing of the prepayment date and the principal amount of the Notes to be prepaid on the prepayment date and
the amount of interest and other amounts due and payable on such date in accordance 

  
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with this Indenture and Servicing Agreement and the Note Purchase Agreement. On the prepayment date, upon receipt by the Indenture Trustee of all amounts to be paid to the Noteholders in
accordance with this Indenture and Servicing Agreement and the Note Purchase Agreement as a result of such prepayment and the satisfaction of the conditions set forth in the following paragraphs, then, the Indenture Trustee shall release from the
Lien of this Indenture those Timeshare Loans, all monies due or to become due with respect thereto and all collections with respect thereto from and including the last day of the Due Period immediately preceding such date of release which the
Indenture Trustee is directed to release as described in the following paragraph. 
 The Issuer shall provide to the Indenture
Trustee a list of the Timeshare Loans which are to be released, shall direct the Indenture Trustee to release such Timeshare Loans, and shall direct the Servicer to delete such Timeshare Loans from the Schedule of Timeshare Loans. 

In addition to receipt by the Indenture Trustee of the principal amount of the Notes to be prepaid, the interest thereon and other
amounts due and payable in connection with such prepayment and the list of the Timeshare Loans to be released, the following conditions shall be met before the Lien is released under this Section 4.07(b): (i) after giving effect to such
release, no Borrowing Base Shortfall shall exist and no Amortization Event or Event of Default shall have occurred; and (ii) each of the Issuer and the Servicer shall have delivered to the Administrative Agent a certificate to the effect that
the Timeshare Loans to be released from the Lien of this Indenture and Servicing Agreement were not selected in a manner involving any selection procedures materially adverse to the Noteholders and that the release of such Timeshare Loans would not
reasonably be expected to cause a Potential Amortization Event, an Amortization Event, a Potential Event of Default or Event of Default; it being understood and agreed that provided there is no Borrowing Base Shortfall at such time and after giving
effect to a Securitization Take-Out Transaction, the occurrence of any Amortization Event, Potential Amortization Event, Servicer Event of Default, Potential Servicer Event of Default, Event of Default or Potential Event of Default solely as a
result of the release of Timeshare Loans hereunder in connection with a Securitization Take-Out Transaction shall not be deemed an Amortization Event, Potential Amortization Event, Servicer Event of Default, Potential Servicer Event of Default,
Event of Default or Potential Event of Default for purposes of this Indenture and Servicing Agreement or any other Facility Document for a period of 3 months following such Securitization Take-Out Transaction. 

(c) Release Upon Issuance of Exchange Notes. 

(i) If the Issuer is required to issue any Exchange Notes on the Payment Date immediately succeeding a Facility
Termination Date, the Issuer shall notify the Indenture Trustee in writing of the aggregate principal amount of the Notes held by Extending Noteholders to be canceled on such Payment Date. On such Payment Date, upon cancellation of the Notes held by
the Extending Noteholders, the Indenture Trustee shall release from the Lien of this Indenture and Servicing Agreement, Timeshare Loans with aggregate Loan Balances at least equal to the Extending Noteholders’ Percentage of the Aggregate Loan
Balance on such Payment Date, as the Indenture Trustee is directed to release as set forth in Section 4.07(c)(ii). 

  
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 (ii) An independent auditor mutually agreeable to the Issuer and the
Administrative Agent shall select the Timeshare Loans to be released from the Lien of this Indenture and Servicing Agreement pursuant to this Section 4.07(c) on a random basis and no selection procedures adverse to the Noteholders or to the
holders of the Exchange Notes shall be employed in such selection. The Timeshare Loans selected to be released from the Lien of this Indenture pursuant to this Section 4.07(c) shall be such that the collateral for the Exchange Notes and the
Collateral shall each conform to the criteria set forth in Exhibit J as of the date of the issuance of such Exchange Notes. Such independent auditor shall provide to the Indenture Trustee and the Servicer a list of the Timeshare Loans which
are selected to be released, shall direct the Indenture Trustee to release such Loans, and shall direct the Servicer to delete such Timeshare Loans from the Schedule of Timeshare Loans. 

(iii) The Lien on any Timeshare Loans shall not be released under this Section 4.07(c) unless (i) after giving
effect to such release, the Borrowing Base shall be at least equal to the Outstanding Note Balance, (ii) the amount in the Reserve Account shall be at least equal to the Reserve Account Required Balance, (iii) none of a Potential
Amortization Event, an Amortization Event, a Potential Event of Default or Event of Default shall exist or would occur as a result of such release, and (iv) each of the Issuer and the Servicer shall have delivered to the Administrative Agent a
certificate to the effect that the Timeshare Loans to be released from the Lien of this Indenture and Servicing Agreement pursuant to this Section 4.07(c) were not selected in a manner involving any selection procedures adverse to the
Noteholders and that the release of such Timeshare Loans would not reasonably be expected to cause a Potential Amortization Event, an Amortization Event, a Potential Event of Default or Event of Default. 

(iv) Upon each release of a Timeshare Loan under this Section 4.07(c), the Indenture Trustee shall automatically and
without further action release, sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse, representation or warranty, all of the Indenture Trustee’s right, title and interest in and to such Timeshare Loan and the
assets related thereto, all monies due or to become due with respect thereto and all collections with respect thereto from and including the last day of the Due Period immediately preceding such date of release free and clear of the Lien of this
Indenture and Servicing Agreement. The Indenture Trustee shall execute such documents, releases and instruments of transfer or assignment and take such other actions as directed by the Issuer to effect the release of such Timeshare Loans and the
related assets pursuant to this Section 4.07(c). 
 (d) Release Upon Payment in Full. At such time as the Notes have
been paid in full, all amounts owing under the Note Purchase Agreement shall have been paid in full, all fees and expenses of the Indenture Trustee, the Custodian, the Servicer, the Back-Up Servicer, and the Administrative Agent have been paid in
full and all other obligations relating to the Facility Documents have been paid in full, then, the Indenture Trustee shall, upon the written request of the Issuer, release all Liens and assign to the Issuer (without recourse, representation or
warranty) all right, title and interest of the Indenture Trustee in and to the Trust Estate, and all proceeds thereof. The Indenture Trustee shall execute and deliver such instruments of assignment, in each case without recourse, representation or
warranty, as directed by the Issuer to release the security interest of the Trustee in the Trust Estate. 

  
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 Section 4.08 Appointment of Custodian. 

The Indenture Trustee may appoint a Custodian to hold all of the Timeshare Loan Files as agent for the Indenture Trustee. Each Custodian
shall be a depository institution supervised and regulated by a federal or state banking authority, shall have combined capital and surplus of at least $10,000,000, shall be qualified to do business in the jurisdiction in which it holds any
Timeshare Loan File and shall not be the Issuer or an Affiliate of the Issuer. The initial Custodian shall be Wells Fargo Bank, National Association pursuant to the terms of the Custodial Agreement. The Indenture Trustee shall not be responsible for
paying the Custodial Fees or any other amounts owed to the Custodian. 
 Section 4.09 Sale of Timeshare Loans.

 The parties hereto agree that none of the Timeshare Loans in the Trust Estate may be sold or disposed of in any manner except
as expressly provided for herein. 
 ARTICLE V 
 SERVICING OF TIMESHARE LOANS 
 Section 5.01 Appointment of Servicer;
Servicing Standard. 
 Subject to the terms and conditions herein, the Issuer hereby appoints MORI as the initial Servicer
hereunder. The Servicer shall service and administer the Timeshare Loans and perform all of its duties hereunder in accordance with applicable law, the terms of the respective Timeshare Loans and, to the extent consistent with the foregoing, in
accordance with the customary and usual procedures employed by the Servicer with respect to comparable assets that the Servicer services for itself or its Affiliates (the “Servicing Standard”). 

Section 5.02 Payments on the Timeshare Loans. 
 (a) The Servicer shall in a manner consistent with the Credit and Collection Policy, collect all payments made under each Timeshare Loan and cause each Obligor to timely make all payments in respect of
his or her Timeshare Loan to a Control Account subject to a Control Agreement. 
 (b) All interest earned on funds received with
respect to Timeshare Loans and any Processing Charges deposited in accounts of the Servicer prior to deposit to the Collection Account pursuant to Section 5.02(d) hereof shall be deemed to be additional compensation to the Servicer for the
performance of its duties and obligations hereunder. 

  
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 (c) On the related Funding Date and Transfer Date, the Servicer shall deposit to the
Collection Account all amounts collected and received in respect of the Timeshare Loans (other than the amounts described in (b) above) after the related Cut-Off Date. 
 (d) Subject to (b) above and (e) below within two Business Days of receipt (or, if initially there is insufficient information to determine to which Timeshare Loan any funds relate, within two
Business Days of obtaining sufficient information), the Servicer shall segregate all collections in respect of the Timeshare Loans and shall remit (or cause the related Control Account Bank to remit) such amounts to the Collection Account. The
Servicer is not required to remit any Miscellaneous Payments or Processing Charges, to the extent received, to the Collection Account. 
 (e) The Servicer shall net out Liquidation Expenses from any Liquidation Proceeds on Defaulted Timeshare Loans prior to deposit of the net Liquidation Proceeds into the Collection Account pursuant to
Section 5.02(d) hereof. To the extent that the Servicer shall subsequently recover any portion of such Liquidation Expenses from the related Obligor, the Servicer shall deposit such amounts into the Collection Account in accordance with
Section 5.02(d) hereof. 
 Section 5.03 Duties and Responsibilities of the Servicer. 

(a) In addition to any other customary services which the Servicer may perform or may be required to perform hereunder, the Servicer
shall perform or cause to be performed through sub-servicers, the following servicing and collection activities in accordance with the Servicing Standard: 
 (i) perform standard accounting services and general record keeping services with respect to the Timeshare Loans; 
 (ii) respond to telephone or written inquiries of Obligors concerning the Timeshare Loans; 
 (iii) keep Obligors informed of the proper place and method for making payment with respect to the Timeshare Loans; 
 (iv) contact Obligors to effect collection and to discourage delinquencies in the payment of amounts owed under the Timeshare Loans and doing so by any lawful means, including but not limited to
(A) mailing of routine past due notices, (B) preparing and mailing collection letters, (C) contacting delinquent Obligors by telephone to encourage payment, and (D) mailing of reminder notices to delinquent Obligors; 

(v) report tax information to Obligors and taxing authorities to the extent required by law; 

  
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 (vi) take such other action as may be necessary or appropriate in the
discretion of the Servicer for the purpose of collecting and transferring to the Indenture Trustee for deposit into the Collection Account all payments received by the Servicer or remitted to any of the Servicer’s accounts in respect of the
Timeshare Loans (except as otherwise expressly provided herein), and to carry out the duties and obligations imposed upon the Servicer pursuant to the terms of this Indenture and Servicing Agreement; 

(vii) remarket Timeshare Properties and Vacation Interests; 

(viii) arrange for Liquidations of Timeshare Properties and Vacation Interests related to Defaulted Timeshare Loans;

 (ix) dispose of Timeshare Properties related to the Timeshare Loans whether following repossession,
foreclosure or otherwise; 
 (x) to the extent requested by the Indenture Trustee, use reasonable best efforts to
enforce the purchase and substitution obligation of the Seller under the Sale Agreement; 
 (xi) not modify,
waive or amend the terms of any Timeshare Loan; provided, however, the Servicer may modify, waive or amend a Timeshare Loan for which a default has occurred or is imminent and such modification, amendment or waiver does not
(i) materially alter the interest rate on or the principal balance of such Timeshare Loan, (ii) shorten the final maturity of, lengthen the timing of payments of either principal or interest, or any other terms of, such Timeshare Loan in
any manner which would have a material adverse affect on Noteholders, (iii) adversely affect the Timeshare Property underlying such Timeshare Loan or (iv) reduce materially the likelihood that payments of interest and principal on such
Timeshare Loan shall be made when due; provided, further, the Servicer may grant an extension of the final maturity of a Timeshare Loan if the Servicer, in its reasonable discretion, determines that (A) such Timeshare Loan is in
default or default on such Timeshare Loan is likely to occur in the foreseeable future, and (B) the value of such Timeshare Loan will be enhanced by such extension; provided, further, that the Servicer shall not (1) grant
more than one extension per calendar year with respect to a Timeshare Loan or (2) grant an extension for more than one calendar month with respect to a Timeshare Loan in any calendar year; 

(xii) work with Obligors in connection with any transfer of ownership of a Timeshare Property or Vacation Interest by an
Obligor to another Person, whereby the Servicer may consent to the assumption by such Person of the Timeshare Loan related to such Timeshare Property or Vacation Interest; provided, however, in connection with any such assumption, the
rate of interest borne by, the maturity date of, the principal amount of, the timing of payments of principal and interest in respect of, and all other material terms of, the related Timeshare Loan shall not be changed other than as permitted in
(xi) above; 
 (xiii) (A) cause all the timeshare or fractional interest resorts operated by MORI (including
but not limited to those under the Marriott Vacation Club, Ritz-Carlton Club and Grand Residences brands) to have property damage insurance coverage for the full replacement value thereof or, if not available on commercially reasonable terms, the

  
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maximum amount available on commercially reasonable terms, as determined in accordance with the Servicing Standard and (B) to the extent that there is any reduction in the policy limits of
such coverage or the Servicer has determined, in accordance with the Servicing Standard, that such coverage is not available on commercially reasonable terms, provide written notice to the Issuer within five Business Days of such determination;

 (xiv) deliver such information and data to the Back-Up Servicer as is required pursuant to Section 5.19
hereof; 
 (xv) on behalf of the Issuer, maintain the perfection and priority of the security interest Granted
hereunder; 
 (xvi) observe and perform its obligations under the Control Account Intercreditor Agreement and the
Control Agreement, monitor the Control Accounts and identify and segregate all funds in the Control Accounts and direct the Control Account Bank to remit all collections on the Timeshare Loans to the Collection Account; and 

(xvii) on behalf of the Issuer, monitor the Hedge Agreements and to prepare such data and information as may be required
by the Issuer, from time to time, to determine whether the Hedge Requirements are being satisfied. 
 In connection with the
Servicer’s duties under (vii), (viii) and (ix) above, the Servicer will, as soon as practical, undertake such duties in the ordinary course in a manner similar and consistent with (or better than) the manner in which the Servicer
sells or markets other timeshare properties or Vacation Interests it or its Affiliates owns. 
 To the extent that any Timeshare
Property or Vacation Interest related to a Defaulted Timeshare Loan is remarketed, the Servicer agrees that it shall require that any Liquidation Proceeds be in the form of cash only. 

(b) For so long as MORI or an affiliate of MORI is the on-site manager of the Resorts, the Servicer shall use commercially best efforts
to maintain or cause to maintain the Resorts in good repair, working order and condition (ordinary wear and tear excepted). 

(c) In the event any Lien (other than a Permitted Lien) attaches to any Timeshare Loan or related collateral from any Person claiming
from and through an affiliate of MORI which materially and adversely affects the Issuer’s interest in such Timeshare Loan, the Servicer shall, within the earlier to occur of 10 Business Days after receiving notice of such attachment or the
respective lienholders’ action to foreclose on such lien, either (i) cause such Lien to be released of record, (ii) provide the Indenture Trustee with a bond in accordance with the applicable laws of the state in which the Timeshare
Property is located, issued by a corporate surety acceptable to the Administrative Agent, in form reasonably acceptable to the Administrative Agent or (iii) provide the Administrative Agent with such other security as the Administrative Agent
may reasonably require. 

  
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 (d) The Servicer shall: (i) promptly notify the Indenture Trustee of (A) receiving
notice of any claim, action or proceeding which may be reasonably expected to have a material adverse effect on the Trust Estate, or any material part thereof, and (B) any action, suit, proceeding, order or injunction of which the Servicer
becomes aware after the date hereof pending or threatened against or affecting the Servicer or any Affiliate which may be reasonably expected to have a material adverse effect on the Trust Estate or the Servicer’s ability to service the same;
(ii) at the request of Indenture Trustee with respect to a claim or action or proceeding which arises from or through the Servicer or one of its Affiliates, appear in and defend, at Servicer’s expense, any such claim, action or proceeding
which would have a material adverse effect on the Timeshare Loans or the Servicer’s ability to service the same; and (iii) comply in all material respects, and shall cause all Affiliates to comply in all material respects, with the terms
of any orders imposed on such Person by any governmental authority the failure to comply with which would have a material adverse effect on the Timeshare Loans or the Servicer’s ability to service the same. 

(e) The Servicer agrees (so long as it is MORI or an Affiliate thereof) that it shall use commercially reasonable efforts to keep the
reservation system for the MVC Trust (including, without limitation, all hardware, software and data in respect thereof), operational (including by virtue of necessary hardware and software updates and/or upgrades), not to dispose of the same and to
allow the MVC Trust the use of, and access to, such reservation system. 
 (f) The Servicer shall notify the Indenture Trustee
and Administrative Agent ten days prior to any material amendment or change to such portion of the Credit and Collection Policy relating to the servicing and collection process of Timeshare Loans that are eligible to be acquired by the Issuer, and
shall have received written consent from the Administrative Agent (such consent to not be unreasonably withheld or delayed). 

(g) The Servicer agrees (so long as it is MORI or an Affiliate thereof), that it shall, and shall cause its affiliates to perform and
observe in all material respects the obligations and duties under the Marriott License Agreement. 
 Section 5.04
Servicer Events of Default. 
 (a) A “Servicer Event of Default” means the occurrence and continuance of
any of the following events: 
 (i) (A) failure by the Servicer to make any required payment, transfer or deposit
when due hereunder and the continuance of such default for a period of three Business Days or (B) failure by the Servicer to make any required payments, transfers or deposits when due hereunder more than four (4) times; 

(ii) failure by the Servicer to provide any required report within five Business Days of when such report is required to
be delivered hereunder; 
 (iii) any failure by the Servicer to observe or perform in any material respect any
covenant or agreement of the Servicer contained in this Indenture and Servicing Agreement or any other Facility Document which failure has a material adverse effect on the Noteholders; 

  
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 (iv) any representation or warranty made by the Servicer in this Indenture
and Servicing Agreement or any other Facility Document shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such breach is not remedied within 30 days after the earlier of (x) the Servicer
first acquiring knowledge thereof, and (y) the Servicer’s receipt of written notice thereof; 
 (v) the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Servicer in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other
similar law or (B) a decree or order adjudging the Servicer a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Servicer under any applicable
federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar official of the Servicer, or of any substantial part of its property, or ordering the winding up or liquidation of its affairs,
and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (vi) the commencement by the Servicer of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or of any other case or
proceeding to be adjudicated a bankrupt or insolvent, or the consent by either to the entry of a decree or order for relief in respect of the Servicer in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization, or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator, or similar official of the Servicer or of any substantial part of its
property, or the making by it of an assignment for the benefit of creditors, or the Servicer’s failure to pay its debts generally as they become due, or the taking of corporate action by the Servicer in furtherance of any such action; or

 (vii) for so long as MORI or an Affiliate thereof is the Servicer, the Financial Covenants are not satisfied
or waived (A) in accordance with the Corporate Revolver Facility or (B) by the Required Facility Investors if the Corporate Revolver Facility is terminated; 

(viii) for so long as MORI or an Affiliate thereof is the Servicer, an event of default (or any other defined term or
event having similar purpose) occurs under the Corporate Revolver Facility or under any future credit agreement similar in nature to the Corporate Revolver Facility and, in either case, the indebtedness related thereto is accelerated and not
rescinded in accordance with the Corporate Revolver Facility or other credit agreement, as the case may be; 

  
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 (ix) for so long as MORI or an Affiliate thereof is the Servicer, a Change
of Control shall have occurred; or 
 (x) for so long as MORI or an Affiliate thereof is the Servicer, either
(A) the Marriott License Agreement is not in full force and effect or (B) MVW, MORI or any affiliate thereof shall have defaulted under the Marriott License Agreement and Marriott International shall have terminated or materially
restricted MVW’s, MORI’s or their affiliate’s use of the Marriott and Ritz-Carlton related trademarks and other intellectual property. 
 (b) If any Servicer Event of Default shall have occurred and not been waived hereunder, the Indenture Trustee may, and upon notice from the Majority Facility Investors shall, terminate, on behalf of the
Noteholders, by notice in writing to the Servicer, all of the rights and obligations of the Servicer, as Servicer under this Indenture and Servicing Agreement. 
 (c) If any Authorized Officer of the Servicer shall have knowledge of the occurrence of a default by the Servicer hereunder, the Servicer shall promptly notify the Indenture Trustee, the Issuer, the
Back-Up Servicer and the Noteholders, and shall specify in such notice the action, if any, the Servicer is taking in respect of such default. Unless consented to by the Required Facility Investors, the Issuer may not waive any Servicer Event of
Default. 
 (d) If any Servicer Event of Default or Event of Default shall have occurred and not been waived hereunder, the
Indenture Trustee may, and at the direction of the Administrative Agent, shall, direct the Creditor Agent under the Control Account Intercreditor Agreement to direct the Control Account Banks to remit all funds relating to the Timeshare Loans to the
Collection Account. The Servicer shall cause to be delivered, notices to the Obligors related to the Timeshare Loans, instructing such Obligors to remit payments in respect thereof to the accounts specified by the Indenture Trustee. 

Section 5.05 Accountings; Statements and Reports. 
 (a) Monthly Servicer Report. Not later than each Determination Date, the Servicer shall deliver to the Issuer, the Indenture Trustee (who shall make such Monthly Servicer Report available to the
Noteholders), the Back-Up Servicer and the Administrative Agent a report (the “Monthly Servicer Report”) substantially in the form approved by the Administrative Agent. The Monthly Servicer Report shall be completed with the
information specified therein for the related Due Period and shall contain such other information as may be reasonably requested by the Issuer, the Indenture Trustee, the Back-Up Servicer, the Administrative Agent or the Noteholders in writing at
least five Business Days prior to such Determination Date. Each such Monthly Servicer Report shall be accompanied by an Officer’s Certificate of the Servicer in the form of Exhibit F hereto, certifying the accuracy of the computations
reflected in such Monthly Servicer Report. 
 (b) Certification as to Compliance. The Servicer shall deliver to the
Issuer, the Indenture Trustee (who shall make such Officer’s Certificate available to the Noteholders), the Back-Up Servicer, the Administrative Agent an Officer’s Certificate on or before December 31 of each year commencing in 2011:
(i) to the effect that a review of the activities of the Servicer 

  
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during the preceding calendar year, and of its performance under this Indenture and Servicing Agreement during such period has been made under the supervision of the officers executing such
Officer’s Certificate with a view to determining whether during such period the Servicer had performed and observed all of its obligations under this Indenture and Servicing Agreement, and either (A) stating that based on such review no
Servicer Event of Default is known to have occurred and is continuing, or (B) if such a Servicer Event of Default is known to have occurred and is continuing, specifying such Servicer Event of Default and the nature and status thereof; and
(ii) describing in reasonable detail to his knowledge any occurrence in respect of any Timeshare Loan which would be of material adverse significance to a Person owning such Timeshare Loan. 

(c) Annual Accountants’ Reports. On or before December 31, 2011, and on or before September 30 of each year
commencing in 2012, the Servicer shall (i) cause a firm of independent public accountants (such firm to be Ernst & Young LLP or such other firm selected by the Servicer with the written consent of the Majority Facility Investors) to
furnish a certificate or statement (and the Servicer shall provide a copy of such certificate or statement to the Issuer, the Owner Trustee, the Indenture Trustee, the Administrative Agent and the Noteholders), to the effect that such firm has
performed certain procedures (such procedures to be approved by the Majority Facility Investors) with respect to the Servicer’s servicing controls and procedures for the previous calendar year and that, on the basis of such firms’
procedures, conducted substantially in compliance with standards established by the American Institute of Certified Public Accountants, nothing has come to the attention of such firm indicating that the Servicer has not complied with the minimum
servicing standards identified in the Uniform Single Attestation Program for Mortgage Bankers established by the Mortgage Bankers Association of America (“USAP”), except for such significant exceptions or errors that, in the opinion
of such firm, it is required to report; provided, that if such firm of independent public accountants shall prohibit disclosure of such certificate or statement on the grounds that the Issuer does not own any Timeshare Loans, the Servicer shall
notify the Administrative Agent and the Indenture Trustee in writing and the Servicer shall not be required to deliver such certificate or statement; and (ii) cause a Servicer Representative after due investigation and review to furnish a
certificate or statement to the Issuer, the Indenture Trustee, the Administrative Agent and the Noteholders, to the effect that such Servicer Representative has (x) read this Indenture and Servicing Agreement, (y) performed certain
procedures, in accordance with USAP, with respect to the records and calculations set forth in the Monthly Servicer Reports delivered by the Servicer during the reporting period and certain specified documents and records relating to the servicing
of the Timeshare Loans and the reporting requirements with respect thereto and (z) on the basis of such Servicer Representative’s procedures, certifies that except for such exceptions as such Servicer Representative shall believe
immaterial and such other exceptions as shall be set forth in such statement, (A) the information set forth in such Monthly Servicer Reports was correct; and (B) the servicing and reporting requirements have been conducted in compliance
with this Indenture and Servicing Agreement. In the event such independent public accountants require the Indenture Trustee to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this
Section 5.05(c), the Servicer shall direct the Indenture Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer,
and the Indenture Trustee has not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. 

  
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 (d) Report on Proceedings and Servicer Event of Default. (i) Promptly upon the
Servicer’s becoming aware of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or may involve the possibility of materially and adversely affecting the properties,
business, prospects, profits or conditions (financial or otherwise) of the Servicer and subsidiaries, as a whole, a written notice specifying the nature of such investigation or proceeding and what action the Servicer is taking or proposes to take
with respect thereto and evaluating its merits, or (ii) immediately upon becoming aware of the existence of any condition or event which constitutes a Servicer Event of Default, a written notice to the Issuer, the Indenture Trustee, the
Administrative Agent and the Noteholders describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto. 
 Section 5.06 Records. 
 The Servicer shall maintain all data for which
it is responsible (including, without limitation, computerized tapes or disks) relating directly to or maintained in connection with the servicing of the Timeshare Loans (which data and records shall be clearly marked to reflect that the Timeshare
Loans have been pledged to the Indenture Trustee on behalf of the Noteholders and constitute property of the Trust Estate) at the address specified in Section 13.03 hereof or, upon 15 days’ notice to the Issuer and the Indenture Trustee,
at such other place where any Servicing Officer of the Servicer is located, and shall give the Issuer and the Indenture Trustee or their authorized agents access to all such information at all reasonable times, upon 72 hours’ written
notice. 
 Section 5.07 Fidelity Bond. 
 The Servicer shall maintain or cause to be maintained a fidelity bond with respect to the Servicer in such form and amount as is customary for institutions acting as custodian of funds in respect of
timeshare loans or receivables on behalf of institutional investors. Any such fidelity bond shall be maintained in a form and amount that would meet the requirements of prudent institutional loan servicers. No provision of this Section 5.07
requiring such fidelity bond shall diminish or relieve the Servicer from its duties and obligations as set forth in this Indenture and Servicing Agreement. The Servicer shall be deemed to have complied with this provision if one of its respective
Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Servicer. Upon a request of the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee, a
certification evidencing coverage under such fidelity bond. Any such fidelity bond shall not be canceled or modified in a materially adverse manner without ten days’ prior written notice to the Indenture Trustee. 

  
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 Section 5.08 Merger or Consolidation of the Servicer. 

(a) The Servicer shall promptly provide written notice to the Indenture Trustee and the Noteholders of any merger or consolidation of the
Servicer. The Servicer shall keep in full effect its existence, rights and franchise as a corporation under the laws of the state of its incorporation except as permitted herein, and shall obtain and preserve its qualification to do business as a
foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture and Servicing Agreement or any of the Timeshare Loans and to perform its duties under this
Indenture and Servicing Agreement. 
 (b) Any Person into which the Servicer may be merged or consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to the business of the Servicer, shall be the successor of the Servicer hereunder, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person (i) is a company whose business includes the servicing of
assets similar to the Timeshare Loans and shall be authorized to transact business in the state or states in which the related Timeshare Properties it is to service are situated; (ii) is a U.S. Person, and (iii) delivers to the Indenture
Trustee (A) an agreement, in form and substance reasonably satisfactory to the Indenture Trustee and the Noteholders, which contains an assumption by such successor entity of the due and punctual performance and observance of each covenant and
condition to be performed or observed by the Servicer under this Indenture and Servicing Agreement and (B) an Opinion of Counsel as to the enforceability of such agreement. 

Section 5.09 Sub-Servicing. 
 (a) The Servicer may enter into one or more subservicing agreements with a subservicer provided any such subservicing agreement is reasonably acceptable to the Majority Facility Investors. References
herein to actions taken or to be taken by the Servicer in servicing the Timeshare Loans include actions taken or to be taken by a subservicer on behalf of the Servicer. Any subservicing agreement will be upon such terms and conditions as the
Servicer may reasonably agree and as are not inconsistent with this Indenture and Servicing Agreement. The Servicer shall be solely responsible for any subservicing fees. 
 (b) Notwithstanding any subservicing agreement, the Servicer shall remain obligated and liable for the servicing and administering of the Timeshare Loans in accordance with this Indenture and Servicing
Agreement without diminution of such obligation or liability by virtue of such subservicing agreement and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Timeshare Loans.

 Section 5.10 Servicer Resignation. 
 The Servicer may not resign from the duties and obligations hereby imposed on it under this Indenture and Servicing Agreement unless it determines that by reason of a change in legal or regulatory
requirements the performance of its duties under this Indenture and Servicing Agreement would cause it to be in violation of such requirements. Such resignation shall not be effective until the Successor Servicer shall have assumed the
responsibilities and obligations of the Servicer hereunder. Upon the effective date of such resignation, the Servicer shall comply with Section 5.19(f) hereof. 

  
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 Section 5.11 Fees and Expenses. 

As compensation for the performance of its obligations under this Indenture and Servicing Agreement, the Servicer shall be entitled to
receive on each Payment Date, from amounts on deposit in the Collection Account and in the priorities described in Section 3.04 hereof, the Servicing Fee and as additional compensation, the amounts described in Section 5.02(b) hereof.
Other than Liquidation Expenses, the Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder. 
 Section 5.12 Access to Certain Documentation. 
 Upon five Business
Days’ prior written notice (or without prior written notice following a Servicer Event of Default), the Servicer will, from time to time during regular business hours, as requested by the Issuer, the Indenture Trustee, the Back-Up Servicer, the
Administrative Agent or any Noteholder and, prior to the occurrence of a Servicer Event of Default, at the expense of the Issuer, the Indenture Trustee or such Noteholder and upon the occurrence and continuance of a Servicer Event of Default, at the
expense of the Servicer, permit the Issuer, the Indenture Trustee, the Administrative Agent or any Noteholder or its agents or representatives (i) to examine and make copies of and abstracts from all books, records and documents (including,
without limitation, computer tapes and disks) in the possession or under the control of the Servicer relating to the servicing of the Timeshare Loans serviced by it and (ii) to visit the offices and properties of the Servicer for the purpose of
examining such materials described in clause (i) above, and to discuss matters relating to the Timeshare Loans with any of the officers, employees or accountants of the Servicer having knowledge of such matters. Nothing in this
Section 5.12 shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access to information as a result of such obligation
shall not constitute a breach of this Section 5.12. 
 Section 5.13 No Offset. 

Prior to the termination of this Indenture and Servicing Agreement, the obligations of Servicer under this Indenture and Servicing
Agreement shall not be subject to any defense, counterclaim or right of offset which the Servicer has or may have against the Issuer, the Indenture Trustee or any Noteholder, whether in respect of this Indenture and Servicing Agreement, any
Timeshare Loan or otherwise. 
 Section 5.14 Cooperation. 

The Indenture Trustee agrees to cooperate with the Servicer in connection with the Servicer’s preparation of the Monthly Servicer
Report, including without limitation, providing account balances of Trust Accounts and notification of the Events of Default or Amortization Events and other information of which the Indenture Trustee has knowledge which may affect the Monthly
Servicer Report. 

  
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 Section 5.15 Indemnification; Third Party Claim. 

The Servicer agrees to indemnify the Issuer, the Indenture Trustee, the Back-Up Servicer, the Custodian, the Administrative Agent and the
Noteholders (each, an “Indemnified Party”) from and against any and all actual damages (excluding economic losses related to the collectibility of any Timeshare Loan), claims, reasonable attorneys’ fees and related costs,
judgments, and any other costs, fees and expenses (collectively, “Costs”) that each may sustain because of the failure of the Servicer to service the Timeshare Loans in accordance with the Servicing Standard or otherwise perform its
obligations and duties hereunder in compliance with the terms of this Indenture and Servicing Agreement, or because of any act or omission by the Servicer due to its negligence or willful misconduct in connection with its maintenance and custody of
any funds, documents and records under this Indenture and Servicing Agreement, or its release thereof except as contemplated by this Indenture and Servicing Agreement, other than any Costs attributable directly to the gross negligence, bad faith or
willful misconduct of an Indemnified Party. The Servicer shall immediately notify the Issuer, the Administrative Agent and the Indenture Trustee if it has knowledge (receipt of notice being deemed knowledge) of a claim made by a third party with
respect to the Timeshare Loans, and, if such claim relates to the servicing of the Timeshare Loans by the Servicer, assume, with the consent of the Indenture Trustee, the defense of any such claim and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it. This Section 5.15 shall survive the termination of this Indenture and Servicing Agreement or the resignation or removal of
the Servicer hereunder. 
 Section 5.16 Limitation on Liability. 

It is expressly understood and agreed by the parties hereto that MORI is executing this Indenture and Servicing Agreement solely as
Servicer and MORI undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and Servicing Agreement applicable to the Servicer. 
 Section 5.17 Aruba Notice. 
 Within 45 days of any Funding Date or any
Transfer Date (with respect to a Qualified Substitute Timeshare Loan), as the case may be, the Servicer shall give notice to each Obligor under a Weeks-Based Timeshare Loan with respect to any Resort in the country of Aruba that such Weeks-Based
Timeshare Loan has been transferred and assigned to the Indenture Trustee, in trust, for the benefit of the Noteholders. Such notice may include any notice or notices that the Issuer’s predecessors in title to the Timeshare Loan may give to the
same Obligor with respect to any transfers and assignments of the Timeshare Loan by such predecessors. Such notice shall be in the form attached hereto as Exhibit G, as the same may be amended, revised or substituted by the Indenture Trustee
and the Servicer from time to time. 
 Section 5.18 St. Kitts. 

The Servicer shall cause this Indenture and Servicing Agreement to be delivered to the Inland Revenue Department of the Federation of St.
Christopher and Nevis within five Business Days of the first Funding Date on which a Timeshare Loan relating to a St. Kitts property is transferred to the Trust Estate to be stamped. Promptly upon the Indenture being stamped, the Servicer shall
deliver such stamped Indenture to the Indenture Trustee. 

  
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 Section 5.19 Back-Up Servicer and Successor Servicer. 

(a) Subject to the terms and conditions herein, the Issuer hereby appoints Wells Fargo Bank, National Association as the initial Back-Up
Servicer hereunder. The Back-Up Servicer shall perform all of its duties hereunder in accordance with applicable law, the terms of this Indenture and Servicing Agreement, the respective Timeshare Loans and, to the extent consistent with the
foregoing, in accordance with the customary and usual procedures employed by the Back-Up Servicer with respect to comparable assets that the Back-Up Servicer services for itself or other Persons. The Back-Up Servicer shall be compensated for its
services hereunder by the Back-Up Servicing Fee. 
 (b) Not later than the Determination Date preceding a Payment Date, the
Servicer shall prepare and deliver to the Back-Up Servicer: (i) a copy of the Monthly Servicer Report and all other reports and notices, if any, delivered to the Issuer and the Indenture Trustee (collectively, the “Monthly
Reports”); and (ii) a computer file or files stored on compact disc, magnetic tape or provided electronically, prepared in accordance with the record layout for data conversion attached hereto as Exhibit I and made a part hereof
(the “Tape(s)”). The Tape(s) shall contain (x) all information with respect to the Timeshare Loans as of the close of business on the last day of the Due Period necessary to store the appropriate data in the Back-Up
Servicer’s system from which the Back-Up Servicer will be capable of preparing a trial balance relating to the data and (y) an initial trial balance showing balances of the Timeshare Loans as of the last Business Day corresponding to the
date of the Tape(s) (the “Initial Trial Balance”). The Back-Up Servicer shall have no obligations as to the Collection Reports other than to insure that they are able to be opened and read (which it shall determine promptly upon
receipt). The Servicer shall give prompt written notice to the Indenture Trustee, the Back-Up Servicer and the Initial Purchaser of any modifications in the Servicer’s servicing systems. 

(c) The Back-Up Servicer shall use the Tape(s) and Initial Trial Balance to ensure that the Monthly Reports are complete on their face
and the following items in such Monthly Reports have been accurately calculated, if applicable, and reported: (i) the Aggregate Loan Balance, (ii) the Outstanding Note Balance, (iii) the payments to be made pursuant to
Section 3.04 hereof, (iv) the Warehouse Portfolio Default Level, (v) the Warehouse Portfolio Delinquency Level, (vi) the Securitized Portfolio Default Level and (vii) the Securitized Portfolio Delinquency Level. The Back-Up
Servicer shall give written notice on or prior to the Business Day immediately preceding the related Payment Date to the Indenture Trustee and the Administrative Agent of any discrepancies discovered pursuant to its review of the items required by
this Section 5.19(c) or if any of the items in Section 5.19(b) can not be open and read. 
 (d) Other than the duties
specifically set forth in this Indenture and Servicing Agreement, the Back-Up Servicer shall have no obligation hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Back-Up
Servicer shall have no liability for any action taken or omitted to be taken by the Servicer. 

  
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 (e) From and after the receipt by the Servicer of a written termination notice pursuant to
Section 5.04 hereof or the resignation of the Servicer pursuant to Section 5.10 hereof, and upon written notice thereof to the Back-Up Servicer from the Indenture Trustee, all authority and power of the Servicer under this Indenture and
Servicing Agreement, whether with respect to the Timeshare Loans or otherwise, shall pass to and be vested in the Back-Up Servicer, as the Successor Servicer, on the Assumption Date (as defined in Section 5.19(f) hereof). 

(f) The Servicer shall perform such actions as are reasonably necessary to assist the Indenture Trustee and the Successor Servicer in
such transfer of the Servicer’s duties and obligations pursuant to Section 5.19(e) hereof. The Servicer agrees that it shall promptly (and in any event no later than five Business Days subsequent to its receipt of a notice of termination
pursuant to Section 5.04(b) hereof) provide the Successor Servicer (with costs being borne by the Servicer) with all documents and records (including, without limitation, those in electronic form) reasonably requested by it to enable the
Successor Servicer to assume the Servicer’s duties and obligations hereunder, and shall cooperate with the Successor Servicer in effecting the assumption by the Successor Servicer of the Servicer’s obligations hereunder, including, without
limitation, subject to the provisions of the Control Account, the transfer within two Business Days to the Successor Servicer for administration by it of all cash amounts which, at the time or thereafter, shall be received by it with respect to the
Timeshare Loans (provided, however, that the Servicer shall continue to be entitled to receive all amounts accrued or owing to it under this Indenture and Servicing Agreement on or prior to the date of such termination). If the Servicer fails to
undertake such action as is reasonably necessary to effectuate such transfer of its duties and obligations, the Indenture Trustee, or the Successor Servicer if so directed by the Indenture Trustee, is hereby authorized and empowered to execute and
deliver, on behalf of and at the expense of the Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things reasonably necessary to effect the purposes of such notice of
termination. Promptly after receipt by the Successor Servicer of such documents and records, the Successor Servicer will commence the performance of such servicing duties and obligations as Successor Servicer in accordance with the terms and
conditions of this Indenture and Servicing Agreement (such date, the “Assumption Date”), and from and after the Assumption Date the Successor Servicer shall receive the Servicing Fee and agrees to and shall be bound by all of the
provisions of this Article V and any other provisions of this Indenture and Servicing Agreement relating to the duties and obligations of the Servicer, except as otherwise specifically provided herein. 

(i) Notwithstanding anything contained in this Indenture and Servicing Agreement to the contrary, the Successor Servicer
is authorized to accept and rely on all of the accounting, records (including computer records) and work of the Servicer relating to the Timeshare Loans (collectively, the “Predecessor Servicer Work Product”) without any audit or
other examination thereof, and the Successor Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the Servicer. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure
(collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or should cause or materially contribute to the Successor Servicer making or continuing any Errors
(collectively, “Continued Errors”), the Successor Servicer shall have no duty, responsibility, 

  
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obligation or liability for such Continued Errors; provided, however, that the Successor Servicer agrees to use its best efforts to prevent further Continued Errors. In the event
that the Successor Servicer becomes aware of Errors or Continued Errors, the Successor Servicer, with the prior consent of the Indenture Trustee (acting at the direction of the Majority Facility Investors) shall use its best efforts to reconstruct
and reconcile such data as is commercially reasonable to correct such Errors and Continued Errors and to prevent future Continued Errors and shall be entitled to recover its costs thereby. 

(ii) The Successor Servicer shall have: (A) no liability with respect to any obligation which was required to be
performed by the terminated or resigned Servicer prior to the Assumption Date or any claim of a third party based on any alleged action or inaction of the terminated or resigned Servicer, (B) no obligation to perform any repurchase or advancing
obligations, if any, of the Servicer, (C) no obligation to pay any taxes required to be paid by the Servicer, (D) no obligation to pay any of the fees and expenses of any other party involved in this transaction that were incurred by the
prior Servicer and (E) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer including the original Servicer. 
 (g) In the event that Wells Fargo Bank, National Association as the initial Back-Up Servicer is terminated for any reason, or fails or is unable to act as Back-Up Servicer and/or as Successor Servicer,
the Indenture Trustee may enter into a back-up servicing agreement with a back-up servicer, and may appoint a successor servicer to act under this Indenture and Servicing Agreement, in either event with the consent or at the direction of the
Majority Facility Investors and on such terms and conditions as are provided herein as to the Back-Up Servicer or the Successor Servicer, as applicable. 
 (h) Within 30 days of its appointment as successor Servicer, Wells Fargo shall deliver to the Administrative Agent a copy of the then current Credit and Collection Policy that will be used in servicing
the Timeshare Loans. 
 (i) The Back-Up Servicer shall, until it is appointed as successor Servicer, be entitled to the same
protections afforded the Indenture Trustee in Sections 7.03 and 7.04 hereof. 
 ARTICLE VI 

EVENTS OF DEFAULT; REMEDIES 
 Section 6.01 Events of Default. 
 “Event of Default”
wherever used herein with respect to Notes, means any one of the following: 
 (a) (1) the default in the making of
payments of Interest Distribution Amounts, Unused Fees, NPA Costs, Purchaser Fees, Administrative Agent Fees or other amounts payable by the Issuer under any Facility Document within two Business Days after the same becomes due and payable
(determined irrespective of Available Funds) or (2) a failure to reduce the Outstanding Note Balance to zero at the Stated Maturity or the Mandatory Redemption Date; or 

  
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 (b) a non-monetary default in the performance, or breach, of any covenant of an MVW Entity
in this Indenture and Servicing Agreement or any other Facility Document (other than a covenant dealing with a default in the performance of which or the breach of which is specifically dealt with elsewhere in this Section 6.01), the
continuance of such default or breach for a period of 30 days after the earlier of (x) such MVW Entity first acquiring knowledge therefor, and (y) such MVW Entity’s receipt of written notice thereof from the Indenture Trustee;
provided, however, that if such default or breach is in respect of the covenants contained in Section 8.04(a) and Section 8.06(a)(i) or (ii), there shall be no grace period whatsoever; or 

(c) if any representation or warranty of an MVW Entity made in this Indenture and Servicing Agreement or any other Facility Document
(other than a representation or warranty which is specifically dealt with elsewhere in this Section 6.01) shall prove to be incorrect in any material respect as of the time when the same shall have been made, and, to the extent such
representation or warranty is curable, such breach is not remedied within 30 days after the earlier of (x) such MVW Entity first acquiring knowledge thereof, and (y) the Indenture Trustee’s giving written notice thereof to such MVW
Entity; or 
 (d) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect
of an MVW Entity or the MVC Trust in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or (ii) a decree or order adjudging an MVW Entity or the MVC Trust a
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of an MVW Entity or the MVC Trust under any applicable federal or state law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator, or other similar official of an MVW Entity or the MVC Trust, or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such
decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 

(e) the commencement by an MVW Entity or the MVC Trust of a voluntary case or proceeding under any applicable federal or state
bankruptcy, insolvency, reorganization, or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by either to the entry of a decree or order for relief in respect of an MVW Entity or the MVC
Trust in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator, or similar official of such MVW Entity or the MVC Trust or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or such MVW Entity’s or the MVC Trust’s
failure to pay its debts generally as they become due, or the taking of corporate action by such MVW Entity or MVC Trust in furtherance of any such action; or 

  
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 (f) the Issuer becoming subject to registration as an “investment company” under
the 1940 Act; or 
 (g) (1) the breach of a representation or warranty or covenant in any Facility Document related to the
security interest of the Indenture Trustee in the Trust Estate, or (2) the impairment of the validity of any security interest of the Indenture Trustee in the Trust Estate in any material respect, except as expressly permitted hereunder, or
(3) the creation of any material encumbrance on all or any portion of the Trust Estate not otherwise permitted which is not stayed or released within 10 days of the Issuer having knowledge of its creation; or 

(h) any provision of any Facility Document shall at any time for any reason cease to be valid and binding on and enforceable against any
MVW Entity party thereto, or the validity or enforceability thereof shall be contested by any MVW Entity party thereto, or a proceeding shall be commenced by any MVW Entity seeking to establish the invalidity or unenforceability thereof or, any MVW
Entity shall deny in writing that it has any liability or obligation purported to be created under any Facility Document; or 

(i) any default of the Seller of its obligation to repurchase or substitute a Timeshare Loan under the Sale Agreement within the relevant
time period; or 
 (j) any default under the Performance Guaranty; or 

(k) the failure to maintain Hedge Agreements satisfying the Hedge Requirements or any Hedge Counterparty ceases to be a Qualified Hedge
Counterparty and such failure continues for five (5) Business Days; or 
 (l) an event of default (or any other defined
term or event having similar purpose) occurs under the Corporate Revolver Facility or under any future credit agreement similar in nature to the Corporate Revolver Facility and, in either case, the indebtedness related thereto is accelerated and not
rescinded in accordance with the Corporate Revolver Facility or other credit agreement, as the case may be; or 
 (m) a Change
of Control shall have occurred; or 
 (n) the Servicer has been terminated following a Servicer Event of Default and a Successor
Servicer has not been appointed or such appointment has not been accepted within 20 days of the date of termination specified in the related termination notice; or 
 (o) one or more judgments or decrees shall be entered against the Issuer, the Seller, MORI or the Performance Guarantor involving in the aggregate a liability (not paid or covered by insurance) of, in the
case of the Issuer and the Seller, $50,000 or more, or, in the case of MORI or the Performance Guarantor, $70,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged or stayed or bonded pending appeal within 30
days from the entry thereof; or 
 (p) the occurrence of an event constituting a Servicer Event of Default under
Section 5.04(a)(i)(B) or Section 5.04(a)(x) of this Indenture and Servicing Agreement; or 

  
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 (q) the Outstanding Note Balance exceeds the Borrowing Base as of the related Payment Date
and the Issuer fails on such Payment Date to either (i) pay in full an amount of principal on the Note equal to such excess or (ii) pledge additional Timeshare Loans such that the Outstanding Note Balance does not exceed the Borrowing
Base. 
 Except as otherwise provided in clause (p) hereunder, a Servicer Event of Default shall not constitute an Event of
Default hereunder. 
 Section 6.02 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default of the kind specified in Section 6.01(d) or Section 6.01(e) hereof occurs, the Notes shall
automatically become due and payable at the sum of the then Outstanding Note Balances, together with all accrued and unpaid Interest Distribution Amounts and Unused Fees thereon. If an Event of Default (other than an Event of Default of the type
described in the preceding sentence) occurs, the Indenture Trustee shall, upon notice from the Majority Facility Investors, declare the Notes to be immediately due and payable at the sum of the then Outstanding Note Balance, plus all accrued and
unpaid Interest Distribution Amounts and Unused Fees thereon. 
 (b) Upon any such declaration or automatic acceleration, the
then Outstanding Note Balance, together with all accrued and unpaid Interest Distribution Amounts and Unused Fees thereon shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Issuer. The Indenture Trustee shall promptly send a notice of any declaration or automatic acceleration to the Noteholders. 
 (c) At any time after such a declaration of acceleration has been made, or after such acceleration has automatically become effective and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article provided, the Required Facility Investors (other than MORI and its Affiliates) by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its
consequences if: 
 (i) The amounts on deposit in the Trust Accounts and other funds from collections with
respect to the Timeshare Loans in the possession of the Servicer but not yet deposited in the Trust Accounts, is a sum sufficient to pay: 
 (A) all principal due on the Notes which has become due otherwise than by such declaration of acceleration and interest thereon from the date when the same first became due until the date of payment or
deposit at the applicable rates used to calculate the applicable Carrying Cost plus the Usage Rate, 
 (B) all
interest due with respect to the Notes and, to the extent that payment of such interest is lawful, interest upon overdue interest from the date when the same first became due until the date of payment or deposit at the applicable rates used to
calculate the applicable Carrying Cost plus the Usage Rate, and 

  
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 (C) all sums paid or advanced by the Indenture Trustee hereunder and the
reasonable compensation, expenses, disbursements, and advances of each of the Indenture Trustee, the Servicer and Back-Up Servicer, their agents and counsel; 
 and 
 (ii) all Events of Default with respect to the Notes, other
than the non-payment of the then Outstanding Note Balance which became due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13 hereof. 

(d) An automatic acceleration may be rescinded and annulled by the Required Facility Investors. 

(e) Notwithstanding Section 6.02 (c) and (d) above, (i) if the Indenture Trustee has commenced making payments as
described in Section 6.06 hereof, no acceleration may be rescinded or annulled and (ii) no rescission shall affect any subsequent Event of Default or impair any right consequent thereon. 

Section 6.03 Remedies. 
 (a) If an Event of Default with respect to the Notes occurs and is continuing of which a Responsible Officer of the Indenture Trustee has actual knowledge, the Indenture Trustee shall immediately give
notice to each Noteholder as set forth in Section 7.02 hereof and shall solicit such Noteholders for advice. The Indenture Trustee shall then take such action as so directed by the Majority Facility Investors subject to the provisions of this
Indenture and Servicing Agreement. 
 (b) Following any acceleration of the Notes, the Indenture Trustee shall have all of the
rights, powers and remedies with respect to the Trust Estate as are available to secured parties under the UCC or other applicable law, subject to subsection (d) below. Such rights, powers and remedies may be exercised by the Indenture Trustee
in its own name as trustee of an express trust. 
 (c) If an Event of Default specified in Section 6.01(a) hereof occurs
and is continuing, the Indenture Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the sum of the Outstanding Note Balance, and interest remaining unpaid with respect to the Notes.

 (d) If an Event of Default occurs and is continuing, the Indenture Trustee may in its discretion, and at the instruction of
the Majority Facility Investors shall, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate judicial or other proceedings as the Indenture Trustee shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture and Servicing Agreement or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. The Indenture Trustee shall notify the
Issuer, the Servicer and the Noteholders of any such action. 

  
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 (e) If (i) the Indenture Trustee shall have received instructions within 45 days from
the date notice pursuant to Section 6.03(a) hereof is first given from the Majority Facility Investors to the effect that such Persons approve of or request the liquidation of the Timeshare Loans or (ii) upon an Event of Default set forth
in Section 6.01(d) or (e) hereof, the Indenture Trustee shall to the extent lawful, promptly sell, dispose of or otherwise liquidate the Timeshare Loans in a commercially reasonable manner and on commercially reasonable terms, which shall
include the solicitation of competitive bids. The Indenture Trustee may obtain a prior determination from any conservator, receiver or liquidator of the Issuer that the terms and manner of any proposed sale, disposition or liquidation are
commercially reasonable. 
 Section 6.04 Indenture Trustee May File Proofs of Claim. (a) In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuer, or any other obligor in respect of the Notes, or the property of the Issuer, or such
other obligor or their creditors, the Indenture Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand on the Issuer for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Notes and
to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee and any predecessor Indenture Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Indenture Trustee and any predecessor Indenture Trustee, their agents and counsel) and of the Noteholders allowed in such judicial proceeding; 
 (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and 

(iii) to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matter;

 and any custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Noteholder to make such payments to the Indenture Trustee and to pay to the Indenture Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and any predecessor
Indenture Trustee, their agents and counsel, and any other amounts due the Indenture Trustee and any predecessor Indenture Trustee under Section 7.06 hereof. 
 (b) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder any plan of reorganization, agreement, adjustment
or composition affecting the Notes or the rights of any Noteholder thereof or affecting the Timeshare Loans or the other assets constituting the Trust Estate or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in
any such proceeding. 

  
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 Section 6.05 Indenture Trustee May Enforce Claims Without Possession of Notes.

 All rights of action and claims under this Indenture and Servicing Agreement, the Notes, the Timeshare Loans or the other
assets constituting the Trust Estate may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Indenture
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provisions for the payment of reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and any
predecessor Indenture Trustee, their agents and counsel, be for the benefit of the Noteholders in respect of which such judgment has been recovered, and distributed pursuant to the priorities contemplated by Section 3.04 hereof and
Section 6.06 hereof. 
 Section 6.06 Application of Money Collected. 

(a) Subject to the following paragraph, if the Notes have been declared, have automatically become, or otherwise become due and payable
following an Event of Default (an “Acceleration Event”) and such Acceleration Event has not been rescinded or annulled, any money collected by the Indenture Trustee in respect of the Trust Estate and any other money that may be held
thereafter by the Indenture Trustee as security for the Notes, including without limitation the amounts on deposit in the Reserve Account, shall be applied in the following order, at the date or dates fixed by the Indenture Trustee and, in case of
the distribution of such money on account of principal or interest, without presentment of any Notes: 
  

	 	(i)	to the Indenture Trustee, the Custodian and the Back-Up Servicer, ratably based on their respective entitlements, any amounts due and owing as of such date;

  

	 	(ii)	to the Owner Trustee, any unpaid Owner Trustee Fees; 

  

	 	(iii)	to the Administrator, any unpaid Administrator Fees; 

  

	 	(iv)	to the Servicer, any unpaid Servicing Fees; 

  

	 	(v)	to the Administrative Agent, any unpaid Administrative Agent Fees; 

  

	 	(vi)	to the Noteholders, the Interest Distribution Amount 

  

	 	(vii)	to the Noteholders, any unpaid Unused Fees and NPA Costs (other than the portion thereof related to clause (iii) of the definition of Breakage and Other Costs);

  
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	 	(viii)	on a pari passu basis (A) to the Noteholders, all remaining amounts until the Outstanding Note Balance is reduced to zero and (B) other than if the Hedge
counterparty is the “Defaulting Party” or the sole “Affected Party” (as such terms are defined in the Hedge Agreement), to the Hedge Counterparty, the Hedge Termination Payment, if any; 

 

	 	(ix)	to the Noteholders, the Usage Step-Up Fees and any unpaid Usage Step-Up Fees from prior Payment Dates; 

 

	 	(x)	to the Noteholders any NPA Costs not paid in accordance with (vii) above; 

 

	 	(xi)	to the Hedge Counterparty, any Hedge Termination Payment required under the Hedge Agreement and not paid in accordance with clause (viii) above; and

  

	 	(xii)	to the Owner Trustee for distribution to the owners of the beneficial interests in the Issuer, any remaining amounts. 

(b) Notwithstanding the occurrence and continuation of an Event of Default, prior to the occurrence of an Acceleration Event, the
Noteholders shall continue to be paid in the manner and priorities described in Section 3.04 hereof. 
 Section 6.07
Limitation on Suits. 
 No Noteholder, solely by virtue of its status as Noteholder, shall have any right by virtue or by
availing of any provision of this Indenture and Servicing Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture and Servicing Agreement, unless an Event of Default shall have
occurred and is continuing and the Holders of Notes evidencing not less than 25% of the then Outstanding Note Balance shall have made written request upon the Indenture Trustee to institute such action, suit or proceeding in its own name as
Indenture Trustee hereunder and shall have offered to the Indenture Trustee such reasonable indemnity as it may require against the cost, expenses and liabilities to be incurred therein or thereby, and the Indenture Trustee, for 60 days after its
receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding and no direction inconsistent with such written request has been given such Indenture Trustee during such 60-day
period by such Noteholders; it being understood and intended, and being expressly covenanted by each Noteholder with every other Noteholder and the Indenture Trustee, that no one or more Noteholders shall have any right in any manner whatever by
virtue or by availing of any provision of this Indenture and Servicing Agreement to affect, disturb or prejudice the rights of the Holders of any other of such Notes, or to obtain or seek to obtain priority over or preference to any other such
Holder, or to enforce any right under this Indenture and Servicing Agreement, except in the manner herein provided and for the benefit of all Noteholders. For the protection and enforcement of the provisions of this Section 6.07, each and every
Noteholder and the Indenture Trustee shall be entitled to such relief as can be given either at law or in equity. 

  
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 Section 6.08 Unconditional Right of Noteholders to Receive Principal and
Interest. 
 Notwithstanding any other provision in this Indenture and Servicing Agreement, other than the provisions hereof
limiting the right to recover amounts due on the Notes to recoveries from the property comprising the Trust Estate, the Holder of any Note shall have the absolute and unconditional right to receive payment of the principal of and interest on such
Note as such payments of principal and interest become due, including on the Stated Maturity and Mandatory Redemption Date, and such right shall not be impaired without the consent of such Noteholder. 

Section 6.09 Restoration of Rights and Remedies. 
 If the Indenture Trustee or any Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and Servicing Agreement and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case, subject to any determination in such proceeding, the Issuer, the Indenture Trustee and the Noteholders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Indenture Trustee and the Noteholders continue as though no such proceeding had been instituted. 

Section 6.10 Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Notes in Section 2.04(f) hereof, no right or remedy herein conferred upon or reserved
to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.11 Delay or Omission Not Waiver. 
 No delay or omission of the Indenture Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver
of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be. 
 Section 6.12 Control by Noteholders. 

Except as may otherwise be provided in this Indenture and Servicing Agreement, until such time as the conditions specified in Sections
11.01(a)(i) and (ii) hereof have been satisfied in full, the Majority Facility Investors shall have the right to direct the time, method and 

  
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place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee, with respect to the Notes.
Notwithstanding the foregoing: 
 (i) no such direction shall be in conflict with any rule of law or with this
Indenture and Servicing Agreement; 
 (ii) the Indenture Trustee shall not be required to follow any such
direction which the Indenture Trustee reasonably believes might result in any personal liability on the part of the Indenture Trustee for which the Indenture Trustee is not adequately indemnified; and 

(iii) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee which is not inconsistent
with any such direction; provided that the Indenture Trustee shall give notice of any such action to each Noteholder. 

Section 6.13 Waiver of Events of Default. 
 (a) Prior to the Indenture Trustee’s acquisition of money, judgment or decree for payment, in either case for the payment of all amounts owing by the Issuer in connection with this Indenture and
Servicing Agreement and the Notes issued hereunder, the Required Facility Investors have the right to waive any Event of Default, except a continuing Event of Default: 

(i) in respect of the payment of the principal of or interest on any Note (which may only be waived by the Holder of such
Note), or 
 (ii) in respect of a covenant or provision hereof which under Article 9 hereof cannot be modified or
amended without the consent of the Holder of each Outstanding Note affected (which only may be waived by the Holders of all Outstanding Notes affected). 
 (b) A copy of each waiver pursuant to Section 6.13(a) hereof shall be furnished by the Issuer to the Indenture Trustee and each Noteholder. 

(c) Upon any such waiver, such Event of Default shall cease to exist and shall be deemed to have been cured, for every purpose of this
Indenture and Servicing Agreement; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. 
 Section 6.14 Undertaking for Costs. 
 All parties to this Indenture
and Servicing Agreement agree (and each Holder of any Note by its acceptance thereof shall be deemed to have agreed) that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture and
Servicing Agreement, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess 

  
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reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section 6.14 shall not apply to any suit instituted by the Indenture Trustee, to any suit instituted by any Noteholder, or the Majority Facility Investors, or to any suit instituted by any Noteholder for the
enforcement of the payment of the principal of or interest on any Note on or after the maturities for such payments, including the Stated Maturity as applicable. 
 Section 6.15 Waiver of Stay or Extension Laws. 
 The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture and Servicing Agreement; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 6.16 Sale of Trust Estate. 
 (a) The power to effect any sale of any portion of the Trust Estate pursuant to Section 6.03 hereof shall not be exhausted by any one or more sales as to any portion of the Trust Estate remaining
unsold, but shall continue unimpaired until the entire Trust Estate so allocated shall have been sold or all amounts payable on the Notes shall have been paid. The Indenture Trustee may from time to time, upon directions in accordance with
Section 6.12 hereof, postpone any public sale by public announcement made at the time and place of such sale. 
 (b) To the
extent permitted by applicable law, the Indenture Trustee shall not sell to a third party the Trust Estate, or any portion thereof except as permitted under Section 6.03(e) hereof. 

(c) In connection with a sale of all or any portion of the Trust Estate: 

(i) any one or more Noteholders or the Owner may bid for and purchase the property offered for sale, and upon compliance
with the terms of sale may hold, retain, and possess and dispose of such property, without further accountability, and any Noteholder may, in paying the purchase money therefor, deliver in lieu of cash any Outstanding Notes or claims for interest
thereon for credit in the amount that shall, upon distribution of the net proceeds of such sale, be payable thereon, and the Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the
Noteholders after being appropriately stamped to show such partial payment; provided, however, that the Owner may irrevocably waive its option to bid for and purchase the property offered for sale by delivering a waiver letter to the Indenture
Trustee; 

  
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 (ii) the Indenture Trustee shall execute and deliver an appropriate
instrument of conveyance prepared by the Servicer transferring the Issuer’s interest without representation or warranty and without recourse in any portion of the Trust Estate in connection with a sale thereof; 

(iii) the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and
convey the Issuer’s interest in any portion of the Trust Estate in connection with a sale thereof, and to take all action necessary to effect such sale; 
 (iv) no purchaser or transferee at such a sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of
any moneys; and 
 (v) The method, manner, time, place and terms of any sale of all or any portion of the Trust
Estate shall be commercially reasonable. 
 ARTICLE VII 

THE INDENTURE TRUSTEE 
 Section 7.01 Certain Duties. (a) The Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and Servicing Agreement, and no
implied covenants or obligations shall be read into this Indenture and Servicing Agreement against the Indenture Trustee. 
 (b)
In the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and
conforming to the requirements of this Indenture and Servicing Agreement; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee
shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture and Servicing Agreement, provided however, the Indenture Trustee shall not be required to verify or recalculate the contents
thereof. 
 (c) In case an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise such of the
rights and powers vested in it by this Indenture and Servicing Agreement, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own
affairs; provided, however, that no provision in this Indenture and Servicing Agreement shall be construed to limit the obligations of the Indenture Trustee to provide notices under Section 7.02 hereof. 

(d) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture and
Servicing Agreement at the request or direction of any of the Noteholders pursuant to this Indenture and Servicing Agreement, unless 

  
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such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity (which may be in the form of written assurances) against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction. 
 (e) No provision of this Indenture and Servicing
Agreement shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this Section 7.01(e) shall not be construed to limit the effect of Section 7.01(a) and (b) hereof;

 (ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer unless it shall be proved that the Indenture Trustee shall have been negligent in ascertaining the pertinent facts; and 
 (iii) the Indenture Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the written direction of the holders of the requisite
principal amount of the outstanding Notes, or in accordance with any written direction delivered to it under Section 6.02(a) hereof, relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture
Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture and Servicing Agreement. 

(f) Whether or not therein expressly so provided, every provision of this Indenture and Servicing Agreement relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 7.01. 
 (g) The Indenture Trustee makes no representations or warranties with respect to the Timeshare Loans. 
 (h) Notwithstanding anything to the contrary herein, the Indenture Trustee is not required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

Section 7.02 Notice of Events of Default and Amortization Events. 

The Indenture Trustee shall promptly (but in any event within three Business Days) notify the Issuer, the Servicer, and the Noteholders
upon a Responsible Officer obtaining actual knowledge of any event which constitutes an Amortization Event, an Event of Default or a Servicer Event of Default or would constitute an Amortization Event, an Event of Default or a Servicer Event of
Default but for the requirement that notice be given or time elapse or both, provided, further, that this Section 7.02 shall not limit the obligations of the Indenture Trustee to provide notices expressly required by this Indenture and
Servicing Agreement. 

  
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 Section 7.03 Certain Matters Affecting the Indenture Trustee. Subject to the
provisions of Section 7.01 hereof: 
 (a) The Indenture Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties; 
 (b) Any request or direction of any Noteholders, the Issuer, or
the Servicer mentioned herein shall be in writing; 
 (c) Whenever in the performance of its duties hereunder the Indenture
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on
its part, rely upon an Officer’s Certificate or an Opinion of Counsel; 
 (d) The Indenture Trustee may consult with
counsel and the advice of such counsel or any Opinion of Counsel shall be deemed authorization in respect of any action taken, suffered, or omitted by it hereunder in good faith and in reliance thereon; 

(e) Prior to the occurrence of an Amortization Event, an Event of Default, or a Servicer Event of Default, or after the curing of all
Amortization Events, Events of Default or Servicer Events of Default which may have occurred, the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other paper document, unless requested in writing so to do by the Majority Facility Investors; provided, however, that if the payment within a reasonable time to the
Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the reasonable opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded
to it by the terms of this Indenture and Servicing Agreement, the Indenture Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be
paid by the Servicer or, if paid by the Indenture Trustee, shall be reimbursed by the Servicer upon demand; 
 (f) The Indenture
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian (which may be Affiliates of the Indenture Trustee) and the Indenture Trustee shall not be
liable for any acts or omissions of such agents, attorneys or custodians appointed with due care by it hereunder; and 
 (g)
Delivery of any reports, information and documents to the Indenture Trustee provided for herein is for informational purposes only (unless otherwise expressly stated) and the Indenture Trustee’s receipt of such shall not constitute constructive
knowledge of any information contained therein or determinable from information contained therein, including the Servicer’s or the Issuer’s compliance with any of its representations, warranties or covenants hereunder (as to which the
Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

  
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 Section 7.04 Indenture Trustee Not Liable for Notes or Timeshare Loans. (a) The
Indenture Trustee makes no representations as to the validity or sufficiency of this Indenture and Servicing Agreement or any Facility Document, the Notes (other than the authentication thereof) or of any Timeshare Loan. The Indenture Trustee shall
not be accountable for the use or application by the Issuer of funds paid to the Issuer in consideration of conveyance of the Timeshare Loans to the Trust Estate. 
 (b) The Indenture Trustee shall have no responsibility or liability for or with respect to the validity of any security interest in any property securing a Timeshare Loan; the existence or validity of any
Timeshare Loan, the validity of the assignment of any Timeshare Loan to the Trust Estate or of any intervening assignment; the review of any Timeshare Loan, any Timeshare Loan File, the completeness of any Timeshare Loan File, the receipt by the
Custodian of any Timeshare Loan or Timeshare Loan File (it being understood that the Indenture Trustee has not reviewed and does not intend to review such matters); the performance or enforcement of any Timeshare Loan; the compliance by the
Servicer, the Issuer or the Servicer with any covenant or the breach by the Servicer or the Issuer of any warranty or representation made hereunder or in any Facility Document or the accuracy of any such warranty or representation; the acts or
omissions of the Servicer, the Servicer or any Obligor; or any action of the Servicer or the Servicer taken in the name of the Indenture Trustee. 
 Section 7.05 Indenture Trustee May Own Notes. 
 The Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes with the same rights as it would have if it were not Indenture Trustee. 
 Section 7.06 Indenture Trustee’s Fees and Expenses. 
 On each
Payment Date, the Indenture Trustee shall be entitled to the Indenture Trustee Fee and reimbursement of Indenture Trustee Expenses in the priority provided in Section 3.04 hereof. 

Section 7.07 Eligibility Requirements for Indenture Trustee. 

The Indenture Trustee hereunder shall at all times (a) be a corporation, national banking association, depository institution, or
trust company organized and doing business under the laws of the United States of America or any state thereof authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, (b) be
subject to supervision or examination by federal or state authority, (c) be capable of maintaining an Eligible Bank Account, (d) have a long-term unsecured debt rating of not less than “BBB” from S&P or “Baa2” from
Moody’s, and (e) shall be acceptable to the Majority Facility Investors. If such institution publishes reports of condition at least annually, pursuant to the requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section 7.07, the combined capital and surplus of such institution shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Indenture
Trustee shall cease to be eligible in accordance with the provisions of this Section 7.07, the Indenture Trustee shall resign immediately in the manner and with the effect specified in Section 7.08 hereof. 

  
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 Section 7.08 Resignation or Removal of Indenture Trustee. (a) Subject to clause
(c) below, the Indenture Trustee may at any time resign and be discharged with respect to the Notes by giving 60 days’ written notice thereof to the Servicer, the Issuer and the Noteholders. Upon receiving such notice of resignation, the
Issuer shall promptly appoint a successor Indenture Trustee not objected to by the Majority Facility Investors within 30 days of such notice, by written instrument, in quintuplicate, one counterpart of which instrument shall be delivered to each of
the Issuer, the Servicer, the successor Indenture Trustee and the predecessor Indenture Trustee. If no successor Indenture Trustee shall have been so appointed and have accepted appointment within 60 days after the giving of such notice of
resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
 (b) If at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of Section 7.07 hereof and shall fail to resign after written request therefor by the Issuer, or
if at any time the Indenture Trustee shall be legally unable to act, fails to perform in any material respect its obligations under this Indenture and Servicing Agreement, or shall be adjudged a bankrupt or insolvent, or a receiver of the Indenture
Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Issuer or the Majority
Facility Investors may direct, and the Servicer shall follow such direction and remove the Indenture Trustee. If it removes the Indenture Trustee under the authority of the immediately preceding sentence, the Issuer shall promptly appoint a
successor Indenture Trustee not objected to by the Majority Facility Investors, within 30 days after prior written notice, by written instrument, in sufficient originals, one counterpart of which instrument shall be delivered to each of the Issuer,
the Servicer, the Noteholders, the successor Indenture Trustee and the predecessor Indenture Trustee. 
 (c) Any resignation or
removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section 7.08 shall not become effective until acceptance of appointment by the successor Indenture Trustee as provided
in Section 7.09 hereof. 
 Section 7.09 Successor Indenture Trustee. (a) Any successor Indenture Trustee
appointed as provided in Section 7.08 hereof shall execute, acknowledge and deliver to each of the Servicer, the Issuer, the Noteholders and to its predecessor Indenture Trustee an instrument accepting such appointment hereunder, and thereupon
the resignation or removal of the predecessor Indenture Trustee shall become effective and such successor Indenture Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor hereunder with like effect as if originally named an Indenture Trustee. The predecessor Indenture Trustee shall deliver or cause to be delivered to the successor Indenture Trustee or its custodian any Facility Documents and
statements held by it or its custodian hereunder; and the Servicer and the Issuer and the predecessor Indenture Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for the full and certain
vesting and confirmation in the successor Indenture Trustee of all such rights, powers, duties and obligations. 

  
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 (b) In case of the appointment hereunder of a successor Indenture Trustee with respect to
the Notes, the Issuer, the retiring Indenture Trustee and each successor Indenture Trustee with respect to the Notes shall execute and deliver an indenture supplemental hereto wherein each successor Indenture Trustee shall accept such appointment
and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect
to the Notes to which the appointment of such successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with respect to all Notes, shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes as to which the retiring Indenture Trustee is not retiring shall continue to be vested in the retiring Indenture Trustee, and
(iii) shall add to or change any of the provisions of this Indenture and Servicing Agreement as shall be necessary to provide for or facilitate the administration of the Trust Estate hereunder by more than one Indenture Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Indenture Trustees co-trustees of the same allocated trust and that each such Indenture Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Indenture Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Indenture Trustee shall become effective to the extent
provided therein and each such successor Indenture Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes to which the
appointment of such successor Indenture Trustee relates; but, on request of the Issuer or any successor Indenture Trustee, such retiring Indenture Trustee shall duly assign, transfer and deliver to such successor Indenture Trustee all property and
money held by such retiring Indenture Trustee hereunder with respect to the Notes of that or those to which the appointment of such successor Indenture Trustee relates. 
 Upon request of any such successor Indenture Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights,
powers and trusts referred to in the preceding paragraph. 
 (c) No successor Indenture Trustee shall accept appointment as
provided in this Section 7.09 unless at the time of such acceptance such successor Indenture Trustee shall be eligible under the provisions of Section 7.07 hereof. 
 (d) Upon acceptance of appointment by a successor Indenture Trustee as provided in this Section 7.09, the Servicer shall mail notice of the succession of such Indenture Trustee hereunder to each
Noteholder at its address as shown in the Note Register. If the Servicer fails to mail such notice within 10 days after acceptance of appointment by the successor Indenture Trustee, the successor Indenture Trustee shall cause such notice to be
mailed at the expense of the Issuer and the Servicer. 

  
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 Section 7.10 Merger or Consolidation of Indenture Trustee. 

Any corporation into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee
hereunder, provided such corporation shall be eligible under the provisions of Section 7.07 hereof, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. 
 Section 7.11 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. (a) At any time
or times for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located or in which any action of the Indenture Trustee may be required to be performed or taken, the Indenture
Trustee, the Servicer or the Majority Facility Investors, by an instrument in writing signed by it or them, may appoint, at the reasonable expense of the Issuer (as an Indenture Trustee Expense) and the Servicer, one or more individuals or
corporations to act as separate trustee or separate trustees or co-trustee, acting jointly with the Indenture Trustee, of all or any part of the Trust Estate, to the full extent that local law makes it necessary for such separate trustee or separate
trustees or co-trustee acting jointly with the Indenture Trustee to act. Notwithstanding the appointment of any separate or co-trustee, the Indenture Trustee shall remain obligated and liable for the obligations of the Indenture Trustee under this
Indenture and Servicing Agreement. 
 (b) The Indenture Trustee and, at the request of the Indenture Trustee, the Issuer shall
execute, acknowledge and deliver all such instruments as may be required by the legal requirements of any jurisdiction or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully confirming such title, rights, or
duties to such separate trustee or separate trustees or co-trustee. Upon the acceptance in writing of such appointment by any such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to the Trust
Estate or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed by
the Indenture Trustee, or the Indenture Trustee and such separate trustee or separate trustees or co-trustees jointly with the Indenture Trustee subject to all the terms of this Indenture and Servicing Agreement, except to the extent that under any
law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and
performed by such separate trustee or separate trustees or co-trustee, as the case may be. Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute the Indenture Trustee its attorney-in-fact
and agent with full power and authority to do all acts and things and to exercise all discretion on its behalf and in its name. In any case, if any such separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, the
title to the Trust Estate and all assets, property, rights, power duties and obligations and duties of such separate trustee or co-trustee shall, so far as permitted by law, vest in and be exercised by the Indenture Trustee, without the appointment
of a successor to such separate trustee or co-trustee unless and until a successor is appointed. 

  
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 (c) All provisions of this Indenture and Servicing Agreement which are for the benefit of
the Indenture Trustee shall extend to and apply to each separate trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 7.11. 
 (d) Every additional trustee and separate trustee hereunder shall, to the extent permitted by law, be appointed and act and the Indenture Trustee shall act, subject to the following provisions and
conditions: (i) all powers, duties and obligations and rights conferred upon the Indenture Trustee in respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Indenture Trustee; (ii) all other
rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed and exercised or performed by the Indenture Trustee and such additional trustee or trustees and separate trustee or trustees jointly
except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties
and obligations (including the holding of title to property in any such jurisdiction) shall be exercised and performed by such additional trustee or trustees or separate trustee or trustees; (iii) no power hereby given to, or exercisable by,
any such additional trustee or separate trustee shall be exercised hereunder by such trustee except jointly with, or with the consent of, the Indenture Trustee; and (iv) no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder. 
 If at any time, the Indenture Trustee shall deem it no longer necessary or prudent
in order to conform to such law, the Indenture Trustee shall execute and deliver all instruments and agreements necessary or proper to remove any additional trustee or separate trustee. 

(e) Any request, approval or consent in writing by the Indenture Trustee to any additional trustee or separate trustee shall be
sufficient warrant to such additional trustee or separate trustee, as the case may be, to take such action as may be so requested, approved or consented to. 
 (f) Notwithstanding any other provision of this Section 7.11, the powers of any additional trustee or separate trustee shall not exceed those of the Indenture Trustee hereunder. 

Section 7.12 Note Registrar Rights. 
 So long as the Indenture Trustee is the Note Registrar, the Note Registrar shall be entitled to the rights, benefits and immunities of the Indenture Trustee as set forth in this Article VII to the same
extent and as fully as though named in place of the Indenture Trustee. 
 Section 7.13 Authorization. 

The Indenture Trustee is hereby authorized to enter into and perform each of the Facility Documents. 

  
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 ARTICLE VIII 
 COVENANTS 
 Section 8.01 Payment of Principal and Interest.

 The Issuer will cause the due and punctual payment of the principal of and interest on the Notes in accordance with the terms
of the Notes and this Indenture and Servicing Agreement. 
 Section 8.02 Maintenance of Office or Agency; Chief
Executive Office. 
 The Issuer will maintain an office or agency in the State of Delaware at the Corporate Trust Office of
the Owner Trustee, where notices and demands to or upon the Issuer in respect of the Notes and this Indenture and Servicing Agreement may be served. 
 Section 8.03 Money for Payments to Noteholders to be Held in Trust. 

(a) All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts
pursuant to Section 3.04 or Section 6.06 hereof shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so withdrawn from the Collection Account for payments of Notes shall be paid over to the Issuer under any
circumstances except as provided in this Section 8.03, in Section 3.04 hereof or Section 6.06 hereof. 
 (b) In
making payments hereunder, the Indenture Trustee will hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and pay such sums to such Persons as herein provided. 
 (c) Except as required by
applicable law, any money held by the Indenture Trustee in trust for the payment of any amount due with respect to any Note and remaining unclaimed for three years after such amount has become due and payable to the Noteholder shall be discharged
from such trust and, subject to applicable escheat laws, and so long as no Event of Default has occurred and is continuing, paid to the Issuer upon request; otherwise, such amounts shall be redeposited in the Collection Account as Available Funds,
and such Noteholder shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee with respect to such trust
money shall thereupon cease. 
 Section 8.04 Existence; Merger; Consolidation, etc. 

(a) The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of
Delaware, and will obtain and preserve its qualification to do business as a foreign statutory trust in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture and Servicing
Agreement, the Notes or any of the Timeshare Loans. 

  
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 (b) The Issuer shall at all times observe and comply in all material respects with
(i) all laws applicable to it, (ii) all requirements of law in the declaration and payment of distributions, (iii) all requisite and appropriate formalities (including without limitation all appropriate authorizations required by the
Trust Agreement) in the management of its business and affairs and the conduct of the transactions contemplated hereby, and (iv) the provisions of the Trust Agreement. 
 (c) The Issuer shall not (i) consolidate or merge with or into any other Person or convey or transfer its properties and assets substantially as an entirety to any other Person or (ii) commingle
its assets with those of any other Person. 
 (d) The Issuer shall not become an “investment company” or come under
the “control” of an “investment company” as such terms are defined in the 1940 Act (or any successor or amendatory statute), and the rules and regulations thereunder (taking into account not only the general definition of the
term “investment company” but also any available exceptions to such general definition); provided, however, that the Issuer shall be in compliance with this Section 8.04(d) if it shall have obtained an order exempting it
from regulation as an “investment company” so long as it is in compliance with the conditions imposed in such order. 

Section 8.05 Protection of Trust Estate; Further Assurances. 

The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance, and other instruments, and will take such other action as may be necessary or advisable to: 
 (i) grant more effectively the assets comprising all or any portion of the Trust Estate; 
 (ii) maintain or preserve the lien of this Indenture and Servicing Agreement or carry out more effectively the purposes hereof; 

(iii) publish notice of, or protect the validity of, any Grant made or to be made by this Indenture and Servicing
Agreement and perfect the security interest contemplated hereby in favor of the Indenture Trustee in each of the Timeshare Loans and all other property included in the Trust Estate; provided, that the Issuer shall not be required to cause the
recordation of the Indenture Trustee’s name as lienholder on the related title documents for the Timeshare Properties so long as no Event of Default has occurred and is continuing; 

(iv) enforce or cause the Servicer to enforce any of the Timeshare Loans in accordance with the Servicing Standard,
provided, however, the Issuer will not cause the Servicer to obtain on behalf of the Indenture Trustee or the Noteholders, any Timeshare Property or to take any actions with respect to any property the result of which would adversely
affect the interests of the Indenture Trustee or the Noteholders (including, but not limited to actions which would cause the Indenture Trustee or the related Noteholders to be considered a holder of title, mortgagee-in-possession, or otherwise, or
an “owner” or “operator” of Timeshare Property not in compliance with applicable environmental statutes); and 

  
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 (v) preserve and defend title to the Timeshare Loans (including the right to
receive all payments due or to become due thereunder), the interests in the Timeshare Properties, or other property included in the Trust Estate and preserve and defend the rights of the Indenture Trustee in the Trust Estate (including the right to
receive all payments due or to become due thereunder) against the claims of all Persons and parties other than as permitted hereunder. 
 The
Issuer, upon the Issuer’s failure to do so, hereby irrevocably designates the Indenture Trustee and the Servicer, severally, its agents and attorneys-in-fact to execute any financing statement or continuation statement or assignment of Mortgage
required pursuant to this Section 8.05; provided, however, that such designation shall not be deemed to create a duty in the Indenture Trustee to monitor the compliance of the Issuer with the foregoing covenants, and
provided, further, that the duty of the Indenture Trustee to execute any instrument required pursuant to this Section 8.05 shall arise only if a Responsible Officer of the Indenture Trustee has actual knowledge of any failure of
the Issuer to comply with the provisions of this Section 8.05. Such financing statements may describe the Trust Estate in the same manner as described herein or may contain an indication or description of collateral that describes such property
in any other manner as any of them may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in the Trust Estate granted to the Indenture Trustee herein, including, without
limitation, describing such property as “all assets” or “all personal property, whether now owned or hereafter acquired.” 
 Section 8.06 Additional Covenants. 
 (a) The Issuer will not:

 (i) sell, transfer, exchange or otherwise dispose of any portion of the Trust Estate except as expressly
permitted by this Indenture and Servicing Agreement; 
 (ii) claim any credit on, or make any deduction from, the
principal of, or interest on, any of the Notes by reason of the payment of any taxes levied or assessed upon any portion of the Trust Estate; 
 (iii) (A) permit the validity or effectiveness of this Indenture and Servicing Agreement or any Grant hereby to be impaired, or permit the lien of this Indenture and Servicing Agreement to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations under this Indenture and Servicing Agreement, except as may be expressly permitted hereby, (B) permit any lien, charge,
security interest, mortgage or other encumbrance to be created on or to extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof other than the lien of this Indenture and
Servicing Agreement, or (C) except as otherwise contemplated in this Indenture and Servicing Agreement, permit the lien of this Indenture and Servicing Agreement not to constitute a valid first priority security interest in the Trust Estate; or

  
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 (iv) take any other action or fail to take any actions which may cause the
Issuer to be taxable as (A) an association pursuant to Section 7701 of the Code and the corresponding regulations, (B) a publicly traded partnership taxable as a corporation pursuant to Section 7704 of the Code and the
corresponding regulations or (C) a taxable mortgage pool pursuant to Section 7701(i) of the Code and the corresponding regulations. 
 (b) Notice of Events of Default and Amortization Events. Within one Business Day of becoming aware of the existence of any condition or event which constitutes a Default or an Event of Default, a
Servicer Event of Default or an Amortization Event, the Issuer shall deliver to the Indenture Trustee a written notice describing its nature and period of existence and what action the Issuer is taking or proposes to take with respect thereto.

 (c) Report on Proceedings. Promptly upon the Issuer becoming aware of: (i) any proposed or pending investigation
of it by any governmental authority or agency; or (ii) any pending or proposed court or administrative proceeding which involves or may involve the possibility of materially and adversely affecting the properties, business, prospects, profits
or condition (financial or otherwise) of the Issuer, the Issuer shall deliver to the Indenture Trustee a written notice specifying the nature of such investigation or proceeding and what action the Issuer is taking or proposes to take with respect
thereto and evaluating its merits. 
 Section 8.07 Taxes. The Issuer shall pay all taxes when due and payable or
levied against its assets, properties or income, including any property that is part of the Trust Estate, except to the extent the Issuer is contesting the same in good faith and has set aside adequate reserves in accordance with generally accepted
accounting principles for the payment thereof. The Issuer shall be disregarded for federal income tax purposes. 

Section 8.08 Treatment of Notes as Debt for Tax Purposes. The Issuer shall treat the Notes as indebtedness for all federal,
state and local income and franchise tax purposes. 
 Section 8.09 Collections. 

(a) The Issuer shall instruct or cause all Obligors to be instructed to: 

(i) send all scheduled payments of principal or interest under the Timeshare Loans directly to Post Office Boxes for
credit to the Control Account or directly to the Control Account, 
 (ii) make scheduled payments of principal or
interest under the Timeshare Loans by way of pre-authorized debits from a deposit account of such Obligor pursuant to a PAC or from a credit card of such Obligor pursuant to a Credit Card Account from which payments under the Timeshare Loans shall
be electronically transferred to the Control Account or to another account for processing and transfer into the Collection Account, or 
 (iii) make payment by electronic transfer of funds to the Control Account or to another account for processing and transfer into the Collection Account. 

  
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 (b) In the case of funds transfers pursuant to a PAC or Credit Card Account, or other
electronic means, take, or cause each of the Servicer and/or the Control Account Bank to take, all necessary and appropriate action to ensure that each such pre-authorized debit or credit card payment or transfer is credited directly to the Control
Account or another account for transfer to the Collection Account. 
 (c) The Issuer shall hold any collections or other
proceeds of the Trust Estate received directly by it in trust for the benefit of the Indenture Trustee and the Noteholders and deposit such collections into the Control Account or the Collection Account within two Business Days following the
Issuer’s receipt thereof (or, if initially there is insufficient information to determine to which Timeshare Loan any funds relate, within two Business Days of obtaining sufficient information). 

Section 8.10 Segregation of Collections. 
 The Issuer (or its agent) shall with respect to the Control Account either (i) prevent the deposit into such account of any funds other than collections in respect of the Timeshare Loans or
(ii) enter into an intercreditor agreement with other entities which have an interest in the amounts in the Control Account to allocate the collections with respect to the Timeshare Loans to the Issuer and transfer such amounts to the Indenture
Trustee for deposit into the Collection Account; provided that, the covenant in clause (i) of this paragraph shall not be breached to the extent that funds not constituting collections in respect of the Timeshare Loans are inadvertently
deposited into such Control Account and are promptly segregated and remitted to the owner thereof. 
 Section 8.11
Change in Payment Instructions to Obligors. 
 The Issuer (or its agent) shall not add or terminate any bank as a Control
Account Bank or make any change in the instructions to Obligors regarding payments to be made to any Control Account at a Control Account Bank, unless the Indenture Trustee and Administrative Agent shall have received (i) 30 days’ prior
notice of such addition, termination or change; (ii) written confirmation from the Issuer that after the effectiveness of any such termination, there shall be at least one (1) Control Account in existence; and (iii) prior to the
effective date of such addition, termination or change, (x) executed copies of the Control Agreement executed by the new Control Account Bank, the Issuer (or its agent), the Indenture Trustee (or its agent), the Servicer and other appropriate
parties and (y) copies of all agreements and documents signed by either the Issuer or the Control Account Bank with respect to any new Control Account. 
 Section 8.12 Change in Payment Instructions to Obligors. 
 The
Servicer will not add or terminate any bank as a Control Account Bank or make any change in its instructions to Obligors regarding payments to be made to any Control Account Bank, unless the Indenture Trustee and the Administrative Agent shall have
received (i) 30 Business Days’ prior notice of such addition, termination or change and (ii) prior to the effective date of such addition, termination or change, (x) fully executed copies of the new or revised Control Agreement
executed by the new Control Account Bank, the Issuer (or its agent), Indenture Trustee (or its agent), the Servicer and other appropriate parties and (y) copies of all agreements and documents signed by either the Issuer or the Control Account
Bank with respect to any new Control Account. 

  
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 Section 8.13 Notices to Obligors. 

The Servicer will ensure that the Obligor of each Timeshare Loan either: (1) has been instructed, pursuant to the Servicer’s
routine distribution of a periodic statement to such Obligor next succeeding: (A) the date the Loan becomes subject to the Lien of this Indenture and Servicing Agreement, or (B) the day on which a PAC ceased to apply to such Timeshare
Loan, in the case of a Timeshare Loan formerly subject to a PAC, but in no event later than the then next-succeeding due date for a scheduled payment of principal or interest with respect to such Timeshare Loan, to remit payments for a Timeshare
Loan thereunder to a Post Office Box for credit to the Control Account, or directly to the Control Account, in each case maintained at a Control Account Bank pursuant to the terms of a Control Agreement, (2) has entered into a PAC, pursuant to
which a deposit account of such Obligor is made subject to a pre-authorized debit in respect of scheduled payments of principal or interest with respect to Timeshare Loans as they become due and payable, and the Servicer has, and has caused each of
the Control Account Bank and/or the Indenture Trustee, to take all necessary and appropriate action to ensure that each such preauthorized debit is credited directly to the Control Account or the Collection Account; (3) has authorized scheduled
payments of principal and interest with respect to a Timeshare Loan from a credit card of such Obligor pursuant to a Credit Card Account, and the Servicer has taken all necessary and appropriate action to ensure that each such payment is credited
directly to the Control Account or another account for immediate transfer to the Collection Account; or (4) has authorized electronic transfer of payments through other electronic means, and the Servicer has taken all necessary and appropriate
action to ensure that each such transfer is credited directly to the Control Account or another account for immediate transfer to the Collection Account. 
 Section 8.14 Segregation of Collections. 
 The Servicer will, with
respect to the Control Account, either (i) prevent the deposit into such account of any funds other than collections in respect of the Timeshare Loans or (ii) enter into an intercreditor agreement with other entities which have an interest
in the amounts in the Control Account to allocate the collections with respect to the Timeshare Loans to the Issuer and transfer such amounts to the Indenture Trustee for deposit into the appropriate Collection Account; provided that, the covenant
in clause (i) of this Section 8.14 shall not be breached to the extent funds not constituting collections in respect of Timeshare Loans are inadvertently deposited into such Control Account and are promptly segregated and remitted to the
owner thereof. 
 Section 8.15 Further Instruments and Acts. 

Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture and Servicing Agreement. 

  
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 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
 Section 9.01 Supplemental Indentures without
Consent of Noteholders. 
 (a) The Issuer, the Servicer, the Back-Up Servicer and, by an Issuer Order, the Indenture
Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee without the consent of any Noteholder, for any of the following purposes: 

(i) to correct or amplify the description of any property at any time subject to the lien of this Indenture and Servicing
Agreement, or to better assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture and Servicing Agreement; provided such action pursuant to this clause (i) shall
not adversely affect the interests of the Noteholders or the Hedge Counterparty in any respect; or 
 (ii) to
evidence and provide for the acceptance of appointment hereunder by a successor Indenture Trustee with respect to the Notes and to add to or change any of the provisions of this Indenture and Servicing Agreement as shall be necessary to provide for
or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, pursuant to the requirements of Section 7.09 and Section 7.11 hereof. 
 (b) The Indenture Trustee shall deliver, at least five Business Days prior to the effectiveness thereof, to each Noteholder and the Hedge Counterparty a copy of any supplemental indenture entered into
pursuant to this Section 9.01 hereof. 
 Section 9.02 Supplemental Indentures with Consent of Noteholders.

 (a) With the consent of the Majority Facility Investors delivered to the Issuer and the Indenture Trustee, the Issuer, the
Servicer, the Back-Up Servicer and, by an Issuer Order, the Indenture Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
this Indenture and Servicing Agreement or of modifying in any manner the rights of the Noteholders under this Indenture and Servicing Agreement; provided, that no supplemental indenture shall, without the consent of the Noteholder of each
Outstanding Note affected thereby: 
 (i) change the Stated Maturity or Mandatory Redemption Date of any Note or
the amount of principal payments or interest payments due or to become due on any Payment Date with respect to any Note, or change the priority of payment thereof as set forth herein, or reduce the principal amount thereof or the Carrying Cost,
Usage Fee and Unused Fee thereon or related thereto, or change the place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or modify or alter the definition of the term “Advance Rate,” or
impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof; 

  
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 (ii) reduce the required percentage of the Outstanding Note Balance that
must be represented by voting on whether to enter into any supplemental indenture or to waive compliance with certain provisions of this Indenture and Servicing Agreement or Events of Default and their consequences; 

(iii) modify any of the provisions of this Section 9.02 or Section 6.13 hereof except to increase any percentage
of Noteholders required for any modification or waiver or to provide that certain other provisions of this Indenture and Servicing Agreement cannot be modified or waived without the consent of the Holders of each Outstanding Note affected thereby;

 (iv) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; or

 (v) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture and
Servicing Agreement with respect to any part of the Trust Estate or terminate (except as provided for herein) the lien of this Indenture and Servicing Agreement on any property at any time subject hereto or deprive any Noteholder of the security
afforded by the lien of this Indenture and Servicing Agreement; 
 provided, no such supplemental indenture may modify or change any terms
whatsoever of the Indenture that could be construed as increasing the Issuer’s or the Servicer’s discretion hereunder; provided further, that the Indenture Trustee shall not enter into any such supplemental indenture which would have an
adverse effect on the Hedge Counterparty without the written consent of the Hedge Counterparty and the Indenture Trustee shall be entitled to receive and rely on an Officer’s Certificate of the Hedge Counterparty as to whether a proposed
supplemental indenture will adversely affect the Hedge Counterparty. 
 (b) The Indenture Trustee shall promptly deliver to each
Noteholder a copy of any supplemental indenture entered into pursuant to Section 9.02(a) hereof. 
 Section 9.03
Execution of Supplemental Indentures. 
 In executing, or accepting the additional trusts created by, any supplemental
indenture (a) pursuant to Section 9.01 hereof or (b) pursuant to Section 9.02 hereof without the consent of each holder of the Notes to the execution of the same, or the modifications thereby of the trusts created by this
Indenture and Servicing Agreement, the Indenture Trustee shall be entitled to receive, and (subject to Section 7.01 hereof) shall be, fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and Servicing Agreement. The Indenture Trustee may, but shall not be obligated to, enter into any supplemental indenture which affects the Indenture Trustee’s own rights, duties,
obligations, or immunities under this Indenture and Servicing Agreement or otherwise. 

  
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 Section 9.04 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture and Servicing Agreement shall be modified in
accordance therewith, and such supplemental indenture shall form a part of this Indenture and Servicing Agreement for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 Section 9.05 Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required
by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. New Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any
such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 
 OPTIONAL PREPAYMENT AND MANDATORY REDEMPTION OF NOTES

 Section 10.01 Optional Prepayment. The Issuer may prepay the Notes on any day, in whole or in part, on at
least five (5) days’ prior written notice to the Administrative Agent, each Funding Agent and each Non-Conduit Committed Purchaser with a copy to the Indenture Trustee (or such lesser notice period as shall be acceptable to the
Administrative Agent) (such notice a “Prepayment Notice”) in accordance with Section 2.3 of the Note Purchase Agreement, provided that (i) the Outstanding Note Balance prepaid is at least $1,000,000 (unless such lesser
amount is agreed to by the Administrative Agent) and (ii) the Issuer pays to the Administrative Agent, for distribution to the Funding Agents and the Non-Conduit Committed Purchasers, on the date of prepayment, the amounts set forth on the
Prepayment Notice. 
 (b) The applicable Prepayment Notice shall state (i) the principal amount of the Notes to be prepaid
and (ii) the aggregate Loan Balance of Timeshare Loans to be released at the time of prepayment of the Notes, with aggregate Loan Balances in an amount such that, after giving effect to such release, the Outstanding Note Balance shall not
exceed the Borrowing Base calculated immediately after the prepayment of the Notes. 
 Section 10.02 Mandatory
Redemption. The Notes shall be subject to mandatory redemption in whole by the Issuer on the Mandatory Redemption Date and the entire principal amount of the Notes shall be due and payable on such Mandatory Redemption Date unless such redemption
is waived in writing prior to the Mandatory Redemption Date by the Holders of 100% of the Notes which are outstanding on such Mandatory Redemption Date. 

  
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 ARTICLE XI 
 SATISFACTION AND DISCHARGE 
 Section 11.01 Satisfaction and Discharge of
Indenture. 
 (a) This Indenture and Servicing Agreement shall cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange of Notes herein expressly provided for), and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture and Servicing Agreement, when: 
 (i) either: 

(A) all Notes theretofore authenticated and delivered to Noteholders (other than (1) Notes which have been destroyed,
lost or stolen and which have been paid as provided in Section 2.05 hereof and (2) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or
discharged from such trust, as provided in Section 8.03(c) hereof) have been delivered to the Indenture Trustee for cancellation upon payment and discharge of the entire indebtedness on such Notes; or 

(B) the final installments of principal on all such Notes not theretofore delivered to the Indenture Trustee for
cancellation (1) have become due and payable, or (2) will become due and payable at their Stated Maturity, as applicable within one year, and the Issuer has irrevocably deposited or caused to be deposited with the Indenture Trustee as
trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Notes to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity thereof upon the
delivery of such Notes to the Indenture Trustee for cancellation; or 
 (C) in the event of a redemption pursuant
to Article X, the Issuer has irrevocably deposited or caused to be deposited with the Indenture Trustee as trust funds in trust for the purpose of early repayment of the Notes, an amount sufficient to pay and discharge the entire indebtedness on
such Notes upon the delivery of such Notes to the Indenture Trustee for cancellation; 
 (ii) the Issuer and the
Servicer have paid or caused to be paid all other sums payable hereunder by the Issuer and the Servicer to the Indenture Trustee for the benefit of the Noteholders and the Indenture Trustee, including proceeds of the Timeshare Loans pursuant to
Sections 3.04 or 6.06 hereof; 
 (iii) the funds held in trust by the Indenture Trustee pursuant to Sections
11.01(a)(i) and (ii) hereof for the purpose of paying and discharging the entire indebtedness on the Notes have been applied to such purpose and the rights of all of the Noteholders to receive payments from the Issuer have terminated;

  
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 (iv) following the completion of the actions provided in Sections
11.01(a)(i), (ii) and (iii) hereof, the Indenture Trustee has delivered to the Issuer all cash, securities and other property held by it as part of the Trust Estate; and 

(v) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture and Servicing Agreement have been complied with. 
 (b) Notwithstanding the satisfaction and discharge of this Indenture and Servicing Agreement, the obligations of the Issuer to the Indenture Trustee under Section 7.06 hereof and, if money shall have
been deposited with the Indenture Trustee pursuant to Section 11.01(a)(i) hereof, the obligations of the Indenture Trustee under Section 11.02 hereof and Section 8.03(c) hereof shall survive. 

Section 11.02 Application of Trust Money. 
 Subject to the provisions of Section 8.03(c) hereof, all money deposited with the Indenture Trustee pursuant to Sections 11.01 and 8.03 hereof shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture and Servicing Agreement, to the payment to the Persons entitled thereto, of the principal and interest for whose payment such money has been deposited with the Indenture Trustee. 

Section 11.03 Trust Termination Date. 
 The Trust Estate created by this Indenture and Servicing Agreement shall be deemed to have terminated on the date that the Indenture Trustee executes and delivers to the Issuer and the Owner Trustee an
instrument acknowledging satisfaction and discharge of this Indenture and Servicing Agreement. 
 ARTICLE XII 

REPRESENTATIONS AND WARRANTIES 
 Section 12.01 Representations and Warranties of the Issuer. 
 The
Issuer represents and warrants to the Indenture Trustee, the Servicer and the Noteholders, as of the Closing Date, the Amendment Effective Date and each Funding Date, as follows: 

(a) Organization and Good Standing. The Issuer has been duly formed and is validly existing and in good standing under the laws of
the State of Delaware, with power and authority to own its properties and to conduct its business as such properties shall be currently owned and such business is presently conducted and has the power and authority to own and convey all of its
properties and to execute and deliver this Indenture and Servicing Agreement and the other Facility Documents and to perform the transactions contemplated hereby and thereby. 

  
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 (b) Binding Obligation. This Indenture and Servicing Agreement and the other Facility
Documents to which it is a party have each been duly executed and delivered on behalf of the Issuer and this Indenture and Servicing Agreement and each other Facility Document to which it is a party constitutes a legal, valid and binding obligation
of the Issuer enforceable in accordance with its terms except as may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights and by general principles of equity. 

(c) No Consents Required. No consent of, or other action by, and no notice to or filing with, any Governmental Authority or any
other party, is required for the due execution, delivery and performance by the Issuer of this Indenture and Servicing Agreement or any of the other Facility Documents or for the perfection of or the exercise by the Indenture Trustee or the
Noteholders of any of their rights or remedies thereunder which have not been duly obtained. 
 (d) No Violation. The
consummation of the transaction contemplated by this Indenture and Servicing Agreement and the fulfillment of the terms hereof shall not conflict with, result in any material breach of any of the terms and provisions of, nor constitute (with or
without notice or lapse of time) a default under, the certificate of trust, the trust agreement of the Issuer, or any indenture, agreement or other instrument to which the Issuer is a party or by which it is bound; nor result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than this Indenture and Servicing Agreement). 

(e) No Proceedings. There is no pending or threatened action, suit or proceeding, nor any injunction, writ, restraining order or
other order of any nature against or affecting the Issuer, its officers or directors, or the property of the Issuer, in any court or tribunal, or before any arbitrator of any kind or before or by any Governmental Authority (i) asserting the
invalidity of this Indenture and Servicing Agreement or any of the other Facility Documents, (ii) seeking to prevent the sale and assignment of any Timeshare Loan or the consummation of any of the transactions contemplated thereby,
(iii) seeking any determination or ruling that might materially and adversely affect (A) the performance by the Issuer of this Indenture and Servicing Agreement or any of the other Facility Documents or the interests of the Noteholders,
(B) the validity or enforceability of this Indenture and Servicing Agreement or any of the other Facility Documents, (C) any Timeshare Loan, or (D) the Intended Tax Characterization, or (iv) asserting a claim for payment of money
adverse to the Issuer or the conduct of its business or which is inconsistent with the due consummation of the transactions contemplated by this Indenture and Servicing Agreement or any of the other Facility Documents. 

(f) Issuer Not Insolvent. The Issuer is solvent and will not become insolvent after giving effect to the transactions contemplated
by this Indenture and Servicing Agreement and each of the other Facility Documents. 

  
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 (g) Notes Authorized, Executed, Authenticated, Validly Issued and Outstanding. The
Notes have been duly and validly authorized, and when duly and validly executed by the Issuer and authenticated by the Indenture Trustee in accordance with the terms of this Indenture and Servicing Agreement and delivered to and paid for by each
Holder as provided herein, will be validly issued and outstanding and entitled to the benefits hereof. 
 (h) Location of
Chief Executive Office and Records. The principal place of business and chief executive office of the Issuer, and the office where the Issuer maintains all of its records is located at 6649 Westwood Boulevard, Orlando, Florida. 

(i) Name. The legal name of the Issuer is as set forth in the signature page of this Indenture and Servicing Agreement and the
Issuer does not have any tradenames, fictitious names, assumed names or “doing business as” names. 
 (j) Accuracy
of Information. The representations and warranties of the Issuer in the Facility Documents are true and correct in all material respects as of the Closing Date, the Amendment Effective Date and, except for representations and warranties
expressly made as of a different date, each Funding Date and Transfer Date. 
 (k) Special Purpose. The Issuer shall
engage in no business, and take no actions with respect to any other transaction than the transactions contemplated by the Facility Documents and will otherwise maintain its existence separate from the Seller and all other entities as provided in
its organizational documents. 
 (l) Securities Laws. The Issuer is not an “investment company” or a company
“controlled” by an “investment company” within the meaning of the 1940 Act, as amended. 
 (m)
Representations and Warranties Regarding Security Interest and Loan Files. 
 (i) Payment of principal and
interest on the Notes in accordance with their terms and the performance by the Issuer of all its obligations under this Indenture and Servicing Agreement are secured by the Trust Estate. The Grant contained in the “Granting Clause” of
this Indenture and Servicing Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Trust Estate in favor of the Indenture Trustee, which security interest is prior to all other Liens arising under the
UCC, and is enforceable as such against creditors of the Issuer, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and to general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (ii)
The Timeshare Loans and the documents evidencing such Timeshare Loans constitute either “accounts”, “chattel paper”, “instruments” or “general intangibles” within the meaning of the applicable UCC. 

(iii) The Issuer owns and has good and marketable title to the Trust Estate free and clear of any Lien, claim or
encumbrance of any Person. 

  
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 (iv) The Issuer has caused or will have caused, within ten days of the
Closing Date and Funding Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Trust Estate granted to the
Indenture Trustee hereunder. 
 (v) All original executed copies of each Obligor Note that constitute or evidence
the Trust Estate have been delivered to the Custodian and the Issuer has received a Trust Receipt therefor, which acknowledges that the Custodian is holding the Obligor Notes that constitute or evidence the Trust Estate solely on behalf and for the
benefit of the Indenture Trustee. 
 (vi) Other than the security interest granted to the Indenture Trustee
pursuant to this Indenture and Servicing Agreement, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Trust Estate. The Issuer has not authorized the filing of and is not aware of any
financing statements against the Issuer that include a description of collateral covering the Trust Estate other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated.

 (vii) All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in
connection herewith describing the Trust Estate contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.”

 (viii) None of the Obligor Notes that constitute or evidence the Trust Estate has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
 The
foregoing representations and warranties in Section 12.01(m)(i) – (viii) shall remain in full force and effect and shall not be waived or amended until the Notes are paid in full or otherwise released or discharged. 

(n) Eligible Timeshare Loans. Each Timeshare Loan acquired by the Issuer on a Funding Date is an Eligible Timeshare Loan and each
Timeshare Loan used in the calculation of the Borrowing Base on a Funding Date or a Payment Date is an Eligible Timeshare Loan as of such Funding Date or Payment Date, as applicable. 

(o) Control Account. The Control Account Bank has the authority to receive mail delivered to the related Post Office Box. The
account number of the Control Account, together with the names, addresses, ABA numbers and names of contact persons of the Control Account Bank maintaining such Control Account and the related Post Office Boxes have been delivered to the
Administrative Agent and the Indenture Trustee. From and after the Closing Date, the Indenture Trustee (or its agent) shall have a first priority perfected security interest in all of the monies, checks, instruments, depository transfers or
automated clearing house electronic transfers and other items of payment and their proceeds and all monies and earnings, if any thereon, relating to the Timeshare Loans in the Control Account. The Indenture Trustee (or its agent) has control over
the Control Account. 

  
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 Section 12.02 Representations and Warranties of the Initial Servicer.

 The initial Servicer hereby represents and warrants as of the Closing Date, the Amendment Effective Date and each Funding
Date, the following: 
 (a) Organization and Authority. The Servicer: 

(i) is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

 (ii) has all requisite power and authority to own and operate its properties and to conduct its business as
currently conducted and as proposed to be conducted as contemplated by the Facility Documents to which it is a party, to enter into the Facility Documents to which it is a party and to perform its obligations under the Facility Documents to which it
is a party; and 
 (iii) has made all filings and holds all material franchises, licenses, permits and
registrations which are required under the laws of each jurisdiction in which the properties owned (or held under lease) by it or the nature of its activities makes such filings, franchises, licenses, permits or registrations necessary. 

(b) Place of Business. The address of the principal place of business and chief executive office of the Servicer is 6649
Westwood Boulevard, Orlando, Florida 32821 and there have been no other such locations during the immediately preceding four months. 
 (c) Compliance with Other Instruments, etc. The Servicer is not in violation of any term of its certificate of incorporation or bylaws. The execution, delivery and performance by the Servicer of
the Facility Documents to which it is a party do not and will not (i) conflict with or violate the certificate of incorporation or by-laws of the Servicer, (ii) conflict with or result in a breach of any of the terms, conditions or
provisions of, or constitute a default under, or result in the creation of any Lien on any of the properties or assets of the Servicer pursuant to the terms of any instrument or agreement to which the Servicer is a party or by which it is bound, or
(iii) require any consent of or other action by any trustee or any creditor of, any lessor to or any investor in the Servicer. 
 (d) Compliance with Law. The Servicer is in compliance with all statutes, laws and ordinances and all governmental rules and regulations to which it is subject, the violation of which, either
individually or in the aggregate, could materially adversely affect its business, earnings, properties or condition (financial or other). The policies and procedures set forth in the Credit and Collection Policies on the Closing Date, the Amendment
Effective Date and each Funding Date are in material compliance with all applicable statutes, laws and ordinances and all governmental rules and regulations and are consistent with the Servicing Standard. The execution, delivery and performance of
the Facility Documents to which it is a party do not and will not cause the Servicer to be in violation of any law or ordinance, or any order, rule or regulation, of any federal, state, municipal or other governmental or public authority or agency.

  
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 (e) Pending Litigation or Other Proceedings. There is no pending or, to the best of
the Servicer’s knowledge, threatened action, suit, proceeding or investigation before any court, administrative agency, arbitrator or governmental body against or affecting the Servicer which, if decided adversely, would materially and
adversely affect (i) the condition (financial or otherwise), business or operations of the Servicer, (ii) the ability of the Servicer to perform its obligations under, or the validity or enforceability of this Indenture and Servicing
Agreement or any other documents or transactions contemplated under this Indenture and Servicing Agreement, (iii) any property or title of any Obligor to any Timeshare Property or (iv) the Indenture Trustee’s ability to foreclose or
otherwise enforce the Liens of the Timeshare Loans. 
 (f) Taxes. It has timely filed all tax returns (federal, state and
local) which are required to be filed and has paid all taxes related thereto, other than those which are being contested in good faith. 
 (g) Transactions in Ordinary Course. The transactions contemplated by this Indenture and Servicing Agreement are in the ordinary course of business of the Servicer. 

(h) [Reserved]. 

(i) Proceedings. The Servicer has taken all action necessary to authorize the execution and delivery by it of the Facility
Documents to which it is a party and the performance of all obligations to be performed by it under the Facility Documents. 

(j) Defaults. The Servicer is not in default under any material agreement, contract, instrument or indenture to which it is a
party or by which it or its properties is or are bound, or with respect to any order of any court, administrative agency, arbitrator or governmental body which default would have a material adverse effect on the transactions contemplated hereunder;
and to the Servicer’s knowledge, as applicable, no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such
order of any court, administrative agency, arbitrator or governmental body. 
 (k) Insolvency. The Servicer is solvent.
Prior to the date hereof, the Servicer did not, and is not about to, engage in any business or transaction for which any property remaining with the Servicer would constitute an unreasonably small amount of capital. In addition, the Servicer has not
incurred debts that would be beyond the Servicer’s ability to pay as such debts matured. 
 (l) No Consents. No
prior consent, approval or authorization of, registration, qualification, designation, declaration or filing with, or notice to any federal, state or local governmental or public authority or agency, is, was or will be required for the valid
execution, delivery and performance by the Servicer of the Facility Documents to which it is a party. The Servicer has obtained all consents, approvals or authorizations of, made all declarations or filings with, or given all notices to, all
federal, state or local governmental or public authorities or agencies which are necessary for the continued conduct by the Servicer of its respective businesses as now conducted, other than such consents, approvals, authorizations, declarations,
filings and notices which, neither individually nor in the aggregate, materially and adversely affect, or in the future will materially and adversely affect, the business, earnings, prospects, properties or condition (financial or other) of the
Servicer. 

  
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 (m) Name. The legal name of the Servicer is as set forth in the signature page of
this Indenture and Servicing Agreement and except for the trade names set forth on Exhibit H attached hereto, the Servicer does not have any tradenames, fictitious names, assumed names or “doing business as” names. 

(n) Information. No document, certificate or report furnished by the Servicer, in writing, pursuant to this Indenture and
Servicing Agreement or in connection with the transactions contemplated hereby, contains or will contain when furnished any untrue statement of a material fact or fails or will fail to state a material fact necessary in order to make the statements
contained therein, in light of the circumstances under which they were made, not misleading. There are no facts relating to the Servicer as of the Closing Date, the Amendment Effective Date or Funding Date which when taken as a whole, materially
adversely affect the financial condition or assets or business of the Servicer, or which may impair the ability of the Servicer to perform its obligations under this Indenture and Servicing Agreement, which have not been disclosed herein or in the
certificates and other documents furnished by or on behalf of the Servicer pursuant hereto or thereto specifically for use in connection with the transactions contemplated hereby or thereby. 

Section 12.03 Representations and Warranties of the Indenture Trustee and the Back-Up Servicer. 

Each of the Indenture Trustee and the Back-Up Servicer hereby represents and warrants as of the Closing Date, the Amendment Effective
Date and each Funding Date, the following: 
 (a) Each of the Indenture Trustee and the Back-Up Servicer is a national banking
association duly organized, validly existing and in good standing under the laws of the United States. 
 (b) The execution and
delivery of this Indenture and Servicing Agreement and the other Facility Documents to which the Indenture Trustee or the Back-Up Servicer is a party, and the performance and compliance with the terms of this Indenture and Servicing Agreement and
the other Facility Documents to which the Indenture Trustee or the Back-Up Servicer is a party by the Indenture Trustee or the Back-Up Servicer, will not violate the Indenture Trustee’s or the Back-Up Servicer’s, as applicable,
organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in a breach of, any material agreement or other material instrument to which it is a party or by
which it is bound. 
 (c) Except to the extent that the laws of certain jurisdictions in which any part of the Trust Estate may
be located require that a co-trustee or separate trustee be appointed to act with respect to such property as contemplated herein, the Indenture Trustee has the full power and authority to carry on its business as now being conducted and to enter
into and consummate all transactions contemplated by this Indenture and Servicing Agreement and the other Facility 

  
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Documents, has duly authorized the execution, delivery and performance of this Indenture and Servicing Agreement and the other Facility Documents to which it is a party, and has duly executed and
delivered this Indenture and Servicing Agreement and the other Facility Documents to which it is a party. 
 (d) The Back-Up
Servicer has the full power and authority to carry on its business as now being conducted and to enter into and consummate all transactions contemplated by this Indenture and Servicing Agreement and the other Facility Documents, has duly authorized
the execution, delivery and performance of this Indenture and Servicing Agreement and the other Facility Documents to which it is a party, and has duly executed and delivered this Indenture and Servicing Agreement and the other Facility Documents to
which it is a party. 
 (e) This Indenture and Servicing Agreement, assuming due authorization, execution and delivery by the
other parties hereto, constitutes a valid and binding obligation of the Indenture Trustee and the Back-Up Servicer, enforceable against the Indenture Trustee and the Back-Up Servicer in accordance with the terms hereof, subject to
(i) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and the rights of creditors of banks, and (ii) general principles of equity, regardless of
whether such enforcement is considered in a proceeding in equity or at law. 
 (f) Neither the Indenture Trustee nor the Back-Up
Servicer is in violation of, and its execution and delivery of this Indenture and Servicing Agreement and the other Facility Documents to which either is a party and its performance and compliance with the terms of this Indenture and Servicing
Agreement and the other Facility Documents to which it is a party will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory
authority, which violation, in the Indenture Trustee’s and the Back-Up Servicer’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Indenture Trustee or the Back-Up Servicer to perform its
obligations under any Facility Document to which it is a party. 
 (g) No litigation is pending or, to the best of the Indenture
Trustee’s and the Back-Up Servicer’s knowledge, threatened against the Indenture Trustee or the Back-Up Servicer that, if determined adversely to the Indenture Trustee or the Back-Up Servicer, would prohibit the Indenture Trustee or the
Back-Up Servicer from entering into any Facility Document to which it is a party or, in the Indenture Trustee’s and the Back-Up Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the
Indenture Trustee or the Back-Up Servicer to perform its obligations under any Facility Document to which it is a party. 
 (h)
Any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery and performance by the Indenture Trustee or the Back-Up Servicer of or compliance by the Indenture Trustee or the Back-Up
Servicer with the Facility Documents to which it is a party or the consummation of the transactions contemplated by the Facility Documents has been obtained and is effective. 

  
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 Section 12.04 Multiple Roles. 

The parties expressly acknowledge and consent to Wells Fargo Bank, National Association, acting in the multiple roles of Indenture
Trustee, the Custodian, the Back-Up Servicer and the Successor Servicer. Wells Fargo Bank, National Association may, in such capacities, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of
loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by Wells Fargo Bank, National Association of express duties set forth in this Indenture and Servicing Agreement in any
of such capacities, all of which defenses, claims or assertions are hereby expressly waived by the other parties hereto except in the case of negligence (other than errors in judgment), bad faith or willful misconduct by Wells Fargo Bank, National
Association. 
 ARTICLE XIII 
 MISCELLANEOUS 
 Section 13.01 Officer’s Certificate and Opinion of
Counsel as to Conditions Precedent. 
 Upon any request or application by the Issuer to the Indenture Trustee to take any
action under this Indenture and Servicing Agreement, the Issuer shall furnish to the Indenture Trustee: 
 (a) an Officer’s
Certificate (which shall include the statements set forth in Section 13.02 hereof) stating that all conditions precedent, if any, provided for in this Indenture and Servicing Agreement relating to the proposed action have been complied with;
and 
 (b) an Opinion of Counsel (which shall include the statements set forth in Section 13.02 hereof) stating that, in
the opinion of such counsel, all such conditions precedent, if any, have been complied with. 
 Section 13.02 Statements
Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture and Servicing Agreement shall include: 
 (a) a statement that the Person making such certificate
or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that,
in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him/her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  
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 (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with. 
 Section 13.03 Notices. (a) All communications, instructions, directions and
notices to the parties thereto shall be (i) in writing (which may be by facsimile transmission (or if permitted hereunder, via electronic mail), followed by delivery of original documentation within one Business Day), (ii) effective when
received and (iii) delivered or mailed first class mail, postage prepaid to it at the following address: 
 If to the
Issuer: 
 Marriott Vacations Worldwide Owner Trust 2011-1 

c/o Wilmington Trust, National Association 
 1220 North Market Street, Suite 202 
 Wilmington, Delaware 19801 

Attention: Dante M. Monakil 
 Facsimile Number: (302) 661-2266 
 Telephone Number: (302) 255-4966

  
 85 

 With a copy to: 
 Marriott Ownership Resorts, Inc. 
 6649 Westwood Boulevard 

Orlando, Florida 32821 
 Attention: General Counsel 
 Facsimile Number: (407) 206-6420 

Telephone Number: (407) 206-6000 
 And 
 Marriott Vacations Worldwide Corporation 

6649 Westwood Boulevard 
 Orlando, Florida 32821 
 Attention: General Counsel 

Facsimile Number: (407) 513-6680 
 Telephone Number: (407) 206-6000 
 And 

Wilmington Trust, National Association 
 1220 North Market Street, Suite 202 
 Mail Code: MD1-WD22 

Wilmington, Delaware, 19801 
 Attention: Dante M. Monakil, CCTS 
 Facsimile Number:
    (302) 661-2266 
 Telephone Number:  (302) 225-4970 

If to the Servicer or the Administrator: 
 Marriott Ownership Resorts, Inc. 
 6649 Westwood Boulevard 

Orlando, Florida 32821 
 Attention: General Counsel 
 Facsimile Number: (407) 206-6420 

Telephone Number: (407) 206-6000 

  
 86 

 With a copy to: 
 Marriott Vacations Worldwide Corporation 
 6649 Westwood Boulevard 

Orlando, Florida 32821 
 Attention: General Counsel 
 Facsimile Number: (407) 513-6680 

Telephone Number: (407) 206-6000 
 If to the Indenture Trustee and the Back-Up Servicer: 
 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 
 If to the Noteholders: 

At the address set forth in the Note Register 
 or at such other address as the party may designate by notice to the other parties hereto, which shall be effective when received. 
 (b) All communications and notices pursuant hereto to a Noteholder shall be in writing and delivered or mailed by first class mail, postage prepaid or by overnight courier at the address shown in the Note
Register. The Indenture Trustee agrees to deliver or mail to each Noteholder upon receipt, all notices and reports that the Indenture Trustee may receive hereunder and under any Facility Documents. Unless otherwise provided herein, the Indenture
Trustee may consent to any requests received under such documents or, at its option, follow the directions of the Majority Facility Investors within 30 days after prior written notice to the Noteholders. All notices to Noteholders shall be sent
simultaneously. Expenses for such communications and notices shall be borne by the Servicer. 
 Section 13.04 No
Proceedings. 
 Each Noteholder, the Servicer and the Indenture Trustee hereby agrees that it will not, directly or
indirectly institute, or cause to be instituted, against the Issuer or the Trust Estate any proceeding of the type referred to in Section 6.01(e) hereof so long as there shall not have elapsed one year plus one day since the last maturity of
the Notes. 

  
 87 

 Section 13.05 Limitation of Liability. 

(a) It is expressly understood and agreed by the parties hereto that (a) this Indenture and Servicing Agreement is executed and
delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings
and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements Wilmington Trust, National Association but is made and intended for the purpose of binding only the Issuer,
(c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness
or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture and Servicing Agreement or any other related document. Notwithstanding the
foregoing, Wilmington Trust, National Association shall not be relieved of any of its duties and obligations under the Administration Agreement or the Trust Agreement. 
 (b) It is expressly understood and agreed by the parties hereto that MORI is executing this Indenture and Servicing Agreement solely as Servicer and MORI undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture and Servicing Agreement applicable to the Servicer. 
 Section 13.06
Entire Agreement. 
 This Indenture and Servicing Agreement contains the entire agreement and understanding among the
parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 
 Section 13.07 Severability of Provisions. 
 If any one or more of the
covenants, agreements, provisions or terms of this Indenture and Servicing Agreement 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 Indenture and Servicing Agreement and shall in no way affect the validity or enforceability of the other provisions of this Indenture and Servicing Agreement or of the Notes or the rights of the Holders
thereof. 

  
 88 

 Section 13.08 Indulgences; No Waivers. 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Indenture and
Servicing Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 
 Section 13.09 Conditions Precedent to the Amendment
Effective Date. 
 Any amendment to the Amended and Restated Indenture and Servicing Agreement by this Indenture and
Servicing Agreement shall be effective upon the Amendment Effective Date, so long as the following conditions precedent have been satisfied on or prior to such date: 
 (a) This Indenture and Servicing Agreement shall have been executed and delivered by each of the parties hereto; 
 (b) The Trustee shall have received the written consent of each Noteholder, each Funding Agent and the Administrative Agent to the amendment to and the restatement of the Amended and Restated Indenture
and Servicing Agreement by this Indenture and Servicing Agreement; 
 (c) The Indenture Trustee shall have received any Opinions
of Counsel required by the Indenture Trustee to be delivered to the Indenture Trustee; and 
 (d) The Amended and Restated Note
Purchase Agreement, dated the Amendment Effective Date, shall have been executed and delivered by each party thereto. 

[Signature Page Follows] 

  
 89 

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

							
	 MARRIOTT VACATIONS WORLDWIDE OWNER TRUST
 2011-1, as Issuer

		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
not in its individual capacity, but solely as Owner Trustee
			
		 	By:	 	/s/ Dante M. Monakil
		 		 	Name:	 	Dante M. Monakil
		 		 	Title:	 	Vice President
	
	MARRIOTT OWNERSHIP RESORTS, INC., as Servicer
		
	By:	 	/s/ Joseph J. Bramuchi
		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Indenture Trustee and Back-Up Servicer

		
	By:	 	/s/ Jennifer Westberg
		 	Name:	 	Jennifer Westberg
		 	Title:	 	Vice President

 ANNEX A 

Standard Definitions 

 Final 
 (Second Amended and Restated) 
 September 11, 2012 

Annex A 
 SECOND AMENDED AND RESTATED STANDARD DEFINITIONS 
 Rules of Construction. In these
Second Amended and Restated Standard Definitions and with respect to the Facility Documents (as defined below), (a) the meanings of defined terms are equally applicable to the singular and plural forms of the defined terms, (b) in any
Facility Document, the words “hereof,” “herein,” “hereunder” and similar words refer to such Facility Document as a whole and not to any particular provisions of such Facility Document, (c) any subsection, Section,
Article, Annex, Schedule and Exhibit references in any Facility Document are to such Facility Document unless otherwise specified, (d) the term “documents” includes any and all documents, instruments, agreements, certificates,
indentures, notices and other writings, however evidenced (including electronically), (e) the term “including” is not limiting and (except to the extent specifically provided otherwise) shall mean “including (without
limitation)”, (f) unless otherwise specified, in the computation of periods of time from a specified date to a later specified date, the word “from” shall mean “from and including,” the words “to” and
“until” each shall mean “to but excluding,” and the word “through” shall mean “to and including”, and (g) the words “may” and “might” and similar terms used with respect to the taking
of an action by any Person shall reflect that such action is optional and not required to be taken by such Person. 

“1940 Act” shall mean the Investment Company Act of 1940, as amended. 

“Act” shall have the meaning specified in Section 1.04 of the Indenture and Servicing Agreement. 

“Acceleration Event” shall have the meaning specified in Section 6.06 of the Indenture and Servicing Agreement.

 “Accounting Based Consolidation Event” shall mean the consolidation, for financial and/or regulatory
accounting purposes, of all or any portion of the assets and liabilities of any Conduit that are subject to the Note Purchase Agreement or any other Facility Document with all or any portion of the assets and liabilities of an Affected Entity. An
Accounting Based Consolidation Event shall be deemed to occur on the date any Affected Entity shall acknowledge in writing that any such consolidation of the assets and liabilities of the related Conduit shall occur. 

“Acquiring Alternate Purchaser” shall have the meaning set forth in Section 5.10(d) of the Note Purchase Agreement.

 “Acquiring Non-Conduit Committed Purchaser” shall have the meaning set forth in Section 5.10(f) of the
Note Purchase Agreement. 
 “Acquiring Purchaser” shall mean an Acquiring Purchaser Group or an Acquiring
Non-Conduit Committed Purchaser. 

 “Acquiring Purchaser Group” shall have the meaning set forth in
Section 5.10(f) of the Note Purchase Agreement. 
 “Additional Conduit” shall have the meaning set forth
in Section 2.3(d) of the Note Purchase Agreement. 
 “Additional Funding Agent” shall have the meaning set
forth in Section 2.3(d) of the Note Purchase Agreement. 
 “Additional Non-Conduit Committed Purchaser”
shall have the meaning set forth in Section 2.3(d) of the Note Purchase Agreement. 
 “Additional
Purchaser” shall mean an Additional Conduit and the Related Additional Alternate Purchasers or an Additional Non-Conduit Committed Purchaser. 
 “Additional Timeshare Loans” shall mean any Timeshare Loans (including Qualified Substitute Timeshare Loans) conveyed by MORI to the Seller and by the Seller to the Issuer and pledged by
the Issuer to the Indenture Trustee on a Funding Date or Transfer Date, as applicable. 
 “Additional Timeshare Loan
Supplement” shall mean, with respect to any Additional Timeshare Loans, an Additional Timeshare Loan Supplement, substantially in the form of Exhibit D to the Purchase Agreement or Sale Agreement, as applicable. 

“Adjusted Commitment” shall mean on any date of determination with respect to an Alternate Purchaser for a Conduit, such
Alternate Purchaser’s Commitment minus the sum of (a) the portion of the Purchaser Invested Amount with respect to the Purchaser Group of which such Conduit is a member funded by such Alternate Purchaser and (b) the portion of such
Purchaser Invested Amount an interest in which was acquired by such Alternate Purchaser acting as a Liquidity Provider pursuant to a Liquidity Agreement. 
 “Adjusted LIBOR Rate” shall mean, with respect to any Funding Period, the sum of (A) the Applicable Percentage and (B) a rate per annum equal to the rate (rounded upwards, if
necessary, to the next higher 1/100 of 1%) obtained by dividing (i) the LIBOR Rate for such Funding Period by (ii) a percentage equal to 100% minus the reserve percentage (rounded upward to the next 1/100th of 1%) in effect on such
day and applicable to the Alternate Purchaser or related Liquidity Provider for which this rate is calculated under regulations issued from time to time by the Board of Governors of the Federal Reserve System for determining the maximum reserve
requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “eurocurrency liabilities”). The Adjusted LIBOR Rate shall be adjusted automatically
as of the effective date of any change in such reserve percentage. 
 “Administration Agreement” shall mean
that certain administration agreement, dated as of September 1, 2011, by and among the Issuer, the Indenture Trustee, the Owner Trustee and the Administrator. 

  
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 “Administrative Agent” shall mean Deutsche Bank AG, New York Branch, in its
capacity as Administrative Agent for the Purchasers and the Funding Agents, and any successor Administrative Agent appointed pursuant to the terms of the Note Purchase Agreement. 

“Administrative Agent-Related Persons” shall mean the Administrative Agent, together with its Affiliates, and the
officers, directors, employees, agents and attorneys-in-fact of such Persons and their respective Affiliates. 

“Administrative Agent Fee” shall have the meaning set forth in the related Fee Letter; provided that the Administrative
Agent Fee shall not be greater than 0.10% of the Facility Limit per annum. 
 “Administrator” shall mean
Marriott Ownership Resorts, Inc., a Delaware corporation. 
 “Administrator Fee” shall equal $1,000 paid
annually in accordance with Section 3.04 of the Indenture and Servicing Agreement. 
 “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	 
	 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	% 

 “Adverse Claim” shall mean any claim of ownership or any lien, security interest, title
retention, trust or other charge or encumbrance, or other type of preferential arrangement having the effect or purpose of creating a lien or security interest, other than the interests created under the Indenture and Servicing Agreement in favor of
the Indenture Trustee and the Noteholders. 
 “Affected Entity” shall mean (i) any Alternate Purchaser,
(ii) any Liquidity Provider, (iii) any agent, administrator or manager of any Conduit, or (iv) any bank holding company in respect of any of the foregoing. 
 “Affiliate” shall mean with respect to any Person, a Person: (a) which directly or indirectly controls, or is controlled by, or is under common control with such Person;
(b) which directly or indirectly beneficially owns or holds five percent (5%) or more of the voting stock of 

  
 - 3 -

 
such Person; or (c) for which five percent (5%) or more of the voting stock of which is directly or indirectly beneficially owned or held by such Person. The term “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Without limiting the generality of
the foregoing, for purposes of the definition of “Outstanding,” MVCO Series LLC, MORI, MVC Trust, MVCI Finance, C.V., The Ritz-Carlton Development Company, Inc., Marriott Ownership Resorts (St. Thomas), Inc., Marriott Vacation Worldwide
Corporation and their Affiliates shall be deemed an Affiliate of the Issuer. 
 “Aggregate Loan Balance” shall
mean the sum of the Loan Balances for all Borrowing Base Loans. 
 “Alternate Purchasers” shall mean, with
respect to a Conduit, each Purchaser identified as an Alternate Purchaser for such Conduit on Schedule I to the Note Purchase Agreement or in the Assignment and Assumption Agreement pursuant to which such Conduit became a party to the Note
Purchase Agreement, and any permitted assignee thereof. 
 “Alternate Purchaser Assignment and Assumption
Agreement” shall mean an Assignment and Assumption Agreement substantially in the form of Exhibit A to the Note Purchase Agreement. 
 “Alternate Purchaser Percentage” shall mean, with respect to any Alternate Purchaser for a Conduit, such Alternate Purchaser’s Commitment with respect to such Conduit as a percentage
of the Purchaser Commitment Amount with respect to the Purchaser Group of which such Conduit is a member. 
 “Amendment
Effective Date” shall mean September 11, 2012, so long as the conditions precedent set forth in Section 13.09 of the Indenture and Servicing Agreement and Section 3.8 of the Note Purchase Agreement have been satisfied on or
prior to such date. 
 “Amortization Event” shall exist on and after a Determination Date if any of the
following shall have occurred: 
 (a) the Warehouse Portfolio Three Month Rolling Average Delinquency Percentage is greater than
5.50%; or 
 (b) the Securitized Portfolio Three Month Rolling Average Delinquency Percentage is greater than 5.50%; or

 (c) the Warehouse Portfolio Three Month Rolling Average Default Percentage is greater than 0.75%; or 

(d) the Securitized Portfolio Three Month Rolling Average Default Percentage is greater than 0.75%; or 

(e) to the extent the Aggregate Loan Balance is more than $0, the Gross Excess Spread Percentage for the related Due Period is less than
5.00%; or 

  
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 (f) an Event of Default occurs; or 

(g) a Servicer Event of Default occurs; or 
 (h) the amount on deposit in the Reserve Account is less than the Reserve Account Required Balance for any three consecutive Business Days; or 

(i) the MVC Trust shall incur any indebtedness (other than trade debt in the ordinary course). 

Upon the first occurrence of an Amortization Event of a type described in any of clauses (a), (b), (c), (d) or (e) above, such Amortization
Event shall continue until the Determination Date on which the Warehouse Portfolio Three Month Rolling Average Delinquency Percentage, Securitized Portfolio Three Month Rolling Average Delinquency Percentage, Warehouse Portfolio Three Month Rolling
Average Default Percentage, Securitized Portfolio Three Month Rolling Average Default Percentage or Gross Excess Spread Percentage, as the case may be, is equal to or less than (in the case of clauses (a), (b), (c) or (d)) or equal to or
greater than (in the case of clause (e)), the specified threshold. Upon the second occurrence of an Amortization Event of a type described in any of clauses (a), (b), (c), (d) or (e) above, an Amortization Event shall exist and continue
until the Outstanding Note Balance has been reduced to zero. 
 An Amortization Event of the type described in clauses (f), (g),
(h) or (i) shall continue until the Outstanding Note Balance of the Notes has been reduced to zero. 

“Anticipated Completion Date” shall mean, for a Pre-Completion Loan, the date set forth in the related Additional
Timeshare Loan Supplement as specified by resort and building on which the related Unit is expected to be an Available Unit. 

“Applicable Percentage” shall mean 1.50%. 
 “Assignment and Assumption Agreement” shall mean any Alternate Purchaser Assignment and Assumption Agreement or any Purchaser Assignment and Assumption Agreement. 

“Assumption Date” shall have the meaning specified in Section 5.19(f) of the Indenture and Servicing Agreement.

 “Authorized Officer” shall mean (a) with respect to any corporation, limited liability company or
partnership, the Chairman of the Board, the President, any Vice President, the Secretary, the Treasurer, any Assistant Secretary, any Assistant Treasurer, Managing Member and each other officer of such corporation or limited liability company or the
general partner of such partnership customarily performing functions similar to those performed by any of the above designated officers, and with respect to a particular matter, any other officer to whom such matter is referred because of such
officer’s knowledge and familiarity with the particular subject or such officer specifically authorized in resolutions of the Board of Directors of such corporation or managing member of such limited liability company to sign agreements,
instruments or other documents in connection with the Indenture and Servicing Agreement on behalf of such corporation, limited liability company or partnership, as the case may be or (b) with respect to a trust, any person meeting the criteria
specified in clause (a) above with respect to the related trustee. 

  
 - 5 -

 “Available Funds” shall mean for any Payment Date, (A) all funds on
deposit in the Collection Account after making all transfers and deposits required from or by (i) the Servicer pursuant to the Indenture and Servicing Agreement, (ii) the Reserve Account pursuant to Section 3.02(b) of the Indenture
and Servicing Agreement, (iii) the Seller or the Issuer pursuant to Section 4.06 of the Indenture and Servicing Agreement, (iv) the Performance Guarantor pursuant to the Performance Guaranty, and (v) a Hedge Counterparty in
respect of a Hedge Agreement, less (B) amounts on deposit in the Collection Account related to collections related to any Due Periods subsequent to the Due Period related to such Payment Date. 

“Available Unit” shall mean a Unit where the Unit’s construction has been completed in accordance with applicable
brand standards and becomes available for occupancy by timeshare owners. 
 “Back-Up Servicer” shall mean Wells
Fargo Bank, National Association and its permitted successors and assigns, as provided in the Indenture and Servicing Agreement. 
 “Back-Up Servicing Fee” shall mean for any Payment Date, an amount equal to the greater of (a) $2,500 and (b) the product of (x) one-twelfth of 0.02% and (y) the
Aggregate Loan Balance as of the first day of the related Due Period. 
 “Bank Base Rate” shall mean, with
respect to any Purchaser for any day, a rate per annum equal to the sum of (i) the Base Rate with respect to such Purchaser on such date and (ii) the Applicable Percentage. 

“Base Rate” shall mean, with respect to any Purchaser for any day, a rate per annum equal to the greatest of
(i) the prime rate of interest announced publicly by (x) if such Purchaser is a Non-Conduit Committed Purchaser, such Purchaser (or the Affiliate of such Purchaser that announces such rate), and (y) if such Purchaser is a member of a
Purchaser Group, the Funding Agent with respect to such Purchaser Group (or the Affiliate of such Purchaser or Funding Agent, as applicable, that announces such rate) as in effect at its principal office from time to time, changing when and as said
prime rate changes (such rate not necessarily being the lowest or best rate charged by such Person), (ii) the sum of (a) 0.50% and (b) the rate equal to the weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average of the quotations for such day for such transactions received by such Purchaser (or if such Purchaser is a member of a Purchaser Group, the Funding Agent with respect to such Purchaser Group)
from three Federal funds brokers of recognized standing selected by it and (iii) the sum of (x) 1.00% and (b) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or
any successor page or such other page or service as such Purchaser shall determine in its sole discretion) as the London interbank offered rate for deposits in U.S. dollars at approximately 11:00 A.M. (London time) on such date (or if

  
 - 6 -

 
such day is not a London Business Day, on the next preceding London Business Day) for a term of one month, or, if more than one rate is specified on the applicable page or screen, the arithmetic
mean of all such rates. Notwithstanding any of the foregoing to the contrary, solely for the purposes of Sections 2.8(c) and 2.8(d) of the Note Purchase Agreement, “Base Rate” shall mean the greater of the rates described in clause
(i) and clause (ii) of the preceding sentence. 
 “Bankruptcy Code” shall mean the federal Bankruptcy
Code, as amended (Title 11 of the United States Code). 
 “Beneficial Interest” shall mean the beneficial
interests in the MVC Trust owned by an Obligor. 
 “Benefit Plan” shall mean an “employee benefit
plan” as defined in Section 3(3) of ERISA that is subject to Title I of ERISA or any other “plan” as defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code or any entity whose underlying
assets include plan assets by reason of an employee benefit plan’s or plan’s investment in such entity or any plan that is subject to any substantially similar provision of federal, state or local law. 

“Borrowing Base” means for any date of determination, the lesser of: 

(x) the sum of the products of (i) the aggregate Loan Balance of each Borrowing Base Loan Group minus its related Excluded
Loan Group Balance and (ii) the applicable Advance Rate; and 
 (y) the sum of the products of (i) the aggregate Loan
Balance of each Borrowing Base Loan Group minus its related Excluded Loan Group Balance and (ii) 85%. 
 For
purposes of calculating the Borrowing Base on a Funding Date, the aggregate Loan Balance of a Borrowing Base Loan Group, the Aggregate Loan Balance and Excluded Loan Balance shall be measured as of the last day of the Due Period related to the
immediately preceding Payment Date (or, with respect to the Additional Timeshare Loans conveyed on such Funding Date or Timeshare Loans conveyed during the same Due Period, the related Cut-off Date). For purposes of calculating the Borrowing Base
with respect to any Determination Date, the aggregate Loan Balance of a Borrowing Base Loan Group, the Aggregate Loan Balance and Excluded Loan Balance shall be measured as of the end of the related Due Period (or, with respect to the Additional
Timeshare Loans conveyed on such Funding Date or Timeshare Loans conveyed during the same Due Period, the related Cut-off Date). All Defaulted Timeshare Loans, Delinquent Timeshare Loans and Defective Timeshare Loans shall be deemed to have a Loan
Balance of zero ($0) for purposes of this definition. 
 “Borrowing Base Loan Group” means any of the Foreign
Timeshare Loan Group I, Foreign Timeshare Loan Group II, FICO 600 to 649 Loan Group, FICO 650 to 699 Loan Group, FICO 700 to 749 Loan Group and FICO 750 Plus Loan Group. 
 “Borrowing Base Loans” shall mean, as of any date of determination, all Timeshare Loans that are Eligible Timeshare Loans on such date and owned directly by the Issuer and pledged to the
Indenture Trustee pursuant to the Indenture and Servicing Agreement or a Supplemental Grant. 

  
 - 7 -

 “Borrowing Base Shortfall” means on as of any date of determination, the
amount, if any, by which the Outstanding Note Balance (without giving effect to any Increase on such date) exceeds the Borrowing Base on such date (without giving effect to any pledge of Additional Timeshare Loans to the Indenture Trustee on such
date). 
 “Borrowing Notice” shall mean the notice presented by the Issuer to the Administrative Agent, each
Funding Agent, each Non-Conduit Committed Purchaser, the Servicer and the Indenture Trustee to request the initial advance on the Initial Funding Date or thereafter, an Increase, in the form attached as Exhibit D to the Note Purchase
Agreement. 
 “Breakage and Other Costs” shall mean any and all amounts owing by the Issuer to any Purchaser or
Funding Agent or the Administrative Agent pursuant to this Agreement or any other Facility Document, other than in respect of interest or principal on any Note and shall include without limitation (i) the amount of all fees due under the
Renewal Fee Letter (other than Purchaser Fees and the Up-Front Renewal Fees), (ii) the amount of any Early Collection Fee and (iii) any other amounts due from the Issuer hereunder but not included in interest or principal on the Notes
including, without limitation, under Sections 4.1, 4.2, 4.3 and 4.4 of the Note Purchase Agreement. 
 “Business
Day” shall mean any day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in New York City, the city in which the Servicer is located or the city in which the Corporate Trust Office is located, are
authorized or obligated by law or executive order to be closed. 
 “Carrying Costs” shall mean, with respect to
any Interest Accrual Period the sum (without duplication) of the following amounts determined on an accrual basis in accordance with GAAP consistently applied: with respect to (x) any Purchaser Group, (a) the amount of interest accrued
with respect to the portion of the Purchaser Invested Amount funded by the Conduit which is a member of such Purchaser Group at a rate equal to the CP Rate applicable to such Conduit for such Interest Accrual Period and (b) the amount of
interest accrued with respect to the portion of the Purchaser Invested Amount funded by any Alternate Purchaser which is a member of such Purchaser Group or any Liquidity Provider with respect to such Conduit at either the Adjusted LIBOR Rate or the
Bank Base Rate, as applicable in accordance with Section 2.8(a) of the Note Purchase Agreement and (y) any Non-Conduit Committed Purchaser, the amount of interest accrued with respect to its Purchaser Invested Amount at the LIBOR Rate or
the LIBOR Rate plus the Applicable Percentage, as applicable, in accordance with Section 2.8(a) of the Note Purchase Agreement; provided, however, that following the occurrence of an Event of Default, the Carrying Costs with
respect to any Purchaser Group or Non-Conduit Committed Purchaser shall be determined in accordance with Section 2.8(b) of the Note Purchase Agreement. The Carrying Costs for any Interest Accrual Period determined by reference to the applicable
CP Rate or daily LIBOR Rate shall be calculated using an estimate for the days in such Interest Accrual Period remaining after the date on which the applicable Funding Agent or Non-Conduit Committed Purchaser notifies the Administrative Agent of the
applicable Carrying 

  
 - 8 -

 
Costs pursuant to Section 2.8(a)(v) of the Note Purchase Agreement. On or before the day on which the applicable Funding Agent or Non-Conduit Committed Purchaser is required to notify the
Administrative Agent of the applicable Carrying Costs with respect to the next succeeding Accrual Period, such Funding Agent or Non-Conduit Committed Purchaser shall re-determine the Carrying Costs in respect of the prior Accrual Period and if such
re-determined amount is higher or lower than the Carrying Costs initially reported as described above, such Funding Agent or Non-Conduit Committed Purchaser shall advise the Administrative Agent of the re-determined Carrying Costs, specifying the
amount of any Carrying Costs Underpayment or any Carrying Costs Overpayment. 
 “Carrying Costs Overpayment”
shall mean, with respect to any Accrual Period (x) with respect to a Purchaser Group the excess, if any, of (i) the amount of Carrying Costs for such Accrual Period determined based on the CP Rate as initially determined by the applicable
Funding Agent pursuant to the definition of “Carrying Costs”, over (ii) the amount of Carrying Costs for such Accrual Period determined based on the CP Rate as re-determined by such Funding Agent prior to the next
succeeding Payment Date pursuant to the definition of “Carrying Costs” and (y) with respect to a Non-Conduit Committed Purchaser, the excess, if any, of (i) the amount of Carrying Costs for such Accrual Period
determined based on the LIBOR Rate as initially determined by such Non-Conduit Committed Purchaser pursuant to the definition of “Carrying Costs”, over (ii) the amount of Carrying Costs for such Accrual Period determined
based on the LIBOR Rate as re-determined by such Non-Conduit Committed Purchaser prior to the next succeeding Payment Date pursuant to the definition of “Carrying Costs”. 

“Carrying Costs Underpayment” shall mean, with respect to any Accrual Period (x) with respect to a Purchaser Group,
the excess, if any, of (i) the amount of Carrying Costs for such Accrual Period determined based on the CP Rate as re-determined by the applicable Funding Agent prior to the next succeeding Payment Date pursuant to the definition of
“Carrying Costs”, over (ii) the amount of Carrying Costs for such Accrual Period determined based on the CP Rate as initially determined by such Funding Agent pursuant to the definition of “Carrying
Costs” and (y) with respect to a Non-Conduit Committed Purchaser, the excess, if any, of (i) the amount of Carrying Costs for such Accrual Period determined based on the LIBOR Rate as re-determined by such Non-Conduit
Committed Purchaser prior to the next succeeding Payment Date pursuant to the definition of “Carrying Costs”, over (ii) the amount of Carrying Costs for such Accrual Period determined based on the LIBOR Rate as initially
determined by such Non-Conduit Committed Purchaser pursuant to the definition of “Carrying Costs”. 

“Certificate of Trust” shall mean the Certificate of Trust filed with the Secretary of State for the State of Delaware
on September 6, 2011 in order to form the Issuer, as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof. 
 “Change of Control” means (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) ) shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of
more than 30% of the outstanding common stock of the Performance Guarantor, (ii) the board of directors of the Performance Guarantor shall cease to 

  
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consist of a majority of Continuing Directors; or (iii) the Performance Guarantor, through its subsidiary MVW US Holdings, Inc., shall cease to own and control, of record and beneficially,
directly 100% of each class of outstanding Capital Stock of MORI, the Seller and the Owner, free and clear of all Liens (except Liens created hereunder or under the Corporate Revolver Facility. 

“Closing Date” shall mean September 28, 2011. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time and any successor statute, together
with the rules and regulations thereunder. 
 “Collection Account” shall mean the account established and
maintained by the Indenture Trustee pursuant to Section 3.02(a) of the Indenture and Servicing Agreement. 

“Commercial Paper” shall mean either (i) the promissory notes of any Conduit issued by such Conduit in the
commercial paper market or (ii) the promissory notes issued in the commercial paper market by a multi-seller commercial paper conduit the proceeds of which are loaned to a Conduit. 

“Commitment” shall mean, for each Committed Purchaser, on any date of determination, the commitment of such Committed
Purchaser to purchase a Note on the Initial Funding Date and, thereafter, to maintain and, subject to certain conditions, increase its investment therein in accordance with the terms of the Note Purchase Agreement in an amount not to exceed
(a) (i) in the case of any Committed Purchaser which is a party hereto on the Amendment Effective Date, the dollar amount set forth opposite the name of such Committed Purchaser on Schedule I of the Note Purchase Agreement, (ii) in
the case of any Committed Purchaser which is not a party hereto on the Amendment Effective Date, the dollar amount specified as such in the Purchaser Assignment and Assumption Agreement for such Purchaser or (iii) in the case of any permitted
assignee of an Alternate Purchaser pursuant to Section 5.10(d) of the Note Purchase Agreement, the amount specified as such in the Alternate Purchaser Assignment and Assumption Agreement pursuant to which such assignee acquired its interest in
the Notes, minus (b) the dollar amount of any portion thereof assigned pursuant to an Assignment and Assumption Agreement in accordance with Section 5.10 of the Note Purchase Agreement prior to such date of determination,
plus (c) the dollar amount of any increase to such Committed Purchaser’s Commitment consented to by such Committed Purchaser prior to such date of determination. 

“Commitment Percentage” shall mean, on any date of determination, with respect to any Non-Conduit Committed Purchaser or
Purchaser Group, the ratio, expressed as a percentage, which the Purchaser Commitment Amount of such Non-Conduit Committed Purchaser or Purchaser Group bears to the Facility Limit on such date. 

“Committed Purchaser” shall mean any Alternate Purchaser or any Non-Conduit Committed Purchaser. 

  
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 “Competes” shall mean (1) to compete, conduct or participate or engage
in, or bid for or otherwise pursue a business, whether as a principal, sole proprietor, partner, stockholder, or agent of, or consultant to or manager for, any Person or in any other capacity; or (2) have any debt or equity ownership interest
in or actively assist, any Person or business that conducts, participates or engages in, or bids for or otherwise pursues a business, whether as a principal, sole proprietor, partner or stockholder, or agent of, or consultant to or manager for, any
Person or in any other capacity; provided, that “Competes” shall not include ownership of less than 5% of the outstanding equity securities of a publicly-traded Person; provided, further, that “Competes”
shall not include acting as a lender (including a Purchaser under the Facility Documents) to a Direct Competitor or acting in an advisory role to a Direct Competitor. 
 “Conduit” shall mean any commercial paper conduit identified as a Conduit on Schedule I to the Note Purchase Agreement or in the Assignment and Assumption Agreement pursuant to which such
Purchaser became a party thereto, and any permitted assignee thereof. 
 “Conduit Assignee” shall mean, with
respect to any Conduit, either (x) any commercial paper conduit administered by the Funding Agent with respect to such Conduit or (y) any other commercial paper conduit which has entered into a Liquidity Agreement with one or more
Alternate Purchasers (or any Affiliate of such Alternate Purchasers) with respect to such Conduit, in either case designated by the Funding Agent with respect to such Conduit to accept an assignment from such Conduit of the Purchaser Invested Amount
or a portion thereof with respect to the Purchaser Group of which such Conduit is a member and such Conduit’s rights and obligations under this Agreement pursuant to Section 5.10(c) of the Note Purchase Agreement; provided that no
Conduit Assignee pursuant to clause (y) of this definition shall be a direct competitor (or an Affiliate thereof) of the Performance Guarantor or the Servicer in the lodging, vacation exchange and rentals or vacation ownership businesses.

 “Consolidated Net Worth” shall mean at any date, all amounts that would, in conformity with GAAP, be
included on a consolidated balance sheet of MVW under stockholders’ equity at such date. 
 “Consolidated Tangible
Net Worth” shall mean, at any date, (a) Consolidated Net Worth, minus (b) the net book value of all assets on the consolidated balance sheet of MVWC used to calculate Consolidated Net Worth that would be treated as intangible
assets under GAAP (including goodwill, trademarks, trade names, service marks, service names, copyrights, patents, organizational expenses and the excess of any equity in any Subsidiary over the cost of the investment in such Subsidiary), all as
determined on a consolidated basis in accordance with GAAP 
 “Continued Errors” shall have the meaning
specified in Section 5.19(f)(i) of the Indenture and Servicing Agreement. 
 “Continuing Directors” shall
mean the directors of the Performance Guarantor on the Amendment Effective Date and each other director, if, in each case, such other director’s nomination for election to the board of directors of such Performance Guarantor is recommended by
at least 66-2/3% of the then Continuing Directors. 

  
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 “Control Account” shall mean any account subject to a Control Agreement. A
list of all Control Accounts on the Amendment Effective Date has been provided by the Issuer (or its agent) to the Administrative Agent and the Indenture Trustee. 
 “Control Account Bank” shall mean a commercial bank at which a Control Account is established. A list of all Control Account Banks on the Amendment Effective Date has been provided by the
Issuer (or its agent) to the Administrative Agent and the Indenture Trustee. 
 “Control Agreement” shall mean
a control agreement by and among the Issuer (or its agent), the Indenture Trustee (or its agent), the Servicer and the related Control Account Bank, which agreement sets forth the rights of the parties thereto with respect to the disposition and
application of collections deposited in the related Control Account, including the right of the Indenture Trustee (or its agent) to direct the Control Account Bank to remit collections directly to the Indenture Trustee for the benefit of the
Noteholders. 
 “Control Account Intercreditor Agreement” means that certain intercreditor, security and agency
agreement, dated as of September 1, 2011, by and among the Issuer, the Indenture Trustee, MVW, MORI, the Servicer, the various issuers and indenture trustees and other creditors party thereto from time to time, and Wells Fargo Bank, National
Association, as agent. 
 “Conveyed Timeshare Loan Assets” shall have the meaning set forth in Section 2
of the Purchase Agreement and Sale Agreement. 
 “Corporate Revolver Facility” means that certain credit
agreement, dated as of October 20, 2011, among MVW, MORI, as borrower, the several lenders from time to time parties thereto, Bank of America, N.A. and Deutsche Bank Securities Inc., as co-documentation agents and JPMorgan Chase Bank, N.A., as
administrative agent, as amended. 
 “Corporate Trust Office” shall mean (i) the office of the Indenture
Trustee, which office is at the address set forth in Section 13.03 of the Indenture and Servicing Agreement, or (ii) the office of the Owner Trustee, which is at the address set forth in Section 2.2 of the Trust Agreement, as
applicable. 
 “CP Rate” shall mean, with respect to (a) a Conduit that is funding a portion of the
Purchaser Invested Amount with respect to the Purchaser Group of which it is a member on a pooled basis, for each day, the weighted average rate at which interest or discount is accruing on or in respect of the Commercial Paper with respect to such
Conduit allocated, in whole or in part, by the related Funding Agent, to fund the purchase or maintenance of such portion of such Purchaser Invested Amount (including, without limitation, any interest attributable to the commissions of placement
agents and dealers in respect of such Commercial Paper and any costs associated with funding small or odd-lot amounts, to the extent that such commissions or costs are allocated, in whole or in part, to such Commercial Paper by such Funding Agent)
or (b) a Conduit that is funding a portion of the Purchaser Invested Amount with respect to the Purchaser Group of which it is a member with Commercial Paper with respect to such Conduit issued in specified tranches (such Conduit, a
“Match Funded Conduit”), the weighted average rate of the 

  
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Commercial Paper with respect to such Conduit issued to fund or maintain such portion of such Purchaser Invested Amount, including an amount equal to the portion of the Face Amount of the
outstanding Commercial Paper issued to fund or maintain such portion of such Purchaser Invested Amount that corresponds to the portion of the proceeds of such Commercial Paper that was used to pay the interest or discount component of maturing
Commercial Paper issued to fund or maintain such portion of such Purchaser Invested Amount, to the extent that such Conduit has not received payments of interest in respect of such interest component prior to the maturity date of such maturing
Commercial Paper, and including the portion of such interest or discount component constituting dealer or placement agent commissions; provided, however, that each such Match Funded Conduit shall approve the length of each tranche
period and the portion of such Purchaser Invested Amount allocated to such tranche period. 
 “CRD” shall mean
the European Union Directive 2006/48/EC, as amended from time to time. 
 “CRD MVW Entity” means each of the
Owner, MORI and the Seller. 
 “Credit and Collection Policy” shall mean those credit and collection policies
and practices of the initial Servicer in effect as of a specified date; and for any successor Servicer shall mean the credit and collection policies and practices of such successor in effect on the date which it commences servicing. The Credit and
Collection Policy of the initial Servicer in effect on the Closing Date and the Amendment Effective Date has been delivered to the Administrative Agent and the Indenture Trustee. 

“Credit Card Account” shall mean an arrangement whereby an Obligor makes payments under a Timeshare Loan via
pre-authorized debit to a Major Credit Card. 
 “Current Equity Percentage” shall mean, with respect to any
date of determination and a Timeshare Loan (a) 100% minus (B) the ratio expressed as a percentage of (i) the related Loan Balance minus financed closing costs divided by (ii) the related Purchase Price. 

“Custodial Agreement” shall mean that certain custodial agreement, dated as of September 1, 2011, by and among, the
Custodian, the Indenture Trustee, the Servicer and the Issuer. 
 “Custodial Fees” shall mean such fees as the
Custodian shall charge from time to time, as specified in the Custodial Agreement. 
 “Custodian” shall mean
Wells Fargo Bank, National Association or its permitted successors and assigns. 
 “Cut-Off Date” shall mean
the date specified in the related Schedule of Timeshare Loans as the date after which all subsequent collections related to such Timeshare Loans are sold by MORI to the Seller and by the Seller to the Issuer and pledged by the Issuer to the
Indenture Trustee. 

  
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 “Cut-Off Date Loan Balance” shall mean the Loan Balance of a Timeshare Loan
on the related Cut-Off Date. 
 “DBRS” shall mean DBRS, Inc. 

“Defaulted Timeshare Loan” is any Timeshare Loan for which any of the earliest following events may have occurred:
(i) any payment or part thereof has been delinquent more than 150 days as of the end of the related Due Period (as determined by the Servicer in accordance with the Servicing Standard), (ii) the Servicer has initiated foreclosure or
similar proceedings with respect to the related Timeshare Property or has received the related deed or assignment in lieu of foreclosure, or (iii) provided that such Timeshare Loan is at least one day delinquent, the Servicer has determined
that such Timeshare Loan should be fully written off in accordance with the Credit and Collection Policy. 
 “Defective
Timeshare Loan” shall have the meaning specified in Section 4.06 of the Indenture and Servicing Agreement. 

“Deficit” shall have the meaning specified in Section 2.4 of the Note Purchase Agreement. 

“Delinquent Timeshare Loan” is a Timeshare Loan for which any payment or part thereof has been delinquent more than 30
days as of the end of the related Due Period. 
 “Determination Date” shall mean, with respect to any Payment
Date, the second Business Day prior to such Payment Date. 
 “Direct Competitor” means any Person that Competes
with MVW, MORI or any Vacation Ownership Business or any Subsidiary of such Person or other Person that controls, is controlled by, or is under common control with, any of the foregoing Persons. For purposes of this definition, “control”
of a Person means the power, directly or indirectly, to direct or to cause the direction of the management and policies of such Person, whether by contract or otherwise. 
 “Domestic Obligor” shall mean Obligors who are citizens or residents of, and make payments from, the United States, Puerto Rico, the U.S. Virgin Islands, or Guam, any of the other
territories of the United States, Canada or U.S. military bases. For the avoidance of doubt, having a military address outside the United States or making payments from such address shall not cause a United States citizen or resident Obligor to not
be a Domestic Obligor. 
 “Downpayment Percentage” shall mean, with respect to any date of determination and a
Timeshare Loan (a) 100% minus (b) the ratio expressed as a percentage of (i) the original Loan Balance of such Timeshare Loan minus financed closing costs divided by (ii) the related Purchase Price. 

“Due Period” shall mean with respect to (i) any Payment Date other than the initial Payment Date, the immediately
preceding calendar month and (ii) the initial Payment Date, the period from the Closing Date to and including the last day of the calendar month prior to such Payment Date. 

  
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 “Early Collection Fee” shall mean, (i) with respect to any Purchaser
Group and any Funding Period during which the portion of the Outstanding Note Balance that was allocated to such Funding Period is reduced for any reason whatsoever, the excess, if any, of (x) the additional Carrying Costs that would have
accrued during such Funding Period if such reductions had not occurred, minus (y) the income, if any, received by the recipient of such reductions from investing the proceeds of such reductions and (ii) with respect to any
Non-Conduit Committed Purchaser and any Interest Accrual Period during which the Purchaser Invested Amount of such Non-Conduit Committed Purchaser is reduced for any reason whatsoever on a date other than a Payment Date, the excess, if any, of
(x) the additional Carrying Costs that would have accrued during such Interest Accrual Period if such reductions had not occurred, minus (y) the income, if any, received by the recipient of such reductions from investing the proceeds of
such reductions. 
 “Effective Date” shall mean, with respect to any Purchaser which becomes a party to the
Note Purchase Agreement after the Closing Date, the date on which such Purchaser becomes a party hereto, whether by assignment or direct execution of the Note Purchase Agreement or otherwise. 

“Eligible Bank Account” shall mean a segregated account, which may be an account maintained with the Indenture Trustee,
which is either (a) maintained with a depository institution or trust company whose long-term unsecured debt obligations are rated at least A by S&P and A2 by Moody’s and whose short-term unsecured obligations are rated at least A-1 by
S&P and P-1 by Moody’s; or (b) a trust account or similar account maintained at the corporate trust department of the Indenture Trustee. 
 “Eligible Investments” shall mean one or more of the following obligations or securities: 
 (1) direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America or any agency or instrumentality of the United States of America
the obligations of which are backed by the full faith and credit of the United States of America (“Direct Obligations”); 
 (2) federal funds, or demand and time deposits in, certificates of deposit of, or bankers’ acceptances issued by, any depository institution or trust company (including U.S. subsidiaries of foreign
depositories and the Indenture Trustee or any agent of the Indenture Trustee, acting in its respective commercial capacity) incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination
by federal or state banking authorities, so long as at the time of investment, the commercial paper or other short-term unsecured debt obligations or long-term unsecured debt obligations of such depository institution or trust company have been
rated by each Rating Agency in its highest short-term rating category or one of its two highest long-term rating categories (and no such rating shall include a subscript of “f”, “r”, “p”, “pi”, “q”
or “t”); 

  
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 (3) securities bearing interest or sold at a discount issued by any
corporation incorporated under the laws of the United States of America or any state thereof which has a short-term unsecured debt rating from each Rating Agency, at the time of investment at least equal to the highest short-term unsecured debt
ratings of each Rating Agency (and no such rating shall include a subscript of “f”, “r”, “p”, “pi”, “q” or “t”), provided, however, that securities issued by any particular
corporation will not be Eligible Investments to the extent that investment therein will cause the then outstanding principal amount of securities issued by such corporation and held as part of the Trust Estate to exceed 20% of the sum of the
Outstanding Note Balance and the aggregate principal amount of all Eligible Investments in the Collection Account, provided, further, that such securities will not be Eligible Investments if they are published as being under review
with negative implications from either Rating Agency; 
 (4) commercial paper (including both non
interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than 180 days after the date of issuance thereof) rated by each Rating Agency in its highest short-term ratings (and no such
rating shall include a subscript of “f”, “r”, “p”, “pi”, “q” or “t”); and 
 (5) any other demand, money market fund, common trust estate or time deposit or obligation, or interest-bearing or other security or investment (including those managed or advised by the Indenture Trustee
or an Affiliate thereof), rated in the highest rating category by each Rating Agency (and no such rating shall include a subscript of “f”, “r”, “p”, “pi”, “q” or “t”). Such investments in
this subsection (5) may include money market mutual funds rated either “AAAm” or “AAAm-G” by S&P or common trust estates, including any other fund for which the Indenture Trustee or an Affiliate thereof serves as an
investment advisor, administrator, shareholder servicing agent, and/or custodian or subcustodian, notwithstanding that (x) the Indenture Trustee or an Affiliate thereof charges and collects fees and expenses from such funds for services
rendered, (y) the Indenture Trustee or an Affiliate thereof charges and collects fees and expenses for services rendered pursuant to the Indenture and Servicing Agreement, and (z) services performed for such funds and pursuant to this
Indenture and Servicing Agreement may converge at any time; 
 provided, however, that (a) any Eligible
Investment must be money-market or other relatively risk-free instruments without options and with maturities no later than the Business Day prior to the expected Payment Date, and (b) no such instrument shall be an Eligible Investment if such
instrument (1) evidences either (x) a right to receive only interest payments with respect to the obligations underlying such instrument or (y) both principal and interest payments derived from obligations underlying such instrument
and the principal and interest payments with respect to such instrument provide a yield to maturity of greater than 120% of the yield to maturity at par of such underlying obligations, and (2) is purchased at a price in excess of par.

  
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 “Eligible Timeshare Loan” shall mean a Timeshare Loan conforming to each of
the representations and warranties set forth in Schedule I to the Sale Agreement as of the Funding Date, Transfer Date or, with respect to a Determination Date (and the related Payment Date), the last day of the related Due Period, as the case may
be. Delinquent Timeshare Loans, Defaulted Timeshare Loans and Defective Timeshare Loans, as of any date of determination, are not Eligible Timeshare Loans. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and the rulings issued thereunder. 

“ERISA Affiliate” shall mean, with respect to any Person, (i) any corporation which is a member of the same
controlled group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as such Person; (ii) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of
the Internal Revenue Code) with such Person; or (iii) for purposes of Code Section 412, a member of the same affiliated service group (within the meaning of Section 414(m) of the Internal Revenue Code) as such Person, any corporation
described in clause (i) above or any trade or business described in clause (ii) above. 
 “Errors”
shall have the meaning specified in Section 5.19(f)(i) of the Indenture and Servicing Agreement. 
 “Event of
Default” shall have the meaning specified in Section 6.01 of the Indenture and Servicing Agreement. 

“Exchange Notes” shall mean notes issued pursuant to an Exchange Notes Indenture in exchange for Notes held by an
Extending Noteholder. 
 “Exchange Notes Indenture” shall have the meaning set forth in Section 2.13 of
the Indenture and Servicing Agreement. 
 “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 
 (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 

  
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 (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. 
 “Excluded Loan Group Balance” means for any Borrowing Base Loan Group,
an amount equal to the Excluded Loan Balance multiplied by a fraction, the numerator of which is the aggregate Loan Balance of Borrowing Base Loans in such Borrowing Base Loan Group and the denominator of which is the Aggregate Loan Balance of the
Borrowing Base Loans. 
 “Excluded Taxes” shall have the meaning set forth in Section 4.3 of the Note
Purchase Agreement. 

  
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 “Extended Portion” shall mean, with respect to any Purchaser Group or
Non-Conduit Committed Purchaser that is extending the Facility Termination Date with respect to less than all of its Purchaser Commitment Amount, an amount equal to the portion of such Purchaser Group or Non-Conduit Committed Purchaser’s
Purchaser Invested Amount that is being extended. 
 “Extending Noteholder” shall mean a Noteholder that is
either (x) the Funding Agent for a Purchaser Group that is an Extending Purchaser or (y) a Non-Conduit Committed Purchaser that is an Extending Purchaser. 
 “Extending Noteholder’s Percentage” shall mean, as of any Facility Termination Date, the percentage equivalent of a fraction (i) the numerator of which is equal to the aggregate
principal amount of the Notes held by each Extending Noteholder (or, in the case of any Extending Noteholder which is extending its Facility Termination Date for an amount that is less than its entire Purchaser Commitment Amount, the Extended
Portion with respect to such Extending Noteholder) on such date and (ii) the denominator of which is equal to the Outstanding Note Balance on such date. 
 “Extending Purchaser” shall mean a Purchaser Group or a Non-Conduit Committed Purchaser other than a Non-Extending Purchaser. 

“Face Amount” shall mean, with respect to any Commercial Paper, the amount to be paid by the applicable Conduit on the
maturity date of such Commercial Paper, whether issued on a discount basis or on an interest-bearing basis. 
 “Facility
Documents” shall mean, collectively, the Indenture and Servicing Agreement, the Performance Guaranty, the Purchase Agreement, the Sale Agreement, the Custodial Agreement, the Administration Agreement, the Trust Agreement, the UCC financing
statements, the Fee Letter, the Control Agreement, the Control Account Intercreditor Agreement, each Hedge Agreement and all other agreements, documents or instruments delivered in connection with the transactions contemplated thereby, and
“Facility Document” shall mean any of them. 
 “Facility Limit” shall mean, on any date of
determination, the sum of the Purchaser Commitment Amounts with respect to each of the Purchaser Groups and the Non-Conduit Committed Purchasers on such date. The Facility Limit shall be reduced by the Purchaser Commitment Amount of each
Non-Extending Purchaser on the Facility Termination Date with respect to such Non-Extending Purchaser (or, in the case of an Extending Noteholder which is extending its Facility Termination Date for an amount less than its entire Purchaser
Commitment Amount, the non-Extended Portion of the related Purchaser Commitment Amount). On the Amendment Effective Date, the Facility Limit shall be $250,000,000. 
 “Facility Termination Date” shall mean, with respect to any Purchaser Group or Non-Conduit Committed Purchaser, September 10, 2014, as such date may be extended in accordance with
Section 2.3(c) of the Note Purchase Agreement. 

  
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 “Fee Letter” shall mean, as the context shall require, the (i) Fee
Letter among the Issuer, the Performance Guarantor, MORI, each Purchaser, the Administrative Agent, each Funding Agent and Non-Conduit Committed Purchaser relating to the Up-Front Fees, (ii) Fee Letter among the Issuer, the Performance
Guarantor, MORI and the Structuring Agent relating to the Structuring Fee, or (iii) Fee Letter among the Issuer, MORI, the Performance Guarantor and the Administrative Agent relating to the Administrative Agent Fee, in each case, as such fee
letter may from time to time be amended, supplemented or otherwise modified in accordance with its terms. 

“FICO” means a credit risk score for individuals calculated using the model developed by Fair, Isaac and Company. Any
reference to a FICO score in a Facility Document shall mean the FICO score attributed to any Domestic Obligor at the time of sale of an interest in a Timeshare Property to such Domestic Obligor; provided that if there is more than one Domestic
Obligor with respect to a Timeshare Loan, any reference to a FICO score in a Facility Document shall mean the FICO score attributed to, (i) if such Timeshare Loan was originated on or prior to November 30, 2005, either (A) the FICO
score of the primary Domestic Obligor or (B) the average of the FICO Scores of the primary and secondary Domestic Obligor or (ii) if such Timeshare Loan was originated after November 30, 2005, the primary Domestic Obligor, in each
case at the time of sale of an interest in a Timeshare Property to such Domestic Obligors. 
 “FICO 600 to 649 Loan
Group” means all Borrowing Base Loans for which the related Domestic Obligors have FICO scores in the range from and including 600 to and including 649. 
 “FICO 650 to 699 Loan Group” means all Borrowing Base Loans for which the related Domestic Obligors have FICO scores in the range from and including 650 to and including 699. 

“FICO 700 to 749 Loan Group” means all Borrowing Base Loans for which the related Domestic Obligors have FICO scores in
the range from and including 700 to and including 749. 
 “FICO 750 Plus Loan Group” means all Borrowing Base
Loans for which the related Domestic Obligors have FICO scores equal to or greater than 750. 
 “Financial
Covenants” means (A) the covenant contained in the Corporate Revolver Facility that relates to (1) Consolidated Tangible Net Worth, (2) the maximum ratio of Consolidated Total Debt to Consolidated Adjusted EBITDA and
(3) minimum Consolidated Interest Coverage Ratio (as such terms are defined in the Corporate Revolver Facility), (B) the Minimum Consolidated Tangible Net Worth Floor Covenant and (C) any other numerical financial covenant or
covenants found in the Corporate Revolver Facility, as and when required under the Corporate Revolver Facility. 

“Fitch” shall mean Fitch, Inc. 

  
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 “Foreign Country” shall mean a jurisdiction that is not the “United
States” (as defined in Section 7701(a)(9) of the Code), Canada, Guam, Puerto Rico, the U.S. Virgin Islands or any of the territories of the United States. 
 “Foreign Obligor” shall mean an Obligor who is not a Domestic Obligor. 
 “Foreign Timeshare Loan” means a Borrowing Base Loan for which the related Obligor is a Foreign Obligor. 
 “Foreign Timeshare Loan Group I” means Borrowing Base Loans which are Foreign Timeshare Loans with an aggregate Loan Balance up to and including an amount equal to 25% of the Aggregate
Loan Balance of all Borrowing Base Loans. 
 “Foreign Timeshare Loan Group II” means Borrowing Base Loans which
are Foreign Timeshare Loans with an aggregate Loan Balance in excess of 25% but less than 40% of the Aggregate Loan Balance of all Borrowing Base Loans. 
 “Funding Agent-Related Persons” shall mean the applicable Funding Agent, together with its Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons
and their respective Affiliates. 
 “Funding Agent” shall have the meaning set forth in the Preliminary
Statement of the Note Purchase Agreement. 
 “Funding Date” shall mean the Initial Funding Date or the date on
which the Outstanding Note Balance is increased pursuant to Section 2.2 of the Note Purchase Agreement. 
 “Funding
Period” shall mean, with respect to any portion of the Purchaser Invested Amount with respect to any Purchaser Group: (i) if such amount accrues interest by reference to the CP Rate in accordance with Section 2.8 of the Note
Purchase Agreement a period selected by the Funding Agent for such Purchaser Group and notified to the Issuer and with the consultation of the Issuer, it being understood that such Funding Agent shall have the sole right to choose such period;
(ii) if such amount accrues interest by reference to the Adjusted LIBOR Rate in accordance with Section 2.8 of the Note Purchase Agreement, the period determined in accordance with Section 2.8 of the Note Purchase Agreement;
(iii) if such amount accrues interest by reference to the Bank Base Rate in accordance with Section 2.8 of the Note Purchase Agreement, a period of from 1 to 30 days; provided, however, that whenever the last day of a Funding
Period would otherwise occur on a day other than a Business Day, the last day of such Funding Period shall be extended to occur on the next succeeding Business Day. 
 “Funding Source” shall have the meaning set forth in Section 4.2 of the Note Purchase Agreement. 
 “GAAP” generally accepted accounting principles in the United States as in effect from time to time, except that for purposes of the Financial Covenants, GAAP shall be determined on the
basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 3.1(t) 

  
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of the Note Purchase Agreement. In the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial
covenants, standards or terms in the Indenture and Servicing Agreement, then the Issuer and the Administrative Agent agree to enter into negotiations in order to amend such provisions of the Indenture and Servicing Agreement so as to reflect
equitably such Accounting Changes with the desired result that the criteria for evaluating the Performance Guarantor’s financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until
such time as such an amendment shall have been executed and delivered by the Issuer, the Administrative Agent and the Majority Facility Investors, all financial covenants, standards and terms in the Indenture and Servicing Agreement shall continue
to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial
Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the Securities and Exchange Commission. 
 “Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government. 
 “Grant” shall mean to grant, bargain, convey,
assign, transfer, mortgage, pledge, create and grant a security interest in and right of set-off against, deposit, set over and confirm. 
 “GRM Resort” means a Resort operating under the Grand Residences by Marriott brand. 
 “Gross Excess Spread Percentage” shall mean for any Due Period the percentage equivalent of a fraction: 

(A) the numerator of which is the product of: 

(x) the sum of (i) all collections for such Due Period on the Borrowing Base Loans attributable to interest and
(ii) amounts received from a Qualified Hedge Counterparty during such Due Period, minus the sum of (i) the Interest Distribution Amount on the related Payment Date, (ii) the Servicing Fee on the related Payment Date; and
(iii) any Net Hedge Payment due on the related Payment Date; 
 (y) 360, divided by the actual number of
days in such Due Period, and 
 (B) the denominator of which is the average of the Aggregate Loan Balance at the
beginning and end of such Due Period. 
 “Hedge Agreement” shall mean collectively (i)(A) the related ISDA
Master Agreement, the related Schedule to the ISDA Master Agreement, and the related Confirmation or (B) a long form confirmation, and (ii) to the extent applicable, pursuant to Section 3.03(a)(ix) of the Indenture, an ISDA Credit
Support Annex relating thereto. 

  
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 “Hedge Agreement Collateral Posting Requirements” shall have the meaning
set forth in Section 3.03(a)(ix) of the Indenture and Servicing Agreement. 
 “Hedge Amortization
Schedule” shall mean the amortization schedule prepared from time to time by the Administrative Agent in accordance with Section 3.03(e) of the Indenture in connection with the Hedge Agreements based on (i) the timeshare loan data
file prepared by the Issuer and the Servicer for the Administrative Agent and (ii) the commercially reasonable assumptions regarding payment, prepayment and defaults on the Timeshare Loans agreed upon by the Issuer and the Administrative Agent
in writing. 
 “Hedge Collateral Account” shall mean the account established and maintained by the Indenture
Trustee pursuant to Section 3.02(d) of the Indenture and Servicing Agreement. 
 “Hedge Collateral Amount”
shall have the meaning specified in Section 3.03 of the Indenture and Servicing Agreement. 
 “Hedge
Counterparty” shall mean the initial counterparty under a Hedge Agreement, and any Qualified Hedge Counterparty to such Hedge Agreement thereafter. 
 “Hedge Event of Default or Termination Event” shall mean any event of default or termination event under a Hedge Agreement. 

“Hedge Requirements” shall have the meaning specified in Section 3.03 of the Indenture and Servicing Agreement.

 “Hedge Termination Payment” shall mean any termination payment due to a Hedge Counterparty as a result of a
termination of a Hedge Agreement. 
 “Highest Country Concentration” shall mean, with respect to all the
Borrowing Base Loans, the Foreign Country with the highest concentration of Foreign Obligors, measured by Loan Balance. 

“Highest Five State Concentration” shall mean, with respect to all the Borrowing Base Loans, the states in the United
States with the five highest concentrations of Obligors, measured by Loan Balance. 
 “Highest Lawful Rate”
shall have the meaning specified in Section 3 of the Sale Agreement. 
 “Highest State Concentration”
shall mean, with respect to all the Borrowing Base Loans, the state in the United States with the highest concentration of Obligors, measured by Loan Balance. 
 “Highest Three Countries Concentration” shall mean, with respect to all the Borrowing Base Loans, the Foreign Countries with the three highest concentrations of Foreign Obligors, measured
by Loan Balance. 

  
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 “Holder” or “Noteholder” shall mean a holder of any Note.

 “Increase” shall have the meaning set forth in Section 2.2(a) of the Note Purchase Agreement.

 “Indemnified Amounts” shall have the meaning set forth in Section 4.1 of the Note Purchase Agreement.

 “Indemnified Parties” shall have the meaning set forth in Section 4.1 of the Note Purchase Agreement.

 “Indenture and Servicing Agreement” shall mean the second amended and restated indenture and servicing
agreement, dated as of September 1, 2012, among the Issuer, the Servicer, the Indenture Trustee and the Back-Up Servicer, as such agreement may from time to time be amended, supplemented or otherwise modified in accordance with its terms.

 “Indenture Trustee” shall mean Wells Fargo Bank, National Association, or such successor as set forth in
Section 7.09 of the Indenture and Servicing Agreement. 
 “Indenture Trustee Expenses” shall mean
reasonable out-of-pocket expenses of the Indenture Trustee incurred in connection with performance of the Indenture Trustee’s obligations and duties under the Indenture and Servicing Agreement. 

“Indenture Trustee Fee” shall equal $1,500 per month. 

“Initial Funding Date” shall mean the date initial advances are made on the Notes pursuant to Sections 2.2 and 3.3 of
the Note Purchase Agreement. 
 “Initial Outstanding Note Balance” shall be zero on the Closing Date and
thereafter shall have the meaning set forth in Section 2.1 of the Note Purchase Agreement. 
 “Initial Trial
Balance” shall have the meaning specified in Section 5.19 of the Indenture and Servicing Agreement. 

“Insurance Proceeds” means (i) proceeds of any insurance policy, including property insurance policies, casualty
insurance policies and title insurance policies and (ii) any condemnation proceeds, in each case which relate to the Timeshare Loans or the Timeshare Properties and are paid or required to be paid to, and may be retained by, the Issuer, any of
its Affiliates or to any mortgagee of record. 
 “Intended Tax Characterization” shall have the meaning
specified in Section 4.04(b) of the Indenture and Servicing Agreement. 
 “Interest Accrual Period” shall
mean, with respect to a Payment Date, the period beginning on and including the immediately preceding Payment Date and ending on and excluding such Payment Date; provided that the initial Interest Accrual Period will begin on and include the Closing
Date and end on and exclude the initial Payment Date. 

  
 - 24 -

 “Interest Distribution Amount” shall mean for each Note on any Payment
Date, the sum of: 
 (i) an amount equal to the Carrying Costs for the related Interest Accrual Period with
respect to a Non-Conduit Committed Purchaser that holds such Note or the Purchaser Group in whose Funding Agent’s name such Note is registered, as applicable, as such amount is reported to the Indenture Trustee by the Administrative Agent or
the Servicer, and 
 (ii) the related Usage Fees; and 

(iii) any unpaid Interest Distribution Amounts from prior Payment Dates plus, to the extent permitted by law, interest
thereon at the rate used to calculate the Carrying Cost plus the rate used to calculate the Usage Fees for such Payment Date. 

“Issuer” shall mean Marriott Vacations Worldwide Owner Trust 2011-1, a Delaware statutory trust, together with its
successors and permitted assigns. 
 “Issuer Order” shall mean a written order or request delivered to the
Indenture Trustee and signed in the name of the Issuer by an Authorized Officer. 
 “Law” shall mean any
applicable law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Official Body or Governmental Authority. 

“LIBOR Rate” shall mean, (a) with respect to any Funding Period, the rate per annum (rounded upwards, if necessary,
to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page) as the London interbank offered rate for deposits in U.S. dollars at approximately 11:00 A.M. (London time) two London Business Days prior to the first day
of such Funding Period for a term equal to the length of such Funding Period, as determined in accordance with Section 2.8 of the Note Purchase Agreement or (b) with respect to any day during an Interest Accrual Period, the rate per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page or such other page or service as each Non-Conduit Committed Purchaser shall determine in its sole discretion) as the London
interbank offered rate for deposits in U.S. dollars for a term of thirty (30) days at approximately 11:00 A.M. (London time) on such day, or if such day is not a London Business Day on the immediately preceding London Business Day;
provided, however, if more than one rate is specified on the applicable page or screen, the applicable rate shall be the arithmetic mean of all such rates. If for any reason such rate is not available, the term “LIBOR Rate”
shall mean, (a) for any Funding Period, the rate at which deposits in U.S. dollars are offered to the applicable Funding Agent in the London interbank market at approximately 11:00 A.M. (London time) two London Business Days prior to the first
day of such Funding Period for a term equal to the length of such Funding Period or (b) for any day during an Interest Accrual Period, the rate at which deposits in U.S. dollars are offered to the applicable Non-Conduit Committed Purchaser in
the London interbank market at approximately 11:00 A.M. (London time) on such day, or if such day is not a London Business Day on the immediately preceding London Business Day for a term of thirty (30) days. 

  
 - 25 -

 “Lien” shall mean any mortgage, pledge, hypothecation, assignment for
security, security interest, claim, participation, encumbrance, levy, lien or charge. 
 “Liquidation” shall
mean with respect to any Defaulted Timeshare Loan, the sale or compulsory disposition of the related Timeshare Property, following foreclosure, other enforcement action or the taking of a deed-in-lieu of foreclosure, to a Person other than the
Servicer or the Issuer and the delivery of a bill of sale or the recording of a deed of conveyance with respect thereto, as applicable. 
 “Liquidation Expenses” shall mean, with respect to a Defaulted Timeshare Loan, the out-of-pocket expenses (exclusive of overhead expenses) incurred by the Servicer in connection with the
performance of its obligations under Sections 5.03 (a) (vii) through (ix) in the Indenture and Servicing Agreement, including (i) any foreclosure and other repossession expenses incurred with respect to such Timeshare Loan,
(ii) (a) if MORI or an Affiliate thereof (a “MVW Servicer”) is the Servicer, commissions and marketing and sales expenses incurred with respect to the sale of the related Timeshare Property or Vacation Interest (calculated as the
MVW Average Marketing and Sales Percentage of the total liquidation or resale price of such Timeshare Property or Vacation Interest (expressed as a dollar figure)), or (b) if a MVW Servicer is no longer the Servicer or, a MVW Servicer in its
sole discretion elects to permanently cease using the methodology described in (a) above, actual commissions and actual marketing and sales expenses incurred with respect to the sale of the related Timeshare Property or Vacation Interest, and
(iii) any other fees and expenses reasonably applied or allocated in the ordinary course of business with respect to the Liquidation of such Defaulted Timeshare Loan (including any assessed timeshare association fees); provided, however, that
in each case, any fees, expenses and commissions must be commercially reasonable and incurred in accordance with the Servicing Standard. 
 “Liquidation Proceeds” shall mean with respect to the Liquidation of any Defaulted Timeshare Loan, the amounts actually received by the Servicer in connection with such Liquidation
including any rental income, less related rental expenses. 
 “Liquidity Agreement” shall mean an agreement
between a Conduit and a Liquidity Provider evidencing the obligation of such Liquidity Provider to provide liquidity support, credit enhancement or asset purchase facilities for or in respect of any assets or liabilities of such Conduit in
connection with the issuance by such Conduit of Commercial Paper or the borrowing by such Conduit of the proceeds of Commercial Paper. 
 “Liquidity Provider” shall mean the Person or Persons who will provide liquidity or program support to a Conduit in connection with the issuance by such Conduit of Commercial Paper or the
borrowing by such Conduit of the proceeds of Commercial Paper. 
 “Loan Balance” shall mean, for any date of
determination, the outstanding principal balance due under or in respect of a Timeshare Loan (including a Defaulted Timeshare Loan). 

  
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 “Loan Number” shall mean, with respect to any Timeshare Loan, the number
assigned to such Timeshare Loan by the Servicer, which number is set forth in the related Schedule of Timeshare Loans, as amended from time to time. 
 “London Business Day” shall mean, with respect to the determination of the LIBOR Rate, any Business Day other than a Business Day on which banking institutions in London, England trading
in dollar deposits in the London interbank market are authorized or obligated by law or executive order to be closed. 

“Lost Note Affidavit” shall mean the affidavit to be executed in connection with any delivery of a copy of an original
Obligor Note in lieu of such original, in the form of Exhibit C attached to the Purchase Agreement and the Sale Agreement. 
 “Major Credit Card” shall mean a credit card issued by any VISA USA, Inc., MasterCard International Incorporated, American Express Company, Discover Bank or Diners Club International Ltd.
credit card affiliate or member entity. 
 “Majority Facility Investors” shall mean at any time, Purchaser
Groups and/or Non-Conduit Committed Purchasers having Commitment Percentages aggregating more than 51%. 
 “Majority
Purchaser Group Investors” shall mean at any time, with respect to each Purchaser Group, the Alternate Purchasers with respect to such Purchaser Group having Alternate Purchaser Percentages aggregating more than 51%. 

“Mandatory Redemption Date” means the Payment Date occurring in the 13th calendar month after the calendar month in which the last Facility
Termination Date occurs; provided, however, if, on the Facility Termination Date, an Amortization Event exists, the Mandatory Redemption Date means the Payment Date occurring in the 6th calendar month after the calendar month in which the Facility
Termination Date occurs. 
 “Margin Stock” shall have the meaning provided in Regulation U. 

“Marriott International” shall mean Marriott International, Inc., a Delaware corporation. 

“Marriott License Agreement” means the license, services and development agreement, entered into on November 17,
2011 by and among Marriott International, MVW and the other signatories thereto pursuant to which, among other things, MVW is granted the exclusive right, for the term of such agreement, to use certain “Marriott” marks and intellectual
property in connection with MVW’s Vacation Ownership Business. 
 “Material Adverse Effect” shall mean,
with respect to any Person and any event or circumstance, a material adverse effect on (a) the business, properties, operations or condition (financial or otherwise) of such Person, (b) the ability of such Person to perform its respective
obligations under any Facility Documents to which it is a party, (c) the validity or enforceability of, or collectability of amounts payable under, any Facility Documents to which it is a party, (d) the status, existence, perfection or
priority of any Lien granted by such Person under any Facility Documents to which it is a party, or (e) the value, validity, enforceability or collectability of the Trust Estate. 

  
 - 27 -

 “Minimum Consolidated Tangible Net Worth Floor Covenant” shall mean the
requirement that the Consolidated Tangible Net Worth of MVW must be, at all times, at least $700,000,000. 

“Miscellaneous Payments” shall mean, with respect to any Timeshare Loan, any amounts received from or on behalf of the
related Obligor representing assessments, payments relating to real property taxes, insurance premiums, maintenance fees and charges and condominium association fees and any other payments not owed under the related Obligor Note. 

“Monthly Reports” shall have the meaning specified in Section 5.19(b) of the Indenture and Servicing Agreement.

 “Monthly Servicer Report” shall have the meaning specified in Section 5.05 of the Indenture and
Servicing Agreement. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

“MORI” shall mean Marriott Ownership Resorts, Inc., a Delaware corporation. 

“MORI Affiliated Manager” shall mean Marriott Resorts Hospitality Corporation, a wholly-owned subsidiary of MORI,
Marriott Resorts Hospitality (Bahamas) Limited, a wholly owned subsidiary of Marriott Resorts Hospitality Corporation or another Affiliate of MORI, as applicable, together with their respective successors and assigns. 

“Mortgage” shall mean the original recorded mortgage, deed of trust or other act or instrument creating a first priority
lien on a Timeshare Property securing a Mortgage Loan, or a copy thereof certified by the applicable recording office. 

“Mortgage Loan” shall mean any Timeshare Loan that is not a Right-To-Use Loan. As used in the Facility Documents, the
term “Mortgage Loan” shall include the related Obligor Note, Mortgage and other security documents contained in the related Timeshare Loan File. 
 “MVC Trust” shall mean MVC Trust, a Florida land trust (Florida Land Trust No. 1082-0300-00) established pursuant to the MVC Trust Agreement. 

“MVC Trust Agreement” shall mean that certain trust agreement, dated March 11, 2010, by and among MORI, First
American Trust, FSB and MVC Trust Owners Association, a Florida corporation not for profit. 
 “MVC Trust
Association” means MVC Trust Owners Association, Inc., a Florida not-for-profit corporation 

  
 - 28 -

 “MVC Trustee” shall mean First American Trust, FSB, as Trustee of the MVC
Trust. 
 “MVW” shall mean Marriott Vacations Worldwide Corporation, a Delaware corporation. 

“MVW Average Marketing and Sales Percentage” shall mean, with respect to any Payment Date, (a) the sum of the MVW
Marketing and Sales Percentages for the three four-week accounting periods immediately preceding the first day of the calendar month in which such Payment Date occurs, divided by (b) three. 

“MVW Entity” means any of (a) the Issuer, (b) the Seller, (c) MORI and (d) the Performance
Guarantor. 
 “MVW Marketing and Sales Percentage” shall mean (a) the marketing and sales expenses
(including sales commissions) incurred by all resorts of the applicable Marriott Vacation Club International brand during a four-week accounting period, divided by (b) the aggregate sales revenue for all resorts of the applicable Marriott
Vacation Club International brand during such four-week accounting period (expressed as a percentage). 
 “MVW
Resort” shall mean a resort of any Marriott Vacation Club International brand, including but not limited to, The Ritz-Carlton Club, The Ritz-Carlton Destination Club, Marriott Vacation Club Destinations and Grand Residences by Marriott, in
which a fractional interest in one or more residential units or dwellings thereof has been conveyed to the MVC Trust. 

“MVW Resort Association” shall mean a timeshare association relating to any MVW Resort. 

“MVW Servicer” shall have the meaning set forth in the definition of Liquidation Expenses. 

“MVW Unit” shall mean a residential unit or dwelling at a MVW Resort. 

“Net Hedge Payment” shall mean the net amount, if any, then payable by the Issuer to the Hedge Counterparty under a
Hedge Agreement, excluding any Hedge Termination Payment. 
 “Non-Conduit Committed Purchaser” shall mean any
Purchaser which is designated as a Non-Conduit Committed Purchaser on Schedule I to the Note Purchase Agreement or in the Assignment and Assumption Agreement pursuant to which such Purchaser became a party to the Note Purchase Agreement, and any
permitted assignee thereof. 
 “Non-Extending Purchaser” means any Purchaser Group or Non-Conduit Committed
Purchaser who shall not have agreed to an extension of its Facility Termination Date pursuant to Section 2.3(c) of the Note Purchase Agreement. 

  
 - 29 -

 “Note Purchase Agreement” shall mean that amended and restated note
purchase agreement, dated the Amendment Effective Date, by and among the Issuer, the Seller, the Performance Guarantor, the Servicer, the Purchasers, Funding Agents and the Administrative Agent. 

“Note Register” shall have the meaning specified in Section 2.03(a) of the Indenture and Servicing Agreement.

 “Note Registrar” shall have the meaning specified in Section 2.03(a) of the Indenture and Servicing
Agreement. 
 “Notes” shall mean the Issuer’s Timeshare Loan-Backed Variable Funding Notes, Series 2011-1,
issued pursuant to the Indenture and Servicing Agreement. 
 “Notes Increase Amount” shall have the meaning set
forth in Section 2.2(a) of the Note Purchase Agreement. 
 “NPA Costs” means, as of any Payment Date, the
Breakage and Other Costs due and payable on such Payment Date in accordance with the Note Purchase Agreement. 

“Obligations” shall have the meaning set forth in Section 1(a)(ii) of the Performance Guaranty. 

“Obligor” shall mean a Person obligated to make payments under a Timeshare Loan. 

“Obligor Note” shall mean the original, executed promissory note or other instrument of indebtedness evidencing the
indebtedness of an Obligor under a Timeshare Loan, which note or instrument shall be substantially in the form of Exhibit B attached to the Sale Agreement, together with any rider, addendum or amendment thereto, or any renewal, substitution or
replacement of such note or instrument. 
 “Officer’s Certificate” shall mean a certificate executed by a
Responsible Officer of the related party. 
 “Official Body” shall mean any government or political subdivision
or any agency, authority, bureau, central bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. 

“Opinion of Counsel” shall mean a written opinion of counsel, in each case reasonably acceptable to the addressees
thereof. 
 “Originator” shall mean, with respect to a Timeshare Loan, the original lender, mortgagee or
similar party. 

  
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 “Other Issuer” shall mean any Person other than the Issuer that has entered
into a receivables purchase agreement, transfer and administration agreement or other similar agreement with the applicable Conduit. 
 “Outstanding” shall mean, with respect to the Notes, as of any date of determination, all Notes theretofore authenticated and delivered under the Indenture and Servicing Agreement except:

 (a) Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation; 

(b) Notes or portions thereof for whose payment money in the necessary amount has been theretofore irrevocably deposited with the
Indenture Trustee in trust for the holders of such Notes for the payment of principal; and 
 (c) Notes in exchange for or in
lieu of which other Notes have been authenticated and delivered pursuant to the Indenture and Servicing Agreement unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a Person in whose hands the Note is a
valid obligation; provided, however, that in determining whether the holders of the requisite percentage of the Outstanding Note Balance have given any request, demand, authorization, direction, notice, consent, or waiver hereunder,
Notes owned by the Issuer or any Affiliate of the Issuer or any entity consolidated in MORI’s and/or MVW’s consolidated financial statements shall be disregarded and deemed not to be Outstanding, except that, in determining whether the
Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Notes that a Responsible Officer of the Indenture Trustee actually has notice are so owned shall be so
disregarded. 
 “Outstanding Note Balance” shall mean, as of any date of determination, the Initial Outstanding
Note Balance plus (i) the aggregate amount of Increases made with respect to the Notes pursuant to the Indenture and Servicing Agreement and the Note Purchase Agreement, less (ii) the aggregate amount of all principal payments on the Notes
on or prior to such date of determination, less (iii) the principal amount of any Notes cancelled pursuant to Section 2.13 of the Indenture and Servicing Agreement; provided, that any principal payments required to be returned to the
Issuer shall be reinstated to the Outstanding Note Balance. For purposes of consents, approvals, voting or other similar acts of the Noteholders under any of the Facility Documents, “Outstanding Note Balance” shall exclude amounts with
respect to Notes or interests in Notes which are held by the Issuer or any Affiliate of the Issuer or any entity consolidated in MORI’s and/or MVW’s consolidated financial statements. 

“Owner” shall mean MVCO Series LLC, a Delaware limited liability company, or any subsequent owner of the beneficial
interest in the Issuer. 
 “Owner Trustee” shall mean Wilmington Trust, National Association, or any successor
thereof, acting not in its individual capacity but solely as trustee under the Trust Agreement. 

  
 - 31 -

 “Owner Trustee Fee” shall equal $4,500 a year paid in accordance with
Section 3.04 of the Indenture and Servicing Agreement. 
 “Participants” shall have the meaning set forth in
Section 5.10(e) of the Note Purchase Agreement. 
 “Payment Date” shall mean the
20th day of each calendar month, or, if such date is not a
Business Day, then the next succeeding Business Day, commencing in October 2011. 
 “PAC” shall mean an
arrangement whereby an Obligor makes payments under the Timeshare Loan via pre-authorized debit. 
 “Percentage
Interest” shall mean, as of any date with respect to any Purchaser Group or Non-Conduit Committed Purchaser, the percentage equivalent of a fraction, (i) the numerator of which is the outstanding principal amount on such date of the
Note registered in the name of the Funding Agent for such Purchaser Group or such Non-Conduit Purchaser, as applicable and (ii) the denominator of which is the Outstanding Note Balance on such date. 

“Performance Guarantor” shall mean MVW or its successor. 

“Performance Guaranty” shall mean that amended and restated performance guaranty, dated as of September 1, 2012,
given by the Performance Guarantor in favor of the Issuer and the Indenture Trustee. 
 “Permitted Liens” shall
mean, as to any Timeshare Property, (a) the lien of current real property taxes, maintenance fees, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way,
easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use of the Timeshare Property or the security intended to be provided by the related Mortgage or with the
Obligor’s ability to pay his or her obligations when they become due or materially and adversely affects the value of the Timeshare Property and (c) the exceptions (general and specific) set forth in the related title insurance policy,
none of which, individually or in the aggregate, materially interferes with the security intended to be provided by such Mortgage or with the Obligor’s ability to pay his or her obligations when they become due or materially and adversely
affects the value of the Timeshare Property. 
 “Permitted Transferee” shall mean any commercial paper conduit,
bank, financial institution or other Person, as applicable (i) which is an existing Purchaser, (ii) the unsecured debt obligations of which are rated no lower than the applicable rating of the Purchaser from which it is purchasing an
interest in a Note pursuant to Section 5.10 or (iii) to which the Issuer has consented becoming a Purchaser (such consent not to be unreasonably withheld). 
 “Person” shall mean an individual, partnership, limited liability company, corporation, joint stock company, trust (including a business trust), unincorporated association, joint venture,
firm, enterprise, Official Body or any other entity. 

  
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 “Post-Office Box” shall mean each post office box to which Obligors are
directed to make payments in respect of the Timeshare Loans. A list of all Post-Office Boxes on the Amendment Effective Date has been provided by the Issuer (or its agent) to the Administrative Agent and the Indenture Trustee. 

“Potential Amortization Event” means an event which, but for the lapse of time or the giving of notice or both, would
constitute an Amortization Event. 
 “Potential Event of Default” means an event which, but for the lapse of
time or the giving of notice or both, would constitute an Event of Default. 
 “Potential Servicer Event of
Default” means an event which, but for the lapse of time or the giving of notice or both, would constitute a Servicer Event of Default. 
 “Pre-Completion Loan” shall mean any Weeks-Based Timeshare Loan for which the related Unit is not completed and located in or on the floor or building in the Resort specified in the
related Additional Timeshare Loan Supplement, or is not ready for occupancy by timeshare owners. A Timeshare Loan shall cease to be a Pre-Completion Loan on the date on which the related Unit’s construction has been completed in accordance with
applicable brand standards and becomes available for occupancy by timeshare owners. 
 “Predecessor Servicer Work
Product” shall have the meaning specified in Section 5.19 of the Indenture and Servicing Agreement. 

“Prepayment Notice” shall have the meaning set forth in Section 10.01 of the Indenture and Servicing Agreement.

 “Pricing Increase Notice” shall have the meaning set forth in Section 2.8(a) of the Note Purchase
Agreement. 
 “Pricing Increase Rescission” shall have the meaning set forth in Section 2.8(a) of the Note
Purchase Agreement. 
 “Principal Distribution Amount” shall mean an amount equal to the Borrowing Base
Shortfall on such Payment Date. 
 “Processing Charges” shall mean any amounts due under an Obligor Note in
respect of processing fees, service fees or late fees. 
 “Purchase Agreement” shall mean the amended and
restated purchase agreement, dated as of September 1, 2012, by and between MORI and the Seller pursuant to which MORI sells the Timeshare Loans to the Seller. 
 “Purchase Contract” shall mean the purchase contract pursuant to which an Obligor purchased a Timeshare Property. 

  
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 “Purchase Price” shall mean the original price of the Timeshare Property
purchased by an Obligor. 
 “Purchasers” shall mean, collectively, the Conduits and the Committed Purchasers.

 “Purchaser Addition Date” shall have the meaning set forth in Section 2.3(d) of the Note Purchase
Agreement. 
 “Purchaser Assignment and Assumption Agreement” shall mean an Assignment and Assumption Agreement
substantially in the form of Exhibit B to the Note Purchase Agreement. 
 “Purchaser Commitment Amount” shall
mean (x) with respect to any Purchaser Group, the aggregate Commitments of the Alternate Purchasers which are members of such Purchaser Group and (y) with respect to any Non-Conduit Committed Purchaser, the Commitment of such Non-Conduit
Committed Purchaser. The Purchaser Commitment Amount with respect to each Purchaser Group or Non-Conduit Committed Purchaser shall be reduced to zero on the Facility Termination Date with respect to such Purchaser Group or Non-Conduit Committed
Purchaser. 
 “Purchaser Fees” shall have the meaning specified in the Fee Letter. 

“Purchaser Group” shall mean, collectively, a Conduit and the Alternate Purchaser or Alternate Purchasers with respect
to such Conduit. 
 “Purchaser Invested Amount” means, with respect to any Purchaser Group or Non-Conduit
Committed Purchaser as of any date, such Purchaser Group’s or Non-Conduit Committed Purchaser’s Percentage Interest multiplied by the Outstanding Note Balance on such date. 

“Purchaser Termination Date” shall mean, with respect to each Purchaser Group or Non-Conduit Committed Purchaser, the
earlier of (i) the date on which an Amortization Event or an Event of Default occurs and (ii) two Business Days prior to the Facility Termination Date with respect to such Purchaser Group or Non-Conduit Committed Purchaser. 

“Qualified Hedge Counterparty” means (a) a counterparty to a Hedge Agreement which has a long-term unsecured debt
rating of at least “A” from S&P and a short-term unsecured debt rating of at least “A-1” from S&P, or (b) a counterparty to an existing Hedge Agreement which experiences a downgrade by S&P below the ratings
specified in clause (a) above but satisfies the Hedge Agreement Collateral Posting Requirements; provided that for purposes of this clause (b), a downgraded counterparty shall cease to be a Qualified Hedge Counterparty if such counterparty has
a long-term unsecured debt rating below BBB- or has not been upgraded to meet the requirements of clause (a) above within 60 days of such downgrade. 
 “Qualified Substitute Timeshare Loan” shall mean a Timeshare Loan which on the related Transfer Date is an Eligible Timeshare Loan. 

  
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 “Rating Agencies” shall mean S&P and Moody’s, or their permitted
successors and assigns. 
 “RCC Resort” means a Resort operating under The Ritz-Carlton Club brand. 

“Receivables” shall mean all funds, collections and other proceeds of a Timeshare Loan including without limitation
(i) all scheduled payments or recoveries made in the form of money, checks, and like items to, or a wire transfer or an automated clearinghouse transfer received by the Issuer, the Servicer or the Indenture Trustee in respect of such Timeshare
Loan, and (ii) all amounts received by the Issuer, the Servicer or the Indenture Trustee in respect of the Related Security for such Timeshare Loan. 
 “Recipient” shall have the meaning set forth in Section 2.6 of the Note Purchase Agreement. 
 “Record Date” shall mean, with respect to any Payment Date, the close of business on the last Business Day of the month preceding the month in which such Payment Date occurs. 

“Records” shall mean all Timeshare Loan Files and other documents, books, records and other information (including,
without limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) maintained with respect to Timeshare Loans and the related Obligors. 

“Regulatory Change” shall have the meaning set forth in Section 4.2 of the Note Purchase Agreement. 

“Related Additional Alternate Purchasers” shall have the meaning set forth in Section 2.3(d) of the Note Purchase
Agreement. 
 “Related Commercial Paper” shall mean, with respect to any Conduit, the Commercial Paper of such
Conduit, all or a portion of the proceeds of which were used to finance the acquisition or maintenance of an interest in the Notes. 
 “Related Security” shall mean with respect to any Timeshare Loan and with respect to the Purchase Agreement, the Sale Agreement or the Indenture and Servicing Agreement, as applicable,
(i) all of the Purchaser’s, the Seller’s or the Issuer’s interest, as applicable, in the Timeshare Property arising under or in connection with the related Mortgage or Right-to-Use Agreement, and the related Timeshare Loan Files
relating to such Timeshare Loan, but not including any Miscellaneous Payments, (ii) all other security interests or liens and property subject thereto from time to time purporting to secure payment of such Timeshare Loan, together with all
mortgages, assignments and financing statements signed by an Obligor describing any collateral securing such Timeshare Loan, (iii) all guarantees, insurance and other agreements or arrangements of whatever character from time to time supporting
or securing payment of such Timeshare Loan, (iv) all other security and books, records and computer tapes relating to the foregoing and (v) with respect to the Indenture and Servicing Agreement, all of the Issuer’s right, title and
interest in and to the Custodial Agreement and the Collection Account (or any other account into which collections in respect of the Timeshare Loans may be deposited from time to time). 

  
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 “Relevant UCC” shall mean the Uniform Commercial Code as in effect in the
applicable jurisdiction. 
 “Renewal Fee Letter” shall mean, as the context shall require, the (i) Fee
Letter among the Issuer, the Performance Guarantor, MORI, each Purchaser, the Administrative Agent, each Funding Agent and Non-Conduit Committed Purchaser relating to the Up-Front Renewal Fees, (ii) Fee Letter among the Issuer, the Performance
Guarantor, MORI and the Structuring Agent relating to the Structuring Renewal Fee, or (iii) Fee Letter among the Issuer, MORI, the Performance Guarantor and the Administrative Agent relating to the Administrative Agent Fee, in each case, as
such fee letter may from time to time be amended, supplemented or otherwise modified in accordance with its terms. 

“Repurchase Price” shall mean with respect to any Timeshare Loan to be repurchased by the Seller pursuant to the Sale
Agreement, a cash price equal to the Loan Balance of such Timeshare Loan as of the date of such repurchase, together with all accrued and unpaid interest on such Timeshare Loan at the related coupon rate to but not including the due date in the then
current Due Period; provided that the “Repurchase Price” with respect to any Defaulted Timeshare Loan repurchased by the Seller pursuant to the Sale Agreement prior to the date which is two years after the Amendment Effective Date, shall
mean a cash price equal to the Loan Balance of such Defaulted Timeshare Loan as of the date of such repurchase. 

“Repurchased Timeshare Loans” shall mean the most seasoned $30,000,000 of Timeshare Loans that were part of the
Securitized Portfolio and were released from the related securitization pursuant to a clean-up call, optional redemption or similar mechanism and subsequently sold by the Seller to the Issuer pursuant to the Sale Agreement and included as Borrowing
Base Loans. 
 “Request for Release” shall be a request signed by the Servicer in the form attached as
Exhibit B to the Custodial Agreement. 
 “Required Cap Rate” means for any Interest Accrual Period and
for any Hedge Agreement in the form of an interest rate cap, the weighted average coupon for the Borrowing Base Loans as of the last day of the related Due Period, less 8.50%. 

“Required Facility Investors” shall mean at any time Purchaser Groups and/or Non-Conduit Committed
Purchasers having Commitment Percentages aggregating more than 66 2/3%. 
 “Required Payments” shall mean with respect to any Payment Date, the items set forth in (i) through (xii) of Section 3.04(a) of the Indenture and Servicing Agreement
without regard to Available Funds. 
 “Required Rating” shall have the meaning set forth in Section 3.7 of
the Note Purchase Agreement. 

  
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 “Reserve Account” shall mean the account maintained by the Indenture
Trustee pursuant to Section 3.02(b) of the Indenture and Servicing Agreement. 
 “Reserve Account Draw
Amount” shall have the meaning specified in Section 3.02(b)(ii) of the Indenture and Servicing Agreement. 

“Reserve Account Required Balance” shall mean for any date of determination, 0.50% of the Aggregate Loan Balance of the
Borrowing Base Loans. 
 “Reserve Account Required Funding Date Deposit” means, as of any Funding Date, the
amount required to be deposited on such Funding Date such that the amount on deposit in the Reserve Account is equal to the Reserve Account Required Balance. For purposes of calculating the Reserve Account Required Funding Date Deposit for a Funding
Date, the Aggregate Loan Balance shall be measured as of the last day of the Due Period related to the immediately preceding Payment Date (or, with respect to the Additional Timeshare Loans conveyed on such Funding Date or Timeshare Loan conveyed
during the same Due Period, the related Cut-off Date). 
 “Resort” shall mean any of the following resorts:
Aruba Ocean Club; Aruba Surf Club; Barony Beach Club; BeachPlace Towers; Canyon Villas; Crystal Shores; Custom House; Cypress Harbour; Desert Springs Villas; Desert Springs Villas II; Douglas at Streamside; Grand Chateau; Evergreen at Streamside;
Fairway Villas; Frenchman’s Cove; Marriott Grand Residence Club, Lake Tahoe; Grande Ocean Resort; Grande Vista; Heritage Club; Harbour Club; Harbour Lake; Imperial Palms Villas; Kauai Resort and Beach Club; Kauai Lagoons – Kalanipu’u;
Ko Olina Beach Club; Lakeshore Reserve at Grande Lakes; Legends Edge at Bay Point; Monarch at Sea Pines; Manor Club at Ford’s Colony; Maui Ocean Club; Mountain Valley Lodge; MountainSide; Marriott Vacation Club Destinations (Points); Newport
Coast Villas; Ocean Pointe; Oceana Palms; OceanWatch at Grande Dunes; Royal Palms; Sabal Palms; St. Kitts Beach Club; Shadow Ridge; Summit Watch; SurfWatch; Timber Lodge; Villas at Doral; Waiohai Beach Club; Willow Ridge Lodge; The Ritz-Carlton
Club, Aspen Highlands; The Ritz-Carlton Club, Bachelor Gulch; The Ritz-Carlton Club, Jupiter; The Ritz-Carlton Club, Lake Tahoe; The Ritz-Carlton Club, San Francisco; The Ritz-Carlton Club, St. Thomas; or the Ritz-Carlton Club, Vail. 

“Resort Associations” shall mean any of the following associations: Aspen Highlands Condominium Association, Inc.;
Association of Apartment Owners of Marriott’s Kauai Resort and Beach Club; Association of Apartment Owners of Maui Ocean Club; Association of Owners of Waiohai Beach Club; Association of Owners of Kalanipu’u Condominium; Barony Beach Club
Owners’ Association, Inc.; BeachPlace Towers Condominium Association, Inc.; Canyon Villas Vacation Owners Association; Cooperatieve Vereniging Aruba Surf Club a/k/a Aruba Surf Club Cooperative Association; Cooperatieve Vereniging Marriott
Vacation Club of Aruba a/k/a Marriott Vacation Club International of Aruba Cooperative Association; Crystal Shores Condominium Association, Inc.; Custom House Leasehold Condominium Association, LLC; Cypress Harbour Condominium Association, Inc.;
Desert Springs Villas Timeshare Association; Desert Springs Villas Master Association; Desert Springs Villas II Timeshare Association; Douglas at Streamside Condominium Association; 

  
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Eagle Tree Condominium Association, Inc.; Eagle Tree Property Owners Association, Inc. Evergreen at Streamside Condominium Association; Fairway Villas at Seaview Condominium Association, Inc.;
Frenchman’s Cove Condominium Owners’ Association, Inc.; Grand Chateau Owners’ Association, Inc.; Grande Ocean Resort Owners’ Association, Inc.; Grande Vista of Orlando Condominium Association, Inc.; GRCLT Condominium, Inc.; Great
Bay Condominium Owners Association, Inc.; Harbour Club Owners’ Association, Inc.; HAB Condominium Association, Inc.; HAO Condominium Association, Inc; Heritage Club Owner’s Association, Inc.; Highlands Resort Club Association, Inc.;
Highlands Resort Condominium Association, Inc.; Hotel Breckenridge Condominium Association; Imperial Palm Villas Condominium Association, Inc.; Kalanipu’u Vacation Owners Association; Ko Olina Beach Club Vacation Owners Association; Lakeshore
Reserve Condominium Association, Inc.; Legends Edge Condominium Association, Inc.; Manor Club at Ford’s Colony Condominium Association; Manor Club at Ford’s Colony Time-Share Association; Marriott’s Kauai Beach Club Owners
Association; Maui Ocean Club Vacation Owners Association; Monarch at Sea Pines Owners’ Association, Inc.; Mountain Valley Lodge Resort Owners Association, Inc.; MountainSide Condominium Association, Inc.; Newport Coast Villas Condominium
Association; Newport Coast Villas Timeshare Association; Newport Coast Villas Master Association; Oceana Palms Condominium Association, Inc., Ocean Pointe at Palm Beach Shores Condominium Association, Inc.; OceanWatch Villas Owners Association;
RCC-BG Condominium Association, Inc.; Royal Palms of Orlando Condominium Association, Inc.; Sabal Palms of Orlando Condominium Association, Inc.; Shadow Ridge Condominium Association; Shadow Ridge Timeshare Association; Shadow Ridge Master
Association; St. Kitts Beach Club Condominium Association, Summit Watch Condominium Owners Association, Inc.; Summit Watch Resort Owners Association, Inc.; Sunset Pointe Owners’ Association, Inc.; SurfWatch Owners Association; The Neighborhood
Association, Inc.; Timber Lodge Condominium Association; Timber Lodge Timeshare Association; Villas at Doral Condominium Association, Inc.; Waiohai Beach Club Vacation Owners Association; WDL Vail Condominium Association, Inc.; WDL Vail Club
Association, Inc.; 690 Market Club Owners Association, Inc.; and 690 Market Master Association, Inc. 
 “Responsible
Officer” shall mean (a) when used with respect to the Indenture Trustee, any officer assigned to the Corporate Trust Office, including any Managing Director, Vice President, Assistant Vice President, Secretary, Assistant Secretary,
Assistant Treasurer, any trust officer or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject; (b) when used with respect to the Servicer, any officer responsible for the administration or management of the
Servicer’s servicing department; and (c) with respect to any other Person, the Chairman of the Board, the President, a Vice President, the Treasurer, the Secretary, an Assistant Secretary, or the manager of such Person. 

“Retained Interest” shall mean a material net economic interest of not less than 5% of the sum of the Loan Balances of
the Timeshare Loans as required under and in accordance with Article 122a of the CRD. 

  
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 “Right-to-Use Agreement” shall mean with respect to a Right-to-Use Loan,
collectively (A) the various instruments, including a Resort’s articles of association, a Resort’s timeshare plan, a Resort’s disclosure statement used in selling Units, any share purchase agreement with an Obligor associated
with such Right-to-Use Loan, that among other things: (i) in consideration of the payment of a purchase price, including payment of the related Obligor Note, grants and conveys to the Obligor shares in the related Resort Association, which in
turn grants the Obligor the license or right-to-use and occupy a Timeshare Property in a Resort, (ii) imposes certain obligations on the Obligor regarding payment of the related Obligor Note, the Obligor’s use or occupancy of the Timeshare
Property and the payment of a maintenance fee to the management company, and (iii) grants the holder thereof certain rights, including the rights to payment of the related Obligor Note, and, in the circumstances provided therein, to terminate
the Right-to-Use Agreement or revoke the Obligor’s rights under it, to reacquire any shares of the Resort’s association, and thereafter to resell the license or right-to-use and occupy the related Timeshare Property to another Person,
(B) the related Vacation Interest, and (C) the related Purchase Contract. 
 “Right-to-Use Loan”
shall mean a Timeshare Loan that is subject to a Right-to-Use Agreement. As used in the Facility Documents, the term “Right-to-Use Loan” shall include the related Obligor Note, the Right-to-Use Agreement and other security documents
contained in the related Timeshare Loan File. 
 “S&P” shall mean Standard & Poor’s Ratings
Services, a Standard & Poor’s Financial Services LLC business. 
 “Sale Agreement” shall mean the
amended and restated sale agreement, dated as of September 1, 2012, by and between the Seller and the Issuer pursuant to which the Seller sells the Timeshare Loans to the Issuer. 

“Schedule of Timeshare Loans” shall mean the list of Timeshare Loans attached to an Additional Timeshare Loan Supplement
(in respect of the Purchase Agreement and Sale Agreement) and a Supplemental Grant (in respect of the Indenture and Servicing Agreement) in electronic format, as amended from time to time to reflect repurchases and substitutions pursuant to the
terms of the Purchase Agreement, Sale Agreement and the Indenture and Servicing Agreement, which list shall set forth the following information with respect to each Timeshare Loan as of the related Cut-Off Date, in numbered columns: 

 

	 	1	Loan Number 

  

	 	2	Name of Obligor 

  

	 	3	Timeshare Estate Unit(s)/Week(s)/Number(s)/Beneficial Interest Number(s) 

  

	 	4	Interest Rate Per Annum 

  

	 	5	FICO score 

  

	 	6	State of Residence 

  

	 	7	Country of Residence 

  

	 	8	Date of Origination 

  

	 	9	Original Loan Balance 

  
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	 	10	Maturity Date 

  

	 	11	Monthly Payment Amount 

  

	 	12	Original Term (in months) 

  

	 	13	Outstanding Loan Balance 

  

	 	14	Refinance 

  

	 	15	Right-to-Use Timeshare Estate 

  

	 	16	Pre-Completion Loan and Anticipated Completion Date 

 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Securitization Take-Out Date” shall mean the date of any Securitization Take-Out Transaction. 
 “Securitization Take-Out Transaction” shall mean any securitization or other financing of the assets securing the Notes whereby all or a portion of the Outstanding Note Balance of the
Notes is repaid from the proceeds of such securitization or other financing. 
 “Securitized Portfolio” shall
mean, as of any date, all timeshare loans originated by MORI or an Affiliate and financed by any special purpose entity and which are serviced by MORI including the timeshare loans in all term issuances, all warehouse facilities (other than the
Notes) and other term securitization facilities that are outstanding as of such date. 
 “Securitized Portfolio Default
Level” shall mean, for any Due Period, the quotient (expressed as a percentage) of (i)(A) the sum of the Loan Balances of all Timeshare Loans in the Securitized Portfolio that became Defaulted Timeshare Loans during such Due Period (other
than Defaulted Timeshare Loans for which the related seller has exercised its option, if any, to repurchase or substitute pursuant to the related transaction documents) minus (B) any remarketing proceeds received during such Due Period in
respect of any Defaulted Timeshare Loans for which the related seller did not exercise its option to repurchase or substitute, divided by (ii) the aggregate Loan Balance of all Timeshare Loans in the Securitized Portfolio on the first day of
such Due Period. 
 “Securitized Portfolio Delinquency Level” shall mean, for any Due Period, the quotient
(expressed as a percentage) of the sum of all Loan Balances of all Timeshare Loans (exclusive of Timeshare Loans that became Defaulted Timeshare Loans on or before the last day of such Due Period) included in the Securitized Portfolio that are 61
days or more delinquent on the last day of such Due Period (as determined by the Servicer in accordance with the Servicing Standard) divided by the aggregate Loan Balance of all Timeshare Loans in the Securitized Portfolio on the last day of such
Due Period. 
 “Securitized Portfolio Three Month Rolling Average Default Percentage” means for any Payment
Date, the average of the Securitized Portfolio Default Levels for the last three Due Periods. 
 “Securitized Portfolio
Three Month Rolling Average Delinquency Percentage” means for any Payment Date, the average of the Securitized Portfolio Delinquency Levels for the last three Due Periods. 

  
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 “Seller” shall mean MORI SPC Series Corp., a Delaware corporation.

 “Servicing Fee” shall mean for any Payment Date, the product of one-twelfth of 0.50% and the Aggregate Loan
Balance as of the beginning of the related Due Period or, with respect to any subsequent servicer, as otherwise determined pursuant to Section 5.04 of the Indenture and Servicing Agreement. 

“Servicer” shall mean MORI, and any successor servicer appointed in accordance with the terms of the Indenture and
Servicing Agreement. 
 “Servicer Event of Default” shall have the meaning specified in Section 5.04 of
the Indenture and Servicing Agreement. 
 “Servicer Representative” shall mean the Servicer’s internal
auditors, chief financial officer, treasurer or designee of the chief financial officer or treasurer. 
 “Servicing
Officer” shall mean those officers of the Servicer involved in, or responsible for, the administration and servicing of the Timeshare Loans, as identified on the list of Servicing Officers furnished by the Servicer to the Indenture Trustee
and the Noteholders from time to time. 
 “Servicing Standard” shall have the meaning specified in
Section 5.01 of the Indenture and Servicing Agreement. 
 “St. Kitts Mortgage Loan” shall mean a Mortgage
Loan originated in connection with purchases of interests at St. Kitts Beach Club. 
 “Standard Definitions”
shall mean these Second Amended and Restated Standard Definitions. 
 “Stated Maturity” shall mean the Payment
Date occurring in September 2035. 
 “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. § 3801, et seq., as the same may be amended from time to time. 
 “Step-Up CP
Interest” shall mean, for any Interest Accrual Period with respect to any Purchaser Group, the excess of (i) the amount calculated for such Interest Accrual Period pursuant to subclause (a) of clause (x) of the
definition of Carrying Costs with respect to such Purchaser Group over (ii) an amount equal to the product of (x) the average daily amount during such Interest Accrual Period of the portion of the Purchaser Invested Amount for such
Purchaser Group funded by the Conduit with respect to such Purchaser Group, (y) a rate equal to the LIBOR Rate for the related Funding Period plus 1.00% and (z) the number of days in such Interest Accrual Period divided by 360.

 “Structuring Agent” means Deutsche Bank Securities Inc. 

“Structuring Fee” shall have the meaning set forth in the Fee Letter. 

  
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 “Structuring Renewal Fee” shall have the meaning set forth in the Renewal
Fee Letter. 
 “Subsidiary” shall mean any corporation or other entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time directly or indirectly owned or controlled by such Person, one or more of the other subsidiaries of
such Person or any combination thereof. 
 “Substitution Shortfall Amount” shall mean with respect to a
substitution pursuant to Section 4.06 of the Indenture and Servicing Agreement, an amount equal to the excess, if any, of (a) the Loan Balance of the Timeshare Loan being replaced as of the related Transfer Date, together with all accrued
and unpaid interest on such Timeshare Loan at the related coupon rate to but not including the due date in the related Due Period over (b) the Loan Balance of the Qualified Substitute Timeshare Loan as of the related Transfer Date. If on any
Transfer Date, one or more Qualified Substitute Timeshare Loans are substituted for one or more Timeshare Loans, the Substitution Shortfall Amount shall be determined as provided in the preceding sentence on an aggregate basis. 

“Successor Servicer” shall mean the Back-Up Servicer and its permitted successors and assigns, as provided in the
Indenture and Servicing Agreement, upon succeeding to the responsibilities and obligations of the Servicer in accordance with Section 5.19 of the Indenture and Servicing Agreement. 

“Supplemental Grant” shall mean with respect to any Additional Timeshare Loans and other related assets pledged to the
Indenture Trustee pursuant to the Indenture, a Supplemental Grant substantially in the form attached as Exhibit C of the Indenture. The Supplemental Grant shall include a Schedule of Timeshare Loans for the related Additional Timeshare Loans and an
updated Schedule of Timeshare Loans for all Borrowing Base Loans. 
 “Tape(s)” shall have the meaning specified
in Section 5.19 of the Indenture and Servicing Agreement. 
 “Taxes” shall have the meaning set forth in
Section 4.3 of the Note Purchase Agreement. 
 “Timeshare Loan” shall mean a Mortgage Loan, a Right-to-Use
Loan or a Qualified Substitute Timeshare Loan subject to the lien of the Indenture and Servicing Agreement. 

“Timeshare Loan Acquisition Price” shall mean on any date of determination, with respect to any Timeshare Loan, an
amount equal to the fair market value of such Timeshare Loan as determined by MORI under the Purchase Agreement and by the Seller under the Sale Agreement, as applicable. 

  
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 “Timeshare Loan Files” shall mean with respect to each Timeshare Loan and
each Obligor: 
 (a) an original Obligor Note (or a Lost Note Affidavit and indemnity from the Seller with a copy of such
Obligor Note attached thereto), executed by the Obligor, endorsed in the form “Pay to the order of
                        , without recourse” (either directly on the Obligor Note or on an allonge thereto), by an
Authorized Officer of the Seller showing a complete chain of endorsements from the original payee of the Obligor Note to the Seller; 
 (b) (x) if such Timeshare Loan is a Mortgage Loan (other than a St. Kitts Mortgage Loan), (i) an original Mortgage (or a copy thereof) with evidence that such Mortgage has been recorded in the
appropriate recording office or (ii) until the original Mortgage has been returned to the originator of the Mortgage Loan by such recording office, a photocopy of an unrecorded Mortgage that has been delivered to such recording office, and the
delivery of such copy of an original Mortgage or photocopy of an unrecorded Mortgage to the Custodian by the Issuer or the Servicer shall be deemed to be a certification by the Issuer that such copy or photocopy is a true and correct copy of the
original Mortgage, or (y) if such Timeshare Loan is a St. Kitts Mortgage Loan, a copy of the recorded or stamped Mortgage; 
 (c) (x) if such Timeshare Loan is a Mortgage Loan (other than a St. Kitts Mortgage Loan), original assignments of the Mortgage (which may be a part of a blanket assignment of more than one Timeshare
Loan), from the originator of the Mortgage Loan to the Indenture Trustee in recordable form but unrecorded, signed by an Authorized Officer of the originator of the Mortgage Loan or (y) if such Timeshare Loan is a St. Kitts Mortgage Loan,
copies of the recorded assignments of the Mortgage from the originator of the St. Kitts Mortgage Loan to the Issuer; 
 (d) if
such Timeshare Loan is a St. Kitts Mortgage Loan, (i) an original certificate of title (or a copy thereof) with evidence that such certificate of title has been stamped by the office of the Registrar of Titles of the Island of Saint Christopher
in favor of the Indenture Trustee or (ii) until the original certificate of title has been returned to the Custodian or Servicer by such office, a photocopy of the certificate of title that has been delivered to such office, and the delivery of
such copy of the original certificate of title to the Custodian by the Issuer or the Servicer shall be deemed to be a certification by the Issuer that such copy or photocopy is a true and correct copy of the original certificate of title;

 (e) if such Timeshare Loan is a Mortgage Loan, an original lender’s title insurance policy or master policy (or a copy
thereof) referencing such Mortgage Loan, when available, and if a copy, the delivery thereof to the Custodian by the Issuer shall be deemed to be a certification by the Issuer that such copy is a true an correct copy of such lender’s title
insurance policy or master policy; 
 (f) an original or a copy of each guarantee, assumption, modification or substitution
agreement, if any, which relates to the Timeshare Loan (including but not limited to the Obligor Note, Mortgage, Right-to-Use Agreement, as applicable), and if a copy, the delivery thereof to the Custodian by the Issuer or the Servicer shall be
deemed to be a certification by the Issuer that such copy is a true and correct copy of such guarantee assumption, modification or substitution agreement; 

  
 - 43 -

 (g) if such Timeshare Loan is a Right-to Use Loan, the original related Right-to-Use
Agreement and any related pledge and security agreements (or copies thereof), and if copies, the delivery thereof to the Custodian by the Issuer or the Servicer shall be deemed to be a certification by the Issuer that such copies are true and
correct copies of such Right-to-Use Agreement and related pledge and security agreements, provided, however, that each Timeshare Loan File shall not include any documents attached to or delivered to an Obligor with a Right-to-Use Agreement that are
not signed by the parties to the Right-to-Use Agreement and are delivered in identical form to all Obligors (such as articles of association, a timeshare plan and a public disclosure statement) if copies of such documents have been delivered to the
Custodian by the Issuer or the Servicer, and such delivery to the Custodian shall be deemed to be a certification by the Issuer that such copies are true and complete copies of such documents; 

(h) if such Timeshare Loan is a Right-to Use Loan, a copy of the related Vacation Interest representing membership in the related
timeshare association of the related Resort; 
 (i) an original fully executed Purchase Contract (or a copy thereof), and if a
copy, the delivery thereof to the Custodian by the Issuer or the Servicer shall be deemed to be a certification by the Issuer that such copy is a true and correct copy of such Purchase Contract, unless (i) the Timeshare Loan File represents the
refinancing of a timeshare loan, in which event no related Purchase Contract shall be included or (ii) a complete Purchase Contract is not available, in which event such portions as are available shall be included in the Timeshare Loan File and
the delivery of any portions of a Purchase Contract to the Custodian by the Issuer or the Servicer shall be deemed to be a certification by the Issuer that such portions constitute the only portions that are available; and 

(j) all other documents related to such Timeshare Loan including any Trailing Documents immediately upon receipt by the Trustee.

 “Timeshare Loan Servicing Files” shall mean, with respect to each Timeshare Loan and each Obligor a copy of
the Timeshare Loan Files and all other papers and computerized records customarily maintained by the Servicer in servicing timeshare loans comparable to the Timeshare Loans. 
 “Timeshare Loan Update Memo” shall mean any memorandum executed by an authorized representative of Servicer and delivered to Custodian from time to time that provides additional or
modified information in respect of any Timeshare Loan or Timeshare Loan File. 
 “Timeshare Property” shall
mean Weeks-Based Timeshare Property or Beneficial Interests, as the case may be, and the rights granted thereunder to the Issuer (as assignee of the originator of such loan), which secure a Timeshare Loan. 

“Trailing Document” shall mean any additional documentation related to a Timeshare Loan or supplemental to a Timeshare
Loan File delivered to the Custodian following its initial receipt of the relevant Timeshare Loan File and immediately incorporated into such relevant Timeshare Loan File by the Custodian upon receipt. 

  
 - 44 -

 “Transfer Date” shall mean with respect to a Qualified Substitute Timeshare
Loan, the date on which the Issuer acquires such Qualified Substitute Timeshare Loan from the Seller and Grants such Qualified Substitute Timeshare Loan to the Indenture Trustee to be included as part of the Trust Estate. 

“Transition Expenses” shall mean any documented costs and expenses (other than general overhead expenses) incurred by
the Back-Up Servicer should it become the Successor Servicer as a direct consequence of the termination or resignation of the initial Servicer and the transition of the duties and obligations of the initial Servicer to the Successor Servicer.

 “Trust Accounts” shall mean collectively, the Collection Account, the Reserve Account, the Control Accounts,
the Hedge Collateral Account and such other accounts established by the Indenture Trustee pursuant to Section 3.01(a) of the Indenture and Servicing Agreement. 
 “Trust Agreement” shall mean that certain amended and restated trust agreement, dated the Closing Date, by and between the Owner and the Owner Trustee. 

“Trust-Based Timeshare Loan” shall mean a Timeshare Loan secured by a Beneficial Interest. 

“Trust Estate” shall have the meaning specified in the Granting Clause of the Indenture and Servicing Agreement.

 “UCC” means, with respect to any jurisdiction, the uniform commercial code then in effect in such
jurisdiction. 
 “Unit” shall mean a residential unit or dwelling at a Resort. 

“Unused Fees” shall mean with respect to any Purchaser Group or any Non-Conduit Committed Purchaser, the product of:

 (i) the Unused Rate; and 

(ii) the excess of (x) its average daily Purchaser Commitment Amount during the related Interest Accrual Period over
(y) its average daily Purchaser Invested Amount during the related Interest Accrual Period; and 
 (iii) the
number of days in such Interest Accrual Period, divided by 360. 
 “Unused Rate” means 0.65%. 

“Up-Front Fees” shall have the meaning specified in the Fee Letter. 

“Up-Front Renewal Fees” shall have the meaning specified in the Renewal Fee Letter. 

“Upgrade” means, with respect to a Timeshare Loan, a situation in which an Obligor elects to upgrade the related
Timeshare Property or to purchase additional Timeshare Properties and enters into a new timeshare loan secured by the upgraded Timeshare Property or the original Timeshare Property and the additional Timeshare Properties. 

  
 - 45 -

 “Usage Fees” shall mean shall mean with respect to any Purchaser Group or
any Non-Conduit Committed Purchaser, the product of: 
 (i) the Usage Rate; and 

(ii) its average daily Purchaser Invested Amount during the related Interest Accrual Period; and 

(iii) the number of days in such Interest Accrual Period, divided by 360. 

“Usage Rate” means 1.50%. 
 “Usage Step-Up Fees” means with respect to any Purchaser Group or any Non-Conduit Committed Purchaser, the product of: 

(i) the Usage Step-Up Rate; 
 (ii) its average daily Purchaser Invested Amount during the related Interest Accrual Period; and 
 (iii) the number of days in such Interest Accrual Period, divided by 360. 

“Usage Step-Up Rate” means (i) upon the earlier of the occurrence of an Amortization Event or the Facility
Termination Date until an Event of Default has occurred and is continuing, 1.50% or (ii) if an Event of Default has occurred and is continuing, 2.00%. 
 “USAP” shall have the meaning specified in Section 5.05(c) of the Indenture and Servicing Agreement. 
 “Vacation Interest” shall mean the vacation certificate or stock certificate issued by and evidencing membership in a homeowner’s association of a Resort pursuant to which the owner
thereof has a license or right-to-use a Timeshare Property at a Resort. 
 “Vacation Ownership Business” means
the development, sale, management, marketing, operation or financing of (1) timeshare, fractional, interval, vacation club, destination club, vacation membership, private membership club, private residence club, points club, and other forms of
products, programs and services wherein purchasers acquire an ownership interest, use right or other entitlement to use one or more of certain determinable accommodations and associated facilities in a system of units and facilities on a recurring,
periodic basis and pay for such ownership interest, use right or other entitlement in advance (whether payments are made in lump-sum or periodically over time), and (2) associated exchange programs. 

“Warehouse Portfolio” shall mean, as any date of determination, all Timeshare Loans owned by the Issuer. 

  
 - 46 -

 “Warehouse Portfolio Default Level” shall mean, for any Due Period, the
quotient (expressed as a percentage) of (i)(A) the sum of the Loan Balances of all Timeshare Loans in the Warehouse Portfolio that became Defaulted Timeshare Loans during such Due Period (other than Defaulted Timeshare Loans for which the Seller has
exercised its option to repurchase or substitute pursuant to Section 6(b) of the Sale Agreement) minus (B) any remarketing proceeds received during such Due Period in respect of any Defaulted Timeshare Loans for which the Seller did not
exercise its option to repurchase or substitute, divided by (ii) the Aggregate Loan Balance on the first day of such Due Period. 
 “Warehouse Portfolio Delinquency Level” shall mean, for any Due Period, the quotient (expressed as a percentage) of the sum of all Loan Balances of all Timeshare Loans (exclusive of
Timeshare Loans that became Defaulted Timeshare Loans on or before the last day of such Due Period) included in the Warehouse Portfolio that are 61 days or more delinquent on the last day of such Due Period (as determined by the Servicer in
accordance with the Servicing Standard) divided by the Aggregate Loan Balance on the last day of such Due Period. 

“Warehouse Portfolio Three Month Rolling Average Default Percentage” means for any Payment Date, the average of the
Warehouse Portfolio Default Levels for the last three Due Periods. 
 “Warehouse Portfolio Three Month Rolling Average
Delinquency Percentage” means for any Payment Date, the average of the Warehouse Portfolio Delinquency Levels for the last three Due Periods. 
 “Weeks-Based Timeshare Loan” shall mean a Timeshare Loan secured by a Weeks-Based Timeshare Property. 
 “Weeks-Based Timeshare Property” shall mean the contractual rights regarding a Unit that is the subject of a Right-to-Use Agreement, or the timeshare fee or other estate regarding a Unit.

  
 - 47 -

 Final (Second Amended and Restated - 9/11/12) 

EXHIBIT A 

FORM OF NOTES 

 THIS VARIABLE FUNDING NOTE, SERIES 2011-1 (THIS “NOTE”), WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, IN MINIMUM DENOMINATIONS OF $1,000,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, AND ONLY (I) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, OR (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) AND (II) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 THE PRINCIPAL AMOUNT OF THIS NOTE WILL BE REDUCED FROM TIME TO TIME BY PRINCIPAL PAYMENTS ON THIS NOTE. IN ADDITION, THE
PRINCIPAL AMOUNT OF THIS NOTE MAY BE INCREASED IN ACCORDANCE WITH THE INDENTURE AND SERVICING AGREEMENT AND THE NOTE PURCHASE AGREEMENT. ANYONE ACQUIRING THIS NOTE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE BY INQUIRY OF THE
INDENTURE TRUSTEE. 
 MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1 

TIMESHARE LOAN BACKED VARIABLE FUNDING NOTE, SERIES 2011-1 
 Date: 
 Principal Amount: Up to
$[            ] 
 No.
[            ] 
 FOR VALUE RECEIVED, Marriott Vacations
Worldwide Owner Trust 2011-1, a Delaware statutory trust (the “Issuer”), hereby promises to pay to [        ] (the “Holder”) or its assigns, the principal sum not to exceed
[        ] Dollars ($[        ]) in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided
in the Second Amended and Restated Indenture and Servicing Agreement, dated as of [DATE] 1, 2012 (the “Indenture and Servicing Agreement”), by and among the Issuer, 

  

					
	Indenture Exhibit	  	A - 2	  	

 
Marriott Ownership Resorts, Inc., as servicer and Wells Fargo Bank, National Association, as indenture trustee (in such capacity, the “Indenture Trustee”), and as back-up
servicer, and to pay interest thereon on each Payment Date in accordance with Sections 2.10 and 3.04 of the Indenture and Servicing Agreement. Capitalized terms used but not defined herein shall have the meanings given them in “Standard
Definitions” attached as Annex A to the Indenture and Servicing Agreement. 
 By its holding of this Note, the Holder shall
be deemed to accept the terms of the Indenture and Servicing Agreement and agree to be bound thereby. 
 Unless the certificate
of authentication hereon has been executed by the Indenture Trustee referred to herein by manual signature, this Note shall not be entitled to any benefit under the Indenture and Servicing Agreement or be valid or obligatory for any purpose.

 This Note is one of a duly authorized issue of notes of the Issuer designated as its “Notes” and issued under the
Indenture and Servicing Agreement. 
 This Note is secured by the pledge to the Indenture Trustee under the Indenture and
Servicing Agreement of the Trust Estate and recourse is limited to the extent set forth in the Indenture and Servicing Agreement. The amounts owed under this Note shall not include any recourse to the Indenture Trustee or any affiliates thereof.

 If certain Events of Default under the Indenture and Servicing Agreement have been declared or occur, the Outstanding Note
Balance of this Note may be declared immediately due and payable or payments of principal may be accelerated in the manner and with the effect provided in the Indenture and Servicing Agreement. Notice of such declaration will be given by mail to
holder(s) of this Note, as his/her/their name(s) and address(es) appear in the Note Register, as provided in the Indenture and Servicing Agreement. Subject to the terms of the Indenture and Servicing Agreement, upon payment of such principal amount
together with all accrued interest, the obligations of the Issuer with respect to the payment of principal and interest on this Note shall terminate. 
 The Indenture and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
holders of the Notes under the Indenture and Servicing Agreement at any time by the Issuer and the Indenture Trustee with the consent of such holders of the percentages specified in the Indenture and Servicing Agreement at the time Outstanding. The
Indenture and Servicing Agreement also contains provisions permitting such holders of specified percentages in Outstanding Note Balance of the Notes, at the time Outstanding, on behalf of all the holders, to waive compliance by the Issuer with
certain provisions of the Indenture and Servicing Agreement and certain past defaults under the Indenture and Servicing Agreement and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such
holder and upon all future holders of this Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

  

					
	Indenture Exhibit	  	A - 3	  	

 This Note may be issued only in registered form and only in minimum denominations of at
least $1,000,000 and integral multiples of $1,000 in excess thereof; provided that the foregoing shall not restrict or prevent the transfer in accordance with Section 2.03 of the Indenture and Servicing Agreement of any Note having a remaining
Outstanding Note Balance of other than an integral multiple of $1,000, or the issuance of a single Note with a remaining Outstanding Note Balance less than $1,000,000. The holder of this Note is deemed to acknowledge that the Notes may be purchased
and transferred only in minimum denominations of $1,000,000 and integral multiples of $1,000 in excess thereof and that this Note (or any beneficial interests herein) may not be transferred in an amount less than such authorized denominations or
which would result in the holder of this Note having a beneficial interest below such authorized denominations. 
 The Issuer,
the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note may be overdue, and neither the Issuer, the
Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
 No transfer of this Note or interest herein
may be made unless that transfer is made pursuant to an effective registration statement under the Securities Act and an effective registration or a qualification under applicable state securities laws, or is made in a transaction that does not
require such registration or qualification because such transfer is in compliance with Rule 144A under the Securities Act, to a person who the transferor reasonably believes is a Qualified Institutional Buyer (as defined in Rule 144A) that is
purchasing for its own account or for the account of a Qualified Institutional Buyer and to whom notice is given that such transfer is being made in reliance upon Rule 144A under the Securities Act as certified by such transferee in a letter in the
form of Exhibit B attached to the Indenture and Servicing Agreement; and in accordance with any applicable securities laws of any state of the United States and any applicable jurisdiction. None of the Issuer, the Servicer or the Indenture
Trustee is obligated to register or qualify the Notes under the Securities Act or any other securities law or to take any action not otherwise required under the Indenture and Servicing Agreement to permit the transfer of any Note without
registration. 
 The Holder of this Note may be required to exchange it for an Exchange Note under the terms of
Section 2.13 of the Indenture and Servicing Agreement. 
 As provided in the Indenture and Servicing Agreement, the
principal amount of this Note will be due and payable in full on the earlier of (i) the Mandatory Redemption Date and (ii) the Stated Maturity. 
 The Indenture and Servicing Agreement and this Note shall be deemed to be contracts made under the laws of the State of New York and shall for all purposes be governed by, and construed in accordance
with, the laws of the State of New York. 
 Section 13.04 of the Indenture and Servicing Agreement is incorporated herein
by reference. 

  

					
	Indenture Exhibit	  	A - 4	  	

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by the manual
signature of its duly Authorized Officer. 
 Dated: 

 

			
	MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1
		
	By:	 	 WILMINGTON TRUST,
 NATIONAL
ASSOCIATION, not in its individual capacity but solely as Owner Trustee

 
					
			
		 	By:	 	 
		 	Name: Dante M. Monakil
		 	Title: Vice President

  

					
	Indenture Exhibit	  	A - 5	  	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within mentioned Indenture and Servicing Agreement. 

Dated: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee
		
	By:	 	 

 
			
	Name:	 	Jennifer Westberg

 
			
	Title:	 	Vice President

  

					
	Indenture Exhibit	  	A - 6	  	

 EXHIBIT B 
 FORM OF INVESTOR REPRESENTATION LETTER 

  
 B - 1

 INVESTOR REPRESENTATION LETTER 

MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1 
 Timeshare Loan Backed Variable Funding Notes, Series 2011-1 
 Marriott Vacations Worldwide Owner
Trust 2011-1 
 c/o Wilmington Trust, National Association, as Owner Trustee 
 1220 North Market Street 
 Suite 202 
 Wilmington, DE 19801 
 Wells Fargo Bank, National Association, as Indenture Trustee 

Sixth & Marquette 
 MAC N9311-161

 Minneapolis, Minnesota 55479 

Ladies and Gentlemen: 

                      
   (the “Purchaser”) hereby represents and warrants to you in connection with its purchase of
$                     in principal amount of the above-captioned notes (the “Notes”) as follows: 

1. The Purchaser (i) is a qualified institutional buyer, and has delivered to you the certificate substantially in the form
attached hereto as Annex I or Annex II, as applicable, and (ii) is aware that the sale to it is being made in reliance on Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and
(iii) is acquiring the Notes for its own account or for the account of a qualified institutional buyer. The Purchaser is purchasing the Notes for investment purposes and not with a view to, or for, offer or sale in connection with a public
distribution or in any other manner that would violate the Securities Act or applicable state securities laws. 
 2. The
Purchaser understands that the Notes are being offered in a transaction not involving any public offering in the United States within the meaning of the Securities Act, that the Notes have not been and will not be registered under the Securities Act
and that (A) if in the future it decides to offer, resell, pledge or otherwise transfer any of the Notes, such Notes may be offered, resold, pledged or otherwise transferred in minimum denominations of $1,000,000 and in integral
multiples of $1,000 in excess thereof, and only (i) to a person whom the seller reasonably believes is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A of the Securities Act, or (ii) pursuant to an
effective registration statement under the Securities Act, in each of cases (i) and (ii) in accordance with any applicable securities laws of any State of the United States and any other applicable jurisdiction, and that (B) the
Purchaser will, and each subsequent holder is required to, notify any subsequent purchaser of such Notes from it of the resale restrictions referred to in (A) above. 
 3. The Purchaser understands that the Notes will, unless otherwise agreed by the Issuer and the Holder thereof, bear a legend substantially to the following effect. 

THIS VARIABLE FUNDING NOTE, SERIES 2011-1 (THIS “NOTE”), WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, IN MINIMUM DENOMINATIONS OF $1,000,000 AND IN INTEGRAL
MULTIPLES OF $1,000 IN EXCESS THEREOF, AND ONLY (I) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR
(II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) AND (II) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, AND
(B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

  
 B - 2

 4. If the Purchaser is purchasing any Notes as a fiduciary or agent for one or more
investor accounts, it has sole investment discretion with respect to each such account and has full power to make acknowledgments, representations and agreements contained herein on behalf of such account(s). 

5. The Purchaser has received all information, if any, requested by the Purchaser, has had full opportunity to review such information
and has received information necessary to verify such information. The Purchaser represents that in making its investment decision to acquire the Notes, the Purchaser has not relied on representations, warranties, opinions, projections, financial or
other information or analysis, if any, supplied to it by any person, including the addressees of this letter. 
 6. The
Purchaser (i) has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Notes, and (ii) has the ability to bear the economic risks of its prospective
investment and can afford the complete loss of such investment. 
 7. The Purchaser understands that the Issuer, the
Administrative Agent and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements contained in this letter and agrees that if any of the acknowledgments, representations or agreements deemed to
have been made by it are no longer accurate, it will promptly notify the Issuer and the Administrative Agent. If it is acquiring any Notes as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment
discretion with respect to each such account and it has full power to make the foregoing acknowledgments, representations and agreements contained in this letter on behalf of such account. 

8. The Notes may not be sold or transferred to, and each Purchaser by its purchase of the Notes shall be deemed to have represented and
covenanted that it is not acquiring the Notes for or on behalf of or with the assets of, and will not transfer the Notes to, any employee benefit plan as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), that is subject to Title I of ERISA or any other “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), that is subject to
Section 4975 of the Code or any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or plan’s investment in such entity, or any plan that is subject to any substantially similar provision of
federal, state or local law (“Similar Law”), except that such purchase for or on behalf of or with assets of a plan shall be permitted: 
 (i) to the extent such purchase is made by or on behalf of a bank collective investment fund maintained by the Purchaser in which no plan (together with any other plans maintained by the same employer or
employee organization) has an interest in excess of 10% of the total assets in such collective investment fund, and the other applicable conditions of Prohibited Transaction Class Exemption 91-38 issued by the Department of Labor are satisfied as of
the date of acquisition of the Notes and all such conditions will continue to be satisfied thereafter; 
 (ii) to the extent
such purchase is made by or on behalf of an insurance company pooled separate account maintained by the Purchaser in which no plan (together with any other plans maintained by the same employer or employee organization) has an interest in excess of
10% of the total of all assets in such pooled separate account, and the other applicable conditions of Prohibited Transaction Class Exemption 90-1 issued by the Department of Labor are satisfied as of the date of acquisition of the Notes and all
such conditions will continue to be satisfied thereafter; 
 (iii) to the extent such purchase is made on behalf of a plan by a
“qualified professional asset manager”, as such term is described and used in Prohibited Transaction Class Exemption 84-14 issued by the Department of Labor, and the assets of such plan when combined with the assets of other plans
established or maintained by the same employer (or affiliate thereof) or employee organization and managed by such qualified professional asset manager do not represent more than 20% of the total client assets managed by such qualified professional
asset manager at the time of the transaction, and the other applicable conditions of such exemption are otherwise satisfied as of the date of acquisition of the Notes and all such conditions will continue to be satisfied thereafter; 

(iv) to the extent such plan is a governmental plan (as defined in Section 3(32) of ERISA) which is not subject to the provisions
of Title I of ERISA or Sections 401 and 501 of the Code; 
 (v) to the extent such purchase is made by or on behalf of an
insurance company general account in which the reserves and liabilities for the general account contracts held by or on behalf of any plan, together with any other plans maintained by the same employer (or its affiliates) or employee organization,
do not exceed 10% of the total reserves and liabilities of the insurance company general account (exclusive of separate account liabilities), plus surplus as set forth in the National Association of Insurance Commissioners Annual Statement filed
with the state of domicile of the insurer, in accordance with Prohibited Transaction Class Exemption 95-60, and the other applicable conditions of such exemption are otherwise satisfied as of the date of acquisition of the Notes and all such
conditions will continue to be satisfied thereafter; 

  
 B - 3

 (vi) to the extent such purchase is made by an in-house asset manager within the meaning of
Part IV(a) of Prohibited Transaction Class Exemption 96-23 and such manager has made or properly authorized the decision for such plan to purchase Notes, under circumstances such that Prohibited Transaction Class Exemption 96-23 is applicable to the
purchase, holding and disposition of such Notes and all of the other applicable conditions of such exemption are otherwise satisfied as of the date of acquisition of such Notes and all such conditions will continue to be satisfied thereafter; or

 (vii) to the extent such purchase will not otherwise give rise to a transaction described in Section 406 of ERISA or
Section 4975(c)(1) of the Code for which a statutory, regulatory or administrative exemption is unavailable or be a violation of Similar Law. 
 The Purchaser, if described in the preceding clauses, further represents and agrees that it is not sponsored (within the meaning of Section 3(16)(B) of ERISA) by the Issuer, MORI, the Seller, the
Indenture Trustee or the Administrative Agent, or by any affiliate of any such person. 
 9. The Purchaser acknowledges that,
under the Second Amended and Restated Indenture and Servicing Agreement, Notes (or beneficial interests therein) may be purchased and transferred only in authorized denominations — i.e., a minimum denomination of $1,000,000 and integral
multiplies of $1,000 in excess thereof. The Purchaser covenants that the Purchaser will neither (i) transfer Notes (or beneficial interests therein) in less than the authorized denominations nor (ii) transfer Notes (or beneficial interests
therein) where the result would be to reduce the Purchaser’s remaining holdings of Notes (or beneficial interests therein) below the authorized denominations. 
 10. By execution hereof, the Purchaser agrees to be bound, as Noteholder, by all of the terms, covenants and conditions of the Second Amended and Restated Indenture and Servicing Agreement and the Notes.

 The representations and warranties contained herein shall be binding upon the heirs, executors, administrators and other
successors of the undersigned. If there is more than one signatory hereto, the obligations, representations, warranties and agreements of the undersigned are made jointly and severally. 

Executed at
                        ,
                        , this              day of
                     , 20    . 
  

	
	
	  
	Purchaser’s Signature
	
	 
	Purchaser’s Name and Title (Print)
	
	 
	Address of Purchaser
	
	 
	 Purchaser’s Taxpayer Identification or
 Social Security Number

  
 B - 4

 ANNEX 1 TO EXHIBIT B 
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
 [For Transferees Other
Than Registered Investment Companies] 
 The undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”), Marriott Vacations Worldwide Owner Trust 2011-1 and Wells Fargo Bank, National Association, as Note Registrar, with respect to the Note being transferred (the “Transferred Note”) as described in the
Investor Representation Letter to which this certification relates and to which this certification is an Annex: 
 1. As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity purchasing the Transferred Note (the “Purchaser”). 

2. The Purchaser is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933
(“Rule 144A”) because (i) the Purchaser owned and/or invested on a discretionary basis $ in securities (other than the excluded securities referred to below) as of the end of the Purchaser’s most recent fiscal
year (such amount being calculated in accordance with Rule 144A) [Purchaser must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Purchaser is a dealer, and, in that case, Purchaser must own and/or invest on, a
discretionary basis at least $10,000,000 in securities.] and (ii) the Purchaser satisfies the criteria in the category marked below. 
  

	 	 ̈	Corporation, etc. The Purchaser is a corporation (other than a bank, savings and loan association or similar institution), business trust, partnership, or any
organization described in Section 501(c)(3) of the Internal Revenue Code of 1986. 

  

	 	 ̈	Bank. The Purchaser (a) is a national bank or a banking institution organized under the laws of any State, U.S. territory or the District of Columbia, the
business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000
as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Certificate in the case of a U.S. bank, and not more than 18 months preceding such
date of sale for a foreign bank or equivalent institution. 

  

	 	 ̈	Savings and Loan. The Purchaser (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar
institution, which is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Certificate in the case of a U.S. savings and loan association, and not
more than 18 months preceding such date of sale for a foreign savings and loan association or equivalent institution. 

  

	 	 ̈	Broker-dealer. The Purchaser is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934. 

 

	 	 ̈	Insurance Company. The Purchaser is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks
underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, U.S. territory or the District of Columbia. 

 

	 	 ̈	State or Local Plan. The Purchaser is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or
its political subdivisions, for the benefit of its employees. 

  

	 	 ̈	ERISA Plan. The Purchaser is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974.

  

	 	 ̈	Investment Advisor. The Purchaser is an investment advisor registered under the Investment Advisers Act of 1940. 

  
 B - 5

 
			
	 ̈	  	Other. (Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under subsection (a)(1) of Rule 144A pursuant to which it
qualifies. Note that registered investment companies should complete Annex 2 rather than this
Annex 1.)                                      
                                         
                                         
    
		  	  

		  	  

		  	  

 3. The term “securities” as used herein does not include (i) securities of issuers
that are affiliated with the Purchaser, (ii) securities that are part of an unsold allotment to or subscription by the Purchaser, if the Purchaser is a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Purchaser, the Purchaser did not include any of the securities referred to in this paragraph. 
 4. For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Purchaser, the Purchaser used the cost of such securities to the Purchaser, unless
the Purchaser reports its securities holdings in its financial statements on the basis of their market value, and no current information with respect to the cost of those securities has been published, in which case the securities were valued at
market. Further, in determining such aggregate amount, the Purchaser may have included securities owned by subsidiaries of the Purchaser, but only if such subsidiaries are consolidated with the Purchaser in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments of such subsidiaries are managed under the Purchaser’s direction. However, such securities were not included if the Purchaser is a majority-owned, consolidated
subsidiary of another enterprise and the Purchaser is not itself a reporting company under the Securities Exchange Act of 1934. 

5. The Purchaser acknowledges that it is familiar with Rule 144A and understands that the parties to which this certification is being
made are relying and will continue to rely on the statements made herein because one or more sales to the Purchaser may be in reliance on Rule 144A. 
  

					
	 Will the Purchaser be purchasing the Transferred Note

only for the Purchaser’s own account?
	  		  	
		  	  ̈
 Yes
	  	 ̈
No

 6. If the answer to the foregoing question is “no”, then in each case where the Purchaser is
purchasing for an account other than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of such third
party has been established by the Purchaser through one or more of the appropriate methods contemplated by Rule 144A. 
 7. The
Purchaser will notify each of the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice is given, the Purchaser’s purchase of the Transferred Note will constitute a reaffirmation
of this certification as of the date of such purchase. In addition, if the Purchaser is a bank or savings and loan as provided above, the Purchaser agrees that it will furnish to such parties any updated annual financial statements that become
available on or before the date of such purchase, promptly after they become available. 
  

 

			
	 
	Print Name of Purchaser
		
	By:	 	 

 
			
		
	Name:	 	 
		
	Title:	 	 

  
 B - 6

 ANNEX 2 TO EXHIBIT B 
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
 [For Purchasers That Are
Registered Investment Companies] 
 The undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”), Marriott Vacations Worldwide Owner Trust 2011-1 and Wells Fargo Bank, National Association, as Note Registrar, with respect to the Note being transferred (the “Transferred Note”) as described in the
Investor Representation Letter to which this certification relates and to which this certification is an Annex: 
 1. As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity purchasing the Transferred Note (the “Purchaser”) or, if the Purchaser is a
“qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”) because the Purchaser is part of a Family of Investment Companies (as defined below), is an executive
officer of the investment adviser (the “Adviser”). 
 2. The Purchaser is a “qualified institutional
buyer” as defined in Rule 144A because (i) the Purchaser is an investment company registered under the Investment Company Act of 1940, and (ii) as marked below, the Purchaser alone owned and/or invested on a discretionary basis, or
the Purchaser’s Family of Investment Companies owned, at least $100,000,000 in securities (other than the excluded securities referred to below) as of the end of the Purchaser’s most recent fiscal year. For purposes of determining the
amount of securities owned by the Purchaser or the Purchaser’s Family of Investment Companies, the cost of such securities was used, unless the Purchaser or any member of the Purchaser’s Family of Investment Companies, as the case may be,
reports its securities holdings in its financial statements on the basis of their market value, and no current information with respect to the cost of those securities has been published, in which case the securities of such entity were valued at
market. 
  

	 	 ̈	The Purchaser owned and/or invested on a discretionary basis $         in securities (other than the excluded securities
referred to below) as of the end of the Purchaser’s most recent fiscal year (such amount being calculated in accordance with Rule 144A). 

  

	 	 ̈	The Purchaser is part of a Family of Investment Companies which owned in the aggregate $         in securities (other
than the excluded securities referred to below) as of the end of the Purchaser’s most recent fiscal year (such amount being calculated in accordance with Rule 144A). 

3. The term “Family of Investment Companies” as used herein means two or more registered investment companies (or series
thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other). 

4. The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Purchaser
or are part of the Purchaser’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase
agreement and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Purchaser, or owned by the Purchaser’s Family of
Investment Companies, the securities referred to in this paragraph were excluded. 
 5. The Purchaser is familiar with Rule 144A
and understands that the parties to which this certification is being made are relying and will continue to rely on the statements made herein because one or more sales to the Purchaser will be in reliance on Rule 144A. 

 

					
	 Will the Purchaser be purchasing the Transferred Note

only for the Purchaser’s own account?
	  		  	
		  	  ̈
 Yes
	  	  ̈
 No

 6. If the answer to the foregoing question is “no”, then in each case where the Purchaser is
purchasing for an account other than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of such third
party has been established by the Purchaser through one or more of the appropriate methods contemplated by Rule 144A. 

  
 B - 7

 7. The undersigned will notify the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice, the Purchaser’s purchase of the Transferred Note will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase. 

 
  

			
	 
	Print Name of Purchaser or Adviser
	
	 
		
	By:	 	 

 
			
		
	Name:	 	 
		
	Title:	 	 
	
	 IF AN ADVISER:
  

 

	Print Name of Purchaser

Date:                     

  
 B - 8

 EXHIBIT C 
 FORM OF SUPPLEMENTAL GRANT 
 SUPPLEMENTAL GRANT NO.
     OF ADDITIONAL TIMESHARE LOANS dated as of                     , by and among MARRIOTT VACATIONS WORLDWIDE
OWNER TRUST 2011-1, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), MARRIOTT OWNERSHIP RESORTS, INC. (“MORI”), a Delaware corporation, as servicer (the
“Servicer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and as back-up servicer (in such capacity, the “Back-Up
Servicer”). 
 WITNESSETH: 
 WHEREAS, the Issuer, the Servicer, the Indenture Trustee and the Back-Up Servicer are parties to the Second Amended and Restated Indenture and Servicing Agreement, dated as of [DATE] 1, 2012 (as amended
or otherwise modified from time to time, the “Indenture and Servicing Agreement”); 
 WHEREAS, the Issuer
wishes to pledge to the Indenture Trustee, for the benefit of the Noteholders and the Hedge Counterparty, all of the Issuer’s rights, title and interest, whether now owned or hereafter acquired and any and all benefits accruing to the Issuer
from the Timeshare Loans and Related Security designated herein to be included as Additional Timeshare Loans and part of the Trust Estate; 
 NOW, THEREFORE, the Issuer, the Servicer, the Indenture Trustee and the Back-Up Servicer agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Indenture and Servicing Agreement unless otherwise defined herein. 

“Cut-Off Date” shall mean, with respect to the Additional Timeshare Loans,
            . 
 “[Funding][Transfer] Date”
shall mean, with respect to the Additional Timeshare Loans,             . 
 2. Schedule of Timeshare Loans. The Issuer hereby delivers to the Indenture Trustee Schedule I which contains a true and complete list of the Additional Timeshare Loans pledged to the Indenture
Trustee under this Supplemental Grant. The list of Additional Timeshare Loans contained in the accompanying certificate is hereby incorporated into and made a part of this Supplemental Grant and shall become a part of and supplement the Schedule of
Timeshare Loans. 

  
 C - 1

 3. Grant of Additional Timeshare Loans. 

The Issuer hereby pledges to the Indenture Trustee, for the benefit of the Noteholders and the Hedge Counterparty, all of the
Issuer’s right, title and interest in and to the following whether now owned or hereafter acquired and any and all benefits accruing to the Issuer from, (i) all Additional Timeshare Loans and Additional Conveyed Timeshare Loan Assets
acquired by the Issuer under the Sale Agreement, (ii) the Receivables in respect of such Additional Timeshare Loans due on and after the related Cut-Off Date, (iii) the related Timeshare Loan Files, (iv) all Related Security in
respect of each such Additional Timeshare Loan, (v) all of its rights and remedies relating to such Additional Timeshare Loans under the Sale Agreement, (vi) all of its rights and remedies relating to such Additional Timeshare Loans under
the Custodial Agreement, (vii) all of its rights and remedies relating to such Additional Timeshare Loans under the Performance Guaranty, and (viii) proceeds of the foregoing (including, without limitation, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute
all or part or are included in the proceeds of any of the foregoing) (collectively, the “Additional Trust Estate”). 
 In connection with the foregoing pledge and if necessary, the Issuer agrees to authorize, record and file one or more financing statements (and continuation statements or other amendments with respect to
such financing statements when applicable) with respect to the Additional Trust Estate meeting the requirements of applicable law in such manner and in such jurisdictions as are necessary to perfect the pledge of the Additional Trust Estate to the
Indenture Trustee, and to deliver a file-stamped copy of such financing statements and continuation statements (or other amendments) or other evidence of such filing to the Indenture Trustee. 

In connection with the foregoing pledge, the Issuer further agrees, on or prior to the date of this Supplemental Grant, to cause the
portions of its computer files relating to the Additional Pledged Loans pledged on such date to the Indenture Trustee to be clearly and unambiguously marked to indicate that each such Additional Timeshare Loan and Related Security have been pledged
on such date to the Indenture Trustee pursuant to the Indenture and Servicing Agreement and this Supplemental Grant. 
 4.
Acknowledgement by the Indenture Trustee. The Indenture Trustee acknowledges the pledge of the Additional Trust Estate, and the Indenture Trustee accepts the Additional Trust Estate in trust hereunder in accordance with the provisions hereof
the Indenture and Servicing Agreement. 
 The Indenture Trustee hereby acknowledges that, prior to or simultaneously with the
execution and delivery of this Supplemental Grant, the Issuer delivered to the Indenture Trustee Schedule I listing the Additional Timeshare Loans as described in Section 2 of this Supplemental Grant and such list of Additional Timeshare Loans
is attached hereto as Schedule I. 

  
 C - 2

 5. Representations and Warranties of the Issuer. The Issuer hereby represents and
warrants to the Indenture Trustee on the [Funding][Transfer] Date that each representation and warranty to be made by it on such [Funding][Transfer] Date pursuant to the Indenture and Servicing Agreement is true and correct, and that each such
representation and warranty is hereby incorporated herein by reference as though fully set out in this Supplemental Grant. 
 6.
Ratification of the Indenture and Servicing Agreement. The Indenture and Servicing Agreement is hereby ratified, and all references to the Indenture and Servicing Agreement shall be deemed from and after the [Funding][Transfer] Date to be
references to the Indenture and Servicing Agreement as supplemented and amended by this Supplemental Grant. Except as expressly amended hereby, all the representations, warranties, terms, covenants and conditions of the Indenture and Servicing
Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or
consent to non-compliance with any term or provision of the Indenture and Servicing Agreement. 
 7. Counterparts. This
Supplemental Grant may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of this Supplemental Grant by facsimile or other electronic transmission
(i.e., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof and deemed an original. 
 8. GOVERNING LAW. THIS SUPPLEMENTAL GRANT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 C - 3

 IN WITNESS WHEREOF, the Issuer, the Servicer, the Indenture Trustee and the Back-Up Servicer
have caused this Supplemental Grant to be duly executed by their respective officers thereunto duly authorized, all as of the day and year first above written. 
  

 

					
	MARRIOTT VACATIONS WORLDWIDE OWNER TRUST, 2011-1, as Issuer
		
	By:	 	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in it individual capacity but solely as Owner Trustee

		
	By: 	 	 
	Name:	 	
	Title:	 	
	
	MARRIOTT OWNERSHIP RESORTS, INC., as Servicer
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Back-Up Servicer
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 C - 4

 EXHIBIT D 
 FUNDING DATE CERTIFICATE 
 FUNDING DATE CERTIFICATE OF

 MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1 

[            ], 20[    ] 

In connection with that certain second amended and restated indenture and servicing agreement, dated as of September 11, 2012 (the
“Indenture and Servicing Agreement”), by and among Marriott Vacations Worldwide Owner Trust 2011-1, a Delaware statutory trust, as issuer (the “Issuer”), Marriott Ownership Resorts, Inc., a Delaware corporation, as
servicer (“MORI”), and Wells Fargo Bank, National Association, as indenture trustee and back-up servicer, the Issuer hereby certifies that: 
 1. As of the [Funding Date][Transfer Date] on [                ], 20[    ], all of the conditions set
forth in Section 4.03(b) of the Indenture and Servicing Agreement shall have been satisfied. 
 Capitalized terms used but not
defined herein shall have the meanings specified in the Indenture and Servicing Agreement. 
 IN WITNESS WHEREOF, the
undersigned has executed this certificate as of the date first written above. 
  

					
	MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1, as Issuer
		
	By:	 	Marriott Ownership Resorts, Inc., as Administrator
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 D - 1

 EXHIBIT E 
 [RESERVED] 

  
 E - 1

 EXHIBIT F 
 FORM OF SERVICER OFFICER’S CERTIFICATE 

  
 F - 1

 OFFICER’S CERTIFICATE 

The undersigned, an officer of Marriott Ownership Resorts, Inc. (the “Servicer”), based on the information available on
the date of this Certificate, does hereby certify as follows: 
 1. I am an officer of the Servicer who has been authorized to
issue this officer’s certificate on behalf of the Servicer. 
 2. I have reviewed the data contained in the Monthly
Servicer Report and the computations reflected in the Monthly Servicer Report attached hereto as Schedule A are true, correct and complete. 
 3. Each of the CRD Marriott Entities are consolidated for accounting purposes. 

4. A CRD Marriott Entity continues to hold the Retained Interest as detailed in Section 3.1(kk) of the Note Purchase Agreement.

 5. The CRD Marriott Entity holding the Retained Interest has not sold or subjected the Retained Interest to any credit risk
mitigation or any short positions or any other hedge in a manner which would be contrary to Article 122a(1) of the CRD. 
  

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

  
 F - 2

 Schedule A 

  
 F - 3

 EXHIBIT G 
 FORM OF ARUBA NOTICE 

  
 G - 1

 (Date) 
 Name 
 Address 
 City, State, Zip 
 Country 
 Re: Marriott’s Aruba Ocean Club—Loan # 
 Dear (name): 

As a valued Aruba Ocean Club Owner, you are very important to us and we are committed to keeping you informed about any business that affects you. In
keeping our promise, we wish to inform you of a recent change that affects the loan for your ownership at Marriott’s Aruba Ocean Club, but does not affect the way it will be serviced. 
 Marriott Vacation Club International of Aruba N.V., the owner of your loan, pursuant to an instrument of transfer, transferred and assigned all of its right, title and interest to the loan to Marriott
Ownership Resorts, Inc., a Delaware corporation (“MORI”). MORI, pursuant to a purchase agreement, sold all of its right, title and interest to the loan to MORI SPC Series Corp., a Delaware corporation (“MORI SPC”). After these
transfers, MORI SPC, pursuant to a sale agreement, transferred and assigned all of its right, title and interest to the loan to Marriott Vacations Worldwide Owner Trust 2011-1 (the “Issuer”), and the Issuer, pursuant to an indenture,
pledged all of its right, title and interest to the loans to Wells Fargo Bank, National Association, as indenture trustee for the benefit of note holders pursuant to the indenture. 
 We want to assure you that Marriott Vacation Club International will continue to provide service for all aspects of your loan. The transfer in no way affects how you make your payments, and we appreciate
your making them as usual. Nor does it affect your membership in the Marriott Vacation Club International of Aruba Cooperative Association or the usage of your Aruba Ocean Club property. 
 The transfer of loans to other lenders is a routine procedure in our industry and will not affect our business relationship. If you wish to speak to a Marriott Vacation Club International representative,
please call our offices at 800-845-4226 or 801-468-4089. Our hours are Monday through Friday, 9 a.m. to 8 p.m., Eastern Time. We welcome any questions you may have. 
 Thank you for being a member of the Marriott Vacation Club International family. It is always our pleasure to assist you in any way we can. 
 Sincerely, 
 David Matern 
 Vice President, Marriott Ownership Resorts, Inc. 
 On behalf of MVCI, MORI and MORI SPC 

  
 G - 2

 (Date) 
 Name 
 Address 
 City, State, Zip 
 Country 
 Re: Marriott’s Aruba Surf Club—Loan # 
 Dear (name): 

As a valued Aruba Surf Club Owner, you are very important to us and we are committed to keeping you informed about any business that affects you. In
keeping our promise, we wish to inform you of a recent change that affects the loan for your ownership at Marriott’s Aruba Surf Club, but does not affect the way it will be serviced. 
 MVCI Finance C.V., the owner of your loan, pursuant to an instrument of transfer, transferred and assigned all of its right, title and interest to the loan to Marriott Ownership Resorts, Inc., a Delaware
corporation (“MORI”). MORI, pursuant to a purchase agreement, sold all of its right, title and interest to the loan to MORI SPC Series Corp., a Delaware corporation (“MORI SPC”). After these transfers, MORI SPC, pursuant to a
sale agreement, transferred and assigned all of its right, title and interest to the loan to Marriott Vacations Worldwide Owner Trust 2011-1 (the “Issuer”), and the Issuer, pursuant to an indenture, pledged all of its right, title and
interest to the loans to Wells Fargo Bank, National Association, as indenture trustee for the benefit of note holders pursuant to the indenture. 
 We want to assure you that Marriott Vacation Club International will continue to provide service for all aspects of your loan. The transfer in no way affects how you make your payments, and we appreciate
your making them as usual. Nor does it affect your membership in the Aruba Surf Club Cooperative Association or the usage of your Aruba Surf Club property. 
 The transfer of loans to other lenders is a routine procedure in our industry and will not affect our business relationship. If you wish to speak to a Marriott Vacation Club International representative,
please call our offices at 800-845-4226 or 801-468-4089. Our hours are Monday through Friday, 9 a.m. to 8 p.m., Eastern Time. We welcome any questions you may have. 
 Thank you for being a member of the Marriott Vacation Club International family. It is always our pleasure to assist you in any way we can. 
 Sincerely, 
 David Matern 
 Vice President, Marriott Ownership Resorts, Inc. 
 On behalf of MVCI, MORI and MORI SPC 

  
 G - 3

 EXHIBIT H 
 TRADE NAMES 

  
 H - 1

			
	 Jurisdiction
	  	 Assumed Name

	 Alabama
	  	Marriott Vacation Club International (MVCI)
		
	 Arizona
	  	MVCI
		
	 California
	  	GRAND RESIDENCES BY MARRIOTT
		
	 California
	  	MVCI
		
	 California
	  	MVCI
		
	 Colorado
	  	Grand Residences by Marriott
		
	 Colorado
	  	MVCI
		
	 Connecticut
	  	MVCI
		
	 Delaware
	  	MVCI
		
	 Florida
	  	Faldo Golf Institute by Marriott
		
	 Florida
	  	Flagler’s
		
	 Florida
	  	Grande Pines Golf Club
		
	 Florida
	  	Horizons by Marriott Vacation Club (HMVC)
		
	 Florida
	  	International Golf Club
		
	 Florida
	  	MVCI
		
	 Florida
	  	The Pool Patio and Grill
		
	 Georgia
	  	MVCI
		
	 Hawaii
	  	Grand Residences by Marriott
		
	 Hawaii
	  	Marriott’s Waiohai Beach Resort
		
	 Hawaii
	  	MVCI
		
	 Illinois
	  	HMVC
		
	 Illinois
	  	MVCI
		
	 Kentucky
	  	HMVC
		
	 Kentucky
	  	Marriott Vacation Club International, Corp.

  
 H - 2

			
	 Jurisdiction
	  	 Assumed Name

	 Maryland
	  	MVCI
		
	 Massachusetts
	  	MVCI
		
	 Minnesota
	  	HMVC
		
	 Minnesota
	  	MVCI
		
	 Nebraska
	  	HMVC
		
	 Nevada
	  	MVCI
		
	 New Hampshire
	  	MVCI
		
	 New Jersey
	  	HMVC
		
	 New Jersey
	  	Marriott Vacation Club International
		
	 New York
	  	HMVC
		
	 New York
	  	MVCI
		
	 North Carolina
	  	MVCI
		
	 Ohio
	  	HMVC
		
	 Ohio
	  	MVCI
		
	 Oregon
	  	MVCI
		
	 Rhode Island
	  	MVCI
		
	 South Carolina
	  	MVCI
		
	 Texas
	  	HMVC
		
	 Texas
	  	MVCI
		
	 Utah
	  	Marriott’s Mountainside Resort
		
	 Utah
	  	Marriott’s Summit Watch Resort
		
	 Utah
	  	MVCI
		
	 Virginia
	  	MVCI
		
	 Washington
	  	MVCI

  
 H - 3

 Exhibit I 
 Data Conversion Layout 
 Data as of date 

Loan ID 
 Loan Code 

investor name 
 Brand 

proj_id 
 Project_Description 

open_dt 
 Purchase Amount 

Orig Bal 
 Prin Bal 

Original Term 
 Rate 

Payment 
 Next payment due date 

collateral 
 collateral_co 

Estimated CO Date 
 Borrower Country 

Borrower State Code 
 Borrower State 

FICO 
 contr_id 

Remaining Term 
 foreign_flg 

Total Closing Costs 
 Financed Closing Costs

 Days Delinquent 
 Delinquency Bucket

 down $ 
 down % 

refinance 
 bldng_id 

Points 

  
 I - 1

 Exhibit J 
 Exchange Notes Pool Criteria 
 In each case, as determined on the date of the release of
the related Timeshare Loans pursuant to Section 4.07(c) of the Second Amended and Restated Indenture and Servicing Agreement: 
 1. Each pool must be in compliance with its applicable definition of Borrowing Base. 
 2. The weighted average coupon of the Aggregate Loan Balances for each pool must not differ by more than 0.25%. 
 3. The weighted average life to maturity of the Aggregate Loan Balances for each pool must not differ by more than three months. 

4. The weighted average FICO scores of the Aggregate Loan Balances for each pool minus the Loan Balances for any Defaulted Timeshare
Loans, Delinquent Timeshare Loans and Defective Timeshare Loans, must not differ by more than 10. 
 5. The
Outstanding Note Balance as a percentage of the Borrowing Base for each pool must not differ by more than 2.00%. 
 6. The
Excluded Loan Balance for each pool as a percentage of the related Aggregate Loan Balance must not differ by more than 2.00%. 

7. The aggregate amount of Timeshare Loans with any scheduled monthly payment of interest or principal (or any portion thereof)
delinquent more than 60 days delinquency as a percentage of the Aggregate Loan Balances in each pool must not differ by more than 0.5%. 

  
 J - 1EX-10.1

 Exhibit 10.1 

 
  

 
 SALE SUPPLEMENT

 dated as of September 13, 2012 
 between 
 OCWEN LOAN SERVICING, LLC, as Seller, 

and 

HLSS HOLDINGS, LLC, as Purchaser 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS; REFERENCE TO MASTER SERVICING RIGHTS PURCHASE AGREEMENT
	  	 	1	  
			
	 1.1
	 	Definitions	  	 	1	  
			
	 1.2
	 	Reference to the Master Servicing Rights Purchase Agreement	  	 	7	  
		
	 ARTICLE 2 PURCHASE AND SALE OF SERVICING RIGHTS AND RIGHTS TO MSRS; ASSUMED LIABILITIES
	  	 	7	  
			
	 2.1
	 	Assignment and Conveyance of Rights to MSRs	  	 	7	  
			
	 2.2
	 	Automatic Assignment and Conveyance of Servicing Rights	  	 	7	  
			
	 2.3
	 	MSR Purchase Price	  	 	8	  
			
	 2.4
	 	Assumed Liabilities and Excluded Liabilities	  	 	8	  
			
	 2.5
	 	Remittance of Servicing Fees and Related Amounts	  	 	9	  
			
	 2.6
	 	Payment of Estimated Purchase Price	  	 	10	  
		
	 ARTICLE 3 PURCHASE AND SALE OF SERVICING ADVANCE RECEIVABLES
	  	 	10	  
			
	 3.1
	 	Assignment and Conveyance of Servicing Advance Receivables	  	 	10	  
			
	 3.2
	 	Servicing Advance Receivables Purchase Price	  	 	11	  
			
	 3.3
	 	Servicing Advances	  	 	11	  
			
	 3.4
	 	Reimbursement of Servicing Advances	  	 	11	  
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	12	  
			
	 4.1
	 	General Representations	  	 	12	  
			
	 4.2
	 	Title to Transferred Assets	  	 	12	  
			
	 4.3
	 	Right to receive Servicing Fees	  	 	12	  
			
	 4.4
	 	Servicing Agreements and Underlying Documents	  	 	12	  
			
	 4.5
	 	Mortgage Pool Information, Related Matters	  	 	12	  
			
	 4.6
	 	Enforceability of Servicing Agreements	  	 	12	  
			
	 4.7
	 	Compliance With Servicing Agreements	  	 	13	  
			
	 4.8
	 	No Recourse	  	 	14	  
			
	 4.9
	 	The Mortgage Loans	  	 	14	  
			
	 4.10
	 	Servicing Advance Receivables	  	 	16	  
			
	 4.11
	 	Servicing Agreement Consents and Other Third Party Approvals	  	 	16	  
			
	 4.12
	 	Servicing Advance Financing Agreements	  	 	16	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 4.13
	 	Anti-Money Laundering Laws	  	 	17	  
			
	 4.14
	 	Servicer Ratings	  	 	17	  
			
	 4.15
	 	Eligible Servicer	  	 	17	  
			
	 4.16
	 	HAMP	  	 	17	  
		
	 ARTICLE 5 CONDITIONS PRECEDENT
	  	 	17	  
			
	 5.1
	 	Conditions to the Purchase of the Rights to MSRs and the Advance SPEs	  	 	17	  
		
	 ARTICLE 6 SERVICING MATTERS
	  	 	18	  
			
	 6.1
	 	Seller as Servicer	  	 	18	  
			
	 6.2
	 	Servicing	  	 	18	  
			
	 6.3
	 	Collections from Obligors and Remittances	  	 	18	  
			
	 6.4
	 	Servicing Practices	  	 	19	  
			
	 6.5
	 	Servicing Reports	  	 	19	  
			
	 6.6
	 	Escrow Accounts	  	 	19	  
			
	 6.7
	 	Notices and Financial Information	  	 	19	  
			
	 6.8
	 	Defaults under Deferred Servicing Agreements	  	 	19	  
			
	 6.9
	 	Continuity of Business	  	 	19	  
			
	 6.10
	 	Optional Termination or Clean Up Calls	  	 	20	  
			
	 6.11
	 	Amendments to Deferred Servicing Agreements; Transfer of Servicing Rights	  	 	20	  
			
	 6.12
	 	Assumption of Servicing Duties; Transfer of Rights to MSRs and Servicing Rights	  	 	20	  
			
	 6.13
	 	Termination Event	  	 	21	  
			
	 6.14
	 	Servicing Transfer	  	 	21	  
			
	 6.15
	 	Incorporation of Provisions from Subservicing Agreement	  	 	21	  
		
	 ARTICLE 7 SELLER SERVICING FEES; COSTS AND EXPENSES
	  	 	21	  
			
	 7.1
	 	Seller Monthly Servicing Fee	  	 	21	  
			
	 7.2
	 	Performance Fee	  	 	21	  
			
	 7.3
	 	Costs and Expenses	  	 	22	  
			
	 7.4
	 	Ancillary Income	  	 	22	  
			
	 7.5
	 	Calculation and Payment	  	 	22	  
			
	 7.6
	 	No Offset	  	 	22	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 7.7
	 	Servicing Fee Reset Date	  	 	23	  
		
	 ARTICLE 8 INDEMNIFICATION
	  	 	23	  
			
	 8.1
	 	Seller Indemnification of Purchaser	  	 	23	  
			
	 8.2
	 	Purchaser Indemnification of Seller	  	 	23	  
			
	 8.3
	 	Indemnification Procedures	  	 	24	  
			
	 8.4
	 	Tax Treatment	  	 	25	  
			
	 8.5
	 	Survival	  	 	25	  
			
	 8.6
	 	Additional Indemnification	  	 	25	  
			
	 8.7
	 	Specific Performance	  	 	25	  
		
	 ARTICLE 9 GRANT OF SECURITY INTEREST
	  	 	26	  
			
	 9.1
	 	Granting Clause	  	 	26	  
		
	 ARTICLE 10 MISCELLANEOUS PROVISIONS
	  	 	27	  
			
	 10.1
	 	Further Assurances	  	 	27	  
			
	 10.2
	 	Compliance with Applicable Laws; Licenses	  	 	27	  
			
	 10.3
	 	Merger, Consolidation, Etc.	  	 	27	  
			
	 10.4
	 	Annual Officer’s Certificate	  	 	27	  
			
	 10.5
	 	Accounting Treatment	  	 	28	  
			
	 10.6
	 	Incorporation	  	 	28	  

  

			
	 Exhibit A
	  	Form of Monthly Remittance Report
		
	 Schedule I
	  	Servicing Agreements
	 Schedule II
	  	Underlying Documents
	 Schedule III
	  	Retained Servicing Fee Percentage
	 Schedule IV
	  	Target Ratio
	 Schedule V
	  	Valuation Percentage
	 Schedule VI
	  	Amortization Percentage

  
 -iii-

 SALE SUPPLEMENT 

This Sale Supplement, dated as of September 13, 2012 (this “Sale Supplement”), is between Ocwen Loan Servicing,
LLC, a Delaware limited liability company (“Seller”), and HLSS Holdings, LLC, a Delaware limited liability company (“Purchaser”): 
 WITNESSETH: 
 WHEREAS, Seller and Purchaser are parties to that
certain Master Servicing Rights Purchase Agreement, dated as of February 10, 2012 (the “Agreement”), with respect to the sale by Seller and the purchase by Purchaser of the Servicing Rights and other assets; and 

WHEREAS, Seller and Purchaser desire to enter into the transactions described in the Agreement as supplemented by this Sale Supplement;

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in
consideration of the mutual covenants herein contained, the parties hereto hereby agree as follows: 
 ARTICLE 1

 DEFINITIONS; REFERENCE TO MASTER SERVICING RIGHTS PURCHASE 

AGREEMENT 

1.1 Definitions. (a) For purposes of this Sale Supplement, the following capitalized terms shall have the respective meanings
set forth or referenced below: 
 “Additional Servicing Advance Receivable”: As defined in Section 3.1.

 “Advance SPEs”: Each of HLSS Servicer Advance Facility Transferor, LLC, a Delaware limited liability company, and
HLSS Servicer Advance Receivables Trust, a Delaware statutory trust. 
 “Amortization Percentage”: For each calendar
month following the Closing Date, the percentage set forth on Schedule VI to this Sale Supplement for such calendar month. 
 “Assumed Liabilities”: As defined in Section 2.4. 

“Book Value” means, with respect to the Rights to MSRs related to any Deferred Servicing Agreement, as of a specified date, an
amount equal to the amortized book value of such Rights to MSRs on Purchaser’s financial statements as of such date. 

“Closing Date”: September 12, 2012; provided that, with respect to Section 5.3 of the Agreement, the Closing
Date shall be the related Servicing Transfer Date. 
 “Closing Statement”: The statement delivered by Seller to
Purchaser on the Closing Statement Delivery Date setting forth the good faith calculation of the Estimated Purchase Price. 

  
 -1-

 “Closing Statement Delivery Date”: The Closing Date, unless otherwise agreed by
Seller and Purchaser. 
 “Consent Period”: For each Deferred Servicing Agreement and each related Deferred Servicing
Right, the period, if any, from and including the Closing Date to and including the related Servicing Transfer Date. 

“Cut-off Date”: September 12, 2012, or such other date as is agreed by Seller and Purchaser. 

“Deferred Mortgage Loan”: A mortgage loan subject to a Deferred Servicing Agreement. 

“Deferred Servicing Agreement”: As of any date of determination, each Servicing Agreement that is not a Transferred Servicing
Agreement on such date. For avoidance of doubt, on the Closing Date each Servicing Agreement is a Deferred Servicing Agreement. 

“Deferred Servicing Right”: As of any date of determination, each Servicing Right arising under a Servicing Agreement that is a
Deferred Servicing Agreement on such date. 
 “Excess Servicing Advances”: For any calendar month, the amount, if any,
by which the outstanding Servicer Advances with respect to the Servicing Agreements as of the last day of such calendar month exceeds an amount equal to (a) the Target Ratio for such calendar month multiplied by (b) the unpaid principal
balance of the Mortgage Loans subject to the Servicing Agreements as of the last day of such calendar month. 
 “Excluded
Liabilities”: As defined in Section 2.4(c). 
 “Fannie Mae”: As defined in the Subservicing
Agreement. 
 “Indemnified Person”: A Purchaser Indemnified Party or a Seller Indemnified Party, as the case may be.

 “Indemnifying Person”: The Seller pursuant to Section 8.1 or the Purchaser pursuant to
Section 8.2, as the case may be. 
 “Initial Servicing Advance Receivable”: As defined in
Section 3.1. 
 “Investor”: With respect to any Securitization Transaction, any holder or other beneficial
owner of any securities issued by the related Trust. 
 “Liability”: As defined in Section 8.1.

 “Monthly Remittance Report”: With respect to each Deferred Servicing Agreement, a report substantially in the form
attached as Exhibit A to this Sale Supplement or in such other form as may be agreed to by Seller and Purchaser from time to time. 

  
 -2-

 “Monthly Servicing Fee”: For each calendar month, the Base Subservicing Fee (as
defined in the Subservicing Supplement) for such calendar month together with the Seller Monthly Servicing Fee for such calendar month. 
 “Monthly Servicing Oversight Report”: A report with respect to all of the Deferred Servicing Agreements and related Mortgage Loans in such form as may be agreed to by Seller and Purchaser from
time to time. 
 “MSR Purchase Price”: For each Servicing Agreement, an amount equal to the product of (i) the
Valuation Percentage for such Servicing Agreement and (ii) the aggregate unpaid principal balance of the Mortgage Loans subject to such Servicing Agreement as of the Closing Date. 

“P&I Advance”: As defined in the Subservicing Agreement. 

“Performance Fee”: As defined in Section 7.2. 

“Purchaser Indemnified Party”: As defined in Section 8.2. 

“Purchase Price”: The sum of (a) the aggregate MSR Purchase Price for all of the Servicing Agreements and (b) the
aggregate Servicing Advance Receivables Purchase Price for any Initial Servicing Advance Receivables. 
 “Retained
Servicing Fee”: For any calendar month, an amount equal to the sum of (a) the product of the Retained Servicing Fee Percentage for such calendar month and the average unpaid principal balance of all Mortgage Loans subject to the Deferred
Servicing Agreements and the Transferred Servicing Agreements during such calendar month and (b) the Retained Servicing Fee Shortfall, if any, for the immediately prior calendar month. 

“Retained Servicing Fee Percentage”: For any calendar month, the percentage set forth on Schedule III to this Sale
Supplement. 
 “Retained Servicing Fee Shortfall”: For any calendar month, beginning in September 2012, an
amount equal to the excess, if any, of (a) the Retained Servicing Fee for such calendar month over (b) the excess, if any, of (x) the aggregate Servicing Fees actually received by Purchaser with respect to the Deferred Servicing
Agreements and pursuant to the Transferred Servicing Agreements during such calendar month (whether directly pursuant to such Transferred Servicing Agreements or pursuant to this Sale Supplement) over (y) the Monthly Servicing Fee for such
calendar month. 
 “Rights to MSRs”: For each Servicing Agreement, each of the following assets: 

(a) all Servicing Fees payable to Seller as of or after the Closing Date under such Servicing Agreement and the right to receive all
Servicing Fees accruing and payable as of or after the Closing Date under such Servicing Agreement; 

  
 -3-

 (b) the right to receive any investment income earned on amounts on deposit in any
Custodial Account or Escrow Account related to such Servicing Agreements as of or after the Closing Date; 
 (c) the right to
purchase the Servicing Rights pursuant to Section 2.2 of this Sale Supplement; and 
 (d) any proceeds of any of the
foregoing. 
 “Sale Date”: For each Servicing Advance Receivable, the date on which such Servicing Advance Receivable
is transferred to Purchaser pursuant to Section 3.1. 
 “Seller Indemnified Party”: As defined in
Section 8.1. 
 “Seller Monthly Servicing Fee”: As defined in Section 7.1. 

“Servicing Advance Financing Agreements”: Each of that certain Second Amended and Restated Indenture, dated as of the Closing
Date, among HLSS Servicer Advance Receivables Trust, as issuer, Deutsche Bank National Trust Company, as indenture trustee, calculation agent, paying agent and securities intermediary, Purchaser, as administrator and servicer, Seller, as servicer
and as a subservicer, and Barclays Bank plc and Wells Fargo Securities, LLC, as administrative agents, and each other “Transaction Document” as such term is defined therein, in each case as the same may be amended from time to time.

 “Servicing Advance Payment Date”: (a) For any Initial Servicing Advance Receivable, the Closing Date and
(b) for any Additional Servicing Advance Receivable, the Funding Date (as defined in the Servicing Advance Financing Agreement) for such Additional Servicing Advance Receivable. 

“Servicing Advance Receivable”: For each Servicer Advance, the right to receive reimbursement for such Servicer Advance under
the Servicing Agreement pursuant to which such Servicer Advance was made. 
 “Servicing Advance Receivable Purchase
Price”: With respect to each Servicing Advance Payment Date, for each Servicing Advance Receivable, the outstanding amount that is reimbursable under the related Servicing Agreement with respect to such Servicing Advance Receivable as of such
Servicing Advance Payment Date. 
 “Servicing Agreement”: Each of the servicing agreements described on Schedule
I and each of the Underlying Documents described on Schedule II governing the rights, duties and obligations of Seller as servicer under such agreements. 
 “Servicing Fee Reset Date”: The date which is six (6) years after the Closing Date. 
 “Servicing Rights Assets”: As defined in Section 2.2. 

“Servicing Transfer Date”: With respect to each Servicing Agreement, the date on which all of the Third Party Consents related
to such Servicing Agreement necessary to transfer the related Servicing Rights to Seller are received or such later date mutually agreed to by Seller and Purchaser. 

  
 -4-

 “Special Damages”: As defined in Section 8.3(d). 

“Subservicing Agreement”: That certain Master Subservicing Agreement, dated as of February 10, 2012, between the Seller,
as subservicer, and the Purchaser, as servicer, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time. 
 “Subservicing Supplement”: That certain Subservicing Supplement, dated as of September 13, 2012, between the Seller, as subservicer, and the Purchaser, as servicer, as the same may be
amended, amended and restated, supplemented or otherwise modified from time to time. 
 “Summary Schedule”: As defined
in Section 4.5(a). 
 “Target Ratio” for each calendar month shall mean the amount specified in
Schedule IV with respect to such month. 
 “Termination Event” means the occurrence of any one or more of the
following events (whatever the reason for the occurrence of such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body): 
 (a) Seller fails to remit any payment required to be made under the terms of this
Sale Supplement (to the extent not resulting solely from Purchaser failing to purchase a Servicing Advance Receivable required to be purchased by Purchaser under this Sale Supplement), which continues unremedied for a period of one (1) Business
Day after the date on which written notice of such failure shall have been given by Purchaser to Seller; 
 (b) Seller fails to
deliver any required information or report that is complete in all material respects as required pursuant to this Sale Supplement in the manner and time frame set forth herein, which failure continues unremedied for a period of two (2) Business
Days after the date on which written notice of such failure shall have been given to Seller by Purchaser; 
 (c) Seller fails to
observe or perform in any material respect any other covenant or agreement of Seller set forth in the Agreement or this Sale Supplement, which failure continues unremedied for a period of thirty (30) days after the date on which written notice
of such failure shall have been given to Seller by Purchaser; provided however, in the event that any such default is incurable by its own terms, a Termination Event shall be deemed to occur immediately hereunder without regard to the thirty
(30) day cure period set forth above; 
 (d) a material breach by Seller of any representation and warranty made by it in
the Agreement or this Sale Supplement, which breach continues unremedied for a period of thirty (30) days after the date on which written notice of such failure shall have been given to Seller by Purchaser; provided, however, in the event that
any such default is incurable by its own terms, a Termination Event shall be deemed to occur immediately hereunder without regard to the thirty (30) day cure period set forth above; 

  
 -5-

 (e) Seller fails to maintain residential primary servicer ratings for subprime loans of at
least “Average” by Standard & Poor’s Rating Services, a division of Standards & Poor’s Financial Services LLC (or its successor in interest), “SQ3” by Moody’s Investors Service, Inc. (or its
successor in interest) and “RPS4+” and “RSS4+” by Fitch Ratings (or its successor in interest); 
 (f)
Seller ceases to be a Fannie Mae, Freddie Mac or FHA approved servicer; 
 (g) the occurrence of a Material Adverse Event;

 (h) any of the conditions specified in the applicable “Servicer Default”, “Servicer Event of Default,”
“Event of Default,” “Servicing Default” or “Servicer Event of Termination” or similar sections of any Deferred Servicing Agreement or any related Underlying Document shall have occurred with respect to Seller for any
reason not caused by Purchaser (other than as a result of any delinquency or loss trigger which was already triggered as of the Closing Date with respect to such Deferred Servicing Agreement); provided that Seller shall be entitled to any applicable
cure period set forth in such Deferred Servicing Agreement or Underlying Document; 
 (i) a decree or order of a court or agency
or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against Seller and such decree or order shall have remained in force undischarged or unstayed for a period of thirty (30) days; 

(j) Seller shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, bankruptcy, readjustment of
debt, marshaling of assets and liabilities or similar proceedings of or relating to Seller or of or relating to all or substantially all of its property; or 
 (k) Seller shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment
for the benefit of its creditors or voluntarily suspend payment of its obligations. 
 “Third-Party Claim”: As defined
in Section 8.3(b). 
 “Transferred Assets”: The Rights to MSRs and the Transferred Servicing Rights.

 “Transferred Receivables Assets”: As defined in Section 3.1. 

“Transferred Servicing Agreement”: As of any date of determination, a Servicing Agreement with respect to which the related
Servicing Rights have been transferred to Purchaser pursuant to Section 2.2 of this Sale Supplement or to its designee in accordance with the terms of this Sale Supplement on or prior to such date. For the avoidance of doubt, on the
Closing Date no Servicing Agreement is a Transferred Servicing Agreement. 
 “Transferred Servicing Rights”: As of any
date of determination, any Servicing Rights that have been transferred to Purchaser pursuant to Section 2.2 of this Sale Supplement on or prior to such date. 

  
 -6-

 “UCC”: As defined in Section 3.1. 

“Valuation Percentage”: For each Servicing Agreement, the valuation percentage for such Servicing Agreement as set forth in
Schedule V hereto. 
 (b) Any capitalized term used but not defined in this Sale Supplement shall have the meaning
assigned to such term in the Agreement. 
 1.2 Reference to the Master Servicing Rights Purchase Agreement. Each of
Seller and Purchaser agrees that (a) this Sale Supplement is a “Sale Supplement” executed pursuant to Section 2.1 of the Agreement, (b) the terms of this Sale Supplement are hereby incorporated into the Agreement with
respect to the Servicing Agreements and the related Mortgage Loans to the extent set forth therein and herein, and (c) the terms of this Sale Supplement apply to the Servicing Agreements specified herein and not to any other “Servicing
Agreement” as that term is used in the Agreement. In the event of any conflict between the provisions of this Sale Supplement and the Agreement, the terms of this Sale Supplement shall prevail. 

ARTICLE 2 

PURCHASE AND SALE OF SERVICING RIGHTS AND RIGHTS TO MSRS; 
 ASSUMED LIABILITIES 
 2.1 Assignment and Conveyance of Rights to
MSRs. 
 (a) As of the Closing Date, subject to the terms and conditions set forth in the Agreement and this Sale
Supplement, Seller does hereby sell, convey, assign and transfer to Purchaser, without recourse except as provided herein, free and clear of any Liens, all of its right, title and interest in and to all of the Rights to MSRs for each of the
Servicing Agreements. 
 (b) On and after the Closing Date, Purchaser shall be obligated to maintain a complete and accurate
list of Servicing Agreements that are Deferred Servicing Agreements and Transferred Servicing Agreements, as the same shall be amended and modified from time to time in connection with Deferred Servicing Agreements becoming Transferred Servicing
Agreements as contemplated by the terms and provisions of this Sale Supplement. The list of Deferred Servicing Agreements and Transferred Servicing Agreements maintained by Purchaser under this Section 2.1(b) shall be (x) available
for inspection by Seller at any time during normal business hours and (y) presumed to be accurate absent manifest error on the part of Purchaser. 
 2.2 Automatic Assignment and Conveyance of Servicing Rights. As of the Servicing Transfer Date with respect to each Servicing Agreement, Seller does hereby sell, convey, assign and transfer to
Purchaser, without recourse except as provided herein, free and clear of any Liens, without further action by any Person, all of its right, title and interest in and to the following assets (the “Servicing Rights Assets”):

 (a) the Servicing Rights in respect of all of the Mortgage Loans and REO Properties related to such Servicing Agreement, in
each case together with all related security, collections and payments thereon and proceeds of the conversion, voluntary or involuntary of the foregoing; 

  
 -7-

 (b) all Ancillary Income and Prepayment Interest Excess received as of or after the related
Servicing Transfer Date under such Servicing Agreements and any rights to exercise any optional termination or clean-up call provisions under such Servicing Agreements; 
 (c) all Custodial Accounts and Escrow Accounts related to such Servicing Agreement and amounts on deposit therein; 
 (d) all files and records in Seller’s possession or control, including the related Database, relating to the Servicing Rights Assets specified in clauses (a), (b) and (c); 

(e) all causes of action, lawsuits, judgments, claims, refunds, choses in action, rights of recovery, rights of set-off, rights of
recoupment, demands and any other rights or claims of any nature, whether arising by way of counterclaim or otherwise, available to or being pursued by Seller to the extent related exclusively to such Servicing Rights Assets and/or the Assumed
Liabilities; and 
 (f) any proceeds of any of the foregoing. 

2.3 MSR Purchase Price. Subject to the conditions set forth in this Sale Supplement and the Agreement, as consideration for the
purchase of the Rights to MSRs and the Servicing Rights Assets, Purchaser shall pay the MSR Purchase Price for each Servicing Agreement to Seller. 
 2.4 Assumed Liabilities and Excluded Liabilities. 
 (a) Upon the terms and
subject to the conditions set forth herein and in the Agreement, Purchaser shall assume, (i) prior to the Servicer Transfer Date for each Servicing Agreement, and solely as between Purchaser and Seller, all of the duties, obligations and
liabilities of Seller (other than the Excluded Liabilities), as servicer but subject to such Servicing Agreements, and provided that Seller will continue to act as the servicer as set forth herein and in no event shall Purchaser be a subservicer,
subcontractor or servicer within the meaning of a Servicing Agreement prior to the related Servicing Transfer Date and (ii) as of or after the Servicing Transfer Date for each Servicing Agreement, all of the duties, obligations, and liabilities
of Seller (other than the Excluded Liabilities) as servicer accrued and pertaining solely to the period from and after such Servicing Transfer Date relating to the Servicing Rights that are subject to such Servicing Agreement (the “Assumed
Liabilities”). 
 (b) Purchaser hereby agrees to act as servicer under each Servicing Agreement following the related
Servicing Transfer Date and assumes responsibility for the due and punctual performance and observance of each covenant and condition to be performed or observed by the servicer under the applicable Servicing Agreement, including the obligation to
service each Mortgage Loan in accordance with the terms of the related Servicing Agreement; provided, however, that the parties hereto acknowledge and agree that neither Purchaser nor any successor servicer assumes any
liabilities of Seller, or any obligations of Seller relating to any period of time prior to the applicable Servicing Transfer Date. Seller hereby acknowledges that neither this Sale Supplement nor the Agreement limits or otherwise releases it from
its liabilities for its acts or omissions as the servicer under the Servicing Agreements prior to the related Servicing Transfer Date. Purchaser hereby acknowledges that Seller shall have no further

  
 -8-

 
obligation as servicer under any of the Servicing Agreements on and after the related Servicing Transfer Date, except to the extent set forth in this Sale Supplement, the Agreement, the
Subservicing Agreement and the Subservicing Supplement. 
 (c) Notwithstanding anything to the contrary contained herein,
Purchaser does not assume any duties, obligations or liabilities of any kind, whether known, unknown, contingent or otherwise, (i) not relating to the Transferred Servicing Rights or the Assumed Liabilities, (ii) attributable to any acts
or omissions to act taken or omitted to be taken by Seller (or any of its Affiliates, agents, contractors or representatives, including, without limitation, any subservicer of the Mortgage Loans) prior to the applicable Servicing Transfer Date,
(iii) attributable to any actions, causes of action, claims, suits or proceedings or violations of law or regulation attributable to any acts or omissions to act taken or omitted to be taken by Seller (or any of its Affiliates, agents,
contractors or representatives, including, without limitation, any subservicer of the Mortgage Loans) prior to the applicable Servicing Transfer Date or (iv) relating to any representation and warranty made by Seller or any of its Affiliates
with respect to the related Mortgage Loans or the Transferred Assets (the “Excluded Liabilities”). Without limiting the generality of the foregoing, it is not the intention that the assumption by Purchaser of the Assumed Liabilities
shall in any way enlarge the rights of any third parties relating thereto. Nothing contained in the Agreement or this Sale Supplement shall prevent any party hereto from contesting matters relating to the Assumed Liabilities with any third party
obligee. 
 (d) From and after the related Servicing Transfer Date, except as otherwise provided for in Section 8.3
of this Sale Supplement, (i) Purchaser shall have complete control over the payment, settlement or other disposition of the Assumed Liabilities and the right to commence, control and conduct all negotiations and proceedings with respect
thereto, subject to the terms of the related Servicing Agreements and (ii) Seller shall have complete control over the payment, settlement or other disposition of the Excluded Liabilities and the right to commence, control and conduct all
negotiations and proceedings with respect thereto. Except as otherwise provided in this Sale Supplement, (i) Seller shall promptly notify Purchaser of any claim made against Seller with respect to the Assumed Liabilities or the Transferred
Assets and shall not voluntarily make any payment of, settle or offer to settle, or consent or compromise or admit liability with respect to, any Assumed Liabilities or Transferred Assets without the prior written consent of Purchaser and
(ii) Purchaser shall promptly notify Seller of any claim made against Purchaser with respect to the Excluded Liabilities and shall not voluntarily make any payment of, settle or offer to settle, or consent or compromise or admit liability with
respect to, any Excluded Liabilities without the prior written consent of Seller. 
 2.5 Remittance of Servicing Fees and
Related Amounts. 
 (a) Seller shall, to the extent permitted under any Deferred Servicing Agreement cause any Servicing
Fees and, to the extent Seller is permitted to retain such amounts under the related Servicing Agreement, any investment income earned on any amounts or deposit in any Custodial Accounts and Escrow Accounts that are payable to Seller on or after the
Closing Date under such Deferred Servicing Agreement, to be deposited directly into Purchaser’s account in accordance with Purchaser’s written directions. In any case, Seller shall within one (1) Business Day of the receipt thereof,
remit to Purchaser any Servicing Fees and, to the extent Seller is permitted to retain such amounts under the related Servicing Agreement, any investment income 

  
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earned on any amounts or deposit in any Custodial Accounts and Escrow Accounts that are received by Seller under any Deferred Servicing Agreement after the Closing Date. Any such amounts shall be
remitted in accordance with Purchaser’s written directions. 
 (b) Seller shall exercise any rights under any Deferred
Servicing Agreement to direct the investment of amounts in any Custodial Account or Escrow Account in accordance with Purchaser’s directions and the terms of the related Deferred Servicing Agreement, the related Mortgage Loan Documents and
Applicable Law. 
 2.6 Payment of Estimated Purchase Price. Subject to the conditions set forth in this Sale Supplement
and the Agreement, Purchaser shall pay the Estimated Purchase Price to Seller at the Closing. The Estimated Purchase Price shall be reconciled to the final Purchase Price in accordance with Section 2.5 of the Agreement. 

ARTICLE 3 

PURCHASE AND SALE OF SERVICING ADVANCE RECEIVABLES 
 3.1 Assignment and Conveyance of Servicing Advance Receivables. Commencing on the Closing Date, and continuing until the close of business on the earlier of the related Servicing Transfer Date or
date of Seller’s termination as servicer pursuant to such Servicing Agreement, subject to the terms and conditions set forth in the Agreement and this Sale Supplement, Seller hereby sells, conveys, assigns and transfers to Purchaser, and
Purchaser acquires from Seller, without recourse except as provided herein, free and clear of any Liens, all of Seller’s right, title and interest, whether now owned or hereafter acquired, in, to and under each Servicing Advance Receivable
(i) in existence on the Closing Date that arose under the Servicing Agreements and is owned by Seller as of the Closing Date, if any (the “Initial Servicing Advance Receivables”), (ii) in existence on any Business Day on
or after the Closing Date that arises under any Servicing Agreement prior to the earlier of the related Servicing Transfer Date or date of Seller’s termination as servicer pursuant to such Servicing Agreement (“Additional Servicing
Advance Receivables”), and (iii) in the case of both Initial Servicing Advance Receivables and Additional Servicing Advance Receivables, all monies due or to become due and all amounts received or receivable with respect thereto and
all proceeds (including “proceeds” as defined in the Uniform Commercial Code in effect in all applicable jurisdictions (the “UCC”)), together with all rights of Seller to enforce such Initial Servicing Advance Receivables
and Additional Servicing Advance Receivables (collectively, the “Transferred Receivables Assets”). Until the related Servicing Transfer Date, Seller shall, automatically and without any further action on its part, sell, assign,
transfer and convey to Purchaser, on each Business Day, each Additional Servicing Advance Receivable not previously transferred to Purchaser and Purchaser shall purchase each such Additional Servicing Advance Receivable. The parties acknowledge and
agree that so long as the Servicing Advance Receivables with respect to a Servicing Agreement are being sold by Purchaser to the Advance SPEs pursuant to the Servicing Advance Financing Agreements, the sale of such Servicing Advance Receivables by
Seller to Purchaser shall be made pursuant to and in accordance with the provisions of the Servicing Advance Financing Agreements, and Seller covenants and agrees to comply with the provisions of such Servicing Advance Financing Agreements with
respect to such Servicing Advance Receivables. 

  
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 3.2 Servicing Advance Receivables Purchase Price. In consideration of the sale,
assignment, transfer and conveyance to Purchaser of the Servicing Advance Receivables and related Transferred Receivables Assets, on the terms and subject to the conditions set forth in this Sale Supplement, Purchaser shall, on each related
Servicing Advance Payment Date, pay and deliver to Seller, in immediately available funds, a purchase price equal to the Servicing Advance Receivables Purchase Price for such Servicing Advance Receivables sold on such date; provided that
Seller shall have complied with the terms of Section 3.1 and Section 3.3 with respect to the related Servicing Advance Receivable. Subject to the proviso of the immediately preceding sentence, to the extent any P&I
Advances are required to be made under the terms of the Deferred Servicing Agreements, as determined by Seller and set forth in the applicable Monthly Remittance Report, Purchaser shall, on the date the related P&I Advance is required to be made
under the related Deferred Servicing Agreement, deposit the Servicing Advance Receivable Purchase Price for such P&I Advances into either the applicable Custodial Account or other applicable account held by the related trustee, master servicer,
securities administrator, or trust administrator, as the case may be, in accordance with the requirements of the related Deferred Servicing Agreement (which may be done directly by Purchaser or though an account established in connection with the
Servicing Advance Facility Agreements) in consideration for such P&I Advance. 
 3.3 Servicing Advances. Seller
covenants and agrees that each Servicer Advance made by Seller under the Servicing Agreements prior to the related Servicing Transfer Date shall (a) be required to be made pursuant to the terms of the related Deferred Servicing Agreement and
comply with the terms of such Deferred Servicing Agreement and Applicable Law, (b) comply with Seller’s advance policies and stop advance policies and procedures and not constitute a nonrecoverable Servicer Advance as of the date Seller
made such Servicer Advance and (c) be supported by customary backup documentation. Seller agrees to provide prompt notice to Purchaser of any Servicer Advance made by Seller under the Deferred Servicing Agreements and deliver to Purchaser such
customary backup documentation relating to any Servicer Advance promptly upon request by Purchaser. In the event Seller cannot provide, or cause to be provided to Purchaser any customary backup documentation, and Purchaser is unable to be reimbursed
for such Servicer Advance solely as a result of such failure, Seller shall reimburse Purchaser for the amount of such unreimbursed Servicer Advances within five (5) Business Days of Purchaser’s written request, to the extent Purchaser paid
Seller for such amounts. 
 3.4 Reimbursement of Servicing Advances. Seller shall, to the extent permitted under any
Deferred Servicing Agreement cause the reimbursement of any Servicer Advances under the Deferred Servicing Agreements to be made directly into Purchaser’s account in accordance with Purchaser’s written directions. In any case, Seller shall
within one (1) Business Day of the receipt thereof, remit to Purchaser any amounts that are received by Seller under any Deferred Servicing Agreement after the Closing Date as reimbursement of any Servicer Advance. Any such amounts shall be
remitted in accordance with Purchaser’s written directions. 

  
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 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
 Seller makes the following
representations and warranties to Purchaser as of (a) each of the Closing Date and each Sale Date or (b) as of such other dates specified below: 
 4.1 General Representations. Each of the representations and warranties set forth in Article 3 of the Agreement are true and correct. 

4.2 Title to Transferred Assets. From and including the Closing Date until such Servicing Rights Assets are transferred to
Purchaser under Section 2.2, Seller shall be the sole holder and owner of the Servicing Rights Assets and shall have good and marketable title to the Servicing Rights Assets, free and clear of any Liens. Upon the sale of such
Servicing Rights Assets pursuant to Section 2.2, Seller will transfer to Purchaser good and marketable title to the Servicing Rights Assets free and clear of any Liens. Seller is the sole holder and owner of the Rights to MSRs and the sale and
delivery to Purchaser of the Rights to MSRs pursuant to the provisions of this Sale Supplement will transfer to Purchaser good and marketable title to the Rights to MSRs free and clear of any Liens. 

4.3 Right to Receive Servicing Fees. Seller is entitled to receive Servicing Fees, Ancillary Income and Prepayment Interest
Excess as servicer under each Servicing Agreement, and the New York Uniform Commercial Code permits the Seller to transfer the Rights to MSRs to Purchaser under the Agreement and this Sales Supplement without violation of any applicable Servicing
Agreement. 
 4.4 Servicing Agreements and Underlying Documents. Schedule I hereto contains a list of all
Servicing Agreements (other than the Underlying Documents) related to the Servicing Rights that are subject to this Sale Supplement and Schedule II hereto contains a list of all Underlying Documents related to such Servicing Agreement,
in each case with all amendments and modifications thereto, or supplements thereto with respect to such Servicing Rights. 
 4.5
Mortgage Pool Information, Related Matters. 
 (a) Seller has delivered to Purchaser one or more summary schedules which
set forth information with respect to each Mortgage Pool relating to the Servicing Rights (the “Summary Schedules”). Seller acknowledges that Purchaser has relied on such Summary Schedules to determine the Purchase Price it was
willing to pay for the Transferred Assets. 
 (b) The Summary Schedules, the Mortgage Loan Schedule and the Database are true,
accurate and complete in all material respects as of the related Cut-off Date or such other date specified thereon. 
 (c) The
Mortgage Loan Schedule indicates, by code reference, which of the Mortgage Loans have been converted into REO Properties as of the Cut-off Date. 
 4.6 Enforceability of Servicing Agreements. 
 (a) Seller has delivered to
Purchaser, on or prior to the related Closing Date, true and complete copies of all Servicing Agreements listed on Schedule I hereto and all amendment thereto and all Underlying Documents listed on Schedule II hereto and all
amendments thereto. There are no other written or oral agreements binding upon Seller or Purchaser that modify, supplement or amend any such Servicing Agreement or Underlying Document. 

  
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 (b) Seller has not received written notice of any pending or threatened cancellation or
partial termination of any Servicing Agreement or Underlying Document or any written notice of any pending or threatened termination of Seller as servicer of any of the Mortgage Loans. 

(c) On and prior to the related Servicing Transfer Date, each Servicing Agreement and each of the Underlying Documents is or was a valid
and binding obligation of Seller, is or was in full force and effect and enforceable against Seller in accordance with its terms, except as such enforceability may be affected by bankruptcy, insolvency, fraudulent conveyance, reorganization and
other similar laws relating to or affecting creditors rights generally and general principles of equity (regardless of whether considered in a proceeding of law or in equity). 
 4.7 Compliance With Servicing Agreements. 
 (a) Seller has serviced the
Mortgage Loans subject to the Servicing Agreements and has kept and maintained complete and accurate books and records in connection therewith, all in accordance with Applicable Requirements, has made all remittances required to be made by it under
each Servicing Agreement and is otherwise in compliance in all material respects with all Servicing Agreements and the Applicable Requirements. 
 (b) (i) No early amortization event, servicer default, servicer termination event, event of default or other default or breach has occurred under any Servicing Agreement or any Underlying Document (except
with respect to the delinquency or loss performance triggers identified in the Summary Schedules), and (ii) no event has occurred, which with the passage of time or the giving of notice or both would: (A) constitute a material default or
breach by Seller under any Servicing Agreement, Underlying Document or under any Applicable Requirement; (B) permit termination, modification or amendment of any such Servicing Agreement or Underlying Document by a third party without the
consent of Seller; (C) enable any third party to demand that either Seller or Purchaser either incur any repurchase obligations pursuant to a Servicing Agreement or an Underlying Document or provide indemnification for any amount of losses
relating to a breach of a loan representation or warranty; (D) impose on Seller or Purchaser sanctions or penalties in respect of any Servicing Agreement or Underlying Document; or (E) rescind any insurance policy or reduce insurance
benefits in respect of any Servicing Agreement or Underlying Document which would result in a material breach or trigger a default of any obligation of Seller under any Servicing Agreement or Underlying Document. 

(c) There are no agreements currently in place with any subservicers to perform any of Seller’s duties under the Servicing
Agreements. 
 (d) Each report and officer’s certification prepared by Seller as servicer pursuant to a Servicing Agreement
is true and correct in all material respects. Seller has previously made available to Purchaser a correct and complete description of the policies and procedures used by Seller in connection with servicing the Mortgage Loans related to the Servicing
Agreements. 

  
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 (e) In the preceding twelve (12) month period, no Governmental Authority, Investor,
Insurer, rating agency, trustee, master servicer or any other party to a Servicing Agreement has provided written notice to Seller claiming or stating that Seller has violated, breached or not complied with any Applicable Requirements in connection
with the servicing of the related Mortgage Loans which has not been resolved by Seller. 
 (f) All Custodial Accounts and Escrow
Accounts have been established and continuously maintained in accordance with Applicable Requirements. All Custodial Account and Escrow Account balances required by the Mortgage Loans and paid for the account of the Mortgagors under the related
Mortgage Loans have been credited properly to the appropriate account and have been retained in and disbursed from the appropriate account in accordance with Applicable Requirements. 

4.8 No Recourse. None of the Servicing Agreements or other contracts to be assumed by Purchaser hereunder provide for Recourse to
Seller. 
 4.9 The Mortgage Loans. 
 (a) Each of the Mortgage Loans and REO Properties related to each Servicing Agreement has been serviced in accordance with Applicable Requirements in all material respects. 

(b) Except as disclosed on the Mortgage Loan Schedule, in the related Database and in the related Loan File and consistent with the
requirements of the related Servicing Agreement, Seller has not waived any default, breach, violation or event of acceleration under any Mortgage Loan, except to the extent that any such waiver is permitted under the related Servicing Agreement and
reflected in the Mortgage Loan Schedule, the related Database and the related Loan File and the disclosure relating to such waiver is reflected consistently in all material respects among the related Mortgage Loan Schedule, the related Database and
the related Loan File. The Mortgage related to each Mortgage Loan related to the Servicing Agreements has not been satisfied, cancelled or subordinated, in whole or in part, and except as permitted under the related Servicing Agreement, the related
Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, or subordination. 

(c) There is in force with respect to each Mortgaged Property and REO Property related to a Servicing Agreement a hazard insurance policy
(including any policy in effect under a forced place insurance policy) and, if applicable, a flood insurance policy that provides, at a minimum, for the coverage as required by the applicable Servicing Agreement. Seller and any prior servicer or
subservicer under the Servicing Agreements has taken all necessary steps to maintain any hazard insurance policy, flood insurance policy, primary mortgage insurance policy, and title insurance policy as required under the Servicing Agreements.

 (d) Seller is not aware of any repurchase requests or demands being made or threatened to be made with respect to any
Mortgage Loans related to the Servicing Agreements in excess of $10 million with respect to any Servicing Agreement. 

  
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 (e) Except as disclosed in the related Database, Seller has not received notice from any
Mortgagor with respect to the Mortgage Loans related to the Servicing Agreements of a request for relief pursuant to or invoking any of the provisions of the Servicemembers Civil Relief Act or any similar law which would have the effect of
suspending or reducing the Mortgagor’s payment obligations under a Mortgage Loan or which would prevent such loan from going into foreclosure. 
 (f) With respect to each adjustable rate Mortgage Loan, Seller and each prior servicer has complied in all material respects with all Applicable Requirements regarding interest rate and payment
adjustments. 
 (g) Each first lien Mortgage Loan is covered by a valid and freely assignable, life of loan, tax service
contract, and flood tracking services contract, in full force and effect. All flood zone determination information provided to Purchaser is true and correct in all material respects. 

(h) There are no actions, claims, litigation or governmental investigations pending or, to the knowledge of Seller, threatened, against
Seller, or with respect to any Servicing Agreement or any Mortgage Loan, which relate to or affect Seller’s rights with respect to the Servicing Rights or Seller’s right to sell, assign and transfer the Servicing Rights or the Rights to
MSRs or to receive any Servicing Fee, which could reasonably be expected to have a Material Adverse Effect individually or in the aggregate. 
 (i) Payments received by Seller with respect to any Mortgage Loans related to the Servicing Agreements have been remitted and properly accounted for as required by Applicable Requirements in all material
respects. All funds received by Seller in connection with the satisfaction of Mortgage Loans, including foreclosure proceeds and insurance proceeds from hazard losses, have been deposited in the appropriate Custodial Account or Escrow Account and
all such funds have been applied to pay accrued interest on the Mortgage Loans, to reduce the principal balance of the Mortgage Loans in question, or for reimbursement of repairs to the Mortgaged Property or as otherwise required by Applicable
Requirements or are on deposit in the appropriate Custodial Account or Escrow Account. 
 (j) Seller is not aware of any Person
that has issued any notice or written intention to exercise the optional call or optional redemption provisions under any of the related Servicing Agreements. 
 (k) No fraudulent action has taken place on the part of Seller in connection with its servicing of any Mortgage Loan related to the Servicing Agreement. 

(l) Except with respect to partial releases, actions required by a divorce decree, assumptions, or as otherwise permitted under
Applicable Requirements and documented in the Loan File and the Database, (i) the terms of each Mortgage Note and Mortgage have not been modified by Seller or any prior servicer, (ii) no party thereto has been released in whole or in part
by Seller or any prior servicer and (iii) no part of the Mortgaged Property has been released by Seller or any prior servicer. 

  
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 4.10 Servicing Advance Receivables. 

(a) From and including the Closing Date until such Servicing Advance Receivable is transferred to Purchaser under
Section 3.1, Seller is the sole holder and owner of each Servicing Advance Receivable and has good and marketable title to such Servicing Advance Receivable. Seller has not previously assigned, transferred or encumbered the Servicing
Advance Receivables other than pursuant to the Agreement, this Sale Supplement and the Servicing Advance Financing Agreements. The sale and delivery to Purchaser of the Servicing Advance Receivables pursuant to the provisions of this Sale Supplement
will transfer to Purchaser good and marketable title to the Servicing Advance Receivables free and clear of any Liens (other than the Liens created pursuant to the Servicing Advance Financing Agreements). 

(b) Each Servicing Advance Receivable transferred to Purchaser under Section 3.1, is at the time of such transfer a valid and
existing account owing to Seller and is carried on the books of Seller at or less than the amount actually advanced or accrued net of any charge-offs or other adjustments by Seller. Seller has not received any notice from a master servicer,
securities administrator, trustee, Insurer, Investor or any other Person, which disputes or denies a claim by Seller for reimbursement in connection with any such Servicing Advance Receivable. Each Servicer Advance made by Seller (and each trailing
invoice received by Purchaser on or after the related Servicing Transfer Date for services rendered prior to such Servicing Transfer Date) that is reimbursed or paid by Purchaser to Seller or a third party service provider is fully reimbursable to
Purchaser as a Servicer Advance under the terms of the related Servicing Agreement. 
 (c) Each Servicer Advance made by Seller
was made in accordance with Applicable Requirements and Seller’s advance policies and stop advance policies and procedures in all material respects, and is not subject to any set-off or claim that could be asserted against Purchaser. No
Servicer Advance made by Seller or any prior servicer under a Servicing Agreement and not reimbursed or paid to Seller prior to the related Sale Date is a Non-Qualified Servicer Advance. Seller has not received any written notice from any Person in
which such Person disputes or denies a claim by Seller for reimbursement in connection with a specifically identified Servicer Advance. 
 4.11 Servicing Agreement Consents and Other Third Party Approvals. None of the execution, delivery and performance of the Agreement and this Sale Supplement by Seller, the transfers of Servicing
Rights under Section 2.2, the transfer of Rights to MSRs under Section 2.1, the transfers of Servicing Advance Receivables under Section 3.1 and the other transactions contemplated hereby require any consent,
approval, waiver, authorization, penalties, notice or filing to be obtained by Seller or Purchaser from, or to be given by Seller or Purchaser to, or made by Seller or Purchaser with, any Person, except for, with respect to the Servicing Rights
Assets, the Third Party Consents. 
 4.12 Servicing Advance Financing Agreements. 

(a) All of the Servicing Agreements are “Facility Eligible Servicing Agreements,” and each Servicer Advance to be owned by an
Advance SPE is a “Facility Eligible Receivable,” each as defined under the Servicing Advance Financing Agreements. 

  
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 (b) All of the representations and warranties of Seller in the Servicing Advance Financing
Agreements are true and correct, and no early amortization event, default, event of default or similar event has occurred under the Servicing Advance Financing Agreements. 
 (c) Each of Seller and its Affiliates have complied in all material respects with the terms of the existing Servicing Advance Financing Agreements. 

4.13 Anti-Money Laundering Laws. Seller has complied with all applicable anti-money laundering laws and regulations. 

4.14 Servicer Ratings. Seller has a residential primary servicer rating for the servicing of subprime residential mortgage loans
issued by S&P, Fitch or Moody’s at or above “Above Average,” “RPS3” and “SQ2-”, respectively. 
 4.15 Eligible Servicer. Seller meets the eligibility requirements of a servicer and a subservicer under the terms of each Servicing Agreement and Underlying Document. 

4.16 HAMP. Seller has entered into a Commitment to Purchase Financial Instrument and Servicer Participation Agreement with Fannie
Mae, as financial agent of the United States, which agreement is in full force and effect. 
 ARTICLE 5 

CONDITIONS PRECEDENT 
 5.1 Conditions to the Purchase of the Rights to MSRs. Purchaser’s obligations to purchase the Rights to MSRs pursuant to Section 2.1 and the Servicing Rights pursuant to
Section 2.2 and to pay the Purchase Price (and the Estimated Purchase Price) pursuant to Section 2.3 and Section 2.6 are subject to the satisfaction or Purchaser’s waiver of each of the conditions set forth
in Section 6.1 and Section 6.3 of the Agreement (except the requirement to deliver the Third Party Consents necessary to transfer the Servicing Rights pursuant to Section 2.2) with respect to each of the Servicing
Agreements and each of the Servicing Rights, as applicable, on the Closing Date and the satisfaction of each of the following conditions: 
 (a) Seller shall have obtained all consents or approvals required to be obtained to consummate the transfers of the Rights to MSRs to Purchaser pursuant to Section 2.1; 

(b) The Servicing Advance Facility Agreements shall have been executed and delivered by each of the parties thereto and all of the
conditions precedent to the effectiveness of the Servicing Advance Facility Agreements set forth therein have been satisfied; 

(c) Home Loan Servicing Solutions, Ltd. shall have completed a successful initial public offering and contributed proceeds therefrom to
Purchaser in an amount sufficient to pay the Purchase Price on the Closing Date; 
 (d) The Subservicing Agreement and the
Subservicing Supplement shall have been executed and delivered by each of the parties thereto and all of the conditions precedent to the effectiveness of the Subservicing Agreement and the Subservicing Supplement set forth therein have been
satisfied. 

  
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 ARTICLE 6 
 SERVICING MATTERS 
 6.1 Seller as Servicer. Except as expressly set
forth in this Sale Supplement, Seller shall perform all its the duties and obligations of under each Servicing Agreement until the related Servicing Transfer Date and shall at all times until the related Servicing Transfer Date meet any standards
and fulfill any requirements applicable to Seller under each Servicing Agreement. 
 6.2 Servicing. Except as otherwise
specifically provided in this Sale Supplement, Seller covenants and agrees to service and administer each Mortgage Loan related to a Servicing Agreement from and after the Closing Date until the related Servicing Transfer Date in accordance with
Applicable Law, the terms of the related Mortgage Loan Documents and any applicable private mortgage insurance or pool insurance, the standards, requirements, guidelines, procedures, restrictions and provisions of the related Servicing Agreement and
Underlying Documents governing the duties of Seller thereunder, this Sale Supplement and any other Applicable Requirements. Without limiting the foregoing, Seller covenants and agrees that it shall perform its obligations pursuant to this Sale
Supplement in a manner that will not cause the termination of Seller as servicer under any Deferred Servicing Agreement, including any termination based on Seller’s management of delinquency or loss performance with respect to Mortgage Loans
related to such Deferred Servicing Agreement. The parties acknowledge and agree that any termination of Seller as servicer with respect to a Servicing Agreement pursuant to a delinquency or loss performance trigger or for any other reason, other
than as a result of a failure by Purchaser to purchase Servicing Advance Receivables pursuant to Section 3.1, shall be deemed to be the result of a breach by Seller of its obligations under this Sale Supplement and the Agreement. In the
event of a conflict between a Servicing Agreement and this Article 6, the Servicing Agreement shall control. 
 6.3
Collections from Obligors and Remittances. Seller shall direct the obligors on the Deferred Mortgage Loans to remit payment on the Deferred Mortgage Loans to the Clearing Account (as defined in the Servicing Agreement) and shall within one
(1) Business Day of receipt promptly deposit any amounts Seller receives with respect to the Deferred Mortgage Loans in the Clearing Account. Seller shall promptly remit all amounts received by Seller with respect to the Mortgage Loans to the
applicable Custodial Account or Escrow Account, but no later than the earlier of two (2) Business Days after receipt thereof or the date required pursuant to the applicable Deferred Servicing Agreement; provided, that Seller shall,
subject to the terms of the related Servicing Agreement, remit any such amounts that constitute recovery of a Servicer Advance to the applicable account, if any, specified by Purchaser pursuant to Section 3.4 within one (1) Business
Day of receipt thereof; provided, further, that Seller shall, subject to the terms of the related Servicing Agreement, remit any such amounts that constitute Servicing Fee to the applicable account, if any, specified by Purchaser pursuant to
Section 2.5 within one (1) Business Day of receipt thereof. Seller shall also making any compensating interest payments or prepayment interest shortfall payments required to be made by Seller with respect to

  
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the Mortgage Loans under the Deferred Servicing Agreements, and shall remit any such payments to the applicable Custodial Account no less than one (1) Business Day prior to the applicable
remittance date for such Servicing Agreement. 
 6.4 Servicing Practices. Seller shall not make any material change to
its servicing practices with respect to the Deferred Mortgage Loans after the date hereof, including, any material changes to its cash collection and sweep processes or its advance policies or stop advance policies, without Purchaser’s prior
written consent, which consent shall not be unreasonably withheld or delayed. Purchaser shall have the right to direct Seller to implement reasonable changes to Seller’s servicing practices applicable with respect to all or a portion of
the Mortgage Loans, including any changes necessary to ensure compliance with any Applicable Laws or governmental programs or directions received pursuant to the applicable Servicing Agreements. 

6.5 Servicing Reports. Seller shall simultaneously deliver a copy of any reports delivered by Seller to any Person pursuant to the
Deferred Servicing Agreements to Purchaser. 
 6.6 Escrow Accounts. Subject to the terms of the related Deferred
Servicing Agreement, Seller shall be entitled to withdraw funds from any Escrow Account related to a Deferred Servicing Agreement only for the purposes permitted in the applicable Servicing Agreement. 

6.7 Notices and Financial Information. Until the last Servicing Transfer Date, Seller will furnish, or will cause to be furnished,
to Purchaser: 
 (a) within two (2) Business Days after the occurrence of a breach by Seller of the Agreement or this Sale
Supplement or any Termination Event or other event that would give Purchaser the right to direct Seller to transfer the Servicing Rights with respect to any Deferred Servicing Agreement, notice of such event; 

(b) any information required to be delivered by Seller pursuant to Section 5.10 of the Subservicing Agreement, which
information shall be delivered at such times as specified in Section 5.10 of the Subservicing Agreement, provided that any reference to a “Subject Servicing Agreement” in Section 5.10 of the Subservicing Agreement
shall be deemed to be a reference to a “Deferred Servicing Agreement,” for the purposes of this Section 6.7; and 
 (c) such other information regarding the condition or operations, financial or otherwise, of Seller or any of its subsidiaries as Purchaser may from time to time reasonably request. 

6.8 Defaults under Deferred Servicing Agreements. Seller covenants and agrees to use its reasonable best efforts to cure any
breach, default or notice of default with respect to its obligations under any Deferred Servicing Agreement within the timeframe for cure set forth in such Deferred Servicing Agreement. 

6.9 Continuity of Business. (a) Seller will maintain a disaster recovery plan in support of the services it performs pursuant
to this Sale Supplement and each Deferred Servicing Agreement. Seller’s disaster recovery plan shall include, at a minimum, procedures for back-

  
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up/restoration of operating and loan administration computer systems; procedures and third-party agreements for replacement equipment (e.g. computer equipment), and procedures and third-party
agreements for off-site production facilities. Seller will provide Purchaser information regarding its disaster recovery plan upon Purchaser’s reasonable request. Seller agrees to annually test its disaster recovery plan to ensure compliance
with this Section 6.9. If such test results identify a material failure, Seller shall advise Purchaser of the steps Seller will be taking to remedy such failure and shall notify Purchaser when Seller has remedied such failure and
retested. Seller will notify Purchaser anytime Seller’s disaster recovery plan is activated. In the event of an activation of the disaster recovery plan, Seller shall use best efforts to provide redundancy capabilities for a majority of the
critical systems within 48 hours in at least one of Seller’s other servicing facilities unaffected by the disaster to ensure servicing of the Mortgage Loans will be re-established within such 48 hours. 

6.10 Optional Termination or Clean Up Calls. Seller may exercise its rights under any optional termination or clean up call
provision pursuant to a Deferred Servicing Agreement prior to the related Servicing Transfer Date; provided that simultaneously or prior to such exercise, (i) Seller or its designee agrees to purchase, and purchases, the Mortgage Loans
that are subject to such Deferred Servicing Agreement at a purchase price that is at least equal to the applicable purchase price pursuant to such Deferred Servicing Agreement, (ii) all unreimbursed Servicer Advances and other amounts owed to
Purchaser with respect to such Deferred Servicing Agreement under the Sale Supplement or otherwise are paid to Purchaser, (iii) Seller shall have paid to Purchaser a redemption fee with respect to such Deferred Servicing Agreement equal to the
Book Value of the Rights to MSRs related to such Deferred Servicing Agreement on Purchaser’s financial statements as of the date of such optional termination or clean up call and (iv) Seller shall provide at least ten (10) Business
Days prior written notice to Purchaser of such exercise. 
 6.11 Amendments to Deferred Servicing Agreements; Transfer of
Servicing Rights. Seller hereby covenants and agrees not to amend the Servicing Agreements without Purchaser’s prior written consent. Seller shall not sell or otherwise voluntarily transfer servicing under any of the Deferred Servicing
Agreement during the Consent Period except as expressly provided in this Sale Supplement or take any other actions inconsistent with Purchaser’s right to acquire ownership of Servicing Rights with respect to a Servicing Agreement upon receipt
of the required Third Party Consents. 
 6.12 Assumption of Servicing Duties; Transfer of Rights to MSRs and Servicing
Rights. Purchaser may from time to time designate any of Seller’s servicing obligations under a Deferred Servicing Agreement and assume the performance of such obligations so long as such assumption is permitted pursuant to such Deferred
Servicing Agreement and does not limit Seller’s right to receive the Servicing Fees pursuant to such Deferred Servicing Agreement. Notwithstanding anything in the Agreement or this Sale Supplement to the contrary, Purchaser may transfer the
Rights to MSRs to any third party and/or may direct Seller to transfer the Servicing Rights to a third party that can obtain the required Third Party Consents, subject to the right of the Seller to receive the Seller Monthly Servicing Fee, the
Performance Fee, the Ancillary Income and, if applicable, the Prepayment Interest Excess owed to Seller with respect to such Deferred Servicing Agreement pursuant to Article 7. For the avoidance of doubt, Purchaser shall be entitled to
receive all proceeds of such transfer. 

  
 -20-

 6.13 Termination Event. In the case that any Termination Event occurs with respect
to any Servicing Agreement during the Consent Period, Seller shall, upon Purchaser’s written direction to such effect, use commercially reasonable efforts to transfer the Servicing Rights relating to any affected Servicing Agreement to a third
party servicer identified by Purchaser with respect to which all required Third Party Consents with respect to such Servicing Agreement can be obtained. Purchaser shall be entitled to receive all proceeds of such transfer. 

6.14 Servicing Transfer. Seller and Purchaser shall, prior to the Servicing Transfer Date with respect to each Servicing
Agreement, work in good faith to determine and agree upon applicable servicing transfer procedures with respect to such Servicing Agreement. 
 6.15 Incorporation of Provisions from Subservicing Agreement. The provisions of each of Sections 5.3, 5.4, 5.5, 5.6, 5.7, 5.8 (excluding the first sentence
thereof), 5.17 and 5.18, and Exhibit A of the Subservicing Agreement are hereby incorporated into this Sale Supplement by reference, mutatis mutandis, as if its provisions were fully set forth herein; provided that
any reference therein to the defined terms “Ocwen,” “Servicer,” “Mortgage Loan,” “Subject Servicing Agreement” and “Agreement,” shall be deemed for purposes of this Sale Supplement to be references
to the terms “Seller,” “Purchaser,” “Deferred Mortgage Loan,” “Deferred Servicing Agreement” and “Sale Supplement,” respectively and any reference therein to the phrase “during the term of this
Agreement” shall be deemed for purposes of this Sale Supplement to be references to the phrase “until the last Servicing Transfer Date.” 
 ARTICLE 7 
 SELLER SERVICING FEES; COSTS AND EXPENSES 

7.1 Seller Monthly Servicing Fee. As consideration for Seller servicing the Mortgage Loans pursuant to the Deferred Servicing
Agreements during the applicable Consent Period but prior to the earlier of the date on which the Servicing Rights are transferred from Seller with respect to a Deferred Servicing Agreement or Servicing Fee Reset Date, Purchaser shall pay to Seller
a monthly base servicing fee for each calendar month during such period during which Seller is servicing Mortgage Loans with respect to Deferred Servicing Agreements pursuant to this Sale Supplement equal to 12% of the aggregate Servicing Fees
actually received by Purchaser under this Sale Supplement during such calendar month with respect the Deferred Servicing Agreements (the “Seller Monthly Servicing Fee”). 

7.2 Performance Fee. In addition to the Seller Monthly Servicing Fee, Purchaser shall pay to Seller for each calendar month during
which Purchaser is servicing Mortgage Loans with respect to Deferred Servicing Agreements pursuant to this Sale Supplement a performance fee (“Performance Fee”) equal to the greater of (a) zero and (b) (x) the excess,
if any, of the aggregate of all Servicing Fees actually received by Purchaser with respect to the Deferred Servicing Agreements and pursuant to the Transferred Servicing Agreements (whether directly pursuant to such Transferred Servicing Agreements
or pursuant to this Sale Supplement) during such calendar month over the sum of (i) the Monthly Servicing Fee for such calendar month and (ii) the Retained Servicing Fee for such calendar month multiplied by (y) a fraction,
(i) the 

  
 -21-

 
numerator of which is the average unpaid principal balance of all Mortgage Loans subject to the Deferred Servicing Agreements during such calendar month and (ii) the denominator of which is
equal to the sum of the average unpaid principal balance of all Mortgage Loans subject to the Deferred Servicing Agreements during such calendar month and the average unpaid principal balance of all Mortgage Loans subject to the Transferred
Servicing Agreements during such calendar month, or such other allocation percentage which is agreed by Seller and Purchaser (the “Allocation Percentage”). The Performance Fee, if any, for any calendar month will be reduced by an
amount equal to (y) 6.50% per annum (i.e., 0.5417% per month) of the Excess Servicing Advances, if any, for such month multiplied by the Allocation Percentage. If the Closing Date does not occur on the first day of a calendar month,
the Performance Fee for the period from the Closing Date to the last of the calendar month in which the Closing Date occurs shall be calculated in a pro rata manner based on the number of days in such period. Notwithstanding any provision in this
Sale Supplement to the contrary, in the event Purchaser has failed to pay Seller any Seller Monthly Servicing Fee or Performance Fees that are past due after ten (10) Business Days of Purchaser receiving notice of such failure, Seller shall not
be required to continue to act as subservicer until such time as Purchaser has fully paid such past due Seller Monthly Servicing Fee or Performance Fee; provided that Purchaser shall not have notified Seller that it disputes the occurrence or
amount of such past due Seller Monthly Servicing Fee or Performance Fee. 
 7.3 Costs and Expenses. Except as otherwise
expressly provided in the Agreement or this Sale Supplement, each party hereto shall be responsible for its own costs and expenses incurred in connection with the negotiation and execution of the Agreement, this Sale Supplement and all documents
relating thereto. Seller shall be required to pay all expenses incurred by it in connection with its obligations hereunder to the extent such expenses do not constitute Servicer Advances and shall not be entitled to reimbursement therefor except as
specifically provided for herein or in the applicable Deferred Servicing Agreement. Seller shall reimburse Purchaser for any reasonable out-of-pocket costs, including legal fees, incurred by Purchaser in connection with obtaining any required Third
Party Consents; provided, however, that Purchaser shall not incur such costs without the prior written approval of Seller. Purchaser shall pay the conversion fee payable in connection with the amendment and restatement of the Servicer
Advance Financing Agreements. 
 7.4 Ancillary Income. Seller shall be entitled to retain as additional compensation any
Ancillary Income and any Prepayment Interest Excess received by Seller with respect to the Deferred Mortgage Loans, to the extent such Ancillary Income or Prepayment Interest Excess is permitted to be retained by Seller pursuant to the related
Deferred Servicing Agreement. 
 7.5 Calculation and Payment. No later than the second Business Day following the receipt
by Purchaser of the Monthly Servicing Oversight Report for a calendar month, Purchaser will remit to Seller in immediately available funds the Seller Monthly Servicing Fee and Performance Fees payable by Purchaser to Seller for the related calendar
month, along with a report showing in reasonable detail the calculation of such Seller Monthly Servicing Fees and Performance Fees. 
 7.6 No Offset. Neither party shall have any right to offset against any amount payable hereunder or other agreement to the other party, or otherwise reduce any amount payable hereunder as a result
of, any amount owing by the other party or any of its Affiliates to such party or any of its Affiliates. 

  
 -22-

 7.7 Servicing Fee Reset Date. The servicing fees payable to Seller after the
Servicing Fee Reset Date shall be subject to negotiation between Seller and Purchaser. If Seller and Purchaser are unable to agree to such servicing fee prior to the Servicing Fee Reset Date, Seller shall, upon Purchaser’s written direction to
such effect, transfer the Servicing Rights relating to all of the Deferred Servicing Agreements to a third party servicer identified by Purchaser with respect to which all required Third Party Consents with respect to the Deferred Servicing
Agreements can be obtained. Purchaser shall be entitled to receive all proceeds related to such transfer. 
 ARTICLE 8

 INDEMNIFICATION 
 8.1 Seller Indemnification of Purchaser. Seller agrees to indemnify and hold harmless Purchaser and each officer, director, agent, employee or Affiliate of Purchaser (each, a “Seller
Indemnified Party”) from and against any and all claims, losses, damages, liabilities, judgments, penalties, fines, forfeitures, legal fees and expenses, and any and all related costs and/or expenses of litigation, administrative and/or
regulatory agency proceedings, and any other costs, fees and expenses (each, a “Liability”) suffered or incurred by Purchaser or any such other Person (whether or not resulting from a third party claim) arising directly or
indirectly out of or resulting from (a) any event relating to Transferred Assets occurring prior to the related Servicing Transfer Date, (b) a breach of any of Seller’s representations and warranties contained in the Agreement, this
Sale Supplement or any other Related Agreement or Seller’s failure to observe and perform any of Seller’s duties, obligations, covenants or agreements contained in the Agreement, this Sale Supplement or any other Related Agreement,
(c) acts or omissions of Seller, any other servicer of any Mortgage Loans, or any subservicer, contractor or agent engaged by Seller or any other servicer, in each case prior to the related Servicing Transfer Date, relating to the Transferred
Assets, including any failure by Seller, any other servicer or any subservicer, contractor or agent engaged by Seller or any other servicer prior to the related Servicing Transfer Date to comply with the Applicable Requirements, (d) the
Excluded Liabilities or (e) any acts or omissions by Seller or its employees or agents in performance of its duties or obligations pursuant to this Sale Supplement. 
 8.2 Purchaser Indemnification of Seller. Purchaser agrees to indemnify and hold harmless Seller and each officer, director, agent, employee or Affiliate of Seller (each, a “Purchaser
Indemnified Party”) from and against any and all Liability suffered or incurred by Seller or any such other Person arising out of or resulting from (a) a breach of any of Purchaser’s representations and warranties or covenants
contained in the Agreement, the Sale Supplement or any other Related Agreement or (b) acts or omissions of Purchaser or any subservicer, contractor or agent (other than Seller or any of Seller’s Affiliates) engaged by Purchaser, in each
case after the related Servicing Transfer Date, relating to the Transferred Assets. 

  
 -23-

 8.3 Indemnification Procedures. 

(a) As promptly as is reasonably practicable after becoming aware of a claim for indemnification under the Agreement or this Sale
Supplement not involving a Third-Party Claim, but in any event no later than fifteen (15) Business Days after first becoming aware of such claim, the Indemnified Person shall give notice to the Indemnifying Person of such claim, which notice
shall specify the facts alleged to constitute the basis for such claim and the amount that the Indemnified Person seeks hereunder from the Indemnifying Person; provided, however, that the failure of the Indemnified Person to give such
notice shall not relieve the Indemnifying Person of its obligations under this Section 8.3 except to the extent (if any) that the Indemnifying Person shall have been prejudiced thereby. 

(b) The Indemnified Person shall give notice as promptly as is reasonably practicable, but in any event no later than ten
(10) Business Days after receiving notice thereof, to the Indemnifying Person of the assertion of any claim, or the commencement of any action, suit, claim or proceeding, by any unaffiliated third Person (a “Third-Party Claim”)
in respect of which indemnity may be sought under the Agreement or this Sale Supplement (which notice shall specify in reasonable detail the nature and amount of such claim); provided, however, that the failure of the Indemnified
Person to give such notice shall not relieve the Indemnifying Person of its obligations under this Section 8.3 except to the extent (if any) that the Indemnifying Person shall have been prejudiced thereby. The Indemnifying Person may, at
its own expense, (i) participate in the defense of any such Third-Party Claim, and (ii) upon notice to the Indemnified Person, at any time during the course of any such Third-Party Claim, assume the defense thereof with counsel of its own
choice and, in the event of such assumption, shall have the exclusive right, subject to clause (i) in the proviso in Section 8.3(c), to settle or compromise such Third-Party Claim. If the Indemnifying Person assumes such
defense, the Indemnified Person shall have the right (but not the duty) to participate in the defense thereof and to employ counsel, at its own expense, separate from the counsel employed by the Indemnifying Person. Whether or not the Indemnifying
Person chooses to defend or prosecute any such Third-Party Claim, all of the parties hereto shall cooperate in the defense or prosecution thereof. 
 (c) Any settlement or compromise made or caused to be made by the Indemnified Person (unless the Indemnifying Person has the exclusive right to settle or compromise under clause (ii) of
Section 8.3(b) or the Indemnifying Person, as the case may be), of any such Third-Party Claim shall also be binding upon the Indemnifying Person or the Indemnified Person, as the case may be, in the same manner as if a final judgment had
been entered by a court of competent jurisdiction in the amount of such settlement or compromise; provided, however, that (i) no obligation, restriction, loss or admission of guilt or wrongdoing shall be imposed on the Indemnified
Person as a result of such settlement or compromise without its prior written consent and (ii) the Indemnified Person will not compromise or settle any Third Party Claim without the prior written consent of the Indemnifying Person. 

(d) Except as specifically provided for in the Agreement or this Sale Supplement, no claim may be made by an Indemnified Person for any
special, indirect, punitive or consequential damages (“Special Damages”) in respect of any breach or wrongful conduct (whether the claim therefor is based on contract, tort or duty imposed by law) in connection with, arising out of,
or in any way related to the transactions contemplated, or relationship established, by this 

  
 -24-

 
Agreement or any Sale Supplement, or any act, omission or event occurring in connection herewith or therewith, and to the fullest extent permitted by law, each of Seller and Purchaser hereby
waives, releases and agrees not to sue upon any such claim for Special Damages, whether or not accrued or whether or not known or suspected to exist in its favor. 
 8.4 Tax Treatment. (a) Seller and Purchaser agree that all payments made by any of them to or for the benefit of the other under this Article 8, under other indemnity provisions of the
Agreement or this Sale Supplement and for any misrepresentations or breaches of warranties or covenants, shall be treated as adjustments to the Purchaser Price for tax purposes and that such treatment shall govern for purposes hereof except to the
extent that the Applicable Laws of a particular jurisdiction provide otherwise. 
 (b) Seller, Purchaser and each of their
respective Affiliates agree that entering into this Sale Supplement shall be treated for all tax purposes as a sale of the Servicing Rights Assets and the Purchaser shall be treated as the beneficial owner of the Servicing Rights Assets for tax
purposes as a result of entering into this Sale Supplement. The parties covenant and agree to take no position for Tax purposes contrary to the foregoing tax treatment, and to prevent any Affiliate from taking such a contrary position. 

(c) All payments made pursuant to this Agreement shall be made free and clear and without deductions of any kind for taxes. 

8.5 Survival. The parties’ obligations under this Article 8 shall survive any termination of the Agreement and/or
this Sale Supplement. 
 8.6 Additional Indemnification. (a) Without limiting Seller’s obligations under
Article 8 of this Sale Supplement, it is agreed by the parties that if Seller is terminated as servicer under any Deferred Servicing Agreement as a result of any action described in clauses (a) through (e) of
Section 8.1 above, Seller shall also pay to Purchaser, as reasonable and just compensation for such termination, an amount equal to the product of (i) the Purchase Price for such Deferred Servicing Agreement and (ii) the
Amortization Percentage for the calendar month in which Seller received notice of such termination, and Purchaser shall accept such sum as liquidated damages, and not as penalty, in the event of such a termination. 

8.7 Specific Performance. Notwithstanding any other provision of the Agreement or this Sale Supplement, (i) it is understood
and agreed that the remedy of indemnity payments pursuant to this Article 8 and other remedies at law would be inadequate in the case of any actual or threatened breach of the Agreement or this Sale Supplement by Seller and
(ii) Purchaser shall be entitled, without limiting its other remedies and without the necessity of proving actual damages or posting any bond, to equitable relief, including the remedy of specific performance or injunction, with respect to any
breach or threatened breach of such covenants. Such relief shall be in addition to, and not in lieu of, all other remedies available at law or in equity to such party under the Agreement and this Sale Supplement. 

  
 -25-

 ARTICLE 9 
 GRANT OF SECURITY INTEREST 
 9.1 Granting Clause. To secure its
performance of its obligations under the Agreement and this Sale Supplement, Seller hereby grants to Purchaser a security interest in all of its right, title and interest in an to the following, whether now owned or hereafter acquired, and all
monies “securities,” “instruments,” “accounts,” “general intangibles,” “payment intangibles,” “payment intangibles,” “goods,” “letter of credit rights,” “chattel
paper,” “financial assets,” “investment property,” (each as defined in the applicable UCC) and other property consisting of, arising from or relating to any of the following: 

(a) the Servicing Rights in respect of all of the Mortgage Loans and REO Properties related to the Deferred Servicing Agreements, in each
case together with all related security, collections and payments thereon and proceeds of the conversion, voluntary or involuntary of the foregoing; 
 (b) the Rights to MSRs with respect to each Servicing Agreement; 
 (c) all
Servicing Fees, Ancillary Income and Prepayment Interest Excess received under the Deferred Servicing Agreements and subject to Section 6.10 of this Sale Supplement any rights to exercise any optional termination or clean-up call
provisions under the Deferred Servicing Agreements; 
 (d) all income from amounts on deposit in Custodial Accounts and Related
Escrow Accounts related to the Deferred Servicing Agreements; 
 (e) all files and records in Seller’s possession or
control, including the related Database, relating to the assets specified in clauses (a) through (d); 
 (f) all causes of
action, lawsuits, judgments, claims, refunds, choses in action, rights of recovery, rights of set-off, rights of recoupment, demands and any other rights or claims of any nature, whether arising by way of counterclaim or otherwise, available to or
being pursued by Seller to the extent related exclusively to any of the foregoing and/or the Assumed Liabilities; and 
 (g) any
proceeds of any of the foregoing (collectively, the “Collateral”). 
 This Sale Supplement shall constitute a security
agreement under applicable law. Seller agrees that from time to time it shall promptly execute and deliver all additional instruments and documents and take all additional action that Purchaser may reasonably request in order to perfect the
interests of Purchaser in, to and under, or to protect, the Collateral or to enable Purchaser to exercise or enforce any of its rights or remedies hereunder. To the fullest extent permitted by applicable law, Seller hereby authorizes Purchaser to
file financing statements and amendments thereto in connection with the grant of a security interest pursuant to this Section 9.1. Seller covenants and agrees to take all necessary action to prevent the creation or imposition of any Lien
upon any of the Collateral, and to maintain the Collateral free and clear of all Liens, other than the Lien securing the obligations of Seller arising under this Sale Supplement. 

  
 -26-

 ARTICLE 10 
 MISCELLANEOUS PROVISIONS 
 10.1 Further Assurances. Without limiting
Section 5.7 of the Agreement, each party hereto shall execute and deliver in a reasonable timeframe such reasonable and appropriate additional documents, instruments or agreements and take such reasonable actions as may be necessary or
appropriate to effectuate the purposes of this Sale Supplement at the request of the other party. Without limiting the foregoing, the Seller agrees that it will promptly at Purchaser’s request execute and deliver an one or more assignment and
assumption agreements, in form mutually agreed to by the parties, one or more equity interest assignments, in form mutually agreed to by the parties, or such other documents, instruments or agreements as Purchaser may reasonably request to evidence
the transfers of Rights to MSRs pursuant to Section 2.1, Servicing Rights pursuant to Section 2.2 and Transferred Receivables Assets pursuant to Section 3.1. 

10.2 Compliance with Applicable Laws; Licenses. Seller will comply with all Applicable Laws in connection with the performance of
its obligations under the Agreement and this Sale Supplement. Seller shall maintain all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of Seller to perform its
obligations under the Agreement and this Sale Supplement. 
 10.3 Merger, Consolidation, Etc.. Seller will keep in
full effect its existence, rights and franchises as a limited liability company, and will obtain and preserve its qualification to do business as a foreign organization in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of the Agreement, this Sale Supplement, each Deferred Servicing Agreement or any of the Deferred Mortgage Loans, or to perform its duties under the Agreement or this Sale Supplement. Seller may be merged or
consolidated with or into any Person, or transfer all or substantially all of its assets to any Person, in which case any Person resulting from any merger or consolidation to which Seller shall be a party or acquiring all or substantially all of the
assets of Seller, or any Person succeeding to the business of Seller shall be the successor of Seller hereunder and under the Agreement, without the execution or filing of any paper or any further act on the part of any of the parties hereto;
provided, however, that the successor or surviving Person shall be an institution whose deposits are insured by FDIC or a company whose business includes the servicing of mortgage loans and shall have a tangible net worth not less than $25,000,000.

 10.4 Annual Officer’s Certificate. Not later than March 15th of each calendar year commencing in 2013, Seller shall deliver to
Purchaser an Officer’s Certificate stating, as to each signatory thereof, that (i) a review of the activities of Seller during the preceding year and of performance under the Agreement and this Sale Supplement has been made under such
officers’ supervision and (ii) to the best of such officer’s knowledge, based on such review, Seller has fulfilled all of its obligations under the Agreement and this Sale Supplement in all material respects throughout such year, or,
if there has been a default in the fulfillment of any such obligation in any material respect, specifying each such default known to such officer and the nature and status thereof. 

  
 -27-

 10.5 Accounting Treatment. Notwithstanding Section 8.14 of the
Agreement, the parties acknowledge that until such time as the Third Party Consents with respect to a Servicing Agreement are obtained, the parties shall treat the transaction hereunder with respect to such Servicing Agreement as a financing for
accounting purposes. 
 10.6 Incorporation. The provisions of Article 8 of the Agreement are hereby incorporated
into this Sale Supplement by reference, mutatis mutandis, as if its provisions were fully set forth herein. 
 10.7
Third Party Beneficiaries. Seller and Purchaser each acknowledges and agrees that the indenture trustee, on behalf of the holders of related notes, with respect to any Servicing Advance Financing Agreements pursuant to which Purchaser has
transferred Servicer Advances made pursuant to a Deferred Servicing Agreement is an express third party beneficiary of this Sale Supplement and the Agreement solely with respect to the Deferred Servicing Agreements related to such Servicing Advance
Financing Agreement. 
 [Signature Page Follows] 

  
 -28-

 IN WITNESS WHEREOF, the parties hereto have caused this Sale Supplement to be executed and
delivered by its respective officer thereunto duly authorized as of the date above written. 
  

			
	OCWEN LOAN SERVICING, LLC
		
	 By:
	 	 
		 	Name: John Britti
		 	 Title: Authorized Signatory

  

			
	HLSS HOLDINGS, LLC
		
	By:	 	Home Loan Servicing Solutions, Ltd., its sole member

  

			
		
	By:	 	 
		 	Name: James Lauter
		 	Title: CFO

 EXHIBIT A 
 Form of Monthly Remittance Report 
  

			
	 Ocwen Loan Servicing, LLC
	  	xxx
	 Deal Name
	  	
	 Remittance Summary
	  	[Month] [Year]

  

					
	 Particulars
	  	Amount ($)	 
	 Scheduled Principal Payments
	  	 	0.00	  
	 Curtailments
	  	 	0.00	  
	 Interest on curtailment
	  	 	0.00	  
	 Pool to Security
	  	 	0.00	  
	 Payoff Principal
	  	 	0.00	  
	 Neg Amt Prin
	  	 	0.00	  
	 Deferred Principal Paid
	  	 	0.00	  
		  	  
	  
	 
	 Total Principal remitted
	  	 	0.00	  
		  	  
	  
	 
	 Gross Scheduled Interest
	  	 	0.00	  
	 Less: Service fee amount
	  	 	0.00	  
	 Less: LPMI Premium
	  	 	0.00	  
	 Add: INT on STA Reinstatement
	  	 	0.00	  
	 Add: INT on STA Paid-in-full
	  	 	0.00	  
	 Less: STA PI Recoveries
	  	 	0.00	  
		  	  
	  
	 
	 Total Interest remitted
	  	 	0.00	  
		  	  
	  
	 
	 Less: Realized Loss
	  	 	0.00	  
	 Less: Trailing expenses
	  	 	0.00	  
	 Add: Trailing income
	  	 	0.00	  
	 +/- Collection on released loans
	  	 	0.00	  
	 Interest on curtailment
	  	 	0.00	  
	 Add: Prepayment penalty
	  	 	0.00	  
	 +/- Prior period PPP
	  	 	0.00	  
	 Add: Collection on STA loans
	  	 	0.00	  
	 Add: Non recoverable Credits
	  	 	0.00	  
	 Less: Non recoverable advances
	  	 	0.00	  
	 Less: Non Loan level expense
	  	 	0.00	  
	 Less: Jr Lien Blanket Policy Fee
	  	 	0.00	  
	 Less: Pre-approved legal expense
	  	 	0.00	  
	 +/- Reconciliation adjustments
	  	 	0.00	  
	 + / - Arrearage remittance
	  			
	 Add: Principal Arrearage
	  	 	0.00	  
	 Add: Interest Arrearage
	  	 	0.00	  
	 + / - : Modification Forgiveness of Debt
	  			
	 Principal Forgiveness
	  	 	0.00	  
	 Interest Forgiveness
	  	 	0.00	  
	 Expense Forgiveness
	  	 	0.00	  
	 Scheduling Difference
	  	 	0.00	  
	 Deffered Principal Loss
	  	 	0.00	  
	 SAM waived balance loss
	  	 	0.00	  
	 Investor Incentives
	  	 	0.00	  
	 Less: Compensating Interest adjustment
	  	 	0.00	  
		  	  
	  
	 
	 Total Remittance
	  	 	0.00	  
		  	  
	  
	 

					
	 Beg Sch Balance
	  	 	0.00	  
	 Ending Principal Balance
	  	 	0.00	  
	 Beg Actual Balance
	  	 	0.00	  
	 Ending Actual Principal Balance
	  	 	0.00	  
	 Beg Deferred Principal Balance
	  	 	0.00	  
	 Ending Deferred Principal Balance
	  	 	0.00	  
	 Beg Loan count
	  	 	0.00	  
	 Payoffs
	  	 	0.00	  
	 End Loan count
	  	 	0.00	  
	 Principal Roll Test
	  	 	0.00	  
	 Loan Count Test
	  	 	0.00	  
	 Non Supporting Compensating Interest
	  	 	0.00	  
	 Wire of sub—Investor
	  	 	0.00	  
		  	  
	  
	 
	 Grand Total for PI Wire
	  	 	0.00	  
		  	  
	  
	 

 SCHEDULE I 
 SERVICING AGREEMENTS 
  

			
	Investor Number	  	Short Form Deal Name
	 2621
	  	ACE 2007-HE4
	 2605
	  	ACE 2007-HE1
	 2477
	  	NCHELT 2005-B
	 2551
	  	ACE 2006-HE3
	 2617
	  	CMLTI 2007-AMC2
	 2598
	  	Soundview 2006-EQ2
	 2591
	  	Soundview 2006-NLC1
	 2468
	  	ACE 2005 HE-6
	 2582
	  	ACE 2006-ASAP5
	 2619
	  	ACE 2007-WM2
	 2602
	  	NHELI 2007-HE2
	 2612
	  	ACE 2007-ASAP1
	 2613
	  	ACE 2007-HE2
	 2574
	  	Nomura NHELI 2006-HE3
	 2595
	  	ACE 2006-ASAP6
	 2537
	  	ACE 2006-HE2
	 2580
	  	ACE 2006-HE4
	 2631
	  	FNLC 2007-1
	 2385
	  	ACE 2004-HE4
	 2615
	  	RMAC 2007-1
	 2485
	  	AEGIS 2005-5
	 2630
	  	RMAC 2007-2
	 2412
	  	ACE 2005-HE2
	 2522
	  	GSAMP 2006-S2
	 2540
	  	SASCO 2006-S2
	 2552
	  	RMAC 2006-2
	 2439
	  	ACE 2005- HE3
	 2599
	  	RMAC 2006-4
	 2538
	  	Nomura NHELI 2006-HE2
	 2498
	  	GSAMP 2005-HE6
	 2494
	  	CMLTI 2005 HE-4
	 2393
	  	MASTR 2005 - NC1
	 2434
	  	MASTR 2005-WMC1
	 2496
	  	MASTR 2005-NC2
	 2492
	  	Meritage MLT 2005-3
	 2535
	  	GSAMP 2006 S3
	 2581
	  	Renaissance 2006-3

			
	 2575
	  	GSAMP 2006-S5
	 2483
	  	ACE 2005 ASAP1
	 2589
	  	GSAMP 2006-S6
	 2557
	  	SAIL 2006-4
	 2382
	  	Equifirst 2004-3
	 2516
	  	NHEL - 2006 HE1
	 2592
	  	NAAC 2006-S5
	 2521
	  	Renaissance 2006-1
	 2497
	  	GSAMP 2005-AHL2
	 2409
	  	Renaissance 2005-1
	 2510
	  	MASTR 2006-AM1
	 2603
	  	NAAC 2007-S1
	 2600
	  	GSAA 2006-S1
	 2375
	  	SAIL 2004-9
	 2364
	  	SAIL 2004-8
	 2523
	  	BASIC 2006-1
	 2570
	  	NAAC 2006-S2
	 2571
	  	NAAC 2006-S3
	 2311
	  	Deutsche Bank ACE 2003-HE1
	 2579
	  	NAAC 2006-S4
	 2304
	  	ACE Sec. Corp Home Equity Loan Tst 2003-NC1
	 2331
	  	ACE 2004-HS1
	 2280
	  	MABS 2003-NC1
	 2363
	  	SASCO 2004 SC1
	 2161
	  	MSDW 2001-NC4
	 2196
	  	MSDW 2002-HE1
	 2765
	  	FIRST FRANKLIN 2003-FFH2
	 2390
	  	Renaissance 2004-4
	 2139
	  	Morgan Stanley Dean Witter 2001-NC2
	 2013
	  	1998-NC6 Salomon
	 2014
	  	1998-NC7 Salomon
	 2323
	  	TMTS 2003-8HE
	 2154
	  	CSFB ABS Trust Series 2001-HE22
	 455
	  	CSFB Asset-Backed Sec 2001-HE1
	 2237
	  	MSDW 2003-NC1
	 2119
	  	2001-NC1 Salomon
	 2203
	  	CDC Mortgage Capital Trust 2002-HE2
	 2228
	  	MSDW 2002-NC6
	 2011
	  	1998-NC3 Salomon
	 2144
	  	ARC 2001 BC-6
	 2159
	  	CSFB ABS Trust Series 2001-HE30
	 2178
	  	Aames Mortgage Trust 2002-1
	 2422
	  	ABFS 2000-1

			
	 2427
	  	ABFS 2001-2
	 2212
	  	MSDW 2002-NC3
	 2297
	  	SASCO 2003 BC3
	 2197
	  	ACE Securities HELT 2002-HE1
	 2742
	  	FIRST FRANKLIN 2003-FFH1
	 3586
	  	MSABS 2003-HE1
	 3613
	  	GSAMP TRUST 2004-HE1
	 3615
	  	FFMLT 2004-FF3
	 3616
	  	GSAA TRUST 2004-3
	 3623
	  	GSAMP TRUST 2004-HE2
	 3660
	  	GSAMP TRUST 2005-HE2
	 3661
	  	SASCO 2005-RMS1
	 3670
	  	SAIL 2005-6
	 3674
	  	GSAMP TRUST 2005-HE4
	 3686
	  	SAIL 2005-10
	 3689
	  	HASCO 2005-I1
	 3690
	  	NEW CENTURY HE 2005-C
	 3693
	  	NEW CENTURY HE 2005-D
	 3696
	  	SASCO 2006-OW1
	 3697
	  	MSABS 2006-WMC1
	 3700
	  	MSAC 2006-HE1
	 3706
	  	SAIL 2006-2
	 3718
	  	HEAT 2006-5
	 3721
	  	SAIL 2006-BNC3
	 3723
	  	SASCO 2006-BC2
	 3724
	  	SASCO 2006-W1
	 3726
	  	SASCO 2006-BC3
	 3734
	  	SASCO 2007-BC1
	 3735
	  	BNC MLT 2007-1
	 3736
	  	BNC MLT 2007-2
	 3738
	  	SASCO 2007-BC3
	 3739
	  	BNC MLT 2007-3
	 3741
	  	BNC MLT 2007-4
	 3742
	  	SASCO 2007-BC4
	 2182
	  	ARC 2002 BC-2
	 2278
	  	SAIL Loan Trust, Series 2003-BC6 S/S
	 2192
	  	ARC 2002 BC-4
	 2225
	  	MAST 2002-NC1
	 2281
	  	First Franklin Mtg Loan Trust, Series 2003-FF3
	 2242
	  	New Century 2003-2
	 2766
	  	FIRST FRANKLIN 2003-FF5
	 2279
	  	SAIL Loan Trust, Series 2003-BC7 S/S
	 2292
	  	CDC Mortgage Capital Trust 2003-HE3

			
	 2264
	  	ABSC 2003-HE3
	 2270
	  	ACE 2003-TC1
	 2388
	  	SAIL 2004-11
	 3611
	  	SAIL 2004-3
	 3621
	  	SAIL 2004-6
	 3740
	  	SASCO 2007-BNC1
	 2500
	  	Renaissance 2005-4
	 2761
	  	SAST 2007-2
	 2471
	  	Renaissance 2005-3
	 3672
	  	SAIL 2005-7
	 2647
	  	CSMC 2007-NC1 OSI
	 2679
	  	DSLA 2007-AR1
	 2626
	  	SASCO 2007-OSI
	 2686
	  	HBVM 2007-7
	 2587
	  	Aegis 2006-1
	 2467
	  	Aegis 2005-4
	 2677
	  	DSLA 2005-AR6
	 2338
	  	Renaissance 2004-1
	 2676
	  	DSLA 2005-AR5
	 2435
	  	Aegis 2005-2
	 2771
	  	ABFC 2004-HE1
	 2779
	  	BSABS 2003-AC1
	 2780
	  	CMLTI 2005-HE1
	 2781
	  	CMLTI 2005-HE3
	 2784
	  	EQUIFIRST 2008-1
	 2791
	  	MABS 2004-WMC1
	 2793
	  	MARM 2007-HF2
	 2795
	  	MASTR 2004-HE1
	 2806
	  	MERITAGE 2004-1
	 2807
	  	MLMI 2003-WMC1
	 2808
	  	MLMI 2003-WMC3
	 2838
	  	MSABS 2005-NC2
	 2852
	  	MSM 2004-6AR
	 2853
	  	MSM 2005-8SL
	 2854
	  	MSM 2006-4SL
	 2856
	  	PFCA 2003-GP1
	 2882
	  	SABR MLT 2008-1
	 2889
	  	SAIL 2005-9
	 2896
	  	SAIL 2006-BNC1
	 2898
	  	SASCO 2006-BC1
	 2900
	  	SASCO 2006-BC3
	 2904
	  	SASCO 2007-BC4
	 2906
	  	SG 2007-NC1

			
	 2909
	  	TERWIN MORTGAGE TRUST 2004-EQR1
	 2912
	  	HOMEQ FNMA MBS
	 2913
	  	HOMEQ FNMA A/A
	 2914
	  	UBS BALANCE SHEET
	 2915
	  	ARCH BAY HOLDINGS, LLC
	 2916
	  	LEHMAN BROTHERS
	 2917
	  	GREENWICH CAPITAL
	 2918
	  	STATEWIDE BANK (ALGIERS)
	 2919
	  	SOCIETE GENERALE - HOUSE LOANS
	 2921
	  	BARCLAYS
	 2926
	  	BANCO POPULAR, FSB
	 2927
	  	BANCO POPULAR, NY
	 2928
	  	SHERMAN REO
	 2933
	  	CSFB SECURITIZED I
	 2934
	  	CSFB SECURITIZED II
	 2935
	  	CSFB SECURITIZED III

 SCHEDULE II 
 Underlying Documents 
 None 

 SCHEDULE III 
 RETAINED SERVICING FEE PERCENTAGE 
  

											
	From	 	  	To	 	  	 	 
	Month1	 	  	Month	 	  	Retained Fee	 
	 	1	  	  	 	3	  	  	 	27.0 bps	  
	 	4	  	  	 	6	  	  	 	26.0 bps	  
	 	7	  	  	 	9	  	  	 	25.0 bps	  
	 	10	  	  	 	12	  	  	 	23.5 bps	  
	 	13	  	  	 	15	  	  	 	23.0 bps	  
	 	16	  	  	 	18	  	  	 	22.0 bps	  
	 	19	  	  	 	21	  	  	 	21.0 bps	  
	 	22	  	  	 	24	  	  	 	20.0 bps	  
	 	25	  	  	 	72	  	  	 	20.0 bps	  

  

	1 	 Starting with September, 2012. 

 SCHEDULE IV 

TARGET RATIO SCHEDULE 
  

					
	Month1	  	Target Advance Ratio	 
	 1
	  	 	3.40	% 
	 2
	  	 	3.32	% 
	 3
	  	 	3.23	% 
	 4
	  	 	3.15	% 
	 5
	  	 	3.08	% 
	 6
	  	 	3.00	% 
	 7
	  	 	2.92	% 
	 8
	  	 	2.85	% 
	 9
	  	 	2.78	% 
	 10
	  	 	2.71	% 
	 11
	  	 	2.64	% 
	 12
	  	 	2.58	% 
	 13
	  	 	2.51	% 
	 14
	  	 	2.45	% 
	 15
	  	 	2.39	% 
	 16
	  	 	2.33	% 
	 17
	  	 	2.27	% 
	 18
	  	 	2.21	% 
	 19
	  	 	2.16	% 
	 20
	  	 	2.10	% 
	 21
	  	 	2.05	% 
	 22
	  	 	2.00	% 
	 23
	  	 	1.95	% 
	 24
	  	 	1.90	% 
	 25
	  	 	1.85	% 
	 26
	  	 	1.81	% 
	 27
	  	 	1.76	% 
	 28
	  	 	1.75	% 
	 29
	  	 	1.75	% 
	 30
	  	 	1.75	% 
	 31
	  	 	1.75	% 
	 32
	  	 	1.75	% 
	 33
	  	 	1.75	% 
	 34
	  	 	1.75	% 
	 35
	  	 	1.75	% 
	 36
	  	 	1.75	% 
	 37
	  	 	1.75	% 

  

	1 	 Starting with September, 2012. 

					
	Month1	  	Target Advance Ratio	 
	 38
	  	 	1.75	% 
	 39
	  	 	1.75	% 
	 40
	  	 	1.75	% 
	 41
	  	 	1.75	% 
	 42
	  	 	1.75	% 
	 43
	  	 	1.75	% 
	 44
	  	 	1.75	% 
	 45
	  	 	1.75	% 
	 46
	  	 	1.75	% 
	 47
	  	 	1.75	% 
	 48
	  	 	1.75	% 
	 49
	  	 	1.75	% 
	 50
	  	 	1.75	% 
	 51
	  	 	1.75	% 
	 52
	  	 	1.75	% 
	 53
	  	 	1.75	% 
	 54
	  	 	1.75	% 
	 55
	  	 	1.75	% 
	 56
	  	 	1.75	% 
	 57
	  	 	1.75	% 
	 58
	  	 	1.75	% 
	 59
	  	 	1.75	% 
	 60
	  	 	1.75	% 
	 61
	  	 	1.75	% 
	 62
	  	 	1.75	% 
	 63
	  	 	1.75	% 
	 64
	  	 	1.75	% 
	 65
	  	 	1.75	% 
	 66
	  	 	1.75	% 
	 67
	  	 	1.75	% 
	 68
	  	 	1.75	% 
	 69
	  	 	1.75	% 
	 70
	  	 	1.75	% 
	 71
	  	 	1.75	% 
	 72
	  	 	1.75	% 

 SCHEDULE V 
  VALUATION PERCENTAGE 
  

					
	Investor Number	  	Purchase Price (bps)	 
	 2621
	  	 	14.12	  
	 2605
	  	 	29.14	  
	 2477
	  	 	46.72	  
	 2551
	  	 	33.44	  
	 2617
	  	 	43.83	  
	 2598
	  	 	30.70	  
	 2591
	  	 	20.86	  
	 2468
	  	 	54.34	  
	 2582
	  	 	25.95	  
	 2619
	  	 	41.77	  
	 2602
	  	 	36.56	  
	 2612
	  	 	41.42	  
	 2613
	  	 	25.45	  
	 2574
	  	 	42.96	  
	 2595
	  	 	29.10	  
	 2537
	  	 	41.11	  
	 2580
	  	 	30.12	  
	 2631
	  	 	22.39	  
	 2385
	  	 	54.08	  
	 2615
	  	 	41.87	  
	 2485
	  	 	39.68	  
	 2630
	  	 	44.38	  
	 2412
	  	 	54.42	  
	 2522
	  	 	0.17	  
	 2540
	  	 	(3.20	) 
	 2552
	  	 	38.24	  
	 2439
	  	 	41.11	  
	 2599
	  	 	38.60	  
	 2538
	  	 	61.49	  
	 2498
	  	 	42.82	  
	 2494
	  	 	52.11	  
	 2393
	  	 	47.56	  
	 2434
	  	 	58.26	  
	 2496
	  	 	66.92	  
	 2492
	  	 	41.28	  
	 2535
	  	 	5.99	  
	 2581
	  	 	43.20	  

					
	 2575
	  	 	0.86	  
	 2483
	  	 	46.40	  
	 2589
	  	 	8.76	  
	 2557
	  	 	15.68	  
	 2382
	  	 	38.99	  
	 2516
	  	 	67.21	  
	 2592
	  	 	4.36	  
	 2521
	  	 	48.72	  
	 2497
	  	 	49.72	  
	 2409
	  	 	54.27	  
	 2510
	  	 	38.01	  
	 2603
	  	 	(7.37	) 
	 2600
	  	 	3.43	  
	 2375
	  	 	38.53	  
	 2364
	  	 	37.35	  
	 2523
	  	 	56.68	  
	 2570
	  	 	5.70	  
	 2571
	  	 	5.07	  
	 2311
	  	 	41.75	  
	 2579
	  	 	1.85	  
	 2304
	  	 	27.00	  
	 2331
	  	 	25.91	  
	 2280
	  	 	16.14	  
	 2363
	  	 	(75.05	) 
	 2161
	  	 	(35.08	) 
	 2196
	  	 	(25.00	) 
	 2765
	  	 	25.84	  
	 2390
	  	 	52.75	  
	 2139
	  	 	(70.62	) 
	 2013
	  	 	(48.39	) 
	 2014
	  	 	(38.18	) 
	 2323
	  	 	59.67	  
	 2154
	  	 	(29.72	) 
	 455
	  	 	(42.18	) 
	 2237
	  	 	(7.78	) 
	 2119
	  	 	(16.18	) 
	 2203
	  	 	(15.82	) 
	 2228
	  	 	(3.80	) 
	 2011
	  	 	(15.37	) 
	 2144
	  	 	(15.08	) 
	 2159
	  	 	(20.12	) 
	 2178
	  	 	(8.35	) 
	 2422
	  	 	(34.94	) 

					
	 2427
	  	 	(4.00	) 
	 2212
	  	 	(3.22	) 
	 2297
	  	 	10.12	  
	 2197
	  	 	1.40	  
	 2742
	  	 	31.97	  
	 3586
	  	 	17.18	  
	 3613
	  	 	(0.75	) 
	 3615
	  	 	24.10	  
	 3616
	  	 	67.41	  
	 3623
	  	 	31.74	  
	 3660
	  	 	32.46	  
	 3661
	  	 	17.79	  
	 3670
	  	 	46.57	  
	 3674
	  	 	43.07	  
	 3686
	  	 	46.58	  
	 3689
	  	 	63.82	  
	 3690
	  	 	49.84	  
	 3693
	  	 	53.27	  
	 3696
	  	 	41.88	  
	 3697
	  	 	54.72	  
	 3700
	  	 	46.09	  
	 3706
	  	 	26.47	  
	 3718
	  	 	48.71	  
	 3721
	  	 	27.13	  
	 3723
	  	 	25.68	  
	 3724
	  	 	28.45	  
	 3726
	  	 	14.91	  
	 3734
	  	 	36.95	  
	 3735
	  	 	32.83	  
	 3736
	  	 	33.77	  
	 3738
	  	 	27.87	  
	 3739
	  	 	30.11	  
	 3741
	  	 	44.85	  
	 3742
	  	 	37.53	  
	 2182
	  	 	5.74	  
	 2278
	  	 	11.74	  
	 2192
	  	 	21.69	  
	 2225
	  	 	7.21	  
	 2281
	  	 	18.35	  
	 2242
	  	 	12.35	  
	 2766
	  	 	47.02	  
	 2279
	  	 	26.69	  
	 2292
	  	 	16.89	  

					
	 2264
	  	 	19.29	  
	 2270
	  	 	46.06	  
	 2388
	  	 	35.41	  
	 3611
	  	 	24.44	  
	 3621
	  	 	40.60	  
	 3740
	  	 	32.52	  
	 2500
	  	 	60.98	  
	 2761
	  	 	40.97	  
	 2471
	  	 	55.44	  
	 3672
	  	 	38.65	  
	 2647
	  	 	105.89	  
	 2679
	  	 	46.18	  
	 2626
	  	 	108.93	  
	 2686
	  	 	46.68	  
	 2587
	  	 	33.83	  
	 2467
	  	 	30.90	  
	 2677
	  	 	55.03	  
	 2338
	  	 	79.11	  
	 2676
	  	 	55.56	  
	 2435
	  	 	16.78	  
	 2771
	  	 	44.77	  
	 2779
	  	 	(26.21	) 
	 2780
	  	 	45.09	  
	 2781
	  	 	82.86	  
	 2784
	  	 	11.08	  
	 2791
	  	 	52.65	  
	 2793
	  	 	29.95	  
	 2795
	  	 	26.49	  
	 2806
	  	 	(24.95	) 
	 2807
	  	 	24.18	  
	 2808
	  	 	36.48	  
	 2838
	  	 	98.28	  
	 2852
	  	 	(5.68	) 
	 2853
	  	 	8.13	  
	 2854
	  	 	3.42	  
	 2856
	  	 	43.58	  
	 2882
	  	 	65.55	  
	 2889
	  	 	31.00	  
	 2896
	  	 	25.24	  
	 2898
	  	 	42.59	  
	 2900
	  	 	34.97	  
	 2904
	  	 	18.50	  
	 2906
	  	 	29.55	  

					
	 2909
	  	 	93.95	  
	 2912
	  	 	(52.36	) 
	 2913
	  	 	(54.91	) 
	 2914
	  	 	19.12	  
	 2915
	  	 	(8.28	) 
	 2916
	  	 	29.26	  
	 2917
	  	 	(652.04	) 
	 2918
	  	 	7.26	  
	 2919
	  	 	49.60	  
	 2921
	  	 	44.57	  
	 2926
	  	 	(423.23	) 
	 2927
	  	 	(54.94	) 
	 2928
	  	 	837.77	  
	 2933
	  	 	1.57	  
	 2934
	  	 	(13.69	) 
	 2935
	  	 	(41.37	) 

 SCHEDULE VI 
 AMORTIZATION PERCENTAGE 
  

					
	 Month2
	  	Amortization
Percentage	 
	 1
	  	 	100.00	% 
	 2
	  	 	98.60	% 
	 3
	  	 	97.20	% 
	 4
	  	 	95.90	% 
	 5
	  	 	94.50	% 
	 6
	  	 	93.20	% 
	 7
	  	 	91.90	% 
	 8
	  	 	90.60	% 
	 9
	  	 	89.40	% 
	 10
	  	 	88.10	% 
	 11
	  	 	86.90	% 
	 12
	  	 	85.70	% 
	 13
	  	 	84.50	% 
	 14
	  	 	83.30	% 
	 15
	  	 	82.20	% 
	 16
	  	 	81.00	% 
	 17
	  	 	79.90	% 
	 18
	  	 	78.80	% 
	 19
	  	 	77.70	% 
	 20
	  	 	76.60	% 
	 21
	  	 	75.50	% 
	 22
	  	 	74.50	% 
	 23
	  	 	73.40	% 
	 24
	  	 	72.40	% 
	 25
	  	 	71.40	% 
	 26
	  	 	70.40	% 
	 27
	  	 	69.40	% 
	 28
	  	 	68.50	% 
	 29
	  	 	67.50	% 
	 30
	  	 	66.60	% 
	 31
	  	 	65.60	% 
	 32
	  	 	64.70	% 
	 33
	  	 	63.80	% 
	 34
	  	 	62.90	% 

  

	2 	 Starting with September, 2012. 

					
	 35
	  	 	62.10	% 
	 36
	  	 	61.20	% 
	 37
	  	 	60.30	% 
	 38
	  	 	59.50	% 
	 39
	  	 	58.70	% 
	 40
	  	 	57.80	% 
	 41
	  	 	57.00	% 
	 42
	  	 	56.20	% 
	 43
	  	 	55.50	% 
	 44
	  	 	54.70	% 
	 45
	  	 	53.90	% 
	 46
	  	 	53.20	% 
	 47
	  	 	52.40	% 
	 48
	  	 	51.70	% 
	 49
	  	 	51.00	% 
	 50
	  	 	50.30	% 
	 51
	  	 	49.60	% 
	 52
	  	 	48.90	% 
	 53
	  	 	48.20	% 
	 54
	  	 	47.50	% 
	 55
	  	 	46.90	% 
	 56
	  	 	46.20	% 
	 57
	  	 	45.60	% 
	 58
	  	 	44.90	% 
	 59
	  	 	44.30	% 
	 60
	  	 	43.70	% 
	 61
	  	 	43.10	% 
	 62
	  	 	42.50	% 
	 63
	  	 	41.90	% 
	 64
	  	 	41.30	% 
	 65
	  	 	40.70	% 
	 66
	  	 	40.20	% 
	 67
	  	 	39.60	% 
	 68
	  	 	39.00	% 
	 69
	  	 	38.50	% 
	 70
	  	 	38.00	% 
	 71
	  	 	37.40	% 
	 72
	  	 	36.90	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}]]