Document:

<![CDATA[Tenth Supplemental Indenture Among Carrizo Oil & Gas, Inc.]]>

 Exhibit 4.2 
 Execution Version 
  

 
  

TENTH SUPPLEMENTAL INDENTURE 
 among 
 CARRIZO OIL & GAS, INC. 

as Issuer 

and 

THE SUBSIDIARY GUARANTORS NAMED ON THE SIGNATURE PAGE HEREOF 

as Subsidiary Guarantors 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
  

 
 7.50% Senior
Notes due 2020 
  
  

September 10, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE ONE THE NOTES
	  	 	2	  
			
	 SECTION 101
	    	Designation of Notes; Establishment of Form	  	 	2	  
	 SECTION 102
	    	Amount	  	 	2	  
	 SECTION 103
	    	Interest	  	 	3	  
	 SECTION 104
	    	Denominations	  	 	3	  
	 SECTION 105
	    	Place of Payment	  	 	3	  
	 SECTION 106
	    	Redemption	  	 	3	  
	 SECTION 107
	    	Maturity	  	 	3	  
	 SECTION 108
	    	Repurchase	  	 	4	  
	 SECTION 109
	    	[Reserved]	  	 	4	  
	 SECTION 110
	    	Guarantee	  	 	4	  
	 SECTION 111
	    	Other Terms of Notes	  	 	4	  
		
	 ARTICLE TWO AMENDMENTS TO THE INDENTURE
	  	 	4	  
			
	 SECTION 201
	    	Definitions	  	 	4	  
	 SECTION 202
	    	Other Definitions	  	 	41	  
	 SECTION 203
	    	Mutilated, Destroyed, Lost and Stolen Securities	  	 	42	  
	 SECTION 204
	    	Amendment of Indenture Without Consent of Holders	  	 	42	  
	 SECTION 205
	    	Limitation on Mergers and Consolidations	  	 	42	  
	 SECTION 206
	    	Issuance of Additional Notes	  	 	44	  
	 SECTION 207
	    	Redemption	  	 	45	  
	 SECTION 208
	    	Covenants	  	 	49	  
	 SECTION 209
	    	Amendment to Events of Default	  	 	74	  
	 SECTION 210
	    	Guarantees	  	 	77	  
	 SECTION 211
	    	Other Amendments	  	 	79	  
		
	 ARTICLE THREE MISCELLANEOUS PROVISIONS
	  	 	80	  
			
	 SECTION 301
	    	Integral Part	  	 	80	  
	 SECTION 302
	    	General Definitions	  	 	80	  
	 SECTION 303
	    	Adoption, Ratification and Confirmation	  	 	80	  
	 SECTION 304
	    	The Trustee	  	 	80	  
	 SECTION 305
	    	Counterparts	  	 	80	  
	 SECTION 306
	    	Governing Law	  	 	81	  

  
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 CARRIZO OIL & GAS, INC. 

TENTH SUPPLEMENTAL INDENTURE 
 THIS TENTH SUPPLEMENTAL INDENTURE, dated as of September 10, 2012 (the “Tenth Supplemental Indenture”), among Carrizo Oil & Gas, Inc., a Texas corporation (the
“Company”), the subsidiary guarantors listed on the signature page hereof (each, a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”) and Wells Fargo Bank, National Association (the
“Trustee”). 
 W I T N E S S E T H :

 WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of May 28, 2008
(the “Original Indenture”) and, as supplemented by this Tenth Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of one or more series of the Company’s Securities; 

WHEREAS, Sections 2.01 and 9.01(9) of the Original Indenture provide that the Company and the Trustee may from time to time enter into
one or more indentures supplemental thereto to establish the form or terms of Securities of a new series; 
 WHEREAS,
Sections 9.01(6) and 9.01(7) of the Original Indenture permit the execution of supplemental indentures without the consent of any Holders to add to the covenants of the Company for the benefit of, and to add any additional Events of Default
with respect to, all or any series of Securities; 
 WHEREAS, Section 9.01(8) of the Original Indenture permits the
execution of supplemental indentures without the consent of any Holders to change or eliminate any of the provisions of the Indenture; provided that such change or elimination does not adversely affect in any material respect any outstanding
Security of any series created prior to the execution of such supplemental indenture; 
 WHEREAS, the Company desires to issue
7.50% Senior Notes due 2020 (the “Notes”), a new series of Securities the issuance of which was authorized by or pursuant to resolution of the Board of Directors of the Company; 

WHEREAS, the Company, pursuant to the foregoing authority, proposes in and by this Tenth Supplemental Indenture to supplement and amend
the Original Indenture insofar as it will apply only to Notes in certain respects; and 
 WHEREAS, all things necessary have
been done to make the Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and to make this Tenth Supplemental Indenture a valid agreement of the Company
and of the Subsidiary Guarantors, in accordance with their and its terms; and 

 WHEREAS, all things necessary have been done to make the Guarantee of each Subsidiary
Guarantor, when the Notes are executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligation of such Subsidiary Guarantee, and to make this Tenth Supplemental Indenture a valid agreement of the
Subsidiary Guarantors, in accordance with its terms. 
 NOW, THEREFORE: 

In consideration of the premises provided for herein, the Company, the Subsidiary Guarantors and the Trustee mutually covenant and agree
for the equal and proportionate benefit of all Holders of the Notes as follows: 
 ARTICLE ONE 

THE NOTES 
 SECTION 101
Designation of Notes; Establishment of Form. 
 There shall be a series of Securities designated “7.50% Senior Notes
due 2020” of the Company (the “Notes”) the form of which shall be substantially as set forth in Annex A hereto, which is incorporated into and shall be deemed a part of this Tenth Supplemental Indenture, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by the Indenture. The Notes may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to
comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers of the Company executing such Notes, as evidenced by their execution of the Notes. 

All of the Notes will initially be issued in permanent global form, substantially in the form set forth in Annex A (the “Global
Securities”). Each Global Security shall represent such of the Notes as shall be specified therein and shall provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate
amount of Outstanding Notes represented thereby may from time to time be reduced to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of Outstanding Notes
represented thereby shall be made by the Trustee in accordance with written instructions or such other written form of instructions as is customary for the Depositary, from the Depositary or its nominee on behalf of any Person having the beneficial
interest in the Global Security. 
 The Company initially appoints The Depository Trust Company to act as Depositary with
respect to the Global Securities. 
 The Company initially appoints the Trustee to act as Registrar and Paying Agent with
respect to the Notes. 
 SECTION 102 Amount. 
 The Notes may be issued in unlimited aggregate principal amount, subject to the requirements of the Indenture. The Trustee shall authenticate and deliver Notes for original issue on the Initial Issuance
Date in an aggregate Principal Amount of up to $300,000,000 upon Company Order without any further action by the Company. Upon Company Request, the Trustee shall authenticate and deliver Additional Notes in accordance with Section 2.18 of the
Indenture. 

  
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 SECTION 103 Interest. 
 The Notes shall bear interest at the rate set forth under the caption “Interest” in the Notes. Interest on the Notes shall be payable to the persons in whose name the Notes are registered at the
close of business on the Regular Record Date for such interest payment. Interest on the Notes shall accrue on the Notes from the date specified in the Notes. The Interest Payment Dates on which interest on the Notes shall be payable are
March 15 and September 15, commencing on March 15, 2013. The Regular Record Dates for the interest payable on the Notes on any Interest Payment Date shall be March 1 or September 1, as the case may be, immediately preceding
such Interest Payment Date. 
 SECTION 104 Denominations. 
 The Notes shall be in fully registered form without coupons in denominations of $2,000 of Principal Amount and integral multiples of $1,000 in excess of $2,000. 

SECTION 105 Place of Payment. 
 The Place of Payment for the Notes and the place or places where the principal of and interest on the Notes shall be payable, the Notes may be surrendered for registration of transfer, the Notes
may be surrendered for exchange, repurchase or redemption and where notices may be given to the Company in respect of the Notes is at the office or agency of the Trustee in Dallas, Texas; provided that payment of interest may be
made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear in the register of Securities; provided, further if a Holder has given wire
transfer instructions to the Company, the Company will pay all principal, interest and premium, if any, on that Holder’s Notes in accordance with such instructions by wire transfer of immediately available funds to the accounts in the United
States specified by the Holder of such Notes. 
 SECTION 106 Redemption. 

There shall be no sinking fund for the retirement of the Notes. 
 The Company, at its option, may redeem the Notes in accordance with the provisions of and at the Redemption Prices set forth in accordance with the provisions of the Indenture, including, without
limitation, Article III of the Original Indenture. 
 SECTION 107 Maturity. 

The date on which the principal of the Notes is payable, unless accelerated pursuant to the Indenture, shall be September 15, 2020.

  
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 SECTION 108 Repurchase. 
 The Notes shall be repurchased by the Company in accordance with the provisions and at the Repurchase Prices set forth under the caption “Repurchase by the Company at the Option of Holder” in
the Notes and in accordance with the provisions of the Indenture, including, without limitation, Sections 4.12 and 4.16 of the Indenture. 

SECTION 109 [Reserved]. 
 SECTION 110
Guarantee. 
 The Notes shall be entitled to the benefits of a Guarantee by each of the Subsidiary Guarantors as provided in
Article X of the Original Indenture, as amended hereby. 
 SECTION 111 Other Terms of Notes. 

Without limiting the foregoing provisions of this Article One, the terms of the Notes shall be as set forth in the form of the Note set
forth in Annex A hereto and as provided in the Indenture. 
 ARTICLE TWO 

AMENDMENTS TO THE INDENTURE 
 The amendments contained herein shall apply to the Notes only and not to any other series of Security issued under the Indenture and any covenants provided herein are expressly being included solely for
the benefit of the Notes. These amendments shall be effective for so long as there remain any Notes Outstanding. 
 SECTION 201
Definitions. 
 Section 1.01 of the Original Indenture is amended by inserting or restating, as the case may be, in
their appropriate alphabetical position, the following definitions: 
 “Additional Assets” means:

 (1) any assets used or useful in the Oil and Gas Business, other than Indebtedness or Capital Stock;

 (2) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such
Capital Stock by the Company or any of its Restricted Subsidiaries; or 
 (3) Capital Stock constituting a
minority interest in any Person that at such time is a Restricted Subsidiary; 
 provided, however, that any such Restricted
Subsidiary described in clause (2) or (3) is primarily engaged in the Oil and Gas Business. 

  
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 “Additional Notes” means, subject to the Company’s compliance
with Section 4.11, 7.50% Senior Notes due 2020 issued from time to time after the Initial Issuance Date under the terms of this Indenture (other than pursuant to Section 2.08, 2.09, 2.12, 3.07, 4.12, 4.16 or 9.05 of this Indenture).

 “Adjusted Consolidated Net Tangible Assets” of a specified Person means (without duplication), as of
the date of determination: 
 (1) the sum of: 

(a) discounted future net revenue from proved crude oil and natural gas reserves of such Person and its Restricted
Subsidiaries calculated in accordance with SEC guidelines before any state or federal or other income taxes, as estimated by the Company in a reserve report prepared as of the end of the fiscal year of such Person for which audited financial
statements are available, as increased by, as of the date of determination, the estimated discounted future net revenue from: 
 (i) estimated proved crude oil and natural gas reserves of such Person and its Restricted Subsidiaries attributable to acquisitions consummated since the date of such reserve report, which reserves were
not reflected in such reserve report, and 
 (ii) estimated crude oil and natural gas reserves of such Person
and its Restricted Subsidiaries attributable to extensions, discoveries and other additions and upward revisions of estimates of proved crude oil and natural gas reserves (including previously estimated development costs incurred during the period
and the accretion of discount since the prior period end) due to exploration, development or exploitation, production or other activities which would, in accordance with standard industry practice, cause such revisions, in the case of
clauses (i) and (ii) calculated in accordance with SEC guidelines before any state or federal or other income taxes, 

and decreased by, as of the date of determination, the estimated discounted future net revenue attributable to: 

(A) estimated proved crude oil and natural gas reserves of such Person and its Restricted Subsidiaries reflected in such
reserve report produced or disposed of since the date of such reserve report, and 
 (B) reductions in the
estimated crude oil and natural gas reserves of such Person and its Restricted Subsidiaries reflected in such reserve report since the date of such reserve report due to changes in geological conditions or other factors which would, in accordance
with standard industry practice, cause such revisions, in the case of clauses (A) and (B) calculated in accordance with SEC guidelines before any state or federal or other income taxes; 

  
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 provided, however, that, in the case of each of the determinations made pursuant to
clauses (i), (ii), (A) and (B) above, such increases and decreases shall be estimated by the Company’s petroleum engineers or any independent petroleum engineers engaged by the Company for that purpose; 

(b) the capitalized costs that are attributable to crude oil and natural gas properties of such Person and its Restricted
Subsidiaries to which no proved crude oil and natural gas reserves are attributable, based on such Person’s books and records as of a date no earlier than the date of such Person’s latest available annual or quarterly financial statements;

 (c) the Net Working Capital of such Person as of a date no earlier than the date of such Person’s latest
available annual or quarterly financial statements; and 
 (d) the greater of: 

(i) the net book value of other tangible assets of such Person and its Restricted Subsidiaries as of a date no earlier
than the date of such Person’s latest available annual or quarterly financial statements, and 
 (ii) the
appraised value, as estimated by independent appraisers, of other tangible assets of such Person and its Restricted Subsidiaries as of a date no earlier than the date of such Person’s latest available annual or quarterly financial statements
(provided that such Person shall not be required to obtain such an appraisal of such assets if no such appraisal has been performed); 
 minus 
 (2) the sum of: 

(a) Minority Interests; 
 (b) to the extent not otherwise taken into account in determining Adjusted Consolidated Net Tangible Assets, any net natural gas balancing liabilities of such Person and its Restricted Subsidiaries
reflected in such Person’s latest audited financial statements; 
 (c) to the extent included in
clause (1)(a) above, the discounted future net revenue, calculated in accordance with SEC guidelines (utilizing the prices utilized in such Person’s year end reserve report) before any state or federal or other income taxes, attributable
to reserves subject to 

  
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participation interests, overriding royalty interests or other interests of third parties, pursuant to participation, partnership, vendor financing or other agreements then in effect, or which
otherwise are required to be delivered to third parties; 
 (d) to the extent included in clause (1)(a)
above, the discounted future net revenue calculated in accordance with SEC guidelines (utilizing the prices utilized in such Person’s year end reserve report) before any state or federal or other income taxes, attributable to reserves that are
required to be delivered to third parties to fully satisfy the obligations of such Person and its Restricted Subsidiaries with respect to Volumetric Production Payments on the schedules specified with respect thereto; and 

(e) the discounted future net revenue, calculated in accordance with SEC guidelines before any state or federal or other
income taxes, attributable to reserves subject to Dollar-Denominated Production Payments that, based on the estimates of production and price assumptions included in determining the discounted future net revenue specified in clause (1)(a)
above, would be necessary to satisfy fully the obligations of such Person and its Restricted Subsidiaries with respect to Dollar-Denominated Production Payments on the schedules specified with respect thereto. 

If the Company changes its method of accounting from the full cost method to the successful efforts method or a similar method of
accounting, “Adjusted Consolidated Net Tangible Assets” of the Company will continue to be calculated as if the Company were still using the full cost method of accounting. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under
common control with” have correlative meanings. 
 “Applicable Law,” except as the context may
otherwise require, means all applicable laws, rules, regulations, ordinances, judgments, decrees, injunctions, writs and orders of any court or governmental or congressional agency or authority and rules, regulations, orders, licenses and permits of
any United States federal, state, municipal, regional, or other governmental body, instrumentality, agency or authority. 

  
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 “Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets (including by way of a Production Payment or a Sale
Leaseback Transaction or mergers, consolidations or otherwise); provided, however, that the disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will not be an “Asset Sale,”
but will be governed by the provisions of Section 4.16 and/or the provisions of Section 5.01 and not by the provisions of Section 4.12; and 
 (2) the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries (other than directors’ qualifying
shares or shares required by Applicable Law to be held by a Person other than the Company or a Restricted Subsidiary of the Company). 
 Notwithstanding the preceding, the following items will not be deemed to be Asset Sales: 
 (1) any single transaction or series of related transactions that involves properties or assets having a Fair Market Value of less than the greater of (i) $10.0 million and (ii) 1.0% of the
Company’s Adjusted Consolidated Net Tangible Assets determined as of the date of such transaction; 
 (2) a
disposition of assets between or among any of the Company and its Restricted Subsidiaries; 
 (3) an issuance or
sale of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary; 
 (4)
any disposition, abandonment, relinquishment or expiration of equipment, inventory, products, accounts receivable or other assets in the ordinary course of business; 

(5) the disposition of cash or Cash Equivalents, Hedging Contracts or other financial instruments in the ordinary course
of business; 
 (6) a Restricted Payment that is permitted by Section 4.09 or a Permitted Investment (or a
disposition that would constitute a Restricted Payment but for an exclusion from the definition thereof) including the issuance or sale of Equity Interests or the sale, lease or other disposition of products, services, equipment, inventory, accounts
receivable or other assets pursuant to any such Restricted Payment or Permitted Investment; 
 (7) the farm-out,
lease or sublease of developed or undeveloped crude oil or natural gas properties owned or held by the Company or any of its Restricted Subsidiaries in the ordinary course of business or in exchange for crude oil and natural gas properties or
interests owned or held by another Person; 

  
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 (8) (i) any trade or exchange by the Company or any of its Restricted
Subsidiaries of Hydrocarbon properties or other properties or assets for Hydrocarbon properties or other properties or assets owned or held by one or more other Persons, and (ii) any transfer or sale of assets, or lease, assignment or sublease
of any real or personal property, (A) in exchange for services (including in connection with any outsourcing arrangements), and/or (B) in exchange for such transferee, lessee or assignee (or an Affiliate thereof) agreeing to pay all or a
portion of the costs and expenses related to the exploration, development, completion and/or production (and related activities) of properties of the Company or any Restricted Subsidiary, and/or (C) in exchange for properties or assets
satisfying the requirements of clause (i) above ((A), (B) and (C) being referred to herein as a “carry”); provided that (except in the case of land purchase option arrangements granted by or to the Company or any Restricted
Subsidiary of the Company) the Fair Market Value of the properties or assets traded, exchanged, transferred, sold, leased, assigned or subleased by the Company or such Restricted Subsidiary (together with any cash and Cash Equivalents) is reasonably
equivalent or of less market value to the Fair Market Value of the properties, assets, services or carry (together with any cash and Cash Equivalents) expected to be received by the Company or such Restricted Subsidiary, as determined in good faith
by the Company, and provided further that any cash received must be applied in accordance with the provisions of Section 4.12; 
 (9) the creation or perfection of a Lien (but not, except to the extent contemplated in clause (10) below, the sale or other disposition of the assets subject to such Lien); 

(10) the creation or perfection of a Permitted Lien and the exercise by any Person in whose favor a Permitted Lien is
granted of any of its rights in respect of that Permitted Lien; 
 (11) a surrender or waiver of contract rights
or the settlement, release or surrender of contract, tort or other claims of any kind; 
 (12) the licensing or
sublicensing of intellectual property or other general intangibles in the ordinary course of business to the extent that such license does not prohibit the licensor from using the intellectual property and licenses, leases or subleases of other
property; 
 (13) the disposition of oil and natural gas properties in connection with tax credit transactions
complying with Section 45K of the Code or any successor or analogous provisions of the Code, provided that the sale or other disposition is for not less than the Fair Market Value of such oil and natural gas properties, as determined in good
faith by the Company; 
 (14) the transfer of property received in settlement of debts owing to such Person as a
result of foreclosure, perfection or enforcement of any Lien or debt, which debts were owing to such Person in the ordinary course of its business, 

  
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 (15) any Production Payments and Reserve Sales, provided that any
such Production Payments and Reserve Sales (other than incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists and other providers of technical services to the Company or a
Restricted Subsidiary of the Company), shall have been created, incurred, issued, assumed or guaranteed in connection with the acquisition or financing of, and within 60 days after the acquisition of, the property that is subject thereto;

 (16) the sale or other disposition (whether or not in the ordinary course of business) of oil and gas
properties, provided at the time of such sale or other disposition such properties do not have associated with them any proved reserves, and provided further that the sale or other disposition is for not less than the Fair Market Value
of such oil and gas properties, as determined in good faith by the Company; 
 (17) any sale or other disposition
of Equity Interests in, or other ownership interests in or assets or property, including Indebtedness, or other securities of, an Unrestricted Subsidiary; 
 (18) any disposition of Equity Interests of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other than the Company or a Restricted Subsidiary of the Company) from
whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or
a portion of the consideration in respect of such sale or acquisition; and 
 (19) the sale and leaseback of any
asset within 180 days of the acquisition thereof. 
 “Attributable Debt” in respect of a Sale Leaseback
Transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale Leaseback Transaction including any period for which such lease
has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. As used in the preceding
sentence, the “net rental payments” under any lease for any period shall mean the sum of rental and other payments required to be paid with respect to such period by the lessee thereunder, excluding any amounts required to be paid by such
lessee on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. In the case of any lease that is terminable by the lessee upon payment of penalty, such net rental payment shall also include the amount of
such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. 

  
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 “Avista” means Avista Capital Holdings, LP, a Delaware limited
partnership, and its successors and permitted assigns. 
 “Avista Joint Venture” means (a) that
certain joint venture between Carrizo (Marcellus) LLC (or other wholly owned Subsidiaries of the Company) Avista Capital Partners II, L.P. and ACP II Marcellus LLC pursuant to that certain Participation Agreement dated as of November 3, 2008
and such other documents delivered in connection therewith, in each case as amended or supplemented as of the Initial Issuance Date, as the same may be amended, modified or supplemented from time to time (provided that such further amendment,
modification or supplement does not materially and adversely affect the rights of any Holder of Notes) or (b) that certain joint venture between Carrizo (Utica) LLC (or other wholly owned Subsidiaries of the Company), Avista Capital Partners
II, L.P., Avista Capital Partners III, L.P., ACP II Marcellus LLC and ACP III Utica LLC pursuant to that certain Participation Agreement dated as of September 27, 2011 and such other documents delivered in connection therewith, as the same may
be amended, modified or supplemented from time to time (provided that such amendment, modification or supplement does not materially and adversely affect the rights of any Holder of Notes under the Indenture). 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act,
except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that
such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns”
and “Beneficially Owned” have correlative meanings. 
 “Board of Directors” means:

 (1) with respect to the Company, the board of directors of the Company or any authorized committee thereof;
and 
 (2) with respect to any other Person, the board or committee of such Person serving a similar function.

 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary
of the applicable Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in
respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior
to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

  
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 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability
company, partnership interests (whether general or limited) or membership interests; and 
 (4) any other
interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, 
 but excluding from all of the foregoing any debt securities convertible into Capital Stock, regardless of whether such debt securities include any right of participation with Capital Stock. 

“Cash Equivalents” means: 

(1) United States dollars; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit
of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition; 
 (3) marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from
the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating of “A” or better from either S&P or Moody’s; 
 (4) certificates of deposit, demand deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year
and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million; 
 (5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2), (3) and (4) above entered into with any financial institution
meeting the qualifications specified in clause (4) above; 

  
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 (6) commercial paper having one of the two highest ratings obtainable from
Moody’s or S&P and, in each case, maturing within one year after the date of acquisition; and 
 (7)
money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition. 

“Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the assets (including Capital Stock of the Restricted Subsidiaries) of the Company and its Restricted Subsidiaries taken as a whole, or a Successor Parent of
the Company and its Restricted Subsidiaries taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than a Permitted Holder; 

(2) the adoption by the shareholders of the Company of a plan relating to the liquidation or dissolution of the Company;

 (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than Permitted Holders, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the
Company, or any Successor Parent of the Company, measured by voting power rather than number of shares, units or the like; provided that no Change of Control shall be deemed to occur by reason of the Company becoming a Subsidiary of any
Successor Parent; or 
 (4) the first day on which a majority of the members of the Board of Directors of the
Company or any Successor Parent of the Company are not Continuing Directors. 
 “Code” means the
Internal Revenue Code of 1986, as amended from time to time, and any successor statute. 
 “Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 

(1) an amount equal to any net loss realized by such Person or any of its Restricted Subsidiaries in connection with an
Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 
 (2)
provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

  
 13 

 (3) the Fixed Charges of such Person and its Restricted Subsidiaries for
such period, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; plus 

(4) depreciation, depletion, amortization (including amortization of intangibles but excluding amortization of prepaid
cash expenses that were paid in a prior period), impairment and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a
prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, depletion, amortization, impairment and other non-cash expenses were deducted in computing
such Consolidated Net Income; plus 
 (5) unrealized non-cash losses resulting from foreign currency balance
sheet adjustments required by GAAP to the extent such losses were deducted in computing such Consolidated Net Income; plus 
 (6) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense; minus 
 (7) non-cash items increasing such Consolidated Net Income for such period, other than items that were accrued in the ordinary course of business; and minus 

(8) to the extent increasing such Consolidated Net Income for such period, the sum of (a) the amount of deferred
revenues that are amortized during such period and are attributable to reserves that are subject to Volumetric Production Payments and (b) amounts recorded in accordance with GAAP as repayments of principal and interest pursuant to
Dollar-Denominated Production Payments; 
 in each case, on a consolidated basis and determined in accordance
with GAAP. 
 “Consolidated Net Income” means, with respect to any specified Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, provided that: 

(1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting will be included, but only to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(2) the Net Income of any Restricted Subsidiary of the Company will be excluded to the extent that the declaration or
payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not

  
 14 

 
been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to
that Restricted Subsidiary or its stockholders, partners or members; 
 (3) the cumulative effect of a change in
accounting principles will be excluded; 
 (4) any gain (loss) realized upon the sale or other disposition of any
property, plant or equipment of such Person or its consolidated Restricted Subsidiaries (including pursuant to any sale or leaseback transaction) which is not sold or otherwise disposed of in the ordinary course of business and any gain (loss)
realized upon the sale or other disposition of any Capital Stock of any Person will be excluded; 
 (5) any asset
impairment writedowns on oil and gas properties under GAAP or SEC guidelines will be excluded; 
 (6) unrealized
losses and gains under Hedging Contracts included in the determination of Consolidated Net Income, including, without limitation, those resulting from the application of FASB ASC Topic 815, “Derivatives and Hedging,” will be excluded;

 (7) to the extent deducted in the calculation of Net Income, any non-cash or nonrecurring charges relating to
any premium or penalty paid, write off of deferred financing costs or other financial recapitalization charges in connection with redeeming or retiring any Indebtedness prior to its Stated Maturity will be excluded; 

(8) items classified as extraordinary or nonrecurring gains and losses (less all fees and expenses related thereto) and
the related tax effects, in each case according to GAAP, will be excluded; and 
 (9) income resulting from
transfers of assets (other than cash) between such Person or any of its Restricted Subsidiaries, on the one hand, and an Unrestricted Subsidiary of such Person, on the other hand, will be excluded. 

“Consolidated Net Worth” means, with respect to any specified Person as of any date, the sum of: 

(1) the consolidated equity of the common shareholders of, or the consolidated capital of the unitholders of, such Person
and its consolidated Subsidiaries as of such date; plus 
 (2) the respective amounts reported on such
Person’s balance sheet as of such date with respect to any series of preferred stock (other than Disqualified Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net
earnings in respect of the year of such declaration and payment, but only to the extent of any cash received by such Person upon issuance of such preferred stock. 

  
 15 

 “Continuing Directors” means, as of any date of determination, any
member of the Board of Directors of the Company who: 
 (1) was a member of such Board of Directors on the
Initial Issuance Date; or 
 (2) was nominated for election or elected or appointed to such Board of Directors
with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination, election or appointment. 
 “Credit Agreement” means that certain Credit Agreement, dated as of January 27, 2011, among the Company, Wells Fargo Bank, National Association, as Administrative Agent, and the lenders
party thereto, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, in each case as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time.

 “Credit Facilities” means one or more debt facilities (including, without limitation, the Credit
Agreement), commercial paper facilities or Debt Issuances, in each case with banks or other institutional lenders or institutional investors providing for revolving credit loans, term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or other borrowings or Debt Issuances, in each case, as amended, restated, modified, renewed, refunded,
replaced or refinanced (including refinancing with any capital markets transaction) in whole or in part from time to time. 
 “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Customary Recourse Exceptions” means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary,
exclusions from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of such Unrestricted Subsidiary, fraud, misapplication of cash, environmental claims, waste, willful destruction, and other circumstances
customarily excluded by lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse financings. 
 “Debt Issuance” means, with respect to the Company or any of its Restricted Subsidiaries, one or more issuances after the Initial Issuance Date of Indebtedness evidenced by notes, debentures,
bonds or other similar securities or instruments. 
 “De Minimis Guaranteed Amount” means a principal
amount of Indebtedness that does not exceed $5.0 million. 

  
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 “Disqualified Stock” means any Capital Stock that, by its terms
(or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the earlier of the final stated maturity date of the Notes or the date the Notes
are no longer outstanding; provided that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be
deemed to be Disqualified Stock; provided, further, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock
shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability;
provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be
Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase or redeem such Capital Stock
upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if (x) the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions
unless such repurchase or redemption complies with Section 4.09 or (y) the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions prior to the Company’s
purchase of the Notes as is required to be purchased pursuant to the terms of this Indenture. The amount (or principal amount) of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that
the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

“Dollar-Denominated Production Payments” means production payment obligations recorded as liabilities in
accordance with GAAP, together with all undertakings and obligations in connection therewith. 
 “Domestic
Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any state of the United States or the District of Columbia. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity
Offering” means any public or private sale of Capital Stock (other than Disqualified Stock) made for cash on a primary basis by the Company after the Initial Issuance Date. 

  
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 “Existing Indebtedness” means the aggregate principal amount of
Indebtedness of the Company and its Restricted Subsidiaries (other than Indebtedness under the Credit Agreement and intercompany Indebtedness) in existence on the Initial Issuance Date, until such amounts are repaid. 

“Fair Market Value” means, with respect to any asset, the sale value that would be obtained in an
arm’s-length free market transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, determined on the date of contractually agreeing to such sale, or in
circumstances in which the Company or a Restricted Subsidiary of the Company grants a third party the right to purchase an asset, the date of such grant. 
 “Fixed Charge Coverage Ratio” means with respect to any specified Person for any four-quarter reference period, the ratio of the Consolidated Cash Flow of such Person for such period to the
Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than
ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the applicable four-quarter reference period and on or prior to the date on which the event for which the calculation of the
Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other
discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. 

In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

(1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through
mergers, consolidations or otherwise (including acquisitions of assets used or useful in the Oil and Gas Business), or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and
including in each case any related financing transactions and increases in ownership of Restricted Subsidiaries, during the applicable four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, will
be given pro forma effect as if they had occurred on the first day of the four-quarter reference period, and the Consolidated Cash Flow for such reference period will be calculated giving pro forma effect to any expense and cost reductions or
synergies that have occurred or are reasonably expected to occur, in the reasonable judgment of the chief financial or accounting officer of the Company (provided those cost savings or operating improvements could then be reflected in pro forma
financial statements in accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC related thereto); 

  
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 (2) the Consolidated Cash Flow attributable to discontinued operations, as
determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 
 (3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation
Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; 

(4) any Person that is a Restricted Subsidiary of the specified Person on the Calculation Date will be deemed to have been
a Restricted Subsidiary of the specified Person at all times during such four-quarter period; 
 (5) any Person
that is not a Restricted Subsidiary of the specified Person on the Calculation Date will be deemed not to have been a Restricted Subsidiary of the specified Person at any time during such four-quarter period; and 

(6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as
if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any obligations arising under any Hedging Contract applicable to such Indebtedness if such Hedging Contract has a remaining term as
at the Calculation Date in excess of 12 months). 
 “Fixed Charges” means, with respect to any
specified Person for any period, the sum, without duplication, of: 
 (1) the consolidated interest expense of
such Person and its Restricted Subsidiaries for such period, whether paid or accrued (excluding any interest attributable to Dollar-Denominated Production Payments but including, without limitation, amortization of debt issuance costs and original
issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt,
commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings), and net of the effect of all payments made or received pursuant to interest rate Hedging Contracts; plus 

(2) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such
period; plus 
 (3) any interest expense on Indebtedness of another Person that is guaranteed by such Person or
one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such guarantee or Lien is called upon (other than a Lien of the type described in clause (9) of the
definition of “Permitted Liens”); plus 

  
 19 

 (4) all dividends on any Disqualified Stock or series of preferred
securities of such Person or any of its Restricted Subsidiaries, whether paid or accrued and whether or not in cash, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the
Company or a Restricted Subsidiary of the Company, 
 in each case, on a consolidated basis and in accordance
with GAAP. 
 “GAAP” means generally accepted accounting principles in the United States, as in effect
on November 2, 2010. 
 “guarantee” means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any
part of any Indebtedness or entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part). When used as a verb,
“guarantee” has a correlative meaning. 
 “Hedging Contracts” means, with respect to any
specified Person: 
 (1) interest rate swap agreements, interest rate cap agreements and interest rate collar
agreements entered into with one of more financial institutions and designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against fluctuations in interest rates, or to otherwise reduce the cost of borrowing
of such Person or any of such Restricted Subsidiaries, with respect to Indebtedness incurred; 
 (2) foreign
exchange contracts and currency protection agreements entered into with one of more financial institutions and designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against fluctuations in currency exchange
rates; 
 (3) any commodity futures contract, commodity swap, commodity option, commodity forward sale or other
similar agreement or arrangement designed to protect against fluctuations in the price of Hydrocarbons used, produced, processed or sold by that Person or any of its Restricted Subsidiaries at the time; and 

(4) other agreements or arrangements designed to protect such Person or any of its Restricted Subsidiaries against
fluctuations in interest rates, commodity prices or currency exchange rates, 

  
 20 

 and in each case are entered into only in the normal course of business and not for
speculative purposes. 
 “Holder” or “Noteholder” means a Person in whose name a Note is registered.

 “Hydrocarbons” means crude oil, natural gas, casinghead gas, drip gasoline, natural gasoline,
condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom. 
 “Indebtedness” means, with respect to any specified Person: 
 (1) any indebtedness of such Person, whether or not contingent in respect of borrowed money; 
 (2) all obligations evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) (other than performance, surety and appeal bonds
arising in the ordinary course of business); 
 (3) all obligations in respect of bankers’ acceptances;

 (4) all Capital Lease Obligations or Attributable Debt in respect of Sale Leaseback Transactions; 

(5) all obligations representing the balance deferred and unpaid of the purchase price of any property (other than
(i) property purchased, and expense accruals and deferred compensation items arising in the ordinary course of business, (ii) obligations payable solely in Capital Stock that is not Disqualified Stock and (iii) purchase price
holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller); 
 (6) all obligations under Hedging Contracts; and 
 (7) with respect
to Production Payments, any warranties or guarantees of production or payment by such Person with respect to such Production Payment, but excluding other contractual obligations of such Person with respect to such Production Payment; 

if and to the extent any of the preceding items (other than letters of credit and obligations under Hedging Contracts) would appear as a
liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of other Persons secured by a Lien on any asset of the specified Person, whether or not
such Indebtedness is assumed by the specified Person (provided that the amount of such Indebtedness will be the lesser of (a) the Fair Market Value of such asset at such date of determination and (b) the amount of such Indebtedness of such
other Person), and, to the extent 

  
 21 

 
not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person (including, with respect to any Production Payment, any warranties or guarantees of
production or payment by such Person with respect to such Production Payment, but excluding other contractual obligations of such Person with respect to such Production Payment). 

Notwithstanding the foregoing, the following shall not constitute or be deemed “Indebtedness”: 

(i) any indebtedness which has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Cash
Equivalents (in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the
holders of such indebtedness, and subject to no other Liens, and the other applicable terms of the instrument governing such indebtedness; 
 (ii) any obligation of a Person in respect of the balance deferred and unpaid of the purchase price of any property, a farm-in agreement, joint venture, participation or similar arrangement whereby such
Person agrees to pay all or a share of the exploration, development, completion or production or other expenses of an exploratory or development well or program (which agreement may be subject to a maximum payment obligation, after which expenses
are shared in accordance with the working or participation interest therein or in accordance with the agreement of the parties) or perform the drilling, completion or other operation on such well or program, or transfer of overriding royalty
interests or other interests in Hydrocarbon properties in exchange for an ownership interest in an oil or gas property; 
 (iii) any obligations arising from agreements of a Person providing for indemnification, guarantees, adjustment of purchase price, holdbacks, contingent payment obligations based on a final financial
statement or performance of acquired or disposed of assets or similar obligations (other than guarantees of Indebtedness), in each case, incurred or assumed by such Person in connection with the acquisition or disposition of assets (including
through mergers, consolidations or otherwise); 
 (iv) subject to clause (7) above, any Dollar-Denominated
Production Payments or Volumetric Production Payments; 
 (v) any Lien of the type described in clause
(9) of the definition of “Permitted Liens;” 
 (vi) obligations with respect to letters of credit
in support of trade obligations or incurred in connection with public liability insurance, workers’ compensation, unemployment insurance, old-age pensions and other social security benefits other than in respect of employee benefit plans
subject to the Employee Retirement Income Security Act of 1974, as amended; 

  
 22 

 (vii) the obligations described in clause (13) of Section 4.09;

 (viii) the repayment or reimbursement obligations of the Company or any Restricted Subsidiary with respect to
Customary Recourse Exceptions shall not be considered Indebtedness unless and until an event or circumstance occurs that triggers the Company’s or such Restricted Subsidiary’s direct payment liability or reimbursement obligation (as
opposed to contingent or performance obligations) to the lender or other party to whom such obligation is actually owed, in which case the amount of such direct payment liability to such lender or other party shall, to the extent otherwise
applicable, constitute Indebtedness; and 
 (ix) in connection with the purchase by the Company or any Restricted
Subsidiary of any property, the term “Indebtedness” will exclude post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a closing purchase price adjustment or such payment
depends on the performance of such property after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment at a later date becomes finally fixed and determined
by the parties to the purchase, the amount is paid within 30 days after such date. 
 The amount (or principal
amount) of any Indebtedness outstanding as of any date will be: 
 (1) the accreted value of the Indebtedness, in
the case of any Indebtedness issued with original issue discount; 
 (2) in the case of obligations under any
Hedging Contracts, the termination value of the agreement or arrangement giving rise to such obligations that would be payable by such Person at such date; and 
 (3) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 

The amount of Indebtedness of any Person at any date will be the outstanding balance at such date of all unconditional
obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date. 
 “Initial Issuance Date” means September 10, 2012. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and
BBB-(or the equivalent) by S&P (or an equivalent rating by another nationally recognized rating agency if both of the two named rating agencies cease publishing ratings of investments), in each case, with a stable or better outlook. 

  
 23 

 “Investments” means, with respect to any Person, all direct or
indirect investments by such Person in other Persons (including Affiliates) in the forms of loans, advances or extensions of credit (including guarantees or similar arrangements, but excluding (1) commission, travel and similar advances to
officers, directors, employees and consultants made in the ordinary course of business and (2) advances to Persons in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender), or capital
contributions or purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities (excluding any interest in a crude oil or natural gas leasehold to the extent constituting a security under applicable law),
together with all items that are or would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests
of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on
the date of any such sale or disposition in an amount equal to the Fair Market Value of the Equity Interests of such Restricted Subsidiary not sold or disposed of in an amount determined as provided in the final paragraph of Section 4.09. The
acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment made by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market
Value of the Investment held by the acquired Person in such third Person on the date of any such acquisition in an amount determined as provided in the final paragraph of Section 4.09. Except as otherwise provided in this Indenture, the amount
of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value or write-ups, write-downs or write-offs with respect to such Investment. 

“Joint Venture” means any Person that is not a direct or indirect Subsidiary of the Company in which the Company
or any of its Restricted Subsidiaries makes any Investment. 
 “Lien” means, with respect to any asset,
any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under Applicable Law, including any conditional sale or other title retention agreement,
or any lease in the nature thereof, other than a precautionary financing statement respecting a lease not intended as a security agreement. 
 “Make Whole Premium” means, with respect to a Note at any time, the excess, if any, of (a) the present value at such time of (i) the Redemption Price of such Note at September 15,
2016 pursuant to Section 3.12(a) plus (ii) any required interest payments due on such Note through September 15, 2016 (except for currently accrued and unpaid interest), computed using a discount rate equal to the Treasury Rate at
such time plus 50 basis points, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), over (b) the principal amount of such Note. 

  
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 “Measurement Date” means October 1, 2010. 

“Minority Interest” means the percentage interest represented by any shares of stock of any class of Capital
Stock of a Restricted Subsidiary of the Company that are not owned by the Company or a Restricted Subsidiary of the Company. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

“Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in
accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
 (1)
any gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with: (a) any Asset Sale; or (b) the disposition of any securities by such Person or any of its Restricted
Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and 

(2) any extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary gain (but
not loss). 
 “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its
Restricted Subsidiaries in respect of any Asset Sale (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any
securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are
the subject of such Asset Sale or received in any other non-cash form), net of: 
 (1) the direct costs relating
to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, title and recording tax expenses and sales commissions, and any relocation and severance expenses and charges of personnel incurred as a result of the
Asset Sale, 
 (2) taxes paid or payable or required to be accrued as a liability under GAAP as a result of the
Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, 
 (3) amounts required to be applied to the repayment of Indebtedness secured by a Lien on the assets that were the subject of such Asset Sale, or which must by its terms, or in order to obtain a necessary
consent to such Asset Sale or by Applicable Law, be repaid out of the proceeds from such Asset Sale, 

  
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 (4) all distributions and other payments required to be made to minority
interest holders in Restricted Subsidiaries or Joint Ventures as a result of such Asset Sale, and 
 (5) any
amounts to be set aside in any reserve established in accordance with GAAP or any amount placed in escrow, in either case for adjustment in respect of the sale price of such assets or for liabilities associated with such Asset Sale and retained by
the Company or any of its Restricted Subsidiaries until such time as such reserve is reversed or such escrow arrangement is terminated, in which case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to the
Company or its Restricted Subsidiaries from such escrow arrangement, as the case may be. 
 “Net Working
Capital” means (a) all current assets of the Company and its Restricted Subsidiaries except current assets from commodity price risk management activities arising in the ordinary course of business, less (b) all current liabilities of
the Company and its Restricted Subsidiaries, except current liabilities included in Indebtedness and any current liabilities from commodity price risk management activities arising in the ordinary course of business, in each case as set forth in the
consolidated financial statements of the Company prepared in accordance with GAAP (excluding any adjustments made pursuant to FASB ASC Topic 815, “Derivatives and Hedging”). 

“Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) is the lender, except (i) pursuant to a Lien of the type permitted by
item (9) in the definition of “Permitted Lien,” (ii) as described in clause (13) of Section 4.09, (iii) Customary Recourse Exceptions and (iv) a guarantee by the Company or any Restricted Subsidiary of
Indebtedness of any Affiliate of the Company, in which case (unless the incurrence of such guarantee resulted in a Restricted Payment at the time of incurrence) the Company shall be deemed to have made a Restricted Payment at the time such Affiliate
is designated an Unrestricted Subsidiary, or at the time of such guarantee, if later, equal to the principal amount of any such Indebtedness to the extent guaranteed; and 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take
enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes and any guarantee permitted by clause (ii) or (iv) in the preceding
paragraph) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity. 

  
 26 

 For purposes of determining compliance with Section 4.11, in the event that any
Non-Recourse Debt of any of the Company’s Unrestricted Subsidiaries ceases to be Non-Recourse Debt of such Unrestricted Subsidiary, such event will be deemed to constitute an incurrence of Indebtedness by a Restricted Subsidiary of the Company.

 “Obligations” means any principal, premium, if any, interest (including interest accruing on or
after the filing of any petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages,
guarantees, and other liabilities or amounts payable under the documentation governing any Indebtedness or in respect thereto. 
 “Oil and Gas Business” means: 
 (1) the acquisition,
exploration, development, production, operation and disposition of interests in oil, gas, liquid natural gas, carbon dioxide and other Hydrocarbon properties; 
 (2) the gathering, marketing, treating, processing, refining, storage, distribution, selling and transporting of any production from such interests or properties; 

(3) any business relating to exploration for or development, production, treatment, processing, refining, storage,
transportation or marketing of, oil, gas and other minerals and products produced in association therewith; 

(4) any activity that is ancillary, complementary or incidental to or necessary or appropriate for the activities
described in clauses (1) through (3) of this definition. 
 “Outstanding,” when used with
respect to the Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except: 
 (i) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Notes for whose payment, repurchase, redemption or defeasance money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or
set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made; and 

  
 27 

 (iii) Notes which have been cancelled pursuant to Section 2.13 or in
exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are
held by a bona fide purchaser in whose hands such Notes are valid obligations of the Company; 
 provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company or any other
obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes which the Trustee knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

“Pari Passu Indebtedness” means, with respect to any Excess Proceeds from Asset Sales, Indebtedness of the
Company or any Subsidiary Guarantor that ranks equally in right of payment with the Notes or the Subsidiary Guarantees, as the case may be, and the terms of which require the Company or any of its Restricted Subsidiaries to apply such Excess
Proceeds to offer to repurchase such Indebtedness. 
 “Permitted Acquisition Indebtedness” means
Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries to the extent such Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock of any other Person existing at the time (a) such Person became
a Restricted Subsidiary of the Company, (b) such Person was merged or consolidated with or into the Company or any of its Restricted Subsidiaries, or (c) assets of such Person were acquired by the Company or any of its Restricted
Subsidiaries and such Indebtedness was assumed in connection therewith (excluding any such Indebtedness that is repaid contemporaneously with such event), provided that on the date such Person became a Restricted Subsidiary of the Company or the
date such Person was merged or consolidated with or into the Company or any of its Restricted Subsidiaries, or on the date of such asset acquisition, as applicable, either 

(1) immediately after giving effect to such transaction on a pro forma basis as if the same had occurred at the beginning
of the applicable four-quarter period, the Company or such Restricted Subsidiary, as applicable, would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph
of Section 4.11, 
 (2) immediately after giving effect to such transaction on a pro forma basis as if the
same had occurred at the beginning of the applicable four-quarter period, the Fixed Charge Coverage Ratio of the Company would be equal to or greater than the Fixed Charge Coverage Ratio of the Company immediately prior to such transaction, or

  
 28 

 (3) immediately after giving effect to such transaction on a pro forma
basis, the Consolidated Net Worth of the Company would be greater than the Consolidated Net Worth of the Company immediately prior to such transaction. 
 “Permitted Business Investments” means Investments made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business, including investments or
expenditures for actively exploring for, acquiring, developing, producing, processing, gathering, marketing or transporting Hydrocarbons through agreements, transactions, interests or arrangements that permit one to share risk or costs, comply with
regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties, including without limitation: 

(1) direct or indirect ownership of crude oil, natural gas, other related Hydrocarbon properties or any interest therein,
gathering, transportation, processing, storage or related systems, or ancillary real property interests and interests therein; and 
 (2) the entry into operating agreements, joint ventures, processing agreements, working interests, royalty interests, mineral leases, farm-in agreements, farm-out agreements, development agreements,
production sharing agreements, area of mutual interest agreements, contracts for the sale, transportation or exchange of crude oil and natural gas and related Hydrocarbons and minerals, unitization agreements, pooling arrangements, joint bidding
agreements, service contracts, partnership agreements (whether general or limited), or other similar or customary agreements, transactions, properties, interests or arrangements, and Investments and expenditures in connection therewith or pursuant
thereto, in each case made or entered into in the ordinary course of the Oil and Gas Business, excluding, however, Investments in corporations and publicly-traded limited partnerships. 

“Permitted Holders” means (1) the Company or any Subsidiary of the Company, as long as such Subsidiary of
the Company remains a Subsidiary following completion of the transaction that would have constituted a Change of Control, had the transaction not been effected with a Permitted Holder and (2) the directors, officers and other management
employees of the Company that are shareholders of the Company on the Initial Issuance Date and their respective Affiliates. 
 “Permitted Investments” means: 
 (1) any Investment in
the Company or in a Restricted Subsidiary of the Company; 
 (2) any Investment in cash and Cash Equivalents;

  
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 (3) any Investment by the Company or any Restricted Subsidiary of the
Company in a Person, if as a result of such Investment: 
 (a) such Person becomes a Restricted Subsidiary of
the Company; or 
 (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys
substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any Investment made as a result of the receipt of non-cash consideration from, or consisting of any deferred portion of the sales price received by the Company or any Restricted Subsidiary in
connection with: 
 (a) an Asset Sale that was made pursuant to and in compliance with Section 4.12;

 (b) pursuant to clause (8) of the items deemed not to be Asset Sales under the definition of “Asset
Sale;” 
 (5) any Investment in any Person solely in exchange for, or with the net cash proceeds from a
substantially concurrent (i) contribution (other than from a Restricted Subsidiary of the Company) to the equity capital of the Company or (ii) issuance of, Equity Interests (other than Disqualified Stock) of the Company, with an issuance
being deemed substantially concurrent of such Investment occurring not more than 120 days after such issuance; provided that the amount of any such net cash proceeds will be excluded from clause (II) of Section 4.09; 

(6) any Investments received in compromise or resolution of, or upon satisfaction of judgments with respect to,
(a) obligations of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer,
or (b) litigation, arbitration or other disputes (including pursuant to any bankruptcy or insolvency proceedings) with Persons who are not Affiliates; 
 (7) Hedging Contracts; 
 (8) guarantees by the Company or any of
its Restricted Subsidiaries of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by the Company or any Restricted Subsidiary of the Company in the ordinary
course of business or otherwise customary in the Oil and Gas Business; 
 (9) Investments in property, plant and
equipment used in the ordinary course of business and Permitted Business Investments; 
 (10) Investments that
are in existence on the Initial Issuance Date; 

  
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 (11) Investments in any Person to the extent such Investments consist of
prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Company or any of its Restricted Subsidiaries;

 (12) guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course
in the Oil and Gas Business, including obligations under oil and natural gas exploration, development, joint operating and related agreements and licenses or concessions related to the Oil and Gas Business; 

(13) loans or advances to officers, directors, employees or consultants made in the ordinary course of business or
otherwise customary in the Oil and Gas Business and otherwise in compliance with Section 4.13 of this Indenture; 
 (14) Investments of a Restricted Subsidiary acquired after the Initial Issuance Date or of any entity merged into or consolidated with the Company or a Restricted Subsidiary in accordance with
Section 5.01 of this Indenture, the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;

 (15) Investments received as a result of a foreclosure by, or other transfer of title to, the Company or any
of its Restricted Subsidiaries with respect to any secured Investment in default; 
 (16) Liens of the type
described in clause (9) of the definition of “Permitted Liens;” and 
 (17) other Investments
having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (17) that are at
the time outstanding, not to exceed the greater of $30.0 million and 3.0% of the Company’s Adjusted Consolidated Net Tangible Assets determined at the time of such Investment (after giving effect to any dividends, interest payments, return of
capital and subsequent reduction in the amount of any Investment made pursuant to this clause (17) as a result of the repayment or other disposition thereof, in an amount not to exceed the amount of such Investments previously made pursuant to
this clause); provided, however, that if any Investment pursuant to this clause (17) is made in any Person that is not a Restricted Subsidiary of the Company at the date of the making of such Investment and such Person becomes a
Restricted Subsidiary of the Company after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (17) for so long as such Person
continues to be a Restricted Subsidiary; 

  
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 provided, however, that with respect to any Investment, the Company may, in its sole
discretion, allocate all or any portion of any Investment and later re-allocate all or any portion of any Investment to one or more of the above clauses (1) through (17) so that the entire Investment would be a Permitted Investment.

 “Permitted Liens” means: 

(1) Liens securing any Indebtedness and other Obligations under any of the Credit Facilities incurred under clause
(1) of the second paragraph of Section 4.11 of this Indenture; 
 (2) Liens in favor of the Company or
the Subsidiary Guarantors; 
 (3) Liens on property (including Capital Stock) of a Person existing at the time
such Person is merged with or into or consolidated with the Company or any Restricted Subsidiary of the Company, provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets
other than those of the Person merged into or consolidated with the Company or the Restricted Subsidiary; 
 (4)
Liens on property existing at the time of acquisition of the property by the Company or any Restricted Subsidiary of the Company, provided that such Liens were in existence prior to the contemplation of such acquisition; 

(5) any interest or title of a lessor to the property subject to a Capital Lease Obligation; 

(6) Liens on any asset or property acquired, constructed or improved by the Company or any of its Restricted Subsidiaries;
provided that (a) such Liens are in favor of the seller of such asset or property, in favor of the Person or Persons developing, constructing, repairing or improving such asset or property, or in favor of the Person or Persons that provided the
funding for the acquisition, development, construction, repair or improvement cost, as the case may be, of such asset or property, (b) such Liens are created within 360 days after the acquisition, development, construction, repair or
improvement, (c) the aggregate principal amount of the Indebtedness secured by such Liens is otherwise permitted to be incurred under this Indenture and does not exceed the greater of (i) the cost of the asset or property so acquired,
constructed or improved plus related financing costs and (ii) the Fair Market Value (as determined by an executive officer involved in or otherwise familiar with such acquisition, construction or improvement of such asset or property, or, if
such Fair Market Value is $40.0 million or more, the Board of Directors of the Company) of the asset or property so acquired, constructed or improved, measured at the date of such acquisition, or the date of completion of such construction or
improvement, and (d) such Liens are limited to the asset or property so acquired, constructed or improved (including the proceeds thereof, accessions thereto, upgrades thereof and improvements thereto); 

  
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 (7) Liens existing on the Initial Issuance Date other than Liens securing
the Credit Facilities; 
 (8) Liens to secure the performance of tenders, bids, statutory obligations, surety or
appeal bonds, government contracts, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 
 (9) Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Company or any Restricted Subsidiary of the Company to the extent securing Non-Recourse
Debt or other Indebtedness of such Unrestricted Subsidiary or Joint Venture; 
 (10) Liens in respect of
Production Payments and Reserve Sales; 
 (11) Liens on pipelines or pipeline facilities that arise by operation
of law; 
 (12) Liens arising under oil and gas leases, overriding royalty interest agreements, operating
agreements, joint venture agreements, partnership agreements, oil and gas leases, farm-out agreements, farm-in agreements, division orders, contracts for the sale, transportation or exchange of crude oil and natural gas and related Hydrocarbons and
minerals, unitization and pooling declarations and agreements, area of mutual interest agreements, land purchase option arrangements, participation and development agreements, joint operating agreements, and other agreements (including, without
limitation, options, put and call arrangements, rights of first offer, rights of first refusal, preferential rights, restrictions on dispositions and the like and those of the type described in the definition of “Permitted Business
Investments”) arising in the ordinary course of business of the Company and its Restricted Subsidiaries or that are customary in the Oil and Gas Business; 
 (13) Liens reserved in oil and gas mineral leases for bonus or rental payments and for compliance with the terms of such leases; 

(14) Liens upon specific items of inventory, receivables or other goods or proceeds of the Company or any of its
Restricted Subsidiaries securing such Person’s obligations in respect of bankers’ acceptances or receivables securitizations issued or created for the account of such Person to facilitate the purchase, shipment or storage of such
inventory, receivables or other goods or proceeds and permitted by Section 4.11; 
 (15) Liens securing
Obligations of the Company or the Subsidiary Guarantors under the Notes or the Subsidiary Guarantees, as the case may be, and Liens securing other obligations of the Company or the Subsidiary Guarantors under this Indenture (other than with respect
to Securities other than the Notes); 
 (16) Liens to secure payment and performance of Hedging Contracts of the
Company or any of its Restricted Subsidiaries; 

  
 33 

 (17) Liens for taxes, assessments or governmental charges or claims that are
not yet delinquent by more than sixty (60) days or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in
conformity with GAAP has been made therefor; 
 (18) landlords’, carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s or like Liens arising by contract or statute in the ordinary course of business and with respect to amounts which are not yet delinquent by more than sixty (60) days or are being contested
in good faith by appropriate proceedings; 
 (19) pledges or deposits made in the ordinary course of business
(A) in connection with leases, tenders, bids, statutory obligations, surety or appeal bonds, government contracts, performance bonds and similar obligations, or (B) in connection with workers’ compensation, unemployment insurance and
other social security or similar legislation; 
 (20) any attachment or judgment Lien that does not constitute an
Event of Default; 
 (21) survey exceptions, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of the Company or any of its Restricted Subsidiaries; 

(22) Liens arising solely by virtue of any statutory or common law provisions relating to banker’s Liens, rights of
set-off or similar rights and remedies as to deposit accounts or other funds maintained or deposited with a depositary institution; provided that (A) such deposit account is not a dedicated cash collateral account and is not subject to
restrictions against access by the Company in excess of those set forth by regulations promulgated by the Federal Reserve Board and (B) such deposit account is not intended by the Company or any of its Restricted Subsidiaries to provide
collateral to the depositary institution; 
 (23) Liens arising from Uniform Commercial Code financing statement
filings regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business; 
 (24) leases or subleases granted to others that do not materially interfere with the ordinary course of business of the Company and its Restricted Subsidiaries, taken as a whole; 

  
 34 

 (25) Liens arising under this Indenture or any supplemental indenture to the
Original Indenture in favor of the Trustee for its own benefit and similar Liens in favor of other trustees, agents and representatives arising under instruments governing Indebtedness permitted to be incurred under this Indenture, provided,
however, that such Liens are solely for the benefit of the trustees, agents or representatives in their capacities as such and not for the benefit of the holders of such Indebtedness; 

(26) Liens arising from the deposit of funds or securities in trust for the purpose of decreasing or defeasing
Indebtedness so long as such deposit of funds or securities and such decreasing or defeasing of Indebtedness are permitted under Section 4.09 of this Indenture; 

(27) Liens (other than Liens securing Indebtedness) on, or related to, assets to secure all or part of the costs incurred
in the ordinary course of the Oil and Gas Business for the exploration, drilling, development, production, processing, transportation, marketing, storage or operation thereof; 

(28) Liens arising from royalties, overriding royalties, revenue interests, net revenue interests, net profit interests,
reversionary interests, production payments, preferential rights of purchase, working interests and other similar interests, all as ordinarily exist with respect to properties and assets of the Company and its Restricted Subsidiaries or otherwise as
are customary in the Oil and Gas Business; 
 (29) Liens incurred in the ordinary course of business of the
Company or any Restricted Subsidiary of the Company, provided that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness then outstanding and secured by any Liens incurred pursuant to this clause
(29) does not exceed the amount set forth in clause (18) of the second paragraph of Section 4.11 of this Indenture; and 
 (30) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture and incurred to refinance Indebtedness that was previously so secured other than Indebtedness
referred to in clause (1) above, provided that any such Lien is limited to all or part of the same assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written
arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is in respect of assets that is the security for a Permitted Lien hereunder. 

“Permitted MLP Securities” means equity securities (including incentive distribution rights) of a master limited
partnership (or limited liability company or similar business entity with pass-through treatment for U.S. Federal income tax purposes) that has a class of equity securities traded on the New York Stock Exchange, the NYSE Amex, the Nasdaq Stock
Market or any successor to any such exchange or market, provided that such master limited partnership (or other entity) is an Affiliate of the Company. 

  
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 “Permitted Refinancing Indebtedness” means any Indebtedness of the
Company or any of its Restricted Subsidiaries or any Disqualified Stock of the Company incurred or issued in exchange for, or the net proceeds of which shall be used to extend, refinance, renew, replace, defease, discharge, refund or otherwise
retire for value, in whole or in part, any other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness) or any Disqualified Stock of the Company (the “Refinanced Indebtedness”), provided
that: 
 (1) the principal amount, or in the case of Disqualified Stock, the amount thereof as determined in
accordance with the definition of Disqualified Stock, of such Permitted Refinancing Indebtedness does not exceed the principal amount of the Refinanced Indebtedness (plus all accrued (including, for the purposes of defeasance, future accrued) and
unpaid interest on, or accrued and unpaid dividends on, the Refinanced Indebtedness, as the case may be, and the amount of all fees, expenses and premiums incurred in connection therewith) and by an amount equal to any existing commitments and
incremental facilities unutilized thereunder to the extent incurrence of indebtedness under such unutilized commitment and incremental facilities would then have been permitted; 

(2) such Permitted Refinancing Indebtedness has a final maturity date or redemption date, as applicable, later than or
equal to the shorter of (A) 91 days following the Stated Maturity of the Notes or (B) the final maturity date or redemption date, as applicable, of, the Refinanced Indebtedness; 

(3) such Permitted Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such Permitted Refinancing
Indebtedness is incurred equal to or greater than the shorter of (A) the Weighted Average Life to Maturity of, the Refinanced Indebtedness and (B) the Weighted Average Life to Maturity that would result if all payments of principal on the
Refinanced Indebtedness that were due on or after the date that is 91 days following the last maturity date of any Notes then Outstanding were instead due on such date; 

(4) if the Refinanced Indebtedness is contractually subordinated or otherwise junior in right of payment to the Notes or
the Subsidiary Guarantees, such Permitted Refinancing Indebtedness is contractually subordinated or otherwise junior in right of payment to the Notes or the Subsidiary Guarantees on terms at least as favorable to the Holders of Notes as those
contained in the documentation governing the Refinanced Indebtedness; and 
 (5) such Permitted Refinancing
Indebtedness is not incurred (other than by way of a guarantee) by a Non-Guarantor Restricted Subsidiary of the Company if the Company or a Subsidiary Guarantor is the issuer or other obligor on the Refinanced Indebtedness; and 

  
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 (6) except as otherwise provided in clause (3) of the second paragraph
of Section 4.09, the proceeds of the Permitted Refinancing Indebtedness shall be used substantially concurrently with the incurrence thereof to extend, refinance, renew, replace, defease, discharge, refund or otherwise retire the Refinanced
Indebtedness, unless the Refinanced Indebtedness is not then due and is not redeemable or prepayable, defeasable or dischargeable, as the case may be, at the option of the obligor thereof or is redeemable or prepayable or may be defeased or
discharged only with notice, in which case, such proceeds shall be held in a segregated account of the obligor of the Refinanced Indebtedness until the Refinanced Indebtedness becomes due or redeemable, prepayable or subject to defeasance or
discharge, as the case may be, or such notice period lapses and then shall be used to extend, refinance, renew, replace, defease, discharge, refund or otherwise retire the Refinanced Indebtedness; provided that in any event the Refinanced
Indebtedness shall be extended, refinanced, renewed, replaced, defeased, discharged, refunded or otherwise retired within 60 days of the incurrence of the Refinancing Indebtedness. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Production
Facility or Pipeline Assets” means (i) assets used primarily for production gathering, transmission, transportation, storage, processing or treatment of natural gas, natural gas liquids or other Hydrocarbons or carbon dioxide and
(ii) equity interests of any Person that has no substantial assets other than assets referred to in clause (i). 
 “Production Payments” means, collectively, Dollar-Denominated Production Payments and Volumetric Production Payments. 

“Production Payments and Reserve Sales” means the grant or transfer by the Company or a Restricted Subsidiary of
the Company to any Person of a royalty, overriding royalty, net profits interest, production payment (whether volumetric or dollar denominated), partnership or other interest in oil and gas properties, reserves or the right to receive all or a
portion of the production or the proceeds from the sale of production attributable to such properties, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in the oil and gas
business for geologists, geophysicists and other providers of technical services to the Company or a Subsidiary of the Company. 
 “Rating Agency” means S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency
or agencies, as the case may be, selected by the Company (as certified by a resolution of the Board of Directors or a committee thereof) which shall be substituted for S&P or Moody’s or both, as the case may be. 

“Reporting Default” means a Default described in clause (4) of Section 6.01. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

  
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 “Restricted Subsidiary” of a Person means any Subsidiary of the
referent Person that is not an Unrestricted Subsidiary. 
 “S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor to the rating agency business thereof. 
 “Sale Leaseback Transaction” means, with respect to the Company or any of its Restricted Subsidiaries, any arrangement with any Person providing for the leasing by the Company or any of its
Restricted Subsidiaries of any principal property, acquired or placed into service more than 180 days prior to such arrangement, whereby such property has been or is to be sold or transferred by the Company or any of its Restricted Subsidiaries to
such Person. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Senior Debt” means 
 (1) all Indebtedness of the Company or any of its Restricted Subsidiaries outstanding under the Credit Agreement and all obligations under Hedging Contracts with respect thereto; 

(2) any other Indebtedness of the Company or any of its Restricted Subsidiaries permitted to be incurred under the terms
of this Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any Subsidiary Guarantee; and 

(3) all Obligations with respect to the items listed in the preceding clauses (1) and (2). 

Notwithstanding anything to the contrary in the preceding sentence, Senior Debt will not include: 

(a) any intercompany Indebtedness of the Company or any of its Restricted Subsidiaries to the Company or any of its
Affiliates; or 
 (b) any Indebtedness that is incurred in violation of this Indenture. 

For the avoidance of doubt, “Senior Debt” will not include any trade payables or taxes owed or owing by the
Company or any of its Restricted Subsidiaries. 
 “Significant Subsidiary” means any Subsidiary that
would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Initial Issuance Date. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness,
the date on which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof. 

  
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 “Subsidiary” means, with respect to any specified Person:

 (1) any corporation, association or other business entity (other than a partnership or limited liability
company) of which more than 50% of the total voting power of Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (whether general or limited) or limited liability company (a) the sole general partner or member
of which is such Person or a Subsidiary of such Person, or (b) if there is more than a single general partner or member, either (x) the only managing general partners or managing members of which are such Person or one or more Subsidiaries
of such Person (or any combination thereof) or (y) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other Voting Stock of such partnership or limited liability
company, respectively. 
 “Subsidiary Guarantee” means the joint and several guarantee pursuant to
Article X hereof by a Subsidiary Guarantor of the Obligations of the Company under this Indenture and the Notes. 

“Subsidiary Guarantors” means each of (a) the Restricted Subsidiaries of the Company executing this
Indenture as initial Subsidiary Guarantors, (b) any other Restricted Subsidiary of the Company that executes a supplement to this Indenture in accordance with Section 4.15 or 10.02 hereof and (c) the respective successors and assigns
of such Restricted Subsidiaries in each case until such time as any such Restricted Subsidiary shall be released and relieved of its obligations pursuant to Section 4.15, 8.01 or 10.03 hereof. 

“Successor Parent” with respect to any Person means any other Person more than 50% of the total outstanding
Voting Stock of which (measured by voting power rather than the number of shares, units or the like) is, at the time the first Person becomes a Subsidiary of such other Person, “Beneficially Owned” either by the first Person or by one or
more Persons that Beneficially Owned more than 50% of the total outstanding Voting Stock of the first Person (measured by voting power rather than the number of shares, units or the like) immediately prior to the first Person becoming a Subsidiary
of such other Person. 
 “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of
such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) which has become publicly available at least two Business Days prior to
the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to 

  
 39 

 
September 15, 2016; provided, however, that if such period is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Company
shall obtain the Treasury Rate by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the
Redemption Date to September 15, 2016 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company will (a) calculate the
Treasury Rate on the second Business Day preceding the applicable Redemption Date and (b) prior to such Redemption Date file with the Trustee an Officers’ Certificate setting forth the Make Whole Premium and the Treasury Rate and showing
the calculation of each in reasonable detail. 
 “Uniform Commercial Code” means the New York Uniform
Commercial Code as in effect from time to time. 
 “Unrestricted Subsidiary” means, initially, Carrizo
UK Huntington Ltd and Monument Exploration LLC, and thereafter shall include any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the
extent that such Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Debt owing to any Person other
than the Company or any of its Restricted Subsidiaries; 
 (2) is not party to any agreement, contract,
arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless (a) the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than
those that might be obtained at the time from Persons who are not Affiliates of the Company or (b) is otherwise permitted under the provisions of Section 4.13 or (c) to the extent that clause (a) or (b) is not satisfied, the
excess value of such agreement, contract, arrangement or understanding shall be deemed a Restricted Payment; 

(3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or
indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

(4) has not, from and after such designation, guaranteed or otherwise directly or indirectly provided credit support for
any Indebtedness of the Company or any of its Restricted Subsidiaries (other than as otherwise provided in the definition of “Non-Recourse Debt”); 
 provided, however, that items (1) through (4) above shall not be deemed to prevent Permitted Investments in Unrestricted Subsidiaries that are otherwise allowed under this Indenture.

  
 40 

 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary
will be evidenced to the Trustee by filing with the Trustee a Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by
Section 4.09. In the case of any designation by the Company of a Person as an Unrestricted Subsidiary on the first day that such Person is a Subsidiary of the Company in accordance with the provisions of the Indenture, such designation shall be
deemed to have occurred for all purposes of the Indenture simultaneously with, and automatically upon, such Person becoming a Subsidiary. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted
Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such
Indebtedness is not permitted to be incurred as of such date under Section 4.11, the Company will be in default of such covenant. 
 “Volumetric Production Payments” means production payment obligations recorded as deferred revenue in accordance with GAAP, together with all related undertakings and obligations. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled
(without regard to the occurrence of any contingency) to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock at any date, the number of years obtained by dividing: 

(1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payments of principal, including payment at final maturity or redemption, in respect of the Indebtedness or Disqualified Stock, by (b) the number of years (calculated to the nearest one-twelfth) that will
elapse between such date and the making of such payment; by 
 (2) the then outstanding aggregate principal
amount of such Indebtedness or Disqualified Stock. 
 SECTION 202 Other Definitions. 

Section 1.02 of the Original Indenture shall be amended by inserting the following terms, in their appropriate alphabetical position,
and corresponding section references into the table in such Section 1.02 of the Original Indenture: 
  

			
	 Term
	  	Defined in Section
	 “Affiliate Transaction”
	  	4.13
	 “Asset Sale Offer”
	  	3.13
	 “Change of Control Offer”
	  	4.16

  
 41 

			
	 Term
	  	Defined in Section
	 “Change of Control Payment”
	  	4.16
	 “Change of Control Purchase Date”
	  	4.16
	 “Change of Control Settlement Date”
	  	4.16
	 “Excess Proceeds”
	  	4.12
	 “incur”
	  	4.11
	 “Offer Amount”
	  	3.13
	 “Offer Period”
	  	3.13
	 “Payment Default”
	  	6.01
	 “Permitted Debt”
	  	4.11
	 “Restricted Payments”
	  	4.09
	 “Settlement Date”
	  	3.13
	 “Termination Date”
	  	3.13

 SECTION 203 Mutilated, Destroyed, Lost and Stolen Securities. 

The Original Indenture shall be amended by replacing the second sentence of Section 2.09 of the Original Indenture with the following
sentence: 
 If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and
payable, or is about to be redeemed or purchased by the Company pursuant to an optional redemption described in Section 3.12 or purchased by the Company upon a Change of Control or an Asset Sale pursuant to Article IV, the Company in its
discretion may, instead of issuing a new Security, pay, redeem or purchase such Security. 
 SECTION 204 Amendment of Indenture Without
Consent of Holders 
 Clause (8) of Section 9.01 of the Original Indenture is hereby amended to replace the words
“prospectus supplement” with the words “prospectus, prospectus supplement or offering memorandum.” 
 SECTION 205
Limitation on Mergers and Consolidations. 
 Article V of the Original Indenture shall be amended by replacing Article V
of the Original Indenture with the following with respect to the Notes: 
 Section 5.01 Merger, Consolidation or Sale of
Assets. 
 The Company may not (x) consolidate or merge with or into another Person (whether or not the
Company is the survivor), or (y) directly or indirectly sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets, in one or more related transactions to another Person, unless: 

(a) either (1) the Company is the survivor or (2) the Person formed by or surviving any such consolidation or
merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person organized or existing under the laws of the United States, any state of the United States or the
District of Columbia; 

  
 42 

 (b) the Person formed by or surviving any such consolidation or merger (if
other than the Company) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental
indenture or other agreement in a form reasonably satisfactory to the Trustee; 
 (c) immediately after such
transaction, no Default (other than a Reporting Default) or Event of Default exists; 
 (d) and either

 (i) the Company or the Person formed by or surviving any such consolidation or merger (if other than the
Company), or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made will, on the date of such transaction immediately after giving pro forma effect thereto and any related financing transactions as if
the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.11
hereof; or 
 (ii) immediately after giving effect to such transaction and any related financing transactions on
a pro forma basis as if the same had occurred at the beginning of the applicable four-quarter period, the Fixed Charge Coverage Ratio of the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company),
or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made, will be equal to or greater than the Fixed Charge Coverage Ratio of the Company immediately prior to such transaction; or 

(iii) immediately after giving effect to such transaction and any related financing transactions on a pro forma basis,
the Consolidated Net Worth of the Company will be greater than the Consolidated Net Worth of the Company immediately prior to such transaction; and 
 (e) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or disposition and such supplemental indenture (if any)
comply with this Indenture. 
 Notwithstanding the restrictions described in the foregoing clauses
(c) and (d), (x) any Restricted Subsidiary of the Company may consolidate with, merge into or dispose of all or part of its assets to the Company or another Restricted Subsidiary, and (y) the Company may merge with or into an
Affiliate formed solely for the purpose of reincorporating the Company in another jurisdiction, and the Company will not be required to comply with the preceding clause (e) in connection with any such consolidation, merger or disposition.

  
 43 

 For purposes of the foregoing, the transfer (by lease, assignment, sale or
otherwise, in a single transaction or series of transactions) of all or substantially all of the assets of one or more Restricted Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of the assets of the
Company, shall be deemed to be the transfer of all or substantially all of the assets of the Company. 
 Section 5.02
Successor Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01 hereof, in which the Company is not the surviving entity, the surviving entity formed by such consolidation or into or with
which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the
same effect as if such surviving entity had been named as the Company herein and shall be substituted for the Company (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition,
the provisions of this Indenture referring to the “Company” shall refer instead to the surviving entity and not to the Company); and thereafter, if the Company is dissolved following a transfer of all or substantially all of its assets in
accordance with this Indenture (except in the case of a lease of all or substantially all of the Company’s assets), it shall be discharged and released from all obligations and covenants under this Indenture and the Notes. The Trustee shall
enter into a supplemental indenture to evidence the succession and substitution of such successor and such discharge and release of the Company. 
 SECTION 206 Issuance of Additional Notes. 
 Article II of the Original
Indenture shall be amended by inserting the following section: 
 Section 2.18 Issuance of Additional Notes.

 The Company shall be entitled, subject to its compliance with Section 4.11, at any time and from time to
time, and without notice or consent of the Holders of the Notes, to create and issue Additional Notes under this Indenture which shall rank equally and ratably with, and have identical terms, as the Notes issued on the Initial Issuance Date, other
than with respect to the date of issuance and issue price; provided, however, that any issuance of Additional Notes bearing the same CUSIP number as the Notes issued on the Initial Issuance Date (i) is treated as part of the same issue as the
Notes issued on the Initial Issuance Date within the meaning of Treasury Regulation § 1.1275-1(f), (ii) is a qualified reopening of the Notes issued on the Initial Issuance Date within the meaning of Treasury Regulation § 1.1275-2(k),
or (iii) is otherwise fungible with the Notes issued on the Initial Issuance Date for U.S. federal income tax purposes, in the case of each of 

  
 44 

 
clauses (i), (ii) and (iii), so that such Additional Notes will trade as part of a single class with the Notes issued on the Initial Issuance Date, and provided further that Additional Notes
that do not fall within clause (i), (ii) or (iii) of this paragraph shall have separate CUSIP and ISIN numbers. The Notes issued on the Initial Issuance Date, and any Additional Notes shall be treated as a single class for all purposes
under this Indenture, including, without limitation, waivers, consents, directions, declarations, amendments, redemptions and offers to purchase. 
 With respect to any Additional Notes, the Company shall set forth in an Officers’ Certificate, which shall be delivered to the Trustee, the following information: 

(1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;
and 
 (2) the issue price, the issue date (and the corresponding date from which interest shall accrue thereon
and the first interest payment date therefor) and the CUSIP number and any corresponding ISIN of such Additional Notes. 
 SECTION 207
Redemption. 
 (a) Section 3.03 of the Original Indenture shall be amended by replacing that section of the Original
Indenture with the following with respect to the Notes: 
 Section 3.03 Selection of Notes to Be Redeemed.

 If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be
redeemed among the Holders of the Notes as follows: (1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or (2) if
the Notes are not listed on any national securities exchange, on a pro rata basis or, in the case of Notes in global form, the Trustee will select Notes for redemption based on DTC’s method that most nearly approximates pro rata selection
unless otherwise required by law. In the event of partial redemption other than on a pro rata basis, the particular Notes to be redeemed shall be selected, not less than five (5) Business Days (unless a shorter period shall be agreeable to the
Trustee) prior to the giving of notice of the redemption pursuant to Section 3.04, by the Trustee from the Outstanding Notes not previously called for redemption. 

The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note
selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess of $2,000; except that if all of the Notes of a Holder are to be
redeemed, the entire Outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.

  
 45 

 (b) The first paragraph of Section 3.04 of the Original Indenture shall be amended by
replacing that paragraph with the following: 
 Subject to the provisions of Section 3.13 hereof, at least
30 days but not more than 60 days before a Redemption Date (except that redemption notices may be mailed or sent more than 60 days prior to a Redemption Date if the notice is issued in connection with a legal defeasance, covenant defeasance or
discharge), the Company shall mail or cause to be mailed, by first class mail, or if the Notes are in global form, sent pursuant to the applicable procedures of DTC, a notice of redemption to each Holder whose Notes are to be redeemed at its
registered address. 
 (c) The following provisions shall be added to Article III of the Original Indenture with respect to the
Notes: 
 Section 3.12 Optional Redemption. 

(a) Except as set forth in clauses (b) and (c) of this Section 3.12 or in the final paragraph of
Section 4.16, the Company shall not have the option to redeem the Notes prior to September 15, 2016. On and after September 15, 2016, the Company shall have the option to redeem the Notes, in whole or in part at any time, at the
Redemption Prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the Notes to be redeemed to the applicable Redemption Date (subject to the right of Holders of record on the relevant
record date to receive interest due on an interest payment date that is on or prior to the Redemption Date), if redeemed during the twelve-month period beginning on September 15 of the years indicated below: 

 

					
	 YEAR
	  	PERCENTAGE	 
	 2016
	  	 	103.750	% 
	 2017
	  	 	101.875	% 
	 2018 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the provisions of clause (a) of this Section 3.12, at any
time prior to September 15, 2015, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under this Indenture at a Redemption Price of 107.500% of the
principal amount thereof, plus accrued and unpaid interest, if any, thereon to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the
Redemption Date), in an amount up to the amount of the net cash proceeds of one or more Equity Offerings, provided that, with respect to each such redemption: 
 (1) at least 65% of the aggregate principal amount of Notes initially issued under this Indenture remains Outstanding immediately after the occurrence of such redemption (excluding any Notes held by the
Company and its Subsidiaries); and 

  
 46 

 (2) such redemption occurs within 180 days of the date of the closing of the
related Equity Offering. 
 (c) Prior to September 15, 2016, the Company may redeem on one or more occasions
all or part of the Notes at a Redemption Price equal to the sum of: 
 (1) 100% of the principal amount thereof,
plus 
 (2) accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of
record on the relevant record date to receive interest due on an interest payment date that is on or prior to the Redemption Date), plus 
 (3) the Make Whole Premium at the Redemption Date. 
 (d) Any
redemption pursuant to this Section 3.12 shall be made pursuant to the provisions of Section 3.01 through Section 3.11 hereof. 
 (e) Nothing in this Section 3.12 shall prohibit the Company from acquiring the Notes by means other than a redemption, whether pursuant to a tender offer, open market purchase or otherwise, so long
as the acquisition does not violate the terms of the Indenture. 
 Section 3.13 Offer to Purchase by Application of
Excess Proceeds. 
 In the event that, pursuant to Section 4.12 hereof, the Company shall be required to
commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it shall follow the procedures specified below. 
 The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by Applicable Law (the “Offer
Period”). No later than five Business Days after the termination of the Offer Period (the “Settlement Date”), the Company shall purchase and pay for the principal amount of Notes required to be purchased pursuant to Section 4.12
hereof (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes validly tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the manner prescribed in the Notes.

 Upon the commencement of an Asset Sale Offer, the Company shall send, by first class mail, a notice to each of
the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which
shall govern the terms of the Asset Sale Offer, shall state: 
 (a) that the Asset Sale Offer is being made
pursuant to this Section 3.13 and Section 4.12 hereof and the length of time the Asset Sale Offer shall remain open, including the time and date the Asset Sale Offer will terminate (the “Termination Date”); 

  
 47 

 (b) the Offer Amount and the purchase price; 

(c) that any Note not tendered or accepted for payment shall continue to accrue interest; 

(d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale
Offer shall cease to accrue interest after the Settlement Date; 
 (e) that Holders electing to have a Note
purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, properly endorsed for transfer, together with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed and such
customary documents as the Company may reasonably request, to the Company or a Paying Agent at the address specified in the notice, before the Termination Date; 
 (f) that Holders shall be entitled to withdraw their election if the Company or the Paying Agent, as the case may be, receives, prior to the Termination Date, a telegram, telex, facsimile transmission or
letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(g) that, if the aggregate principal amount of Notes surrendered by Holders, and Pari Passu Indebtedness surrendered by
holders or lenders, collectively, exceeds the amount the Company is required to repurchase, the Trustee shall select the Notes and Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered
Notes and Pari Passu Indebtedness (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess of $2,000, shall be purchased); and 

(h) that Holders whose Notes were purchased only in part shall be issued Notes equal in principal amount to the
unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess of $2,000. 

If any of the Notes subject to an Asset Sale Offer is in the form of a Global Note, then the Company shall modify such
notice to the extent necessary to accord with the procedures of the Depositary applicable to repurchases. 

Promptly after the Termination Date, the Company shall, to the extent lawful, accept for payment Notes or portions thereof
tendered pursuant to the Asset Sale Offer in the aggregate principal amount required by Section 4.12 hereof, and prior to the Settlement Date it shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions
thereof were accepted for payment by the Company in accordance with the terms of this Section 3.13 and Section 4.12. Prior to 11:00 a.m., New York City time, on the Settlement Date, the Company or the Paying Agent, as the case may be,
shall mail 

  
 48 

 
or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall issue a Note, and
the Trustee shall authenticate and mail or deliver such Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder
thereof. The Company shall publicly announce the results of the Asset Sale Offer on or before the Settlement Date. 
 SECTION 208
Covenants. 
 (a) Section 4.05 of the Original Indenture is amended and restated in its entirety as follows:

 Section 4.05 Existence. 

Except as otherwise permitted pursuant to the terms hereof (including consolidation and merger permitted by
Section 5.01), the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, and the corporate, partnership, limited liability company or other existence of each of its
Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; provided, however, that the Company shall not be required to
preserve the existence of any of its Restricted Subsidiaries if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole and that
the loss thereof is not adverse in any material respect to the Holders of the Notes. 
 (b) Article IV of the Original Indenture
is amended by adding the following covenants for the benefit of the Holders of the Notes: 
 Section 4.08. Effectiveness
of Covenants. 
 From and after the first day (the “Suspension Date”) on which (i) the Notes
have an Investment Grade Rating from both of the Rating Agencies and (ii) no Default has occurred and is continuing under the Indenture, the Company and its Restricted Subsidiaries shall cease to be subject to the provisions of the following
sections of the Indenture: 
  

	 	•	 	 Section 4.09, 

  

	 	•	 	 Section 4.10, 

  

	 	•	 	 Section 4.11, 

  

	 	•	 	 Section 4.12 and Section 3.13, 

  

	 	•	 	 Section 4.13, and 

  

	 	•	 	 clauses (d) of (e) of Section 5.01 (collectively, the “Suspended Covenants”). 

  
 49 

 If at any date (each such date, a “Reversion Date”) the credit
rating of the Notes is downgraded from an Investment Grade Rating by either Rating Agency, then the Suspended Covenants will thereafter be reinstated and again be applicable pursuant to the terms of the Indenture, unless and until the Notes
subsequently attain an Investment Grade Rating. The period of time between any Suspension Date and the first subsequent Reversion Date is referred to herein as a “Suspension Period.” Neither the failure of the Company or any of its
Subsidiaries to comply with a Suspended Covenant during a Suspension Period nor compliance by the Company or any of its Subsidiaries with any contractual obligation entered into in compliance with the Indenture during a Suspension Period will
constitute a Default, Event of Default or breach of any kind under the Indenture, the Notes or the Subsidiary Guarantees. 
 During any Suspension Period, the Board of Directors of the Company shall not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries pursuant to the Indenture. 

Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under
Section 4.09 will be made as though the covenant described in Section 4.09 had been in effect at all times since the Initial Issuance Date, including during any Suspension Period. 

Section 4.09 Limitation on Restricted Payments. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the holders of the Company’s or any of
its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company or payable to the Company or a Restricted Subsidiary of
the Company); 
 (2) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in
connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 
 (3) make any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is subordinated in right of payment to the Notes or any
Subsidiary Guarantee (excluding (a) any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries, (b) the purchase, redemption, defeasance, 

  
 50 

 
repurchase or other acquisition of Indebtedness that is subordinated in right of payment to the Notes or the Subsidiary Guarantees purchased, redeemed, defeased or otherwise acquired in
anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase, redemption, defeasance or acquisition, and (c) any payment of principal at the
Stated Maturity thereof); or 
 (4) make any Restricted Investment (all such payments and other actions set forth
in these clauses (1) through (4) being collectively referred to as “Restricted Payments”), 

unless, at the time of and after giving effect to such Restricted Payment, no Default (except a Reporting Default) or
Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment and: 

(I) the Company would, at the time of such Restricted Payment immediately after giving pro forma effect thereto as if the
same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.11; and

 (II) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the
Company and its Restricted Subsidiaries (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (8), (9), (11) and (13) of the next succeeding paragraph) since November 2, 2010, is less than the sum, without
duplication, of (the “Restricted Payments Basket”): 
 (a) 50% of the aggregate Consolidated Net
Income of the Company accrued on a cumulative basis during the period beginning on the Measurement Date and ending on the last day of the Company’s last fiscal quarter ending prior to the date of the Restricted Payment (or, if such aggregate
cumulative Consolidated Net Income shall be a loss, minus 100% of such loss); plus 
 (b) 100% of the aggregate
net cash proceeds, and the Fair Market Value of any Capital Stock of Persons (other than an Unrestricted Subsidiary) engaged primarily in the Oil and Gas Business or any other assets that are used or useful in the Oil and Gas Business, in each case
received by the Company after the Measurement Date as a contribution to its common equity capital or from the issue or sale after the Measurement Date of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale after
the Measurement Date of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified
Stock or debt securities) sold to a Subsidiary of the Company) or received upon the exercise of any options, warrants or rights to purchase Equity Interests (other than Disqualified Stock) of the Company; plus 

  
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 (c) the amount equal to the net reduction in Restricted Investments made by
the Company or any of its Restricted Subsidiaries in any Person since the Measurement Date resulting from: 

(i) repurchases or redemptions of such Restricted Investments by such Person, proceeds realized upon the sale of such
Restricted Investment to a purchaser other than the Company or a Subsidiary of the Company, repayments of loans or advances or other transfers of assets (including by way of interest payments, dividend or distribution) by such Person to the Company
or any Restricted Subsidiary of the Company; plus 
 (ii) the redesignation of Unrestricted Subsidiaries as
Restricted Subsidiaries or the merger or consolidation of an Unrestricted Subsidiary with and into the Company or any Restricted Subsidiary (valued in each case as provided in the definition of “Investment”) not to exceed, in the case of
any Unrestricted Subsidiary, the amount of Investments previously made by the Company or any Restricted Subsidiary of the Company in such Unrestricted Subsidiary; plus 

(iii) an amount equal to any amount included as a Restricted Payment pursuant to clause (II) of the first paragraph of
this Section 4.09 on account of any guarantee entered into by the Company or any Restricted Subsidiary; to the extent that such guarantee has not been called upon and the obligation arising under such guarantee no longer exists or has been
reduced; plus 
 (iv) in the event the Company or any Restricted Subsidiary makes any Investment in a Person
that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary or is merged or consolidated with the Company or a Restricted Subsidiary, an amount equal to the amount included as a Restricted Payment pursuant to clause
(II) of the first paragraph of this Section 4.09 on account of the Company’s or any Restricted Subsidiary’s Investment in such Person prior to the time it became a Restricted Subsidiary or the time of such merger or consolidation;
plus 
 (d) the amount by which Indebtedness of the Company or its Restricted Subsidiaries is reduced on the
Company’s balance sheet upon the conversion or exchange (other than by a Subsidiary of the Company) subsequent to the Measurement Date of any Indebtedness of the Company or its Restricted Subsidiaries convertible into or exchangeable for Equity
Interests of the Company (other than Disqualified Stock) (less the amount of cash, or the Fair Market Value of any other property, distributed by the Company upon such conversion or exchange), 

  
 52 

 in each case to the extent such amounts have not been included in
Consolidated Net Income for any period commencing on or after the Measurement Date. 
 The preceding provisions will not
prohibit: 
 (1) the payment of any dividend or distribution or the consummation of an irrevocable redemption
within 60 days after the date of its declaration or the giving of notice of such a redemption, if at the date of declaration or notice the payment would have complied with the provisions of this Indenture; 

(2) the redemption, repurchase, retirement, defeasance or other acquisition of any subordinated Indebtedness of the
Company or any Subsidiary Guarantor or of any Equity Interests of the Company in exchange for, or out of the net cash proceeds of the substantially concurrent (a) contribution (other than from a Restricted Subsidiary of the Company) to the
equity capital of the Company or (b) sale (other than to a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock), with a sale being deemed substantially concurrent if such redemption,
repurchase, retirement, defeasance or acquisition occurs not more than 120 days after such sale; provided, however, that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or other
acquisition will be excluded or deducted from clause (II) of this Section 4.09; 
 (3) the defeasance,
redemption, repurchase, retirement or other acquisition of subordinated Indebtedness or Disqualified Stock of the Company or any Subsidiary Guarantor with the net cash proceeds from a substantially concurrent incurrence of, or in exchange for,
Permitted Refinancing Indebtedness, with an incurrence of Permitted Refinancing Indebtedness being deemed substantially concurrent if such defeasance, redemption, repurchase, retirement or acquisition occurs not more than 120 days after such
incurrence; 
 (4) the payment of any dividend or distribution by a Restricted Subsidiary of the Company to the
holders of such Restricted Subsidiary’s Equity Interests on a pro rata basis or on a basis more favorable to the Company or a Restricted Subsidiary; 
 (5) so long as no Default (other than a Reporting Default) or Event of Default shall have occurred and be continuing or would be caused thereby, the repurchase, redemption or other acquisition or
retirement for value (other than for any Equity Interest) of any Equity Interests of the Company or any Restricted Subsidiary of the Company pursuant to any director, employee or consultant equity subscription agreement or equity option agreement or
other employee 

  
 53 

 
benefit plan or to satisfy obligations under any Equity Interests option plan or similar arrangement other than any rights described under clause 9(b) below; provided, however, that the aggregate
price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $3.0 million in any calendar year (with any portion of such $3.0 million amount that is unused in any calendar year to be carried forward to
successive calendar years and added to such amount) plus, to the extent not previously applied or included, 

(a) the cash proceeds received by the Company or any of its Restricted Subsidiaries from sales of Equity Interests of the
Company to employees, consultants or directors of the Company or its Affiliates that occur after November 2, 2010 (to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of
Restricted Payments by virtue of clause (II)(b) of the first paragraph of this Section 4.09); and 
 (b)
the cash proceeds of key man life insurance policies received by the Company or any of its Restricted Subsidiaries after November 2, 2010; 
 (6) any purchase, redemption, defeasance, retirement or other acquisition of Indebtedness that is subordinated in right of payment to the Notes or a Subsidiary Guarantee pursuant to the provisions of such
Indebtedness in the event of a Change of Control or an Asset Sale, in each case plus accrued and unpaid interest thereon, but only if: 
 (a) in the case of a Change of Control, the Company has first complied with and fully satisfied its obligations under Section 4.16; or 

(b) in the case of an Asset Sale, the Company has complied with and fully satisfied its obligations in accordance with
Section 4.12; 
 (7) the repurchase, redemption or other acquisition for value of Equity Interests of the
Company or any Restricted Subsidiary of the Company representing fractional shares of such Equity Interests in connection with a merger or consolidation involving the Company or such Restricted Subsidiary or any other transaction permitted by this
Indenture; 
 (8) the repurchase, redemption or other acquisition of Equity Interests deemed to occur upon the
exercise or conversion of stock options, warrants or other convertible securities if such Equity Interests represent a portion of the exercise or conversion price thereof; 

(9) the defeasance, repurchase, redemption or other acquisition or retirement for value of (a) any Equity Interests
of the Company or any Restricted Subsidiary of the Company held by any current or former officers, directors or employees of the Company or any of its Restricted Subsidiaries in connection with the exercise or vesting of any equity compensation
(including, without 

  
 54 

 
limitation, stock options, restricted stock and phantom stock) in order to satisfy any tax withholding obligation with respect to such exercise or vesting or (b) to the extent otherwise
constituting a Restricted Payment, any rights under any cash and/or equity-settled equity stock appreciation agreement or plan of the Company or any Restricted Subsidiary; 

(10) any payments in connection with a consolidation, merger or transfer of assets in connection with a transaction that
is not prohibited by this Indenture not to exceed $25.0 million in the aggregate after the Initial Issuance Date; 
 (11) the payment of any dividends or distributions by the Company to the holders of its Disqualified Stock or preferred stock; provided that such Disqualified Stock or preferred stock is issued on
or after the Initial Issuance Date in accordance with the first paragraph of Section 4.11; 
 (12) the
declaration and payment of distributions effecting “poison pill” rights plans provided that any securities or rights so distributed have a nominal Fair Market Value at the time of declaration; 

(13) (i) cash capital contributions to, and funding expenses for the benefit of, foreign Unrestricted Subsidiaries or
foreign Joint Ventures in an amount not to exceed $50.0 million in the aggregate since November 2, 2010, and (ii) guarantees to fund any such expenditures; or 

(14) so long as no Default (other than a Reporting Default) or Event of Default shall have occurred and be continuing or
would be caused thereby, other Restricted Payments in an aggregate amount not to exceed $25.0 million at any time outstanding since November 2, 2010 (after giving effect to any dividends, interest payments, return of capital and subsequent
reduction in the amount of any Investments made pursuant to this clause as a result of the repayment or other disposition thereof, in an amount not to exceed the amount of such Investments previously made pursuant to this clause); provided,
however, that if any Investment pursuant to this clause (14) is made in any Person that is not a Restricted Subsidiary of the Company at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the
Company after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) of the definition of “Permitted Investments” and shall cease to have been made pursuant to this clause (14) for so long
as such Person continues to be a Restricted Subsidiary. 
 The amount of all Restricted Payments (other than
cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or any of its Restricted Subsidiaries, as the case may be, pursuant to the Restricted
Payment. The Fair Market Value of any assets or securities that are required to be valued by this Section 4.09 will be determined, in the case of amounts under $20.0 million, by an officer of the Company and, in the case of

  
 55 

 
amounts over $20.0 million, by the Board of Directors of the Company, whose determination shall be evidenced by a Board Resolution. For purposes of determining compliance with this
Section 4.09, in the event that a Restricted Payment meets the criteria of more than one of the categories of Restricted Payments described in the preceding clauses (1) — (14) or pursuant to the Restricted Payments Basket or as a
Permitted Investment, the Company will be permitted to divide or classify (or later divide, classify or reclassify in whole or in part in its sole discretion) such Restricted Payment in any manner that complies with this Section 4.09.

 Section 4.10 Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries.

 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly,
create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to: 
 (1) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or pay any Indebtedness or other obligations owed to the Company or any of its
Restricted Subsidiaries; 
 (2) make loans or advances to the Company or any of its Restricted Subsidiaries; or

 (3) sell, lease or transfer any of its assets to the Company or any of its Restricted Subsidiaries.

 However, the preceding restrictions of this Section 4.10 will not apply to encumbrances or restrictions
existing under or by reason of: 
 (1) agreements (including in respect of any Credit Facilities) as in effect on
the Initial Issuance Date and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements (or the agreements referred to in this clause (1)) or the Indebtedness to
which those agreements (or the agreements referred to in this clause (1)) relate, provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are no more restrictive,
taken as a whole, with respect to such dividend, distribution and other payment restrictions than those contained in those agreements on the Initial Issuance Date, as determined by the Board of Directors of the Company in its reasonable and good
faith judgment; 
 (2) this Indenture, the Notes and the Subsidiary Guarantees; 

(3) Applicable Law or similar restriction; 

  
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 (4) any agreement or instrument with respect to a Restricted Subsidiary that
is not a Restricted Subsidiary of the Company on the Initial Issuance Date, in existence at the time such Person becomes a Restricted Subsidiary of the Company and not incurred in connection with, or in contemplation of, such Person becoming a
Restricted Subsidiary; provided that such encumbrances and restrictions are not applicable to the Company or any Restricted Subsidiary or the assets of the Company or any Restricted Subsidiary other than such Subsidiary which is becoming a
Restricted Subsidiary; 
 (5) any agreement or instrument governing any Permitted Acquisition Indebtedness, so
long as such agreement or instrument (A) was not entered into in contemplation of the acquisition, merger or consolidation transaction related thereto, and (B) is not applicable to any Person, or the assets of any Person, other than the
Person, or the assets or Subsidiaries of the Person, subject to such acquisition, merger or consolidation, so long as the agreement containing such restriction does not violate any other provision of the Indenture; 

(6) instruments governing Indebtedness of the Company or any of the Subsidiary Guarantors permitted to be incurred
pursuant to an agreement entered into subsequent to the Initial Issuance Date in accordance with Section 4.11; provided that the provisions relating to such encumbrance or restriction contained in such instruments are not materially more
restrictive, taken as a whole, than the provisions contained in the Credit Agreement and in this Indenture as in effect on the Initial Issuance Date, as determined by the Board of Directors of the Company in its reasonable and good faith judgment;

 (7) (i) customary non-assignment provisions in Hydrocarbon purchase and sale or exchange agreements,
joint operating agreements, or similar operational agreements or in licenses or leases, or (ii) other encumbrances or restrictions in agreements or instruments relating to specific assets or property that restrict generally the transfers of
such assets or property, provided, however, that such other encumbrances or restrictions do not materially impair the ability of the Company to make scheduled payments on the Notes when due in each case entered into in the ordinary course of
business or customary in the Oil and Gas Business; 
 (8) Capital Lease Obligations, mortgage financings or
purchase money obligations, in each case for property acquired in the ordinary course of business or which is customary in the Oil and Gas Business that impose restrictions on that property purchased or leased of the nature described in clause
(3) of the preceding paragraph; 
 (9) any agreement for the sale or other disposition of a Restricted
Subsidiary of the Company that restricts distributions by that Restricted Subsidiary pending its sale or other disposition; 
 (10) Permitted Refinancing Indebtedness, provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole,
than those contained in the agreements governing the Indebtedness being refinanced, as determined by the Board of Directors of the Company in its reasonable and good faith judgment; 

  
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 (11) Liens securing Indebtedness otherwise permitted to be incurred under
the provisions of Section 4.14 that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (12) provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, stock sale agreements and other similar agreements entered into
(a) in the ordinary course of business or which are customary in the Oil and Gas Business, or (b) with the approval of the Company’s Board of Directors, which limitations are applicable only to the assets that are the subject of such
agreements; 
 (13) any agreement or instrument relating to any assets acquired after the Initial Issuance Date,
so long as such encumbrance or restriction relates only to the assets so acquired and is not and was not created in anticipation of such acquisition; 
 (14) restrictions on cash, Cash Equivalents or other deposits or net worth imposed by customers or lessors under contracts or leases entered into in the ordinary course of business or which are customary
in the Oil and Gas Business; 
 (15) customary encumbrances and restrictions contained in agreements of the types
described in the definition of “Permitted Business Investments”; 
 (16) Hedging Contracts permitted
from time to time under this Indenture; 
 (17) the issuance of preferred securities by a Restricted Subsidiary
of the Company or the payment of dividends thereon in accordance with the terms thereof; provided that issuance of such preferred securities is permitted pursuant to Section 4.11 and the terms of such preferred securities do not expressly
restrict the ability of a Restricted Subsidiary of the Company to pay dividends or make any other distributions on its Equity Interests (other than requirements to pay dividends or liquidation preferences on such preferred securities prior to paying
any dividends or making any other distributions on such other Equity Interests); 
 (18) any Permitted
Investment; and 
 (19) restrictions on repayment of Indebtedness and other obligations to, and restrictions on
the making of loans, advances, sales, leases and transfers to, a Restricted Subsidiary that does not directly or indirectly own Capital Stock of the obligor, lender, seller, lessor or transferor, as the case may be. 

Section 4.11 Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock. 

  
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 The Company will not, and will not permit any of its Restricted Subsidiaries
to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness, the Company will not issue any
Disqualified Stock, and the Company will not permit any of its Restricted Subsidiaries to issue any Disqualified Stock or preferred securities; provided, however, that the Company and any of the Subsidiary Guarantors may incur Indebtedness and the
Company may issue Disqualified Stock and any Subsidiary Guarantor may issue Disqualified Stock or preferred securities, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such preferred securities or Disqualified Stock is or are issued, as the case may be, would have been at least 2.50 to 1.0,
determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or such preferred securities or Disqualified Stock had been issued, as the case may be, at the
beginning of such four-quarter period. 
 The first paragraph of this Section 4.11 will not prohibit the
incurrence of any of the following items of Indebtedness or the issuance of any Disqualified Stock or any preferred securities described below (collectively, “Permitted Debt”): 

(1) the incurrence by the Company or any of the Subsidiary Guarantors of additional Indebtedness (including letters of
credit) under one or more Credit Facilities, provided that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness outstanding under the Company’s and its Restricted Subsidiaries’ Credit Facilities
incurred under this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its Subsidiaries thereunder) does not exceed the greater of (a) $600 million and
(b) an amount equal to the sum of $250 million plus 35.0% of the Company’s Adjusted Consolidated Net Tangible Assets determined as of the date of such incurrence; 

(2) the incurrence by the Company or its Restricted Subsidiaries of the Existing Indebtedness not otherwise referred to in
this definition of “Permitted Debt”; 
 (3) the incurrence by the Company and the Subsidiary Guarantors
of Indebtedness represented by the Notes issued and sold on the Initial Issuance Date (excluding any Additional Notes) and the related Subsidiary Guarantees to be issued on the Initial Issuance Date; 

(4) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease
Obligations, mortgage financings or purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of design, installation, repair, replacement, construction or improvement of property,
plant or equipment used in the business of the Company or such Restricted Subsidiary (whether 

  
 59 

 
through the direct purchase of such assets or the Capital Stock of any Person owning such assets (but no other material assets)) and related financing costs, and Attributable Debt in respect of
Sale Leaseback Transactions, including all Permitted Refinancing Indebtedness incurred to extend, refinance, renew, replace, defease or refund any Indebtedness incurred pursuant to this clause (4), provided that after giving effect to any such
incurrence, the aggregate principal amount of all Indebtedness incurred pursuant to this clause (4) and then outstanding does not exceed the greater of (a) $25.0 million and (b) 2.5% of the Company’s Adjusted Consolidated Net
Tangible Assets determined as of the date of such incurrence; 
 (5) the incurrence or issuance by the Company or
any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which shall be used to extend, refinance, renew, replace, defease, discharge, refund or otherwise retire for value, in whole or in part,
Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness) or Disqualified Stock of the Company, in each case that was permitted by this Indenture to be incurred pursuant to the first paragraph of this
Section 4.11 or clauses (2), (3), (4), (5) and (12) of this paragraph; 
 (6) the incurrence by
the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among any of the Company and any of its Restricted Subsidiaries; provided, however, that: 

(a) if the Company is the obligor on such Indebtedness and a Subsidiary Guarantor is not the obligee, such Indebtedness
must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, or if a Subsidiary Guarantor is the obligor on such Indebtedness and neither the Company nor another Subsidiary Guarantor is the
obligee, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Subsidiary Guarantee of such Subsidiary Guarantor; and 

(b) (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by
a Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is neither the Company nor a Restricted Subsidiary of the Company will be deemed, in each
case, to constitute an incurrence (as of the date of such issuance, sale or transfer) of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 

(7) the incurrence by the Company or any of its Restricted Subsidiaries of obligations under Hedging Contracts;

 (8) the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or any
of its Restricted Subsidiaries that was permitted to be incurred by another provision of this Section 4.11; 

  
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 (9) the incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness relating to net gas balancing positions arising in the ordinary course of business and consistent with past practice; 
 (10) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of bid, performance, surety and similar bonds issued for the account of the Company and any of its
Restricted Subsidiaries in the ordinary course of business or which are customary in the Oil and Gas Business, including guarantees and obligations of the Company or any of its Restricted Subsidiaries with respect to letters of credit supporting
such obligations (in each case other than an obligation for money borrowed); 
 (11) the issuance by any of the
Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of any preferred securities; provided, however, that: 
 (a) any subsequent issuance or transfer of Equity Interests that results in any such preferred securities being held by a Person other than the Company or a Restricted Subsidiary of the Company; and

 (b) any sale or other transfer of any such preferred securities to a Person that is not either the Company or
a Restricted Subsidiary of the Company shall be deemed, in each case, to constitute an issuance (as of the date of such issuance, sale or transfer) of such preferred securities by such Restricted Subsidiary that was not permitted by this clause
(11); 
 (12) Permitted Acquisition Indebtedness; 

(13) the incurrence by the Company or its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or
other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business; 
 (14) the incurrence by the Company or its Restricted Subsidiaries of Indebtedness consisting of the financing of insurance premiums in customary amounts consistent with the operations and business of the
Company and its Restricted Subsidiaries; 
 (15) accounts payable or other obligations of the Company or any of
its Restricted Subsidiaries to trade creditors created or assumed by the Company or such Restricted Subsidiary in the ordinary course of business or which is customary in the Oil and Gas Business in connection with the obtaining of goods or
services; 
 (16) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising
from agreements of the Company or any Restricted Subsidiary of the Company providing for indemnification, adjustment of purchase price, earn outs, or similar obligations, in each case, incurred or

  
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assumed in connection with the disposition or acquisition of any business, assets or Capital Stock of a Subsidiary in a transaction permitted by this Indenture, other than guarantees of
Indebtedness incurred or assumed by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(17) the guarantee by the Company described in clause (13) of Section 4.09; 

(18) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness or the issuance by the
Company of additional Disqualified Stock or the issuance by any Restricted Subsidiary of preferred securities, provided that, after giving effect to any such incurrence or issuance, the aggregate principal amount of all Indebtedness, Disqualified
Stock and preferred securities incurred or issued under this clause (18) and then outstanding does not exceed the greater of (a) $25.0 million and (b) 2.5% of the Company’s Adjusted Consolidated Net Tangible Assets determined as
of the date of such incurrence or issuance; and 
 (19) Indebtedness of the Company or any Restricted Subsidiary
to the extent the proceeds are deposited for the purpose of defeasing the Notes pursuant to Section 8.01. 

For purposes of determining compliance with this Section 4.11, in the event that an item of Indebtedness or
Disqualified Stock or preferred securities meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (19) above, or is entitled to be incurred or issued pursuant to the first paragraph of this
Section 4.11, the Company will be permitted to divide and classify (or later classify, reclassify or re-divide in whole or in part in its sole discretion) such item of Indebtedness or Disqualified Stock or preferred securities in any manner
that complies with this Section 4.11, provided that any Indebtedness under the Credit Agreement that was incurred on or prior to, and outstanding on the Initial Issuance Date shall be deemed to have been initially incurred on the Initial
Issuance Date pursuant to clause (1) of the definition of “Permitted Debt” rather than the first paragraph of this Section 4.11. For purposes of determining any particular amount of Indebtedness under this covenant,
(i) guarantees of, or obligations in respect of letters of credit relating to, Indebtedness otherwise included in the determination of such amount shall not also be included except to the extent that such Indebtedness exceeds such guarantee or
letter of credit and (ii) if obligations in respect of letters of credit are incurred pursuant to a Credit Facility and are being treated as incurred pursuant to clause (1) of the definition of “Permitted Debt” and the letters of
credit relate to other Indebtedness, then such other Indebtedness shall not be included except to the extent that such Indebtedness exceeds such letter of credit. 

The accrual of interest, accrual of dividends, the accretion or amortization of original issue discount, the payment of
interest on any Indebtedness in the form of additional Indebtedness, and the payment of dividends on Disqualified Stock or preferred securities in the form of additional shares of Disqualified Stock or preferred securities will not be deemed to be
an incurrence of Indebtedness or an issuance of Disqualified Stock or preferred securities for purposes of this Section 4.11, provided, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued.

  
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 For purposes of determining compliance with any U.S. dollar-denominated
restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency will be calculated based on the relevant currency exchange rate in effect on the date the Indebtedness was
incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and the refinancing would
cause the applicable U.S. dollar-dominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of the refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so
long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced (plus all accrued and unpaid interest on such Indebtedness, and the amount of all fees, expenses and premiums
incurred in connection therewith). Notwithstanding any other provision of this Section 4.11, the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.11 shall not be deemed to be
exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, will be
calculated based on the currency exchange rate applicable to the currencies in which the refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 

Section 4.12 Limitation on Asset Sales. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 (1) the Company (or the Restricted Subsidiary, as the case may be) receives consideration (including by way of
relief from, or any Person assuming responsibilities for, any liabilities, contingent or otherwise), as determined (on the date of contractually agreeing to such Asset Sale) in good faith by senior management of the Company or, if the consideration
with respect to such Asset Sale exceeds $25 million, the Board of Directors of the Company, at least equal to the Fair Market Value of the assets or Equity Interest issued or sold or otherwise disposed of; and 

(2) at least 75% of the aggregate consideration to be received by the Company and its Restricted Subsidiaries in such
Asset Sale (determined on the date of contractually agreeing to such Asset Sale) is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

  
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 (a) any liabilities, as shown on the Company’s or such Restricted
Subsidiary’s most recent balance sheet, of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated in right of payment to the Notes or any Subsidiary Guarantee) that are
assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such Restricted Subsidiary from further liability; 

(b) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such
transferee that are, within 180 days after the Asset Sale, converted by the Company or such Subsidiary into cash or Cash Equivalents, to the extent of the cash received in that conversion; 

(c) accounts receivable of a business retained by the Company or any of its Restricted Subsidiaries, as the case may be,
following the sale of such business, provided that such accounts receivable (i) are not past due more than 90 days and (ii) do not have a payment date greater than 120 days from the date of the invoices creating such accounts receivable;
and 
 (d) solely in the case of any Asset Sale of Production Facility or Pipeline Assets, the Company or the
Restricted Subsidiary receives Permitted MLP Securities; 
 provided that in the case of any Asset Sale pursuant to a
condemnation, appropriation or similar taking, including by deed in lieu of condemnation, such Asset Sale shall not be required to satisfy the requirements of items (1) and (2) above. Notwithstanding the preceding, the 75% limitation
referred to above shall be deemed satisfied with respect to any Asset Sale in which the cash or Cash Equivalents portion of the consideration received therefrom, determined in accordance with the preceding provision on an after-tax basis, is equal
to or greater than what the after-tax proceeds would have been had such Asset Sale complied with the aforementioned 75% limitation. 
 Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable Restricted Subsidiary, as the case may be) may apply those Net Proceeds at its option to any
combination of the following: 
 (1) to prepay, repay, redeem, defease or repurchase Senior Debt; 

(2) to invest in or acquire Additional Assets; or 

(3) to make capital expenditures in respect of the Company’s or its Restricted Subsidiaries’ Oil and Gas
Business. 

  
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 The requirement of clause (2) or (3) of the preceding paragraph
shall be deemed to be satisfied if a bona fide binding contract committing to make the investment, acquisition or expenditure referred to therein is entered into by the Company or any of its Restricted Subsidiaries with a Person other than an
Affiliate of the Company within the time period specified in the preceding paragraph and such Net Proceeds are subsequently applied in accordance with such contract within six months following the date such agreement is entered into. 

Pending the final application of any Net Proceeds, the Company or any Restricted Subsidiary of the Company may invest the
Net Proceeds in any manner that is not prohibited by this Indenture. Any Net Proceeds from Asset Sales that are not applied or invested as provided in the preceding paragraph will constitute “Excess Proceeds.” 

On the 366th day after an Asset Sale (or, at the Company’s option, any earlier date), if the aggregate amount of
Excess Proceeds then exceeds $20.0 million, the Company will make an Asset Sale Offer to all Holders of Notes, and to all holders of Pari Passu Indebtedness then outstanding, to purchase the maximum principal amount of Notes and such Pari Passu
Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of principal amount plus accrued and unpaid interest, if any, thereon to the Settlement Date, subject to the right of
Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the Settlement Date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the
Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and Pari Passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the
Trustee will select the Notes and such Pari Passu Indebtedness to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $2,000, or integral multiples of $1,000 in
excess of $2,000, shall be purchased). Upon surrender of a Note that is repurchased in part, the Company shall issue in the name of the applicable Holder and the Trustee shall authenticate for such Holder at the expense of the Company a Note equal
in principal amount to the non-repurchased portion of the Note surrendered. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the
provisions of this Section 4.12, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under such provisions by virtue of such compliance. 

Prior to complying with the Asset Sale Offer provisions of this Section 4.12, but in any event no later than the date
of the Asset Sale Offer, the Company or any Subsidiary Guarantor must either repay all of its other outstanding Senior Debt or obtain the requisite consents, if any, under all agreements governing such Senior Debt to permit the repurchase of Notes
required by the provisions of this Section 4.12. 

  
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 For purposes of this Section 4.12, references to the application of Net
Proceeds include the application or investment of cash in an amount equal to such Net Proceeds. 

Section 4.13 Limitation on Transactions with Affiliates. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its assets to, or purchase any assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the
Company (each, an “Affiliate Transaction”), unless: 
 (1) the Affiliate Transaction is on terms that
are not materially less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person or, if in the good
faith judgment of the Company’s Board of Directors, no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted Subsidiary from
a financial point of view; and 
 (2) the Company delivers to the Trustee: 

(a) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration to or from an Affiliate in excess of $15.0 million, an Officers’ Certificate certifying that such Affiliate Transaction complies with this Section 4.13; and 

(b) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration to or from an Affiliate in excess of $25.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with this Section 4.13 and
that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company. 
 The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of the prior paragraph of this Section 4.13: 

(1) any employment agreement or arrangement, equity award, equity option or cash and/or equity settled equity appreciation
agreement or plan, employee benefit plan, officer or director indemnification agreement, severance agreement, consulting agreement or other compensation plan or arrangement entered into by the Company or any of its Restricted Subsidiaries in the
ordinary course of business or which is customary in the Oil and Gas Business, and payments, awards, grants or issuances of securities pursuant thereto; 

  
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 (2) transactions between or among any of the Company and its Restricted
Subsidiaries (or any entity that becomes a Restricted Subsidiary as a result of such transaction); 
 (3)
transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or indirectly, an Equity Interest in, or otherwise controls, such Person and/or has
nominated or appointed a person to the Board of Directors of that Person; 
 (4) customary compensation,
indemnification and other benefits made available to officers, directors, employees or consultants of the Company or a Restricted Subsidiary or Affiliate of the Company, including reimbursement or advancement of out-of-pocket expenses and provisions
of officers’ and directors’ liability insurance; 
 (5) sales of Equity Interests (other than
Disqualified Stock) to, or receipt of capital contributions from, Affiliates of the Company and any dividend or distribution payable in Equity Interests (other than Disqualified Stock); 

(6) any Permitted Investments or Restricted Payments that are permitted by Section 4.09 (or a transaction that would
constitute a Restricted Payment but for an exclusion from the definition thereof); 
 (7) transactions between
the Company or any of its Restricted Subsidiaries and any Person that would not otherwise constitute an Affiliate Transaction except for the fact that one director of such other Person is also a director of the Company or such Restricted Subsidiary,
as applicable; provided that such director abstains from voting as a director of the Company or such Restricted Subsidiary, as applicable, on any matter involving such other Person; 

(8) the existence of, and the performance of obligations of the Company or any of its Restricted Subsidiaries under the
terms of, any written agreement to which the Company or any of its Restricted Subsidiaries is a party on the Initial Issuance Date, as such agreements may be amended, modified, supplemented or replaced from time to time; provided, however, that any
amendment, modification, supplement or replacement entered into after the Initial Issuance Date will be permitted to the extent that its terms are not materially more disadvantageous, taken as a whole, to the Holders of the Notes than the terms of
the agreements in effect on the Initial Issuance Date (as conclusively evidenced by a Board Resolution); 
 (9)
any transaction in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee an opinion from an accounting, appraisal or investment banking firm of national standing stating that such transaction is fair to
the Company or such Restricted Subsidiary from a financial point of view or that such transaction meets the requirements of clause (1) of the first paragraph of this Section 4.13; 

  
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 (10) (a) guarantees by the Company or any of its Restricted Subsidiaries of
performance of obligations of the Company’s Unrestricted Subsidiaries in the ordinary course of business or which is customary in the Oil and Gas Business, and (b) pledges by the Company or any Restricted Subsidiary of the Company of
Equity Interests in Unrestricted Subsidiaries for the benefit of lenders or other creditors of the Company’s Unrestricted Subsidiaries; 
 (11) any Affiliate Transaction with a Person in its capacity as a holder of Indebtedness or Capital Stock of the Company or any Restricted Subsidiary of the Company if such Person is treated no more
favorably than the other holders of Indebtedness or Capital Stock of the Company or such Restricted Subsidiary; 

(12) transactions with joint venture partners, customers, clients, suppliers or purchasers or sellers of goods or
services, or lessors or lessees of property, in each case in the ordinary course of business or which is customary in the Oil and Gas Business and otherwise in compliance with the terms of this Indenture similar to those contained in similar
contracts entered into by the Company or any Restricted Subsidiary and third parties, or if neither the Company nor any Restricted Subsidiary has entered into a similar contract with a third party, which are, in the aggregate (taking into account
all the costs and benefits associated with such transactions), not materially less favorable to the Company and its Restricted Subsidiaries than those that would have been obtained in a comparable transaction by the Company or such Restricted
Subsidiary with an unrelated Person, in the good faith determination of the Company’s Board of Directors or any executive officer of the Company involved in or otherwise familiar with such transaction; 

(13) transactions entered into by a Person prior to the time such Person becomes a Subsidiary of the Company or is merged
or consolidated into the Company or a Subsidiary of the Company (provided such transaction is not entered into in contemplation of such event); 
 (14) dividends and distributions to the Company and its Restricted Subsidiaries by any Unrestricted Subsidiary or Joint Venture; 

(15) transactions with Avista or any of its Subsidiaries entered into in connection with any Avista Joint Venture;
provided such transactions are on terms that are not materially less favorable, taken as a whole, to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such
Restricted Subsidiary with an unrelated Person; and 

  
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 (16) arrangements relating to sale of the Company’s interests in
Pinnacle Gas Resources, Inc. or other management of the Company’s investment in that company; provided that such arrangements are on terms that are not materially less favorable, taken as a whole, to the Company or the relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person. 
 Section 4.14 Limitation on Liens. 
 The Company will
not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) upon any of its assets (whether now owned or hereafter
acquired), securing Indebtedness, unless the Notes or the Subsidiary Guarantee of such Restricted Subsidiary, as applicable, is secured on an equal and ratable basis with (or, in the case of obligations subordinated in right of payment to the Notes
or such Subsidiary Guarantee, as the case may be, on a basis senior (to at least the same extent as the Notes are senior in right of payment) to) the obligations so secured until such time as such obligations are no longer secured by a Lien.

 Any Lien on any assets of the Company or any of its Restricted Subsidiaries created for the benefit of the
Holders of the Notes pursuant to the preceding paragraph shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged at such time as there are no other Liens of any kind (other than Permitted Liens)
on such assets securing Indebtedness. 
 Section 4.15 Additional Subsidiary Guarantees. 

If, after the Initial Issuance Date, any Restricted Subsidiary of the Company that is not already a Subsidiary Guarantor
guarantees any other Indebtedness of the Company or any Indebtedness of any Restricted Subsidiary in excess of the De Minimis Guaranteed Amount, or any Restricted Subsidiary, if not then a Subsidiary Guarantor, incurs any Indebtedness under any of
the Credit Facilities, then in either case that Subsidiary shall become a Subsidiary Guarantor by executing a supplemental indenture substantially in the form of Annex B hereto and delivering it to the Trustee within 90 days of the date on which it
guaranteed or incurred such Indebtedness, as the case may be, together with any Officers’ Certificate or Opinion of Counsel required by Section 9.06. Notwithstanding the preceding, any Subsidiary Guarantee of a Restricted Subsidiary that
was incurred pursuant to this Section 4.15 shall provide by its terms that it shall be automatically and unconditionally released at such time as such Subsidiary Guarantor ceases both (x) to guarantee any other Indebtedness of the Company
and any Indebtedness of any other Restricted Subsidiary and (y) to be an obligor with respect to any Indebtedness under any Credit Facility. 
 Each Subsidiary Guarantee shall also be released in accordance with Article X. 

  
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 Section 4.16 Offer to Repurchase Upon Change of Control

 Within 30 days following the occurrence of a Change of Control, the Company shall make an offer (a
“Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price (the “Change of Control Payment”) in cash equal to
101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, thereon to the date of settlement (the “Change of Control Settlement Date”), subject to the right of Holders of record on the relevant
record date to receive interest due on an interest payment date that is on or prior to the Change of Control Settlement Date. Within 30 days following a Change of Control, the Company shall provide a notice of the Change of Control Offer to each
Holder and the Trustee describing the transaction or transactions that constitute the Change of Control and stating: 
 (a) that the Change of Control Offer is being made pursuant to this Section 4.16 and that all Notes validly tendered and not withdrawn pursuant to the Change of Control Offer will be accepted for
payment; 
 (b) the purchase price and the purchase date, which shall be no earlier than 30 days and no later
than 60 days from the date such notice is provided (the “Change of Control Purchase Date”); 
 (c) that
the Change of Control Offer will expire as of the time specified in such notice on the Change of Control Purchase Date and that the Company shall pay the Change of Control Purchase Price for all Notes purchased as of the Change of Control Purchase
Date promptly thereafter on the Change of Control Settlement Date; 
 (d) that any Note not tendered will
continue to accrue interest; 
 (e) that, unless the Company defaults in the payment of the Change of Control
Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Settlement Date; 
 (f) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, properly endorsed for transfer, together with the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Notes completed and such customary documents as the Company may reasonably request, to the Paying Agent at the address specified in the notice prior to the termination of the
Change of Control Offer on the Change of Control Purchase Date; 
 (g) that Holders will be entitled to withdraw
their election if the Paying Agent receives, prior to the termination of the Change of Control Offer, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a
statement that such Holder is withdrawing its election to have the Notes purchased; and 
 (h) that Holders whose
Notes are being purchased only in part will be issued Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in
excess of $2,000. 

  
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 If any of the Notes subject to a Change of Control Offer is in the form of a
Global Note, then the Company shall modify such notice to the extent necessary to accord with the procedures of the Depositary applicable to repurchases. Further, the Company shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes as a result of a Change of Control. To the extent that the provisions of any securities laws
or regulations conflict with the provisions of this Section 4.16, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under such provisions by virtue of such
compliance. 
 On the Change of Control Purchase Date, the Company shall, to the extent lawful, accept for
payment all Notes or portions thereof (in integral multiples of $1,000) properly tendered pursuant to the Change of Control Offer. Promptly thereafter on the Change of Control Settlement Date, the Company shall: 

(i) deposit with the Paying Agent by 11:00 a.m., New York City time, an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof so tendered; and 
 (ii) deliver or cause to be delivered to the Trustee
the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

On the Change of Control Settlement Date, the Paying Agent shall mail to each Holder of Notes properly tendered the Change
of Control Payment for such Notes (or, if all the Notes are then in global form, make such payment through the facilities of the Depositary) and the Trustee shall authenticate and mail (or cause to be transferred by book entry) to each Holder a Note
equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided, however, that each such Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. The Company shall publicly
announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Settlement Date. 
 Prior to complying with any of the provisions of this Section 4.16, but in any event no later than the Change of Control Purchase Date, the Company or any Subsidiary Guarantor shall either repay all
of its other outstanding Senior Debt or obtain the requisite consents, if any, under all agreements governing such Senior Debt to permit the repurchase of Notes required by this Section 4.16. 

The Company shall not be required to make a Change of Control Offer following a Change of Control if (1) a third
party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered
and not withdrawn under such Change of Control Offer or (2) notice of redemption of all Notes has been given pursuant to Section 3.12 unless there is a default in payment of the applicable Redemption Price. 

  
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 A Change of Control Offer may be made in advance of a Change of Control, and
conditioned upon the occurrence of such Change of Control. 
 In the event that Holders of not less than 90% of
the aggregate principal amount of the Outstanding Notes accept a Change of Control Offer and the Company purchases all of the Notes held by such Holders, the Company will have the right, upon not less than 30 nor more than 60 days’ prior
notice, given not more than 30 days following the purchase pursuant to such Change of Control Offer, to redeem all of the Notes that remain Outstanding following such purchase at a purchase price equal to the Change of Control Payment plus, to the
extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes that remain Outstanding, to the date of redemption (subject to the right of Holders on the relevant record date to receive interest due on the relevant
interest payment date that is on or prior to such date of redemption). 
 Section 4.17 No Partial
Inducements. 
 The Company shall not, and the Company shall not permit any of its Subsidiaries, either
directly or indirectly, to pay (or cause to be paid) any consideration, whether by way of interest, fee or otherwise, to any Beneficial Owner or Holder of the Notes for or as an inducement to any consent to any waiver, supplement or amendment of any
terms or provisions of this Indenture or the Notes, unless such consideration is offered to be paid (or agreed to be paid) to all Beneficial Owners and Holders of the Notes which so consent in the time frame set forth in the solicitation documents
relating to such consent. 
 Section 4.18 Designation of Restricted and Unrestricted Subsidiaries.

 The Board of Directors of the Company may designate any Restricted Subsidiary of the Company to be an
Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its
Restricted Subsidiaries in the Subsidiary properly designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under
Section 4.09 or represent Permitted Investments, as determined by the Company. That designation shall only be permitted if the Investment would be permitted at that time and if the Subsidiary so designated otherwise meets the definition of an
Unrestricted Subsidiary. 
 The Board of Directors of the Company may at any time designate any Unrestricted
Subsidiary of the Company to be a Restricted Subsidiary of the Company; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted
Subsidiary and such designation will only be permitted if (1) such 

  
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Indebtedness is permitted under Section 4.11, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period, and (2) no
Default (other than a Reporting Default) or Event of Default would be in existence following such designation. 

Section 4.19 Reports 
 (a) Whether or not required by the SEC, so long as any Notes are Outstanding, the Company will file with the SEC for public availability within the time periods specified in the SEC’s rules and
regulations taking into account any extension of time, deemed filing date or safe harbor contemplated or provided for by Rule 12b-25, Rule 13a-11(c) and Rule 15d-11(c) under the Exchange Act or General Instruction I.A.3(b) of Form S-3 under the
Securities Act, and successor provisions (unless the SEC will not accept such a filing, in which case the Company will furnish to the Trustee and, upon its prior request, to any of the Holders of the Notes, within the time periods specified in the
SEC’s rules and regulations): 
 (1) all quarterly and annual financial information with respect to the
Company and its Subsidiaries that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and 

(2) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file
such reports. 
 The Company will be deemed to have provided such information to the Trustee and the Holders of
the Notes if it has filed such reports or reports containing such information with the SEC via the EDGAR filing system and such reports are publicly available. 
 The Company shall at all times comply with TIA § 314(a). 
 (b)
In the event that: (1) the rules and regulations of the SEC permit the Company and any direct or indirect parent company of the Company to report at such parent entity’s level on a consolidated basis and such parent entity of the Company
is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the Capital Stock of the Company, or (2) any direct or indirect parent of the Company becomes a guarantor of the Notes,
such consolidated reporting at such parent entity’s level in a manner consistent with that described in this Section 4.19 for the Company will satisfy this Section 4.19; provided that, such financial information is accompanied by
consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect parent and any of its Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the
information relating to the Company and its Subsidiaries on a stand alone basis, on the other hand. 

  
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 (c) Delivery of reports, information and documents to the Trustee under this
Section 4.19 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein. 

SECTION 209 Amendment to Events of Default. 
 (a) Sections 6.01 and 6.02 of the Original Indenture are hereby amended and restated in their entirety as follows with respect to the Notes: 

Section 6.01 Events of Default. 

An “Event of Default” occurs if one of the following shall have occurred and be continuing (whatever the reason
for such Event of Default and whether it shall be involuntary or be effected by operation of law): 
 (1) the
Company defaults in the payment when due of interest with respect to the Notes, and such default continues for a period of 30 days; 
 (2) the Company defaults in the payment of the principal of or premium, if any, on the Notes when due at their Stated Maturity, upon optional redemption, upon required repurchase, upon acceleration or
otherwise; 
 (3) the Company fails to comply with the provisions of Section 5.01 hereof or to consummate a
purchase of Notes when required pursuant to the provisions of Section 3.13, 4.12 or 4.16 hereof; 
 (4) the
Company fails to comply with the provisions of Section 4.19 for 120 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then Outstanding of such failure; 

(5) the Company fails to comply with any other covenant or other agreement in this Indenture or the Notes (including the
provisions of Section 3.13, 4.12 or 4.16 to the extent not described in clause (3) of this Section 6.01) for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then
Outstanding of such failure; 
 (6) a default occurs under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries),
whether such Indebtedness or guarantee now exists or is created after the Initial Issuance Date, if such default: 

  
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 (A) is caused by a failure to pay principal of, or interest or premium, if
any, on such Indebtedness prior to the expiration of any grace period provided in such Indebtedness (a “Payment Default”); or 
 (B) results in the acceleration of such Indebtedness prior to its Stated Maturity 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under
which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $30.0 million or more; provided, however, that if any such default is cured or waived or any such acceleration rescinded, or such Indebtedness is
repaid and the Notes have not been accelerated, such Event of Default shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; 

(7) the Company or any of its Restricted Subsidiaries fails to pay final judgments aggregating in excess of $30.0 million
(to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not disclaimed coverage), which judgments are not paid, discharged or stayed for a period of 60 consecutive days; 

(8) (A) any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any
reason to be in full force and effect or (B) any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, denies or disaffirms its obligations under its Subsidiary Guarantee, except, in each case, by reason of the
release of such Subsidiary Guarantee in accordance with the provisions of this Indenture; and 
 (9) the Company,
any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as a whole, would constitute a Significant Subsidiary of the Company, pursuant to or
within the meaning of Bankruptcy Law: 
 (A) commences a voluntary case, 

(B) consents in writing to the entry of an order for relief against it in an involuntary case, 

(C) consents in writing to the appointment of a Custodian of it or for all or substantially all of its property,

 (D) makes a general assignment for the benefit of its creditors, or 

(E) admits in writing it generally is not paying its debts as they become due; or 

  
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 (10) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: 
 (A) is for relief against the Company, any of the Company’s Restricted Subsidiaries
that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as a whole, would constitute a Significant Subsidiary of the Company, in an involuntary case; 

(B) appoints a Custodian (x) of the Company, any of the Company’s Restricted Subsidiaries that is a Significant
Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as a whole, would constitute a Significant Subsidiary of the Company, or (y) for all or substantially all of the property of the Company, any of the
Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company, that, taken together, would constitute a Significant Subsidiary of the Company; or 

(C) orders the liquidation of the Company, any of the Company’s Restricted Subsidiaries that is a Significant
Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as a whole, would constitute a Significant Subsidiary of the Company; 

and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02 Acceleration. 

If any Event of Default occurs and is continuing, the Trustee, by notice to the Company, or the Holders of at least 25% in
principal amount of the then Outstanding Notes, by notice to the Company and the Trustee, may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately, together with all
accrued and unpaid interest, if any, and premium, if any, thereon. Notwithstanding the preceding, if an Event of Default specified in clause (9) or (10) of Section 6.01 hereof occurs with respect to the Company, any of the
Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company, all Outstanding Notes shall
become due and payable immediately without further action or notice, together with all accrued and unpaid interest, if any, and premium, if any, thereon. The Holders of a majority in principal amount of the then Outstanding Notes by notice to the
Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except with respect to nonpayment of principal, interest
or premium, if any, that have become due solely because of the acceleration) have been cured or waived. 

  
 76 

 (b) Section 6.04 of the Original Indenture is hereby amended and restated in its
entirety as follows: 
 Section 6.04 Waiver of Past Defaults. 

Holders of a majority in principal amount of the then Outstanding Notes by notice to the Trustee may on behalf of the
Holders of all of the Notes waive (including, without limitation, in connection with a purchase of, or tender offer or exchange offer for, Notes) any existing Default or Event of Default and its consequences hereunder, except (i) a continuing
Default or Event of Default in the payment of the principal of, or interest or premium, if any, on, the Notes or (ii) as provided in Section 9.02. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

(c) Section 6.05 of the Original Indenture is hereby amended by replacing the words “clause (1), (2), (3) or (7) of
Section 6.01” with the words “Section 6.01” in the first sentence thereof. 
 SECTION 210 Guarantees. 

(a) Section 10.01(d) of the Original Indenture is amended to replace “The obligations of” at the beginning of such section
with “To the fullest extent allowed under Applicable Law, the obligations of”. 
 (b) Section 10.01(e) of the
Original Indenture is amended to replace “Each of the Subsidiary Guarantors hereby” at the beginning of such section with “To the fullest extent allowed under Applicable Law, each of the Subsidiary Guarantors hereby”. 

(c) Section 10.04 of the Original Indenture is hereby amended and restated in its entirety as follows with respect to the Notes:

 Section 10.04 Releases of Subsidiary Guarantees. 

Notwithstanding any other provisions of this Indenture, the Subsidiary Guarantee of a Subsidiary Guarantor shall be
released: (1) in connection with any sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to
such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition complies with Section 4.12; (2) in connection with any sale or other disposition of the Capital Stock of such Subsidiary Guarantor to
a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition complies with Section 4.12 and such Subsidiary Guarantor no longer qualifies
as a Subsidiary as a result of such disposition; (3) if such Subsidiary Guarantor is a Restricted Subsidiary and the Company designates such Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with Section 4.18 of this
Indenture; (4) upon legal or covenant defeasance or discharge in accordance with Article VIII; (5) upon the liquidation or dissolution of such Subsidiary 

  
 77 

 
Guarantor provided no Default or Event of Default has occurred or is continuing; (6) at such time as such Subsidiary Guarantor ceases both (x) to guarantee any other Indebtedness of the
Company and any Indebtedness of any other Restricted Subsidiary (except as a result of payment under any such other guarantee) and (y) to be an obligor with respect to any Indebtedness under any Credit Facility; or (7) upon such Subsidiary
Guarantor consolidating with, merging into or transferring all of its assets to the Company or another Subsidiary Guarantor, and as a result of, or in connection with, such transaction such Subsidiary Guarantor dissolving or otherwise ceasing to
exist. 
 Upon delivery by the Company to the Trustee of an Officers’ Certificate to the effect that any of
the conditions described in the foregoing clauses (1) – (7) has occurred, the Trustee shall execute any documents reasonably requested by the Company in order to evidence the release of any Subsidiary Guarantor from its obligations
under its Subsidiary Guarantee. Any Subsidiary Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest and premium, if any, on, the Notes and for the other
obligations of such Subsidiary Guarantor under this Indenture as provided in this Article X. 
 (d) Article X of the Original
Indenture is hereby amended by adding the following Section 10.06 with respect to the Notes: 

Section 10.06 Subsidiary Guarantors May Consolidate, etc., on Certain Terms. 

(a) No Subsidiary Guarantor shall sell or otherwise dispose of, in one or more related transactions, all or substantially
all of its assets to, or consolidate with or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person), another Person (other than the Company or another Subsidiary Guarantor), unless, (i) either (1) the Person
acquiring the assets in any such sale or other disposition or the Person formed by or surviving any such consolidation or merger (if other than such Subsidiary Guarantor) unconditionally assumes, pursuant to a supplemental indenture substantially in
the form of Annex B hereto, all the obligations of such Subsidiary Guarantor under the Notes, this Indenture and its Subsidiary Guarantee on terms set forth herein and therein, or (2) such transaction or series of related transactions complies
with the provisions of Section 4.12, and (ii) immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default exists. 

(b) In the case of any such consolidation or merger and upon the assumption by the successor Person, by supplemental
indenture, executed and delivered to the Trustee and substantially in the form of Annex B hereto, of the Subsidiary Guarantee of, and compliance with Section 10.6(a) of the Indenture by, the applicable Subsidiary Guarantor, such successor
Person shall succeed to and be substituted for such Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor. 

  
 78 

 SECTION 211 Other Amendments. 

(a) The third paragraph of Section 2.08 of the Original Indenture shall be amended with respect to the Notes to
delete “(except as otherwise expressly permitted herein)” and to replace “Business Days” with “days”. 
 (b) The second paragraph of Section 4.01 of the Original Indenture shall be amended and restated with respect to the Notes as follows: 

The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal from time to time on demand at a rate that is 1.0% higher than the then applicable interest rate on the Notes to the extent lawful; and it shall pay interest (including post petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest (without regard to any applicable grace period) from time to time on demand at a rate that is 1.0% higher than the then applicable interest rate on the Notes to the extent lawful. 

(c) Clause (3) of Section 6.06 of the Original Indenture shall be amended with respect to the Notes to add
“to be incurred in compliance with such request” at the end of such clause. 
 (d) Section 8.01(b)
of the Original Indenture shall be amended with respect to the Notes to delete the phrase “and the Subsidiary Guarantors’ respective” from the second paragraph thereof. 

(e) The third paragraph of Section 8.01(b) shall be amended with respect to the Notes to replace the phrase
“those surviving obligations specified above” with “those surviving obligations of the Company specified above”. 
 (f) Section 8.01(b) of the Original Indenture shall be amended with respect to the Notes to add the following paragraph after the first paragraph of such Section: 

In addition, the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was
not made by the Company with the intent of preferring the Holders over the other creditors of the Company or the Subsidiary Guarantors or with the intent of defeating, hindering, delaying or defrauding creditors of the Company, the Subsidiary
Guarantors or others. 
 (g) Clause (8) of Section 9.01 of the Original Indenture shall be amended with
respect to the Notes to replace the phrase “conform the provisions of this Indenture to the description of any Security” with the phrase “conform the provisions of this Indenture and the Securities to the description of the Indenture
or any Security”. 
 (h) Clause (3) of Section 9.02 of the Original Indenture shall be amended and
restated with respect to the Notes in its entirety to read as follows: 
 “(3) reduce the principal of, any
premium on, or change the Stated Maturity of, any Note;” 

  
 79 

 (g) Clause (10) of Section 9.02 of the Original Indenture shall be
amended with respect to the Notes to delete “materially”. 
 (i) The third paragraph of
Section 9.04 of the Original Indenture shall be amended with respect to the Notes to replace “clauses (1) through (9)” with “clauses (1) through (10)”. 

(j) The last sentence of Section 10.03 of the Original Indenture shall be amended with respect to the Notes to
replace “federal or state law” with “applicable law.” 
 ARTICLE THREE 

MISCELLANEOUS PROVISIONS 

SECTION 301 Integral Part. 
 This Tenth Supplemental Indenture constitutes an integral part of the Indenture. 
 SECTION 302
General Definitions. 
 For all purposes of this Tenth Supplemental Indenture: 

(a) capitalized terms used herein without definition shall have the meanings specified in the Indenture; and 

(b) the terms “herein,” “hereof,” “hereunder,” and other words of similar import refer to this Tenth
Supplemental Indenture. 
 SECTION 303 Adoption, Ratification and Confirmation. 

The Original Indenture, as supplemented and amended by this Tenth Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed. 
 SECTION 304 The Trustee. 
 The Trustee shall not be responsible in any manner whatsoever for or in respect of the sufficiency of this Tenth Supplemental Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Company and the Subsidiary Guarantors named herein. 
 SECTION 305 Counterparts. 

This Tenth Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an
original; and all such counterparts shall together constitute but one and the same instrument. 

  
 80 

 SECTION 306 Governing Law. 
 THIS TENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 81 

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

			
	CARRIZO OIL & GAS, INC.
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President and Chief Financial Officer
	
	BANDELIER PIPELINE HOLDING, LLC
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President
	
	CARRIZO (MARCELLUS) LLC
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President
	
	CARRIZO (MARCELLUS) WV LLC
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President
	
	CARRIZO MARCELLUS HOLDING INC.
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President

 Signature Page to Tenth Supplemental Indenture 

 
			
	CARRIZO (EAGLE FORD) LLC
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President
	
	CARRIZO (NIOBRARA) LLC
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President
	
	CLLR, INC.
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President
	
	HONDO PIPELINE, INC.
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President
	
	MESCALERO PIPELINE, LLC
		
	By:	 	/s/ Paul F. Boling
		 	Name: Paul F. Boling
		 	Title: Vice President

 Signature Page to Tenth Supplemental Indenture 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Patrick T. Giordano
		 	Name:Patrick T. Giordano
		 	Title:Vice President

 Signature Page to Tenth Supplemental Indenture 

 ANNEX A 
 [FORM OF FACE OF NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY,
THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 
 7.50% SENIOR NOTE DUE 2020 

CARRIZO OIL & GAS, INC. 
  

			
		
	 	 	Maturity: September 15, 2020
		
	Principal Amount: $	 	CUSIP: 144577 AF0
		
	Registered: No.	 	ISIN: US144577AF02

 Carrizo Oil & Gas, Inc., a Texas corporation (herein called the “Company,” which term
includes any successor entity under the indenture hereinafter referred to), for value received, hereby promises to pay to [__], or registered assigns, the principal sum of [__] Dollars ($) (or such other amount as is reflected on the attached
Schedule of Increases or Decreases of Global Security) on September 15, 2020 and to pay interest thereon in immediately available funds as specified on the other side of this Note. 

If a Holder of this Note has given wire transfer instructions for a United States account to the Company, the Company will pay all
principal, interest and premium, if any on this Note in accordance with such instructions. Otherwise, payment of the principal, interest and premium, if any, on this Note will be made at the office or agency of the Company maintained for that
purpose in Dallas, Texas in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company, payment of interest may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in the register of Notes unless the Holder has given wire transfer instructions to the Company. 

 

	1 	 Include for Global Security. 

  
 Annex A-1

 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

			
	CARRIZO OIL & GAS, INC.
		
	By: 	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  
 Annex A-2

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture. 

 

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	
	 
	Authorized Signatory

 Date of Authentication: 

  
 Annex A-3

 [FORM OF REVERSE OF NOTE] 

CARRIZO OIL & GAS, INC. 
 7.50% SENIOR NOTE DUE 2020 
 This Note is one of a duly authorized issue of
Notes of the Company issued and to be issued in one or more series under an Indenture, dated as of May 28, 2008, as amended by the Tenth Supplemental Indenture thereto dated as of September 10, 2012 (as so amended, herein called the
“Indenture”), among the Company, the Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), or
their respective predecessors, as applicable, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Subsidiary Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, which is initially in the aggregate
principal amount of $300,000,000. As used herein, the term “Notes” means the Company’s 7.50% Senior Notes due 2020. 
 Subject to Section 2.18 of the Indenture, the Company may, at any time and from time to time, without notice or the consent of the holders of the Notes, create and issue Additional Notes ranking
equally and ratably with the Notes in all respects (except for the payment of interest accruing prior to the date such Additional Notes are initially issued under the Indenture and the offering price and issue date), so that such Additional Notes
form a single series with such Notes and have the same terms as to status, redemption, covenants or otherwise as such Notes. 
 Interest

 The rate at which this Note shall bear interest shall be 7.50% per annum. Interest on this Note shall accrue from the
date of original issuance, or from the most recent date to which interest has been paid or provided for on the Notes. The Interest Payment Dates on which interest on this Note shall be payable are March 15 and September 15 of each year
(each, an “Interest Payment Date”), commencing on March 15, 2013. If an Interest Payment Date falls on a day that is not a Business Day, the interest payment to be made on such Interest Payment Date will be made on the next succeeding
Business Day with the same force and effect as if made on such Interest Payment Date, and no additional interest will accrue solely as a result of such delayed payment. The Regular Record Date for the interest payable on this Note on any Interest
Payment Date shall be the March 1 or September 1, as the case may be, immediately preceding such Interest Payment Date. Interest will cease to accrue on this Note upon its maturity, purchase by the Company at the option of a holder or
redemption. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal from time to time on demand at a rate that is 1.0% higher than the then applicable interest rate on the
Notes to the extent lawful; and it shall pay interest (including post petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) from time to time on demand at a
rate that is 1.0% higher than the then applicable interest rate on the Notes to the extent lawful. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

  
 Annex A-4

 Method of Payment 
 Payments in respect of principal of and interest, if any, on the Notes shall be made by the Company in immediately available funds. 
 Optional Redemption 
 (a) Except as set forth in subparagraphs (b) and
(c) of this section or in the final paragraph of Section 4.16 of the Indenture, the Company shall not have the option to redeem this Note prior to September 15, 2016. On and after September 15, 2016, the Company shall have the
option to redeem this Note, in whole or in part at any time, upon prior notice as set forth below under the caption “Notice,” at the Redemption Prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest, if any, on this Note to the applicable Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Redemption Date), if redeemed
during the twelve-month period beginning on September 15 of the years indicated below: 
  

					
	 YEAR
	  	PERCENTAGE	 
	 2016
	  	 	103.750	% 
	 2017
	  	 	101.875	% 
	 2018 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the provisions of subparagraph (a) of this section, at any time prior to
September 15, 2015, the Company may on one or more occasions redeem up to 35% of the aggregate principal amount of this Note at a Redemption Price of 107.500% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to
the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Redemption Date), in an amount up to the amount of the net cash proceeds of one
or more Equity Offerings; provided that, with respect to each such redemption, (i) at least 65% of the aggregate principal amount of the Notes initially issued under the Indenture remains outstanding immediately after the occurrence of such
redemption (excluding any Notes held by the Company and its Subsidiaries) and (ii) such redemption occurs within 180 days of the date of the closing of the related Equity Offering. 

(c) Prior to September 15, 2016, the Company may redeem on one or more occasions all or part of this Note at a Redemption Price
equal to the sum of (1) 100% of the principal amount thereof, plus (2) accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on an
interest payment date that is on or prior to the Redemption Date), plus (3) the Make Whole Premium at the Redemption Date. 

  
 Annex A-5

 Selection 
 If less than all of the Notes are to be redeemed at any time, the Trustee will select Notes for redemption as follows: 

(1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal
national securities exchange on which the Notes are listed; or 
 (2) if the Notes are not listed on any national
securities exchange, on a pro rata basis or, in the case of Notes issued in global form, the Trustee will select Notes for redemption based on DTC’s method that most nearly approximates a pro rata selection unless otherwise required by law.

 Notice 
 No
Note of $2,000 or less can be redeemed in part. Notices of optional redemption will be mailed by first class mail at least 30 but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address,
except that optional redemption notices may be mailed, or if the Notes are in global form, sent pursuant to the applicable procedures of DTC, more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the
Notes or a discharge of the indenture. Notice of any redemption, including, without limitation, upon an Equity Offering, may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion
of a related Equity Offering. 
 If this Note is to be redeemed in part only, the notice of redemption that relates to this Note
will state the portion of the principal amount that is to be redeemed. A Note in principal amount equal to the unredeemed portion of this Note will be issued in the name of the applicable Holder upon cancellation of this Note. Notes called for
redemption become due on the date fixed for redemption, subject to satisfaction of any condition to the redemption. On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption. 

The notice of redemption with respect to a redemption described in Paragraph (c) under the caption “Optional Redemption”
need not set forth the Make Whole Premium but only the manner of calculation thereof. 
 Repurchase by the Company at the Option of Holder

 Change of Control 
 If a Change of Control occurs, the Holder of this Note will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of
this Note pursuant to an offer (“Change of Control Offer”) on the terms set forth in the Indenture. In the Change of Control Offer, the Company will offer a payment in cash (the “Change of Control Payment”) equal to 101% of the
aggregate principal amount of the part of this Note repurchased plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Purchase Date”), subject to the right of the Holders of record of this Note on the
relevant record date to receive interest due on an interest payment date that is on or prior to the Change of Control Purchase Date. 

  
 Annex A-6

 In the event that Holders of not less than 90% of the aggregate principal amount of the
outstanding Notes accept a Change of Control Offer and the Company purchases all of the Notes held by such Holders, the Company will have the right to redeem all of the Notes that remain outstanding following such purchase on the terms set forth in
the Indenture. 
 Asset Sale 
 Subject to the terms of the Indenture, in certain circumstances, the Company may be required to make an offer (the “Asset Sale Offer”) to all Holders of Notes, and to all holders of Pari Passu
Indebtedness then outstanding, to purchase the maximum principal amount of Notes and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of principal amount
plus accrued and unpaid interest, if any, to the date of settlement, subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the date of settlement, and will be
payable in cash. 
 Transfer 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the register of the Notes, upon surrender of this Note for registration or
transfer at the office or agency of the Registrar for the Notes, duly endorsed by, or accompanied by a written instrument of transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of like tenor and of other authorized denominations and for the same aggregate principal amount, executed by the Company and authenticated and delivered by the Trustee, will be issued to
the designated transferee or transferees. 
 The Notes are issuable only in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000, in excess of $2,000. As provided in the Indenture and subject to certain limitations set forth therein and on the face of this Note, Notes are exchangeable for a like aggregate principal amount of Notes of a
different authorized denomination as requested by the Holder surrendering the same. 
 No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

Guarantees 
 The payment
by the Company of the principal of and interest and premium, if any, on the Notes is fully and unconditionally guaranteed on a joint and several senior unsecured basis by each of the Subsidiary Guarantors to the extent set forth in the Indenture.

  
 Annex A-7

 Amendment, Supplement and Waiver 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes. The Indenture also contains
provisions permitting the Holders of at least a majority in principal amount of the then outstanding Notes, to waive compliance by the Company with certain existing or past defaults under the Indenture 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 and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note. 
 Successor Entity 

When a successor Person assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms and
conditions of the Indenture, the predecessor Person will (except in certain circumstances specified in the Indenture) be released from those obligations. 
 Defaults and Remedies 
 If an Event of Default with respect to Notes shall
occur and be continuing, all unpaid Principal Amount plus accrued and unpaid interest through the acceleration date of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

No Personal Liability of Directors, Officers, Employees and Shareholders 
 No director, officer, partner, employee, incorporator, manager or shareholder or other owner of Capital Stock of the Company or any Subsidiary Guarantor, as such, will have any liability for any
obligations of the Company or any Subsidiary Guarantor under the Notes, the Indenture or the Subsidiary Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

Indenture to Control; Governing Law 
 In the case of any conflict between the provisions of this Note and the Indenture, the provisions of the Indenture shall control. 
 THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 All terms defined in the Indenture and used in this Note but
not specifically defined herein are used herein as so defined. 

  
 Annex A-8

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

									
	 (a) Date of

Exchange
	  	(b) Amount of
Decrease in
Principal Amount of
this Global Security	  	(c) Amount of
Increase in Principal
Amount of
this
Global Security	  	(d) Principal
Amount of this
Global Security
Following such
Decrease or Increase	  	(e) Signature of
Authorized Officer
of Trustee
or
Securities Custodian

  
 Annex A-9

 ASSIGNMENT FORM 

To assign this Note, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Note to:

  

	
	 
	
	(Insert assignee’s soc. sec. or tax ID. no.)
	
	 

 (Print or type assignee’s name, address and zip code) 
 and irrevocably appoint                      to transfer this Note on the books of the Company.
The agent may substitute another to act for him. 
 Dated: 
 Your Name: 
  

	
	 
	
	(Print your name exactly as it appears on the face of this Note)
	
	Your Signature:
	
	 

 (Sign exactly as your name appears on the face of this Note) 
 SIGNATURE GUARANTEE*: 
  

	*	The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee. 

  
 Annex A-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased, in whole or in part, by the Company pursuant to Section 4.12 or 4.16 of the
Indenture, check the following box: 
  ̈    Section
4.12                     ̈     Section 4.16 

If you want to have only part of this Note purchased by the Company pursuant to Section 4.12 or 4.16 of the Indenture, state the
Principal Amount you want to be purchased (in minimum denomination of $2,000 or integral multiples of $1,000 in excess of $2,000):
$                             

 

			
	Your Signature:                          
                                         
                                         
                 	  	Date:                             
            

 (Sign exactly as your name appears on the other side of this Note) 

* Signature guaranteed by:                  
                                         
                                         
                                         
                                         
                         
 By:
                                         
                    
  

	*	The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee. 

  
 Annex A-11

 [FORM OF NOTATION OF GUARANTEE] 

Each of the Subsidiary Guarantors (which term includes any successor Person under the Indenture) has fully, unconditionally and
absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Notes and all other amounts due and payable
under the Indenture and the Notes by the Company. 
 The obligations of the Subsidiary Guarantors to the Holders of Notes and to
the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article X of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

	
	[NAME OF SUBSIDIARY GUARANTOR]
	
	By:                             
                                         
                          
	
	Name:                             
                                         
                    
	
	Title:                            
                                         
                       

  
 Annex A-12

 ANNEX B 

 
  

 
 FORM OF SUPPLEMENTAL INDENTURE

 CARRIZO OIL & GAS, INC., 
 the Subsidiary Guarantors named herein 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 
  

 
 7.50% Senior
Notes due 2020 
  
  

 

  
 Annex B-1

 CARRIZO OIL & GAS, INC. 

SUPPLEMENTAL INDENTURE 
 THIS SUPPLEMENTAL INDENTURE, dated as of             ,             ,
among Carrizo Oil and Gas, Inc., a Texas corporation (the “Company”), [            ] (the “Guaranteeing Subsidiary”), which is a subsidiary of the Company, each
of the existing Subsidiary Guarantors (as defined in the Indenture referred to below) and Wells Fargo Bank, National Association (the “Trustee”). 
 W I T N E S S E T H : 
 WHEREAS, the Company, certain of its Subsidiaries and the Trustee heretofore executed and delivered an Indenture, dated as of May 28, 2008 (as amended and supplemented by a Tenth Supplemental
Indenture among the Company, certain of its Subsidiaries, and the Trustee, dated as of September 10, 2012, the “Indenture”), providing for the issuance of the Company’s 7.50% Senior Notes due 2020 (the “Senior Notes”);

 WHEREAS, Section 4.15 of the Indenture provides that under certain circumstances a Restricted Subsidiary of the Company
that is not already a Subsidiary Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary shall become a Subsidiary Guarantor; and 

WHEREAS, the Company, pursuant to the terms and provisions of the Indenture, proposes in and by this Supplemental Indenture to supplement
and amend the Indenture insofar as it will apply only to the Senior Notes in certain respects; 
 NOW, THEREFORE: 

To comply with the provisions of the Indenture and in consideration of the premises provided for herein, the Guaranteeing Subsidiary, the
Company, the existing Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and proportionate benefit of all Holders of the Notes as follows: 
 ARTICLE ONE 
 GUARANTEE 
 SECTION 101 Guarantee. 
 The Guaranteeing Subsidiary hereby agrees by
execution of this Supplemental Indenture, with respect to the Senior Notes, to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor to the extent provided for in Article X of the Indenture. 

  
 Annex B-2

 ARTICLE TWO 
 MISCELLANEOUS PROVISIONS 
 SECTION 201 Integral Part. 

This Supplemental Indenture constitutes an integral part of the Indenture. 
 SECTION 202 General Definitions. 
 For all purposes of this Supplemental
Indenture: 
 (a) capitalized terms used herein without definition shall have the meanings specified in the Indenture; and

 (b) the terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this
Supplemental Indenture. 
 SECTION 203 Adoption, Ratification and Confirmation. 

The Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

 SECTION 204 The Trustee. 
 The Trustee shall not be responsible in any manner whatsoever for or in respect of the sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Company and the Subsidiary Guarantors named herein. 
 SECTION 205 Counterparts. 

This [        ] Supplemental Indenture may be executed in any number of counterparts, each of
which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 

SECTION 206 Governing Law. 
 THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 Annex B-3

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

 

			
	CARRIZO OIL & GAS, INC.
		
	By:	 	 
	Name:	 	Paul F. Boling
	Title:	 	Vice President and Chief Financial Officer
	
	GUARANTEEING SUBSIDIARY
	
	[                           
                         ]
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	EXISTING SUBSIDIARY
GUARANTORS1
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	 
	Name: 	 	
	Title:	 	

  

	1 	 Insert signature blocks for each Subsidiary Guarantor existing at the time of execution of this Supplemental Indenture. 

  
 Annex B-4Exhibit 10.1

 Exhibit 10.1 
 EXECUTION COPY 
 AMENDED AND RESTATED SALE AGREEMENT 

This AMENDED AND RESTATED SALE AGREEMENT (this “Agreement”), dated as of September 1, 2012, is by and among MORI
SPC Series Corp., a Delaware special purpose corporation (the “Seller”), and Marriott Vacations Worldwide Owner Trust 2011-1, a Delaware statutory trust (the “Issuer”), and their respective permitted successors and
assigns. 
 W I T N E S S E T H: 

WHEREAS, the parties hereto desire to amend and restate the sale agreement, dated as of September 1, 2011, as amended by Amendment
No. 1 (the “Original Sale Agreement”), by and among the Seller and the Issuer, and all actions required to do so under Section 13 of the Original Sale Agreement have been taken; 

WHEREAS, (i) on and after the Closing Date, from time to time, the Seller will sell and the Issuer will purchase Timeshare Loans,
and (ii) pursuant to that certain second amended and restated indenture and servicing agreement, dated as of September 1, 2012 (the “Indenture and Servicing Agreement”), by and among the Issuer, Marriott Ownership Resorts,
Inc., a Delaware corporation, as servicer (in such capacity, the “Servicer”) and Wells Fargo Bank, National Association, a national banking association, as indenture trustee (in such capacity, the “Indenture
Trustee”) and back-up servicer (in such capacity, the “Back-up Servicer”), the Issuer intends to pledge, among other things, such Timeshare Loans to the Indenture Trustee to secure the Issuer’s Timeshare Loan Backed
Variable Funding Notes, Series 2011-1 (the “Notes”); 
 WHEREAS, the Seller may provide Qualified Substitute
Timeshare Loans for Timeshare Loans previously sold to the Issuer hereunder; and 
 NOW, THEREFORE, in consideration of the
mutual covenants set forth herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: 

SECTION 1. Definitions; Interpretation. Capitalized terms used but not defined herein shall have the meanings specified in
“Standard Definitions” attached hereto as Annex A. 
 SECTION 2. Acquisition of Timeshare Loans.

 (a) Timeshare Loans. On each Funding Date or Transfer Date, in return for the Timeshare Loan
Acquisition Price for each of the Timeshare Loans to be sold on such Funding Date or Transfer Date, as applicable, the Seller does hereby transfer, assign, sell and grant to the Issuer, without recourse (except as provided in Section 6 and
Section 8 hereof), any and all of the Seller’s right, title and interest in and to (i) each Timeshare Loan listed on the Schedule of Timeshare Loans related to each Additional Timeshare Loan Supplement, (ii) the Receivables in
respect of such 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 Timeshare Loan, (v) all rights and remedies of the Seller pursuant to
the Purchase Agreement, and (vi) all income, 

  

					
		 	1	  	

 
payments, proceeds and other benefits and rights related to any of the foregoing (the “Conveyed Timeshare Loan Assets”). The excess amount, if any, between the Timeshare Loan
Acquisition Price for a Timeshare Loan and the amount of cash received by the Seller from the Issuer on the related Funding Date or Transfer Date, as applicable, from the proceeds of the Notes, will be a deemed capital contribution to the Issuer
(through the Owner, a wholly-owned subsidiary of the Seller). Upon such sale, the ownership of such Timeshare Loan and all collections allocable to principal and interest thereon due after the related Cut-Off Date and all other property interests or
rights conveyed pursuant to and referenced in this Section 2(a) shall immediately vest in the Issuer, its successors and assigns. The Seller shall not take any action inconsistent with such ownership nor claim any ownership interest in any
Timeshare Loan for any purpose whatsoever other than for consolidated financial and federal and state income tax reporting. 
 (b) Delivery of Timeshare Loan Files. In connection with the sale, transfer, assignment and conveyance of any Timeshare Loans hereunder, the Issuer hereby directs the Seller and the Seller hereby
agrees to deliver or cause to be delivered to the Custodian all related Timeshare Loan Files no later than the applicable Funding Date or Transfer Date, as the case may be. 

(c) Collections. The Seller shall deposit or cause to be deposited all collections that are received by it in
respect of the Timeshare Loans conveyed hereunder on and after the related Cut-Off Date in the Collection Account. 
 (d) Limitation of Liability. Neither the Issuer nor any subsequent assignee of the Issuer shall have any obligation or liability with respect to any Timeshare Loan nor shall the Issuer or any
subsequent assignee have any liability to any Obligor in respect of any Timeshare Loan. No such obligation or liability is intended to be assumed by the Issuer or any subsequent assignee herewith and any such obligation or liability is hereby
expressly disclaimed. 
 SECTION 3. Intended Characterization; Grant of Security Interest. It is the intention of the
parties hereto that each transfer of Timeshare Loans to be made pursuant to the terms hereof shall constitute a sale by the Seller to the Issuer of such Timeshare Loans and the related property described in Section 2 hereof and not a loan
secured by such Timeshare Loans and the related property. In the event, however, that a court of competent jurisdiction were to hold that any such transfer constitutes a loan and not a sale, it is the intention of the parties hereto (i) that
the Seller shall be deemed to have Granted to the Issuer as of the date hereof a first priority perfected security interest in all of the Seller’s right, title and interest in, to and under each Timeshare Loan whether now owned or hereafter
acquired, and the related property as described in Section 2 hereof and (ii) this Agreement shall constitute a security agreement under applicable law. In the event of the characterization of any such transfer as a loan, the amount of
interest payable or paid with respect to such loan under the terms of this Agreement shall be limited to an amount which shall not exceed the maximum nonusurious rate of interest allowed by the applicable state law or any applicable law of the
United States permitting a higher maximum nonusurious rate that preempts such applicable state law, which could lawfully be contracted for, charged or received (the “Highest Lawful Rate”). In the event any payment of

  

					
		 	2	  	

 
interest on any such loan exceeds the Highest Lawful Rate, the parties hereto stipulate that (a) to the extent possible given the term of such loan, such excess amount previously paid or to
be paid with respect to such Timeshare Loans be applied to reduce the principal balance of such Timeshare Loans, and the provisions thereof immediately be deemed reformed and the amounts thereafter collectible thereunder reduced, without the
necessity of the execution of any new document, so as to comply with the then applicable law, but so as to permit the recovery of the fullest amount otherwise called for thereunder and (b) to the extent that the reduction of the principal
balance of, and the amounts collectible under, such loan and the reformation of the provisions thereof described in the immediately preceding clause (a) is not possible given the term of such loan, such excess amount will be deemed to have been
paid with respect to such loan as a result of an error and upon discovery of such error or upon notice thereof by any party hereto such amount shall be refunded by the recipient thereof. 

The characterization of the Seller as “debtor” and the Issuer as “secured party” in any financing statement required
hereunder is solely for protective purposes and shall in no way be construed as being contrary to the intent of the parties that this transaction be treated as a sale to the Issuer of the Seller’s entire right, title and interest in and to the
property specified in the first sentence of this Section 3. 
 SECTION 4. Conditions Precedent to Acquisition of
Timeshare Loans. The obligations of the Issuer to purchase any Timeshare Loans hereunder shall be subject to the satisfaction of the following conditions: 
 (a) With respect to each Funding Date and Transfer Date, all representations and warranties of the Seller contained in Section 5(a) hereof shall be true and correct on the related Funding Date and
Transfer Date, as applicable, as if made on such date, and all representations and warranties as to the Timeshare Loans contained in Section 5(b) hereof and all information provided in the Schedule of Timeshare Loans in respect of the Timeshare
Loans (including the Qualified Substitute Timeshare Loans conveyed on such Transfer Date) shall be true and correct on such Funding Date and Transfer Date, as the case may be. 

(b) On or prior to each Funding Date and Transfer Date, as the case may be, the Seller shall have delivered or shall have
caused the delivery of the related Timeshare Loan Files to the Custodian in accordance with Section 2(b) hereof and the Custodian shall have delivered a receipt therefor pursuant to the Custodial Agreement on or prior to the Funding Date or the
Transfer Date, as applicable. 
 (c) The Seller shall have delivered all other information theretofore required
or reasonably requested by the Issuer to be delivered by the Seller or performed all other obligations required to be performed as of the Funding Date or Transfer Date, as the case may be, including all filings, recordings and/or registrations as
may be necessary in the opinion of the Issuer or the Indenture Trustee to establish and preserve the right, title and interest of the Issuer or the Indenture Trustee, as the case may be, in the related Timeshare Loans, it being understood and agreed
that assignments and sales of the Timeshare Loans from MORI to the Seller, from the Seller to the Issuer and the collateral assignment from the Issuer to the Indenture Trustee will not be recorded in real estate records except as required under the
Indenture and Servicing Agreement. 

  

					
		 	3	  	

 (d) On or before the Amendment Effective Date, the Issuer, the Servicer, the
Back-Up Servicer and the Indenture Trustee shall have entered into the Indenture and Servicing Agreement and on any Funding Date, the Indenture and Servicing Agreement shall be in full force and effect. 

(e) Each Timeshare Loan conveyed on a Funding Date shall be an Eligible Timeshare Loan. 

(f) Each of the conditions precedent under Section 4.03 of the Indenture and Servicing Agreement and Section 2.2
of the Note Purchase Agreement shall have been satisfied. 
 (g) Each Qualified Substitute Timeshare Loan
replacing a Timeshare Loan shall satisfy each of the criteria specified in the definition of “Qualified Substitute Timeshare Loan” and each of the conditions in Section 6 herein and in Section 4.06 of the Indenture and Servicing
Agreement for substitution of Timeshare Loans shall have been satisfied. 
 (h) The Seller and the Issuer shall
have duly entered, executed and delivered an Additional Timeshare Loan Supplement in the form attached hereto as Exhibit D. 
 (i) The Seller shall have delivered to the Issuer copies of UCC financing statements covering such Additional Timeshare Loans if necessary to perfect the Issuer’s first priority interest in such
Additional Timeshare Loans and the related assets. 
 (j) The Seller shall have delivered such other certificates
and opinions as shall be reasonably requested by the Issuer or its assignee. 
 SECTION 5. Representations and Warranties and
Certain Covenants of the Seller. 
 (a) The Seller represents and warrants to the Issuer and the Indenture
Trustee for the benefit of the Noteholders, on each Funding Date and Transfer Date (with respect to the Timeshare Loans or the Qualified Substitute Timeshare Loans transferred on such Funding Date or Transfer Date) as follows: 

(i) Due Incorporation; Valid Existence; Good Standing. The Seller is a corporation duly organized and validly
existing in good standing under the laws of the jurisdiction of its incorporation; and is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction where the character of its property, the nature
of its business or the performance of its obligations under this Agreement makes such qualification necessary, except where the failure to be so qualified will not have a material 

  

					
		 	4	  	

 
adverse effect on the business of the Seller or its ability to perform its obligations under this Agreement or any other Facility Document to which it is a party or under the transactions
contemplated hereunder or thereunder or the validity or enforceability of the Timeshare Loans. 
 (ii)
Possession of Licenses, Certificates, Franchises and Permits. The Seller holds, and at all times during the term of this Agreement will hold, all material licenses, certificates, franchises and permits from all governmental authorities
necessary for the conduct of its business, and has received no notice of proceedings relating to the revocation of any such license, certificate, franchise or permit, which singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would materially and adversely affect its ability to perform its obligations under this Agreement or any other Facility Document to which it is a party or under the transactions contemplated hereunder or thereunder or the validity
or enforceability of the Timeshare Loans. 
 (iii) Corporate Authority and Power. The Seller has, and at
all times during the term of this Agreement will have, all requisite corporate power and authority to own its properties, to conduct its business, to execute and deliver this Agreement and all documents and transactions contemplated hereunder and to
perform all of its obligations under this Agreement and any other Facility Document to which it is a party or under the transactions contemplated hereunder or thereunder. The Seller has all requisite corporate power and authority to acquire, own,
transfer and convey the Timeshare Loans to the Issuer. 
 (iv) Authorization, Execution and Delivery; Valid
and Binding. This Agreement and all other Facility Documents and instruments required or contemplated hereby to be executed and delivered by the Seller have been duly authorized, executed and delivered by the Seller and, assuming the due
execution and delivery by, the other party or parties hereto and thereto, constitute legal, valid and binding agreements enforceable against the Seller in accordance with their respective terms subject, as to enforceability, to bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting the enforceability of creditors’ rights generally applicable in the event of the bankruptcy, insolvency, or reorganization of the Seller and to general principles of
equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. This Agreement constitutes a valid transfer of the Seller’s interest in the Timeshare Loans to the Issuer or the valid creation of a
first priority perfected security interest in the Timeshare Loans in favor of the Issuer. 
 (v) No Violation
of Law, Rule, Regulation, etc. The execution, delivery and performance by the Seller of this Agreement and any other Facility Document to which the Seller is a party do not and will not (A) violate any of the provisions of the certificate
of incorporation or bylaws of the Seller, (B) violate any provision of any law, governmental rule or regulation currently in effect applicable to the Seller or its properties or by which the Seller or its properties may be bound or affected,
including, without limitation, any bulk transfer laws, 

  

					
		 	5	  	

 
(C) violate any judgment, decree, writ, injunction, award, determination or order currently in effect applicable to the Seller or its properties or by which the Seller or its properties are bound
or affected, (D) conflict with, or result in a breach of, or constitute a default under, any of the provisions of any indenture, mortgage, deed of trust, contract or other instrument to which the Seller is a party or by which it is bound or
(E) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, mortgage, deed of trust, contract or other instrument. 

(vi) Governmental Consent. No consent, approval, order or authorization of, and no filing with or notice to, any
court or other Governmental Authority in respect of the Seller is required which has not been obtained in connection with the authorization, execution, delivery or performance by the Seller of this Agreement or any of the other Facility Documents to
which it is a party or under the transactions contemplated hereunder or thereunder, including, without limitation, the transfer of the Timeshare Loans and the creation of the security interest of the Issuer therein pursuant to Section 3 hereof.

 (vii) Defaults. The Seller is not in default under any material agreement, contract, instrument or
indenture to which the Seller 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, in each case, which would have a material adverse effect on
the transactions contemplated hereunder or on the business, operations, financial condition or assets of the Seller, and 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. 
 (viii) No Adverse Change. Since the end of its most recent, audited fiscal year, there has been no change in the business, operations, financial condition, properties or assets of the Seller which
would have a material adverse effect on its ability to perform its obligations under this Agreement or any other Facility Document to which it is a party or materially adversely affect the transactions contemplated under this Agreement or any such
other Facility Documents. 
 (ix) Insolvency. The Seller will be solvent at all relevant times prior to,
and will not be rendered insolvent by, the transfer of the Timeshare Loans hereunder. On the Closing Date, Amendment Effective Date or a Funding Date or Transfer Date, as applicable, the Seller will not engage in any business or transaction for
which any property remaining with the Seller would constitute an unreasonably small amount of capital. 
 (x)
Pending Litigation or Other Proceedings. There is no pending or, to the best of the Seller’s knowledge, threatened action, suit, proceeding or investigation before any court, administrative agency, arbitrator or

  

					
		 	6	  	

 
governmental body against or affecting the Seller which, if decided adversely, would materially and adversely affect (i) the condition (financial or otherwise), business or operations of the
Seller, (ii) the ability of the Seller to perform its obligations under, or the validity or enforceability of, this Agreement or any other Facility Document to which it is a party, (iii) any Timeshare Loans or title of any Obligor to any
Timeshare Properties, or (iv) the Issuer’s ability to foreclose or otherwise enforce the liens of the Timeshare Loans, including the right to revoke or otherwise terminate the Right-to-Use Agreements and the rights of the Obligors to use
and occupy the related Timeshare Property. 
 (xi) Information. No document, certificate or report
furnished or required to be furnished by or on behalf of the Seller pursuant to this Agreement, in its capacity as the Seller, 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 not misleading. There are no facts known to the Seller which, individually or in the aggregate, materially adversely affect, or which (aside from general economic trends) may
reasonably be expected to materially adversely affect in the future, the financial condition or assets or business of the Seller, or which may impair the ability of the Seller to perform its obligations under this Agreement and any other Facility
Document to which it is a party, which have not been disclosed herein or therein or in the certificates and other documents furnished to the Issuer by or on behalf of the Seller pursuant hereto or thereto specifically for use in connection with the
transactions contemplated hereby or thereby. 
 (xii) Foreign Tax Liability. The Seller is not aware of
any Obligor under a Timeshare Loan who has withheld any portion of payments due under such Timeshare Loan because of the requirements of a foreign taxing authority, and no foreign taxing authority has contacted the Seller concerning a withholding or
other foreign tax liability. 
 (xiii) Employee Benefit Plan Liability. As of the Closing Date, the
Amendment Effective Date and each Funding Date and Transfer Date, as applicable, (i) with respect to any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA) sponsored, maintained or contributed to
by Seller or any of its Commonly Controlled Affiliates (as defined below), other than any Seller Multiemployer Plan (as defined below), no “accumulated funding deficiency” (as such term is defined under Section 302 of ERISA or
Section 412 of the Code), whether or not waived, with respect to any plan year beginning prior to January 1, 2008, or with respect to any plan year beginning after December 31, 2007, no unpaid “minimum required contribution”
(as such term is defined under Section 303 of ERISA or Section 430 of the Code) exists, and, to the Seller’s knowledge, no event has occurred or circumstance exists that may result in an unpaid minimum required contribution as of the
last day of the current plan year of any such plan; (ii) the Seller and each of its Commonly Controlled Affiliates has made all undisputed contributions required under each multiemployer plan (as such term is defined in Section 3(37) of
ERISA) (a “Multiemployer Plan”) to 

  

					
		 	7	  	

 
which the Seller or any of its Commonly Controlled Affiliates contributes or in which the Seller or any of its Commonly Controlled Affiliates participates (a “Seller Multiemployer
Plan”); and (iii) the aggregate outstanding liability of the Seller and its Commonly Controlled Affiliates for disputed contributions required under all Seller Multiemployer Plans collectively does not exceed $500,000 in the
aggregate. As of each Funding Date or Transfer Date, the aggregate outstanding liability of the Seller and its Commonly Controlled Affiliates for any partial or complete withdrawal from any Multiemployer Plans collectively does not exceed
$10 million, and, to the Seller’s knowledge, no event has occurred or circumstance exists that presents a risk that the aggregate outstanding liability of the Seller and its Commonly Controlled Affiliates for any partial or complete withdrawal
from, or the partition, termination, reorganization or insolvency of, any Multiemployer Plans could collectively exceed $10 million. For purposes of this subsection (xiii), “Commonly Controlled Affiliates” means those direct or
indirect affiliates of the Seller that would be considered a single employer with the Seller under Section 414(b), (c), (m), or (o) of the Code. 
 (xiv) Taxes. The Seller has filed all tax returns (federal, state and local) which it reasonably believes are required to be filed and has paid or made adequate provision for the payment of all
taxes, assessments and other governmental charges due from the Seller or is contesting any such tax, assessment or other governmental charge in good faith through appropriate proceedings or such failure will not have a material adverse effect on the
rights and interests of the Issuer. The Seller knows of no basis for any material additional tax assessment for any fiscal year for which adequate reserves have not been established. The Seller intends to pay all such taxes, assessments and
governmental charges when due. 
 (xv) Places of Business. The places of business where the Servicer on
behalf of the Seller keeps its records concerning the Timeshare Loans will be 1200 U.S. Highway 98 South, Lakeland, Florida 33801 and 6649 Westwood Boulevard, Orlando, Florida 32821 (or such other place specified by the Seller by written notice to
the Issuer and the Indenture Trustee). The principal place of business and chief executive office of the Seller is located at 6649 Westwood Boulevard, Orlando, Florida 32821 (or such other place specified by the Seller by written notice to the
Issuer and the Indenture Trustee). 
 (xvi) Securities Laws. The Seller is not an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. No portion of the Timeshare Loan Acquisition Price for each of the Timeshare Loans will be
used by the Seller to acquire any security in any transaction which is subject to Section 13 or Section 14 of the Securities Exchange Act of 1934, as amended. 

(xvii) Ownership of the Seller. Effective on the Amendment Effective Date, one hundred percent (100%) of the
outstanding voting stock of the Seller is directly owned (both beneficially and of record) by MVW US Holdings, 

  

					
		 	8	  	

 
Inc., a Delaware corporation, which is a subsidiary of MVW. Such stock is validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire capital stock
from the Seller. 
 (b) The Seller hereby: (i) represents and warrants that upon the transfer of any
Timeshare Loan to the Issuer, the Issuer will have full legal and equitable title to such Timeshare Loan, free and clear of any liens and encumbrances and (ii) makes the representations and warranties contained in Schedule I hereto for
the benefit of the Issuer and the Indenture Trustee for the benefit of the Noteholders with respect to each Timeshare Loan as of the related Funding Date and as of each Transfer Date (with respect to each Timeshare Loan and Qualified Substitute
Timeshare Loan transferred on such Funding Date or Transfer Date), as applicable. 
 (c) It is understood and
agreed that the representations and warranties set forth in this Section 5 shall survive the sale of each Timeshare Loan to the Issuer and any assignment of such Timeshare Loan by the Issuer to the Indenture Trustee for the benefit of the
Noteholders and shall continue so long as any such Timeshare Loan shall remain outstanding until such time as such Timeshare Loan is repurchased or a Qualified Substitute Timeshare Loan is provided pursuant to Section 6 hereof. The Seller
acknowledges that it has been advised that the Issuer intends to collaterally assign all of its right, title and interest in and to each Timeshare Loan and its rights and remedies under this Agreement to the Indenture Trustee for the benefit of the
Noteholders. The Seller agrees that, upon any such assignment, the Indenture Trustee may enforce directly, without joinder of the Issuer (but subject to any defense that the Seller may have under this Agreement) all rights and remedies hereunder.

 (d) With respect to any representations and warranties contained in Section 5(a) and Section 5(b)
hereof which are made to the best of the Seller’s knowledge, if it is discovered that any representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of a Timeshare Loan or the interests of the
Issuer or any assignee thereof, then notwithstanding the Seller’s lack of knowledge of the accuracy of such representation and warranty at the time such representation or warranty was made, such inaccuracy shall be deemed a breach of such
representation or warranty for purposes of the repurchase or substitution obligations described herein. 
 SECTION 6.
Repurchases and Substitutions. 
 (a) Mandatory Repurchases and Substitutions for Breaches of
Representations and Warranties. Upon the discovery by the Seller or the Issuer of a breach of any of the representations and warranties in Section 5(a) or Section 5(b) hereof which materially and adversely affects the value of a
Timeshare Loan or the interests of the Issuer or any subsequent assignee of the Issuer (including the Indenture Trustee for the benefit of the Noteholders) therein, the party discovering such breach shall give prompt written notice thereof to the
others and the Performance Guarantor; provided that with respect to any Trust-Based Timeshare Loan, no breach of any representation or warranty set forth in clauses (aa), (cc), (ff), (kk), (mm), or (oo) of Schedule I hereto will be deemed to
materially and adversely affect the value of such Timeshare Loan or the 

  

					
		 	9	  	

 
interests of the Issuer or any subsequent assignee of the Issuer therein unless such breach materially and adversely affects the MVC Trust. Within 60 days from the date the Seller is notified of,
or otherwise discovers, such breach, the Seller shall eliminate or otherwise cure in all material respects the circumstance or condition which has caused such representation or warranty to be incorrect or either (i) repurchase such Timeshare
Loan at the Repurchase Price, or (ii) provide one or more Qualified Substitute Timeshare Loans for such Timeshare Loan and pay the related Substitution Shortfall Amount, if any. 

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 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 prior to the 80th day following the Funding
Date or 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 Repurchases and Substitutions of Timeshare Loans. On any date, 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 6(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 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 at the Seller’s option. 
 (c) Payment of
Repurchase Prices and Substitution Shortfall Amounts. The Issuer hereby directs and the Seller hereby agrees to remit all amounts in respect of Repurchase Prices and Substitution Shortfall Amounts in immediately available funds to the Collection
Account. In the event that more than one Timeshare Loan is substituted pursuant to Sections 6(a) or (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. 
 (d) Schedule of
Timeshare Loans. The Issuer hereby directs, and the Seller hereby agrees, on each date on which a Timeshare Loan has been repurchased or substituted, to provide the Issuer and the Indenture Trustee with a revised Schedule of Timeshare Loans
reflecting the removal of such Timeshare Loans and subjecting any Qualified Substitute Timeshare Loans to the provisions of this Agreement. 

  

					
		 	10	  	

 (e) Officer’s Certificate. The Seller shall, on each Transfer
Date, certify in writing to the Issuer and the Indenture Trustee that (i) each 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 Loans 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) Release. In connection with any repurchase or substitution of one or more Timeshare Loans contemplated by this
Section 6, upon satisfaction of the conditions contained in this Section 6, the Issuer shall execute and deliver (or shall cause the Issuer to execute and deliver) such instruments of transfer or assignment presented to it by the Seller,
in each case without recourse, as shall be necessary to vest in the Seller the legal and beneficial ownership of such Timeshare Loans; provided that with respect to a release of a Timeshare Loan that is substituted by a Qualified Substitute
Timeshare Loan, the Issuer shall not execute and deliver or cause the execution and delivery of such releases and instruments of transfer or assignment until the Indenture Trustee and the Servicer receive a receipt from the Custodian for such
Qualified Substitute Timeshare Loan. The Issuer shall cause the Custodian to release the related Timeshare Loan Files to the Seller or its designee. 
 (g) Sole Remedy. It is understood and agreed that the obligations of the Seller to cure, repurchase or substitute Timeshare Loans contained in Section 6(a) hereof and the obligation of the
Seller to indemnify pursuant to Section 8 hereof shall constitute the sole remedies for the breaches of any representation or warranty with respect to the Timeshare Loans contained in Section 5(a) or Section 5(b) hereof. 

SECTION 7. Additional Covenants of the Seller. The Seller hereby covenants and agrees with the Issuer as follows: 

(a) The Seller will comply in all material respects with all applicable laws, rules, regulations and orders and preserve
and maintain its corporate existence, rights, franchises, qualifications and privileges except to the extent that the failure so to comply with such laws, rules and regulations or the failure so to preserve and maintain such existence, rights,
franchises, qualifications and privileges could not reasonably be expected to materially adversely affect the collectibility of the Timeshare Loans or the ability of the Seller to perform its obligations under this Agreement and any of the Facility
Documents to which it is a party. 
 (b) On or prior to each Funding Date or a Transfer Date, as applicable, the
Seller shall indicate in its computer files and other records that each Timeshare Loan has been sold to the Issuer and subsequently pledged by the Issuer to the Indenture Trustee for the benefit of the Noteholders. 

  

					
		 	11	  	

 (c) The Seller shall respond to any inquiries with respect to ownership of a
Timeshare Loan by stating that such Timeshare Loan has been sold to the Issuer and that the Issuer is the owner of such Timeshare Loan and that such Timeshare Loan has been pledged by the Issuer to the Indenture Trustee for the benefit of the
Noteholders. 
 (d) On or prior to a Funding Date or a Transfer Date, as applicable, the Seller shall file, at
its own expense, financing statements in favor of the Issuer, and, if applicable, the Indenture Trustee for the benefit of the Noteholders with respect to the Timeshare Loans meeting the requirements of state law in such manner and in such
jurisdictions as are necessary or appropriate to perfect the acquisition of the Timeshare Loans by the Issuer from the Seller, and shall deliver file-stamped copies of such financing statements to the Issuer and the Indenture Trustee for the benefit
of the Noteholders. 
 (e) The Seller agrees from time to time, at its expense, promptly to execute and deliver
all further instruments and documents, and to take all further actions, that may be necessary, or that the Issuer or the Indenture Trustee may reasonably request, to perfect, protect or more fully evidence the sale of the Timeshare Loans, or to
enable the Issuer or the Indenture Trustee to exercise and enforce its rights and remedies hereunder or under any Timeshare Loan including but not limited to powers of attorney, UCC financing statements and assignments of Mortgage and Right-to-Use
Agreement. The Seller hereby appoints the Issuer and the Indenture Trustee as attorney-in-fact, which appointment is coupled with an interest and is therefore irrevocable, to act on behalf and in the name of the Seller to enforce obligations of the
Seller hereunder. 
 (f) Any change in the legal name of the Seller and any use by it of any tradename,
fictitious name, assumed name or “doing business as” name occurring after the Closing Date shall be promptly disclosed in writing to the Issuer and the Indenture Trustee. 

(g) Upon the discovery or receipt of notice of a breach of any of its representations or warranties and covenants
contained herein, the Seller shall promptly disclose to the Issuer and the Indenture Trustee, in reasonable detail, the nature of such breach. 
 (h) The Seller shall promptly, but in no event later than two Business Days (or, if initially there is insufficient information to determine to which Timeshare Loan any funds relate, within two Business
Days of obtaining sufficient information) transfer to the Collection Account, any payment it receives in respect of a Timeshare Loan. 
 (i) In the event that the Seller or the Issuer or any assignee of the Issuer should receive actual notice of any transfer taxes arising out of the transfer, assignment and conveyance of a Timeshare Loan,
on written demand by the Issuer, or upon the Seller otherwise being given notice thereof, the Seller shall pay, and otherwise indemnify and hold the Issuer and any of its assignees harmless, on an after-tax basis, from and against any and all such
transfer taxes. 

  

					
		 	12	  	

 (j) The Seller will keep its principal place of business and chief executive
office and the office where it keeps its records concerning the Timeshare Loans at the address of the Seller listed herein or, upon 30 days’ prior written notice to the Issuer and the Indenture Trustee, at any other location in jurisdictions
where all actions reasonably requested by the Issuer or the Indenture Trustee to protect and perfect the interest in the Timeshare Loans, Obligor Notes and Right-to-Use Agreements under the applicable UCC have been taken and completed within 10 days
of such notice. The Seller also will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records in the event of the destruction of the originals thereof), and keep and maintain all
documents, books, records and other information reasonably necessary or advisable for the collection of all Timeshare Loans (including, without limitation, records adequate to permit the daily identification of each Obligor Note and all payments
made with regard to the related Timeshare Loans). 
 (k) The Seller shall authorize and file such continuation
statements and any other documents reasonably requested by the Issuer or the Indenture Trustee or which may be required by law to preserve and protect the interest of the Issuer or the Indenture Trustee hereunder in and to the Timeshare Loans.

 (l) The Seller agrees from time to time, at its expense, promptly to execute and deliver all further
instruments and documents, and to take all further actions, that may be necessary, or that the Issuer or the Indenture Trustee may reasonably request, to perfect, protect or more fully evidence the Timeshare Loans, or to enable the Issuer or the
Indenture Trustee to exercise and enforce its rights and remedies hereunder or under any of the other Facility Documents to which it is a party. 
 (m) The Seller authorizes the Issuer and the Indenture Trustee to file continuation statements, and amendments thereto, relating to the Timeshare Loans, the underlying Obligor Notes and all payments made
with regard to the Timeshare Loans without the signature of the Seller where permitted by law. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. The Issuer confirms that it is
not its present intention to file a photocopy or other reproduction of this Agreement as a financing statement, but reserves the right to do so if, in its good faith determination, there is at such time no reasonable alternative remaining to it.

 (n) In the event that the Seller shall have received any insurance proceeds relating to a Timeshare Property
and such proceeds are not payable to an Obligor, the Seller shall promptly remit such insurance proceeds to the Indenture Trustee for deposit into the Collection Account. 
 SECTION 8. Indemnification. 
 (a) The Seller agrees to
indemnify the Issuer, the Indenture Trustee, the Administrative Agent, the Funding Agents and the Noteholders (each an “Indemnified Party”, collectively, the “Indemnified Parties”) against (x) any and all
claims, losses, liabilities, (including legal fees and related costs) that such Indemnified 

  

					
		 	13	  	

 
Parties may sustain directly or indirectly related to any inaccuracy or breach of the representations and warranties of the Seller under Section 5 hereof and (y) a failure by the Seller
to perform any of its obligations under the Facility Documents (“Indemnified Amounts”) excluding, however (i) Indemnified Amounts to the extent resulting from the gross negligence or willful misconduct on the part of such
Indemnified Party; (ii) any recourse for any uncollectible Timeshare Loan not related to a breach of representation or warranty by the Seller; (iii) recourse to the Seller for a Defaulted Timeshare Loan so long as the same is replaced or
repurchased pursuant to Section 6 hereof; (iv) income, franchise or similar taxes with respect to such Indemnified Party arising out of or as a result of this Agreement or the transfer of the Timeshare Loans; (v) Indemnified Amounts
attributable to any violation by an Indemnified Party of any requirement of law related to an Indemnified Party; or (vi) the operational or administration expenses of an Indemnified Party generally and not related to the enforcement of this
Agreement. The Seller shall (x) promptly notify the Issuer and the Indenture Trustee if a claim is made by a third party with respect to this Agreement or the Timeshare Loans, and relating to (i) the failure by the Seller to perform its
duties in accordance with the terms of this Agreement or (ii) a breach of the Seller’s representations, covenants and warranties contained in this Agreement, and (y) assume (with the consent of the related Indemnified Party, which
consent shall not be unreasonably withheld) the defense of any such claim and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment, order or decree which may be entered against it or
the related Indemnified Party in respect of such claim. If the Seller shall have made any indemnity payment pursuant to this Section 8 and the recipient thereafter collects from another Person any amount relating to the matters covered by the
foregoing indemnity, the recipient shall promptly repay such amount to the Seller. 
 (b) The obligations of the
Seller under this Section 8 to indemnify the Indemnified Parties shall survive the termination of this Agreement and continue until the Notes are paid in full or otherwise released or discharged. 

SECTION 9. No Proceedings. The Seller hereby agrees that it will not, directly or indirectly, institute, or cause to be
instituted, or join any Person in instituting, against the Issuer or any Resort, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law so long as
there shall not have elapsed one year plus one day since the latest maturing Notes issued by the Issuer. 
 SECTION 10.
Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing and mailed or telecommunicated, or delivered as to each party hereto, at its address set forth under its name
on the signature page hereof or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall not be effective until received by the party to whom such notice or
communication is addressed. 
 SECTION 11. No Waiver; Remedies. No failure on the part of the Seller, the Issuer or
any assignee thereof to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of
any other right. The remedies herein provided are cumulative and not exclusive of any other remedies provided by law. 

  

					
		 	14	  	

 SECTION 12. Binding Effect; Assignability. This Agreement shall be binding upon
and inure to the benefit of the Seller, the Issuer and their respective successors and permitted assigns. Any assignee shall be an express third party beneficiary of this Agreement, entitled directly to enforce this Agreement. The Seller may not
assign any of its rights and obligations hereunder or any interest herein without the prior written consent of the Issuer and any of its assignees. The Issuer may, and intends to, assign all of its rights hereunder to the Indenture Trustee for
the benefit of the Noteholders and the Seller consents to any such assignment. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect
until its termination; provided, however, that the rights and remedies with respect to any breach of any representation and warranty made by the Seller pursuant to Section 5 hereof and the repurchase or substitution and
indemnification obligations shall be continuing and shall survive any termination of this Agreement but such rights and remedies may be enforced only by the Issuer and the Indenture Trustee. 

SECTION 13. Amendments; Consents and Waivers. No modification, amendment or waiver of, or with respect to, any provision of
this Agreement, and all other agreements, instruments and documents delivered thereto, nor consent to any departure by the Seller from any of the terms or conditions thereof shall be effective unless it shall be in writing and signed by each of the
parties hereto and the written consent of the Indenture Trustee for the benefit of the Noteholders is given. The Issuer shall provide the Indenture Trustee with such proposed modifications, amendments or waivers. Any waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No consent by the Indenture Trustee shall, in itself, entitle Seller to any other consent in similar or other circumstances. The Seller acknowledges that in connection with
the intended pledge by the Issuer of all of its right, title and interest in and to each Timeshare Loan to the Indenture Trustee for the benefit of the Noteholders, the Issuer intends to issue the Notes, the proceeds of which will be used by the
Issuer to purchase the Timeshare Loans conveyed hereunder. 
 SECTION 14. Severability. In case any provision in or
obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation, shall not in any way be
affected or impaired thereby in any other jurisdiction. Without limiting the generality of the foregoing, in the event that a Governmental Authority determines that the Issuer may not purchase or acquire Timeshare Loans, the transactions evidenced
hereby shall constitute a loan and not a purchase and sale, notwithstanding the otherwise applicable intent of the parties hereto, and the Seller shall be deemed to have granted to the Issuer as of the date hereof, a first priority security interest
in all of the Seller’s right, title and interest in, to and under such Timeshare Loan and the related property as described in Section 2 hereof. 
 SECTION 15. GOVERNING LAW; CONSENT TO JURISDICTION. 
 (a)
THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW 

  

					
		 	15	  	

 
YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK. 

(b) THE SELLER AND THE ISSUER HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND
THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY AND EACH WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS
SET FORTH ON THE SIGNATURE PAGE HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. THE SELLER AND THE ISSUER EACH HEREBY WAIVES ANY OBJECTION BASED ON
FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION 15 SHALL AFFECT THE RIGHT OF THE
SELLER OR THE ISSUER TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY OF THEM TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION. 

SECTION 16. Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 
 SECTION 17. Execution in Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and both of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this 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 18. Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed
and delivered by Wilmington Trust, N.A. 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 or on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, N.A., 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, N.A., 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, N.A. 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 Agreement or any other related document. Notwithstanding the foregoing, Wilmington Trust, N.A. shall not be relieved of any of
its duties and obligations under the Administration Agreement or the Trust Agreement. 
 [Signature Page Follows] 

  

					
		 	16	  	

 IN WITNESS WHEREOF, the parties have caused this Amended and Restated Sale Agreement to be
executed by their respective officers thereunto duly authorized, as of the date first above written. 
  

					
	MORI SPC SERIES CORP., as Seller
		
	 By:
	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
		 	Address:	 	 6649 Westwood Boulevard

Orlando, Florida 32821

		 	Telephone:	 	(407) 513-6954
		 	Facsimile:	 	(407) 206-6032
	
	MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1
		
	 By:
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not individually, but solely in its capacity as Owner Trustee
		
	 By:
	 	 /s/ Dante M. Monakil

		 	Name:	 	Dante M. Monakil
		 	Title:	 	Vice President
		 	Address:	 	 1220 North Market Street, Suite 202
 Wilmington, Delaware 19801

		 	Telephone:	 	(302) 255-4970
		 	Facsimile:	 	(302) 661-2266

  

 ACKNOWLEDGED AND CONSENTED TO: 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Indenture Trustee 

 

							
	By:	 	 /s/ Jennifer Westberg

		 	Name:	 	Jennifer Westberg
		 	Title:	 	Vice President
		 	Address:	 	 Sixth Street & Marquette Avenue
 Minneapolis, Minnesota 55479

		 		 	Attention:	 	 Corporate Trust

Services/Asset-Backed Administration

		 	Telephone:	 	(206) 327-9427
		 	Facsimile:	 	(866) 634-0908

  

 Schedule I 

(a) All federal, state or local laws, rules or regulations, including, without limitation, those relating to usury,
truth-in-lending, real estate settlement procedure, land sales, the offer and sale of securities, consumer credit protection and equal credit opportunity or disclosure, applicable to the Timeshare Loan or the sale of the Timeshare Property securing
the related Obligor Note have been complied with in all material respects. The applicable rescission period with respect to the Timeshare Loan has expired, and the Timeshare Loan was not originated in, or is subject to the laws of, any jurisdiction
under which the transfer, conveyance or assignment of such Timeshare Loan would be unlawful, void or voidable. 

(b) If the Timeshare Loan is a Mortgage Loan, the Timeshare Property constitutes a fee interest in real property at one of
the Resorts or a real property interest in the MVC Trust and the related Mortgage has been duly filed and recorded (or is in the process of being recorded) with all appropriate governmental authorities in all jurisdictions in which such Mortgage is
required to be filed and recorded to create a valid, binding and enforceable first priority perfected security interest on the related Timeshare Property subject only to Permitted Liens. If the Timeshare Loan is a Right-to-Use Loan, the related
Timeshare Property is a Unit at a Resort and the related Right-to-Use Agreement grants the related Obligor the right to use and occupy such Unit and the related Right-to-Use Agreement has been duly filed and recorded with all governmental
authorities in all jurisdictions in which the related Right-to-Use Agreement is required to be filed and recorded to enable the Seller and its assigns to enforce the revocation and termination rights granted in the Right-to-Use Agreement.

 (c) Upon the transfer pursuant to Section 2 of this Agreement of the Timeshare Loan from the Seller to
the Issuer, the Issuer will own full legal and equitable title to such Timeshare Loan, free and clear of any lien, charge, encumbrance or participation or ownership interest in favor of any other Person, other than the Permitted Liens. All of the
Seller’s right, title and interest in and to such Timeshare Loan has been validly and effectively transferred to the Issuer or a valid first priority security interest in, and/or the right of revocation and termination provided in the related
Right-to-Use Agreement with respect to, the related Obligor Note has been created or assigned in favor of the Issuer. 
 (d) Each of the related Mortgage, related Right-to-Use Agreement, related Obligor Note, and each other document in the related Timeshare Loan File is genuine and the legal, valid and binding obligation of
the maker thereof, enforceable in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, reorganization, and other similar laws affecting the enforcement of creditors’ rights generally and by general
principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law), and is not subject to any dispute, right of setoff, recoupment, counterclaim, or defense of any kind, whether arising out of
transactions concerning such Timeshare Loan or otherwise, and no such right has been asserted with respect thereto. 

  

					
		  	S-1	  	

 (e) All parties to the related Mortgage or the related Right-to-Use
Agreement and the related Obligor Note had legal capacity to enter into such Mortgage or Right-to-Use Agreement and Obligor Note and to execute and deliver such related Mortgage or the related Right-to-Use Agreement and related Obligor Note, and
such related Mortgage, related Right-to-Use Agreement and related Obligor Note have been duly and properly executed by such parties. No amendments to such related Mortgage or the related Right-to-Use Agreement, related Obligor Note or any other
document in the related Timeshare Loan File were required as a result of any mergers involving the Seller or its predecessors to maintain the rights of the Seller or its predecessors thereunder as a mortgagee or party to a Right-to-Use Agreement.
The related Obligor has not been released, in whole or in part, from any of its obligations in respect of the Timeshare Loan. No Obligor Note has been satisfied, canceled, rescinded or subordinated, in whole or in part, and no instrument has been
executed that would effect any such satisfaction, release, cancellation, subordination or rescission. 
 (f) At
the time the originator made the related Obligor Note secured by a Mortgage or a Right-to-Use Agreement to the related Obligor, such Obligor had good and marketable fee simple title to the Timeshare Property or Right-to-Use Agreement securing such
Obligor Note, free and clear of all Liens, except for Permitted Liens. 
 (g) The related Mortgage or
Right-to-Use Agreement, as the case may be, contains customary and enforceable provisions so as to render the rights and remedies of the holder thereof adequate for the practical realization against the related Timeshare Property of the benefits of
the security interests or other remedies intended to be provided thereby, including by judicial foreclosure or other applicable remedies. There is no exemption available to the related Obligor which would interfere with the mortgagee’s right to
foreclose such related Mortgage, if applicable, or the Issuer’s or Servicer’s right to enforce the revocation and termination rights in the related Right-to-Use Agreement, other than that which may be available under applicable bankruptcy,
debt relief, homestead statutes or the Servicemembers Civil Relief Act of 2003, or a similar, applicable law of the country in which the Obligor is located, if other than the United States. 

(h) The related Obligor Note is not and has not been secured by any collateral except the Lien of the related Mortgage or
rights and remedies in the related Right-to-Use Agreement, as the case may be. 
 (i) (x) The related Mortgage or
Right-to-Use Agreement, as applicable, for (A) each jurisdiction in which a Resort is located, and (B) the jurisdiction under which the Beneficial Interests are issued and (y) the related Obligor Note for (A) each jurisdiction in
which a Resort is located and (B) each jurisdiction in which Beneficial Interests are sold, are substantially in the respective forms set forth as Exhibit B hereto. 

  

					
		  	S-2	  	

 (j) All entries with respect to such Timeshare Loan (including if it is a
Qualified Substitute Timeshare Loan) as set forth on the related Schedule of Timeshare Loans are true and correct. 
 (k) All of the related Timeshare Loan Servicing Files for such Timeshare Loan have been, on or prior to the Funding Date or Transfer Date, as applicable, obtained by the Servicer and all the related
Timeshare Loan Files are complete (as required in the definition of “Timeshare Loan Files”) in all material respects and are in the possession of the Custodian. 

(l) The Mortgage, if any, is covered by a form of lender’s title insurance policy issued by a title insurer qualified
to do business in the jurisdiction where the related Timeshare Property or, with respect to a Beneficial Interest, the MVC Trust, is located, insuring the Seller and its successors and assigns, as to the first priority perfected Lien of the
Mortgage, subject only to Permitted Liens, in an amount equal to or greater than the Loan Balance of such Obligor Note on the Funding Date or Transfer Date, as the case may be. Such lender’s title insurance policy is in full force and effect.
No claims have been made under such lender’s title insurance policy, and no prior holder of such Mortgage, including the Seller, has done or omitted to do anything which would impair the coverage of such lender’s title insurance policy.

 (m) The Seller has not taken (or omitted to take), and has no notice that the related Obligor has taken (or
omitted to take), any action that would impair or invalidate the coverage provided by any hazard, title or other insurance policy, if any, relating to such Obligor Note or the related Timeshare Property. 

(n) The related Obligor Note evidences a fully amortizing debt obligation which bears a fixed rate of interest, provides
for substantially level monthly payments of principal and interest (other than the final payment thereon), and is payable in United States dollars. 
 (o) The related Obligor Note has an original term to stated maturity of twenty years or less. 
 (p) A minimum of one payment due under the Timeshare Loan has been made on the related Obligor Note prior to the related Cut-Off Date. 

(q) Such Timeshare Loan is not more than 30 days delinquent on any payment of principal or interest. 

(r) All applicable intangible taxes, documentary stamp taxes and state and local taxes were paid in respect of such
Timeshare Loan. 
 (s) Interest is calculated on the related Obligor Note on a simple interest basis. 

  

					
		 	S-3	  	

 (t) The proceeds of the Timeshare Loan has been fully disbursed and no
additional performance by the Seller is required. 
 (u) The terms of the related Mortgage, Right-to-Use
Agreement, if applicable, and Obligor Note have not been modified in any material respect (unless by a writing contained in the related Timeshare Loan Files or as required by the Servicemembers’ Civil Relief Act) and in no event to avoid
delinquency or default. 
 (v) The related Obligor Note, if secured by a Mortgage, is principally and directly
secured by an interest in real property. 
 (w) The related Obligor Note was originated by MORI or one of its
subsidiaries or Affiliates in the ordinary course of its, its subsidiary’s or its Affiliate’s business in connection with the initial sale or resale of a timeshare estate or the right to use and occupy a Timeshare Property, all in
accordance with the Credit and Collection Policy in effect at such time of origination. 
 (x) The related
Timeshare Property, or the right to use and occupy the related Timeshare Property, or the shares of a Resort Association or the MVC Trust Association, as applicable, granting the right to use and occupy the related Timeshare Property, are assignable
upon liquidation of the Obligor Note to which it relates without the consent of the related Resort Association or the MVC Trust Association, as applicable, or any other Person and there are no other restrictions on resale thereof, except that as to
a Resort Association that is a cooperative association, such right of assignment may be exercisable by the Seller or any Affiliate of the Seller as agent of the Resort Association. 

(y) The related Obligor is not (i) a Person (other than an individual) that is affiliated with the Seller, the
Servicer, or any of their respective affiliates, or (ii) a Governmental Authority. 
 (z) With respect to a
Weeks-Based Timeshare Loan, (i) the related Resort Association was duly organized and, to the best of the Seller’s knowledge, is validly existing and in good standing in the state of its organization, (ii) a MORI Affiliated Manager
manages the related Resort and, if there is a related Resort Association, performs services for such Resort Association, pursuant to agreements between such MORI Affiliated Manager and such Resort Association, each of such agreements being in full
force and effect, (iii) any agreements mentioned in the preceding clause (ii) include services that are substantially similar to the services described in the true and correct copy of a management agreement between such MORI Affiliated
Manager and one of the Resort Associations, which has been furnished to the Issuer, and (iv) such MORI Affiliated Manager and the related Resort Association have performed in all material respects all obligations under any such agreements and
are not in material default thereunder. 
 (aa) With respect to a Trust-Based Timeshare Loan, (i) each MVW
Resort Association and the MVC Trust Association was duly organized and, to the best 

  

					
		 	S-4	  	

 
of the Seller’s knowledge, is validly existing and in good standing in the state of its organization, (ii) a MORI Affiliated Manager manages all of the MVW Resorts and, if there is a
related MVW Resort Association, performs services for such MVW Resort Association, pursuant to agreements between such MORI Affiliated Manager and such MVW Resort Association, each of such agreements being in full force and effect, (iii) any
agreements mentioned in the preceding clause (ii) include services that are substantially similar to the services described in the true and correct copy of a management agreement between such MORI Affiliated Manager and one of the MVW Resort
Associations, which has been furnished to the Issuer, and (iv) such MORI Affiliated Manager and the related MVW Resort Association have performed in all material respects all obligations under any such agreements and are not in material
default thereunder. 
 (bb) With respect to a Weeks-Based Timeshare Loan, (i) the related Resort procures
casualty and property insurance through the related Resort Association, if any, or through the Seller or an Affiliate of the Seller. Such property insurance includes coverage for damage or loss for the full replacement value thereof or, if not
available on commercially reasonable terms, the maximum amount that the Servicer, in accordance with the Servicing Standard, determines is available on commercially reasonable terms, and, to the extent that the Servicer has determined, in accordance
with the Servicing Standard, that such coverage is not available on commercially reasonable terms, the Seller has provided (or caused the Servicer to provide) written notice to the Issuer of such determination, (ii) in the event that the
related Unit should suffer any loss covered by property damage insurance, upon receipt of any Insurance Proceeds, such Resort Association, or the Seller or an Affiliate of the Seller, are required, during the time such Unit is covered by such
insurance, under the applicable governing instruments of the Resort Association or otherwise, either to repair or rebuild the portions of the applicable Resort or to pay such proceeds to the holders of any Mortgages secured by a timeshare estate in
the portions of the applicable Resort, and (iii) if the related Resort is located in the United States and is located in a high hazard flood plain, the related Resort Association maintains flood insurance in an amount not less than the maximum
level available under the National Flood Insurance Program. 
 (cc) With respect to a Trust-Based Timeshare Loan,
(i) each MVW Resort procures casualty and property insurance through the related MVW Resort Association, if any, or through the Seller or an Affiliate of the Seller. Such property insurance includes coverage for damage or loss for the full
replacement value thereof or, if not available on commercially reasonable terms, the maximum amount that the Servicer, in accordance with the Servicing Standard, determines is available on commercially reasonable terms, and, to the extent that the
Servicer has determined, in accordance with the Servicing Standard, that such coverage is not available on commercially reasonable terms, the Seller has provided (or caused the Servicer to provide) written notice to the Issuer of such determination,
(ii) in the event that any MVW Unit should suffer any loss covered by property damage insurance, upon receipt of any Insurance Proceeds, such MVW Resort Association, or the Seller or an Affiliate of the Seller, are required, during the time
such MVW Unit is covered by such insurance, 

  

					
		 	S-5	  	

 
under the applicable governing instruments of the MVW Resort Association or otherwise, either to repair or rebuild the portions of the applicable MVW Resort or to pay such proceeds to the owners
(including the MVC Trust) of, or any mortgagees with respect to, the timeshare estates in the portions of the applicable MVW Resort, and (iii) for each MVW Resort which is located in the United States in a high hazard flood plain, the related
MVW Resort Association maintains flood insurance in an amount not less than the maximum level available under the National Flood Insurance Program. 
 (dd) If such Timeshare Loan is a Mortgage Loan, it requires the related Obligor to pay all taxes, insurance premiums and maintenance costs with respect to the related Timeshare Property or, in the case of
Timeshare Loans related to Timeshare Properties in the State of Virginia, requires that the Obligor timely pay and perform its obligations under, and shall not violate the terms and provisions of any declaration or other document recorded in the
real estate records where the related Resort is located for purposes of creating and governing the rights of owners of Timeshare Properties related thereto, as may be in effect from time to time (each, as “Declaration”) and any
rules and regulations promulgated in connection therewith. If such Timeshare Loan is a Right-to-Use Loan, it requires the related Obligor to pay all maintenance costs with respect to the related Timeshare Property. There are no delinquent taxes,
ground rents, water charges, sewer rents, assessments outstanding with respect to the related Timeshare Property, and there are no other material outstanding Liens affecting the related Timeshare Property, other than Permitted Liens. 

(ee) With respect to a Weeks-Based Timeshare Loan, the related Timeshare Property and related Resort are free of material
damage and waste and there is no proceeding pending or, to the best knowledge of the Seller, threatened for the total or partial condemnation or taking of such Timeshare Property or Resort by eminent domain. 

(ff) With respect to a Trust-Based Timeshare Loan, all the MVW Resorts are, in the aggregate, free of material damage and
waste and there is no proceeding pending or, to the best knowledge of the Seller, threatened for the total or partial condemnation or taking of any MVW Resort by eminent domain. 

(gg) No consent, approval, order or authorization of, and no filing with or notice to, any court or Governmental Authority
in respect of the related Obligor is required which has not been obtained in connection with the transfer of such Timeshare Loan to the Issuer. 
 (hh) The Timeshare Loan was not selected using selection procedures reasonably believed by the Seller to be adverse to the Issuer. 

(ii) Other than with respect to any Pre-Completion Loans related to the Resorts specified on the related Additional
Timeshare Loan Supplement, with respect to a Weeks-Based Timeshare Loan, (i) the Unit related to the Timeshare Loan has been completed in all material respects as required by applicable federal, state and local laws, free of all defects that
could give rise to any claims thereunder; (ii) to the extent required by applicable law, valid certificates of occupancy for such Unit has been issued and are 

  

					
		 	S-6	  	

 
currently outstanding; and (iii) the Seller and its commonly controlled Affiliates have complied in all material respects with all obligations and duties incumbent upon the developers of the
related Resort including the related Declarations and similar applicable documents for the related Resort. If the Timeshare Loan is a Pre-Completion Loan related to the Resorts specified on the related Additional Timeshare Loan Supplement the
related Unit is expected to be an Available Unit by the Anticipated Completion Date specified thereon. 
 (jj)
With respect to a Weeks-Based Timeshare Loan, (i) no practice, procedure or policy employed by the related Resort Association in the conduct of its business violates any law, regulation, judgment or agreement, including, without limitation,
those relating to zoning, building, use and occupancy, fire, health, sanitation, air pollution, ecological, environmental and toxic wastes, applicable to such Resort Association or MORI Affiliated Manager which, if enforced, would reasonably be
expected to (A) have a material adverse impact on such Resort Association or the ability of such Resort Association or MORI Affiliated Manager to do business, (B) have a material adverse impact on the financial condition of such Resort
Association or MORI Affiliated Manager, or (C) constitute grounds for the revocation of any license, charter, permit or registration which is material to the conduct of the business of the Resort Association or MORI Affiliated Manager,
(ii) the related Resort and the present use thereof does not violate any applicable environmental, zoning or building laws, ordinances, rules or regulations of any governmental authority, or any covenants or restrictions of record, so as to
materially adversely affect the value or use of such Resort or the performance by the related Resort Association of its obligations pursuant to and as contemplated by the terms and provisions of the related Declaration, (iii) there is no
condition presently existing and no event has occurred or failed to occur prior to the date hereof, concerning the related Resort relating to any hazardous or toxic materials or condition, asbestos or other environmental or similar matters which
would reasonably be expected to materially and adversely affect the present use of such Resort or the financial condition or business operations of the related Resort Association, or the value of such Timeshare Loan. 

(kk) With respect to a Trust-Based Timeshare Loan, (i) no practice, procedure or policy employed by any MVW Resort
Association or the MVC Trust Association in the conduct of its business violates any law, regulation, judgment or agreement, including, without limitation, those relating to zoning, building, use and occupancy, fire, health, sanitation, air
pollution, ecological, environmental and toxic wastes, applicable to such MVW Resort Association, the MVC Trust Association or MORI Affiliated Manager, which, if enforced, would reasonably be expected to (A) have a material adverse impact on
such Resort Association or the MVC Trust Association, as applicable, or the ability of such MVW Resort Association or the MVC Trust Association, as applicable, or MORI Affiliated Manager to do business, (B) have a material adverse impact on the
financial condition of such MVW Resort Association, the MVC Trust Association or MORI Affiliated Manager, or (C) constitute grounds for the revocation of any license, charter, permit or registration which is material to the conduct of the
business of such MVW Resort Association, the MVC Trust Association or MORI 

  

					
		 	S-7	  	

 
Affiliated Manager, (ii) neither any MVW Resort nor the present use thereof violates any applicable environmental, zoning or building laws, ordinances, rules or regulations of any
governmental authority, or any covenants or restrictions of record, so as to materially adversely affect the value or use of such MVW Resort or the performance by the related MVW Resort Association or MVC Trust Association, as applicable, of its
obligations pursuant to and as contemplated by the terms and provisions of the related Declaration, (iii) there is no condition presently existing and no event has occurred or failed to occur prior to the date hereof, concerning any MVW Resort
relating to any hazardous or toxic materials or condition, asbestos or other environmental or similar matters which would reasonably be expected to materially and adversely affect the present use of such MVW Resort or the financial condition or
business operations of the related MVW Resort Association, the MVC Trust Association or the value of such Timeshare Loan. 
 (ll) With respect to a Weeks-Based Timeshare Loan, the related Resort has made all filings and holds all material licenses, permits and registrations which are required under the laws of each jurisdiction
in which the nature of its activities make such filings, licenses, permits or registrations necessary. 
 (mm)
With respect to a Trust-Based Timeshare Loan, the MVW Resorts have made all filings and hold all material licenses, permits and registrations which are required under the laws of each jurisdiction in which the nature of its activities make such
filings, licenses, permits or registrations necessary. 
 (nn) With respect to a Weeks-Based Timeshare Loan, the
capital reserves and maintenance fee levels of the Resort Association related to the related Resort are adequate in light of the operating requirements of such Resort Association. 

(oo) With respect to a Trust-Based Timeshare Loan, the capital reserves and maintenance fee levels of the MVW Resort
Associations are adequate in light of the operating requirements thereof. 
 (pp) Each of the assignments of
Mortgage and each endorsement of the related Obligor Note constitutes a duly executed, legal, valid, binding and enforceable assignment or endorsement, as the case may be, of such related Mortgage and related Obligor Note, and all monies due or to
become due thereunder, and all proceeds thereof. 
 (qq) The related Mortgage is and will be prior to any Lien
on, or other interests relating to, the related Timeshare Property (other than the Permitted Liens). 
 (rr) The
Timeshare Loan and the related Obligor Note (i) is not in default due to the Obligor’s failure to have timely made one or more payments owed on the Obligor Note, (ii) is not guaranteed by the Seller or any Affiliate thereof,
(iii) does not contain a provision that permits the Obligor Note to be converted into, or exchanged for, any legal or beneficial ownership interest in any asset, or has a provision under which one or more payments thereunder are determined in
reference or are contingent upon the value of any asset, (iv) does not have the timing or amount of payments under the Obligor Note determined by reference to, or is contingent on, the timing or amount of

  

					
		 	S-8	  	

 
payments made on debt issued by the Seller or any affiliate thereof, (v) is not a partial interest in a debt instrument (such as a stripped bond or a stripped coupon) and (vi) is not
traded on an established securities market. 
 (ss) The related Obligor has a Current Equity Percentage of at
least 10% of the Purchase Price for the related Timeshare Property securing such Timeshare Loan. 
 (tt) If the
related Obligor is a Domestic Obligor, such Obligor has a FICO score of at least 600. 
 (uu) With respect to a
Weeks-Based Timeshare Loan relating to the Aruba Surf Club or the Aruba Ocean Club, a notice has been delivered or will be delivered within 45 days of the Funding Date or Transfer Date, as applicable, to the related Obligor indicating that such
Weeks-Based Timeshare Loan has been transferred to the Issuer and the Trustee. 
 (vv) No broker is, or will be,
entitled to any commission or compensation in connection with the transfer of the Timeshare Loan. 
 (ww) The
Timeshare Loan does not, when aggregated with all other Timeshare Loans conveyed on the Funding Date or Transfer Date, as applicable and the Borrowing Base Loans, as of the Funding Date or Transfer Date, as applicable, cause any of the following to
fail to be true: 
 (1) the weighted average FICO score of the Obligors with respect to the Borrowing Base Loans is at least 700;
and 
 (2) the weighted average interest rate of the Borrowing Base Loans (excluding any Repurchased Timeshare Loans) is equal to
or greater than 12.00%; provided that the weighted average interest rate of the Repurchased Timeshare Loans shall be equal to or greater than 9.00%. 
 (xx) With respect to (i) a Trust-Based Timeshare Loan or (ii) a Weeks-Based Timeshare Loan relating to a Resort located in the State of South Carolina, such Timeshare Loan was originated on or
after December 5, 2005. 
 (yy) With respect to (i) a Trust-Based Timeshare Loan or (ii) a
Weeks-Based Timeshare Loan relating to a Resort located in the State of Nevada, such Timeshare Loan was not originated between November 13, 2008 and February 3, 2009. 

(zz) No payment due under the Timeshare Loan (other than, if applicable, the waiver in the ordinary course of any nominal
processing fees and charges required to be paid by the related Obligor) has been made, directly or indirectly, by MORI, the Servicer or any of their Affiliates. 

  

					
		 	S-9	  	

 (aaa) With respect to a Trust-Based Timeshare Loan, the MVC Trust is a
Florida land trust validly established pursuant to Section 689.071, Florida Statutes, and the MVC Trust Agreement. 
 (bbb) With respect to a Trust-Based Timeshare Loan, all timeshare fee or other estates in MVW Units held by the MVC Trustee (i) have been properly conveyed to the MVC Trustee, (ii) are owned by
the MVC Trustee with full legal and equitable title thereto, free and clear of all liens and (iii) have a certificate of occupancy. 
 (ccc) With respect to a Trust-Based Timeshare Loan, none of Marriott Ownership Resorts Inc., MVC Trust Owners Association, Inc. or, to the best of the Seller’s knowledge, First American Trust FSB, is
in default under the MVC Trust Agreement or has caused the one-to-one right to use night requirement ratio to fail to be maintained with respect to the Trust Property. 

(ddd) The Timeshare Loan does not relate to a Timeshare Property in Units 5221, 5222, 5231, 5232, 5233, 5234, 5241, 5242,
5243 and 5244 in the SurfWatch Horizontal Property Regime. 
 (eee) A local counsel opinion acceptable to the
Administrative Agent with respect to the Timeshare Loan and related documents in the related jurisdiction has been delivered to the Administrative Agent, each Funding Agent and each Non-Conduit Committed Purchaser. 

  

					
		 	S-10	  	

 Exhibit A 
 Schedule of Timeshare Loans 
 [Electronic Schedule of Timeshare Loans on file with
Indenture Trustee]. 

 Exhibit B 
 Form of Obligor Note, Mortgage and Right-to-Use Agreement 
 See Attached

 CALIFORNIA SAMPLE (RCDC) 
 UPON CLOSE OF ESCROW OF THE PURCHASE TO WHICH THIS NOTE APPLIES, BORROWER(S) HEREBY AUTHORIZE(S) ESCROW HOLDER/CLOSING AGENT OR HOLDER TO COMPLETE THIS NOTE BY INSERTING THE DATE OF THE NOTE AND
APPLICABLE DATES FOR PAYMENT COMMENCEMENT DATE, MATURITY DATE AND DATE FOR EACH MONTHLY PAYMENT 
 NOTE SECURED BY DEED OF
TRUST 
  

			
	Account #:	 	  

 

			
		
	Date:	 	  

  

			
	US $	 	  

		 	(Amount Financed)

 FOR VALUE RECEIVED, THE UNDERSIGNED, AND IF MORE THAN ONE, JOINTLY AND SEVERALLY, (“Borrower”)
promises to pay to the order of The Ritz-Carlton Development Company, Inc., a Delaware corporation, or its assigns (“Holder”), at 6649 Westwood Blvd., Orlando, Florida 32821, the principal sum of
             U.S. Dollars (U.S. $        ), plus interest at the rate of             
percent (    %) annually, calculated on the basis of a 360-day year, at the Holder’s address set forth above or at such other place as the Holder may designate from time to time, in      consecutive
monthly installments of              U.S. Dollars (U.S. $        ) each, with the first such installment being due and payable on
             and each successive installment being due and payable on the      day of each month thereafter, with the remaining unpaid principal balance, together with
accrued interest thereon, due and payable, if not sooner paid, on                      (the “Maturity Date”). Interest at the above rate
will begin to accrue one month prior to the month in which the first installment is due, on the day of the prior month which corresponds to the day of the month that the first installment is due. 

This Note is secured by a Deed of Trust of even date herewith (“Deed of Trust”) to First American Title Insurance Company, as trustee,
creating a lien on the property described therein (“Property”) purchased by Borrower pursuant to a Purchase Agreement (“Purchase Agreement”). The Deed of Trust (including, without limitation, its acceleration,
collection and allocation of payment provisions) is incorporated herein by reference. 
 At the option of Holder, the entire principal balance
outstanding and accrued interest thereon will become immediately due and payable without further notice upon: (a) the failure of Borrower to pay when due any monthly installment under this Note; (b) the failure of Borrower to comply with
any other term or provision of this Note, the Purchase Agreement or the Deed of Trust within 10 days following written notice thereof from Holder to Borrower (in the manner specified in the Deed of Trust); (c) the insolvency (however evidenced)
of or the institution of proceedings in bankruptcy by or against Borrower; or (d) the discovery by Holder of a misrepresentation made on behalf of Borrower to obtain credit or an extension of credit. 

Holder may exercise its option to accelerate during any default by Borrower regardless of any prior forbearance. If any sums due under this Note are not
paid when due, whether at maturity or by acceleration, the Holder will be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, reasonable attorney’s fees, including, without limitation, those
incurred in all bankruptcy and probate proceedings, and regardless of whether any suit or proceeding is filed and reasonable collection agency fees. 
 Each monthly payment shall be tendered with an $8.75 service fee. Borrower will pay Holder (i) a late charge of the greater of $6.00 or 6.0% of the installment due for any monthly installment not
received by Holder within 10 days after the due date, and (ii) a returned check charge as reasonably established by Holder from time to time for each occurrence of the return to Holder for any reason of any check, draft or order. Late charges
will be deducted from the next payment received. No late charge will be imposed more than once for the same late payment of an installment. 

Borrower may prepay this Note in whole or in part at any time without penalty or premium. Any partial prepayment shall be applied by Lender to either
accrued and unpaid interest or to outstanding principal, at Lender’s discretion, and will not postpone the due date or change the amount of any subsequent monthly installments. 
 Presentment, notice of dishonor and protest are waived by all makers, sureties, guarantors and endorsers hereof. This Note is the joint and several obligation of all makers, sureties, guarantors and
endorsers, and will be binding upon them and their successors and assigns. 
 Wherever possible, each provision of this Note shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. 
 It is the intention of Borrower(s)
and Holder to conform strictly to the applicable usury laws. It is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all
unearned interest, if any, shall be canceled automatically, or, if theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of
all interest and other charges constituting 

  
 491110.5 (02.19.10)

 Page 1 of 2 

 
interest under applicable law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of
interest, nor produce a rate in excess of the maximum non-usurious rate of interest that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and
(iii) if any excess interest is provided for or collected, it shall be deemed a mistake and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically deemed
reformed so as to permit only the collection of the maximum non-usurious rate and amount of interest allowable under applicable law. 
 THIS
NOTE IS GOVERNED BY, CONSTRUED UNDER AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. 
 SIGNATURE(S)

  

					
	  
	 		 	  

			
	  
	 		 	  

  
 491110.5 (02.19.10)

 Page 2 of 2 

			
	 RECORDING REQUESTED BY
  

AND WHEN RECORDED MAIL TO
  

Order No.
	  	CALIFORNIA SAMPLE (RCDC)

  

SPACE ABOVE THIS LINE FOR RECORDER’S USE 
 UPON CLOSE OF ESCROW OF THE PURCHASE TO WHICH THIS DEED OF TRUST APPLIES, TRUSTOR(S) HEREBY AUTHORIZE(S) ESCROW HOLDER/CLOSING AGENT OR HOLDER OF THE NOTE TO COMPLETE THIS DEED OF TRUST AND THE NOTE AS
PROVIDED FOR IN THE CONTRACT FOR PURCHASE PURSUANT TO WHICH THE FRACTIONAL INTEREST(S) WERE ACQUIRED BY TRUSTORS 
 DEED OF
TRUST WITH ASSIGNMENT OF RENTS 
 This DEED OF TRUST (this “Deed of Trust”) is made on
                                         by
                            , herein called TRUSTOR, whose address is
                             in favor of First American Title Insurance Company, a California
corporation, herein called TRUSTEE, for the benefit of The Ritz-Carlton Development Company, Inc., a Delaware corporation (solely as nominee for Lender, as hereinafter defined, and Lender’s successors and assigns), herein called BENEFICIARY and
LENDER, as context requires. Beneficiary is organized and existing under the laws of Delaware, and has an address of 6649 Westwood Blvd., Orlando, Florida 32821, and telephone number of
                    . 
 Trustor irrevocably
grants, transfers and assigns to Trustee in Trust, with Power of Sale, that property located in the County of Placer, California, and described in Exhibit “A” attached hereto. 
 TOGETHER with the rents, issues and profits thereof, subject, however, to the right, power and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues and
profits; 
 TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents,
royalties, mineral, oil and gas rights and profits, water, water rights and water stock, and all fixtures now or hereafter attached to the property, all of which, including replacements and additions thereto, shall be deemed to be and remain part of
the property covered by this Deed of Trust (collectively, the “Property”); 
 For the purpose of securing (1) payment of the sum
of $             with interest thereon according to the terms of a promissory note or notes of even date herewith made by Trustor, payable to order of Lender, and extensions or renewals
thereof (collectively, the “Note”); (2) the performance of each agreement of Trustor incorporated by reference or contained herein or reciting it is so secured; and (3) payment of additional sums and interest thereon which may
hereafter be loaned to Trustor, or Trustor’s successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. 
 1. To protect the security of this Deed of Trust, and with respect to the Property above described, Trustor expressly makes each and all of the agreements, and adopts and agrees to perform and be bound by
each and all of the terms and provisions set forth in that certain Fictitious Deed of Trust with Assignment of Rents recorded in the Official Records of Placer County as Document No. 2009-0083293-00 recorded on September 28, 2009, (the
“Fictitious Deed of Trust”), and it is mutually agreed that each and all of the provisions set forth in the Fictitious Deed of Trust shall inure to the benefit of and bind the parties hereto with respect to the Property. The agreements,
terms and provisions contained in said Fictitious Deed of Trust are incorporated by reference herein and made a part of this Deed of Trust for all purposes as fully as if set forth at length herein. Trustor hereby acknowledges that Trustor has been
provided a complete copy of the Fictitious Deed of Trust at or prior to the time of the execution of this Deed of Trust. 
 2. Trustor
acknowledges and agrees that all sums received by Lender from Trustor will be applied first to (i) any outstanding sums due from Trustor to Lender under the Purchase Agreement, including without limitation any initial or additional deposits or
closing costs payable by Trustor, (ii) then to amounts payable to Beneficiary by Trustor under paragraph 6 hereof, (iii) then to advances, if any, made by the Lender pursuant to paragraph 5 of the Fictitious Deed of Trust , (iv) then
to the costs, fees, expenses and other amounts 

  
 437816.3 (9.18.09)

 Page 1 of 4 

 
incurred and advanced by the Lender in the enforcement of its rights hereunder, including, without limitation, costs and reasonable attorney’s fees described herein, (v) then to unpaid
service fees, (vi) then to interest, (vii) then to principal, and (viii) then to unpaid late charges and/or returned check charges, if any. Trustor also acknowledges and agrees that such application will not reduce, delay, excuse,
waive or otherwise affect the amounts and due dates of all sums to be paid by Trustor to Lender under the Note or this Deed of Trust. Trustor further acknowledges and agrees that, in the event that the funds delivered or intended to be delivered to
Lender pursuant to the Note are applied to such sums as are due as set forth at (i) through (viii) above, Holder, at Holder’s sole option, may elect to (a) immediately demand payment of any monthly installment payments which are
applied in whole or in part to the sums due under (i) through (viii) above, or (b) extend the term of the Note to accommodate such additional monthly installments as are necessary to make up any monthly payments thus applied.

 3. Lender may charge for a statement regarding the obligation secured hereby, provided the charge therefor does not exceed the maximum
allowed by law. 
 4. Except as expressly permitted in Article I Paragraph 9 of the Fictitious Deed of Trust, if Trustor shall sell, convey or
alienate the Property, or any part thereof, or any interest therein, or shall be divested of any title or interest therein in any manner or way, whether voluntarily or involuntarily, without the written consent of the Lender being first had and
obtained, Lender shall have the right, at its option, except as prohibited by law, to declare any indebtedness or obligations secured hereby, irrespective of the maturity date specified in any note evidencing the same, immediately due and payable.

 5. Trustor understands and agrees that Trustee holds only legal title to the interests granted by Trustor in this Deed of Trust; but, if
necessary to comply with law or custom, Beneficiary has the right to direct Trustee (as nominee for Lender and Lender’s successors and assigns) to exercise any or all of those interests, including, but not limited to the right to foreclose and
sell the Property; and to take any action required of Lender including, but not limited to, releasing or canceling this Deed of Trust. 
 6. As
further protection of the security of this Deed of Trust, and with respect to the property above described, subject to applicable law, upon written request by Beneficiary to Trustor(s), Trustor(s) shall pay to Beneficiary on the day when monthly
installments of principal and interest are payable under the Note Secured by Deed of Trust dated as of the date hereof (“Note”), until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth or such other fractional
increments which total 100% of the Basic Assessment, Tax Assessment and/or any other similar assessments (the “Assessments”) applicable to the subject property, as reasonably estimated initially and from time to time by Beneficiary on the
basis of assessments and bills and reasonable estimates thereof. 
 7. If Beneficiary exercises the foregoing right, the Funds shall be held in
an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency. Beneficiary shall apply the Funds, upon receipt of the appropriate bill or bills, to pay the Assessments. Beneficiary may not charge for so
holding and applying the Funds, analyzing said account, or verifying and compiling said Assessments and bills, unless Beneficiary pays to Trustor(s) interest on the Funds and applicable law permits Beneficiary to make such a charge. Unless
applicable law requires, Beneficiary shall not be required to pay Trustor(s) any interest on earnings on the Funds. Beneficiary shall give to Trustor(s), without charge, an annual accounting of the Funds showing credits and debits to the Funds and
the purposes for which each debit to the Funds was made. The Funds are hereby pledged as additional security for the sums secured by this Deed of Trust. 
 8. If the amount of the Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due date of applicable Assessments shall exceed the amount required to pay
such applicable Assessments as they fall due, such excess shall be, at the option of Trustor(s), either promptly repaid to Trustor(s) or credited to Trustor(s) on monthly installments of Funds. If the amount of the Funds held by Beneficiary shall
not be sufficient to pay applicable Assessments as they fall due, Trustor(s) shall pay to Beneficiary any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Beneficiary to Trustor(s)
requesting payment thereof. 
 9. Upon payment in full of all sums secured by this Deed of Trust, Beneficiary shall promptly refund to
Trustor(s) any Funds held by Beneficiary. If the subject property is sold or is otherwise acquired by Beneficiary, Beneficiary shall apply, no later than immediately prior to the sale of the subject property or its acquisition by Beneficiary, any
Funds then held by Beneficiary as a credit against the sums secured by this Deed of Trust. 

  
 437816-3 (9.18.09)

 Page 2 of 4 

 The undersigned Trustor requests that a copy of any notice of default, any notice of sale or any other
notice hereunder be mailed to Trustor at the address set forth above. 
 IN WITNESS WHEREOF, Trustor has executed this Deed of Trust as
of the date written below. 
 TRUSTOR(S): 
  

									
	 Name
	 	  
	 		 	 Name
	 	  

					
	Signature:	 	  
	 		 	Signature:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

  

					
	State of	  	)	  	
		  	)	  	ss.
	County of	  	)	  	

 On
                                         before
me,                                         
(here insert name and title of the officer), personally appeared                     , who proved to me on the basis of satisfactory evidence to be
the person(s) whose name(s)is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s)on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct. 
 WITNESS my hand and official seal. 

 

					
	Signature	 	  
	 	(Seal)

  
 437816-3 (9.18.09)

 Page 3 of 4 

 EXHIBIT “A” 
 A Timeshare Estate, as defined in California Business and Professions Code Section 11212(x)(i), being composed of Parcels A and B and as identified as follows: 

PARCEL A: 
 An
undivided 1/12th interest in Club Interest Unit Number
            , Club Interest Number             , as described in that certain Declaration of Covenants, Conditions and
Restrictions and Reservations of Easements for the Highlands Resort West Parcel Condominium, dated as of May 30, 2008 and recorded June 9, 2008 as Instrument No. 2008-0046599-00 in the Official Records of the County of Placer, State
of California, as it may be amended from time to time (the “Condominium Declaration”), as depicted on the “Amended Phase 1 Condominium Plan for Lot 3 of Tract No. 961 in the Unincorporated area of the County of Placer, State of
California,” filed for record on September 28, 2009 as Instrument No. 2009-0083292-00, in the Office of the County Recorder, County of Placer, State of California, as amended and supplemented from time to time. 

TOGETHER WITH an undivided 1/12th interest in all rights, restrictions, privileges and easements appurtenant to said Unit. 

TOGETHER WITH an undivided 1/12th share of the Common Areas allocated to said Unit, as more specifically set forth in Exhibit “D” of the
Condominium Declaration. 
 PARCEL B: 
 (Include in Rotating Week legals) The exclusive right and easement to use and occupy a              bedroom Unit Type, as a
“Club Interest Owner,” further described as Rotating Club Interest Number             , which includes the right to use during two (2) weeks of rotating calendar use,
identified as weeks              and             , and one (1) Floating Week, identified as week
            , all as described in and subject to that certain Declaration of Covenants, Conditions and Restrictions for Highlands Resort West Parcel Club, dated as of May 30,
2008 and recorded June 9, 2008 as Instrument No. 2008-0046600-00, in the Official Records of the County of Placer, State of California, as it may be amended from time to time (the “Club Declaration”), and subject to all rights,
restrictions, privileges and easements set forth in the Club Declaration. 
 (Include in Fixed Week legals) The exclusive right
and easement to use and occupy a              bedroom Unit Type, as a “Club Interest Owner,” during two (2) weeks of fixed calendar use, identified as Fixed Weeks
             and             , and one (1) Floating Week, identified as week
            , all as described in and subject to that certain Declaration of Covenants, Conditions and Restrictions for Highlands Resort West Parcel Club, dated as of May 30,
2008 and recorded June 9, 2008 as Instrument No. 2008-0046600-00, in the Official Records of the County of Placer, State of California, as it may be amended from time to time (the “Club Declaration”), and subject to all rights,
restrictions, privileges and easements set forth in the Club Declaration. 
 As more fully and particularly set forth in the Governing
Instruments, to which reference is made in the Club Declaration, the weeks that are identified in the legal description for rotating use and floating use do not entitle the Club Interest Owner to use and occupy a Club Interest Unit during those
particular weeks. Rotating use shall occur as set forth in the applicable Club Calendar and floating use shall be unassigned until Purchaser reserves and has confirmed usage, all in accordance with the Governing Instruments. 

TOGETHER WITH non-exclusive easements for ingress, egress, use and enjoyment, subject to the provisions of the Club Declaration, over the “Common
Area” (as the quoted term is defined in the Club Declaration), all as more particularly set forth in Article II of the Club Declaration. 

EXCEPTING FROM SAID PARCEL A, the exclusive right to use and occupy said Parcel A during all “Use Periods” and “Maintenance
Periods”, designated by the association under Article VI of the Condominium Declaration. 

  
 437816-3 (9.18.09)

 Page 4 of 4 

 COLORADO SAMPLE (RCDC) 
 Upon closing of the purchase to which this Note applies, the undersigned hereby authorize(s) closing agent or Holder to complete this Note by inserting the applicable dates for commencement of payments
due hereunder, the monthly payment date and the final payment date. DO NOT DESTROY THIS NOTE. When paid, this Note, with the Deed of Trust securing the same, must be surrendered to the Trustee for cancellation before release will be made.

 IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION, CONSULT LEGAL COUNSEL. THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL,
TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. 
  
 PROMISSORY NOTE 
  

					
	                     ,
20     
	  	 	Reference No.                    	  
		
	 US
$                                    
	  	 	                             
       , CO                    	  

 FOR VALUE RECEIVED, the undersigned
                         (“Borrower”) promises to pay to the order of THE RITZ-CARLTON DEVELOPMENT COMPANY,
INC., whose address is P.O. Box 24747, Lakeland, FL 33802, (said party, or any other party to whom this Note may be transferred and assigned, is hereinafter called the “Note Holder”), or order, the principal sum of
             and No/100 U.S. Dollars (US $            ), together with interest on the unpaid balance from the date
of this Note, until paid, at the rate of              percent (            %) per annum. Interest shall be
calculated by applying the stated annual rate against the unpaid principal for the actual number of days elapsed divided by a 360-day year. Principal and interest shall be payable, without offset, in lawful money of the United States at the Note
Holder’s address set forth above, or such other place as the Note Holder may, from time to time, designate, in              consecutive monthly installments of
             No/100 U.S. Dollars (US $            ), beginning on the
             day of             , 20__, and continuing thereafter on the same day of each month, with the remaining
unpaid balance, together with accrued interest thereon, due and payable, if not sooner paid, on             . 

Each monthly payment shall be tendered with a $8.75 service fee. Borrower shall pay to the Note Holder a late charge of five percent
(5%) for any monthly installment not received by the Holder within ten (10) days after the date the installment is due. Such late charge is in addition to, and not in lieu of or diminution of, any other rights and remedies of the Note
Holder under this Note, OR APPLICABLE LAW. Each monthly payment will be applied in the order specified in the Deed of Trust. 

The Principal balance may be prepaid, in whole or in part at any time, or from time to time, without penalty. Any prepayment shall
include interest to the date the prepayment is made. Partial prepayments shall be applied to the installments in the inverse order of their maturity. There will be no changes in the due date or in the amount of the monthly payment unless the Note
Holder agrees in writing to those changes. 
 The makers, sureties, guarantors and endorsers hereof severally waive presentment
for payment, demand and notice of dishonor and nonpayment of this Note, and consent to any and all extensions of time, renewals, waivers or modifications that may be granted by the Note Holder hereof with respect to the payment or other provisions
of this Note, and to the release of any security, or any part thereof, with or without substitution. This Note shall be the joint and several obligations of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their
respective heirs, personal representatives, successors and assigns. All persons or entities signing this Note waive any rights which they might otherwise have under Section 13-50-101, 13-50-102, or 13-50-103, Colorado Revised Statutes (or under
any corresponding current or future law) by reason of any release of fewer than all of the parties of this Note. 
 The
indebtedness evidenced by this Note is secured by a Deed of Trust, dated of even date herewith, and until released, said Deed of Trust contains additional rights of the Note Holder. Such rights may cause Acceleration of the indebtedness evidenced by
this Note, as described below. Reference is made to said Deed of Trust for such additional terms. Said Deed of Trust grants the Note Holder rights in the Property identified as follows: 

An undivided              interest in Fractional Unit
            , as described in that certain Declaration of Fractional Ownership Plan for WDL Vail Club, recorded October 25, 2010, at Reception No. 201021513 as amended and
supplemented from time to time (the “Fractional Declaration”) and in that certain Condominium Declaration for WDL Vail, recorded September 10, 2010, at Reception No. 201017882 as amended and supplemented from time to time (the
“Condominium Declaration”) and according to the Map for WDL Vail recorded September 10, 2010, at Reception No. 201017883 as amended and supplemented from time to time (the “Condominium Map”), all in the office of the
Clerk and Recorder of Eagle County, Colorado, including an undivided              interest in, and subject to, all rights, restrictions, privileges and

  
 1 

 
easements appurtenant to said Fractional Unit. The Fractional Interest includes rights to use and occupy a Fractional Unit in accordance with the Governing Instruments (as defined in the
Fractional Declaration), and is initially subject to the Club Membership Program 
 known as The Ritz-Carlton Club Membership
Program with a Usage Program which provides for a Club Allocation for the use of twenty-one (21) days per year in accordance with the Governing Instruments. 
 The Club Membership Program Documents further describe the Fractional Interests as: 

Interest Number             , providing three (3) weeks of use
pursuant to the Governing Instruments, and subject to all rights, restrictions, privileges and easements set forth in the Fractional Declaration. 
 At the option of the Note Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and payable without demand or further notice to Borrower upon:
(a) failure of Borrower to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than thirty (30) days from the date such notice is mailed) from the Note Holder to
Borrower; (b) the insolvency (however evidenced), or the institution, of proceedings in bankruptcy by or against Borrower; (c) the sale (or lease with option to purchase) or transfer of all or any part of the Property or any interest
therein without the prior written consent of the Note Holder, excluding a transfer by devise, descent or by operation of law upon the death of a joint tenant therein; (d) a casualty or condemnation of the Property without restoration as
described in the Deed of Trust; or (e) failure of Borrower(s) to comply with the covenants of the Deed of Trust after notice and failure to cure (if applicable) as provided in the Deed of Trust. 

The Note Holder may exercise its option to accelerate during any default by Borrower regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Note Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, attorney fees, whether or not action be instituted hereon.

 Any notice to Borrower provided for in this Note shall be deemed to have been given after mailing same by U.S. mail, postage
prepaid (or such other more expeditious method as may be appropriate in the case of foreign addressees, as Note Holder may choose in its discretion), addressed to Borrower at the address stated below, or to such other address as Borrower may
designate by written notice to the Note Holder. Any notice to the Note Holder shall be deemed to have been given by mailing such notice by U.S. certified mail, return receipt requested, (or in the case of a notice originating in a foreign country,
by such other method that results in the Note Holder acknowledging in writing receipt of the notice), at 1200 US Hwy 98 S. Ste. 10, Lakeland, FL 33801, or at such other address as may be designated by written notice to Borrower. 

“Borrower” and “Note Holder” as used herein, includes all parties shown as such. Whenever the context permits,
singular shall include plural and one gender shall include all. 
 Wherever possible, each provision of this Note shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. 
 It is the
intention of Borrower(s) and Note Holder to conform strictly to the applicable usury laws. It is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Note Holder or if this Note is
prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Note
Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the
maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest that Note Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of
usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically
deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of interest allowable under applicable law. 
 This Note shall be governed by, construed under, and enforced in accordance with, the laws of the State of Colorado. Borrower consents to jurisdiction and venue in the state and federal courts within the
State of Colorado. 

  

					
	 440719-2

9.30.10
	  	2	  	

 [CAUTION: SIGN ORIGINAL NOTE ONLY/RETAIN COPY] 

 

					
		 		 	BORROWER’S ADDRESS:
			
	  	 		 	  
	 Borrower

 
	 		 	 
	 Borrower

 
	 		 	 
	 Borrower

 
	 		 	 

 KEEP THIS NOTE IN A SAFE PLACE. THE ORIGINAL OF THIS NOTE MUST BE EXHIBITED TO THE PUBLIC TRUSTEE IN ORDER TO RELEASE
A DEED OF TRUST SECURING PAYMENT PURSUANT TO THIS NOTE. 
 THIS NOTE (AND THE DEED OF TRUST SECURING THE SAME) CONTAINS ACCELERATION
PROVISIONS. 

  

					
	 440719-2

9.30.10
	  	3	  	

 COLORADO SAMPLE (RCDC) 
 After Recording Return To: 

	
	  
	  
	  
	  

 IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION, CONSULT LEGAL COUNSEL. THIS IS A LEGAL INSTRUMENT. IF NOT
UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. 
 UPON CLOSING OF THE PURCHASE TO WHICH THIS PURCHASE MONEY
DEED OF TRUST APPERTAINS, THE UNDERSIGNED HEREBY AUTHORIZES CLOSING AGENT TO COMPLETE THIS PURCHASE MONEY DEED OF TRUST BY INSERTING THE APPLICABLE DATES. 
  

 
 PURCHASE MONEY DEED OF TRUST

 THIS DEED OF TRUST, made this                 ,
20        , by the Grantor
                                         
                                (hereinafter, “Borrower”), whose address
is
                                        ,
to the Public Trustee of Eagle County, Colorado (“Trustee”) for the benefit of the Lender, THE RITZ-CARLTON DEVELOPMENT COMPANY, INC., a Delaware corporation, whose legal address is P.O. Box 24747, Lakeland, FL 33802 (hereinafter,
“Lender”). (“Borrower” as used herein, includes all parties shown as such. Whenever the context permits, singular shall include plural and one gender shall include all.) 

WHEREAS, Borrower is indebted to Lender in the principal sum of
                                         
                                U.S. Dollars (US
$                                 ), which indebtedness is evidenced by
Borrower’s Promissory Note of even date herewith (“Note”), providing for equal monthly installments of principal and interest, with the balance of the indebtedness, due and payable, if not sooner paid, on
                                    . 

This Deed of Trust is given to secure to Lender (i) the repayment of the indebtedness evidenced by the Note, with interest thereon,
the repayment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust, and the performance of the covenants and agreements of Borrower herein contained, (ii) the repayment of any
future advances, with interest thereon, made to Borrower by Lender pursuant to paragraph 20 hereof (“Future Advances”) and (iii) the performance of the covenants and agreements of Borrower herein contained, Borrower irrevocably
grants, conveys, transfers, assigns and warrants to Trustee, IN TRUST FOREVER, for the benefit of Lender, with power of sale, the following-described property located in the County of Eagle, State of Colorado (the “Property”): 

An undivided
                     interest in Fractional Unit
                , as described in that certain Declaration of Fractional Ownership Plan for WDL Vail Club, recorded October 25, 2010, at Reception
No. 201021513 as amended and supplemented from time to time (the “Fractional Declaration”) and in that certain Condominium Declaration for WDL Vail, recorded September 10, 2010, at Reception No. 201017882 as amended
and supplemented from time to time (the “Condominium Declaration”) and according to the Map for WDL Vail recorded September 10, 2010, at Reception No. 201017883 as amended and supplemented from time to time (the
“Condominium Map”), all in the office of the Clerk and Recorder of Eagle County, Colorado, including an undivided                  interest in,
and subject to, all rights, restrictions, privileges and easements appurtenant to said Fractional Unit. The Fractional Interest includes rights to use and occupy a Fractional Unit in accordance with the Governing Instruments (as defined in the
Fractional Declaration), and is initially subject to the Club Membership Program known as The Ritz-Carlton Club Membership Program with a Usage Program which provides for a Club Allocation for the use of twenty-one (21) days per year in
accordance with the Governing Instruments. 
 The Club Membership Program Documents further describe the Fractional Interests as: 

Interest Number
                    , providing three (3) weeks of use pursuant to the Governing Instruments, and subject to all rights, restrictions,
privileges and easements set forth in the Fractional Declaration. 
 Borrower covenants that Borrower is lawfully seized of the
estate hereby conveyed and has the right to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any
declaration, easements, or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender’s interest in the Property. Borrower further agrees and covenants to abide by the terms and provisions attached
hereto and incorporated herein by reference. 

  

					
		  	Page 1 of 6	  	
	440722v2	  		  	Borrower Initials            
            
			
	9.30.10	  		  	

 IN WITNESS WHEREOF, Borrower has executed this Deed of Trust. 

 

					
			
	  	 		 	  
	Borrower	 		 	Borrower
			
	  	 		 	  
	Borrower	 		 	Borrower

 STATE OF
                                        
    ) 
 COUNTY OF
                                        )

 This foregoing instrument was acknowledged before me this
                     day of
                    , 20      , by
                                         
   . 
 WITNESS my hand and official seal. 

My Commission Expires:
                                        

  

	
	
	  
	Notary Public

  

					
		  	Page 2 of 6	  	
	440722v2	  		  	Borrower Initials            
            
			
	9.30.10	  		  	

 ADDITIONAL COVENANTS AND TERMS 

Borrower and Lender covenant and agree as follows: 
 1. Payment of Principal, Interest, Late Charges and Service Fees. Borrower shall promptly pay when due all payments due under the Note. Except as otherwise provided by applicable law, all payments
accepted and applied by Lender under the Note and Sections 1 and 2 hereof, shall be applied in the following order of priority: (a) amounts due under Section 2 hereof, (b) amounts due under Section 7 hereof; (c) costs, fees,
expenses and other amounts incurred and advanced by the Lender in enforcement of its rights under the Note and this Deed of Trust including, without limitation, reasonable attorney’s fees, (d) unpaid service fees due under the Note;
(e) interest due under the Note; (f) principal due under the Note; (g) unpaid late charges, if any; (h) interest due under Section 20 hereof and then (i) principal due under Section 20 hereof. 

2. Funds for Taxes, Assessments and Insurance. Subject to applicable law, upon written request by Lender to Borrower, Borrower shall pay to Lender
on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of the annual expenses for taxes, assessments and insurance,
including, without limitation, for (i) Basic Assessments, (ii) assessments of every kind and nature, (iii) Membership Dues pertaining to the Ritz-Carlton Membership Program, (iv) insurance premiums, and (v) any other amount
due (“Common Expenses”) under the Condominium Declaration or the Fractional Declaration, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.

 If Lender exercises the foregoing right, the Funds shall be held in an institution, the deposits or accounts of which are
insured or guaranteed by a federal or state agency. Lender shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes, assessments, insurance premiums and Common Expenses. Lender may not charge for so holding and
applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law requires, Lender
shall not be required to pay Borrower any interest on earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds
was made. The Funds are hereby pledged as additional security for the sums secured by this Deed of Trust. 
 If the amount of
the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and Common Expenses, shall exceed the amount required to pay such taxes, assessments, insurance
premiums and Common Expenses as they fall due, such excess shall be, at Borrower’s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of future Funds. If the amount of the Funds held by Lender shall not
be sufficient to pay taxes, assessments, insurance premiums and Common Expenses as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Lender to
Borrower requesting payment thereof. 
 Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly
refund to Borrower any funds held by Lender. If, under paragraph 17 hereof, the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by
Lender, any Funds then held by Lender as a credit against the sums secured by this Deed of Trust. 
  

	3.	THIS PARAGRAPH INTENTIONALLY LEFT BLANK. 

 4.
Charges; Liens. Borrower shall promptly pay, when due, all Club dues imposed by the WDL Vail Condominium Association, Inc. (the “Condominium Association”) or the WDL Vail Club Association, Inc. (the “Fractional
Association”) pursuant to the provisions of the Condominium Declaration, or its associated bylaws, rules and regulations, the Fractional Declaration or its associated bylaws, rules and regulations, or other constituent documents applicable
to the Property (collectively, the “Project Documents”). Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust, in the
manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower shall not be required
to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender and if requested by Lender, immediately post with Lender an amount necessary to satisfy said
obligation, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of such lien or forfeiture of the Property or any part thereof and, if requested by Lender,
immediately post with Lender an amount necessary to satisfy said obligation. 
 5. Hazard Insurance. Borrower shall keep the improvements
now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may
require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust. This obligation shall be deemed satisfied so long as the Condominium Association
or Fractional Association maintains “master” or “blanket” policies for liability and casualty insurance in accordance with the terms hereof. 
 The insurance carrier providing the insurance shall be chosen by Borrower or the Condominium Association or Fractional Association subject to approval by Lender; provided, however, that such approval
shall not be unreasonably withheld. If required, all premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof, or, if not paid in such manner, by Borrower or the Condominium Association or Fractional Association
making payment, when due, directly to the insurance carrier. 
 All insurance policies and renewals thereof shall be in a form
acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Borrower shall give Lender prompt notice of any lapse in hazard insurance coverage. In the event of loss, Borrower shall give prompt
notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Borrower has a right to vote in the Condominium Association or Fractional Association in connection with a decision regarding
restoration, Borrower shall notify Lender of the vote and shall vote as directed by Lender or deliver a proxy or power of attorney to Lender for such vote, at Lenders’s election. Without limiting the generality of the foregoing, Borrower shall
not vote to terminate the condominium (whether in connection with a casualty or otherwise) without Lender’s prior written consent. In the event the Property is not restored, Lender shall have a right to accelerate the indebtedness. 

Pursuant to the terms of the Project Documents, insurance proceeds shall be applied to restoration or repair of the Property damaged,
whether to the unit or the common elements. To the extent such insurance proceeds exceed the cost of such restoration or repair and the Board of Directors of the Condominium Association or Fractional Association decides to disburse such excess,
Borrower’s share of such excess shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. 

  

					
		  	Page 3 of 6	  	
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	9.30.10	  		  	

 Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
not exceed or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof, or change the amount of such installments. If under paragraph 22 hereof the Property is acquired by Lender, all right, title and interest of
Borrower in and to any insurance policies and in and to any excess insurance proceeds thereof from damage to the Property prior to the sale or acquisition, shall pass to Lender to the extent of the sums secured by this Deed of Trust immediately
prior to such sale or acquisition. 
 6. Preservation and Maintenance of Property; Condominium. Borrower shall keep the Property in good
repair and shall not commit waste or permit impairment or deterioration of the Property. Borrower shall perform all of Borrower’s obligations under the Project Documents. Borrower shall take such actions as may be reasonable to insure that the
Condominium Association or Fractional Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. If a condominium rider is executed by Borrower and recorded together with the Deed of
Trust, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part hereof. 

7. Protection of Lender’s Security. If Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if any
action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then
Lender at Lender’s option, upon notice to Borrower, if required by law, may make such appearances, disburse such sums and take such action as is necessary to protect Lender’s interest, including, but not limited to, disbursement of funds
to pay reasonable attorney fees and entry upon the Property to make repairs, and payment of: 
 (a) any general or special taxes
or ditch or water assessments levied or accruing against the Property; 
 (b) the premiums on any insurance necessary to protect
any improvements comprising a part of the Property; 
 (c) sums due on any lien or encumbrance on the Property; 

(d) the reasonable costs and expenses of defending, protecting, and maintaining the Property and Lender’s interest in the Property,
receiver’s fees and expenses, inspection fees, appraisal fees, court costs, attorney fees and costs, and fees and costs of an attorney in the employment of Lender or holder of the certificate of purchase; 

(e) all other costs and expenses allowable by the Note or this Deed of Trust; and 

(f) such other costs and expenses which may be authorized by a court of competent jurisdiction. 

Borrower hereby assigns to Lender any right Borrower may have by reason of any encumbrance on the Property or by law or otherwise to cure
any default under said encumbrance. 
 Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon,
shall become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms or payment, such amount shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear
interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the
highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 
 8. Inspection. Lender may make or cause to be made reasonable entries upon, and inspections to, the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying
reasonable cause therefor related to Lender’s interest in the Property. 
 9. Condemnation. The proceeds of any award or claim for
damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or part of the Property, whether of the unit or the common elements or for any conveyance in lieu of condemnation, pursuant to the terms
of the Project Documents, shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. 
 Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2
hereof, or change the amount of such installments. 
 10. Borrower Not Released. Extension of the time for payment or modification of
amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest of Borrower, shall not operate to release, in any manner, the liability of the original Borrower and Borrower’s successors in interest. Lender
shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower and
Borrower’s successor in interest. 
 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or
remedy hereunder or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver
of Lender’s right to accelerate the maturity of the indebtedness secured by this Deed of Trust. 
 12. Remedies Cumulative. All
remedies provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively. 

13. Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of paragraph 17 below, the covenants
and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the
paragraphs of this Deed of Trust are for convenience only and are not to be used to interpret or define the provisions hereof. 
 14.
Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Deed of Trust shall be given by mailing such notice by U.S. Mail, postage prepaid, addressed to
Borrower at the Borrower’s address as set forth in the Note, or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt
requested, to Lender’s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice that is provided for in this Deed of Trust shall be deemed to have been given to Borrower or
Lender when given in the manner designated herein. 
 15. Governing Law; Severability. The laws of the State of Colorado shall govern
this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict shall not affect other provisions of the Deed of Trust or the Note which can be given effect without the
conflicting provision, and to this end the provisions of the Deed of Trust and the Note are declared to be severable. 
 16. Borrower’s
Copy. Borrower acknowledges receipt of a copy of the Note and this Deed of Trust. 
 17. Transfer of the Property; Assumption.
The following events shall be referred to herein as a “Transfer”: (i) a transfer or conveyance of title (or any portion thereof, legal or equitable) of the Property (or any part thereof or interest therein), (ii) the
execution of a contract or agreement creating a right to title (or any portion thereof, legal or equitable) in the Property (or any part thereof or interest therein), (iii) an agreement granting a possessory right in the Property (or any
portion thereof), in excess of 3 years, (iv) a sale or transfer of, or the execution of a contract or agreement creating a right to acquire or receive, more than fifty percent (50%) of the

  

					
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	9.30.10	  		  	

 
controlling interest or more than fifty percent (50%) of the beneficial interest in Borrower, (v) the reorganization, liquidation or dissolution of Borrower. Not to be included as a
Transfer are (i) the creation of a lien or encumbrance subordinate to this Deed of Trust, (ii) the creation of a purchase money security interest for household appliances, or (iii) a transfer by devise, descent or by operation of the
law upon the death of a joint tenant. At the election of Lender, in the event of each and every Transfer: 
 (a) All sums secured
by this Deed of Trust shall become immediately due and payable. 
 (b) If a Transfer occurs and should Lender not exercise
Lender’s option pursuant to this paragraph 17 to accelerate, the transferee shall be deemed to have assumed all of the obligations of Borrower under this Deed of Trust including all sums secured hereby whether or not the instrument evidencing
such conveyance, contract or grant expressly so provides. This covenant shall run with the Property and remain in full force and effect until said sums are paid in full. Lender may without notice to Borrower deal with the transferee in the same
manner as with Borrower with reference to said sums including the payment or credit to the transferee of disbursed reserve Funds on payment in full of said sums, without in any way altering or discharging Borrower’s liability hereunder for the
obligations hereby secured. 
 (c) Should Lender not elect to accelerate upon the occurrence of such Transfer then, subject to
(b) above, the mere fact of a lapse of time or the acceptance of payment subsequent to any of such events, whether or not Lender had actual or constructive notice of such Transfer, shall not be deemed a waiver of Lender’s right to make
such election nor shall Lender be estopped therefrom by virtue thereof. The issuance on behalf of Lender of a routine statement showing the status of the loan, whether or not Lender had actual or constructive notice of such Transfer, shall not be a
waiver or estoppel of Lender’s said rights. 
 18. Acceleration; Foreclosure; Other Remedies. Except as provided in paragraph 17
hereof and except as provided in the Note, upon Borrower’s breach of any non-monetary covenant or agreement of Borrower in this Deed of Trust, Lender, prior to acceleration, shall mail notice to Borrower, as provided in paragraph 14 hereof,
specifying: (a) the breach; (b) the action required to cure such breach; (c) a date, not less than fifteen (15) days from the date the notice is mailed to Borrower by which such breach must be cured; and (d) that failure to
cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust, foreclosure by judicial proceeding and sale of Property. If the breach is not cured on or before the date specified
in the notice, including (without limitation) payment of all costs, expenses, late charges, attorney’s fees and other fees incurred, Lender, at Lender’s option, subject to any right of reinstatement to which Borrower is entitled under
applicable law, may declare, without further demand, all of the sums secured by this Deed of Trust to be immediately due and payable. Upon a breach or default under paragraph 17, a monetary default, or the occurrence of certain other events as
specified in the Note, Lender may accelerate the indebtedness and declare the entire outstanding balance due and payable without notice to Borrower. Following a breach or default, Lender may invoke the power of sale and Lender shall have the right
to bring an action in any court of competent jurisdiction to foreclose this Deed of Trust, or to foreclose this Deed of Trust through the Trustee in accordance with Section 38-38-100.3 et.seq. of the Colorado Revised Statutes by filing a
written Notice of Election and Demand for Sale with Trustee, or to pursue any other remedies permitted by law. Lender shall be entitled to collect in such proceedings all costs and expenses, including all expenses of foreclosure, and including, but
not limited to, reasonable attorney fees, court costs, and costs of documentary evidence, abstracts and title reports. Borrower shall release Lender, the Condominium Association and the management company from any claims in connection with the
exercise by Lender of remedies herein described. 
 19. Assignment of Rents; Appointment of Receiver. As additional security hereunder,
Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration by the Lender under paragraph 18 hereof, or abandonment of the Property, have the right to collect and retain such rents as they become
due and payable. Upon acceleration or abandonment of the Property, Lender shall be entitled, without notice, to enter upon, take possession of and manage the Property and to collect the rents of the Property, including those that are past due. Such
assignment of the rents shall remain in full force and effect during any period of foreclosure with respect to the Property. All rents collected shall be appointed first to payment of the costs of management of the Property and collection of rents,
including, but not limited to, management fees, court costs, and reasonable attorney fees, and then to the sum secured by this Deed of Trust. The Lender shall be liable to account only for those rents actually received. Borrower shall not be
entitled to possession or use of the Property after abandonment or after the Lender has accelerated the balance due. Alternatively, Lender may seek the appointment of a receiver to manage and collect rents from the Property. Lender or the holder of
the Trustee’s certificate of purchase shall be entitled to a receiver for the Property after acceleration under paragraph 18 (Acceleration; Foreclosure; Other Remedies), and shall also be so entitled during the time covered by foreclosure
proceedings and the period of redemption, if any; and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of Borrower or of the then owner of the Property, and without regard to the value therof. Such receiver
may be appointed by any Court of competent jurisdiction upon ex parte application and without notice; notice being hereby expressly waived. If a receiver is appointed, any income from rents from the Property shall be applied first to the costs of
receivership, and then in the order set forth above. 
 20. Future Advances. Upon request by Borrower, Lender, at Lender’s option,
may make Future Advances to Borrower. Such Future Advances, with interest thereon, shall be secured by this Deed of Trust whether or not evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount
of the indebtedness secured by this Deed of Trust, not including sums advanced in accordance herewith to protect the security of this Deed of Trust, exceed one hundred fifty percent (150%) of the original principal amount of the Note.

 21. Lender’s Prior Consent. Borrower shall not, except after notice to Lender and with Lender’s prior written consent,
either partition or subdivide the Property or consent to: (a) the abandonment or termination of the applicable condominium or fractional interest regime; (b) any amendment to any provision of the Project Documents which is for the express
benefit of Lender; or (c) any action which would have the effect of rendering the public liability insurance coverage maintained by the Condominium Association or Fractional Association unacceptable to Lender. 

22. Remedies. In the event Borrower defaults in payment of the loan evidenced by the Note secured hereby, or in the performance of any covenants
herein set forth, then the Lender shall have all legal and equitable remedies available to it under Colorado law. In addition, Lender shall have the automatic right, without the appointment of a receiver, to have access to and exclusive possession
of the Fractional Unit (as defined in the Fractional Declaration) encumbered hereby or such other Fractional Unit whose use has been assigned to Borrower by the Condominium Association or Fractional Association or by any exchange company. This right
to exclusive occupancy and possession shall entitle, but shall not obligate, Lender to receive and retain any rental payments to which Borrower would otherwise be entitled, which are received by Lender or any of its related companies, or by the
Condominium Association or Fractional Association or any other rental agent. 
 Lender may implement the remedies provided
herein by, among other methods, giving notice of default to the Borrower, the Condominium Association or Fractional Association and the management company responsible for the administration and management of the Property encumbered hereby.

  

					
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	9.30.10	  		  	

 If the Borrower fails to deliver to Lender and to the management company an affidavit
setting forth facts contesting the default alleged by Lender prior to the date Borrower’s confirmed Reserved Allocation or confirmed usage based on availability (Unreserved Allocation) commences, then the management company shall thereupon be
entitled to deliver possession of the Fractional Unit or the rental, net only of any rental management fee, if any, to Lender. Borrower shall release Lender, the Condominium Association and the Fractional Association and the management company from
any claims in connection with the exercise by Lender of remedies herein described. 
 23. Waiver of Jury Trial. BORROWER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS DEED OF TRUST, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS DEED OF TRUST OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN
CONNECTION WITH THIS DEED OF TRUST, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY WITH RESPECT HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER’S ACCEPTING THIS DEED OF
TRUST FROM BORROWER. 
 24. Attorney Fees. As used in this Deed of Trust and in the Note, “attorney fees” shall include
attorney fees, if any, which may be awarded by a trial or appellate court. 
 25. Waiver of Exemptions. Borrower hereby waives all right
of homestead and any other exemption in the Property under state or federal law presently existing or hereafter enacted. 

  

					
		  	Page 6 of 6	  	
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	9.30.10	  		  	

 FLORIDA SAMPLE (RCDC) 

[UPON CLOSING OF THE PURCHASE TO WHICH THIS NOTE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT OR HOLDER TO COMPLETE THIS
NOTE BY INSERTING THE DATE OF THE NOTE AND APPLICABLE DATES FOR COMMENCEMENT OF PAYMENTS DUE HEREUNDER, THE MONTHLY PAYMENT DATE AND THE FINAL PAYMENT DATE.] 
 NOTE SECURED BY MORTGAGE 
 Club Home No(s)/ Club Home Interest
No(s):                                        
     
 Eagle Tree Condominium 

 

			
	
US$                       
  
	 	                           
         , 20      

 FOR VALUE RECEIVED, the undersigned
                                         
   (“Borrower(s)”) promise(s) to pay to the order of The Ritz-Carlton Development Company, Inc. (“RCDC”) (said party or any other party to whom (RCDC) may transfer and assign this Note and who holds this Note
from time to time is hereinafter called the “Holder”), 6649 Westwood Boulevard, Orlando, Florida 32821, or order, the principal sum of
                                         
        U.S. Dollars (US $                    ), with interest on the unpaid balance from
                                , until paid, at the rate of
                         percent per annum (        %) (based on a 360-day
year and on the assumption that payments are made when due). Principal and interest shall be payable in lawful money of the United States at the Holder’s address set forth above, or such other place as the Holder may, from time to time,
designate, in consecutive monthly installments of
                                        
U.S. Dollars (US $                     ), on the          day of each month and continuing
thereafter on the same day of each month beginning                         , for a period of
         months with the remaining unpaid principal balance, together with accrued interest thereon, due and payable, if not sooner paid, on
                                        .

 The indebtedness evidenced by this Note is secured by a Mortgage, dated of even date herewith, creating a lien on the real
property described therein (the “Property”). Reference is made to said Mortgage for rights as to acceleration of the indebtedness evidenced by this Note. 
 Each monthly payment shall be tendered with a $8.75 service fee. 
 Borrower(s)
shall pay to the Holder a late charge of six percent (6%) for any monthly installment not received by the Holder within ten (10) days after the date the installment is due. The late charge will be deducted from the next payment received.

 Each payment shall be credited first to amounts due, pursuant to Paragraph 2 of the Mortgage, then to advances, if any, made
by the Lender pursuant to Paragraph 7 of the Mortgage, then to the costs, fees, expenses and other amounts incurred and advanced by the Holder in the enforcement of its rights hereunder, including, without limitation, costs and reasonable
attorney’s fees, then to unpaid service fees, then to interest due hereunder, then to principal due hereunder, then to unpaid late charges, if any, than to interest on any Future Advances. 

Borrower(s) may prepay the principal amount outstanding in whole or in part. Any partial prepayment in excess of the interest then
accrued shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly installments or change the amount of such installments. 

Demand, presentment, notice of dishonor, and protest are hereby waived by all makers, sureties, guarantors and endorsers hereof. This
Note shall be a joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their heirs, personal representatives, successors and assigns. 

At the option of the Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and payable
without demand or further notice to Borrower(s) upon any one of the following events of default: 
  

	 	a)	failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than thirty
(30) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b)	failure of Borrower(s) to perform any other covenant or agreement of Borrower(s) in this Note or the Mortgage within thirty (30) days after the mailing of notice
from the Holder to the Borrower(s) specifying the nature of such failure; and 

  

	 	c)	the insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s) as otherwise provided herein. 

The Holder may exercise this option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, reasonable attorney’s fees, whether or not action be instituted
hereon, and costs of trial and appellate proceedings. 
 In the event of any default by the Borrower(s) hereunder, Holder at its
sole option, may charge the Borrower(s) the highest interest rate allowed by law and/or pursue any and all remedies available to it under applicable law. 
 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given upon depositing same in any U.S. post office, postage prepaid, addressed to Borrower(s) at the address stated below,
or to such other address as Borrower(s) may designate by written notice to the Holder. Any notice to the Holder shall be given by mailing such notice by certified mail, return receipt requested, to the Holder at the address stated in the first
paragraph of this Note, or at such other address as may have been designated by written notice to Borrower(s). Any notice provided for in this Note shall be deemed to have been given to Borrower(s) or the Holder when given in the manner herein
designated. 
 THIS NOTE SHALL BE GOVERNED BY, CONSTRUED UNDER AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF FLORIDA AND THE COURTS OF THE STATE OF FLORIDA IN THE COUNTY OF PALM BEACH SHALL BE THE EXCLUSIVE COURTS OF JURISDICTION AND VENUE FOR ANY LITIGATION OR OTHER PROCEEDING THAT MAY BE BASED ON, ARISE OUT OF, UNDER OR IN CONJUNCTION WITH
THIS NOTE, UNLESS OTHERWISE REQUIRED BY LAW. HOLDER AND BORROWER(S) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONJUNCTION
WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR HOLDER EXTENDING THE LOAN EVIDENCED BY THIS NOTE. 

Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note. 
 It is the intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It
is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if
theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable
law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest
that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake
and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of
interest allowable under applicable law. 
 Time is of the essence in the performance of each and every obligation represented
by this Note. 
 BORROWER’S ADDRESS: 
  

					
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here

 (Execute Original Only) 
 DOCUMENTARY STAMP TAXES HAVE BEEN PAID AND THE PROPER AMOUNTS AFFIXED TO THE MORTGAGE 

  
 500974_2 (11.24.09)

 FLORIDA SAMPLE (RCDC) 
 UPON CLOSING OF THE PURCHASE TO WHICH THIS MORTGAGE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZES CLOSING AGENT TO COMPLETE THIS MORTGAGE BY INSERTING THE APPROPRIATE DATE OF THE MORTGAGE AND TO COMPLETE,
AS NECESSARY, THE RECORDING INFORMATION RELATING TO THE DOCUMENTS BY WHICH THE TIME-SHARE ESTATE(S) BEING ENCUMBERED BY THIS MORTGAGE WAS(WERE) CREATED. 
 (INDIVIDUAL) 
 MORTGAGE 

 
 THIS MORTGAGE is made
this                                 , between the Mortgagor(s),
                                         
                       
                                         
                                         
                                         
      (herein “Borrower(s)”), whose post office address is c/o The Ritz-Carlton Management Company, LLC, 6649 Westwood Boulevard, Orlando, Florida 32821, County of Orange, State of Florida, and the Mortgagee,
The Ritz-Carlton Development Company, Inc., a Delaware corporation, the address of which is 6649 Westwood Boulevard, Orlando, Florida 32821 (said party, its successors and assigns is herein called “Lender”). 

WHEREAS, Borrower(s) is/are indebted to Lender in the principal sum of
                                         
                            U.S. Dollars
(US$                    ), which indebtedness is evidenced by Borrower’s Note of even date herewith (herein “Note”), providing
for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable
                             months from the date hereof. 

TO SECURE to Lender (a) the repayment of the indebtedness evidenced by the Note, with interest thereon, the payment of all
other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage, and the performance of the covenants and agreements of Borrower(s) herein contained, and (b) the repayment of any future advances, with
interest thereon, made to Borrower(s) by Lender pursuant to Paragraph 20 hereof (herein “Future Advances”), Borrower(s) does hereby mortgage, grant and convey to Lender and Lender’s successors and assigns the following described
property located in the County of Palm Beach, State of Florida: 
 Club Home Interest
(s)                      each consisting of an undivided 1/8 fee simple interest as tenant-in-common in Club Home
(s)                      of EAGLE TREE CONDOMINIUM, according to the Declaration of Condominium for EAGLE TREE CONDOMINIUM, recorded
September 2, 2003 in Official Records Book 15778, at Page 0022, in the Public Records of Palm Beach County, Florida, as amended and supplemented from time to time (“Declaration”). 

TO HAVE AND TO HOLD unto Lender and Lender’s successors and assigns, forever, together with all the improvements now or
hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures now or hereafter attached to the property, all of which,
including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property are herein referred to as the “Property”. 

Borrower(s) covenants that Borrower(s) is/are lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and
convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of
exceptions to coverage in any title insurance policy insuring Lender’s interest in the Property. 
 Borrower(s) and Lender
covenant and agree as follows: 
 1. Payment of Principal, Interest, Late Charges and Service Fees. Borrower(s) shall
promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, late charges as provided in the Note, reasonable service charges imposed by Lender for servicing the loan account and the principal of and interest on any
Future Advances secured by this Mortgage. 
 2. Funds for Taxes, Assessments and Insurance. Subject to applicable law,
upon written request by Lender to Borrower(s), Borrower(s) shall pay to Lender on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to
one-twelfth of Borrower’s share of the yearly taxes and assessments relating to the subject Property encumbered by this Mortgage and one-twelfth of the annual Club Dues and assessments due under the Declaration, (herein “Condominium
Assessments”), or such other amounts or for such other periods other than monthly, e.g., quarterly or one-fourth, etc., all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable
estimates thereof. 
 If Lender exercises the foregoing right, the Funds shall be held in an institution the deposits or
accounts of which are insured or guaranteed by a Federal or state agency. Lender shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes, assessments, and Condominium Assessments. Lender may not charge for so holding
and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower(s) interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law requires,
Lender shall not be required to pay Borrower(s) any interest on earnings on the Funds. Lender shall give to Borrower(s), without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit
to the Funds was made. The Funds are hereby pledged as additional security for the sums secured by this Mortgage. 
 If the
amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, and Condominium Assessments shall exceed the amount required to pay such taxes, assessments, and
Condominium Assessments as they fall due, such excess shall be, at Borrower’s option, either promptly repaid to Borrower(s) or credited to Borrower(s) on monthly installments of Funds. If the amount of the Funds held by Lender shall not be
sufficient to pay taxes, assessments, and Condominium Assessments as they fall due, Borrower(s) shall pay to Lender any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Lender to Borrower(s)
requesting payment thereof, but in no event shall Lender require payment in advance for taxes and assessments to be held and disbursed as set forth hereunder in an amount which exceeds the estimate of the next year’s amount for same.

 Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower(s) any Funds held by
Lender. If, under Paragraph 18 hereof, the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds then held by Lender
as a credit against the sums secured by this Mortgage. 
 3. Application of Payments. Unless applicable law provides
otherwise, all payments received by Lender under the Note and Paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower(s) under Paragraph 2 hereof, if any, then against advances, if any, made by
Lender pursuant to Paragraph 7 of this Mortgage, then to costs, fees, expenses, and other amounts incurred and advanced by the Lender in the enforcements of its rights under the note and this Mortgage, including, without limitation, costs and
reasonable attorneys’ fees, then to unpaid service fees, then to interest payable on the Note, then to the principal on the Note, then to unpaid late charges, if any, then to interest on any Future Advances made at Lender’s option pursuant
to Paragraph 20 hereof, then to the principal on Future Advances, if any, made at Lender’s option pursuant to Paragraph 20 hereof. 

  
 500973 (01.24.11)

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 4. Charges; Liens. Borrower(s) shall promptly pay, when due, all Condominium
Assessments imposed by Eagle Tree Condominium Association, Inc., or other governing body of Eagle Tree Condominium (the “Condominium Association”) or Eagle Tree Property Owners’ Association, Inc., pursuant to the provisions of the
Declaration, by-laws, rules and regulations or other constituent documents of Eagle Tree Condominium, as well as the Master Declaration of Covenants, Conditions, Easements and Restrictions, bylaws, rules and regulations or other constituent
documents of the Eagle Tree Property Owners’ Association, Inc. 
 Borrower(s) shall pay all taxes, assessments and other
charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, in the manner provided under Paragraph 2 hereof or, if not paid in such manner, by Borrower(s) making payment, when due, directly to the
payee thereof. Borrower(s) shall promptly furnish to Lender all notices of amounts due under this Paragraph, and in the event Borrower(s) shall make payment directly, Borrower(s) shall promptly furnish to Lender receipts evidencing such payments.
Borrower(s) shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower(s) shall not be required to discharge any such lien so long as Borrower(s) shall agree in writing to the payment of the obligation secured
by such lien in a manner acceptable to Lender and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal
proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation. 

5. Hazard Insurance. Borrower(s) shall keep the improvements now existing or hereafter erected on the Property insured against
loss by fire, hazards included within the term “extended coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. This obligation shall be deemed satisfied so long as the Condominium Association maintains a “master” or “blanket” policy in
accordance with the terms hereof. 
 The insurance carrier providing the insurance shall be chosen by Borrower(s) or the
Condominium Association subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. If required, all premiums on insurance policies shall be paid in the manner provided under Paragraph 2 hereof, or, if not paid in
such manner, by Borrower(s) or the Condominium Association making payment, when due, directly to the insurance carrier. 
 All
insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Borrower(s) shall give Lender prompt notice of any lapse in hazard insurance
coverage. In the event of loss, Borrower(s) shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower(s). 
 Pursuant to the terms of the Declaration, insurance proceeds shall be applied to restoration or repair of the Property damaged, whether the unit or the common elements. To the extent such insurance
proceeds exceed the cost of such restoration or repair and the Board of Directors of the Condominium Association decides to disburse such excess, Borrower’s share of such excess shall be applied to the sums secured by this Mortgage, with the
excess, if any, paid to Borrower(s). 
 Unless Lender and Borrower(s) otherwise agree in writing, any such application of
proceeds to principal shall not exceed or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. If under Paragraph 18 hereof the Property is acquired by Lender, all
right, title and interest of Borrower(s) in and to any insurance policies and in and to any excess insurance proceeds thereof from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this
Mortgage immediately prior to such sale or acquisition. 
 6. Preservation and Maintenance of Property; Condominium.
Borrower(s) shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property. Borrower(s) shall perform all of Borrower’s obligations under the Declaration, the by-laws and regulations
of the Condominium Association, and constituent documents. Borrower(s) shall take such actions as may be reasonable to insure that the Condominium Association maintains a public liability insurance policy acceptable in form, amount, and extent of
coverage to Lender. If a Condominium rider is executed by Borrower and recorded together with the Mortgage, the covenants and agreements of such rider shall be incorporated into and amend and supplement the covenants and agreements of this Mortgage
as if the rider were a part hereof. 
 7. Protection of Lender’s Security. If Borrower(s) fail(s) to perform the
covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or
arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower(s), may make such appearances, disburse such sums and take such action as is necessary to protect Lender’s interest,
including, but not limited to, disbursement of funds to pay reasonable attorneys’ fees and entry upon the Property to make repairs. 
 Any amounts disbursed by Lender pursuant to this Paragraph 7, with interest thereon, shall become additional indebtedness of Borrower(s) secured by this Mortgage. Unless Borrower(s) and Lender agree to
other terms or payment, such amount shall be payable upon notice from Lender to Borrower(s) requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the
Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this Paragraph 7 shall require Lender to
incur any expense or take any action hereunder. 
 8. Inspection. Lender may make or cause to be made reasonable entries
upon and inspections of the Property, provided that Lender shall give Borrower(s) notice prior to any such inspection specifying reasonable cause therefor related to Lender’s interest in the Property. 

9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower(s) in connection
with any condemnation or other taking of all or any part of the Property, whether of the unit or the common elements or for any conveyance in lieu of condemnation, pursuant to the terms of the Declaration, are hereby assigned and shall be paid to
Lender as provided hereunder. 
 Unless Lender and Borrower(s) otherwise agree in writing, any such application of proceeds to
principal shall not extend or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. 
 10. Borrower(s) Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower(s)
shall not operate to release, in any manner, the liability of the original Borrower(s) and Borrower’s successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or
otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower(s) and Borrower’s successors in interest. 
 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the
exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender’s right to accelerate the maturity of the indebtedness secured by this Mortgage.

 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 

13. Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of Paragraph 17
below, the covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower(s). All covenants and agreements of Borrower(s) shall be joint and several. The
captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 
 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower(s) provided for in this Mortgage shall be given by mailing such notice
by U.S. Mail, postage prepaid, addressed to Borrower(s) at the Borrower’s address as set forth in the Note, or at such other address as Borrower(s) may 

  
 500973 (01.24.11)

Page 2 of 4 

 designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by
certified mail, return receipt requested, to Lender’s address stated herein or to such other address as Lender may designate by notice to Borrower(s) as provided herein. Any notice provided for in this Mortgage shall be deemed to have been
given to Borrower(s) or Lender when given in the manner designated herein. In the event of a judicial action to enforce this Mortgage, Borrower hereby agrees that any notice required or service of process made incident thereto shall be sufficient if
made to the above address or to the registered agent appointed for such purposes by Borrower pursuant to Section 721.84 Florida Statutes. Borrower may change such address by giving Lender notice of a change of address in writing to
Lender’s address stated herein.  
 15. Governing Law; Severability. This Mortgage shall be governed by the
laws of the state where the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given
effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 
 16. Borrower’s Copy. Borrower(s) shall be furnished a copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 

17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an
option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of
three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately
due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is
satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request, and the assumption fee set by Lender has been paid. If Lender has waived the option to accelerate provided in
this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. Assumption of
Borrower’s Mortgage and Note shall be permitted only with written approval of and at the sole discretion of Lender. 
 If
Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed
within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof.

 18. Acceleration; Remedies. Except as provided in Paragraph 17 hereof, upon Borrower’s breach of any covenant or
agreement of Borrower(s) in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower(s) as provided in Paragraph 14 hereof specifying: (1) the breach;
(2) the action required to cure such breach; (3) a date, not less than fifteen (15) days from the date the notice is mailed to Borrower(s), by which such breach must be cured; and (4) that failure to cure such breach on or before
the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceedings or other proceedings consistent with the law, and sale of Property. If Borrower fails to cure any such breach on or
before the date specified in the notice, Lender at Lender’s option, subject to any right of reinstatement to which Borrower(s) is entitled under applicable law, may declare, without further demand, all of the sums secured by this Mortgage to be
immediately due and payable and the lien against the Property created by this Mortgage may be foreclosed in accordance with either a judicial foreclosure procedure or a trustee foreclosure procedure and may result in the loss of the Property. If
Lender initiates a trustee foreclosure procedure, Borrower shall have the option to object and Lender may proceed only by filing a judicial foreclosure action. Lender shall be entitled to collect in such proceedings all expenses of foreclosure,
including, but not limited to, reasonable attorneys’ fees, court costs, and costs of documentary evidence, abstracts and title reports. 
 19. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower(s) hereby assigns to Lender the rents of the Property, provided that Borrower(s) shall, prior to
acceleration under Paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. 
 Upon acceleration of the Note or abandonment of the Property, Lender shall be entitled, without notice, to enter upon, take possession of and manage the Property and to collect the rents of the Property,
including those past due. All rents collected shall be appointed first to payment of the costs of management of the Property and collection of rents, including, but not limited to, management fees, court costs, and reasonable attorneys’ fees,
and then to the sums secured by this Mortgage. The Lender shall be liable to account only for those rents actually received. Borrower(s) shall not be entitled to possession or use of the Property after abandonment or after the Lender has accelerated
the balance due under the Note. Alternatively, Lender may seek the appointment of a receiver to manage and collect rents from the Property. If a receiver is appointed, any income from rents from the Property shall be applied first to the costs of
receivership, and then in the order set forth above. 
 20. Future Advances. Upon request by Borrower(s), Lender, at
Lender’s option, may make Future Advances to Borrower(s). Such Future Advances, with interest thereon, shall be secured by this Mortgage whether or not evidenced by promissory notes stating that said notes are secured hereby. At no time shall
the principal amount of the indebtedness secured by this Mortgage, not including sums advanced in accordance herewith to protect the security of this Mortgage, exceed one hundred fifty percent (150%) of the original amount of the Note.

 21. Lender’s Prior Consent. Borrower(s) shall not, except after notice to Lender and with Lender’s prior
written consent, either partition or subdivide the Property or consent to: 
 (i) The abandonment or termination of Eagle
Tree Condominium, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; 

(ii) any amendment to any provision of the Declaration, By-Laws or Rules and Regulations of the Condominium Association, or
equivalent constituent documents of Eagle Tree Condominium which is for the express benefit of Lender; or 
 (iii) any
action which would have the effect of rendering the public liability insurance coverage maintained by the Condominium Association unacceptable to Lender.  
 22. Attorneys’ Fees. As used in this Mortgage and in the Note, “attorneys’ fees” shall include attorneys’ fees, if any, and related costs incurred by Lender in the
enforcement of its rights under the Note and/or Mortgage, whether or not legal action is instituted, and any fees and costs of trial and appellate proceedings. 
 23. Venue and Jurisdiction. Borrower hereby consents to the enforcement of the Note and Mortgage in Palm Beach County, Florida and hereby submits to the jurisdiction of the courts of the state of
Florida for such purpose. 

  
 500973 (01.24.11)

Page 3 of 4 

 IN WITNESS WHEREOF, Borrower(s) has/have executed this Mortgage on the day and year first written
above. Signed in the presence of: 
  

							
	Witness	 		 	Mortgagor	 	 
				
		 		 		 	
	Witness	 		 	Mortgagor	 	 
				
		 		 		 	
	Witness	 		 	Mortgagor	 	 
				
		 		 		 	
	Witness	 		 	Mortgagor	 	 
	STATE OF
                                        
)	 	        ACKNOWLEDGMENT        	 		 	
				
	COUNTY OF                           
                  )	 		 		 	

 This Mortgage was acknowledged before me this
                                         
                    by
                                         
   , 

                         
                           ,
                             and
                                        ,
(i) who is (are) personally known to me or (ii) has (have) produced
                                         
    [list type of identification] as identification. 
  

	
	(Print Name:
                                         
                       
	 NOTARY PUBLIC
 My Commission
Expires:
 Commission No:

 (ADDITIONAL ACKNOWLEDGMENT, IF MORTGAGORS SIGN BEFORE DIFFERENT NOTARIES) 

 

					
	STATE OF
                                         
                   )	 		 	ACKNOWLEDGMENT
			
	COUNTY
OF                                        
                            )	 		 	 

 This Mortgage was acknowledged before me this
                                         
           by
                                         
                   ,
                                         
       ,
                                         
    and
                                         
   , (i) who is (are) personally known to me or (ii) has (have) produced
                                         
                    [list type of identification] as identification. 

 

	
	(Print Name:
                                         
                       
	 NOTARY PUBLIC
 My Commission
Expires:
 Commission No:

 Prepared by and return to: Attn: New Owner Administration- 1200 Bartow Road, Suite 10, Lakeland, Florida 33801

  
 500973 (01.24.11) 

Page 4 of 4 

 HAWAII SAMPLE (RCDC) 

NOTE 
  

					
	Mortgage No.:
                                         
           	  		  	Vacation Ownership (Club) Interest No(s).
                                        

			
	Recorded:
                                         
                  	  		  	Preparation Date:
                                         
                                       

			
	US
$                                         
                           	  		  	Closing Date:
                                         
                                         
    

 1. DEFINED TERMS. Certain words used in this document have special meanings as set forth below:

 (a) “NOTE” - This document in which you promise to pay the Debt. You are giving it to THE
RITZ-CARLTON DEVELOPMENT COMPANY, INC. to pay for the Property described in the Mortgage. The Debt and this Note are secured by the Mortgage. 
 (b) “DEBT” - Both the Principal and Interest charged on that portion of Principal that is not then paid. “Principal” means the amount of
                     (US $            ). “Interest” is simple
interest, which means that it is charged (accrues) only on that part of the Principal which is not then paid. It is not on a block or other basis where the dollar amount of interest is fixed in advance. In this Note, the rate, but not the dollar
amount, of Interest is fixed. This rate is                      percent
(            %) per year based on a 360-day year, collected for the actual number of days principal is outstanding in any calendar year. Loan payments are to be made in
installments calculated to repay the loan in full over the term of the loan and is based on the assumption that all payments are made when due. Interest will be charged on that part of the Principal, which has not been paid. Interest at this rate
will start on the          day of                     ,
            , and will continue until the full amount of the Principal has been paid. 
 (c) “MORTGAGE” - The document entitled “Mortgage, Security Agreement and Financing Statement with Power of Sale” which you have signed. It gives property to the Holder as
security to protect the Holder from possible losses that might result if you do not keep the promises you make in this Note and in the Mortgage. 
 (d) “YOU” - Each person who signs this Note. If more than one person signs, each of you is fully and personally obligated to pay the full amount of the Debt and to keep all of the other
promises made in this Note. For example, the fact that one or more of you does not pay a part of the Debt does not excuse the rest of you from paying all of the Debt and keeping all of the other promises. The Holder may therefore enforce its rights
under this Note against each of you individually or against some or all of you together. In legal terms, each of you is “jointly and severally liable.” 

(e) “RITZ-CARLTON” - THE RITZ-CARLTON DEVELOPMENT COMPANY, INC., a Delaware
corporation. Its address is 6649 Westwood Boulevard, 3rd
Floor, Orlando, Florida 32821-6090. 
 (f) “HOLDER” - Ritz-Carlton or anyone who takes this Note
later by transfer and who is entitled to receive the payments you promise to make in this Note. You understand that any Holder may transfer this Note to someone else. 

(g) “CLOSING DATE” - The date indicated above. 

2. YOUR PROMISE TO PAY. You promise to pay the Debt, both Principal and Interest, plus all other sums you owe under this Note and
under the Mortgage, to the order of Marriott or any other Holder. 
 3. HOW, WHEN, AND WHERE YOU PROMISE TO PAY. You
promise to pay the Debt, both Principal and Interest, by making payments every month. Each monthly payment will be in the amount of 

  
 1 

387598.5 RA (11.10.09) 
 IM #449199.3 

 
                     UNITED STATES DOLLARS
($            ), and must be made on the          day of each month, starting on
                    . A service fee of $5.00 must accompany each monthly payment. You promise to make these payments every month until
you have paid all of the Debt. If, however, on                     , you still owe anything under this Note, you promise to pay the Debt in
full on that date. You promise to make your payments to Ritz-Carlton at P. O. Box 382028, Pittsburgh, PA 15250-8028, or at any other place the Holder tells you in writing to pay. 

4. HOW YOUR PAYMENTS WILL BE APPLIED. In addition to Principal and Interest, you may be required to make other payments as stated
in this Note or in the Mortgage. For example, you may be required to make other payments, such as late charge payments, if you do not keep the promises made in this Note or in the Mortgage (in other words, if you “default”). Further, you
must also make payments to cover service fees and returned check charges, if any. The Mortgage states the manner in which your payments will be applied to these fees and charges, to Interest and to Principal. 

5. YOUR RIGHT TO PAY EARLIER (“PREPAYMENT”). The Mortgage states the manner and the conditions under which you may pay
the Debt before the time you promise to do so in this Note. 
 6. THE HOLDER MAY REQUIRE YOU TO PAY EARLIER IF YOU BREAK YOUR
PROMISES (“ACCELERATION”). You agree that the Mortgage states the manner and the conditions under which the Holder may require you to make immediate payment of the Debt in full, if you default. Thus, as stated in the Mortgage, if you
default, you may lose your right to pay the Debt in monthly payments. 
 7. OTHER CHARGES AND COSTS YOU PROMISE TO PAY IF YOU
DEFAULT. 
 (a) LATE CHARGES. If the Holder has not received the full amount of any monthly payment by
the end of ten (10) calendar days after the date it is due, you promise to pay a late charge to the Holder with the next monthly payment. Each late charge will be six percent (6%) of the late monthly payment or $25.00, whichever is less.

 (b) THE HOLDER’S COSTS AND ATTORNEY’S FEES. If you default, you promise to pay the Holder all
of the reasonable costs the Holder incurs in trying to make you keep the promises you make in this Note and in the Mortgage. These costs include, for example, the Holder’s reasonable attorney’s fees and costs, whether or not the Holder
sues you. You promise to pay all of these costs at once after the Holder demands payment from you. 
 8. THIS NOTE IS SECURED
BY THE MORTGAGE. You agree that this Note is secured by the Mortgage. 
 9. YOU, AND CERTAIN OTHER PERSONS, WAIVE CERTAIN
RIGHTS. You waive your rights to require the Holder to do certain things. They are: (a) to demand payment of amounts due (known as “presentment”); (b) to give notice that amounts due have not been paid (known as “notice
of dishonor”); and (c) to obtain an official certification of nonpayment (known as a “protest”). Anyone else who agrees to keep the promises made in this Note, who agrees to make payments to the Holder if you fail to keep your
promises under this Note or who signs this Note to transfer it to someone else, also waives these rights. (These persons are known as “guarantors, sureties and endorsers”.) 

You and each guarantor, surety and endorser consent to any extension of the time by which the payment of this Note or any
monthly payments must be made and to any other change to the terms of this Note (this includes the release of any person liable on this Note). These extensions or changes can be made without notice to you or any of them, and will not release or
affect your liability or the liability of any of these other persons on this Note. 
 10. GOVERNING LAW. Hawaii law
governs this Note. 
 11. CAPTIONS. Ritz-Carlton has tried to appropriately divide and caption this Note by its various
paragraphs. Captions are a part of this Note, but obviously cannot and do not completely or adequately explain each 

  
 2 

387598.5 RA (11.10.09) 
 IM #449199.3 

 
paragraph or the entire agreement. Ritz-Carlton recommends that you read with care each and every paragraph of this Note and not just the captions alone. No court may treat the captions and
headings as if they explain what the paragraph means. 
 12. HOW ANY COURT SHOULD READ THIS NOTE. This Note was written
in plain language so that it would be easier to read and understand. It uses words which are less accurate than the words which most courts are used to seeing. It also does not include the long overlapping phrases used to prevent courts from reading
words too narrowly. If any court is ever asked to interpret this Note, Ritz-Carlton and you ask that it keep those facts in mind and interpret this Note as common sense would require in order to do what Ritz-Carlton and you clearly wanted this Note
to do. 
 By signing this document, you agree to everything that is said in this Note. 

YOU HAVE THE OPTION TO CANCEL THIS AGREEMENT BY NOTICE TO RITZ-CARLTON UNTIL MIDNIGHT OF THE SEVENTH (7TH) DAY FOLLOWING THE SIGNING OF THIS
NOTE. 
 IF YOU DID NOT RECEIVE A PROPERTY REPORT PREPARED PURSUANT TO THE RULES AND REGULATIONS OF THE OFFICE OF INTERSTATE LAND SALES
REGISTRATION, U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, IN ADVANCE OF YOUR SIGNING THIS NOTE, THIS NOTE MAY BE CANCELED AT YOUR OPTION FOR TWO (2) YEARS FROM THE DATE OF SIGNING. 

 

	
	Your Address:
	
	  
	
	  
	
	  

  

	
	“You”
	
	
	Print Your Name
	
	
	“You”
	
	
	Print Your Name
	
	
	“You”
	
	
	Print Your Name

  
 3 

387598.5 RA (11.10.09) 
 IM #449199.3 

 HAWAII SAMPLE (RCDC) 

 

			
	 LAND COURT SYSTEM
	  	REGULAR SYSTEM
	 AFTER RECORDATION: RETURN BY MAIL (            ) PICK UP
(            )

  

			
	 Tax Map Key No. (2) 4-2-04: 028 and 029
	  	Total Pages:             

 MORTGAGE, SECURITY AGREEMENT AND FINANCING 

STATEMENT WITH POWER OF SALE 
 Vacation Ownership (Club) Interest No(s): 
  

			
	 LENDER(S) NAME:
	  	THE RITZ-CARLTON DEVELOPMENT COMPANY, INC., a Delaware corporation 6649 Westwood Boulevard, 3rd Floor, Orlando, Florida 32821-6090

 BORROWER(S) NAME AND ADDRESS: 
 DEFINED TERMS. Certain words used in this document have special meanings which are set forth below. Other words which begin with a capital letter will
have the meaning given to such word in The Kapalua Bay Vacation Ownership Project Declaration of Covenants, Conditions and Restrictions that was recorded at the Bureau of Conveyances of the State of Hawaii as Document No. 2006-112198, as
amended (the “Declaration”). 
 A. “MORTGAGE” - This document which is dated
                    ,              will be called the “Mortgage.”
It gives the Property to the Holder as security to protect the Holder from possible losses that might result if you do not keep the promises you make in the Note and in this Mortgage. You are giving it to Ritz-Carlton as security for your promise to
repay the funds used to pay for the Property with interest. 
 B. “YOU” OR
THE “BORROWER”                             , and
                             whose address is
                    , is the person or are the persons signing the Note and this Mortgage, and will sometimes be called
“Borrower” and sometimes simply “You.” 
 C.
“RITZ-CARLTON” - THE RITZ-CARLTON DEVELOPMENT COMPANY, INC. will be called “Ritz-Carlton.” It is a corporation organized and existing under the laws of the State of Delaware, with its
principal place of business and post office address at 6649 Westwood Boulevard, 3rd Floor, Orlando, Florida 32821-6090. 

  
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 D. “HOLDER” - Ritz-Carlton or anyone who takes this Mortgage
and the Note later by transfer and who is entitled to receive the payments you promise to make in the Note and to enforce the promises you make in this Mortgage. You understand that any Holder may transfer the Note and this Mortgage to someone else.

 E. “NOTE” - The Note you are signing. The “Note” also means all changes and
extensions to the Note that you and the Holder agree to. The Note states that you owe the Holder                      UNITED STATES DOLLARS ($
            ) which amount is called the “Principal” plus “Interest”. You promise to pay all amounts as and when stated in the Note. The Note is secured by this
Mortgage. 
 F. “DEBT” - The amount you owe the Holder, both Principal and simple (not block)
Interest. These amounts will be called the “Debt.” 
 G. “PROPERTY” - The property
that is described below in the section entitled “Description Of The Property.” 
 H. “FUTURE
ADVANCES” - Any amount loaned to Borrower after the date of this Mortgage, which, unless otherwise agreed, will accrue interest at the rate set forth in the Note. 
 I. BORROWER’S TRANSFER TO HOLDER OF RIGHTS IN THE
PROPERTY. 
 You here and now mortgage, grant and convey the Property to Ritz-Carlton, subject to the terms of
this Mortgage. You give this Mortgage as security for the payment of the Note and all amounts you may owe under the Note or this Mortgage, including the Debt, and as security that you will observe and perform all of the promises and other agreements
you make in the Note and Mortgage. This means that, by signing this Mortgage, you are giving Ritz-Carlton (and any later Holder) those rights that are stated in this Mortgage and also those rights that the law gives to creditors who hold mortgages
on real property and security interests in personal property. You are giving the Holder these rights to protect it from possible losses that might result if you fail to: 
 A. Pay all the Debt, both Principal and Interest, that you owe the Holder as and when stated in the Note; or 
 B. Pay all other sums you owe Holder under the Note and under this Mortgage, including any Future Advances; or 
 C. Pay, with interest, any amounts that the Holder spends under this Mortgage to protect the value of the Property and the Holder’s rights in the Property; or 

D. Keep all of your other promises and agreements under the Note and this Mortgage; or 

E. Keep all of your promises and agreements under the Purchase Agreement and under the Buyer’s Acknowledgements pertaining to the
Property, which you signed prior to this Mortgage. 
 II. DESCRIPTION OF THE
PROPERTY. 
 You give the Holder rights in the Property which is described in subparagraphs (A) through
(F) below: 
 A. The Club Interest(s) and other property rights described in Exhibit “A” attached hereto and
incorporated herein by this reference; 
 B. All rights granted to you by Condominium Documents, Club Documents and the Program
Documents; 
 C. All rights in other property that you have as owner of the Club Interest described in Paragraph (A) of
this section. These rights are known as “easements, profits and appurtenances attached to the property, including membership in The Kapalua Club;” 

  
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 D. All rights that you have in all fixtures that are now or in the future will be on the
property described in Paragraph (A) of this section, and all replacements of and additions to those fixtures. Usually, fixtures are items that are physically attached to buildings, such as hot water heaters; 

E. All of the rights and property described in Paragraphs (B) and (C) of this section that you acquire in the future; and

 F. All replacements of or additions to the property described in Paragraph (C) of this section. 

III. BORROWER’S RIGHT TO MORTGAGE THE
PROPERTY AND BORROWER’S OBLIGATION TO DEFEND OWNERSHIP OF THE PROPERTY.

 You here and now promise that except for the encumbrances listed in Exhibit “A” to this document: (A) You
lawfully own the Property; (B) You have the right to mortgage, grant and convey the Property to the Holder; and (C) There are no outstanding claims or charges against the Property. 

You here and now give a general warranty of title to the Holder. This means that you will be fully responsible for any and all losses
which the Holder suffers because someone other than you has some of the rights in the Property which you promise that you have and are mortgaging to the Holder. You promise that you will defend your ownership of the Property against any claims of
such rights. 
 IV. YOUR PROMISES. 

You promise and you agree with the Holder as follows: 
 A. BORROWER’S PROMISE TO PAY PRINCIPAL AND INTEREST UNDER
THE NOTE AND TO FULFILL OTHER PAYMENT OBLIGATIONS. You will promptly pay to the Holder when due: the Debt,
both Principal and Interest, under the Note; late charges and other charges, fees and costs stated in the Note; and all sums due under any part of this Mortgage. 
 B. HOLDER’S APPLICATION OF BORROWER’S PAYMENTS. Unless the law
requires otherwise, the Holder will apply each of your payments under the Note and this Mortgage in the following order and for the following purposes: 
 1. First, to pay amounts payable by Borrower for taxes, assessments and other obligations, if any, under Paragraph (C) of this section; 

2. Next, to pay, with interest, any amounts that the Holder spends under this Mortgage to protect the value of the
Property and the Holder’s rights in the Property; 
 3. Next, to the costs, fees, expenses and other amounts
incurred and advanced by the Holder in the enforcement of its rights hereunder, including without limitations, costs and reasonable attorneys’ fees; 
 4. Next, to pay any service fee charged by the Holder; 
 5. Next,
to pay Interest then due under the Note; 
 6. Next, to pay Principal then due under the Note; 

7. Next, to pay late charges and other charges and costs you promise to pay under the Note or this Mortgage; 

8. Next, to pay interest on any Future Advances made pursuant to Paragraph (X) of this section; and 

  
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 9. Last, to pay principal on any Future Advances made pursuant to Paragraph
(X) of this section. 
 C. AGREEMENTS ABOUT REAL PROPERTY
TAXES, ASSESSMENTS FOR THE CONDOMINIUM PROJECT AND CLUB, AND OTHER
CHARGES. You promise to pay all real property taxes (which should be included in the assessment made by the Association), charges from both the Condominium Association and the Association, and all other charges and
fines of every kind imposed on or in any way related to the Property and its use. It does not matter who is billed for these charges. For example, even if the Holder or the Management Company for the Association is billed, you must pay. 

Subject to applicable law, upon written request by Holder to Borrower, Borrower shall pay to Holder on the day when monthly installments
of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of Borrower’s share of any taxes and assessments relating to the subject Property encumbered by this
Mortgage and one-twelfth of the Borrower’s share of the annual maintenance fee or assessment due to the Association or the Condominium Association, or such other amounts or for such other periods other than monthly, e.g. quarterly, all as
reasonably estimated initially and from time to time by Holder on the basis of assessments and bills and reasonable estimates thereof. 
 If Holder exercises this right, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency. Holder shall apply the Funds, upon
receipt of the appropriate bill or bills, to pay said taxes and assessments. Holder may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling old assessments and bills, unless Holder pays to Borrower
interest on the Funds and applicable law permits Holder to make such a charge. Unless applicable law requires, Holder shall not be required to pay Borrower any interest or other earnings on the Funds. Holder shall give to Borrower, without charge,
an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds was made. The Funds are hereby pledged as additional security for the sums secured by this Mortgage. 

If the amount of the Funds held by Holder, together with the future monthly installments of Funds payable prior to the due dates of taxes
and assessments shall exceed the amount required to pay such taxes and assessments, as they fall due, such excess shall be, at Borrower’s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If
the amount of the Funds held by Holder shall not be sufficient to pay taxes and assessments as they fall due, Borrower shall pay to Holder any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed
by Holder to Borrower requesting payment thereof, but in no event shall Holder require payment in advance for taxes and assessments to be held and disbursed as set forth hereunder in an amount which exceeds the estimate of the next year’s
amount for same. 
 Upon payment in full of all sums secured by this Mortgage, Holder shall promptly refund to Borrower any
funds held by Holder. If the Property is sold or the Property is otherwise acquired by Holder, Holder shall apply, no later than immediately prior to the sale of the Property or its acquisition by Holder, any Funds then held by Holder as a credit
against the sums secured by this Mortgage. 
 Without limiting the general nature of the promise made in the preceding paragraph
of this Paragraph C, you will pay all taxes, assessments, and any other charges and fines that may now or later be imposed on the Property and that may be superior to this Mortgage. You will do this either by making the payments to the Association,
or by making payments, when they are due, directly to the persons entitled to them. (In this Mortgage, the word “person” means any person, organization, governmental authority, or other party.) If you make direct payments, then, promptly
after making any of those payments, you will give the Holder a receipt which shows that you have done so. You will promptly pay, when they are due, all assessments imposed by the Condominium Association and the Association. 

Any claim, demand or charge that is made against the Property because an obligation has not been fulfilled is known as a lien. You will
promptly pay or satisfy all liens against the Property that may be superior to this Mortgage. This Mortgage does not, however, require you to satisfy a superior lien if: (A) You agree, in writing, to pay the obligation which gave rise to the
superior lien and the Holder approves the way in which you agree to pay that obligation; or (B) You, in good faith, argue or defend against the superior lien in a lawsuit so that during the lawsuit, the superior lien may not be enforced, and no
part of the Property must be given up. 

  
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 D. HAZARD INSURANCE. Since the Property
consists, in part, of an interest in a unit in a condominium project, as well as an interest in a vacation ownership program, the Condominium Association and/or the Association will typically maintain a hazard insurance policy which covers all
buildings and other improvements that now are or in the future will be located in the project or in the Unit, covering loss or damage caused by fire, hazards normally covered by special form insurance policies and other hazards. Such a policy may be
referred to as the “master policy.” So long as the master policy remains in effect and satisfies the requirements stated in this Paragraph D, you are not required to obtain and maintain separate hazard insurance on the Property. In the
event that the Condominium Association or the Association does not maintain a master policy covering the Condominium or property in the Condominium and in the Unit, or such master policy, in the Holder’s reasonable opinion, is not sufficient to
adequately protect Holder’s security interest in the Property, the Holder shall have the right to require you to obtain and maintain hazard insurance to cover the Property in the amounts and for the periods of time required by the Holder. In
the event that the insurance policy you obtain contains provisions, known as “co-insurance requirements,” that limit the insurance company’s obligation to pay claims if the amount of coverage is too low, the Holder may require you to
obtain an amount of coverage up to the larger of the following two amounts: (1) the amount that you owe to the Holder under the Note and under this Mortgage; or (2) the amount necessary to satisfy the co-insurance requirements. 

All insurance which you are required to obtain shall be carried with companies selected by you, which companies shall be authorized to do
business in the State of Hawaii, and the Holder may require that the policies and renewals thereof be held by the Holder and have attached thereto loss payable clauses in favor of and in form acceptable to the Holder. You will pay the premiums on
the insurance policies by paying the insurance company directly when the premium payments are due. If the Holder requires, you will promptly give the Holder all receipts of paid premiums and all renewal notices that you receive. 

If there is a loss or damage to the Property, you will promptly notify the Association, the Condominium Association and the Holder, if a
master policy is obtained and maintained for the Condominium and/or the Club, or the insurance company and the Holder if you are required to obtain the insurance coverage. If you do not promptly prove to the insurance company that the loss or damage
occurred, then the Holder may do so. 
 The amount paid by the insurance company is called “proceeds.” The proceeds
from any insurance obtained by the Association, the Condominium Association or you must be used to repair or to restore the damaged property unless: (a) it is not economically possible to make the repairs or restoration; or (b) the use of
the proceeds for that purpose would lessen the protection given to the Holder by this Mortgage; or (c) the Holder and you have agreed in writing not to use the proceeds for that purpose. If the repair or restoration is not economically possible
or if it would lessen the Holder’s protection under this Mortgage, then the proceeds applicable to the Property will be used to reduce the amount that you owe to the Holder under the Note and under this Mortgage. In addition, since a portion of
the Property consists of an interest in a Unit in the Condominium and Club, it is possible that proceeds under the master policy will be paid to you instead of being used to repair or to restore the damaged property. You give the Holder your rights
to those proceeds, which will be paid to the Holder, and will be used to reduce the amount that you owe to the Holder under the Note and under this Mortgage. If any of the proceeds remain after the amount that you owe to the Holder has been paid in
full, the remaining proceeds will be paid to you. The use of proceeds to reduce the amount that you owe to the Holder will not be a prepayment that is subject to the prepayment charge provisions, if any, under the Note or this Mortgage. 

If you abandon the Property, or if you do not answer, within thirty (30) days, a notice from the Holder stating that the insurance
company has offered to settle a claim for insurance benefits, then the Holder has the authority to collect the proceeds. The Holder may then use the proceeds to repair or restore the damaged property or to reduce the amount that you owe to the
Holder under the Note and under this Mortgage. The thirty (30) day period will begin on the date the notice is mailed or, if it is not mailed, on the date the notice is delivered. 

If any proceeds are used to reduce the amount of Principal which you owe to the Holder under the Note, that use will not delay the due
date or change the amount of any of your monthly payments under the Note and under Paragraph A of this Section V. You and the Holder may, however, agree in writing to those delays or changes. 

If the Holder acquires the Property under Paragraph P of this Section V, all of your rights in the insurance policies will belong to the
Holder. Also, all of your rights in any proceeds which are paid because of damage that 

  
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occurred before the Property is acquired by the Holder or sold will belong to the Holder. The Holder’s rights in those proceeds will not, however, be greater than the amount that you owe to
the Holder under the Note and under this Mortgage immediately before the Property is acquired by the Holder or sold. 
 If there
is a conflict concerning the use of proceeds between the terms of this Paragraph D and the law or the terms of the Condominium Documents and/or the Program Documents, then that law or the terms of those documents will govern the use of proceeds. You
will promptly give the Holder notice if the master policy or the insurance policy you obtain is interrupted or terminated. 

E. BORROWER’S OBLIGATION TO MAINTAIN
THE PROPERTY, AND AGREEMENTS ABOUT THE CONDOMINIUM AND THE CLUB. 

1. AGREEMENTS ABOUT MAINTAINING THE
PROPERTY. You will keep your assigned Unit in good repair during the time you occupy that Unit. You will not destroy, damage or substantially change the Assigned Unit. Without limiting the general nature of your
obligations, you promise not to store in or use on the Condominium any hazardous materials, drugs or other contraband, or to permit any person you allow to use your Club Interest to do so. 

2. AGREEMENTS THAT APPLY TO THE
CONDOMINIUM PROJECT AND CLUB. Since the Property is an interest in a Unit in the Condominium and the Club, you will fulfill all of your obligations under the Condominium
Documents, Program Documents and Club Documents. Also, you will not divide the Property into smaller parts that may be owned separately (known as “partition”). You will not consent to certain actions unless you have first given the Holder
notice, and obtained the Holder’s consent in writing. Those actions are: 
 a. The abandonment or
termination of the Condominium or the Club unless the abandonment or termination is required by law; 
 b. Any
significant change to the Condominium Documents or Club Documents, including, for example, a change in the percentage of ownership rights held by apartment owners in the Condominium or a change in the percentage of ownership rights held by vacation
ownership owners in Units in the Club; or 
 c. A decision by the Condominium Association or the Association to
terminate professional management and to begin self-management of the Condominium or the Club. 
 You promise that you will do
everything in your power so that the Condominium Association and the Association will each comply fully with the documents creating and governing the Condominium and the Club, respectively. 

F. HOLDER’S RIGHT TO TAKE ACTION
TO PROTECT THE PROPERTY If: (1) You do not keep your promises and agreements made in this Mortgage, or (2) someone, including you, begins a legal proceeding
that may significantly affect the Holder’s rights in the Property (such as, for example, a legal proceeding in bankruptcy, in probate, for condemnation, or to enforce laws or regulations), then the Holder may do and pay for whatever is
necessary to protect the value of the Property and the Holder’s rights in the Property. The Holder’s actions under this Paragraph F may include, for example, appearing in court, and paying reasonable attorney’s fees and court costs.
The Holder must give you notice before the Holder may take any of these actions. 
 You will pay to the Holder any amounts, with
interest, which the Holder spends under this Paragraph F. This Mortgage will protect the Holder in case you do not keep this promise to pay those amounts, with interest. 
 You will pay those amounts to the Holder when the Holder sends you a notice requesting that you do so. You will also pay interest on those amounts at the same rate stated in the Note. If, however, payment
of interest at that rate would violate the law, you will pay interest on the amounts spent by the Holder under this Paragraph F at the highest rate that the law allows. Interest on each amount will begin on the date that the amount is spent by
the Holder. The Holder and you may, however, agree in writing to terms of payment that are different from those in this Paragraph F. 
 Although the Holder may take action under this Paragraph F, the Holder is not required to do so. 

  
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 G. HOLDER’S RIGHT TO
INSPECT THE CONDOMINIUM. The Holder, and others authorized by the Holder, may enter on and inspect the Condominium. They must do so in a reasonable manner and at reasonable times. You
agree to take such action as may be required for Holder to conduct such an inspection. Before any one of those inspections is made, the Holder must give you notice stating a reasonable purpose for the inspection. That purpose must be related to the
Holder’s rights in the Property. 
 H. AGREEMENTS ABOUT CONDEMNATION
OF THE PROPERTY. A taking of property by any governmental authority by eminent domain is known as “condemnation.” Subject to provisions in the documents that create and govern
the Condominium and the Club, you and the Holder make the following agreements about condemnation of the Property: 
 You give
to the Holder your right to the proceeds of all awards or claims for damages resulting from condemnation or other governmental taking of the Property (or a portion thereof) and to the proceeds from a sale of the Property (or a portion thereof) that
is made to avoid condemnation. All of those proceeds will be paid to the Holder. 
 If all of the Property is taken, the
proceeds will be used to reduce the amount that you owe to the Holder under the Note and under this Mortgage. If any of the proceeds remain after the amount that you owe to the Holder has been paid in full, the remaining proceeds will be paid to
you. Unless the Holder and you agree otherwise in writing, if only a part of the Property is taken, the amount that you owe to the Holder will only be reduced by the amount of proceeds multiplied by the following amount: (1) the total amount
that you owe to the Holder under the Note and under this Mortgage immediately before the taking, divided by (2) the fair market value of the Property immediately before the taking. The remainder of the proceeds will be paid to you. The use of
proceeds to reduce the amount that you owe to the Holder will not be a prepayment that is subject to the prepayment charge provisions, if any, under the Note or this Mortgage. 
 If you abandon the Property, or if you do not answer within thirty (30) days, a notice from the Holder stating that a governmental authority has offered to make a payment or to settle a claim for
damages, then the Holder has the authority to collect the proceeds. The Holder may then use the proceeds to repair or restore the damaged property or to reduce the amount that you owe to the Holder under the Note and under this Mortgage. The thirty
(30) day period will begin on the date the notice is mailed or, if it is not mailed, on the date the notice is delivered. 

If any proceeds are used to reduce the amount of principal which you owe to the Holder under the Note, that use will not delay the due
date or change the amount of any of your monthly payments under the Note. The Holder and you may, however, agree in writing to those delays or changes. 
 I. CONTINUATION OF HOLDER’S RIGHTS. Even if the Holder does not exercise or enforce any right of the
Holder under this Mortgage or under the law, the Holder will still have all of those rights and may exercise and enforce them in the future. Even if the Holder obtains insurance, pays taxes or pays other claims, charges or liens against the
Property, the Holder will still have the right, under Paragraph P of this Section V, to demand that you make Immediate Payment In Full (see Paragraph P of this Section V for a definition of this phrase) of the amount that you owe to the Holder under
the Note and under this Mortgage. 
 J. HOLDER’S ABILITY TO
ENFORCE MORE THAN ONE OF HOLDER’S RIGHTS. Each of the Holder’s rights under this Mortgage is
separate. The Holder may exercise and enforce one or more of those rights, as well as any of the Holder’s other rights under the law, one at a time or some or all at once. 

K. JOINT AND SEVERAL LIABILITY; AGREEMENTS
CONCERNING CAPTIONS. If more than one person signs this Mortgage as Borrower, each of you is fully obligated to keep all of Borrower’s promises and obligations contained in this Mortgage. The
Holder may enforce the Holder’s rights under this Mortgage against each of you individually or against some or all of you together. This means that any one of you may be required to pay all of the amounts owed under the Note and under this
Mortgage. The captions and titles of this Mortgage are for convenience only. They may not be used to interpret or to define the terms of this Mortgage. 
 L. AGREEMENTS ABOUT GIVING NOTICES REQUIRED UNDER THIS
MORTGAGE. Unless the law or this Mortgage requires otherwise, any notice that must be given to you under this Mortgage will be given by delivering 

  
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or telecopying it to you or by mailing it addressed to you at the address for giving notices stated in Paragraph B of Section I above entitled “Defined Terms.” The Holder does not have
to send the notice to every Borrower at each of the Borrower’s addresses, if there is more than one Borrower. A notice will be delivered at a different address if you give the Holder a notice of your different address for notices in writing.
Any notice that must be given to the Holder under this Mortgage will be given by mailing it to the Holder’s address stated in Paragraph C of Section I above entitled “Defined Terms.” A notice will be mailed to the Holder at a
different address if the Holder gives you a notice of the different address. A notice required by this Mortgage is given (and will be deemed to be received) when it is mailed or when it is delivered or telecopied according to the requirements of
this Paragraph L. 
 M. AGREEMENTS ABOUT LAWSUITS AND
THE LAW THAT GOVERNS THE NOTE AND THIS MORTGAGE. 

1. The law that will govern the Note and this Mortgage is the law of the State in which the Property is located. This
governing law is the law of the State of Hawaii, which will control except to the extent that federal law may apply. If any term of this Mortgage or of the Note conflicts with the law, all other terms of this Mortgage and of the Note will still
remain in effect if they can be given effect without the conflicting term. This means that any terms of this Mortgage and of the Note which conflict with the law can be separated from the remaining terms, and the remaining terms will still be
enforced. 
 2. To the extent permitted by applicable law, any lawsuit or other proceeding involving the Note or
this Mortgage must be filed only in Courts of the State of Hawaii or the United States Federal District Court for the District of Hawaii. Neither you nor the Holder is allowed to do anything to defeat the power and right (called
“jurisdiction” and “venue”) of these courts to handle any such lawsuit or other proceeding, since it is intended that any such lawsuit or proceeding be resolved in Hawaii where the Property is located, and because the Note and
this Mortgage are subject to Hawaii law. Even if you are not a citizen or resident of the State of Hawaii, you submit yourself to the jurisdiction and venue of such courts for all purposes involving the Note and this Mortgage. All rights you have to
a jury trial in any such lawsuit or proceeding you here and now “waive.” It is intended that any disputes be submitted to a judge for resolution. 
 N. BORROWER’S COPY OF THE NOTE AND OF THIS
MORTGAGE. You will be given a copy of the Note and of this Mortgage showing that these documents have been signed. You will be given those copies either when you sign the Note and this Mortgage or
after this Mortgage has been officially recorded in the proper official records. If you do not receive these copies you may insist that Ritz-Carlton give them to you, but you still must keep all of the promises that you make in these documents.

 O. PROHIBITION ON ASSUMPTION OF THIS
MORTGAGE AND HOLDER’S RIGHTS IF BORROWER TRANSFERS THE
PROPERTY. This Mortgage and the Note may not be transferred by you to anyone else. The Holder expects you to pay all amounts due and to keep all of the promises stated in these documents. It would not
have extended credit to you if it realized that you would have someone else assume your obligations. Thus, if you sell or transfer the Property, unless indicated otherwise below, the Holder will have the right to require Immediate Payment In Full
(this term is explained in Paragraph P below). The Holder will not have the right to require Immediate Payment In Full, however, as a result of certain transfers. Those transfers are: 

1. The creation of liens or other claims against the Property that are inferior to this Mortgage; 

2. A transfer of the Property to surviving co-owners following the death of a co-owner when the transfer is automatic
according to law; and 
 3. Any other transfer which under federal law may be made without giving the Holder the
right to require Immediate Payment in Full. 
 If the Holder requires Immediate Payment In Full under this Paragraph O, the
Holder will send you in the manner described in Paragraph L of this Section V, a notice which states this requirement. The notice will give you at least ten (10) days to make the required payment. The ten (10) day period will begin on the
date the notice is mailed or if it is not mailed, on the date the notice is delivered. If you do not make the required payment during that period, the Holder may bring a lawsuit for foreclosure and sale under Paragraph P of this Section V without
giving you any further 

  
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notice or demand for payment or may foreclose under power of sale under Paragraph P of this Section V. (See Paragraph P of this Section V for definitions of “foreclosure and sale” and
“under power of sale”). 
 P. HOLDER’S RIGHTS IF
BORROWER FAILS TO KEEP PROMISES AND AGREEMENTS. If you do not keep your promises and agreements made in the Note or this Mortgage, the
Holder may take any action against you that is allowed by law or this Mortgage. For example, the Holder may sue you to collect any money you owe the Holder with or without also suing to foreclose and sell the Property (foreclosure and sale is
explained later in this Paragraph P); to stop you from breaking your promises and agreements (known as an action to enjoin); or to force you to keep your promises and agreements (known as an action for specific performance). 

If all of the conditions stated in the following subparagraphs 2.a, b and c of this Paragraph P are satisfied, the Holder may also
require that you pay immediately the entire amount then remaining unpaid under the Note and under this Mortgage (known as an “acceleration” of the Debt). The Holder may do this without making any further demand for payment. This
requirement will be called “Immediate Payment In Full.” 
 If the Holder requires Immediate Payment In Full, the
Holder: 
 1. May bring a lawsuit to take away all of your remaining rights in the Property and to have the
Property sold. At this sale the holder or another person may acquire the Property. This is known as “foreclosure and sale.” In any lawsuit for foreclosure and sale, the Holder will have the right to collect all costs allowed by law; or

 2. May foreclose under power of sale. This means that the Holder may have all of your remaining rights in
the Property taken away and have the Property sold without having to file a lawsuit. To do this, the Holder must comply with the law on foreclosure under power of sale that is stated in Chapter 667 of the Hawaii Revised Statutes, as amended.

 The Holder may require Immediate Payment In Full under this Paragraph P only if all of the following conditions are
satisfied: 
 a. You fail to keep any promise or agreement made in this Mortgage, including the promises to pay
when due the amounts that you owe to the Holder under the Note and under this Mortgage; and 
 b. The Holder
sends to you, in the manner described in Paragraph L of this Section V, a notice that states: 
 (1) The promise
or agreement that you failed to keep; 
 (2) The action that you must take to correct that failure; 

(3) A date by which you must correct the failure. That date must be at least ten (10) days from the date on which
the notice is mailed to you, or if it is not mailed, from the date on which it is delivered to you; 
 (4) That
if you do not correct the failure by the date stated in the notice, you will be in default and the Holder may require Immediate Payment In Full, and the Holder or another person may acquire the Property by means of foreclosure and sale or under
power of sale; 
 (5) That you may speak with a named representative of the Holder to discuss any questions
which you have about the matters stated in the notice; 
 (6) That if you satisfy the conditions stated in
Paragraph P of this Section V, you will have the right to have any lawsuit for foreclosure and sale discontinued and to have the Note and this Mortgage remain in full effect as if Immediate Payment In Full had never been required; and 

  
 Page 9 of 14

 (7) That you have the right in any lawsuit for foreclosure and sale to
argue that you kept your promises and agreements under the Note and under this Mortgage, and to present any other defenses that you may have. 
 c. You do not correct the failure stated in the notice from the Holder by the date stated in that notice. 
 To sell the Property in foreclosure, the Holder may sign and deliver a legal document sufficient to transfer the Property to the purchaser at the foreclosure sale. You give the Holder the power and right
to sign and deliver such a document on your behalf, and you may not and cannot take this power and right away from the Holder. In legal terms, you appoint the Holder as your “attorney-in-fact,” which appointment is coupled with an interest
and, therefore, is irrevocable even if you die or become incompetent. 
 The proceeds from any foreclosure and sale, whether by
lawsuit or under power of sale, shall be applied: (i) first to pay all costs and expenses of the sale, including court costs and attorney’s fees, and (ii) then as stated in Paragraph B of this Section V. If, however, the proceeds are
not sufficient to pay all these sums and all the other sums you owe the Holder, unless waived by the Holder, you must still pay the Holder the difference (known as the “deficiency”). You promise to pay any deficiency on demand from the
Holder. The Holder may force you to keep your promise to pay any deficiency, even if you have lost all rights to the Property and even if the laws of the place where you live (“your home state” if you do not live in Hawaii), would not
permit the Holder to enforce this promise if the Property is located there. The Holder may take any action against you to collect the deficiency, plus all of the Holder’s costs of collection, including its attorney’s fees, that is allowed
by law and this Mortgage. 
 Q. BORROWER’S RIGHT TO
HAVE HOLDER’S FORECLOSURE AND SALE DISCONTINUED. Even if the Holder has required Immediate Payment In Full, you may have the right to
have discontinued any lawsuit brought by the Holder for foreclosure and sale or any foreclosure under power of sale or for other enforcement of this Mortgage. You will have this right at any time before a judgment has been entered enforcing this
Mortgage, or before the sale is made by a foreclosure under power of sale, if you satisfy the following conditions: 
 1. You pay to the Holder the full amount that would have been due under this Mortgage and the Note, if the Holder had not required Immediate Payment In Full; 

2. You correct your failure to keep any of your other promises or agreements made in this Mortgage; 

3. You pay all of the Holder’s reasonable expenses in enforcing this Mortgage including, for example, reasonable
attorney’s fees; and 
 4. You do whatever the Holder reasonably requires to assure that the Holder’s
rights in the Property, the Holder’s rights under this Mortgage, and your obligations under the Note and under this Mortgage continue unchanged. 
 If you fulfill all of the conditions in this Paragraph Q, then the Note and this Mortgage will remain in full effect as if Immediate Payment In Full had never been required. 

If, however, you do not fulfill all of these conditions, you (and all persons who have or claim rights in the Property that depend on
your rights in the Property) will lose all rights to the Property, and will not have any right to get them back. In legal terms, you (and such other persons) will have no “redemption rights.” 

R. HOLDER’S RIGHTS TO RECEIVE RENTAL
PAYMENTS FROM THE PROPERTY. If there is a judgment for the Holder in a lawsuit for foreclosure and sale, you will pay to the Holder reasonable rent from the
date the judgment is entered for as long as you continue to have the right to occupy the Property. This does not, however, give you the right to occupy the Property. 

  
 Page 10 of 14

 S. HOLDER’S OBLIGATION
TO DISCHARGE THIS MORTGAGE WHEN THE NOTE AND THIS MORTGAGE ARE PAID
IN FULL. When the Holder has been paid all amounts due under the Note and under this Mortgage, the Holder will discharge this Mortgage by delivering a certificate stating that this Mortgage has been
satisfied. You will not be required to pay the Holder for the discharge, but you must pay all costs of recording the discharge in the proper official records. 
 T. AGREEMENT ABOUT USURY. Usury laws are laws that control the amount of interest that may be legally paid. You and the Holder intend to
comply with the applicable Hawaii usury laws. If, however, it is determined that any part of any Interest payment you make would be in excess of the maximum amount allowed by law, that part will be treated as a payment of Principal. 

U. AGREEMENT ABOUT PREPAYMENT. “Prepayment” means payment of
Debt earlier than the time you promise to do so. You may prepay the entire balance at any time as long as you also pay all other amounts you owe the Holder under the Note and this Mortgage. You may prepay any part of the unpaid balance at any time
you make a monthly payment. The only effect of a Prepayment will be to reduce the remaining unpaid Principal. You must continue to pay monthly installments in the same amount and on the same schedule as before, until the entire Debt is paid. You
will not be charged any penalty or premium for prepaying. 
 V. RIGHTS OF THE
BORROWER AND THE HOLDER ARE NOT AFFECTED BY LATER PAYMENT OR ANY
PREVIOUS LACK OF ENFORCEMENT. The Holder and you may overlook a violation of any part of the Note or this Mortgage by the other without losing the right to enforcement
later of the same or any other part of the Note or this Mortgage. The Holder will not lose enforcement rights even if the Holder accepts any payment you make. The Holder may still take action against you for any default, including your not paying on
time. 
 W. COLLECTION AGENCY AND COSTS. The
Holder has the right at any one or more times to hire an agent (and to change this agent) to collect the payments due from you under the Note and this Mortgage. You must pay the costs of establishing any such collection agency and the fee charged by
that agency for servicing your account. You must also pay any fees charged by any such collection agent due to any late payments you make or any other failure by you to keep your promises made in the Note and this Mortgage. 

X. FUTURE ADVANCES. Upon request by Borrower, Holder, at Holder’s option, may
make Future Advances to Borrower. Such Future Advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness
secured by this Mortgage, not including sums advanced in accordance herewith to protect the security of this Mortgage, exceed one hundred fifty percent (150%) of the original amount of the Note. 

Y. SECURITY AGREEMENT. This document is both a mortgage of all interests in real
property and a security agreement under the Uniform Commercial Code (the “Code”) as to all personal property and fixtures which may be described in this document. Therefore, the Holder has and may enforce a security interest in the
personal property and fixtures, and will have all rights of a secured party under the Code. This remedy, however, will not preclude the Holder from pursuing any other remedy available to the Holder. 

Z. NOTICE REGARDING INSURANCE. Notice is hereby given by the Holder
(Ritz-Carlton) to You (Borrower/Mortgagor) that you (Borrower/Mortgagor) are free to procure any insurance policy required by this instrument from any insurance company authorized to do business in the State of Hawaii. 

IN WITNESS WHEREOF, the Borrower(s) has signed this Mortgage as of the
day and year first above written. 
  

					
			
	  	 		 	  
	Borrower	 		 	Borrower

  

					
			
	  	 		 	  
	Borrower	 		 	Borrower

  
 Page 11 of 14

 NOTARY ACKNOWLEDGMENT 
  

			
	STATE OF ___________________________	 	)
	 	 	) SS:
	COUNTY OF _________________________	 	)

 On this _________ day of ___________, 20__, before me personally appeared
_____________________________________, to me personally known or proved to me on the basis of satisfactory evidence of his/her/their signature(s) and identity to be the aforesaid person(s), who, being by me duly sworn or affirmed, did say that such
person(s) executed the foregoing instrument as the free act and deed of such person(s), and if applicable, in the capacities shown, having been duly authorized to execute such instrument in such capacities. 

 

	
	Signature of Notary
	Print Notary Name:_________________________
	Notary Public, in and for said State
	My commission expires:____________________

 [Below Notary Certification to be completed by Hawaii Notary Only] 

STATE OF HAWAII NOTARY CERTIFICATION 
 Document Identification or Description: PURCHASE MONEY MORTGAGE, SECURITY AGREEMENT AND FINANCING STATEMENT WITH POWER OF SALE 
  ̈Date of Document: _______ or xUndated at time of notarization 

Jurisdiction: __________ Circuit (in which notarial act is performed) 
 Number of Pages: Fifteen (15)
 Date of Certificate: ____________________ 

___________________________________ 
 Notary
Public Signature 
 Print Name: __________________________
 Notary Public, State of Hawaii 
 (Stamp or Seal) 

  
 Page 12 of 14

 EXHIBIT “A” 
 ____________(_____) Club Interest(s) in the Club in Club Unit No. _______ identified as Club Interest No. ______, consisting of the following: 

 

	I.	_______________(______) fee simple interest(s) in the Club consisting of an undivided one-twelfth (1/12) interest as tenant in common with the holders of other
undivided interests in and to the following: 

  

	 	(A)	Apartment No. _________ (“Apartment”) of the condominium project (“Project”) known as “KAPALUA BAY CONDOMINIUM,” as established by that
certain Declaration of Condominium Property Regime (“Condominium Declaration”) dated April 18, 2006, recorded at the Bureau of Conveyances of the State of Hawaii as Document No. 2006-083256, as amended, and as shown on the plans
thereof filed at said Bureau as Condominium Map No. 4222, as the same may be amended from time to time. The description of the land set forth in the Condominium Declaration is incorporated herein by this reference. 

Together with appurtenant easements as follows: 
  

	 	(1)	Nonexclusive easements for use of the common elements in accordance with the purpose for which they are intended without hindering or encroaching upon the lawful rights
of the other apartment owners, subject always to the exclusive use of the limited common elements as provided in the Condominium Declaration. 

  

	 	(2)	A nonexclusive easement in the other apartments in the building in which the Apartment is located for support. 

 

	 	(3)	Nonexclusive easements for use of the common elements for ingress to, egress from, utility services for and support, maintenance and repair of the Apartment.

  

	 	(4)	In the case of encroachment by the Apartment upon any other apartment or common elements, a valid easement for such encroachment and the maintenance thereof shall and
does exist in favor of and appurtenant to the Apartment herein conveyed for so long as such encroachment continues. In the event any building of the Project shall be partially or totally destroyed and then rebuilt, or in the event of any shifting,
settlement or movement of any portion of the Project, encroachments upon any part of the common elements or apartments due to the same shall be permitted, and valid easements for such encroachments and the maintenance thereof shall exist in favor of
and appurtenant to the Apartment herein conveyed for so long as such encroachment continues. 

  

	 	(5)	The right to use those certain limited common elements of the Project, if any, which are described in the Condominium Declaration as being appurtenant to the Apartment,
provided that such easement shall be deemed conveyed or encumbered with the Apartment even though such interest is not expressly mentioned or described in the conveyance. 

EXCEPTING AND RESERVING AND SUBJECT
TO all of the terms and conditions of the Condominium Declaration and easements for encroachments appurtenant to other apartments as they arise in the manner set forth in the preceding paragraph, now or hereafter
existing thereon, and subject also to easements for access to the property from time to time during reasonable hours as may be necessary for the operation of the property or for making emergency repairs therein to prevent damage to the common
elements or to another apartment or apartments or for the installation, repair or replacement of any common elements. 
  

	 	(B)	 An undivided __________ percentage interest with regard to Apartment No.______, as established by the Condominium Declaration, in and to the common
elements of the Project, 

  
 EXHIBIT
“A” 
 (Page 1 of ___) 

	 	
including the land described in said Condominium Declaration, as tenant in common with the holders of other undivided interests in and to said common elements. 

 

	II.	The exclusive right to reserve and then use and occupy the Apartment in accordance with, and subject to, that certain The Kapalua Bay Vacation Ownership Project
Declaration of Covenants, Conditions and Restrictions dated June 9, 2006, recorded at said Bureau as Document No. 2006-112198, as amended (the “Club Declaration”) and Club Reservation Procedures, together with the right in
common with owners of all other apartments to use and enjoy the common elements of the Project during the Use Period assigned to each aforesaid Club Interest. 

 

	III.	Membership in the Vacation Owners Association. 

 Being also portions of the premises described in those certain instruments dated August 31, 2004, made by and between Maui Land & Pineapple Company, Inc., a Hawaii corporation, as Grantor,
and Kapalua Bay, LLC, a Delaware limited liability company, as Grantee, recorded at said Bureau as Document No. 2004-178884 and 2004-178885. 
 SUBJECT, HOWEVER, to all encumbrances set forth in the Club Declaration, as amended, which are incorporated herein by this reference. 

  
 EXHIBIT
“A” 
 (Page 2 of ___) 

 MVC TRUST SAMPLE 

[UPON CLOSING OF THE PURCHASE TO WHICH THIS NOTE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT OR HOLDER TO COMPLETE THIS
NOTE BY INSERTING THE DATE OF THE NOTE AND APPLICABLE DATES FOR COMMENCEMENT OF PAYMENTS DUE HEREUNDER, THE MONTHLY PAYMENT DATE AND THE FINAL PAYMENT DATE.] 
 NOTE SECURED BY MORTGAGE 
 INCLUDING CONTINUING GUARANTY 

Interests (numbered for administrative purposes:        ) 

MVC Trust 
  

			
	US$	  	            , 20    

 FOR VALUE RECEIVED, the undersigned
                                        
(“Borrower(s)”) promise(s) to pay to the order of MARRIOTT OWNERSHIP RESORTS, INC. (“MORI”) (said party or any other party to whom MORI may transfer and assign this Note and who holds this Note from time to time is
hereinafter called the “Holder”), Post Office Box 8038, Lakeland, Florida 33802, or order, the principal sum of      U.S. Dollars (US $          with interest on the unpaid
balance from
                                        , until
paid, at the rate              of percent per annum (    %) (calculated on the basis of a 360 day year, collected for the actual number of days principal is
outstanding in any calendar year). Principal and interest shall be payable in lawful money of the United States at the Holder’s address set forth above, or such other place as the Holder may, from time to time, designate, in consecutive monthly
installments of U.S. Dollars (US $          on the      day of each month and continuing thereafter on the same day of each month beginning
                                        , for a
period of      months with the remaining unpaid principal balance, together with accrued interest thereon, due and payable, if not sooner paid, on
                                        .

 To the extent that other individuals, in addition to the Borrower(s), execute this Note, such individuals sign the Note on
behalf of the Borrower(s) and on behalf of themselves as an individual, and hereby agree to personally guaranty the timely payment of all amounts due from Borrower under or in connection with this Note. 

The indebtedness evidenced by this Note is secured by a Mortgage, dated of even date herewith, creating a lien on the real property
described therein (the “Property”). Reference is made to said Mortgage as to MORI’s/Holder’s/Lender’s rights as to acceleration of the indebtedness evidenced by this Note. 

Each monthly payment shall be tendered with a              service fee.

 Borrower(s) shall pay to the Holder a late charge of Six percent (6%) for any monthly installment not received by the
Holder within ten (10) days after the date the installment is due. 
 Each payment shall be credited first to amounts due
pursuant to Paragraph 2 of the Mortgage, then to advances, if any, made by the Lender pursuant to Paragraph 7 of the Mortgage, then to the costs, fees, expenses and other amounts incurred and advanced by the Holder in the enforcement of its rights
hereunder, including, without limitation, costs and reasonable attorneys’ fees described below, then to unpaid service fees, then to interest due hereunder, then to principal due hereunder, then to unpaid late charges, if any, then to interest
on any Future Advances (as defined in the Mortgage), then to principal on any Future Advances. 
 Borrower(s) may prepay the
principal amount outstanding in whole or in part. Any partial prepayment in excess of the interest then accrued shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly installments or
change the amount of such installments. 
 Demand, presentment, notice of dishonor, and protest are hereby waived by all makers,
sureties, guarantors and endorsers hereof. This Note shall be a joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their heirs, personal representatives, successors and assigns.

 At the option of the Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and
payable without demand or further notice to Borrower(s) upon any one of the following events of default: 
  

	 	a)	failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than fifteen
(15) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b)	failure of Borrower(s) to perform any other covenant or agreement of Borrower(s) in this Note or the Mortgage within fifteen (15) days after the mailing of notice
from the Holder to the Borrower(s) specifying the nature of such failure; and 

  

	 	c)	the insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s). 

The Holder may exercise this option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, reasonable attorneys’ fees, whether or not action be instituted
hereon, as well as actual costs of trial and appellate proceedings. 
 In the event of any default by the Borrower(s) hereunder,
Holder at its sole option, may charge the Borrower(s) the highest interest rate allowed by law and/or pursue any and all remedies available to it under applicable law. 
 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given upon depositing same in any U.S. post office, postage prepaid, addressed to Borrower(s) at the address stated below,
or to such other address as Borrower(s) may designate by written notice to the Holder. Any notice to the Holder shall be given by mailing such notice by certified mail, return receipt requested, to the Holder at the address stated in the first
paragraph of this Note, or at such other address as may have been designated by written notice to Borrower(s). Any notice provided for in this Note shall be deemed to have been given to Borrower(s) or the Holder when given in the manner herein
designated. 
 THIS NOTE SHALL BE GOVERNED BY, CONSTRUED UNDER AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF FLORIDA AND THE COURTS OF THE STATE OF FLORIDA IN THE COUNTY OF ORANGE SHALL BE THE EXCLUSIVE COURTS OF JURISDICTION AND VENUE FOR ANY LITIGATION OR OTHER PROCEEDING THAT MAY BE BASED ON, ARISE OUT OF, UNDER OR IN CONJUNCTION WITH THIS
NOTE, UNLESS OTHERWISE REQUIRED BY LAW. HOLDER AND BORROWER(S) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONJUNCTION WITH
THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR HOLDER EXTENDING THE LOAN EVIDENCED BY THIS NOTE. 

Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note. 
 It is the intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It
is, therefore, agreed that: (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if
theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable
law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest
that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake
and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of
interest allowable under applicable law. 
 Time is of the essence in the performance of each and every obligation represented
by this Note. 
 Borrower/Purchaser: 
  

									
	  
	 		 	BORROWER’S ADDRESS:
	  
	 		 	
	  
	 		 	
	  
	 		 	
	  
	 		 	
	  
	 		 	

 (Execute Original Only) 
 DOCUMENTARY STAMP TAXES HAVE BEEN PAID AND THE PROPER AMOUNTS AFFIXED TO THE MORTGAGE 

625815-2 (3.1.12) 

 MVC TRUST SAMPLE 

 

			
	 This instrument prepared by
 and after recording return to:
  

Attn: Linda Sellars
 Marriott Resorts Title
Company, Inc.
 1200 Bartow Road, Suite 10
 Lakeland, Florida 33801
	 	This space reserved for recorder:

 UPON CLOSING OF THE PURCHASE TO WHICH THIS MORTGAGE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT TO
COMPLETE THIS MORTGAGE BY INSERTING THE APPROPRIATE DATE OF THE MORTGAGE AND TO COMPLETE, AS NECESSARY, THE INFORMATION RELATING TO THE BENEFICIAL INTEREST(S) BEING ENCUMBERED BY THIS MORTGAGE. 

MORTGAGE 
  

 
 THIS MORTGAGE is made
this _____ day of ____________, ____, between the Mortgagor(s), _______________________ 
  

 
 (herein “Borrower(s)”), whose
post office address is c/o Marriott Resorts Hospitality Corporation, P.O. Box 890, Lakeland, Florida 33802, County of Polk, State of Florida, and the Mortgagee, MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation, the address of which is
Post Office Box 24747, Lakeland, Florida 33802, (said party, its successors and assigns is herein called “Lender”). 
 WHEREAS, Borrower(s) is/are indebted to Lender in the principal sum of _________________________________________ U.S. Dollars (US$____________), which indebtedness is evidenced by Borrower’s
Note of even date herewith (herein “Note”), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on _______________________, which is _____ months from
the date hereof. 
 TO SECURE to Lender (a) the repayment of the indebtedness evidenced by the Note, with interest
thereon, the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage, and the performance of the covenants and agreements of Borrower(s) herein contained, and (b) the repayment
of any future advances, with interest thereon, made to Borrower(s) by Lender pursuant to Paragraph 20 hereof (herein “Future Advances”), Borrower(s) does hereby mortgage, grant and convey to Lender and Lender’s successors and
assigns the following described property: 
 A timeshare estate as defined by Section 721.05, Florida Statutes, more
fully described as: 
              Interests (numbered for
administrative purposes:                     ) in the MVC Trust (“Trust”) evidenced for administrative, assessment and ownership
purposes by                     Points (250 Points for each Interest), which Trust was created pursuant to and further described in that
certain MVC Trust Agreement dated March 11, 2010, executed by and among First American Trust, FSB, a federal savings bank, solely as trustee of Land Trust No. 1082-0300-00, (a.k.a MVC Trust), Marriott Ownership Resorts, Inc., a Delaware
corporation, and MVC Trust Owners Association, Inc., a Florida corporation not-for-profit, as such agreement may be amended and supplemented from time to time (“Trust Agreement”), a memorandum of which is recorded in Official Records Book
10015, Page 4176, Public Records of Orange County, Florida (“Trust Memorandum”). The Interests shall have a Use Year Commencement Date of
                     (subject to Section 3.5 of the Trust Agreement). 

TO HAVE AND TO HOLD unto Lender and Lender’s successors and assigns, forever, together with all use rights and appurtenant
easements, rights, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all other appurtenances to such property, and all improvements and all fixtures now or hereafter constituting such property, all
of which, including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property, are herein referred to as the
“Property”. 
 Borrower(s) covenants that Borrower(s) is/are lawfully seized of the estate hereby conveyed and
has the right to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or
restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender’s interest in the Property. 
 Borrower(s) and Lender covenant and agree as follows: 
 1. Payment of
Principal, Interest, Late Charges and Service Fees. Borrower(s) shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, late charges as provided in the Note, reasonable service charges imposed by
Lender for servicing the loan account and the principal of and interest on any Future Advances secured by this Mortgage. 

2. Funds for Taxes, Assessments and Insurance. Subject to applicable law, upon written request by Lender to Borrower(s),
Borrower(s) shall pay to Lender on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of Borrower’s share of the
yearly taxes and assessments relating to the subject Property encumbered by this Mortgage and one-twelfth of the annual assessments due from Borrower under the Trust Agreement (herein “Trust Assessments”), or such other amounts or
for such other periods other than monthly, e.g., quarterly or one-fourth, etc., all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. 

  

					
	 464448-9 (11.15.10)
	  	Page 1 of 4	  	

 If Lender exercises the foregoing right, the Funds shall be held in an institution the
deposits or accounts of which are insured or guaranteed by a Federal or state agency. Lender shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes, assessments, and Trust Assessments. Lender may not charge for so
holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower(s) interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law
requires, Lender shall not be required to pay Borrower(s) any interest on earnings on the Funds. Lender shall give to Borrower(s), without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which
each debit to the Funds was made. The Funds are hereby pledged as additional security for the sums secured by this Mortgage. 

If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of
taxes, assessments, and Trust Assessments shall exceed the amount required to pay such taxes, assessments, and Trust Assessments as they fall due, such excess shall be, at Borrower’s option, either promptly repaid to Borrower(s) or credited to
Borrower(s) on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, and Trust Assessments as they fall due, Borrower(s) shall pay to Lender any amount necessary to make up the
deficiency within thirty (30) days from the date of a notice mailed by Lender to Borrower(s) requesting payment thereof, but in no event shall Lender require payment in advance for taxes and assessments to be held and disbursed as set forth
hereunder in an amount which exceeds the estimate of the next year’s amount for same. 
 Upon payment in full of all sums
secured by this Mortgage, Lender shall promptly refund to Borrower(s) any Funds held by Lender. If under Paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to
the sale of the Property or its acquisition by Lender, any Funds then held by Lender as a credit against the sums secured by this Mortgage. 
 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and Paragraphs 1 and 2 hereof shall be applied by Lender first in payment of
amounts payable to Lender by Borrower(s) under Paragraph 2 above, if any, then against advances, if any, made by Lender pursuant to Paragraph 7 of this Mortgage, then to costs, fees, expenses and other amounts incurred and advanced by the Lender in
the enforcement of its rights under the Note and this Mortgage, including, without limitation, costs and reasonable attorneys’ fees, then to unpaid service fees, then to interest payable on the Note, then to the principal of the Note, then to
unpaid late charges, if any, then to interest on any Future Advances made at Lender’s option pursuant to Paragraph 20 hereof, then to principal on Future Advances, if any, made at Lender’s option pursuant to Paragraph 20 hereof.

 4. Charges; Liens. Borrower(s) shall promptly pay, when due, all Trust Assessments imposed by MVC Trust Owners
Association, Inc., or other governing body of the Trust (the “Trust Association”) pursuant to the provisions of the Trust Agreement, Bylaws of the Trust Association, or other constituent documents of the Trust. 

Borrower(s) shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a
priority over this Mortgage, in the manner provided under Paragraph 2 hereof or, if not paid in such manner, by Borrower(s) making payment, when due, directly to the payee thereof. Borrower(s) shall promptly furnish to Lender all notices of amounts
due under this Paragraph, and in the event Borrower(s) shall make payment directly, Borrower(s) shall promptly furnish to Lender receipts evidencing such payments. Borrower(s) shall promptly discharge any lien which has priority over this Mortgage;
provided, that Borrower(s) shall not be required to discharge any such lien so long as Borrower(s) shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender and, if requested by Lender, immediately
post with Lender an amount necessary to satisfy said obligation, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property
or any part thereof and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation. 

5. Hazard Insurance. Borrower(s) shall keep the improvements now existing or hereafter erected on the Trust Property (as defined
in the Trust Agreement) insured against loss by fire, hazards included within the term “extended coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender
shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. This obligation shall be deemed satisfied so long as the Trust Association or other owners’ association
governing the Trust Property maintains a “master” or “blanket” policy for the Trust Property in accordance with the terms hereof. 
 The insurance carrier providing the insurance shall be chosen by Borrower(s), the Trust Association, or other owners’ association governing the Trust Property, subject to approval by Lender; provided
that such approval shall not be unreasonably withheld or delayed. If required, all premiums on insurance policies shall be paid in the manner provided under Paragraph 2 hereof, or, if not paid in such manner, by Borrower(s), the Trust Association,
or other owners’ association governing the Trust Property making payment, when due, directly to the insurance carrier. 

All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor
of and in a form acceptable to Lender. Borrower(s) shall give Lender prompt notice of any lapse in hazard insurance coverage. In the event of loss, Borrower(s) shall give prompt notice to the insurance carrier and Lender. Lender may make proof of
loss if not made promptly by Borrower(s). 
 Pursuant to the terms of the Trust Agreement, insurance proceeds shall first be
applied to restoration or repair of the Trust Property damaged. To the extent such insurance proceeds exceed the cost of such restoration or repair and the Board of Directors of the Trust Association decides to disburse such excess, Borrower’s
share of such excess shall then be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower(s). 

Unless Lender and Borrower(s) otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the
due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. If under Paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower(s) in and to any
insurance policies and in and to any excess insurance proceeds thereof from damage to the Trust Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition. 
 6. Preservation and Maintenance of Trust Property; Trust. Borrower(s) shall keep the Trust Property in
good repair and shall not commit waste or permit impairment or deterioration of the Trust Property. Borrower(s) shall perform all of Borrower’s obligations under the Trust Agreement, the Bylaws of the Trust Association, and constituent
documents. Borrower(s) shall take such actions as may be reasonable to ensure that the Trust Association, or other owners’ association governing the Trust Property, maintains a public liability insurance policy acceptable in form, amount, and
extent of coverage to Lender. If any rider is executed by Borrower and recorded together with the Mortgage, the covenants and agreements of such rider shall be incorporated into and amend and supplement the covenants and agreements of this Mortgage
as if the rider were a part hereof. 
 7. Protection of Lender’s Security. If Borrower(s) fail(s) to perform the
covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or
arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower(s), may make such appearances, disburse such sums and take such action as Lender deems necessary to protect Lender’s
interest, including, but not limited to, disbursement of funds to pay reasonable attorneys’ fees and entry upon the Trust Property to make repairs. 
 Any amounts disbursed by Lender pursuant to this Paragraph 7, with interest thereon, shall become additional indebtedness of Borrower(s) secured by this Mortgage. Unless Borrower(s) and Lender agree to
other terms of payment, such amount shall be payable upon notice from Lender to Borrower(s) requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the
Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this Paragraph 7 shall require Lender to
incur any expense or take any action hereunder. 
 8. Inspection. Lender may make or cause to be made reasonable entries
upon and inspections of the Trust Property, provided that Lender shall give Borrower(s) notice prior to any such inspection specifying reasonable cause therefor related to Lender’s interest in the Property or Trust Property. 

9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower(s) in connection
with any condemnation or other taking of all or any part of the Property or Trust Property, or for any conveyance in lieu of condemnation, pursuant to the terms of the Trust Agreement, are hereby assigned to Lender and shall be paid to Lender as
provided hereunder. 

  

					
	 464448-9 (11.15.10)
	  	Page 2 of 4	  	

 Unless Lender and Borrower(s) otherwise agree in writing, any such application of proceeds
to principal shall not extend or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. 
 10. Borrower(s) Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower(s)
shall not operate to release, in any manner, the liability of the original Borrower(s) and Borrower’s successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or
otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower(s) and Borrower’s successors in interest. 
 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the
exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender’s right to accelerate the maturity of the indebtedness secured by this Mortgage.

 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 

13. Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of Paragraph 17
below, the covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower(s). All covenants and agreements of Borrower(s) shall be joint and several. The
captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 
 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower(s) provided for in this Mortgage shall be given by mailing such notice
by U.S. Mail, postage prepaid, addressed to Borrower(s) at the Borrower’s address as set forth in the Note, or at such other address as Borrower(s) may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be
given by certified mail, return receipt requested, to Lender’s address stated herein or to such other address as Lender may designate by notice to Borrower(s) as provided herein. Any notice provided for in this Mortgage shall be deemed to have
been given to Borrower(s) or Lender when given in the manner designated herein. In the event of a judicial action to enforce this Mortgage, Borrower hereby agrees that any notice required or service of process made incident thereto shall be
sufficient if made to the above address or to the registered agent appointed for such purposes by Borrower pursuant to Section 721.84 Florida Statutes. Borrower may change such address by giving Lender notice of a change of address in writing
to Lender’s address stated herein. 
 15. Governing Law; Severability. This Mortgage shall be governed by the laws
of the state of Florida. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the
conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 
 16.
Borrower’s Copy. Borrower(s) shall be furnished a copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 
 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without
Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to
purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to
accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on
the sums secured by this Mortgage shall be at such rate as Lender shall request and any assumption fee set by Lender has been paid. If Lender has waived the option to accelerate provided in this Paragraph 17, and if Borrower’s successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. Assumption of Borrower’s Mortgage and Note shall be permitted only with
written approval of and at the sole discretion of Lender. 
 If Lender exercises such option to accelerate, Lender shall mail
Borrower(s) notice of acceleration in accordance with Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If
Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof. 
         18. Acceleration; Remedies. Except as provided in Paragraph 17 hereof, upon Borrower’s breach of any covenant or agreement of Borrower(s) in
this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower(s) as provided in Paragraph 14 hereof specifying: (1) the breach; (2) the action required
to cure such breach; (3) a date, not less than fifteen (15) days from the date the notice is mailed to Borrower(s), by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the
notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceedings or other proceedings consistent with the law, and sale of the Property. If Borrower fails to cure any such breach on or before the date
specified in the notice, Lender at Lender’s option, subject to any right of reinstatement to which Borrower(s) is entitled under applicable law, may declare without further demand all of the sums secured by this Mortgage to be immediately due
and payable and the lien against the Property created by this Mortgage may be foreclosed in accordance with either a judicial foreclosure procedure or a trustee foreclosure procedure and may result in the loss of the Property. If Lender initiates a
trustee foreclosure procedure, Borrower shall have the option to object and Lender may proceed only by filing a judicial foreclosure action. Lender shall be entitled to collect in such proceedings all expenses of foreclosure, including, but not
limited to, reasonable attorneys’ fees, court costs, and costs of documentary evidence, abstracts and title reports. 

19. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower(s) hereby assigns to Lender the rents
of the Property, provided that Borrower(s) shall, prior to acceleration under Paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. 

Upon acceleration of the Note or abandonment of the Property, Lender shall be entitled, without notice, to enter upon, take possession of
and manage the Property and to collect the rents of the Property, including those past due. All rents collected shall be appointed first to payment of the costs of management of the Property and collection of rents, including, but not limited to,
management fees, court costs, and reasonable attorneys’ fees, and then to the sums secured by this Mortgage. The Lender shall be liable to account only for those rents actually received. Borrower(s) shall not be entitled to possession or
use of the Property after abandonment or after the Lender has accelerated the balance due under the Note. Alternatively, Lender may seek the appointment of a receiver to manage and collect rents from the Property. If a receiver is appointed, any
income from rents from the Property shall be applied first to the costs of receivership, and then in the order set forth above. 

20. Future Advances. Upon request by Borrower(s), Lender, at Lender’s option, may make Future Advances to Borrower(s). Such
Future Advances, with interest thereon, shall be secured by this Mortgage whether or not evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this Mortgage,
not including sums advanced in accordance herewith to protect the security of this Mortgage, exceed one hundred fifty percent (150%) of the original amount of the Note. 
 21. Lender’s Prior Consent. Borrower(s) shall not, except after notice to Lender and with Lender’s prior written consent, either partition or subdivide the Property or consent to:

 (i) The abandonment of the Trust Property or termination of the Trust, except for abandonment or termination required by law
in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; 

(ii) any amendment to any provision of the Trust Agreement, Bylaws of the Trust Association, or equivalent constituent documents of the
Trust which provision is for the express benefit of Lender; or 
 (iii) any action which would have the effect of rendering the
public liability insurance coverage maintained by the Trust Association, or other owners’ association governing the Property or Trust Property, unacceptable to Lender. 
 22. Lender’s Reserved Rights. Notwithstanding any rights granted to Borrower(s) under the Trust Plan Documents (as defined in the Trust Agreement), the Lender reserves the right to implement,
at any time and in coordination with the Trust Manager (as defined in the Trust Agreement), limitations and additional procedures relative to the ability of Borrower(s) to use Points (as 

  

					
	 464448-9 (11.15.10)
	  	Page 3 of 4	  	

 
defined in the Trust Agreement) in a Use Year (as defined in the Trust Agreement) prior to that when they would normally be available for use. 

23. Attorneys’ Fees. As used in this Mortgage and in the Note, “attorneys’ fees” shall include attorneys’
fees, if any, and related costs incurred by Lender in the enforcement of its rights under the Note and/or Mortgage, whether or not legal action is instituted, and any fees and costs of trial and appellate proceedings. 

24. Venue and Jurisdiction. THIS MORTGAGE SHALL BE GOVERNED BY, CONSTRUED UNDER AND INTERPRETED AND ENFORCED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF FLORIDA AND THE COURTS OF THE STATE OF FLORIDA IN THE COUNTY OF ORANGE SHALL BE THE EXCLUSIVE COURTS OF JURISDICTION AND VENUE FOR ANY LITIGATION OR OTHER PROCEEDING THAT MAY BE BASED ON, ARISE OUT OF, UNDER OR IN
CONJUNCTION WITH THIS MORTGAGE, UNLESS OTHERWISE REQUIRED BY LAW. HOLDER AND BORROWER(S) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF,
UNDER OR IN CONJUNCTION WITH THIS MORTGAGE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER EXTENDING THE LOAN EVIDENCED BY THE NOTE.

 IN WITNESS WHEREOF, Borrower(s) has/have executed this Mortgage on the day and year first written above. 

Signed in the presence of: 

					
			
	  	 		 	  
	Mortgagor	 		 	Mortgagor

					
			
	  	 		 	  
	Printed Name	 		 	Printed Name

					
			
	  	 		 	  
	Mortgagor	 		 	Mortgagor

					
			
	  	 		 	  
	Printed Name	 		 	Printed Name

					
			
	STATE OF ______________________)	 		 	ACKNOWLEDGMENT
			
	COUNTY OF ____________________)	 		 	

 This Mortgage was acknowledged before me this
             day of
                            ,
                 by
                                ,
                                ,
                                     and
                                    , (i) who is (are)
personally known to me or (ii) has (have) produced
                                         
        [list type of identification] as identification. 

	
	
	  
	Print Name: ________________________________
	
	NOTARY PUBLIC
	My Commission Expires: ______________________
	Commission No: _____________________________

 (ADDITIONAL ACKNOWLEDGMENT, IF MORTGAGORS SIGN BEFORE DIFFERENT NOTARIES) 

 

					
	STATE OF ______________________)	 		 	ACKNOWLEDGMENT
			
	COUNTY OF ____________________)	 		 	

 This Mortgage was acknowledged before me this
             day of
                            ,
                 by
                                        ,
                                ,
                                     and
                                    , (i) who is (are)
personally known to me or (ii) has (have) produced
                                 [list type of identification] as identification.

	
	
	  
	Print Name: ________________________________
	
	NOTARY PUBLIC
	My Commission Expires: ______________________
	Commission No: _____________________________

  

					
	 464448-9 (11.15.10)
	  	Page 4 of 4	  	

 ARIZONA SAMPLE (MVC) 

(INDIVIDUAL) 
 Upon closing of
the purchase to which this Note applies, the undersigned hereby authorize(s) closing agent or Holder to complete this Note by inserting the applicable dates for commencement of payments due hereunder, the monthly payment date and the final payment
date. DO NOT DESTROY THIS NOTE. 
 PROMISSORY NOTE 

Ownership Interest No.(s): 
 _______________________________________ 
 Canyon Villas Vacation Ownership Program

  

			
	 US $___________________________
	  	_____________________, 200_

 FOR VALUE RECEIVED, the undersigned
                     (“Borrower(s)”) promise(s) to pay to the order of MARRIOTT OWNERSHIP RESORTS, INC., (said party or any other
party to whom this Note may be transferred and assigned is hereinafter called the “Holder”), P.O. Box 8038, Lakeland, Florida 33802, or order, the principal sum of
                                     U.S. Dollars (US
$                        ), with interest on the unpaid balance from the date of this Note, or
                         (whichever is later), until paid, at the rate of
                             percent (        %) per
annum. Interest shall be calculated by applying the stated annual rate against the unpaid principal for the actual number of days elapsed divided by a 360 day year. Principal and interest shall be payable, without offset, in lawful money of the
United States at the Holder’s address set forth above, or such other place as the Holder may from time to time designate, in consecutive monthly installments of
                             U.S. Dollars (US
$                        ), beginning on the
                 day of                  and continuing thereafter on the
same day of each month, with the remaining unpaid balance, together with accrued interest thereon, due and payable, if not sooner paid, on
                                        .

 The indebtedness evidenced by this Note is secured by a Trust Deed, dated of even date herewith, creating a lien on the real
property described therein (the “Ownership Interest(s)”), located in Phoenix, Maricopa County, Arizona. Reference is made to said Trust Deed for rights of the Holder upon acceleration of the indebtedness evidenced by this Note. 

Each monthly payment shall be tendered with a $5.00 service fee. If any monthly installment is not received by the Holder within ten
(10) days after the date the installment is due, Borrower(s) shall pay to the Holder a late charge of six percent (6%) of such late installment or $25.00, whichever is greater. The Holder may apply any payment received by it to the payment
of all late charges then owing before application to interest or principal. Such late charge is in addition to and not in lieu of or diminution of any other rights and remedies of the Holder of this Note. 

Each monthly payment made by Borrower(s) shall be applied as of its scheduled due date. Each payment shall be credited on account of
amounts due in the order specified in Paragraph 20 of the Trust Deed. 
 Borrower(s) may prepay the principal amount outstanding
in whole or in part without a penalty. Any partial prepayment in excess of the amounts then due shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly installments or change the amount
of such installments. 
 The makers, sureties, guarantors and endorsers hereof severally waive presentment for payment, demand
and notice of dishonor and nonpayment of this Note, and consent to any and all extensions of time, renewals, waivers or modifications that may be granted by the Holder hereof with respect to the payment or other provisions of this Note, and to the
release of any security, or any part thereof, with or without substitution. This Note shall be the joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their respective heirs, personal
representatives, successors and assigns. 
 At the option of the Holder, the entire unpaid principal amount outstanding and
accrued interest thereon shall become due and payable without demand or further notice to Borrower(s) upon: 
  

	 	a.	Failure of Borrower(s) to pay when due any installment payable hereunder which remains unpaid after a date specified in a notice (not less than fifteen (15) days
from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b.	The insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s); 

 

	 	c.	The sale (or lease with option to purchase) or transfer of all or any part of the Ownership Interest(s) or any interest therein without the prior written consent of the
Holder, excluding a transfer by devise, descent or by operation of law upon the death of a joint tenant therein; or 

  

	 	d.	Failure of Borrower(s) to comply with the covenants of the Trust Deed after notice and failure to cure as provided in the Trust Deed. 

The Holder may exercise its option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, attorney’s fees, whether or not action be instituted hereon.

 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given after mailing same by U.S. mail,
postage prepaid (or such other more expeditious method as may be appropriate in the case of foreign addresses, as Holder may choose in its discretion), addressed to Borrower(s) at the address stated below, or to such other address as Borrower(s) may
designate by written notice to the Holder. Any notice to the Holder shall be deemed to have been given by mailing such notice by U.S. certified mail, return receipt requested, (or in the case of a notice originating in a foreign country, by such
other method that results in the Holder acknowledging in writing receipt of the notice), at 6649 Westwood Boulevard, Suite 500, Orlando, Florida 32821-6090, or at such other address as may be designated by written notice to Borrower(s). 

Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note. 
 It is the intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It
is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if
theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable
law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest
that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully 

 
assert the claim or defense of usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake and the same shall either be refunded to Borrower(s) or be
credited on the unpaid principal amount hereof, and this Note shall be automatically deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of interest allowable under applicable law. 

This Note shall be governed by, construed under and enforced in accordance with the laws of the State of Arizona. Borrower(s) consent(s)
to jurisdiction and venue in the state and federal courts within the State of Arizona. 
  

					
	BORROWER(S) ADDRESS:	 		 	BORROWER(S):
			
	  	 		 	  
	 	 		 	(Name of Individual)
	 	 		 	
	 	 		 	 
		 		 	(Name of additional Individual)
			
		 		 	 
		 		 	(Name of additional Individual)
			
		 		 	 
		 		 	(Name of additional Individual)

 (Execute Original Only) 

 ARIZONA SAMPLE (MVC) 
 WHEN RECORDED, MAIL TO: 
 First American Title Insurance Company 

4801 E. Washington 
 Phoenix, AZ 85034

 HOLD FOR PICKUP 
 TRUST DEED 
 With Assignment of Rents  

THIS TRUST DEED, made this          day of
            ,20         between
                                        
                                         
       , whether one or more, as TRUSTOR, whose address is
                                         
                                        c/o
Marriott Resorts Hospitality Corporation, P. O. Box 890, Lakeland, Florida 33802 and First American Title Insurance Company, 4801 East Washington, Phoenix, AZ 85034, as TRUSTEE, and MARRIOTT OWNERSHIP RESORTS, INC., a Delaware Corporation, whose
address is 1200 U.S. 98 South, Lakeland, Florida 33801, as BENEFICIARY. 
 WITNESSETH: That Trustor CONVEYS AND WARRANTS
TO TRUSTEE IN TRUST, WITH POWER OF SALE, the following described real property (herein the “Property”), lying situate and being in Phoenix, Maricopa County, Arizona: 
 Ownership Interest(s):                 ,
                ,                 , and
                , in CANYON VILLAS OWNERSHIP PROGRAM (the “Program”) with either Floating Time Rights for Platinum or Gold Use Periods or Fixed
Time Rights for Platinum Plus Use Periods, as applicable, consisting of the following: 
 I. For each Ownership Interest in the Program being
conveyed herein, an undivided interest (“Ownership Share”) in the Land described in Exhibit “A” attached hereto and by this reference made a part hereof and the Improvements constructed or to be constructed thereon from
time to time (collectively, the Land and Improvements are the “Property”), as tenants in common with the holders of other Ownership Shares in the Property under the Canyon Villas Vacation Ownership Program Declaration of Covenants,
Conditions and Restrictions dated June 19, 2001, recorded in Maricopa County, Arizona Recorder’s Office as Document No. 2001-0534924 , as amended from time to time (“Program Declaration”). The Ownership Share(s) included in
the Ownership Interest(s) conveyed herein is calculated pursuant to Exhibit “C” of the Program Declaration and is subject to adjustment in accordance with the Program Declaration as additional Units are added to the Program, as shown in
Notices recorded from time to time by Beneficiary. 
 II. The exclusive right to reserve and then use and occupy a Unit of the 2 bedroom Unit
Type on an                  Year          Rights basis, in accordance with, and subject to, the Program Declaration,
together with the right in common with other owners to use and enjoy the Property during the Use Period assigned to each Ownership Interest identified above. 
 III. Membership in the Canyon Villas Vacation Owners Association (“Association”). 
 TOGETHER WITH all of the rights, title privileges, easements, and common areas and facilities appertaining to the above described Ownership Interest(s), as set forth in the Declaration; 

TOGETHER WITH all and singular the rights, members, hereditaments and appurtenances to the said property belonging or in any way
incidental or appertaining; 
 TOGETHER WITH all fixtures and improvements now or hereafter located thereon and all water
rights, rights of way, easements, rents, issues, profits, income, tenements, hereditaments, privileges and appurtenances thereunto belonging, now or hereafter used or enjoyed with the Property, or any part thereof, SUBJECT, HOWEVER, to the right,
power and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues, and profits; 

FOR THE PURPOSE OF SECURING (1) payment of the indebtedness evidenced by a promissory note, in the principal sum of
$                , made by Trustor, payable to the order of the Beneficiary at the times, in the manner and with interest as therein set forth, and any extensions
and/or renewals or modifications thereof (herein the “Note”); (2) the performance of each agreement of Trustor herein contained; (3) the payment of such additional loans or advances (herein “Future Advances”) as
hereafter may be made to Trustor, or his successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Trust Deed; and (4) the payment of all sums expended or advanced by Beneficiary under or
pursuant to the terms hereof, together with interest thereon as herein provided. 
 Trustor covenants that Trustor is lawfully
seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Ownership Interest(s), that the Ownership Interest(s) are unencumbered, and that Trustor will warrant and defend generally the title to the Ownership
Interest(s) against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Beneficiary’s interest in the Ownership Interest(s).

 Trustor shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, late charges as
provided in the Note, reasonable service charges imposed by Beneficiary for servicing the loan account, as provided in the Note, and the principal of and interest on any Future Advances secured by this Trust Deed. 

TO PROTECT THE SECURITY OF THIS TRUST DEED, TRUSTOR AGREES: 

1. Trustor’s Obligations Concerning Property. To keep the Property in good condition and repair; not to remove or
demolish any building thereon, to restore promptly and in good and workmanlike manner any building thereon which may be damaged 

  

					
	466492v3 (9.1.09)	 	Page 1 of 7	 	

 
or destroyed; to comply with all laws, covenants and restrictions affecting the Property; not to commit or permit waste thereof; not to commit, suffer or permit any act upon the Property in
violation of law; to do all other acts which from the character or use of the Property may be reasonably necessary, including complying with the provisions of the Program Declaration, Articles of Incorporation, the By-Laws and Canyon Villas Vacation
Ownership Program Rules, and all other documents pertaining to the Property or the Association. 
 Trustee, upon presentation to
it of an affidavit signed by Beneficiary, setting forth facts showing a default by Trustor under this numbered paragraph, is authorized to accept as true and conclusive all facts and statements therein, and to act thereon hereunder. 

2. Insurance. To take such actions as may be reasonable to insure that the Association each provides and maintains
insurance of such types and amounts as the Declaration may require, covering the improvements now existing or hereafter erected or placed on the Property. Such insurance shall be carried in companies approved by Beneficiary, with loss payable
clauses in favor of and in form acceptable to Beneficiary. In event of loss, Trustor shall give immediate notice to Beneficiary, who may make proof of loss, and each insurance company concerned is hereby authorized and directed to make payment for
such loss directly to Beneficiary instead of Trustor and Beneficiary jointly. The insurance proceeds, if required by the Declaration or vote of the unit owners, shall be applied by Beneficiary to the restoration or repair of the property damaged.

 To the extent such insurance proceeds exceed the cost of such restoration or repair and the Board of Trustees of the
Condominium Association decides to disburse such excess, Trustor’s share of such excess shall be applied to the sums secured hereby, with the excess, if any, paid to Trustor. Unless Beneficiary and Trustor otherwise agree in writing, any such
application of proceeds to principal shall not postpone the due dates of the monthly installments payable by Trustor hereunder, nor change the amount of such installments. If under the provisions of this Trust Deed, the Property is acquired by
Beneficiary, all right, title and interest of Trustor in and to any insurance policies and in and to any excess insurance proceeds thereof from damage to the Property prior to the sale or acquisition shall pass to Beneficiary to the extent of the
sums secured by this Trust Deed immediately prior to such sale or acquisition. 
 3. Evidence of Title. To deliver
to, pay for and maintain with Beneficiary until the indebtedness secured hereby is paid in full, such evidence of title as Beneficiary may require including a policy of title insurance. 

4. Trustor to Defend Title. To appear in and defend any action or proceeding purporting to affect the security hereof, the
title to the Ownership Interest(s), or the rights or powers of Beneficiary or Trustee; and should Beneficiary or Trustee elect also to appear in or defend any such action or proceeding, to pay all costs and expenses including cost of evidence of
title and attorney’s fees in a reasonable sum incurred by Beneficiary or Trustee. 
 5. Basic Charges; Special
Charges; Personal Charges; Encumbrances; Fees. 
 (a) To pay at least 10 days before delinquency all
Basic Charges, Special Charges and Personal Charges (as those terms are defined in the Declaration) affecting the Ownership Interest(s) arising under the Declaration (collectively the “Charges”); to pay, when due, all encumbrances,
charges, and liens with interest, on the Property or any part thereof, which at any time appear to be prior or superior hereto; to pay all costs, fees, and expenses of this Trust. 

(b) Subject to applicable law, upon written request by Beneficiary to Trustor, Trustor shall pay to Beneficiary on the day
when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of the annual Basic and Special Charges affecting the Ownership Interest(s) due
under the Declaration, or such other amounts or for such other periods other than monthly, e.g. quarterly, etc., all as reasonably estimated initially and from time to time by Beneficiary on the basis of bills and reasonable estimates thereof.

 (c) If Beneficiary exercises the right set forth in b) above, the Funds shall be held in an institution the
deposits or accounts of which are insured or guaranteed by a Federal or State agency. Beneficiary shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes and Common Assessments. Beneficiary may not charge for so
holding and applying the Funds, analyzing said account, or verifying and compiling said Common Assessments and bills, unless Beneficiary pays to Trustor interest on the Funds and applicable law permits Beneficiary to make such a charge. Unless
applicable law requires, and except as provided above, Beneficiary shall not be required to pay Trustor any interest on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the
Funds and the purposes for which each debit to the Funds was made. The Funds are hereby pledged as additional security for the sums secured by this Trust Deed. 
 (d) If the amount of the Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due dates of Basic and Special Charges, shall exceed the amount required to
pay such Basic and Special Charges as they fall due, such excess shall be, at Trustor’s option, either promptly repaid to Trustor or credited to Trustor on future monthly installments of Funds. If the amount of the Funds held by Beneficiary
shall not be sufficient to pay Basic and Special Charges as they fall due, Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Beneficiary to Trustor
requesting payment thereof, but in no event shall Beneficiary require payment in advance for Basic and Special Charges to be held and disbursed as set forth hereunder in an amount which exceeds the estimate of the next year’s amount for same.

 (e) Upon payment in full of all sums secured by this Trust Deed, Beneficiary shall promptly refund to Trustor
any Funds held by Beneficiary. If in the exercise of Beneficiary’s remedies under this Trust Deed, the Ownership Interest(s) are sold or the Ownership Interest(s) are otherwise acquired by Beneficiary, Beneficiary shall apply, no later than
immediately prior to the sale of the Property or its acquisition by Beneficiary, any Funds then held by Beneficiary as a credit against the sums secured by this Trust Deed. 
 6. Protection of Security of Trust Deed. Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without
notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may (i) make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being
authorized to enter upon the Property for such purposes; (ii) commence, appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; (iii) pay, purchase, contest,
or compromise any encumbrance, charge or lien which in the judgment of either 

  

					
	466492v3 (9.1.09)	 	Page 2 of 7	 	

 
appears to be prior or superior hereto; and (iv) in exercising any such powers, incur any liability, expend whatever amounts in its absolute discretion it may deem necessary therefor,
including cost of evidence of title, employ counsel, and pay his reasonable fees. Trustor agrees to pay immediately and without demand all sums expended hereunder by Beneficiary or Trustee, with interest from date of expenditure at the rate payable
from time to time on outstanding principal under the Note until paid, and the repayment thereof shall be secured hereby. 
 7.
Right of Entry. To permit Beneficiary to make or cause to be made reasonable entries upon and inspections of the Property, provided that Beneficiary shall give Trustor notice prior to any such inspection, specifying reasonable cause.

 IT IS MUTUALLY AGREED THAT: 
 8. Condemnation Awards and Insurance Proceeds. Should the Property or any part thereof be taken or damaged by reason of any public improvement or condemnation proceeding, or damaged by fire,
or earthquake, or in any other manner, Beneficiary shall be entitled to Trustor’s and/or the Ownership Interest(s)’ share of all compensation, awards, and other payments or relief therefor, and shall be entitled at its option to commence,
appear in and prosecute in its own name, any action or proceedings, or to make any compromise or settlement, in connection with such taking or damage. Trustor’s and/or the Ownership Interest’s share of all such compensation, awards,
damages, rights of action and proceeds, including the proceeds of any policies of fire and other insurance affecting the Property, are hereby assigned to Beneficiary, who may, after deducting therefrom all its expenses, including attorney’s
fees, apply the same on any indebtedness secured hereby. Trustor agrees to execute such further assignments of any compensation, award, damages, and rights of action and proceeds as Beneficiary or Trustee may require. Unless Beneficiary and Trustor
otherwise agree in writing, any application of proceeds to the indebtedness secured hereby shall not postpone the due date of the monthly installments payable under the terms of the Note or pursuant to Paragraph 5 hereof, nor change the amount of
such installments. 
 9. Actions by Trustee. At any time and from time to time upon written request of
Beneficiary, payment of its fees and presentation of this Trust Deed and the Note for endorsement (in case of full reconveyance, for cancellation and retention), without affecting the liability of any person for the payment of the indebtedness
secured hereby, Trustee may (a) consent to the making of any map or plat of the Property; (b) join in granting any easement or creating any restriction thereon; (c) join in any subordination or other agreement affecting this Trust
Deed or the lien or charge thereof; (d) reconvey, without warranty, all or any part of the Ownership Interest(s). The grantee in any reconveyance may be described as “the person or persons entitled thereto”, and the recitals therein
of any matters or facts shall be conclusive proof of the truthfulness thereof. Trustor agrees to pay reasonable Trustee’s fees for any of the services mentioned in this paragraph. 

10. Conditional Assignment of Rents. As additional security, Trustor hereby assigns to Beneficiary, during the continuance
of these trusts, all rents, issues, royalties, and profits of the Ownership Interest(s) affected by this Trust Deed and of any personal property located thereon. Until Trustor shall default in the payment of any indebtedness secured hereby or in the
performance of any agreement hereunder, Trustor shall have the right to collect all such rents, issues, royalties, and profits earned prior to default as they become due and payable. From and after any such default by Trustor, Trustor’s right
to collect any of such sums shall cease, and Beneficiary shall have the right, with or without taking possession of the Ownership Interest(s), to collect all rents, royalties, issues, and profits. Failure or discontinuance of Beneficiary at any time
or from time to time to collect any such sums shall not in any manner affect the subsequent enforcement by Beneficiary of the right, power, and authority to collect the same. Nothing contained herein, nor the exercise of the right by Beneficiary to
collect, shall be, or be construed to be, an affirmation by Beneficiary of any tenancy, lease or option, nor an assumption of liability under, nor a subordination of the lien or charge of this Trust Deed to, any such tenancy, lease or option.

 11. Receiver. Upon any default by Trustor hereunder, Beneficiary may at any time without notice, either in
person, by agent, or by a receiver to be appointed by a court (Trustor hereby consenting to the appointment of Beneficiary as such receiver), and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take
possession of the Ownership Interest(s) or any part thereof, in its own name sue for or otherwise collect any rents, issues, and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection,
including reasonable attorney’s fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. Beneficiary shall be liable to account to Trustor only for those rents actually received. 

12. Exercise of Rights by Beneficiary Shall Not Constitute a Cure. The entering upon and taking possession of the Ownership
Interest(s), the collection of such rents, issues, and profits, or the proceeds of fire and other insurance policies, or compensation or awards for any taking of or damage to the Property and the application or release thereof as aforesaid, shall
not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. 
 13.
Notice of Sale. The Trustor requests that a copy of any notice of sale hereunder be mailed to him at the address hereinbefore set forth. 
 14. Trustor’s Default. Time is of the essence hereof. Upon default by Trustor in the payment of any indebtedness secured hereby or in the performance of any agreement hereunder,
Beneficiary, prior to acceleration of the debt, shall mail notice to Trustor as provided in paragraph 23 hereof, specifying: (i) the breach; (ii) the action required to cure such breach; (iii) a date, not less than fifteen
(15) days from the date the notice is mailed to Trustor by which such breach must be cured; and (iv) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this
Trust Deed and sale of the Property by the Trustee or at foreclosure by judicial proceeding. If the breach is not cured on or before the date specified in the notice, Beneficiary, at Beneficiary’s option, may declare, without further demand,
all of the sums secured by this Trust Deed to be immediately due and payable and may either direct the Trustee to sell the Property or foreclose this Trust Deed by judicial proceedings. Beneficiary shall be entitled to collect all expenses of
collection, including, but not limited to, attorney’s fees, whether or not action be instituted hereon, court costs, and costs of documentary evidence, abstracts and title reports. As used in this Trust Deed and in the Note,
“attorney’s fees” shall include attorney’s fees, if any, which may be awarded by an appellate court. 
 15.
Power of Sale. In the event of such default and acceleration of the debt, Beneficiary may execute or cause Trustee to execute a written notice of default and of election to cause the Property to be sold to satisfy the obligations
hereof, and Trustee shall 

  

					
	466492v3 (9.1.09)	 	Page 3 of 7	 	

 
file such notice for record in each county wherein the Property is situated. Beneficiary also shall deposit with Trustee, the Note and all documents evidencing expenditures secured hereby. After
the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of default and notice of sale having been given as then required by law; Trustee, without demand on Trustor, shall sell the
Ownership Interest(s) on the date and at the time and place designated in the notice of sale, either as a whole or in separate parcels, and in such order as it may determine (but subject to any statutory right of Trustor to direct the order in which
such property, if consisting of several known lots or parcels, shall be sold) at public auction to the highest bidder, the purchase price payable in lawful money of the United States at the time of sale. The person conducting the sale may, for any
cause he deems expedient, postpone the sale from time to time until it shall be completed and, in every case, notice of postponement shall be given by public declaration thereof by such person at the time and place last appointed for the sale.
Trustee shall execute and deliver to the purchaser its Deed conveying the Property so sold, but without any covenant or warranty, express or implied. The recitals in the Deed of any matters or facts shall be conclusive proof of the truthfulness
thereof. Any person, including Beneficiary, may bid at the sale. Trustee shall apply the proceeds of the sale to the payment of (1) the costs and expenses of exercising the power of sale and of the sale, including the payment of the
Trustee’s and attorney’s fees (including any which may be awarded by an appellate court); (2) cost of any evidence of title procured in connection with such sale and revenue stamps, if any, on the Trustee’s Deed; (3) all
sums expended under the terms hereof, not then repaid, with accrued interest from date of expenditure at the rate payable from time to time on outstanding principal under the Note; (4) all other sums then secured hereby; and (5) the
remainder, if any, to the person or persons legally entitled thereto, or as provided in A.R.S. § 33-812. 
 16.
Judicial Foreclosure. Upon the occurrence of any default hereunder, Beneficiary shall have the option to declare all sums secured hereby immediately due and payable, sue on the Note and/or foreclose this Trust Deed in the manner
provided by law for the foreclosure of mortgages on real property and Beneficiary shall be entitled to recover in such proceeding all costs and expenses incident thereto, including an attorney’s fee in such amount as shall be fixed by the court
(including any which may be awarded by an appellate court). 
 17. Successor Trustee. Beneficiary may appoint a
successor trustee at any time by filing for record in the office of the County Recorder of the county in which the Property is situated, a substitution of trustee. From the time the substitution is filed for record, the new trustee shall succeed to
all the powers, duties, authority and title of the trustee named herein or of any successor trustee. Each such substitution shall be executed and acknowledged, and notice thereof shall be given and proof thereof made, in the manner provided by law.

 18. Acceptance of Trust. Trustee accepts this Trust when this Trust Deed, duly executed and acknowledged, is
made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Trust Deed or of any action or proceeding in which Trustor, Beneficiary, or Trustee shall be a party, unless brought by
Trustee. 
 19. Parties. This Trust Deed shall apply to, insure to the benefit of, and bind all parties hereto,
their heirs, legatees, devisees, administrators, executors, successors and assigns. All obligations of Trustor hereunder are joint and several. The term “Beneficiary” shall mean the owner and holder, including any pledgee, of the note
secured hereby. In this Trust Deed, whenever the context requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. 
 20. Application of Payments. Unless applicable law provides otherwise, all payments received by Beneficiary from or on behalf of Trustor, other than payments made specifically for the
purpose set forth in paragraph 5 hereof, shall be applied by Beneficiary first in payment of amounts payable to Beneficiary by Trustor under paragraph 5 hereof, if any, then against advances, if any, made by Beneficiary pursuant to paragraph 6 of
this Trust Deed, then to costs, fees, expenses and other amounts incurred and advanced by the Beneficiary in the enforcement of its rights under the Note and this Trust Deed, including without limitation, costs and reasonable attorneys’ fees,
then to unpaid service fees, then to interest payable on the Note, then to the principal of the Note, then to unpaid late charges, if any, then to interest on any Future Advances made at Beneficiary’s option pursuant to paragraph 24 hereof,
then to the principal of Future Advances, if any, made at Beneficiary’s option pursuant to paragraph 24 hereof. 
 21.
Acceleration upon Sale. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Trustor without Beneficiary’s prior written consent, excluding (a) a transfer
by devise, descent or by operation of law upon the death of a joint tenant, or (b) the creation of a lien or encumbrance subordinate to this Trust Deed, Beneficiary may, at Beneficiary’s option, declare all the sums secured by this Trust
Deed to be immediately due and payable. Beneficiary shall have waived such option to accelerate if, and only if, prior to the sale (or lease with option to purchase) or transfer, Beneficiary and the person to whom the Property is to be sold (or
leased) or transferred reach agreement in writing that the credit of such person is satisfactory to Beneficiary and that the interest payable on the sums secured by this Trust Deed shall be at such rate as Beneficiary shall request. If Beneficiary
has waived the option to accelerate as herein provided, and if Trustor’s successor in interest has executed a written assumption agreement accepted in writing by Beneficiary, Beneficiary shall release Trustor from all obligations under this
Trust Deed and the Note. If Beneficiary exercises such option to accelerate, Beneficiary shall mail Trustor notice of acceleration. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within
which Trustor may pay the sums declared due. If Trustor fails to pay such sums prior to the expiration of such period, Beneficiary may, without further notice or demand on Trustor, invoke any remedies provided in this Trust Deed or by law.

 22. No Waiver; Remedies Cumulative. Any forbearance by Beneficiary in exercising any right or remedy hereunder,
or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy in the future, and the waiver of Beneficiary of any default shall not constitute a waiver of any other or subsequent default. The
procurement of insurance or the payment of taxes or other liens, charges or assessments by Beneficiary shall not be a waiver of Beneficiary’s right to accelerate the maturity of the indebtedness secured by this Trust Deed. All remedies provided
in this Trust Deed are distinct and cumulative to any other right or remedy under this Trust Deed or afforded by law or equity, and may be exercised concurrently, independently or successively. 

23. Notices. Except for any notice required under applicable law or under the Note to be given in another manner,
(a) any notice to Trustor provided for in this Trust Deed shall be given by mailing such notice by U.S. Mail, postage prepaid (or such other more expeditious method as may be appropriate in the case of foreign addresses, as Beneficiary may
choose in its discretion), addressed to Trustor at the Trustor’s address as set forth herein or in the Note, or at such other address as Trustor may designate by 

  

					
	466492v3 (9.1.09)	 	Page 4 of 7	 	

 
notice to Beneficiary as provided herein, and (b) any notice to Beneficiary shall be given by certified mail, return receipt requested, (or in the case of a notice originating in a foreign
country, by such other method that results in the Beneficiary acknowledging in writing, receipt of the notice), to Beneficiary’s address stated herein or to such other address as Beneficiary may designate by notice to Trustor as provided
herein. Any notice provided for in this Trust Deed shall be deemed to have been given to Trustor or Beneficiary when given in the manner designated herein. 
 24. Future Advances. Upon request by Trustor, Beneficiary, at Beneficiary’s option, may make additional loans to Trustor. Such additional loans (“Future Advances”), with
interest thereon, shall be secured by this Trust Deed when evidenced by promissory notes stating that said notes are secured hereby. 
 25. Abandonment; Amendments to Condominium Documents. Trustor shall not, except after notice to Beneficiary and with Beneficiary’s prior written consent, either partition or subdivide
the Property or consent to: 
 (i) The abandonment or termination of the Program or Program Declaration, except for abandonment
or termination required by law in the case of substantial destruction by fire or other casualty or in the case of taking by condemnation or eminent domain; 
 (ii) Any amendment to any provision of the Program Declaration, or the Articles of Incorporation, By-Laws or Rules and Regulations of the Association, or equivalent constituent documents of the Program,
which is for the express benefit of Beneficiary. 
 26. Provisions Severable. This Trust Deed shall be construed
according to the laws of the State of Arizona. In the event that any provision or clause of this Trust Deed or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Trust Deed or the Note which can be given
effect without the conflicting provision. To this end the provisions of the Trust Deed and the Note are declared to be severable. 

  

					
	466492v3 (9.1.09)	 	Page 5 of 7	 	

 IN WITNESS WHEREOF, Trustor has executed this Trust Deed on the day and year first
written above. 
 Upon closing of the purchase to which this Trust Deed applies, the undersigned hereby authorize(s) closing
agent to complete this Trust Deed by inserting the appropriate date of the Trust Deed and to complete, as necessary, the recording information relating to the documents by which the Ownership Interest(s) being encumbered by this Trust Deed was
created. 
 _______________________________ 
 Trustor 
 _______________________________ 

Trustor 

_______________________________ 
 Trustor 
 _______________________________ 

Trustor 
 STATE OF
                             
                                   
      ss. 
 COUNTY OF
                         
 On                         , personally appeared before me
                                         
                        the signer(s) of the above instrument, who duly acknowledged to me that he/she/they executed the same.

	
	
	  
	Printed Name of Notary:______________________
	Notary Public, State of_______________________
	Commission No:______________________
	Expiration:_____________________________

  

					
	 466492v3 (9.1.09)
	  	Page 6 of 7	  	

 EXHIBIT “A” 
 Lot 16, of DESERT RIDGE SUPERBLOCK 7/4 PHASE I, according to the plat of record in the Office of the County Recorder of Maricopa County, Arizona, recorded in Book 383 of Maps, Page 1 and the Certificate
of Correction recorded February 3, 1995 in 95-0064178 of Official Records. 
 EXCEPTING therefrom all gas, oil, metals and mineral rights
as reserved in Patent No. 53-52417-02, recorded September 15, 1994 in 94-0680372, of Official Records and as reserved in Patent No. 53-52417-01, recorded May 20, 1997 in 97-0336125, of Official Records. 

For posting purposes, the Ownership Interest No(s) conveyed by the Deed shall be shown as Lot
                             in Book 12 of Maps, page 91. 

  

					
	 466492v3 (9.1.09)
	  	Page 7 of 7	  	

 CALIFORNIA SAMPLE (MVC) 

“TO BE DATED AT CLOSING BY CLOSING AGENT” 
 NOTE SECURED BY DEED OF TRUST< 
  

			
	Deed of Trust No:
                                        
	  	Timeshare Interest No(s):            
	Recorded:
                                         
           	  	
	US $
                                        
	  	
		  	Closing Date:
                                

 FOR VALUE RECEIVED, the undersigned
                         (“Borrower(s)”) promise(s) to pay MARRIOTT OWNERSHIP RESORTS, INC., (said party or any
other party to whom Marriott Ownership Resorts, Inc. may transfer and assign this Note, and who holds this Note from time to time is hereinafter referred to as “Holder”), Post Office Box 8038, Lakeland, Florida 33802, or order, the
principal sum of «             Dollars (US $             ), with interest on the unpaid balance from the date
(the “closing date”) of this Note, until paid, on which the escrow for the purchase of the Timeshare Interest(s) described in the recorded deed of trust (the “Deed of Trust”) securing this Note closes, at the rate of
             percent (            %) per annum, [based on a 360 day year and on the actual number of days
elapsed]. Principal and interest shall be payable in lawful money of the U.S. at the Holder’s address set forth above, or such other place as the Holder may, from time to time, designate, in consecutive monthly installments of
             Dollars (US $            ), on the
             day of each month and continuing thereafter on the same day of each month for a period of             
months commencing on                             , with the remaining unpaid principal balance,
together with accrued interest thereon, due and payable, if not sooner paid, on                         . 

The indebtedness evidenced by this Note is secured by a Deed of Trust, of even date herewith, to First American Title Insurance Company,
3625 Fourteenth Street, Riverside, CA 92502, as trustee. Reference is made to said Deed of Trust for rights as to acceleration of the indebtedness evidenced by this Note, and for other remedies in the event of default. 

Each monthly payment shall be tendered with a
                     service fee or such other reasonable service fee as the holder of this Note shall determine from time to time by written
notice to Borrower(s). 
 Borrower(s) shall pay to the Holder a late charge of (i) six percent (6%) for any monthly
installment not received by the Holder within ten (10) days after the date the installment is due or $5.00, whichever is greater, and (ii) a returned check charge of $15.00 for each occurrence in the event Borrower(s) shall pay any
installment by personal check returned to the Holder hereof for any reason. A late charge will be deducted from the next payment received. 
 Each payment shall be credited first on service fees, then on any returned check charges, if any, then on unpaid late charges, if any, then on interest due, and the remainder on principal. 

Borrower(s) may prepay the principal amount outstanding in whole or in part. Any partial prepayment in excess of the interest then
accrued shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly installments or change the amount of such installments. 

Presentment, notice of dishonor, and protest are hereby waived by all makers, sureties, guarantors and endorsers hereof. This Note shall
be the joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their successors and assigns. 
 At the option of the Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and payable without demand or further notice to Borrower(s) upon: 

1. Failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a
notice (not less than fifteen (15) days from the date such notice is mailed) from the Holder to the Borrower(s); 
 2. The
insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against the Borrower(s); 
 3. The sale
(or lease with option to purchase) or transfer of all or any part of the Property or any interest therein without the prior written consent of the Holder, excluding a transfer by devise, descent or by operation of law upon the death of a joint
tenant therein or grant of any leasehold interest of three (3) years or less not containing an option to purchase; 
 4.
Failure of Borrower(s) to comply with the covenants of the Deed of Trust; 
 5. Failure of Borrower(s) to comply with the
requirements of the Declarations, Articles of Incorporation, By-Laws and Rules and Regulations governing the Property securing payment hereof. 
 The Holder may exercise this option to accelerate during any default by Borrower(s) regardless of any prior forbearance. 
 If this Note is not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to,
reasonable attorney’s fees, whether or not action be instituted hereon. 
 Any notice to Borrower(s), request, demand,
instruction or other document provided for in this Note shall be deemed to have been given after depositing same in any U.S. post office box, postage prepaid, addressed to Borrower(s) at the address stated below, or to such other address as
Borrower(s) may designate by written notice to the Holder. Any Notice to the Holder shall be given by mailing such notice by certified mail, return receipt requested, to the Holder at the address stated in the first paragraph of this Note, or at
such other address as may have been designated by written Notice to Borrower(s). Any notice provided for in this Note shall be deemed to have been given to Borrower(s) or the Holder when given in the manner herein designated. 

 

	
	BORROWER(S)’ ADDRESS:
	  
	
	
	
	 
	
	 
	Borrower
	
	 
	Borrower
	
	 
	Borrower
	
	 
	Borrower
	
	 
	Borrower

 CALIFORNIA SAMPLE (MVC) 
 Order No. 
 Escrow No. 
 Loan No. 
 RECORDING REQUESTED BY: 
 WHEN RECORDED MAIL TO: 
 MARRIOTT OWNERSHIP RESORTS, INC. 

ATTN: NEW OWNER ADMINISTRATION 
 P.O. Box 24747

 LAKELAND, FL 33802 
  

 
 Space Above for Recorder’s
Use             
 UPON CLOSE OF ESCROW OF THE PURCHASE TO WHICH THIS DEED OF TRUST
APPLIES, TRUSTOR(S) HEREBY AUTHORIZE(S) ESCROW HOLDER/CLOSING AGENT OR HOLDER OF THE NOTE TO COMPLETE THIS DEED OF TRUST AND THE NOTE AS PROVIDED FOR IN THE CONTRACT FOR PURCHASE PURSUANT TO WHICH THE TIMESHARE INTEREST(S) WERE ACQUIRED BY
TRUSTOR(S). 
 DEED OF TRUST WITH ASSIGNMENT OF RENTS 
 (SHORT FORM) 
 This DEED OF TRUST, made
                     20         between
                                         
       ,
                                         
       , herein called TRUSTOR, whose address is
                                         
                   , FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called TRUSTEE, and MARRIOTT OWNERSHIP RESORTS, INC., a
Delaware corporation, herein called BENEFICIARY. 
 WITNESSETH: That Trustor grants to Trustee in Trust, with Power of Sale,
that property in the City of Palm Desert, County of Riverside, State of California, described as: 
 (SEE ATTACHED EXHIBIT A)

 (Ref:                 ) 

Together with the rents, issues and profits thereof, subject, however, to the right, power and authority hereinafter given to and
conferred upon Beneficiary to collect and apply such rents, issues and profits. For the Purpose of Securing (1) payment of the sum of
$                     with interest thereon according to the terms of a promissory note or notes of even date herewith made by Trustor,
payable to order of Beneficiary, and extensions or renewals thereof, and (2) the performance of each agreement of Trustor incorporated by reference or contained herein (3) Payment of additional sums and interest thereon which may hereafter
be loaned to Trustor, or his successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. 
 To protect the security of this Deed of Trust, and with respect to the property above described, Trustor expressly makes each and all of the agreements, and adopts and agrees to perform and be bound by
each and all of the terms and provisions set forth in subdivision A, and it is mutually agreed that each and all of the terms and provisions set forth in subdivision B of the fictitious deed of trust recorded in Orange County August 17, 1964,
and in all other counties August 18, 1964, in the book and at the page of Official Records in the office of the county recorder of the county where said property is located, noted below opposite the name of such county, namely: 

 

																							
	 COUNTY
	  	BOOK	  	PAGE	  	COUNTY	  	BOOK	  	PAGE	  	COUNTY	  	BOOK	  	PAGE	  	COUNTY	  	BOOK	  	PAGE
	 Alameda
	  	1288	  	556	  	Kings	  	858	  	713	  	Placer	  	1028	  	379	  	Sierra	  	38	  	187
	 Alpine
	  	3	  	130-31	  	Lake	  	437	  	110	  	Plumas	  	166	  	1307	  	Siskiyou	  	506	  	762
	 Amador
	  	133	  	438	  	Lassen	  	192	  	367	  	Riverside	  	3778	  	347	  	Solano	  	1287	  	621
	 Butte
	  	1330	  	513	  	Los Angeles	  	T-3878	  	874	  	Sacramento	  	5039	  	124	  	Sonoma	  	2067	  	427
	 Calaveras
	  	185	  	338	  	Madera	  	911	  	136	  	San
Benito	  	300	  	405	  	Stanislau	  	1970	  	56
	 Colusa
	  	323	  	391	  	Marin	  	1849	  	122	  	San Bernardino	  	6213	  	768	  	Sutter	  	655	  	585
	 Contra Costa
	  	4684	  	1	  	Mariposa	  	90	  	453	  	San
Francisco	  	A-804	  	596	  	Tehama	  	457	  	183

																							
	 Del Norte
	  	101	  	549	  	Mendocino	  	667	  	99	  	San Joaquin	  	2855	  	283	  	Trinity	  	108	  	595
	 El Dorado
	  	704	  	635	  	Merced	  	1660	  	753	  	San Luis Obispo	  	1311	  	137	  	Tulare	  	2530	  	108
	 Fresno
	  	5052	  	623	  	Modoc	  	191	  	93	  	San Mateo	  	4778	  	175	  	Tuolumne	  	177	  	160
	 Glenn
	  	469	  	76	  	Mono	  	69	  	302	  	Santa Barbara	  	2065	  	881	  	Ventura	  	2607	  	237
	 Humboldt
	  	801	  	83	  	Monterey	  	357	  	239	  	Santa Clara	  	6626	  	664	  	Yolo	  	769	  	16
	 Imperial
	  	1189	  	701	  	Napa	  	704	  	742	  	Santa Cruz	  	1638	  	607	  	Yuba	  	398	  	693
	 Inyo
	  	165	  	672	  	Nevada	  	363	  	94	  	Shasta	  	800	  	633	  		  		  	
	 Kern
	  	3756	  	690	  	Orange	  	7182	  	18	  	San Diego	  	SERIES 5 BOOK 1964, Page 144974	  		  	

 shall inure to and bind the parties hereto, with respect to the property above described. Said agreements, terms and
provisions contained in said subdivision A and B, (identical in all counties, and printed on the attached) are by the within reference thereto, incorporated herein and made a part of this Deed of Trust for all purposes as fully as if set forth at
length herein, and Beneficiary may charge for a statement regarding the obligation secured hereby, provided the charge therefore does not exceed the maximum allowed by law. 
 The undersigned Trustor(s), requests that a copy of any notice of default and any notice of sale hereunder be mailed to him/her/it at the address hereinbefore set forth. 

 

	
	Signature of Trustor(s)
	
	  
	
	  
	
	  
	
	  

 ACKNOWLEDGMENT 
 (For Use In California Only) 
 STATE OF
                     
 COUNTY OF
                 

On             before
me,                                        
    , a notary public, personally appeared_____________________________________
                                         
                                         
                                         
                                         
                                         
                   , 
 who proved to me on the
basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on
the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF PERJURY
under the laws of the State of California that the foregoing paragraph is true and correct. 
 WITNESS my hand and official seal. 

 

			
	Signature  	 	 

 (Seal) 

 COLORADO SAMPLE (MVC) 
 Upon closing of the purchase to which this Note applies, the undersigned hereby authorize(s) closing agent or Holder to complete this Note by inserting the applicable dates for commencement of payments
due hereunder, the monthly payment date and the final payment date. DO NOT DESTROY THIS NOTE. When paid, this Note, with the Deed of Trust securing the same, must be surrendered to the Trustee for cancellation before release will be made.

 PROMISSORY NOTE 
 Reference No.                          

Mountain Valley Lodge           

 

			
	 US $            
	  	                           
         , 19        

 FOR VALUE RECEIVED, the undersigned
                                     (“Borrower(s)”)
promise(s) to pay to the order of MARRIOTT OWNERSHIP RESORTS, INC., (said party or any other party to whom this Note may be transferred and assigned is hereinafter called the “Holder”), P.O. Box 8038, Lakeland, Florida 33802, or order, the
principal sum of ____________________________________
                                         
                No/100 U.S. Dollars (US $            ) on the unpaid balance from the date of this Note,
until paid, at the rate of                      percent
(            %) per annum. Interest shall be calculated by applying the stated annual rate against the unpaid principal for the actual number of days elapsed divided by a 360
day year. Principal and interest shall be payable, without offset, in lawful money of the United States at the Holder’s address set forth above, or such other place as the Holder may, from time to time, designate, in
                                         
    consecutive monthly installments of
                                         
                            No/100 U.S. Dollars
(US $            ), beginning on the              day of
                    , 19         and continuing thereafter on the same day of each month, with
the remaining unpaid balance, together with accrued interest thereon, due and payable, if not sooner paid, on
                                         
               . The indebtedness evidenced by this Note is secured by a Deed of Trust, dated of even date herewith, creating a lien on the real property described therein
(the “Property”), located in the Town of Breckenridge, Summit County, Colorado. Reference is made to said Deed of Trust for rights of the Holder upon acceleration of the indebtedness evidenced by this Note. 

Each monthly payment shall be tendered with a $4.00 service fee. If any monthly installment is not received by the Holder within ten
(10) days after the date the installment is due, Borrower(s) shall pay to the Holder a late charge of five percent (5%) for any monthly installment not received by the Holder within ten (10) days after the date the installment is due
.. The Holder may apply any payment received by it to the payment of all late charges then owing before application to interest or principal. Such late charge is in addition to and not in lieu of or diminution of any other rights and remedies of the
Holder of this Note. 
 Each payment made by Borrower(s) shall be credited on account of amounts due in the order specified in
Paragraph 3 of the Purchase Money Deed of Trust. 
 The Principal balance may be prepaid, in whole or in part, at any time or
from time to time without a penalty. Any prepayment shall include interest to the date it is made. Partial prepayments shall be applied to the installments in the inverse order of their maturity. There will be no changes in the due date or in the
amount of the monthly payment unless the Holder agrees in writing to those changes. 
 The makers, sureties, guarantors and
endorsers hereof severally waive presentment for payment, demand and notice of dishonor and nonpayment of this Note, and consent to any and all extensions of time, renewals, waivers or modifications that may be granted by the Holder hereof with
respect to the payment or other provisions of this Note, and to the release of any security, or any part thereof, with or without substitution. This Note shall be the joint and several obligation of all makers, sureties, guarantors and endorsers,
and shall be binding upon them and their respective heirs, personal representatives, successors and assigns. 
 At the option of
the Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and payable without demand or further notice to Borrower(s) upon: 

 

	 	a)	Failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than twenty
(20) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b)	The insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s); 

 

	 	c)	The sale (or lease with option to purchase) or transfer of all or any part of the Property or any interest therein without the prior written consent of the Holder,
excluding a transfer by devise, descent or by operation of law upon the death of a joint tenant therein; or 

  

	 	d)	Failure of Borrower(s) to comply with the covenants of the Deed of Trust after notice and failure to cure as provided in the Deed of Trust. 

The Holder may exercise its option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, attorney’s fees, whether or not action be instituted hereon.

 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given after mailing same by U.S. mail,
postage prepaid (or such other more expeditious method as may be appropriate in the case of foreign addresses, as Holder may choose in its discretion), addressed to Borrower(s) at the address stated below, or to such other address as Borrower(s) may
designate by written notice to the Holder. Any notice to the Holder shall be deemed to have been given by mailing such notice by U.S. certified mail, return receipt requested, (or in the case of a notice originating in a foreign country, by such
other method that results in the Holder acknowledging in writing receipt of the notice), at 1200 U.S. 98 South, Lakeland, Florida 33802, or at such other address as may be designated by written notice to Borrower(s). 

This Note shall be governed by, construed under and enforced in accordance with the laws of the State of Colorado. Borrower(s) consent(s)
to jurisdiction and venue in the state and federal courts within the State of Colorado. 
  

					
	 	 		 	BORROWER(S) ADDRESS:
	Borrower	 		 	
	  	 		 	  
	Borrower	 		 	
	  	 		 	  
	Borrower	 		 	
	  	 		 	  

 (Execute Original Only) 

 COLORADO SAMPLE (MVC) 
 UPON CLOSING OF THE PURCHASE TO WHICH THIS PURCHASE MONEY DEED OF TRUST APPLIES, THE UNDERSIGNED HEREBY AUTHORIZES CLOSING AGENT TO COMPLETE THIS PURCHASE MONEY DEED OF TRUST BY INSERTING THE APPLICABLE
DATES. 
 PURCHASE MONEY DEED OF TRUST 
 THIS DEED OF TRUST, made this
                                , by the Grantor(s) «LEGAL_NAME»
(“Borrower”), to the Public Trustee of Summit County, Colorado (“Trustee”) for the benefit of the Beneficiary, MARRIOTT OWNERSHIP RESORTS, INC., P.O.Box 8038, Lakeland, Florida 33802 (“Lender”). 

WHEREAS, Borrower is indebted to Lender in the principal sum of «MTG_TXT» U.S. Dollars (US $ «MTG_AMT» ), which
indebtedness is evidenced by Borrower’s Purchase Money Promissory Note of even date herewith (“Note”), providing for equal monthly installments of principal and interest, with the balance of the indebtedness, if not sooner paid, due
and payable                          months from the date hereof. 

To secure the Lender (a) the repayment of the indebtedness evidenced by the Note, with interest thereon, the payment of all other
sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust, and the performance of the covenants and agreements of Borrower herein contained, and (b) the repayment of any future advances, with
interest thereon, made to Borrower by Lender pursuant to paragraph 20 hereof (“Future Advances”), Borrower irrevocably grants and conveys to Trustee, in trust for the benefit of Lender, with power of sale the following-described property
located in the County of Summit, State of Colorado: 
  

							
	Condominium	  	Resort Interest.	  	Designated	  	Designated
	 Unit No.
	  	No	  	Unit Type	  	Season
	 «MVDATA1»
	  		  		  	

 Mountain Valley Lodge, a condominium, previously known as Hotel Breckenridge, a condominium hotel,
according to the Condominium Declaration for Hotel Breckenridge, a condominium hotel, recorded June 30, 1992 at reception no. 424105, the First Supplemental Declaration of Condominium and Timeshare Ownership for Mountain Valley Lodge, a
condominium, recorded September 20, 1994 at reception no. 476347, the condominium map for Hotel Breckenridge recorded June 30, 1992 at reception no. 424104 and any and all amendments, modifications and supplements thereto County of Summit,
State of Colorado 
 also known by street and number as a resort interest in Mountain Valley Lodge, Breckenridge, Colorado 

Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the
Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the property against all claims and demands, subject to any declaration, easements, or restrictions listed in a schedule of exceptions to
coverage in any title insurance policy insuring Lender’s interest in the Property. Borrower further agrees and covenants to abide by the terms and provisions attached hereto and incorporated herein by reference. 

IN WITNESS WHEREOF, Borrower has executed this Deed of Trust. 

 

					
			
	  	 		 	  
	Borrower	 		 	Borrower
			
	  	 		 	  
	Borrower	 		 	Borrower

 STATE OF
                    ) 
               )ss. 
 COUNTY
OF                 ) 
 This foregoing instrument was
acknowledged before me this                              «LEGAL_NAME». 

WITNESS my hand and this official seal. 

 

	
	  
	Notary Public
	My Commission expires:

  

					
	 11.08.94(MV.MORT.1)
	  	Page 1 of 4	  	

 ADDITIONAL COVENANTS AND TERMS 
 Borrower and Lender covenant and agree as follows: 
 1. Payment of Principal, Interest, Late
Charge and Service Fees. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, late charges as provided in the Note, reasonable service charges imposed by Lender for servicing the loan account
and the principal of and interest on any Future Advances secured by the Deed of Trust. 
 2. Funds for Taxes, Assessments and Insurance. Subject
to applicable law, upon written request by Lender to Borrower, Borrower shall pay to Lender on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”)
equal to one-twelfth of Borrower’s share of the yearly taxes and assessments which may attain priority over this Deed of Trust and one-twelfth of the annual maintenance fee or assessment due under the applicable First Supplemental Declaration
of Condominium and Timeshare Ownership (herein “Condominium Assessments”), all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. 

If lender exercises the foregoing right, the Funds shall be held in an institution the deposits or accounts of which are insured or
guaranteed by a federal or state agency. Lender shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes, assessments, and Condominium Assessments. Lender may not charge for so holding and applying the Funds, analyzing
said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law requires, Lender shall not be required to pay
Borrower any interest on earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds was made. The Funds are
hereby pledged as additional security for the sums secured by this Deed of Trust. 
 If the amount of the Funds held by Lender,
together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, and Condominium Assessments shall exceed the amount required to pay such taxes, assessments, and Condominium Assessments as they fall due,
such excess shall be, at Borrower’s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, and
Condominium Assessments as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Lender to Borrower requesting payment thereof. 

Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any funds held by Lender. If
under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds then held by Lender as a credit
against the sums secured by this Deed of Trust. 
 3. Application of Payments. Unless applicable law provides otherwise, all payments received
by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first to service fees, then to any returned check charges, if any, then on unpaid late charges, if any, then on interest due, and the remainder on principal.

 4. Charges; Liens. Borrower shall promptly pay, when due, all Condominium and Resort Owner Association Assessments imposed by the applicable
Condominium or Resort Owners Association pursuant to the provisions of the declarations, bylaws, rules and regulations or other constituent documents applicable to the Property (the “Project Documents”). Borrower shall pay all taxes,
assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when
due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this Paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such
payments. Borrower shall promptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation
secured by such lien in a manner acceptable to Lender and if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal
proceedings which operate to prevent the enforcement of such lien or forfeiture of the Property or any part thereof and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation. 

5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards
included within the term “extended coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that
amount of coverage required to pay the sums secured by this Deed of Trust. This obligation shall be deemed satisfied so long as the Condominium and Resort Owners Associations maintain a “master” or “blanket” policies for
liability and casualty insurance in accordance with the terms hereof. 
 The insurance carrier providing the insurance shall be
chosen by Borrower or the Condominium or Resort Owners Association subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. If required, all premiums on insurance policies shall be paid in the manner provided
under paragraph 2 hereof, or, if not paid in such manner, by Borrower or the Condominium or Resort Owners Association making payment, when due, directly to the insurance carrier. 

All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor
of and in a form acceptable to Lender. Borrower shall give Lender prompt notice of any lapse in hazard insurance coverage. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if
not made promptly by Borrower. 
 Pursuant to the terms of the Project Documents timeshare declarations, insurance proceeds
shall be applied to restoration or repair of the Property damaged, whether the unit or the common elements. To the extent such insurance proceeds exceed the cost of such restoration or repair and the Board of Directors of the Condominium or Resort
Owners Association decides to disburse such excess, Borrower’s share of such excess shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. Unless Lender and Borrower otherwise agree in writing,
any such application of proceeds to principal shall not exceed or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is
acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to any excess insurance proceeds thereof from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the
sums secured by this Deed of Trust immediately prior to such sale or acquisition. 
 6. Preservation and Maintenance of Property; Condominium.
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property. Borrower shall perform all of Borrower’s obligations under the Project Documents. Borrower shall take such actions
as may be reasonable to insure that the Condominium and Resort Owners Associations maintain a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. If a condominium rider is executed by Borrower and recorded
together with the Deed of Trust, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part hereof. 

  

					
	 11.08.94(MV.MORT.1)
	  	Page 2 of 4	  	

 7. Protection of Lender’s Security. If Borrower fails to perform the covenants and agreements contained
in this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving
a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender’s interest, including, but not limited to, disbursement
of funds to pay reasonable attorneys’ fees and entry upon the Property to make repairs. 
 Any amounts disbursed by Lender
pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms or payment, such amount shall be payable upon notice from Lender to
Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in
which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 

8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower
notice prior to any such inspection specifying reasonable cause therefor related to Lender’s interest in the Property. 
 9. Condemnation.
The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or part of the Property, whether of the unit or the common elements or for any conveyance in lieu
of condemnation, pursuant to the terms of the Project Documents shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. 
 Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2
hereof or change the amount of such installments. 
 10. Borrower Not Released. Extension of the time for payment or modification of
amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower’s successors in interest. Lender
shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower and
Borrower’s successor in interest. 
 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy
hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of
Lender’s right to accelerate the maturity of the indebtedness secured by this Deed of Trust. 
 12. Remedies Cumulative. All remedies
provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively. 

13. Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of paragraph 17 below, the covenants and
agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the
paragraphs of this Deed of Trust are for convenience only and are not to be used to interpret or define the provisions hereof. 
 14. Notice.
Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Deed of Trust shall be given by mailing such notice by U.S. Mail, postage prepaid, addressed to Borrower at the
Borrower’s address as set forth in the Note, or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to
Lender’s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given in the
manner designated herein. 
 15. Governing Law; Severability. This Deed of Trust shall be governed by the laws of the state where the Property
is located. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict shall not affect other provisions of the Deed of Trust or the Note which can be given effect without the conflicting
provision, and to this end the provisions of the Deed of Trust and the Note are declared to be severable. 
 16. Borrower’s Copy. Borrower
shall be furnished a copy of the Note and this Deed of Trust at the time of execution or after recordation hereof. 
 17. Transfer of the
Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender’s prior written consent, excluding (a) a transfer by devise, decent or by operation of law upon the death of
a joint tenant, (b) the creation of a purchase money security interest for household appliances, (c) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (d) the creation of a
lien or encumbrance subordinate to this Deed of Trust, Lender may, at Lender’s option, declare all the sums secured by this Deed of Trust to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if,
prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Deed
of Trust shall be at such rate Lender shall request, and if the assumption fee set by Lender has been paid. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower’s successor in interest has executed a
written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Deed of Trust, and the Note. Assumption of Borrower’s Deed of Trust and Note shall be permitted only with written approval
of, and at the sole discretion of Lender. 
 If Lender exercises such option to accelerate, Lender, shall mail Borrower notice
of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than thirty (30) days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such
sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 
 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower’s breach of any covenant or agreement of Borrower in this Deed of Trust, including the covenants to pay when due
any sums secured by this Deed of Trust, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than
thirty (30) days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by
this Deed of Trust, foreclosure by judicial proceeding and sale of Property. If the breach is not cured on or before the date specified in the notice, Lender at Lender’s option, subject to any right of reinstatement to which Borrower is
entitled under applicable law, may declare, without further demand, all of the sums secured by this Deed of Trust to be immediately due and payable and may foreclose this Deed of Trust by judicial proceedings. Lender shall be entitled to collect in
such proceedings all expenses of foreclosure, including, but not limited to, reasonable attorneys’ fees, court costs, and costs of documentary evidence, abstracts and title reports. 

  

					
	 11.08.94(MV.MORT.1)
	  	Page 3 of 4	  	

 19. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns
to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration or
abandonment of the Property, Lender shall be entitled without notice, to enter upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected shall be appointed first to
payment of the costs of management of the Property and collection of rents, including, but not limited to, management fees, court costs, and reasonable attorneys’ fees and then to the sum secured by this Deed of Trust. The Lender shall be
liable to account only for those rents actually received. Borrower shall not be entitled to possession or use of the Property after abandonment or after the Lender has accelerated the balance due. Alternatively, Lender may seek the appointment of a
receiver to manage and collect rents from the Property. If a receiver is appointed, any income from rents from the Property shall be applied first to the costs of receivership, and then in the order set forth above. 

20. Future Advances. Upon request by Borrower, Lender, at Lender’s option, may make Future Advances to Borrower. Such Future Advances, with interest
thereon, shall be secured by this Deed of Trust whether or not evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this Deed of Trust, not including sums
advanced in accordance herewith to protect the security of this Deed of Trust, exceed one hundred fifty percent (150%) of the original amount of the Note. 
 21. Lender’s Prior Consent. Borrower shall not, except after notice to Lender and with Lender’s prior written consent, either partition or subdivide the Property or consent to: (i) The
abandonment or termination of the applicable condominium or timeshare regime, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or
eminent domain; (ii) any amendment to any provision of the Project Documents which is for the express benefit of Lender; or (iii) any action which would have the effect of rendering the public liability insurance coverage maintained by the
Condominium or Resort Owners Association unacceptable to Lender. 
 22. Remedies. In the event Borrower defaults in payment of the Note secured
hereby or in the performance of any covenants herein set forth, then the Lender shall have all legal and equitable remedies available to it under Colorado law. In addition, Lender shall have the automatic right without the appointment of a Receiver
to have access to and exclusive possession of the Resort Interest and Resort Unit encumbered hereby or such other Resort Interest and Resort Unit whose use has been assigned to Borrower by the Resort Owners Association or by any exchange company.
This right to exclusive occupancy and possession shall entitle, but shall not obligate Lender to receive and retain any rental payments to which Borrower would otherwise be entitled, which are received by Lender or any of its related companies, or
by the Condominium or Resort Owners Association or any other rental agent. 
 Lender may implement the remedies provided herein
by, among other methods, giving notice of default to the Borrower, the Condominium or Resort Owners Association and the management company responsible for the administration and management of the Property encumbered hereby. 

If the Borrower fails to deliver to Lender and to the management company an affidavit setting forth facts contesting the default alleged
by Lender prior to the date Borrower’s use week commences, then the management company shall thereupon be entitled to deliver possession of the condominium unit or the rental, net only of any rental management fee, if any, to Lender. Lender,
the Condominium or Resort Owners Associations and the management company shall be released from any claims by Borrower in connection with the exercise by Lender of remedies herein described. 
 23. Attorneys’ Fees. As used in this Deed of Trust and in the Note, “attorneys’ fees” shall include attorneys’ fees, if any, which may be awarded by a trial or an appellate court.

  

					
	 11.08.94(MV.MORT.1)
	  	Page 4 of 4	  	

 FLORIDA SAMPLE (MVC) 

[UPON CLOSING OF THE PURCHASE TO WHICH THIS NOTE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT OR HOLDER TO COMPLETE THIS
NOTE BY INSERTING THE DATE OF THE NOTE AND APPLICABLE DATES FOR COMMENCEMENT OF PAYMENTS DUE HEREUNDER, THE MONTHLY PAYMENT DATE AND THE FINAL PAYMENT DATE.] 
 NOTE SECURED BY MORTGAGE 
 Season/Unit No./Unit Week
No(s):                                     

Lakeshore Reserve Condominium 

			
	 US$            
	  	                        ,
20    

 FOR VALUE RECEIVED, the undersigned
                                     (“Borrower(s)”)
promise(s) to pay to the order of MARRIOTT OWNERSHIP RESORTS, INC., (said party or any other party to whom Marriott Ownership Resorts, Inc. may transfer and assign this Note and who holds this Note from time to time is hereinafter called the
“Holder”), Post Office Box 8038, Lakeland, Florida 33802, or order, the principal sum of
                                         
                    U.S. Dollars (US $            ), with interest on the unpaid
balance from                         , until paid, at the rate of
                         percent per annum
(            %) (calculated on the basis of a 360 day year, collected for the actual number of days principal is outstanding in any calendar year). Principal and interest shall
be payable in lawful money of the United States at the Holder’s address set forth above, or such other place as the Holder may, from time to time, designate, in consecutive monthly installments of
                                     U.S. Dollars (US $
            ), on the              day of each month and continuing thereafter on the same day of each month
beginning                     , for a period of              months with
the remaining unpaid principal balance, together with accrued interest thereon, due and payable, if not sooner paid, on                     .

 The indebtedness evidenced by this Note is secured by a Mortgage, dated of even date herewith, creating a lien on the real
property described therein (the “Property”). Reference is made to said Mortgage for rights as to acceleration of the indebtedness evidenced by this Note. 
 Each monthly payment shall be tendered with a $             service fee. 

Borrower(s) shall pay to the Holder a late charge of six percent (6%) for any monthly installment not received by the Holder within
ten (10) days after the date the installment is due. The late charge will be deducted from the next payment received. 

Each payment shall be credited first to amounts due pursuant to Paragraph 2 of the Mortgage, then to advances, if any, made by the Lender
pursuant to Paragraph 7 of the Mortgage, then to the costs, fees, expenses and other amounts incurred and advanced by the Holder in the enforcement of its rights hereunder, including, without limitation, costs and reasonable attorneys’ fees
described below, then to interest due hereunder, including interest on any Future Advances, then to principal due hereunder, including principal on any Future Advances, then to unpaid service fees, then to unpaid late charges, if any. 

Borrower(s) may prepay the principal amount outstanding in whole or in part. Any partial prepayment in excess of the interest then
accrued shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly installments or change the amount of such installments. 

Demand, presentment, notice of dishonor, and protest are hereby waived by all makers, sureties, guarantors and endorsers hereof. This
Note shall be a joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their heirs, personal representatives, successors and assigns. 

At the option of the Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and payable
without demand or further notice to Borrower(s) upon any one of the following events of default: 
  

	 	a)	failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than fifteen
(15) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b)	failure of Borrower(s) to perform any other covenant or agreement of Borrower(s) in this Note or the Mortgage within fifteen (15) days after the mailing of notice
from the Holder to the Borrower(s) specifying the nature of such failure; and 

  

	 	c)	the insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s) as otherwise provided herein. 

The Holder may exercise this option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, reasonable attorneys’ fees, whether or not action be instituted
hereon, and costs of trial and appellate proceedings. 
 In the event of any default by the Borrower(s) hereunder, Holder at its
sole option, may charge the Borrower(s) the highest interest rate allowed by law and/or pursue any and all remedies available to it under applicable law. 
 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given upon depositing same in any U.S. post office, postage prepaid, addressed to Borrower(s) at the address stated below,
or to such other address as Borrower(s) may designate by written notice to the Holder. Any notice to the Holder shall be given by mailing such notice by certified mail, return receipt requested, to the Holder at the address stated in the first
paragraph of this Note, or at such other address as may have been designated by written notice to Borrower(s). Any notice provided for in this Note shall be deemed to have been given to Borrower(s) or the Holder when given in the manner herein
designated. 
 THIS NOTE SHALL BE GOVERNED BY, CONSTRUED UNDER AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF FLORIDA AND THE COURTS OF THE STATE OF FLORIDA IN THE COUNTY OF ORANGE SHALL BE THE EXCLUSIVE COURTS OF JURISDICTION AND VENUE FOR ANY LITIGATION OR OTHER PROCEEDING THAT MAY BE BASED ON, ARISE OUT OF, UNDER OR IN CONJUNCTION WITH THIS
NOTE, UNLESS OTHERWISE REQUIRED BY LAW. HOLDER AND BORROWER(S) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONJUNCTION WITH
THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR HOLDER EXTENDING THE LOAN EVIDENCED BY THIS NOTE. 

Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note. 
 It is the intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It
is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if
theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable
law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest
that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake
and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of
interest allowable under applicable law. 
 Time is of the essence in the performance of each and every obligation represented
by this Note. 
 BORROWER’S ADDRESS: 
  

					
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here

 (Execute Original Only) 
 DOCUMENTARY STAMP TAXES HAVE BEEN PAID AND THE PROPER AMOUNTS AFFIXED TO THE MORTGAGE 

 FLORIDA SAMPLE (MVC) 

[UPON CLOSING OF THE PURCHASE TO WHICH THIS MORTGAGE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT TO COMPLETE THIS
MORTGAGE BY INSERTING THE APPROPRIATE DATE OF THE MORTGAGE AND TO COMPLETE, AS NECESSARY, THE RECORDING INFORMATION RELATING TO THE DOCUMENTS BY WHICH THE TIMESHARE ESTATE(S) BEING ENCUMBERED BY THIS MORTGAGE WAS(WERE) CREATED] 

MORTGAGE 
  

 
 THIS MORTGAGE is made this
                                         
   , between the Mortgagor(s),
                                        
                                         
                                         
               (herein “Borrower(s)”), whose post office address is c/o Marriott Resorts Hospitality Corporation, P.O. Box 890, Lakeland, Florida 33802, and the
Mortgagee, MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation, the address of which is Post Office Box 8038, Lakeland, Florida 33802 (said party, its successors and assigns is herein called “Lender”). 

WHEREAS, Borrower(s) is/are indebted to Lender in the principal sum of
                                         
                                         
                                  U.S. Dollars
(US$                                ), which indebtedness is evidenced by
Borrower’s Note of even date herewith (herein “Note”), providing for monthly installments of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable
                                     from the date hereof.

 TO SECURE to Lender (a) the repayment of the indebtedness evidenced by the Note, with interest thereon, the
payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage, and the performance of the covenants and agreements of Borrower(s) herein contained, and (b) the repayment of any future
advances, with interest thereon, made to Borrower(s) by Lender pursuant to Paragraph 20 hereof (herein “Future Advances”), Borrower(s) does hereby mortgage, grant and convey to Lender and Lender’s successors and assigns the following
described property located in the County of Orange, State of Florida: 
 Season:
             Unit No.              Unit Week:
             Unit Type:              Fixed
Time             Floating Time             

Season:              Unit No.
             Unit Week:              Unit Type:
             Fixed Time             Floating
Time             
 Season:
             Unit No.              Unit Week:
             Unit Type:              Fixed
Time             Floating Time             

Season:              Unit No.
             Unit Week:              Unit Type:
             Fixed Time             Floating
Time             
 of Lakeshore Reserve Condominium, according to the
Declaration of Condominium thereof, recorded in Official Records Book 9741 at Page 2312 in the Public Records of Orange County, Florida, and any amendments thereof (“Declaration”). 

TO HAVE AND TO HOLD unto Lender and Lender’s successors and assigns, forever, together with all the improvements now or
hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures now or hereafter attached to the property, all of which,
including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property are herein referred to as the “Property”. 

Borrower(s) covenants that Borrower(s) is/are lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and
convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of
exceptions to coverage in any title insurance policy insuring Lender’s interest in the Property. 
 Borrower(s) and Lender
covenant and agree as follows: 
 1. Payment of Principal, Interest, Late Charges and Service Fees. Borrower(s) shall
promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, late charges as provided in the Note, reasonable service charges imposed by Lender for servicing the loan account and the principal of and interest on any
Future Advances secured by this Mortgage. 
 2. Funds for Taxes, Assessments and Insurance. Subject to applicable law,
upon written request by Lender to Borrower(s), Borrower(s) shall pay to Lender on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to
one-twelfth of Borrower’s share of the yearly taxes and assessments relating to the subject Property encumbered by this Mortgage and one-twelfth of the annual maintenance fee or assessment due under the Declaration (herein “Condominium
Assessments”), or such other amounts or for such other periods other than monthly, e.g., quarterly or one-fourth, etc., all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable
estimates thereof. 
 If Lender exercises the foregoing right, the Funds shall be held in an institution the deposits or
accounts of which are insured or guaranteed by a Federal or state agency. Lender shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes, assessments, and Condominium Assessments. Lender may not charge for so holding
and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower(s) interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law requires,
Lender shall not be required to pay Borrower(s) any interest on earnings on the Funds. Lender shall give to Borrower(s), without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit
to the Funds was made. The Funds are hereby pledged as additional security for the sums secured by this Mortgage. 

  
 Page 1 of 4

 If the amount of the Funds held by Lender, together with the future monthly installments of
Funds payable prior to the due dates of taxes, assessments, and Condominium Assessments shall exceed the amount required to pay such taxes, assessments, and Condominium Assessments as they fall due, such excess shall be, at Borrower’s option,
either promptly repaid to Borrower(s) or credited to Borrower(s) on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, and Condominium Assessments as they fall due, Borrower(s)
shall pay to Lender any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Lender to Borrower(s) requesting payment thereof, but in no event shall Lender require payment in advance for taxes
and assessments to be held and disbursed as set forth hereunder in an amount which exceeds the estimate of the next year’s amount for same. 
 Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower(s) any Funds held by Lender. If under Paragraph 18 hereof the Property is sold or the Property is
otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds then held by Lender as a credit against the sums secured by this Mortgage. 

3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and
Paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower(s) under Paragraph 2 hereof, if any, then against advances, if any, made by Lender pursuant to Paragraph 7 of this Mortgage, then to
costs, fees, expenses and other amounts incurred and advanced by the Lender in the enforcement of its rights under the Note and this Mortgage, including, without limitation, costs and reasonable attorneys’ fees, then to unpaid service fees,
then to interest payable on the Note, then to the principal of the Note, then to unpaid late charges, if any, then to interest on any Future Advances made at Lender’s option pursuant to Paragraph 20 hereof, then to principal on Future Advances,
if any, made at Lender’s option pursuant to Paragraph 20 hereof. 
 4. Charges; Liens. Borrower(s) shall promptly
pay, when due, all Condominium Assessments imposed by Lakeshore Reserve Condominium Association, Inc. or other governing body of Lakeshore Reserve Condominium (the “Condominium Association”) pursuant to the provisions of the Declaration,
by-laws, rules and regulations or other constituent documents of Lakeshore Reserve Condominium. 
 Borrower(s) shall pay all
taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, in the manner provided under Paragraph 2 hereof or, if not paid in such manner, by Borrower(s) making payment,
when due, directly to the payee thereof. Borrower(s) shall promptly furnish to Lender all notices of amounts due under this Paragraph, and in the event Borrower(s) shall make payment directly, Borrower(s) shall promptly furnish to Lender receipts
evidencing such payments. Borrower(s) shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower(s) shall not be required to discharge any such lien so long as Borrower(s) shall agree in writing to the payment
of the obligation secured by such lien in a manner acceptable to Lender and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation, or shall in good faith contest such lien by, or defend enforcement of
such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation.

 5. Hazard Insurance. Borrower(s) shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazards included within the term “extended coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the
amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. This obligation shall be deemed satisfied so long as the Condominium Association maintains a “master” or “blanket” policy
in accordance with the terms hereof. 
 The insurance carrier providing the insurance shall be chosen by Borrower(s) or the
Condominium Association subject to approval by Lender; provided that such approval shall not be unreasonably withheld. If required, all premiums on insurance policies shall be paid in the manner provided under Paragraph 2 hereof, or, if not paid in
such manner, by Borrower(s) or the Condominium Association making payment, when due, directly to the insurance carrier. 
 All
insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Borrower(s) shall give Lender prompt notice of any lapse in hazard insurance
coverage. In the event of loss, Borrower(s) shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower(s). 
 Pursuant to the terms of the Declaration, insurance proceeds shall be applied to restoration or repair of the Property damaged, whether the unit or the common elements. To the extent such insurance
proceeds exceed the cost of such restoration or repair and the Board of Directors of the Condominium Association decides to disburse such excess, Borrower’s share of such excess shall be applied to the sums secured by this Mortgage, with the
excess, if any, paid to Borrower(s). 
 Unless Lender and Borrower(s) otherwise agree in writing, any such application of
proceeds to principal shall not exceed or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. If under Paragraph 18 hereof the Property is acquired by Lender, all
right, title and interest of Borrower(s) in and to any insurance policies and in and to any excess insurance proceeds thereof from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this
Mortgage immediately prior to such sale or acquisition. 
 6. Preservation and Maintenance of Property; Condominium.
Borrower(s) shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property. Borrower(s) shall perform all of Borrower’s obligations under the Declaration, the by-laws and regulations of
the Condominium Association, and constituent documents. Borrower(s) shall take such actions as may be reasonable to insure that the Condominium Association maintains a public liability insurance policy acceptable in form, amount, and extent of
coverage to Lender. If a Condominium rider is executed by Borrower and recorded together with the Mortgage, the covenants and agreements of such rider shall be incorporated into and amend and supplement the covenants and agreements of this Mortgage
as if the rider were a part hereof. 
 7. Protection of Lender’s Security. If Borrower(s) fail(s) to perform the
covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or
arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower(s), may make such appearances, disburse such sums and take such action as is necessary to protect Lender’s interest,
including, but not limited to, disbursement of funds to pay reasonable attorneys’ fees and entry upon the Property to make repairs. 
 Any amounts disbursed by Lender pursuant to this Paragraph 7, with interest thereon, shall become additional indebtedness of Borrower(s) secured by this Mortgage. Unless Borrower(s) and Lender agree to
other terms or payment, such amount shall be payable upon notice from Lender to Borrower(s) requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the
Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this Paragraph 7 shall require Lender to
incur any expense or take any action hereunder. 
 8. Inspection. Lender may make or cause to be made reasonable entries
upon and inspections of the Property, provided that Lender shall give Borrower(s) notice prior to any such inspection specifying reasonable cause therefor related to Lender’s interest in the Property. 

9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower(s) in connection
with any condemnation or other taking of all or any part of the Property, whether of the unit or the common elements or for any conveyance in lieu of condemnation, pursuant to the terms of the Declaration, are hereby assigned and shall be paid to
Lender as provided hereunder. 
 Unless Lender and Borrower(s) otherwise agree in writing, any such application of proceeds to
principal shall not extend or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. 

  
 Page 2 of 4

 10. Borrower(s) Not Released. Extension of the time for payment or modification of
amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower(s) shall not operate to release, in any manner, the liability of the original Borrower(s) and Borrower’s successors in interest. Lender
shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower(s) and
Borrower’s successors in interest. 
 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in
exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by
Lender shall not be a waiver of Lender’s right to accelerate the maturity of the indebtedness secured by this Mortgage. 

12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under
this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 
 13.
Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of Paragraph 17 below, the covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective
successors and assigns of Lender and Borrower(s). All covenants and agreements of Borrower(s) shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or
define the provisions hereof. 
 14. Notice. Except for any notice required under applicable law to be given in another
manner, (a) any notice to Borrower(s) provided for in this Mortgage shall be given by mailing such notice by U.S. Mail, postage prepaid, addressed to Borrower(s) at the Borrower’s address as set forth in the Note, or at such other address
as Borrower(s) may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender’s address stated herein or to such other address as Lender may
designate by notice to Borrower(s) as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower(s) or Lender when given in the manner designated herein. In the event of a judicial action to enforce this
Mortgage, Borrower hereby agrees that any notice required or service of process made incident thereto shall be sufficient if made to the above address or to the registered agent appointed for such purposes by Borrower pursuant to Section 721.84
Florida Statutes. Borrower may change such address by giving Lender notice of a change of address in writing to Lender’s address stated herein. 
 15. Governing Law; Severability. This Mortgage shall be governed by the laws of the state where the Property is located. In the event that any provision or clause of this Mortgage or the Note
conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be
severable. 
 16. Borrower’s Copy. Borrower(s) shall be furnished a copy of the Note and of this Mortgage at the
time of execution or after recordation hereof. 
 17. Transfer of the Property; Assumption. If all or any part of the
Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a
joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option,
declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or
transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to
accelerate provided in this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note.

 If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with
Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration
of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof. 
 18. Acceleration; Remedies. Except as provided in Paragraph 17 hereof, upon Borrower’s breach of any covenant or agreement of Borrower(s) in this Mortgage, including the covenants to pay when
due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower(s) as provided in Paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than
fifteen (15) days from the date the notice is mailed to Borrower(s), by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured
by this Mortgage, foreclosure by judicial proceedings or other proceedings consistent with the law, and sale of Property. If the breach is not cured on or before the date specified in the notice, Lender at Lender’s option, subject to any right
of reinstatement to which Borrower(s) is entitled under applicable law, may declare, without further demand, all of the sums secured by this Mortgage to be immediately due and payable and may foreclose this Mortgage by judicial proceedings. Lender
shall be entitled to collect in such proceedings all expenses of foreclosure, including, but not limited to, reasonable attorneys’ fees, court costs, and costs of documentary evidence, abstracts and title reports. 

19. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower(s) hereby assigns to Lender the rents
of the Property, provided that Borrower(s) shall, prior to acceleration under Paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. 

Upon acceleration of the Note or abandonment of the Property, Lender shall be entitled, without notice, to enter upon, take possession of
and manage the Property and to collect the rents of the Property, including those past due. All rents collected shall be appointed first to payment of the costs of management of the Property and collection of rents, including, but not limited to,
management fees, court costs, and reasonable attorneys’ fees, and then to the sums secured by this Mortgage. The Lender shall be liable to account only for those rents actually received. Borrower(s) shall not be entitled to possession or
use of the Property after abandonment or after the Lender has accelerated the balance due under the Note. Alternatively, Lender may seek the appointment of a receiver to manage and collect rents from the Property. If a receiver is appointed, any
income from rents from the Property shall be applied first to the costs of receivership, and then in the order set forth above. 

20. Future Advances. Upon request by Borrower(s), Lender, at Lender’s option, may make Future Advances to Borrower(s). Such
Future Advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this Mortgage, not
including sums advanced in accordance herewith to protect the security of this Mortgage, exceed one hundred fifty percent (150%) of the original amount of the Note. 
 21. Lender’s Prior Consent. Borrower(s) shall not, except after notice to Lender and with Lender’s prior written consent, either partition or subdivide the Property or consent to:

 (i) The abandonment or termination of Lakeshore Reserve Condominium, except for abandonment or termination required by law in
the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; 

(ii) any amendment to any provision of the Declaration, Bylaws or Rules and Regulations of the Condominium Association, or equivalent
constituent documents of Lakeshore Reserve Condominium which is for the express benefit of Lender; or 
 (iii) any action which
would have the effect of rendering the public liability insurance coverage maintained by the Condominium Association unacceptable to Lender. 
 22. Attorneys’ Fees. As used in this Mortgage and in the Note, “attorneys’ fees” shall include attorneys’ fees, if any, and related costs incurred by Lender in the
enforcement of its rights under the Note and/or Mortgage, whether or not legal action is instituted, and any fees and costs of trial and appellate proceedings. 

  
 Page 3 of 4

 23. Venue and Jurisdiction. Borrower hereby consents to the enforcement of the Note
and Mortgage in Orange County, Florida and hereby submits to the jurisdiction of the courts of the state of Florida for such purpose. 
 IN
WITNESS WHEREOF, Borrower(s) has/have executed this Mortgage on the day and year first written above. 
 Signed in the presence of:

  

					
	  	 		 	  
	Mortgagor	 		 	Mortgagor
			
	 	 		 	 
	Mortgagor	 		 	Mortgagor

  

			
	
STATE OF                      
                      )
	  	ACKNOWLEDGMENT
		
	COUNTY OF                          
              )	  	

 This Mortgage was acknowledged before me this
                                         
       by
                                         
                   ,
                                         
                   ,
                                         
                    and
                                         
                       , (i) who is (are) personally known to me or (ii) has (have) produced
                                         
                                        [list type
of identification] as identification. 
  

			
	  	 	  

 
			
	Print Name:	 	 
	NOTARY PUBLIC
	My Commission Expires:
	Commission No:

 (ADDITIONAL ACKNOWLEDGMENT, IF MORTGAGORS SIGN BEFORE DIFFERENT NOTARIES) 

 

			
	
STATE OF                      
                      )
	  	ACKNOWLEDGMENT
		
	COUNTY OF                          
              )	  	

 This Mortgage was acknowledged before me this
                                         
       by
                                         
                   ,
                                         
                   ,
                                         
                    and
                                         
                       , (i) who is (are) personally known to me or (ii) has (have) produced
                                         
                                        [list type
of identification] as identification. 
  

			
	  	 	  
	Print Name:	 	 
	NOTARY PUBLIC
	My Commission Expires:
	Commission No:

  

			
	 Prepared by and return to:
	 	Linda S. Sellars, Marriott Resorts Title Company, Inc.
		 	P.O. Box 24747, Lakeland, Florida 33802

  
 Page 4 of 4

 HAWAII SAMPLE (MVC) 

 

			
	 Mortgage No.: «LOANID»
	  	Vacation Ownership Interest No(s). «TR17»
		
	 Recorded:
	  	Preparation Date: «TODAY_ALPHA»
		
	 US $«MTG_AMT»
	  	Closing Date:
                                        

 1. DEFINED TERMS. Certain words used in this document have special meanings as set forth below:

 (a) “NOTE” - This document in which you promise to pay the Debt. You are giving it to
MARRIOTT OWNERSHIP RESORTS, INC. to pay for the Property described in the Mortgage. The Debt and this Note are secured by the Mortgage. 
 (b) “DEBT” - Both the Principal and Interest charged on that portion of Principal that is not then paid. “Principal” means the amount of «MTG_AMT» (US
$«MTG_AMT»). “Interest” is simple interest, which means that it is charged (accrues) only on that part of the Principal which is not then paid. It is not on a block or other basis where the dollar amount of interest is fixed in
advance. In this Note, the rate, but not the dollar amount, of Interest is fixed. This rate is «Int_Rate» percent («INT_RATE»%) per year based on a 360-day year, collected for the actual number of days principal is
outstanding in any calendar year. Loan payments are to be made in installments calculated to repay the loan in full over the term of the loan and is based on the assumption that all payments are made when due. Interest will be charged on that part
of the Principal, which has not been paid. Interest at this rate will start on the             day of
                                ,
            , and will continue until the full amount of the Principal has been paid. 
 (c) “MORTGAGE” - The document entitled “Mortgage, Security Agreement and Financing Statement with Power of Sale” which you have signed. It gives property to the Holder as
security to protect the Holder from possible losses that might result if you do not keep the promises you make in this Note and in the Mortgage. 
 (d) “YOU” - Each person who signs this Note. If more than one person signs, each of you is fully and personally obligated to pay the full amount of the Debt and to keep all of the other
promises made in this Note. For example, the fact that one or more of you does not pay a part of the Debt does not excuse the rest of you from paying all of the Debt and keeping all of the other promises. The Holder may therefore enforce its rights
under this Note against each of you individually or against some or all of you together. In legal terms, each of you is “jointly and severally liable.” 

(e) “MARRIOTT” - MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation. Its address is 6649 Westwood
Boulevard, Suite 500, Orlando, Florida 32821-6090. 
 (f) “HOLDER” - Marriott or anyone who
takes this Note later by transfer and who is entitled to receive the payments you promise to make in this Note. You understand that any Holder may transfer this Note to someone else. 

(g) “CLOSING DATE” - The date indicated above. 

2. YOUR PROMISE TO PAY. You promise to pay the Debt, both Principal and Interest, plus all other sums you owe under this Note and
under the Mortgage, to the order of Marriott or any other Holder. 

  

					
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 3. HOW, WHEN, AND WHERE YOU PROMISE TO PAY. You promise to pay the Debt, both
Principal and Interest, by making payments every month. Each monthly payment will be in the amount of «Pay_Amt» UNITED STATES DOLLARS ($«PAY_AMT»), and must be made on the
         day of each month, starting on
                            . A service fee of «SFEE» must accompany each monthly
payment. You promise to make these payments every month until you have paid all of the Debt. If, however, on
                                , you still owe anything under this Note, you
promise to pay the Debt in full on that date. You promise to make your payments to Marriott at P. O. Box 8038, Lakeland, Florida 33802, or at any other place the Holder tells you in writing to pay. 

4. HOW YOUR PAYMENTS WILL BE APPLIED. In addition to Principal and Interest, you may be required to make other payments as stated
in this Note or in the Mortgage. For example, you may be required to make other payments, such as late charge payments, if you do not keep the promises made in this Note or in the Mortgage (in other words, if you “default”). Further, you
must also make payments to cover service fees and returned check charges, if any. The Mortgage states the manner in which your payments will be applied to these fees and charges, to Interest and to Principal. 

5. YOUR RIGHT TO PAY EARLIER (“PREPAYMENT”). The Mortgage states the manner and the conditions under which you may pay
the Debt before the time you promise to do so in this Note. 
 6. THE HOLDER MAY REQUIRE YOU TO PAY EARLIER IF YOU BREAK YOUR
PROMISES (“ACCELERATION”). You agree that the Mortgage states the manner and the conditions under which the Holder may require you to make immediate payment of the Debt in full, if you default. Thus, as stated in the Mortgage, if you
default, you may lose your right to pay the Debt in monthly payments. 
 7. OTHER CHARGES AND COSTS YOU PROMISE TO PAY IF YOU
DEFAULT. 
 (a) LATE CHARGES. If the Holder has not received the full amount of any monthly payment by
the end of ten (10) calendar days after the date it is due, you promise to pay a late charge to the Holder with the next monthly payment. Each late charge will be six percent (6%) of the late monthly payment or $25.00, whichever is less.

 (b) THE HOLDER’S COSTS AND ATTORNEY’S FEES. If you default, you promise to pay the Holder all
of the reasonable costs the Holder incurs in trying to make you keep the promises you make in this Note and in the Mortgage. These costs include, for example, the Holder’s reasonable attorney’s fees and costs, whether or not the Holder
sues you. You promise to pay all of these costs at once after the Holder demands payment from you. 
 8. THIS NOTE IS SECURED
BY THE MORTGAGE. You agree that this Note is secured by the Mortgage. 
 9. YOU, AND CERTAIN OTHER PERSONS, WAIVE CERTAIN
RIGHTS. You waive your rights to require the Holder to do certain things. They are: (a) to demand payment of amounts due (known as “presentment”); (b) to give notice that amounts due have not been paid (known as “notice
of dishonor”); and (c) to obtain an official certification of nonpayment (known as a “protest”). Anyone else who agrees to keep the promises made in this Note, who agrees to make payments to the Holder if you fail to keep your
promises under this Note or who signs this Note to transfer it to someone else, also waives these rights. (These persons are known as “guarantors, sureties and endorsers”.) 

You and each guarantor, surety and endorser consent to any extension of the time by which the payment of this Note or any
monthly payments must be made and to any other change to the terms of this Note (this includes the release of any person liable on this Note). These extensions or changes can be made without notice to you or any of them, and will not release or
affect your liability or the liability of any of these other persons on this Note. 

  

					
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 10. GOVERNING LAW. Hawaii law governs this Note. 

11. CAPTIONS. Marriott has tried to appropriately divide and caption this Note by its various paragraphs. Captions are a part of
this Note, but obviously cannot and do not completely or adequately explain each paragraph or the entire agreement. Marriott recommends that you read with care each and every paragraph of this Note and not just the captions alone. No court may treat
the captions and headings as if they explain what the paragraph means. 
 12. HOW ANY COURT SHOULD READ THIS NOTE. This
Note was written in plain language so that it would be easier to read and understand. It uses words which are less accurate than the words which most courts are used to seeing. It also does not include the long overlapping phrases used to prevent
courts from reading words too narrowly. If any court is ever asked to interpret this Note, Marriott and you ask that it keep those facts in mind and interpret this Note as common sense would require in order to do what Marriott and you clearly
wanted this Note to do. 
 By signing this document, you agree to everything that is said in this Note. 

 

	
	Your Address:
	
	«ADR1»
	«ADR2»
	«CSZC»

  

	
	  
	“You”
	
	«PURCHASE_NAME_1»
	Printed
	
	  
	“You”
	
	«PURCHASE_NAME_2»
	Printed
	
	  
	“You”
	
	«PURCHASE_NAME_3»
	Printed
	
	  
	“You”
	
	«PURCHASE_NAME_4»
	Printed

  

					
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 HAWAII SAMPLE (MVC) 

 
   

 
 After Recordation, Return By Mail (X) Pick
Up ( ) 
 Marriott Ownership Resorts, Inc. 
 Attn.: New Owner Administration 
 Post Office Box 24747 

Lakeland, Florida 33801 
  

 

			
	 Tax Map Key No.: (4) 3-5-001-174 CPR No. «KN_7» Unit No «VILLA_LIST»
	  	Total Pages: 18

 MORTGAGE, SECURITY AGREEMENT AND FINANCING 

STATEMENT WITH POWER OF SALE 
 Vacation Ownership Interest No(s): «UNIT_BLDG_WEEK_TEXT» 
  

			
	 LENDER(S) NAME:
	  	MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation
		  	6649 Westwood Boulevard, Orlando, Florida 32821-6090

 BORROWER(S) NAME AND ADDRESS: «LEGAL_NAME», whose address is «ADDR1», «ADDR2»
«CSZC». 
 I. DEFINED TERMS. Certain words used in this document have special
meanings which are set forth below. Other words which begin with a capital letter will have the meaning given to such word in the Kalanipu’u Vacation Ownership Program Declaration of Covenants, Conditions and Restrictions dated February 5,
2010 recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 2010-01837, as amended (the “Declaration”). 
 A. “MORTGAGE” - This document which is dated
                                    ,
20         will be called the “Mortgage.” It gives the Property to the Holder as security to protect the Holder from possible losses that might result if you do not keep the promises you make
in the Note and in this Mortgage. You are giving it to Marriott as security for your promise to pay for the Property, which you are purchasing from Marriott.” 
 B. “YOU” OR THE “BORROWER” - «LEGAL_NAME», whose address is «ADDR1», «ADDR2»
«CSZC», is the person or are the persons signing the Note and this Mortgage, and will sometimes be called “Borrower” and sometimes simply “You.” 

C. “MARRIOTT” - MARRIOTT OWNERSHIP RESORTS, INC. will be called “Marriott.”
It is a corporation organized and existing under the laws of the State of Delaware, with its principal place of business and post office address at 6649 Westwood Boulevard, 3rd Floor, Orlando, Florida 32821-6090. 

  

					
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 D. “HOLDER” - Marriott or anyone who takes this Mortgage and
the Note later by transfer and who is entitled to receive the payments you promise to make in the Note and to enforce the promises you make in this Mortgage. You understand that any Holder may transfer the Note and this Mortgage to someone else.

 E. “NOTE” - The Note you are signing. The “Note” also means all changes and
extensions to the Note that you and the Holder agree to. The Note states that you owe the Holder «MTG_AMT» UNITED STATES DOLLARS ($«MTG_AMT») which amount is called the “Principal” plus “Interest”. You
promise to pay all amounts as and when stated in the Note. The Note is secured by this Mortgage. 
 F.
“DEBT” - The amount you owe the Holder, both Principal and simple (not block) Interest. These amounts will be called the “Debt.” 
 G. “PROPERTY” - The property that is described below in the section entitled “Description Of The Property” and more particularly in Exhibit “A” attached
to this document, and incorporated herein by this reference. 
 H. “FUTURE ADVANCES”
- Any amount loaned to Borrower after the date of this Mortgage, which, unless otherwise agreed, will accrue interest at the rate set forth in the Note. 
 II. BORROWER’S TRANSFER TO HOLDER OF RIGHTS IN THE
PROPERTY. 
 You here and now mortgage, grant and convey the Property to Marriott, subject to the terms of
this Mortgage. You give this Mortgage as security for the payment of the Note and all amounts you may owe under the Note or this Mortgage, including the Debt, and as security that you will observe and perform all of the promises and other agreements
you make in the Note and Mortgage. This means that, by signing this Mortgage, you are giving Marriott (and any later Holder) those rights that are stated in this Mortgage and also those rights that the law gives to creditors who hold mortgages on
real property and security interests in personal property. You are giving the Holder these rights to protect it from possible losses that might result if you fail to: 
 A. Pay all the Debt, both Principal and Interest, that you owe the Holder as and when stated in the Note; or 
 B. Pay all other sums you owe Holder under the Note and under this Mortgage, including any Future Advances; 
 C. Pay, with interest, any amounts that the Holder spends under this Mortgage to protect the value of the Property and the Holder’s rights in the Property; 

D. Keep all of your other promises and agreements under the Note and this Mortgage; or 

E. Keep all of your promises and agreements under the Kalanipu’u Vacation Ownership Program Purchase Agreement and under the
Kalanipu’u Vacation Ownership Program Buyer’s Acknowledgements pertaining to the Property, which you signed prior to this Mortgage. 

III. DESCRIPTION OF THE PROPERTY. 

You give the Holder rights in the Property which is described in subparagraphs A through F below: 

A. An Ownership Interest or Ownership Interests in the Kalanipu’u Vacation Ownership Program, which is a vacation ownership program
established by the Declaration, which includes (1) an ownership share or shares in a certain Unit or Units in the Kalanipu’u Condominium (the “Condominium”), which ownership share or shares established under the Declaration is
(are) specified in Exhibit “A;” (2) for each ownership share, the right to reserve or confirm and then use for a period of approximately one (1) week, either (i) a Unit specified on Exhibit “A” if the ownership
share or share(s) is on a “Fixed Unit Rights” basis, or (ii) a Unit in the Condominium of the same type as the particular Unit in which a share is owned, if the ownership share or share(s) is on a “Floating Unit Rights”
basis, in 

  

					
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either case every year or every other year, all as specified in Exhibit “A;” and (3) membership in the Kalanipu’u Vacation Owners Association (the “Vacation Owners
Association”). 
 B. All rights granted to you by Condominium Documents and the Program Documents; 

C. All rights in other property that you have as owner of the Ownership Interest(s) described in Paragraph A of this section. These
rights are known as “easements, profits and appurtenances attached to the property;” 
 D. All rights that you have in
all fixtures that are now or in the future will be on the property described in Paragraph A of this section, and all replacements of and additions to those fixtures. Usually, fixtures are items that are physically attached to buildings, such as hot
water heaters; 
 E. All of the rights and property described in Paragraphs B and C of this section that you acquire in the
future; and 
 F. All replacements of or additions to the property described in Paragraph C of this section. 

IV. BORROWER’S RIGHT TO MORTGAGE THE
PROPERTY AND BORROWER’S OBLIGATION TO DEFEND OWNERSHIP OF THE PROPERTY.

 You here and now promise that except for the encumbrances listed in Exhibit “A” to this document: (A) You
lawfully own the Property; (B) You have the right to mortgage, grant and convey the Property to the Holder; and (C) There are no outstanding claims or charges against the Property. 

You here and now give a general warranty of title to the Holder. This means that you will be fully responsible for any and all losses
which the Holder suffers because someone other than you has some of the rights in the Property which you promise that you have and are mortgaging to the Holder. You promise that you will defend your ownership of the Property against any claims of
such rights. 
 V. YOUR PROMISES. 
 You promise and you agree with the Holder as follows: 
 A.
BORROWER’S PROMISE TO PAY PRINCIPAL AND INTEREST UNDER THE NOTE
AND TO FULFILL OTHER PAYMENT OBLIGATIONS. You will promptly pay to the Holder when due: the Debt, both Principal and Interest, under the
Note; late charges and other charges, fees and costs stated in the Note; and all sums due under any part of this Mortgage. 
 B.
HOLDER’S APPLICATION OF BORROWER’S PAYMENTS. Unless the law requires otherwise, the Holder will apply each of
your payments under the Note and this Mortgage in the following order and for the following purposes: 
 1.
First, to pay amounts payable by Borrower for taxes, assessments and other obligations, if any, under Paragraph C of this section; 
 2. Next, to pay, with interest, any amounts that the Holder spends under this Mortgage to protect the value of the Property and the Holder’s rights in the Property; 

3. Next, to the costs, fees, expenses and other amounts incurred and advanced by the Holder in the enforcement of its
rights hereunder, including without limitations, costs and reasonable attorneys’ fees; 
 4. Next, to pay
any service fee charged by the Holder; 
 5. Next, to pay Interest then due under the Note; 

  

					
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 6. Next, to pay Principal then due under the Note; 

7. Next, to pay late charges and other charges and costs you promise to pay under the Note or this Mortgage; 

8. Next, to pay interest on any Future Advances made pursuant to Paragraph X of this section; and 

9. Last, to pay principal on any Future Advances made pursuant to Paragraph X of this section. 

C. AGREEMENTS ABOUT REAL PROPERTY TAXES,
ASSESSMENTS FOR THE CONDOMINIUM PROJECT AND VACATION OWNERSHIP PROGRAM, AND OTHER
CHARGES. You promise to pay all real property taxes (which should be included in the assessment made by the Vacation Owners Association), charges from both the Condominium Association and the Vacation Owners
Association, and all other charges and fines of every kind imposed on or in any way related to the Property and its use. It does not matter who is billed for these charges. For example, even if the Holder or the Management Company for the Vacation
Owners Association is billed, you must pay. 
 Subject to applicable law, upon written request by Holder to Borrower, Borrower
shall pay to Holder on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of Borrower’s share of any taxes and
assessments relating to the subject Property encumbered by this Mortgage and one-twelfth of the Borrower’s share of the annual maintenance fee or assessment due to the Vacation Owners Association or the Condominium Association, or such other
amounts or for such other periods other than monthly, e.g. quarterly, all as reasonably estimated initially and from time to time by Holder on the basis of assessments and bills and reasonable estimates thereof. 

If Holder exercises this right, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by
a Federal or state agency. Holder shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes and assessments. Holder may not charge for so holding and applying the Funds, analyzing said account, or verifying and
compiling old assessments and bills, unless Holder pays to Borrower interest on the Funds and applicable law permits Holder to make such a charge. Unless applicable law requires, Holder shall not be required to pay Borrower any interest or other
earnings on the Funds. Holder shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds was made. The Funds are hereby pledged as additional
security for the sums secured by this Mortgage. 
 If the amount of the Funds held by Holder, together with the future monthly
installments of Funds payable prior to the due dates of taxes and assessments shall exceed the amount required to pay such taxes and assessments, as they fall due, such excess shall be, at Borrower’s option, either promptly repaid to Borrower
or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Holder shall not be sufficient to pay taxes and assessments as they fall due, Borrower shall pay to Holder any amount necessary to make up the deficiency
within thirty (30) days from the date of a notice mailed by Holder to Borrower requesting payment thereof, but in no event shall Holder require payment in advance for taxes and assessments to be held and disbursed as set forth hereunder in an
amount which exceeds the estimate of the next year’s amount for same. 
 Upon payment in full of all sums secured by this
Mortgage, Holder shall promptly refund to Borrower any funds held by Holder. If the Property is sold or the Property is otherwise acquired by Holder, Holder shall apply, no later than immediately prior to the sale of the Property or its acquisition
by Holder, any Funds then held by Holder as a credit against the sums secured by this Mortgage. 
 Without limiting the general
nature of the promise made in the preceding paragraph of this Paragraph C, you will pay all taxes, assessments, and any other charges and fines that may now or later be imposed on the Property and that may be superior to this Mortgage. You will do
this either by making the payments to the Vacation Ownership Association, or by making payments, when they are due, directly to the persons entitled to them. (In this Mortgage, the word “person” means any person, organization, governmental
authority, or other party.) If you make direct payments, then, promptly after making any of those payments, you will give the Holder a receipt which shows that you have done 

  

					
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so. You will promptly pay, when they are due, all assessments imposed by the Condominium Association and the Vacation Owners Association. 

Any claim, demand or charge that is made against the Property because an obligation has not been fulfilled is known as a lien. You will
promptly pay or satisfy all liens against the Property that may be superior to this Mortgage. This Mortgage does not, however, require you to satisfy a superior lien if: (A) You agree, in writing, to pay the obligation which gave rise to the
superior lien and the Holder approves the way in which you agree to pay that obligation; or (B) You, in good faith, argue or defend against the superior lien in a lawsuit so that during the lawsuit, the superior lien may not be enforced, and no
part of the Property must be given up. 
 D. HAZARD INSURANCE. Since the
Property consists, in part, of an interest in a unit in a condominium project, as well as an interest in a vacation ownership program, the Condominium Association and/or the Vacation Owners Association will typically maintain a hazard insurance
policy which covers all buildings and other improvements that now are or in the future will be located in the project or in the Unit, covering loss or damage caused by fire, hazards normally covered by special form insurance policies and other
hazards. Such a policy may be referred to as the “master policy.” So long as the master policy remains in effect and satisfies the requirements stated in this Paragraph D, you are not required to obtain and maintain separate hazard
insurance on the Property. In the event that the Condominium Association or the Vacation Owners Association does not maintain a master policy covering the Condominium or property in the Condominium and in the Unit, or such master policy, in the
Holder’s reasonable opinion, is not sufficient to adequately protect Holder’s security interest in the Property, the Holder shall have the right to require you to obtain and maintain hazard insurance to cover the Property in the amounts
and for the periods of time required by the Holder. In the event that the insurance policy you obtain contains provisions, known as “co-insurance requirements,” that limit the insurance company’s obligation to pay claims if the amount
of coverage is too low, the Holder may require you to obtain an amount of coverage up to the larger of the following two amounts: (1) the amount that you owe to the Holder under the Note and under this Mortgage; or (2) the amount necessary
to satisfy the co-insurance requirements. 
 All insurance which you are required to obtain shall be carried with companies
selected by you, which companies shall be authorized to do business in the State of Hawaii, and the Holder may require that the policies and renewals thereof be held by the Holder and have attached thereto loss payable clauses in favor of and in
form acceptable to the Holder. You will pay the premiums on the insurance policies by paying the insurance company directly when the premium payments are due. If the Holder requires, you will promptly give the Holder all receipts of paid premiums
and all renewal notices that you receive. 
 If there is a loss or damage to the Property, you will promptly notify the Vacation
Owners Association, the Condominium Association and the Holder, if a master policy is obtained and maintained for the Condominium and/or the Program, or the insurance company and the Holder if you are required to obtain the insurance coverage. If
you do not promptly prove to the insurance company that the loss or damage occurred, then the Holder may do so. 
 The amount
paid by the insurance company is called “proceeds.” The proceeds from any insurance obtained by the Vacation Owners Association, the Condominium Association or you must be used to repair or to restore the damaged property unless:
(a) it is not economically possible to make the repairs or restoration; or (b) the use of the proceeds for that purpose would lessen the protection given to the Holder by this Mortgage; or (c) the Holder and you have agreed in writing
not to use the proceeds for that purpose. If the repair or restoration is not economically possible or if it would lessen the Holder’s protection under this Mortgage, then the proceeds applicable to the Property will be used to reduce the
amount that you owe to the Holder under the Note and under this Mortgage. In addition, since a portion of the Property consists of an interest in a Unit in the Condominium and Program, it is possible that proceeds under the master policy will be
paid to you instead of being used to repair or to restore the damaged property. You give the Holder your rights to those proceeds, which will be paid to the Holder, and will be used to reduce the amount that you owe to the Holder under the Note and
under this Mortgage. If any of the proceeds remain after the amount that you owe to the Holder has been paid in full, the remaining proceeds will be paid to you. The use of proceeds to reduce the amount that you owe to the Holder will not be a
prepayment that is subject to the prepayment charge provisions, if any, under the Note or this Mortgage. 

  

					
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 If you abandon the Property, or if you do not answer, within thirty (30) days, a notice
from the Holder stating that the insurance company has offered to settle a claim for insurance benefits, then the Holder has the authority to collect the proceeds. The Holder may then use the proceeds to repair or restore the damaged property or to
reduce the amount that you owe to the Holder under the Note and under this Mortgage. The thirty (30) day period will begin on the date the notice is mailed or, if it is not mailed, on the date the notice is delivered. 

If any proceeds are used to reduce the amount of Principal which you owe to the Holder under the Note, that use will not delay the due
date or change the amount of any of your monthly payments under the Note and under Paragraph A of this Section V. You and the Holder may, however, agree in writing to those delays or changes. 

If the Holder acquires the Property under Paragraph P of this Section V, all of your rights in the insurance policies will belong to the
Holder. Also, all of your rights in any proceeds which are paid because of damage that occurred before the Property is acquired by the Holder or sold will belong to the Holder. The Holder’s rights in those proceeds will not, however, be greater
than the amount that you owe to the Holder under the Note and under this Mortgage immediately before the Property is acquired by the Holder or sold. 
 If there is a conflict concerning the use of proceeds between the terms of this Paragraph D and the law or the terms of the Condominium Documents and/or the Program Documents, then that law or the terms
of those documents will govern the use of proceeds. You will promptly give the Holder notice if the master policy or the insurance policy you obtain is interrupted or terminated. 

E. BORROWER’S OBLIGATION TO MAINTAIN
THE PROPERTY, AND AGREEMENTS ABOUT THE CONDOMINIUM AND THE PROGRAM. 

1. AGREEMENTS ABOUT MAINTAINING THE
PROPERTY. You will keep the Unit you occupy in good repair during the time you occupy that Unit. You will not destroy, damage or substantially change the Unit. Without limiting the general nature of your
obligations, you promise not to store in or use on the Condominium any hazardous materials, drugs or other contraband, or to permit any person you allow to use your Ownership Interest to do so. 

2. AGREEMENTS THAT APPLY TO THE
CONDOMINIUM PROJECT AND VACATION OWNERSHIP PROGRAM. Since the Property is an interest in a Unit in the Condominium and the Program, you will
fulfill all of your obligations under the Condominium Documents and Program Documents. Also, you will not divide the Property into smaller parts that may be owned separately (known as “partition”). You will not consent to certain actions
unless you have first given the Holder notice, and obtained the Holder’s consent in writing. Those actions are: 
 a. The abandonment or termination of the Condominium or the Program unless the abandonment or termination is required by law; 

b. Any significant change to the Condominium Documents or Program Documents, including, for example, a change in the
percentage of ownership rights held by apartment owners in the Condominium or a change in the percentage of ownership rights held by vacation ownership owners in Units in the Program; or 

c. A decision by the Condominium Association or the Vacation Owners Association to terminate professional management and
to begin self-management of the Condominium or the Program. 
 You promise that you will do everything in your power so that the
Condominium Association and the Vacation Owners Association will each comply fully with the documents creating and governing the Condominium and the Program, respectively. 
 F. HOLDER’S RIGHT TO TAKE ACTION TO PROTECT THE
PROPERTY If: (1) You do not keep your promises and agreements made in this Mortgage, or (2) someone, including you, begins a legal proceeding that may significantly affect the Holder’s rights in the
Property (such as, for example, a legal proceeding in bankruptcy, in probate, 

  

					
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for condemnation, or to enforce laws or regulations), then the Holder may do and pay for whatever is necessary to protect the value of the Property and the Holder’s rights in the Property.
The Holder’s actions under this Paragraph F may include, for example, appearing in court, and paying reasonable attorney’s fees and court costs. The Holder must give you notice before the Holder may take any of these actions. 

You will pay to the Holder any amounts, with interest, which the Holder spends under this Paragraph F. This Mortgage will protect the
Holder in case you do not keep this promise to pay those amounts, with interest. 
 You will pay those amounts to the Holder
when the Holder sends you a notice requesting that you do so. You will also pay interest on those amounts at the same rate stated in the Note. If, however, payment of interest at that rate would violate the law, you will pay interest on the amounts
spent by the Holder under this Paragraph F at the highest rate that the law allows. Interest on each amount will begin on the date that the amount is spent by the Holder. The Holder and you may, however, agree in writing to terms of
payment that are different from those in this Paragraph F. 
 Although the Holder may take action under this Paragraph F, the
Holder is not required to do so. 
 G. HOLDER’S RIGHT TO
INSPECT THE CONDOMINIUM. The Holder, and others authorized by the Holder, may enter on and inspect the Condominium. They must do so in a reasonable manner and at reasonable times. You
agree to take such action as may be required for Holder to conduct such an inspection. Before any one of those inspections is made, the Holder must give you notice stating a reasonable purpose for the inspection. That purpose must be related to the
Holder’s rights in the Property. 
 H. AGREEMENTS ABOUT CONDEMNATION
OF THE PROPERTY. A taking of property by any governmental authority by eminent domain is known as “condemnation.” Subject to provisions in the documents that create and govern
the Condominium and the Program, you and the Holder make the following agreements about condemnation of the Property: 
 You
give to the Holder your right to the proceeds of all awards or claims for damages resulting from condemnation or other governmental taking of the Property (or a portion thereof) and to the proceeds from a sale of the Property (or a portion thereof)
that is made to avoid condemnation. All of those proceeds will be paid to the Holder. 
 If all of the Property is taken, the
proceeds will be used to reduce the amount that you owe to the Holder under the Note and under this Mortgage. If any of the proceeds remain after the amount that you owe to the Holder has been paid in full, the remaining proceeds will be paid to
you. Unless the Holder and you agree otherwise in writing, if only a part of the Property is taken, the amount that you owe to the Holder will only be reduced by the amount of proceeds multiplied by the following amount: (1) the total amount
that you owe to the Holder under the Note and under this Mortgage immediately before the taking, divided by (2) the fair market value of the Property immediately before the taking. The remainder of the proceeds will be paid to you. The use of
proceeds to reduce the amount that you owe to the Holder will not be a prepayment that is subject to the prepayment charge provisions, if any, under the Note or this Mortgage. 
 If you abandon the Property, or if you do not answer within thirty (30) days, a notice from the Holder stating that a governmental authority has offered to make a payment or to settle a claim for
damages, then the Holder has the authority to collect the proceeds. The Holder may then use the proceeds to repair or restore the damaged property or to reduce the amount that you owe to the Holder under the Note and under this Mortgage. The thirty
(30) day period will begin on the date the notice is mailed or, if it is not mailed, on the date the notice is delivered. 

If any proceeds are used to reduce the amount of principal which you owe to the Holder under the Note, that use will not delay the due
date or change the amount of any of your monthly payments under the Note. The Holder and you may, however, agree in writing to those delays or changes. 
 I. CONTINUATION OF HOLDER’S RIGHTS. Even if the Holder does not exercise or enforce any right of the
Holder under this Mortgage or under the law, the Holder will still have all of those rights and may exercise and enforce them in the future. Even if the Holder obtains insurance, pays taxes or pays other claims, charges or liens

  

					
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against the Property, the Holder will still have the right, under Paragraph P of this Section V, to demand that you make Immediate Payment In Full (see Paragraph P of this Section V for a
definition of this phrase) of the amount that you owe to the Holder under the Note and under this Mortgage. 
 J.
HOLDER’S ABILITY TO ENFORCE MORE THAN ONE OF HOLDER’S
RIGHTS. Each of the Holder’s rights under this Mortgage is separate. The Holder may exercise and enforce one or more of those rights, as well as any of the Holder’s other rights under the law, one at a
time or some or all at once. 
 K. JOINT AND SEVERAL LIABILITY;
AGREEMENTS CONCERNING CAPTIONS. If more than one person signs this Mortgage as Borrower, each of you is fully obligated to keep all of Borrower’s promises and obligations contained
in this Mortgage. The Holder may enforce the Holder’s rights under this Mortgage against each of you individually or against some or all of you together. This means that any one of you may be required to pay all of the amounts owed under the
Note and under this Mortgage. The captions and titles of this Mortgage are for convenience only. They may not be used to interpret or to define the terms of this Mortgage. 
 L. AGREEMENTS ABOUT GIVING NOTICES REQUIRED UNDER THIS
MORTGAGE. Unless the law or this Mortgage requires otherwise, any notice that must be given to you under this Mortgage will be given by delivering or telecopying it to you or by mailing it addressed to you at the
address for giving notices stated in Paragraph B of Section I above entitled “Defined Terms.” The Holder does not have to send the notice to every Borrower at each of the Borrower’s addresses, if there is more than one Borrower. A
notice will be delivered at a different address if you give the Holder a notice of your different address for notices in writing. Any notice that must be given to the Holder under this Mortgage will be given by mailing it to the Holder’s
address stated in Paragraph C of Section I above entitled “Defined Terms.” A notice will be mailed to the Holder at a different address if the Holder gives you a notice of the different address. A notice required by this Mortgage is given
(and will be deemed to be received) when it is mailed or when it is delivered or telecopied according to the requirements of this Paragraph L. 
 M. AGREEMENTS ABOUT LAWSUITS AND THE LAW THAT GOVERNS THE
NOTE AND THIS MORTGAGE. 
 1. The
law that will govern the Note and this Mortgage is the law of the State in which the Property is located. This governing law is the law of the State of Hawaii, which will control except to the extent that federal law may apply. If any term of this
Mortgage or of the Note conflicts with the law, all other terms of this Mortgage and of the Note will still remain in effect if they can be given effect without the conflicting term. This means that any terms of this Mortgage and of the Note which
conflict with the law can be separated from the remaining terms, and the remaining terms will still be enforced. 

2. To the extent permitted by applicable law, any lawsuit or other proceeding involving the Note or this Mortgage must be
filed only in Courts of the State of Hawaii or the United States Federal District Court for the District of Hawaii. Neither you nor the Holder is allowed to do anything to defeat the power and right (called “jurisdiction” and
“venue”) of these courts to handle any such lawsuit or other proceeding, since it is intended that any such lawsuit or proceeding be resolved in Hawaii where the Property is located, and because the Note and this Mortgage are subject to
Hawaii law. Even if you are not a citizen or resident of the State of Hawaii, you submit yourself to the jurisdiction and venue of such courts for all purposes involving the Note and this Mortgage. All rights you have to a jury trial in any such
lawsuit or proceeding you here and now “waive.” It is intended that any disputes be submitted to a judge for resolution. 
 N. BORROWER’S COPY OF THE NOTE AND OF THIS
MORTGAGE. You will be given a copy of the Note and of this Mortgage showing that these documents have been signed. You will be given those copies either when you sign the Note and this Mortgage or after this
Mortgage has been officially recorded in the proper official records. If you do not receive these copies you may insist that Marriott give them to you, but you still must keep all of the promises that you make in these documents. 

  

					
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 O. PROHIBITION ON ASSUMPTION
OF THIS MORTGAGE AND HOLDER’S RIGHTS IF BORROWER TRANSFERS THE
PROPERTY. This Mortgage and the Note may not be transferred by you to anyone else. The Holder expects you to pay all amounts due and to keep all of the promises stated in these documents. It would not have extended
credit to you if it realized that you would have someone else assume your obligations. Thus, if you sell or transfer the Property, unless indicated otherwise below, the Holder will have the right to require Immediate Payment In Full (this term is
explained in Paragraph P below). The Holder will not have the right to require Immediate Payment In Full, however, as a result of certain transfers. Those transfers are: 

1. The creation of liens or other claims against the Property that are inferior to this Mortgage; 

2. A transfer of the Property to surviving co-owners following the death of a co-owner when the transfer is automatic
according to law; and 
 3. Any other transfer which under federal law may be made without giving the Holder the
right to require Immediate Payment in Full. 
 If the Holder requires Immediate Payment In Full under this Paragraph O, the
Holder will send you in the manner described in Paragraph L of this Section V, a notice which states this requirement. The notice will give you at least ten (10) days to make the required payment. The ten (10) day period will begin on the
date the notice is mailed or if it is not mailed, on the date the notice is delivered. If you do not make the required payment during that period, the Holder may bring a lawsuit for foreclosure and sale under Paragraph P of this Section V without
giving you any further notice or demand for payment or may foreclose under power of sale under Paragraph P of this Section V. (See Paragraph P of this Section V for definitions of “foreclosure and sale” and “under power of
sale”). 
 P. HOLDER’S RIGHTS IF
BORROWER FAILS TO KEEP PROMISES AND AGREEMENTS. If you do not keep your promises and agreements made in the Note or this
Mortgage, the Holder may take any action against you that is allowed by law or this Mortgage. For example, the Holder may sue you to collect any money you owe the Holder with or without also suing to foreclose and sell the Property (foreclosure and
sale is explained later in this Paragraph P); to stop you from breaking your promises and agreements (known as an action to enjoin); or to force you to keep your promises and agreements (known as an action for specific performance). 

If all of the conditions stated in the following subparagraphs 2.a, b and c of this Paragraph P are satisfied, the Holder may also
require that you pay immediately the entire amount then remaining unpaid under the Note and under this Mortgage (known as an “acceleration” of the Debt). The Holder may do this without making any further demand for payment. This
requirement will be called “Immediate Payment In Full.” 
 If the Holder requires Immediate Payment In Full, the
Holder: 
 1. May bring a lawsuit to take away all of your remaining rights in the Property and to have the
Property sold. At this sale the holder or another person may acquire the Property. This is known as “foreclosure and sale.” In any lawsuit for foreclosure and sale, the Holder will have the right to collect all costs allowed by law; or

 2. May foreclose under power of sale. This means that the Holder may have all of your remaining rights in the
Property taken away and have the Property sold without having to file a lawsuit. To do this, the Holder must comply with the law on foreclosure under power of sale that is stated in Chapter 667 of the Hawaii Revised Statutes, as amended. 

The Holder may require Immediate Payment In Full under this Paragraph P only if all of the following conditions are satisfied:

 a. You fail to keep any promise or agreement made in this Mortgage, including the promises to pay when due the
amounts that you owe to the Holder under the Note and under this Mortgage; and 

  

					
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 b. The Holder sends to you, in the manner described in Paragraph L of this
Section V, a notice that states: 
 (1) The promise or agreement that you failed to keep; 

(2) The action that you must take to correct that failure; 

(3) A date by which you must correct the failure. That date must be at least ten (10) days from the date on which
the notice is mailed to you, or if it is not mailed, from the date on which it is delivered to you; 
 (4) That
if you do not correct the failure by the date stated in the notice, you will be in default and the Holder may require Immediate Payment In Full, and the Holder or another person may acquire the Property by means of foreclosure and sale or under
power of sale; 
 (5) That you may speak with a named representative of the Holder to discuss any questions
which you have about the matters stated in the notice; 
 (6) That if you satisfy the conditions stated in
Paragraph P of this Section V, you will have the right to have any lawsuit for foreclosure and sale discontinued and to have the Note and this Mortgage remain in full effect as if Immediate Payment In Full had never been required; and 

(7) That you have the right in any lawsuit for foreclosure and sale to argue that you kept your promises and agreements
under the Note and under this Mortgage, and to present any other defenses that you may have. 
 c. You do not
correct the failure stated in the notice from the Holder by the date stated in that notice. 
 To sell the Property in
foreclosure, the Holder may sign and deliver a legal document sufficient to transfer the Property to the purchaser at the foreclosure sale. You give the Holder the power and right to sign and deliver such a document on your behalf, and you may not
and cannot take this power and right away from the Holder. In legal terms, you appoint the Holder as your “attorney-in-fact,” which appointment is coupled with an interest and, therefore, is irrevocable even if you die or become
incompetent. 
 The proceeds from any foreclosure and sale, whether by lawsuit or under power of sale, shall be applied:
(i) first to pay all costs and expenses of the sale, including court costs and attorney’s fees, and (ii) then as stated in Paragraph B of this Section V. If, however, the proceeds are not sufficient to pay all these sums and all the
other sums you owe the Holder, unless waived by the Holder, you must still pay the Holder the difference (known as the “deficiency”). You promise to pay any deficiency on demand from the Holder. The Holder may force you to keep your
promise to pay any deficiency, even if you have lost all rights to the Property and even if the laws of the place where you live (your “home state” if you do not live in Hawaii), would not permit the Holder to enforce this promise if the
Property were located there. The Holder may take any action against you to collect the deficiency, plus all of the Holder’s costs of collection, including its attorney’s fees, that is allowed by law and this Mortgage. 

Q. BORROWER’S RIGHT TO HAVE
HOLDER’S FORECLOSURE AND SALE DISCONTINUED. Even if the Holder has required Immediate Payment In Full, you may have the right to have
discontinued any lawsuit brought by the Holder for foreclosure and sale or any foreclosure under power of sale or for other enforcement of this Mortgage. You will have this right at any time before a judgment has been entered enforcing this
Mortgage, or before the sale is made by a foreclosure under power of sale, if you satisfy the following conditions: 
 1. You pay to the Holder the full amount that would have been due under this Mortgage and the Note, if the Holder had not required Immediate Payment In Full; 

  

					
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 2. You correct your failure to keep any of your other promises or agreements
made in this Mortgage; 
 3. You pay all of the Holder’s reasonable expenses in enforcing this Mortgage
including, for example, reasonable attorney’s fees; and 
 4. You do whatever the Holder reasonably requires
to assure that the Holder’s rights in the Property, the Holder’s rights under this Mortgage, and your obligations under the Note and under this Mortgage continue unchanged. 

If you fulfill all of the conditions in this Paragraph Q, then the Note and this Mortgage will remain in full effect as if Immediate
Payment In Full had never been required. 
 If, however, you do not fulfill all of these conditions, you (and all persons who
have or claim rights in the Property that depend on your rights in the Property) will lose all rights to the Property, and will not have any right to get them back. In legal terms, you (and such other persons) will have no “redemption
rights.” 
 R. HOLDER’S RIGHTS TO RENTAL
PAYMENTS FROM THE PROPERTY AND TO TAKE POSSESSION OF THE
PROPERTY. As additional protection for the Holder, you give to the Holder all of your rights to any rental payments from the Property. Until the Holder requires Immediate Payment In Full under Paragraphs O or P of
this Section V, however, or until you abandon the Property, you have the right to collect and keep those rental payments as they become due. You have not given any of your rights to rental payments from the Property to anyone else, and you will not
do so without the Holder’s consent in writing. 
 If the Holder requires Immediate Payment In Full under Paragraphs O or P
of this Section V, or if you abandon the Property, then the Holder, persons authorized by the Holder, or a receiver appointed by a court at the Holder’s request may: (1) collect the rental payments, including overdue rental payments,
directly from the occupants; (2) take possession of and assume all rights pertaining to the Property; (3) manage the Property; and (4) sign, cancel and change leases or other agreements with respect to the Property. You agree that if
the Holder notifies the occupants that the Holder has the right to collect rental payments directly from them under this Paragraph R, the occupants may make those rental payments to the Holder without having to ask whether you have failed to keep
your promises and agreements under this Mortgage. 
 If there is a judgment for the Holder in a lawsuit for foreclosure and
sale, you will pay to the Holder reasonable rent from the date the judgment is entered for as long as you continue to have the right to occupy the Property. This does not, however, give you the right to occupy the Property. 

All rental payments collected by the Holder or by a receiver other than the rent paid by you under this Paragraph R will be used first to
pay the costs of collecting rental payments and of managing the Property. If any part of the rental payments remain after those costs have been paid in full, the remaining part will be used to reduce the amount that you owe to the Holder under the
Note and under this Mortgage. The costs of managing the Property may include the receiver’s fees, reasonable attorney’s fees and the cost of any necessary bonds. The Holder and the receiver will be obligated to account only for those
rental payments that such receiver actually receives. 
 S. HOLDER’S
OBLIGATION TO DISCHARGE THIS MORTGAGE WHEN THE NOTE AND THIS MORTGAGE
ARE PAID IN FULL. When the Holder has been paid all amounts due under the Note and under this Mortgage, the Holder will discharge this Mortgage by delivering a
certificate stating that this Mortgage has been satisfied. You will not be required to pay the Holder for the discharge, but you must pay all costs of recording the discharge in the proper official records. 

T. AGREEMENT ABOUT USURY. Usury laws are laws that control the amount
of interest that may be legally paid. You and the Holder intend to comply with the applicable Hawaii usury laws. If, however, it is determined 

  

					
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that any part of any Interest payment you make would be in excess of the maximum amount allowed by law, that part will be treated as a payment of Principal. 

U. AGREEMENT ABOUT PREPAYMENT. “Prepayment” means payment of
Debt earlier than the time you promise to do so. You may prepay the entire balance at any time as long as you also pay all other amounts you owe the Holder under the Note and this Mortgage. You may prepay any part of the unpaid balance at any time
you make a monthly payment. The only effect of a Prepayment will be to reduce the remaining unpaid Principal. You must continue to pay monthly installments in the same amount and on the same schedule as before, until the entire Debt is paid. You
will not be charged any penalty or premium for prepaying. 
 V. RIGHTS OF THE
BORROWER AND THE HOLDER ARE NOT AFFECTED BY LATER PAYMENT OR ANY
PREVIOUS LACK OF ENFORCEMENT. The Holder and you may overlook a violation of any part of the Note or this Mortgage by the other without losing the right to enforcement
later of the same or any other part of the Note or this Mortgage. The Holder will not lose enforcement rights even if the Holder accepts any payment you make. The Holder may still take action against you for any default, including your not paying on
time. 
 W. COLLECTION AGENCY AND COSTS. The
Holder has the right at any one or more times to hire an agent (and to change this agent) to collect the payments due from you under the Note and this Mortgage. You must pay the costs of establishing any such collection agency and the fee charged by
that agency for servicing your account. You must also pay any fees charged by any such collection agent due to any late payments you make or any other failure by you to keep your promises made in the Note and this Mortgage. 

X. FUTURE ADVANCES. Upon request by Borrower, Holder, at Holder’s option, may
make Future Advances to Borrower. Such Future Advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness
secured by this Mortgage, not including sums advanced in accordance herewith to protect the security of this Mortgage, exceed one hundred fifty percent (150%) of the original amount of the Note. 

Y. SECURITY AGREEMENT. This document is both a mortgage of all interests in real
property and a security agreement under the Uniform Commercial Code (the “Code”) as to all personal property and fixtures which may be described in this document. Therefore, the Holder has and may enforce a security interest in the
personal property and fixtures, and will have all rights of a secured party under the Code. This remedy, however, will not preclude the Holder from pursuing any other remedy available to the Holder. 

Z. NOTICE REGARDING INSURANCE. Notice is hereby given by the Holder
(Marriott) to You (Borrower/Mortgagor) that you (Borrower/Mortgagor) are free to procure any insurance policy required by this instrument from any insurance company authorized to do business in the State of Hawaii. 

(The remainder of this page is intentionally left blank.) 

  

					
	515811-3 03.18.10	  	12	  	«CFID» Printed: 9/29/2011 12:33:38 PM
	(kn.mort.yz.)	  		  	v06072010
	Loan «LOANID»	  		  	

 IN WITNESS WHEREOF, the
Borrower(s) has signed this Mortgage as of the day and year first above written. 
  

	
	
	  
	Borrower «PURCHASE_NAME_1»

 
	
	
	  
	Borrower «PURCHASE_NAME_2»

 
	
	
	  
	Borrower «PURCHASE_NAME_3»

 
	
	
	  
	Borrower «PURCHASE_NAME_4»

  

					
	515811-3 03.18.10	  	13	  	«CFID» Printed: 9/29/2011 12:33:38 PM
	(kn.mort.yz.)	  		  	v06072010
	Loan «LOANID»	  		  	

					
	 STATE OF ____________________________
	 	)	  	
		 	)	  	    SS.
	 COUNTY OF __________________________
	 	)	  	

 On this              day of
            , 20    , before me personally appeared «LEGAL_NAME» to me personally known, who, being by me duly sworn or affirmed, did say that
such person executed the foregoing instrument as the free act and deed of such person, and if applicable in the capacity shown, having been duly authorized to execute such instrument in such capacity. 

 

	
	Notary Public, State of _______________________
	
	Printed Name: _____________________________
	
	My commission expires: _____________________

 (Official Stamp or Seal) 
 [Below Notary Certification to be completed by Hawaii Notary Only] 
  

	
	 NOTARY CERTIFICATION STATEMENT

 
 Document Identification or Description: Mortgage, Security Agreement and
Financing Statement with Power of Sale
  
 Doc. Date: _____________, ____
or  ̈ Undated at time of notarization
  
 No. of Pages: ___________                 Jurisdiction: _____ Circuit

                         
                                   (in which notarial act is
performed)
  

_____________________________________________________________
 Signature of Notary
                                         
       Date of Notarization and

                         
                                         
                Certification Statement
  
 _____________________________________________________________________________ (Official Stamp or Seal)
 Printed Name of Notary

	 
	 

  

					
	515811-3 03.18.10	  	14	  	«CFID» Printed: 9/29/2011 12:33:38 PM
	(kn.mort.yz.)	  		  	v06072010
	Loan «LOANID»	  		  	

 (ADDITIONAL ACKNOWLEDGEMENT, IF BORROWER(S) SIGN BEFORE DIFFERENT NOTARIES) 

 

					
	 STATE OF ____________________________
	 	)	  	
		 	)	  	    SS.
	 COUNTY OF __________________________
	 	)	  	

 On this              day of
            , 20    , before me personally appeared
                                         
            to me personally known, who, being by me duly sworn or affirmed, did say that such person executed the foregoing instrument as the free act and deed of such person, and if
applicable in the capacity shown, having been duly authorized to execute such instrument in such capacity. 
  

	
	Notary Public, State of _______________________
	
	Printed Name: _____________________________
	
	My commission expires: _____________________

 (Official Stamp or Seal) 
 [Below Notary Certification to be completed by Hawaii Notary Only] 
  

	
	 NOTARY CERTIFICATION STATEMENT

 
 Document Identification or Description: Mortgage, Security Agreement and
Financing Statement with Power of Sale
  
 Doc. Date: _____________, ____
or  ̈ Undated at time of notarization
  
 No. of Pages: ___________                 Jurisdiction: _____ Circuit

                         
                                   (in which notarial act is
performed)
  

_____________________________________________________________
 Signature of Notary
                                         
       Date of Notarization and

                         
                                         
                Certification Statement
  
 _____________________________________________________________________________ (Official Stamp or Seal)
 Printed Name of Notary

  

					
	515811-3 03.18.10	  	15	  	«CFID» Printed: 9/29/2011 12:33:38 PM
	(kn.mort.yz.)	  		  	v06072010
	Loan «LOANID»	  		  	

 EXHIBIT “A” 
 «EOB_DESC» Year Ownership 
 «WEEK_CNT_TEXT» («WEEK_CNT»)
Ownership Interest(s) with Fixed Time Rights and «KN_6» Unit Rights; identified as Vacation Ownership Interest No. «UNIT_BLDG_WEEK_TEXT»; and 
 as applicable, in the Kalanipu’u Vacation Ownership Program (“Program”) consisting of the following: 
 I. «WEEK_CNT_TEXT» («WEEK_CNT») fee simple «EOB_DESC» Year Ownership Share(s) in the Program consisting of an undivided «WEEKS_PER_VILLA» as tenant in
common with the holders of other undivided interests in and to the following: 
 (A) Unit No(s). «VILLA_LIST»
(“Unit”) respectively, of the condominium project (“Project”) known as “KALANIPU’U CONDOMINIUM,” as established by that certain Declaration of Condominium Property Regime (“Condominium Declaration”) dated
February 22, 2010, recorded in the Bureau of Conveyances of the State of Hawaii as Document No. 2008-040614 as amended, and as shown on the plans thereof filed in the Bureau of Conveyances as Condominium Map No. 4598, as the same
may be amended from time to time. The description of the land set forth in the Declaration is incorporated herein by this reference. 
 EXCEPTING AND RESERVING easements through the Unit appurtenant to the common elements of the building and all other units for the support and repair of the common elements of the building and all other
units; 
 TOGETHER WITH: 
 (1) nonexclusive easements in the common elements designated for such purposes for ingress to, egress from, utility services for, and support, maintenance and repair of the Unit; in the other common
elements for use according to their respective purposes, subject always to the exclusive or limited use of the limited common elements as provided in the Condominium Declaration, and in all other units and limited common elements of said building
for support; and 
 (2) The right to use those certain limited common elements of the Project, if any, which are described in
the Condominium Declaration as being appurtenant to the Apartment, provided that such easement shall be deemed conveyed or encumbered with the Apartment even though such interest is not expressly mentioned or described in the conveyance. 

SUBJECT to easements for the encroachment by any part of the common elements of the Project now or hereafter existing thereon and for
entry as may be necessary for the operation of the Project or for making repairs therein as provided in the Declaration. 

SUBJECT, HOWEVER, to the encumbrances listed in Exhibit A to the Condominium Declaration and to the terms and provisions of the
Condominium Declaration, as well as the terms and provisions of the Bylaws of the Association of Unit Owners of Kalanipu’u dated the same date as the Declaration and recorded in the Bureau as Document No. 2008-040615, as the same may have
been or may be hereafter amended or restated from time to time (the “Bylaws”). 
 (B) «KN_5», as
established by the Condominium Declaration, in and to the common elements of the Project, including the land, as tenant in common with the holders of other undivided interests in and to said common elements. 

  

					
	515811-3 03.18.10	  	1	  	«CFID» Printed: 9/29/2011 12:33:38 PM
	(kn.mort.yz.)	  		  	v06072010
	Loan «LOANID»	  		  	

 SUBJECT as to the common elements to nonexclusive easements appurtenant to all units for
ingress, egress, support and repair, and further subject to the right of all other unit owners to use the common elements of the buildings. 

II. The exclusive right to reserve or confirm and then use and occupy «KN_2» in accordance with, and subject to, that certain Kalanipu’u
Vacation Ownership Program Declaration of Covenants, Conditions and Restrictions dated February 5, 2010, recorded in the Bureau as Document No. 2010-018377, as the same have been or may be amended or otherwise modified from time (the
“Declaration”) and Reservation Procedures as defined in the Declaration, together with the right in common with owners of all other Units to use and enjoy the common elements of the Condominium during the Use Period assigned to each
Ownership Interest. 
 III. Membership in the Kalanipu’u Vacation Owners Association, a Hawaii nonprofit corporation. 

SUBJECT, HOWEVER, to all encumbrances of record and limitations, including those set
forth in the Declaration and in the Deed. 

  

					
	515811-3 03.18.10	  	2	  	«CFID» Printed: 9/29/2011 12:33:38 PM
	(kn.mort.yz.)	  		  	v06072010
	Loan «LOANID»	  		  	

 MASSACHUSETTS SAMPLE (MVC) 
 Upon closing of the purchase to which this Note applies, the undersigned hereby authorize(s) closing agent or holder to complete this Note by inserting the date of the Note and the appropriate dates
for commencement of payments due hereunder, the monthly payment date and the final payment date. 
 NOTE SECURED BY
MORTGAGE 
 Unit No./Time-Share Estate
No(s):                         
 Custom House Leasehold Condominium 
  

			
	 US$            
	  	____________________________

 FOR VALUE RECEIVED, the undersigned
                                 (“Borrower(s)”) promise(s) to pay to
the order of MARRIOTT OWNERSHIP RESORTS, INC., (said party or any other party to whom Marriott Ownership Resorts, Inc. may transfer and assign this Note and who holds this Note from time to time is hereinafter called the “Holder”), Post
Office Box 8038, Lakeland, Florida 33802, or order, the principal sum of
                                        
U.S. Dollars (US $            ), with interest on the unpaid balance from
                        , until paid, at the rate of
                 percent per annum (            %) (calculated based on a 360-day year,
collected for the actual number of days principal is outstanding in any calendar year). Principal and interest shall be payable in lawful money of the United States at the Holder’s address set forth above, or such other place as the Holder may,
from time to time, designate, in consecutive monthly installments of
                                     U.S. Dollars (US $
            ), on the              day of each month and continuing thereafter on the same day of each month
beginning                         , for a period of
             months with the remaining unpaid principal balance, together with accrued interest thereon, due and payable, if not sooner paid, on
                                        .

 The indebtedness evidenced by this Note is secured by a Mortgage, dated of even date herewith, creating a lien on the real
property described therein (the “Property”). Reference is made to said Mortgage for rights as to acceleration of the indebtedness evidenced by this Note. 
 Each monthly payment shall be tendered with a $4.00 service fee. 
 Borrower(s)
shall pay to the Holder a late charge of six percent (6%) of any monthly installment not received by the Holder within ten (10) days after the date the installment is due. 

Each monthly payment will be applied as of its scheduled due date and shall be credited first to amounts due pursuant to Paragraph 2 of
the Mortgage, then to advances, if any, made by the Lender (as defined in the Mortgage) pursuant to Paragraph 7 of the Mortgage, then to the costs, fees, expenses and other amounts incurred and advanced by the Holder in the enforcement of its rights
hereunder and under the Mortgage, including, without limitation, costs and reasonable attorney’s fees, then to unpaid service fees, then to interest due hereunder, then to principal due hereunder, then to unpaid late charges, if any, then to
interest on any Future Advances made pursuant to Paragraph 20 of the Mortgage, and then to principal of any Future Advances made pursuant to Paragraph 20 of the Mortgage. 
 Borrower(s) may prepay the principal amount outstanding in whole or in part. Any partial prepayment in excess of the interest then accrued and any other charges then due shall be applied against the
principal amount outstanding but shall not postpone the due date of any subsequent monthly installments or change the amount of such installments. 
 Demand, presentment, notice of dishonor, and protest are hereby waived by Borrower(s) and all sureties, guarantors and endorsers hereof. This Note shall be a joint and several obligation of Borrower(s)
and all sureties, guarantors and endorsers, and shall be binding upon them and their heirs, personal representatives, successors and assigns. 
 At the option of the Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and payable without demand or further notice to Borrower(s) upon any one of the
following events of default: 
  

	 	a)	failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than fifteen
(15) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b)	the insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s) as otherwise provided herein; 

 

	 	c)	any breach of the Mortgage securing this Note, including a transfer of any interest in the Property without Holder’s consent. 

The Holder may exercise this option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, reasonable attorney’s fees, whether or not action be instituted
hereon, and costs of trial and appellate proceedings. 
 In the event of any default by the Borrower(s) hereunder, Holder at its
sole option, may charge the Borrower(s) interest at the rate of nineteen (19) percent per annum on any payment from Borrower(s) to the Holder which is past due and/or pursue any and all remedies available to it under applicable law. 

Any notice to Borrower(s) provided for in this Note shall be deemed to have been given upon depositing same in any U.S. post office,
postage prepaid, addressed to Borrower(s) at the address stated below, or to such other address as Borrower(s) may designate by written notice to the Holder. Any notice to the Holder shall be given by mailing such notice by certified mail, return
receipt requested, to the Holder at the address stated in the first paragraph of this Note, or at such other address as may have been designated by written notice to Borrower(s). Any notice provided for in this Note shall be deemed to have been
given to Borrower(s) or the Holder when given in the manner herein designated. 
 THIS NOTE SHALL BE GOVERNED BY, CONSTRUED
UNDER AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MASSACHUSETTS AND THE COURTS OF THE STATE OF MASSACHUSETTS IN THE COUNTY OF SUFFOLK SHALL BE THE EXCLUSIVE COURTS OF JURISDICTION AND VENUE FOR ANY LITIGATION OR OTHER
PROCEEDING THAT MAY BE BASED ON, ARISE OUT OF, UNDER OR IN CONJUNCTION WITH THIS NOTE. HOLDER AND BORROWER(S) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON,
OR ARISING OUT OF, UNDER OR IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR HOLDER EXTENDING THE LOAN EVIDENCED
BY THIS NOTE. 
 Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision of the remaining provisions of this Note. 
 It is the intention of Borrower(s) and Holder to conform strictly to
the applicable usury laws. It is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be
canceled automatically, or, if theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges
constituting interest under applicable law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall never exceed the maximum amount of interest, nor produce a rate in excess of the
maximum non-usurious rate of interest, that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for or
collected, it shall be deemed a mistake and the same shall either be refunded to Borrower(s) or credited on the unpaid principal amount hereof, and this Note shall be automatically deemed reformed so as to permit only the collection of the maximum
non-usurious rate and amount of interest allowable under applicable law. 
 Time is of the essence in the performance of each
and every obligation represented by this Note. 
 IN WITNESS WHEREOF, Borrower(s) has/have executed this Note as an instrument
under seal. 
 BORROWER’S ADDRESS: 
  

					
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here
			
	  	 		 	  
		 		 	Borrower/Purchaser signs here

 (Execute Original Only) 

 MASSACHUSETTS SAMPLE (MVC) 
 Upon closing of the purchase to which this Mortgage applies, the undersigned hereby authorize(s) closing agent to complete this Mortgage by inserting the appropriate date of the Mortgage and to
complete, as necessary, the recording information relating to the documents by which the Time-Share Estate(s) being encumbered by this Mortgage was(were) created. 
 MORTGAGE 
 THIS MORTGAGE is made as of
                            , between the
Mortgagor(s),                                       
                                  (herein “Borrower(s)”), whose address
is
                                         
                                       , and the
Mortgagee, MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation, the address of which is Post Office Box 24747, Lakeland, Florida 33802 (said party, its successors and assigns is herein called “Lender”). 

WHEREAS, Borrower(s) is/are indebted to Lender in the principal sum of
                                         
                            U.S. Dollars
(US$            ), which indebtedness is evidenced by Borrower’s Note of even date herewith (herein “Note”), providing for monthly installments of principal and
interest, with the balance of indebtedness, if not sooner paid, due and payable              months from the date hereof. 

TO SECURE to Lender (a) the repayment of the indebtedness evidenced by the Note, with interest thereon, the payment of all
other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage, and the performance of the covenants and agreements of Borrower(s) herein contained, and (b) the repayment of any future advances, with
interest thereon, made to Borrower(s) by Lender pursuant to Paragraph 20 hereof (herein “Future Advances”), Borrower(s) does hereby mortgage, grant and convey to Lender and Lender’s successors and assigns with Mortgage Covenants, the
following described property located in the County of Suffolk, Commonwealth of Massachusetts: 
 The Time-Share Estate numbered
                     in Unit Numbers(s)
                     all as contained in the Grant of Time-Share Lease from Lender, as grantor, to Borrower(s), as grantee, of even date with
this Mortgage and recorded herewith. Said Time-Share Estate(s) is/are in the Custom House Leasehold Condominium created by the Leasehold Master Deed and Time-Share Instrument dated December 12, 1996, and recorded with the Suffolk County
Registry of Deeds in Book 21068 at Page 001, as it may have been amended from time to time (the “Master Deed”). 

And Also, all of the rights, privileges, easements, and interests in common areas appertaining to the above-described property as
set forth in the Master Deed and the Operating Agreement and By-Laws of Custom House Leasehold Condominium Association, LLC. 

TO HAVE AND TO HOLD unto Lender and Lender’s successors and assigns, forever, together with all the improvements now or
hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures now or hereafter attached to the property, all of which,
including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property are herein referred to as the “Property”. 

Borrower(s) covenants that Borrower(s) is/are lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and
convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of
exceptions to coverage in any title insurance policy insuring Lender’s interest in the Property. 
  

			
	Return To:	  	 MARRIOTT OWNERSHIP RESORTS, INC.
 PO BOX 24747
 LAKELAND, FLORIDA 33802

  

					
		  	Page 1	  	
	455971-3 06.22.09	  		  	

 Borrower(s) and Lender covenant and agree as follows: 

1. Payment of Principal, Interest, Late Charges and Service Fees. Borrower(s) shall promptly pay when due the principal of and
interest on the indebtedness evidenced by the Note, late charges as provided in the Note, reasonable service charges imposed by Lender for servicing the loan account and the principal of and interest on any Future Advances secured by this Mortgage.

 2. Funds for Condominium Assessments and Insurance. Subject to applicable law, upon written request by Lender to
Borrower(s), Borrower(s) shall pay to Lender on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of the annual maintenance
fee and other charges due under the Master Deed (herein “Condominium Assessments”), or such other amounts or for such other periods other than monthly, e.g., quarterly or one-fourth, etc., all as reasonably estimated initially and from
time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. 
 If Lender exercises the
foregoing right, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency. Lender shall apply the Funds to pay said Condominium Assessments. Lender may not charge for so
holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower(s) interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law
requires, Lender shall not be required to pay Borrower(s) any interest or earnings on the Funds. Lender shall give to Borrower(s), without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which
each debit to the Funds was made. The Funds are hereby pledged as additional security for the sums secured by this Mortgage. 

If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of
taxes, assessments, and Condominium Assessments shall exceed the amount required to pay such Condominium Assessments as they fall due, such excess shall be, at Borrower’s option, either promptly repaid to Borrower(s) or credited to Borrower(s)
future monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay Condominium Assessments as they fall due, Borrower(s) shall pay to Lender any amount necessary to make up the deficiency within thirty
(30) days from the date of a notice mailed by Lender to Borrower(s) requesting payment thereof. 
 Upon payment in full of
all sums secured by this Mortgage, Lender shall promptly refund to Borrower(s) any Funds held by Lender. If under Paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately
prior to the sale of the Property or its acquisition by Lender, any Funds then held by Lender as a credit against the sums secured by this Mortgage. 
 3. Application of Payments. Except as otherwise provided by applicable law, all payments accepted and applied by Lender under the Note and Paragraphs 1 and 2 hereof, shall be applied in the
following order of priority: (a) first to amounts due pursuant to Paragraph 2 hereof; (b) then to advances, if any, made by Lender pursuant to Paragraph 7 hereof; (c) then to costs, fees, expenses and other amounts incurred and
advanced by the Lender in the enforcement of its rights under the Note and this Mortgage, including, without limitation, costs and reasonable attorneys’ fees; (d) then to unpaid service fees due under the Note; (e) then to interest
due on the Note; (f) then to principal due under the Note; (g) then to unpaid late charges due under the Note, if any; (h) then to interest due on any Future Advances made pursuant to Paragraph 20 hereof; and, (i) then to
principal due on any Future Advances made pursuant to Paragraph 20 hereof. 
 4. Charges; Liens. Borrower(s) shall
promptly pay, when due, all Condominium Assessments imposed by Custom House Leasehold Condominium Association, LLC or other governing body of Custom House Leasehold Condominium (the “Condominium Association”) pursuant to the provisions of
the Master Deed, operating agreement and by-laws, rules and regulations or other constituent documents of Custom House Leasehold Condominium. 
 Borrower(s) shall pay all charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, in the manner provided under Paragraph 2 hereof or, if not paid in
such manner, by Borrower(s) making payment, when due, directly to the payee thereof. Borrower(s) shall promptly furnish to Lender all notices of amounts due under this Paragraph, and in the event Borrower(s) shall make payment directly, Borrower(s)
shall promptly furnish to Lender receipts evidencing such payments. Borrower(s) shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower(s) shall not be required to discharge any such lien so long as
Borrower(s) shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation, or shall in good
faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof and, if requested by Lender, immediately post with Lender an
amount necessary to satisfy said obligation. 
 5. Hazard Insurance. Borrower(s) shall keep the improvements now existing
or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided,
that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. This obligation shall be deemed satisfied so long as the Condominium Association maintains a
“master” or “blanket” policy in accordance with the terms hereof. 

  

					
		  	Page 2	  	
	455971-3 06.22.09	  		  	

 The insurance carrier providing the insurance shall be chosen by Borrower(s) or the
Condominium Association subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. If required, all premiums on insurance policies shall be paid in the manner provided under Paragraph 2 hereof, or, if not paid in
such manner, by Borrower(s) or the Condominium Association making payment, when due, directly to the insurance carrier. 
 All
insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Borrower(s) shall give Lender prompt notice of any lapse in hazard insurance
coverage. In the event of loss, Borrower(s) shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower(s). 
 Pursuant to the terms of the Master Deed, insurance proceeds shall be applied to restoration or repair of the Property damaged, whether the unit or the common elements. To the extent such insurance
proceeds exceed the cost of such restoration or repair and the Board of Directors of the Condominium Association decides to disburse such excess, Borrower’s share of such excess shall be applied to the sums secured by this Mortgage, with the
excess, if any, paid to Borrower(s). 
 Unless Lender and Borrower(s) otherwise agree in writing, any such application of
proceeds to principal shall not exceed or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. If under Paragraph 18 hereof the Property is acquired by Lender, all
right, title and interest of Borrower(s) in and to any insurance policies and in and to any excess insurance proceeds thereof from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this
Mortgage immediately prior to such sale or acquisition. 
 6. Preservation and Maintenance of Property; Condominium.
Borrower(s) shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property. Borrower(s) shall perform all of Borrower’s obligations under the Master Deed, the operating agreement and
by-laws and rules and regulations of the Condominium Association, and constituent documents. Borrower(s) shall take such actions as may be reasonable to insure that the Condominium Association maintains a public liability insurance policy acceptable
in form, amount, and extent of coverage to Lender. If a Condominium rider is executed by Borrower and recorded together with the Mortgage, the covenants and agreements of such rider shall be incorporated into and amend and supplement the covenants
and agreements of this Mortgage as if the rider were a part hereof. 
 7. Protection of Lender’s Security. If
Borrower(s) fail(s) to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to, eminent domain,
insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower(s), may make such appearances, disburse such sums and take such action as is necessary to
protect Lender’s interest, including, but not limited to, disbursement of funds to pay reasonable attorneys’ fees and entry upon the Property to make repairs. 
 Any amounts disbursed by Lender pursuant to this Paragraph 7, with interest thereon, shall become additional indebtedness of Borrower(s) secured by this Mortgage. Unless Borrower(s) and Lender agree to
other terms or payment, such amount shall be payable upon notice from Lender to Borrower(s) requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the
Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this Paragraph 7 shall require Lender to
incur any expense or take any action hereunder. 
 8. Inspection. Lender may make or cause to be made reasonable entries
upon and inspections of the Property, provided that Lender shall give Borrower(s) notice prior to any such inspection specifying reasonable cause therefore related to Lender’s interest in the Property. 

9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower(s) in connection
with any condemnation or other taking of all or any part of the Property, whether of the unit or the common elements or for any conveyance in lieu of condemnation, pursuant to the terms of the Master Deed, are hereby assigned and shall be paid to
Lender and applied to the sums secured by this Mortgage. 
 Unless Lender and Borrower(s) otherwise agree in writing, any such
application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. 

10. Borrower(s) Not Released. Extension of the time for payment or modification of amortization of the sums secured by this
Mortgage granted by Lender to any successor in interest of Borrower(s) shall not operate to release, in any manner, the liability of the original Borrower(s) and Borrower’s successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower(s) and Borrower’s successors in interest.

 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender, or any other action taken by Lender to
protect its interest in the Property shall not be a waiver of Lender’s right to accelerate the maturity of the indebtedness secured by this Mortgage. 

  

					
		  	Page 3	  	
	455971-3 06.22.09	  		  	

 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and
cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 
 13. Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of Paragraph 17 below, the covenants and agreements herein contained shall bind, and the
rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower(s). All covenants and agreements of Borrower(s) shall be joint and several. The captions and headings of the Paragraphs of this Mortgage are for
convenience only and are not to be used to interpret or define the provisions hereof. 
 14. Notice. Except for any
notice required under applicable law to be given in another manner, (a) any notice to Borrower(s) provided for in this Mortgage shall be given by mailing such notice by U.S. Mail, postage prepaid, addressed to Borrower(s) at the Borrower’s
address as set forth in the Note, or at such other address as Borrower(s) may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender’s address
stated herein or to such other address as Lender may designate by notice to Borrower(s) as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower(s) or Lender when given in the manner designated
herein. 
 15. Governing Law; Severability. This Mortgage shall be governed by the laws of the state where the Property
is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting
provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 
 16. Borrower’s
Copy. Borrower(s) shall be furnished a copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 
 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without
Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to
purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to
accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender, that the interest payable on the
sums secured by this Mortgage shall be at such rate as Lender shall request, and that such person assumes all of the Borrower(s) obligations under the Note and this Mortgage (as so modified). If Lender has waived the option to accelerate provided in
this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. 

If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with Paragraph 14
hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such
period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof. 

18. Acceleration; Remedies. Lender shall give notice to Borrower(s) prior to acceleration following the breach by Borrower(s) of
any covenant or agreement in this Mortgage (but not prior to acceleration under Paragraph 17 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a
date, not less than 15 days from the date the notice is given to Borrower(s), by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums
secured by this Mortgage and sale of the Property. The notice shall further inform Borrower(s) of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of
Borrower(s) to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Mortgage without further demand and may invoke
the STATUTORY POWER OF SALE and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Paragraph 18, including, but not limited to, reasonable
attorneys’ fees and costs of title evidence. 
 If Lender invokes the STATUTORY POWER OF SALE, Lender shall mail a copy of
a notice of sale to Borrower(s), and to other persons prescribed by applicable law, in the manner provided by applicable law. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law at one
of the following locations: (a) the Property; (b) the office of the Lender’s attorney located in Boston, Massachusetts; or (c) the office of First American Title Insurance Company located in Boson, Massachusetts. Lender or its
designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys’ fees; (b) to all sums secured by
this Mortgage; and (c) any excess to the person or persons legally entitled to it. 
 19. Assignment of Rents;
Appointment of Receiver. As additional security hereunder, Borrower(s) hereby assigns to Lender the rents of the Property, provided that Borrower(s) shall, prior to acceleration under Paragraph 18 hereof or abandonment of the Property, have the
right to collect and retain such rents as they become due and payable. Notwithstanding the foregoing, in the event Borrower(s) is 

  

					
		  	Page 4	  	
	455971-3 06.22.09	  		  	

 
denied occupancy of the Property for failure to pay Condominium Assessments and the Condominium Association, or its designee, rents the Property pursuant to the provisions of the Master Deed, the
income derived therefrom shall be distributed in accordance with the provisions of Section 27 of the Master Deed. The Condominium Association, or its designee, is authorized and entitled to rely conclusively upon written statements furnished to
it by Lender regarding the amounts due under the Note and secured by this Mortgage. 
 Upon acceleration or abandonment of the
Property, Lender shall be entitled without notice, to enter upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected shall be applied first to payment of the costs of
management of the Property and collection of rents, including, but not limited to, management fees, court costs, and reasonable attorneys’ fees and then to the sums secured by this Mortgage. The Lender shall be liable to account only for those
rents actually received. Borrower(s) shall not be entitled to possession or use of the Property after abandonment or after the Lender has accelerated the balance due. Alternatively, Lender may seek the appointment of a receiver to manage and
collect rents from the Property. If a receiver is appointed, any income from rents from the Property shall be applied first to the costs of receivership, and then in the order set forth above. 

20. Future Advances. Upon request by Borrower(s), Lender, at Lender’s option, may make Future Advances to Borrower(s). Such
Future Advances, with interest thereon, shall be evidenced by promissory notes which shall be secured by amendments to this Mortgage. At no time shall the principal amount of the indebtedness secured by this Mortgage, not including sums advanced in
accordance herewith to protect the security of this Mortgage, exceed one hundred fifty percent (150%) of the original amount of the Note. 
 21. Lender’s Prior Consent. Borrower(s) shall not, except after notice to Lender and with Lender’s prior written consent, either partition or subdivide the Property or consent to:

 (i) The abandonment or termination of Custom House Leasehold Condominium, except for abandonment or termination required by
law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; 
 (ii) any amendment to any provision of the Master Deed, Operating Agreement and By-Laws or Rules and Regulations of the Condominium Association, or equivalent constituent documents of Custom House
Leasehold Condominium; or 
 (iii) any action which would have the effect of rendering the insurance coverage maintained by the
Condominium Association unacceptable to Lender. 
 22. Sale of Note; Change of Loan Servicer. The Note or a partial
interest in the Note (together with this Mortgage) may be sold one or more times without prior notice to Borrower(s) A sale may result in a change in the entity (known as the “Loan Servicer”) that collects monthly payments due under the
Note and this Mortgage. There also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower(s) will be given written notice of the change in accordance with Paragraph 14
above and applicable law. The notice will state the name and address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any other information required by applicable law. 

23. Release. Upon payment of all sums secured by this Mortgage, Lender shall discharge this Mortgage. Borrower(s) shall pay any
recordation costs, Lender’s administrative charges and other expenses incurred in connection with such discharge. 
 24.
Waivers. Borrower(s) waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. 
 25. Attorneys’ Fees. As used in this Mortgage and in the Note, “attorneys’ fees” shall include attorneys’ fees, if any, and related costs incurred by Lender in the
enforcement of its rights under the Note and/or Mortgage, whether or not legal action is instituted, and any fees and costs of trial and appellate proceedings. 
 26. Power of Sale. This Mortgage is upon the Statutory Condition for breach of which Mortgagee shall have the Statutory Power of Sale. 
 IN WITNESS WHEREOF, Borrower(s) has/have executed this Mortgage as an instrument under seal. 
  

	
	  
	Mortgagor
	
	  
	Mortgagor
	
	  
	Mortgagor
	
	  
	Mortgagor

  

					
		  	Page 5	  	
	455971-3 06.22.09	  		  	

 (ACKNOWLEDGMENT IF MORTGAGORS SIGN BEFORE NOTARIES IN MASSACHUSETTS) 

ACKNOWLEDGMENT 
 COMMONWEALTH OF
MASSACHUSETTS 
 COUNTY OF
                                 

On this              day of
                    , 20__, before me, the undersigned notary public, personally appeared
                             and
                             (insert names of document signer), proved to me through satisfactory
evidence of identification, which was                          (insert type of identification provided) to be the persons
whose names are signed on the preceding or attached document, and acknowledged to me that he/she/they signed it voluntarily for its stated purpose. 
  

	
	  
	NOTARY PUBLIC
	
	My Commission Expires:

 (ADDITIONAL ACKNOWLEDGMENT IF MORTGAGORS SIGN BEFORE DIFFERENT NOTARIES IN MASSACHUSETS)

 ACKNOWLEDGMENT 

COMMONWEALTH OF MASSACHUSETTS 
 COUNTY OF
                                 

On this              day of
                    , 20__, before me, the undersigned notary public, personally appeared
                     (insert name of document signer), proved to me through satisfactory evidence of identification, which was
                             (insert type of identification provided) to be the person whose name is
signed on the preceding or attached document, and acknowledged to me that he/she signed it voluntarily for its stated purpose. 
  

	
	  
	NOTARY PUBLIC
	
	My Commission Expires:

 (ADDITIONAL ACKNOWLEDGMENT IF MORTGAGORS SIGN BEFORE NOTARIES OUTSIDE MASSACHUSETTS)

  

			
	 STATE OF
                                

COUNTY OF
                            
	  	 )
 )

 This Mortgage was acknowledged before me this
                             by
                                        ,
                                        ,
                                         
    and                             , as his/her/their free act and deed. The
foregoing person(s) personally appeared before me and (i) is (are) personally known to me or (ii) has (have) produced
                             [list type of identification] as identification. 

 

	
	  
	(Print Name:                         
                                         
    )
	NOTARY PUBLIC
	My Commission Expires:

  

					
		  	Page 6	  	
	455971-3 06.22.09	  		  	

 MISSOURI SAMPLE (MVC) 

[UPON CLOSING OF THE PURCHASE TO WHICH THIS NOTE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT OR HOLDER TO COMPLETE THIS
NOTE BY INSERTING THE DATE OF THE NOTE AND APPLICABLE DATES FOR COMMENCEMENT OF PAYMENTS DUE HEREUNDER, THE MONTHLY PAYMENT DATE AND THE FINAL PAYMENT DATE.] 
 NOTE SECURED BY DEED OF TRUST 
 Unit No./Unit Week
No(s):                                 

HAB Condominium 
 US$                         

            , 20     

FOR VALUE RECEIVED, the undersigned             
(“Borrower(s)”) promise(s) to pay to the order of MARRIOTT OWNERSHIP RESORTS, INC., (said party or any other party to whom Marriott Ownership Resorts, Inc. may transfer and assign this Note and who holds this Note from time to time is
hereinafter called the “Holder”), Post Office Box 8038, Lakeland, Florida 33802, or order, the principal sum of              U.S. Dollars (US
$            ), with interest on the unpaid balance from             , until paid, at the rate of
             percent per annum (            %). (calculated on the basis of a 360 day year, collected for the
actual number of days principal is outstanding in any calendar year.) Principal and interest shall be payable in lawful money of the United States at the Holder’s address set forth above, or such other place as the Holder may, from time to
time, designate, in consecutive monthly installments of              U.S. Dollars (US $             ), on the
             day of each month and continuing thereafter on the same day of each month beginning             , for
a period of              months with the remaining unpaid principal balance, together with accrued interest thereon, due and payable, if not sooner paid, on
            . 
 The indebtedness evidenced by this Note is
secured by a Deed of Trust dated of even date herewith, creating a lien on the real property described therein (the “Property”). Reference is made to said Deed of Trust for rights as to acceleration of the indebtedness evidenced by this
Note. 
 Each monthly payment shall be tendered with a
$             service fee. 
 Borrower(s) shall pay to the
Holder a late charge of five percent (5%) of the installment due or $15.00, whichever is greater, not to exceed $50.00 for any monthly installment not received by the Holder within fifteen (15) days after the date the installment is due.
The late charge will be deducted from the next payment received. 
 Each payment shall be credited first to amounts due pursuant
to Paragraph 2 of the Deed of Trust, then to advances, if any, made by the Holder pursuant to Paragraph 7 of the Deed of Trust, then to the costs, fees, expenses and other amounts incurred and advanced by the Holder in the enforcement of its rights
hereunder, including, without limitation, costs and reasonable attorney’s fees, then to unpaid service fees, then to interest due hereunder, then to principal due hereunder, then to unpaid late charges, if any, then to interest on any Future
Advances made pursuant to Paragraph 20 of the Deed of Trust, then to principal on any Future Advances. 
 Borrower(s) may prepay
the principal amount outstanding in whole or in part. Any partial prepayment in excess of the interest then accrued shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly installments
or change the amount of such installments. 
 Demand, presentment, notice of dishonor, and protest are hereby waived by
Borrower(s) all makers, sureties, guarantors and endorsers hereof. This Note shall be a joint and several obligation of Borrower(s), all makers, sureties, guarantors and endorsers, and shall be binding upon them and their heirs, personal
representatives, successors and assigns. 
 At the option of the Holder, the entire unpaid principal amount outstanding and
accrued interest thereon shall become due and payable without demand or further notice to Borrower(s) upon any one of the following events of default: 
  

	 	a)	failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than fifteen
(15) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b)	failure of Borrower(s) to perform any other covenant or agreement of Borrower(s) in this Note or the Deed of Trust within fifteen (15) days after the mailing of
notice from the Holder to the Borrower(s) specifying the nature of such failure; and 

  

	 	c)	the insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s) as otherwise provided herein. 

The Holder may exercise this option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, reasonable attorney’s fees (not to exceed fifteen (15%) of
the balance due and payable), whether or not action be instituted hereon, and costs of foreclosure and costs of trial and appellate proceedings. 
 In the event of any default by the Borrower(s) hereunder, Holder at its sole option, may charge the Borrower(s) the highest interest rate allowed by law and/or pursue any and all remedies available to it
under applicable law. 
 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given upon depositing
same in any U.S. post office, postage prepaid, addressed to Borrower(s) at the address stated below, or to such other address as Borrower(s) may designate by written notice to the Holder. Any notice to the Holder shall be given by mailing such
notice by certified mail, return receipt requested, to the Holder at the address stated in the first paragraph of this Note, or at such other address as may have been designated by written notice to Borrower(s). Any notice provided for in this Note
shall be deemed to have been given to Borrower(s) or the Holder when given in the manner herein designated. 
 THIS NOTE
SHALL BE GOVERNED BY, CONSTRUED UNDER AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MISSOURI AND THE COURTS OF THE STATE OF MISSOURI IN THE COUNTY OF TANEY SHALL BE THE EXCLUSIVE COURTS OF JURISDICTION AND VENUE FOR ANY
LITIGATION OR OTHER PROCEEDING THAT MAY BE BASED ON, ARISE OUT OF, UNDER OR IN CONJUNCTION WITH THIS NOTE, UNLESS OTHERWISE REQUIRED BY LAW. HOLDER AND BORROWER(S) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR HOLDER EXTENDING THE LOAN EVIDENCED BY THIS NOTE. 
 Wherever possible, each provision of this Note shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. 
 It is the
intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid
prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder;
(ii) the aggregate of all interest and other charges constituting interest under applicable law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum
amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and
(iii) if any excess interest is provided for or collected, it shall be deemed a mistake and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically deemed
reformed so as to permit only the collection of the maximum non-usurious rate and amount of interest allowable under applicable law. 
 Time is of the essence in the performance of each and every obligation represented by this Note. 
  

	
	BORROWER’S ADDRESS:
	
	  
	Borrower/Purchaser signs here
	
	  
	Borrower/Purchaser signs here
	
	  
	Borrower/Purchaser signs here
	
	  
	Borrower/Purchaser signs here

 (Execute Original Only) 

  
 443996-2 (07.02.09)

 MISSOURI SAMPLE (MVC) 
 UPON CLOSING OF THE PURCHASE TO WHICH THIS DEED OF TRUST APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT TO COMPLETE THIS DEED OF TRUST BY INSERTING THE APPROPRIATE DATE OF THE DEED OF TRUST
AND TO COMPLETE, AS NECESSARY, THE RECORDING INFORMATION RELATING TO THE DOCUMENTS BY WHICH THE TIMESHARE ESTATE(S) BEING ENCUMBERED BY THIS DEED OF TRUST WAS (WERE) CREATED. 
 DEED OF TRUST 
 THIS DEED OF TRUST is made and entered into on this
             day of             , 20     , between
            , (herein “Borrower(s)”), as Grantors, whose post office address is c/o Marriott Resorts Hospitality Corporation, P. O. Box 8038, Lakeland, Florida 33802,
County of Polk, State of Florida, and Hogan Land Title Co., as Trustee, whose address is 1605 E. Sunshine Street, Springfield, Missouri 65804, and MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation, the address of which is Post Office
Box 8038, Lakeland, Florida 33802 (said party, its successors and assigns is herein called “Lender”), as Beneficiary. 

WITNESSETH, That the said Borrower, in consideration of the debt and trust hereinafter mentioned and created, and the sum of One Dollar
to it paid by the said Trustee, the receipt of which is hereby acknowledged does by these presents, grant, bargain and sell, convey and confirm unto the said Trustee the following described real estate, situate, lying and being in the County of
Taney and State of Missouri, to wit: 
 Unit Week
             in Unit             , Unit Week
             in Unit              
 Unit Week              in Unit             , Unit Week
             in Unit              
 Unit Week              in Unit             , Unit Week
             in Unit              
 of HAB Condominium, according to the Declaration of Condominium thereof, recorded in Official Records Book 389 at Page 670 in the Public Records of Taney County, Missouri, and any amendments
thereof. (“Declaration”). 
 To Have and to Hold unto the Trustee, and to his successor or successors in this
trust and to him and his grantees and assigns, forever the same together with all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures now or hereafter
attached to the property, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Deed of Trust; and all of the foregoing, together with said property are herein referred to
as the “Property”. In trust, however, for the following purpose: 
 WHEREAS, Borrower(s) has/have this day made,
executed and delivered to the said Beneficiary Borrower(s) promissory note of even date herewith (herein “Note”), by which Borrower promise(s) to pay to the said Beneficiary or order for value received
             Dollars. 
 NOW THEREFORE, If the said
Borrower(s), or anyone for Borrower(s) shall well and truly pay off and discharge the debt and interest expressed in the said Note and every part thereof, when the same shall become due, which Borrower(s) agree(s) to do, and payable according to the
true tenor, date and effect of said Note and pay, when due, all taxes and assessments, general and special, hereafter levied or charged upon such land and improvement, and keep the covenants herein contained; and shall keep the improvements on the
land continuously insured in some insurance company, to the satisfaction of Lender in the sum of reasonable Dollars, and the policies therefor assigned and delivered to Lender, and keep said lands and improvements clear of all statutory lien claims
of any kind until said indebtedness is paid, all as more fully set forth herein, THEN THIS DEED, shall be void, and the property hereinbefore conveyed shall be released at the cost of the said Borrower(s); but should the Borrower(s) fail or refuse
to pay the said debt and interest, or any part thereof, when the same or any part thereof shall become due and payable, according to the true tenor and effect of said Note or to pay any of said taxes, or effect such insurance, or discharge such
statutory lien claims, then the holder of said indebtedness, or any part thereof, may pay the same, with the sums so paid bearing interest at the highest rate permissible under applicable law, and being a charge upon said

  
 444120-3 (01.06.10)

 1 

 
premises and being secured by this deed, and upon any such failure or refusal, or upon any breach of any covenant herein contained, expressed or implied, this deed shall remain in full force; and
at the option of the holder of said indebtedness, or any part thereof, the whole of said indebtedness shall, without notice to the Borrower(s), become due and payable forthwith, and the said Trustee, or in case of his absence, death or refusal to
act, or disability in anywise, when any advertisement and sale are to be made hereunder, then whoever shall be sheriff of Taney County, Missouri, at the time such advertisement and sale are to be made, (who shall thereupon for the purposes of that
advertisement and sale succeed to the Trustee’s title to said real estate and the trust herein created respecting same) may proceed to sell the property hereinbefore described or any part thereof, at public venue to the highest bidder, at the
front door at which sheriff’s sales are usually made, of the Taney County Court House, in the County of Taney, at Forsyth, Missouri, for cash, first giving twenty (20) days’ notice of the time, terms and place of sale, and of the
property to be sold, by advertisement in some newspaper printed and published in said county, and upon such sale shall execute and deliver a deed in fee simple of the property sold to the purchaser or purchaser(s) thereof, and receive the proceeds
of said sale; and any statement of facts or recitals by the said Trustee, or any person assuming to act as successor to him, in relation to the non-payment of the money secured or agreed to be paid or default in or breach of any condition, covenant,
or agreement herein, the advertisement, sale, receipt of the money, appointment as successor or happening of any fact preliminary to the succession as trustee of such person, shall be received as prima facie evidence of such facts and such trustee
shall out of the proceeds of said sale, pay, first, the costs and expenses of executing this trust, including legal compensation to the Trustee for his services, and an attorney’s fee of reasonable dollars, which shall be immediately due upon
first publication of sale aforesaid; and next he shall apply the proceeds remaining over to the payment of taxes, insurance and statutory lien claims paid by the holders of said indebtedness, and interest thereon, as aforesaid; and next to the
payment of said debt and interest, or so much thereof as remains unpaid; and the remainder, if any, shall be paid to the said Borrower(s), or Borrower(s) legal representatives; and in case any suit is instituted for the foreclosure of this Deed of
Trust will pay reasonable dollars as attorney’s fees which shall also be payable upon institution of said suit, and that a decree and judgment may be rendered for the payment of said sum out of the proceeds of sale upon foreclosure, or
otherwise, in addition to the taxable costs of such suits. And upon default in the performance of the agreements herein, or payment of any monies hereby secured, in case of foreclosure by suit, by the holder of said indebtedness, or any part
thereof, a receiver to take possession of and collect the rents and profits of said lands shall be appointed as a matter of right, at the instance of holder or holders of said indebtedness or any part thereof. 

And it is further provided and agreed that without such death, absence, refusal or inability to act, of said Trustee, Lender, or any
legal holder of said principal Note or Notes, or the attorney in fact of either of them, may by writing, signed and acknowledged, with or without the consent of the Trustee, and at any time appoint a successor other than said sheriff, to said
Trustee in his stead or place, who shall thereupon become vested with all the estate, interest, power and rights in or concerning said lands or property, or any part thereof, by this deed granted to or vested in said Trustee. 

And it is further agreed that said Trustee or successor may sell or convey said property under the power aforesaid, although he or such
successors has been, may now be, or may hereafter at any time be, the agent or attorney of Lender or the holder of said Notes and all right or equity or redemption shall upon such sale cease and be thereby determined notwithstanding said Trustee be
such attorney or agent, and whether the holder of said Notes or some other person be purchaser of such sale. 
 And until some
default in the condition hereof occurs, the Trustee lets and demises said premises to the Borrower(s), for which Borrower(s) agrees to pay the sum of one cent per month. And said Borrower(s) further agree(s) that should default occur and sale under
this deed be made, that upon such sale the said Borrower, or the then owner of occupant of said property, shall become the tenant(s) of the purchaser thereat of said property from month to month at a rental of reasonable dollars per month.

 Borrower(s) covenants that Borrower(s) is/are lawfully seized of the estate hereby conveyed and has the right to mortgage,
grant and convey the Property, that the Property is unencumbered, and that Borrower(s) will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a
schedule of exceptions to coverage in any title insurance policy insuring Lender’s interest in the Property. 
 In
addition, Borrower(s) and Lender further covenant(s) and agree(s) as follows: 
 1. Payment of Principal, Interest, Late
Charges and Service Fees. Borrower(s) shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, late charges as provided in the Note, reasonable service charges imposed by Lender for servicing the loan
account and the principal of and interest on any Future Advances secured by this Deed of Trust. 
 2. Funds for Taxes,
Assessments and Insurance. Subject to applicable law, upon written request by Lender to Borrower(s), Borrower(s) shall pay to Lender on the day when monthly installments of principal and interest are payable under the Note, until the Note is
paid in full, a sum (herein “Funds”) equal to one-twelfth of Borrower’s(s’) share of the yearly taxes and assessments relating to the subject Property encumbered by this Deed of Trust and one-twelfth of the annual maintenance fee
or assessment due under the Declaration (herein “Condominium Assessments”), or such other amounts or for such other periods other than monthly, e.g., quarterly or one-fourth, etc., all as reasonably estimated initially and from time to
time by Lender on the basis of assessments and bills and reasonable estimates thereof. 
         If
Lender exercises the foregoing right, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency. Lender shall apply the Funds, upon receipt of the appropriate bill or bills, to
pay said taxes, assessments, and Condominium Assessments. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower(s) interest on the
Funds and applicable law permits Lender to make such a charge. Unless applicable law requires, Lender shall not be required to pay Borrower(s) any interest on earnings on the Funds. Lender shall give to Borrower(s), without charge, an annual
accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds was made. The Funds are hereby pledged as additional security for the sums secured by this Deed of Trust. 

If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of
taxes, assessments, and Condominium Assessments shall exceed the amount required to pay such taxes, assessments, and Condominium Assessments as 

  
 444120-3 (01.06.10)

 2 

 
they fall due, such excess shall be, at Borrower’s(s’) option, either promptly repaid to Borrower(s) or credited to Borrower(s) on monthly installments of Funds. If the amount of the
Funds held by Lender shall not be sufficient to pay taxes, assessments, and Condominium Assessments as they fall due, Borrower(s) shall pay to Lender any amount necessary to make up the deficiency within thirty (30) days from the date of a
notice mailed by Lender to Borrower(s) requesting payment thereof, but in no event shall Lender require payment in advance for taxes and assessments to be held and disbursed as set forth hereunder in an amount which exceeds the estimate of the next
year’s amount for same. 
 Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to
Borrower(s) any Funds held by Lender. If under Paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender,
any Funds then held by Lender as a credit against the sums secured by this Deed of Trust. 
 3. Application of Payments.
Unless applicable law provides otherwise, all payments received by Lender under the Note and Paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower(s) under Paragraph 2 hereof, then against
advances, if any, made by Lender pursuant to Paragraph 7 hereof, then to costs, fees, expenses and other amounts incurred and advanced by the Lender in the enforcement of its rights under the Note and this Deed of Trust, including, without
limitation, costs and reasonable attorneys’ fees, then to unpaid service fees, then to interest payable on the Note, then to the principal of the Note, then to unpaid late charges, if any, then to interest on any Future Advances made at
Lender’s option pursuant to Paragraph 20 hereof, and then to principal of Future Advances, if any, made at Lender’s option pursuant to Paragraph 20 hereof. 
 4. Charges; Liens. Borrower(s) shall promptly pay, when due, all Condominium Assessments imposed by HAB Condominium Association, Inc. or other governing body of HAB Condominium (the
“Condominium Association”) pursuant to the provisions of the Declaration, Bylaws, Rules and Regulations or other constituent documents of HAB Condominium. 
 Borrower(s) shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust, in the manner provided under
Paragraph 2 hereof or, if not paid in such manner, by Borrower(s) making payment, when due, directly to the payee thereof. Borrower(s) shall promptly furnish to Lender all notices of amounts due under this Paragraph, and in the event Borrower(s)
shall make payment directly, Borrower(s) shall promptly furnish to Lender receipts evidencing such payments. Borrower(s) shall promptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower(s) shall not be required
to discharge any such lien so long as Borrower(s) shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender and, if requested by Lender, immediately post with Lender an amount necessary to satisfy
said obligation, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof and, if requested by
Lender, immediately post with Lender an amount necessary to satisfy said obligation. 
 5. Hazard Insurance. Borrower(s)
shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage”, and such other hazards as Lender may require and in such amounts and for such
periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust. This obligation shall be deemed satisfied so long as the
Condominium Association maintains a “master” or “blanket” policy in accordance with the terms hereof. 
 The
insurance carrier providing the insurance shall be chosen by Borrower(s) or the Condominium Association subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. If required, all premiums on insurance policies
shall be paid in the manner provided under Paragraph 2 hereof, or, if not paid in such manner, by Borrower(s) or the Condominium Association making payment, when due, directly to the insurance carrier. 

All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor
of and in a form acceptable to Lender. Borrower(s) shall give Lender prompt notice of any lapse in hazard insurance coverage. In the event of loss, Borrower(s) shall give prompt notice to the insurance carrier and Lender. Lender may make proof of
loss if not made promptly by Borrower(s). 
 Pursuant to the terms of the Declaration, insurance proceeds shall be applied to
restoration or repair of the Property damaged, whether the Unit or the Common Elements. To the extent such insurance proceeds exceed the cost of such restoration or repair and the Board of Directors of the Condominium Association decides to disburse
such excess, Borrower’s(s’) share of such excess shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower(s). 
 Unless Lender and Borrower(s) otherwise agree in writing, any such application of proceeds to principal shall not exceed or postpone the due date of the monthly installments referred to in Paragraphs 1
and 2 hereof or change the amount of such installments. If under Paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower(s) in and to any insurance policies and in and to any excess insurance proceeds
thereof from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 

6. Preservation and Maintenance of Property; Condominium. Borrower(s) shall keep the Property in good repair and shall not commit
waste or permit impairment or deterioration of the Property. Borrower(s) shall perform all of Borrower’s(s’) obligations under the Declaration, the Bylaws and Rules and Regulations of the Condominium Association, and constituent documents.
Borrower(s) shall take such actions as may be reasonable to insure that the Condominium Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. If a Condominium rider is executed by
Borrower and recorded together with the Deed of Trust, the covenants and agreements of such rider shall be incorporated into and amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part hereof. 

 

  
 444120-3 (01.06.10)

 3 

 7. Protection of Lender’s Security. If Borrower(s) fail(s) to perform the
covenants and agreements contained in this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or
arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower(s), may make such appearances, disburse such sums and take such action as is necessary to protect Lender’s interest,
including, but not limited to, disbursement of funds to pay reasonable attorneys’ fees and entry upon the Property to make repairs. 
 Any amounts disbursed by Lender pursuant to this Paragraph 7, with interest thereon, shall become additional indebtedness of Borrower(s) secured by this Deed of Trust. Unless Borrower(s) and Lender agree
to other terms or payment, such amount shall be payable upon notice from Lender to Borrower(s) requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the
Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this Paragraph 7 shall require Lender to
incur any expense or take any action hereunder. 
 8. Inspection. Lender may make or cause to be made reasonable entries
upon and inspections of the Property, provided that Lender shall give Borrower(s) notice prior to any such inspection specifying reasonable cause therefor related to Lender’s interest in the Property. 

9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower(s) in connection
with any condemnation or other taking of all or any part of the Property, whether of the unit or the common elements or for any conveyance in lieu of condemnation, pursuant to the terms of the Declaration, are hereby assigned and shall be paid to
Lender as provided hereunder. 
 Unless Lender and Borrower(s) otherwise agree in writing, any such application of proceeds to
principal shall not extend or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. 
 10. Borrower(s) Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest of
Borrower(s) shall not operate to release, in any manner, the liability of the original Borrower(s) and Borrower’s(s’) successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend
time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower(s) and Borrower’s(s’) successors in interest. 

11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise
afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender’s right to
accelerate the maturity of the indebtedness secured by this Deed of Trust. 
 12. Remedies Cumulative. All remedies
provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively. 

13. Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of Paragraph 17
below, the covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower(s). All covenants and agreements of Borrower(s) shall be joint and several. The
captions and headings of the paragraphs of this Deed of Trust are for convenience only and are not to be used to interpret or define the provisions hereof. 
 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower(s) provided for in this Deed of Trust shall be given by mailing such
notice by U.S. Mail, postage prepaid, addressed to Borrower(s) at the Borrower’s(s’) address as set forth in the Note, or at such other address as Borrower(s) may designate by notice to Lender as provided herein, and (b) any notice to
Lender shall be given by certified mail, return receipt requested, to Lender’s address stated herein or to such other address as Lender may designate by notice to Borrower(s) as provided herein. Any notice provided for in this Deed of Trust
shall be deemed to have been given to Borrower(s) or Lender when given in the manner designated herein. In the event of a judicial action to enforce this Deed of Trust, Borrower(s) hereby agree(s) that any notice required or service of process made
incident thereto shall be sufficient if made to the above address. Borrower(s) may change such address by giving Lender notice of a change of address in writing to Lender’s address stated herein. 

15. Governing Law; Severability. This Deed of Trust shall be governed by the laws of the state where the Property is located. In
the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision,
and to this end the provisions of the Deed of Trust and the Note are declared to be severable. 
 16.
Borrower’s(s’) Copy. Borrower(s) shall be furnished a copy of the Note and of this Deed of Trust at the time of execution or after recordation hereof. 
 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without
Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to
purchase, or (c) the creation of a lien or encumbrance subordinate to this Deed of Trust, Lender may, at Lender’s option, declare all the sums secured by this Deed of Trust to be immediately due and payable. Lender shall have waived such
option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest
payable on the sums secured by this Deed of Trust shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided 

  
 444120-3 (01.06.10)

 4 

 
in this Paragraph 17, and if Borrower’s(s’) successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all
obligations under this Deed of Trust and the Note. 
 If Lender exercises such option to accelerate, Lender shall mail
Borrower(s) notice of acceleration in accordance with Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If
Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof. 

18. Acceleration; Remedies. Except as provided in Paragraph 17 hereof, upon Borrower’s(s’) breach of any covenant or
agreement of Borrower(s) in this Deed of Trust, including the covenants to pay when due any sums secured by this Deed of Trust, Lender prior to acceleration shall mail notice to Borrower(s) as provided in Paragraph 14 hereof specifying: (1) the
breach; (2) the action required to cure such breach; (3) a date, not less than fifteen (15) days from the date the notice is mailed to Borrower(s), by which such breach must be cured; and (4) that failure to cure such breach on
or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust, foreclosure by power of sale or by judicial proceedings or other proceedings consistent with the law, and sale of Property. If the
breach is not cured on or before the date specified in the notice, Lender at Lender’s option, subject to any right of reinstatement to which Borrower(s) is entitled under applicable law, may declare, without further demand, all of the sums
secured by this Deed of Trust to be immediately due and payable and may foreclose this Deed of Trust as set forth herein. Lender shall be entitled to collect in such proceedings all expenses of foreclosure, including, but not limited to, reasonable
attorneys’ fees, court costs, and costs of documentary evidence, abstracts and title reports. 
 19. Assignment of
Rents; Appointment of Receiver. As additional security hereunder, Borrower(s) hereby assigns to Lender the rents of the Property, provided that Borrower(s) shall, prior to acceleration under Paragraph 18 hereof or abandonment of the Property,
have the right to collect and retain such rents as they become due and payable. 
 Upon acceleration of the Note or abandonment
of the Property, Lender shall be entitled, without notice, to enter upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected shall be appointed first to payment of the
costs of management of the Property and collection of rents, including, but not limited to, management fees, court costs, and reasonable attorneys’ fees, and then to the sums secured by this Deed of Trust. The Lender shall be liable to account
only for those rents actually received. Borrower(s) shall not be entitled to possession or use of the Property after abandonment or after the Lender has accelerated the balance due under the Note. Alternatively, Lender may seek the appointment of a
receiver to manage and collect rents from the Property. If a receiver is appointed, any income from rents from the Property shall be applied first to the costs of receivership, and then in the order set forth above. 

20. Future Advances. Upon request by Borrower(s), Lender, at Lender’s option, may make Future Advances to Borrower(s). Such
Future Advances, with interest thereon, shall be secured by this Deed of Trust when evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this Deed of Trust,
not including sums advanced in accordance herewith to protect the security of this Deed of Trust, exceed one hundred fifty percent (150%) of the original amount of the Note. 

21. Lender’s Prior Consent. Borrower(s) shall not, except after notice to Lender and with Lender’s prior written
consent, either partition or subdivide the Property or consent to: 
 (i) The abandonment or termination of HAB Condominium,
except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; 

(ii) any amendment to any provision of the Declaration, ByLaws or Rules and Regulations of the Condominium Association, or equivalent
constituent documents of HAB Condominium which is for the express benefit of Lender; or 
 (iii) any action which would have the
effect of rendering the public liability insurance coverage maintained by the Condominium Association unacceptable to Lender. 

22. Attorneys’ Fees. As used in this Deed of Trust and in the Note, “attorneys’ fees” shall include
attorneys’ fees, if any, and related costs incurred by Lender in the enforcement of its rights under the Note and/or Deed of Trust, whether or not legal action is instituted, and any fees and costs of trial and appellate proceedings.

 23. Venue and Jurisdiction. Borrower hereby consents to the enforcement of the Note and Deed of Trust in Taney County,
Missouri and hereby submits to the jurisdiction of the courts of the State of Missouri for such purpose. 

  
 444120-3 (01.06.10)

 5 

 IN WITNESS WHEREOF, Borrower(s) has/have executed this Deed of Trust on the day and
year first written above. 
  

	
	  
	Borrower
	
	  
	Borrower
	
	  
	Borrower
	
	  
	Borrower

 ACKNOWLEDGMENT 
  

							
	STATE OF	  	 	  	)	  	
		  		  		  	 ) ss.

	COUNTY OF	  	 	  	)	  	

 On this              day of
            , A.D., 20    , before me personally appeared              to me
known to be the person(s) described in and who executed the foregoing instrument, and acknowledged that he/she/they executed the same as his/her/their free act and deed. 
 And the said              further declared himself/herself/themselves to be the lawful owner(s) of said property in full possession
thereof, and as having good right to mortgage same. 
 In Testimony Whereof, I have hereunto set my hand and affixed my official
seal, at my office in             , the day and year first above written. 
 My commission as Notary Public will expire on the              day of
            , 20    . 

             Notary Public 

Prepared by and return to:    Angela D. McGee 

Marriott Ownership Resorts, Inc. 

1200 Bartow Road, Suite 10 

Lakeland, Florida 33801 

  
 444120-3 (01.06.10)

 6 

 NEVADA SAMPLE (MVC) 
 Upon closing of the purchase to which this Note applies, Borrower(s) hereby authorize(s) closing agent or Holder to complete this Note by inserting the applicable interest rate and dates for
commencement of payments due hereunder, the monthly payment date and the final payment date. 
 PROMISSORY NOTE SECURED BY
DEED OF TRUST 
 Vacation Ownership Interest No.(s): 

«VG_BLDG_UNIT_WEEK_SEA_CODE» 
 Grand Chateau 
 US $«MTG_AMT» 

            , 20     

FOR VALUE RECEIVED, the undersigned (“Borrower(s)”) promise(s) to pay to the order of MARRIOTT OWNERSHIP RESORTS, INC.,
(said party or any other party to whom this Note may be transferred and assigned is hereinafter called the “Holder”), P.O. Box 24747, Lakeland, Florida 33802, or order, the principal sum of «MTG_TXT» U.S. Dollars (US
$«MTG_AMT»), with interest on the unpaid balance from the date of this Note, or              (whichever is later), until paid, at the rate of «RATE_TXT»
percent («INT_RATE»%) per annum. Interest shall be calculated by applying the stated annual rate against the unpaid principal for the actual number of days principal is outstanding in any calendar year divided by a 360 day year.
Principal and interest shall be payable, without offset, in lawful money of the United States at the Holder’s address set forth above, or such other place as the Holder may from time to time designate, in consecutive monthly installments of
«PAY_TXT» U.S. Dollars (US $«PAY_AMT»), beginning on the              day of             
and continuing thereafter on the same day of each month, with the remaining unpaid balance, together with accrued interest thereon, due and payable, if not sooner paid, on
            . 
 The indebtedness evidenced by this Note is
secured by a Deed of Trust, dated of even date herewith, creating a lien on the real property described therein (the “Vacation Ownership Interest(s)”), located in Clark County, Nevada. Reference is made to the Deed of Trust for rights of
the Holder upon acceleration of the indebtedness evidenced by this Note. 
 Each monthly payment shall be tendered with a
«SFEE» service fee. If any monthly installment is not received by the Holder within ten (10) days after the date the installment is due, Borrower(s) shall pay to the Holder a late charge of six percent (6%) of such late
installment or $25.00, whichever is greater. The Holder may apply any payment received by it to the payment of all late charges then owing before application to interest or principal. Such late charge is in addition to and not in lieu of or
diminution of any other rights and remedies of the Holder of this Note. 
 Each payment made under this Note shall be applied as
of its scheduled due date. Each payment shall be credited on account of amounts due in the order specified in the Deed of Trust securing this Note. 
 Borrower(s) may prepay the principal amount outstanding in whole or in part without a penalty. Any partial prepayment in excess of the amounts then due shall be applied against the principal amount
outstanding but shall not postpone the due date of any subsequent monthly installments or change the amount of such installments. 
 The makers, sureties, guarantors and endorsers hereof severally waive presentment for payment, demand and notice of dishonor and nonpayment of this Note, and consent to any and all extensions of time,
renewals, waivers or modifications that may be granted by the Holder hereof with respect to the payment or other provisions of this Note, and to the release of any security, or any part thereof, with or without substitution. This Note shall be the
joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their respective heirs, personal representatives, successors and assigns. 

  

									
	 (VG.NOTE.YZ) 09.04.09

491039-1 (09.04.09)
 Borrower(s)
Initials:
	  	             
	  	             
	  	1	  	 «CFID» Printed: 9/30/2011

01252010

		  	            	  	            	  		  	
		  		  		  		  	

 At the option of the Holder, the entire unpaid principal amount outstanding and accrued
interest thereon shall become due and payable without demand or further notice to Borrower(s) upon: 
  

	 	a.	Failure of Borrower(s) to pay when due any installment payable hereunder which remains unpaid after a date specified in a notice (not less than fifteen (15) days
from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b.	The insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s); 

 

	 	c.	The sale (or lease with option to purchase) or transfer of all or any part of the Vacation Ownership Interest(s) or any interest therein without the prior written
consent of the Holder, excluding a transfer by devise, descent or by operation of law upon the death of a joint tenant therein; or 

  

	 	d.	Failure of Borrower(s) to comply with the covenants of the Deed of Trust after notice and failure to cure as provided in the Deed of Trust. 

The Holder may exercise its option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, attorney’s fees, whether or not action be instituted hereon.

 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given after mailing same by U.S. mail,
postage prepaid (or such other more expeditious method as may be appropriate in the case of foreign addresses, as Holder may choose in its discretion), addressed to Borrower(s) at the address stated below, or to such other address as Borrower(s) may
designate by written notice to the Holder. Any notice to the Holder shall be deemed to have been given by mailing such notice by U.S. certified mail, return receipt requested, (or in the case of a notice originating in a foreign country, by such
other method that results in the Holder acknowledging in writing receipt of the notice), at the address stated in the first paragraph of this Note, or at such other address as may be designated by written notice to Borrower(s). 

This Note shall be governed by, construed under and enforced in accordance with the laws of the State of Nevada. Borrower(s) consent(s)
to jurisdiction and venue in the state and federal courts within the State of Nevada. 
 Borrower(s), and the person executing
this Note on behalf of Borrower(s) if Borrower(s) is not a natural person, has full power and authority to execute this Note and to bind Borrower(s) hereto without the approval of any third party. 

Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note. 
 It is the intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It
is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if
theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable
law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest
that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake
and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of
interest allowable under applicable law. 
 Time is of the essence with respect to all provisions of this Note. 

  

									
	 (VG.NOTE.YZ) 09.04.09

491039-1 (09.04.09)
 Borrower(s)
Initials:
	  	             
	  	             
	  	2	  	 «CFID» Printed: 9/30/2011

01252010

		  	            	  	            	  		  	
		  		  		  		  	

 By signing below, Borrower(s) accepts and agrees to the terms, conditions, and covenants
contained in this Note. 
  

					
	BORROWER(S) ADDRESS:	 		 	BORROWER(S):
			
	«ADR1»	 		 	  
	 «ADR2»

«CSZ»
	 		 	«LEGAL_NAME_1»
		 		 	  
		 		 	«LEGAL_NAME_2»
			
		 		 	  
		 		 	«LEGAL_NAME_3»
			
		 		 	  
		 		 	«LEGAL_NAME_4»

  

									
	 (VG.NOTE.YZ) 09.04.09

491039-1 (09.04.09)
 Borrower(s)
Initials:
	  	             
	  	             
	  	3	  	 «CFID» Printed: 9/30/2011

01252010

		  	            	  	            	  		  	
		  		  		  		  	

 NEVADA SAMPLE (MVC) 
 APN: 162-21-314-002 AND 162-21-314-003 
 When recorded mail tax statements to: 

Marriott Vacation Club International 
 Property
Tax Department 
 6649 Westwood Boulevard, Suite 500 
 Orlando, Florida 32821 
 When recorded mail to: 

First American Title Company 
 1160 North Town
Center Drive, Suite 190 
 Las Vegas, NV 89144 
  

 
 Space Above This Line for
Recorder’s Use 
 Control No. - «VG_BLDG_UNIT_WEEK_SEA_CODE» 
 UPON CLOSING OF THE PURCHASE TO WHICH THIS DEED OF TRUST APPLIES, BORROWER HEREBY AUTHORIZES CLOSING AGENT TO COMPLETE THIS DEED OF TRUST AND THE NOTE AS PROVIDED FOR IN THE PURCHASE AGREEMENT PURSUANT
TO WHICH THE VACATION OWNERSHIP INTEREST(S) WERE ACQUIRED BY BORROWER. 
 DEED OF TRUST 

(Tower 1 & 2) 
 This DEED OF
TRUST, made                      among the Trustor(s) «LEGAL_NAME», «TITLE_TAKEN» herein called “Borrower”
(whether one or more), whose address is «ADR1», «ADR2» «CSZC», FIRST AMERICAN TITLE COMPANY, 1160 North Town Center Drive, Las Vegas, Nevada 89144, herein called “Trustee,” and the Beneficiary MARRIOTT
OWNERSHIP RESORTS, INC., a Delaware corporation, herein called “Lender.” 
 WITNESSETH: That Borrower grants to Trustee in trust, with
power of sale, the Vacation Ownership Interest(s) (hereafter called “Vacation Ownership Interest” whether one or more) in the County of Clark, State of Nevada, described as: 

  
 Page 1 of 4

 «VG_INT» as identified and established in that certain Record of Survey
«VG_PARCEL_INFO» and Record of Survey constitute a subdivision of a portion of Lot 1 of that certain Commercial Subdivision created by the Final Map of the Grand Chateau recorded on May 19, 2004 in Book 117 of Plats, at Page 20,
Official Records of Clark County, Nevada, together with the exclusive right to use and occupy a Villa configuration during a reserved Use Period, as established and described in that certain Declaration of Covenants, Conditions, Easements and
Restrictions and Vacation Ownership Instrument for Grand Chateau dated April 26, 2004, recorded on May 19, 2004, in Book 20040519, Instrument No. 0004083, in the Official Records of Clark County, Nevada. 

The Vacation Ownership Interest purchased is described as follows: 
 «VG_BLDG_UNIT_WEEK_SEA_CODE» 
 together with all improvements now or hereafter erected
on the Project associated with the Vacation Ownership Interest, and all easements and all other rights thereunto belonging or in anyway now or hereafter appertaining, and the rents, issues and profits thereof, and all fixtures now or hereafter
attached to, used in connection with or hereafter a part of the Project associated with the Vacation Ownership Interest, and all replacements and additions, subject, however, to the right, power and authority hereinafter given to and conferred upon
Lender to collect and apply such rents, issues and profits for the purpose of securing (1) payment of the sum of $«MTG_AMT» with interest thereon according to the terms of a promissory note or notes of even date herewith made by
Borrower, payable to the order of Lender, and extensions or renewals thereof, (2) the performance of each agreement of Borrower incorporated by reference or contained herein and (3) payment of additional sums and interest thereon which may
hereafter be loaned to Borrower, or his successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. 
 To protect the security of this Deed of Trust, and with respect to the Vacation Ownership Interest above described, Borrower expressly makes each and all of the agreements, and adopts and agrees to
perform and be bound by, and it is mutually agreed that, each and all of the terms and provisions set forth in the Amended and Restated Master Form Deed of Trust and Security Agreement recorded on November 13, 2008, Book 20081113, Instrument
Number 0005152 Official Records of Clark County, Nevada, the county where said property is located, shall inure to and bind the parties hereto, with respect to the property above described. Said agreements, terms and provisions are by the within
reference thereto, incorporated herein and made a part of this Deed of Trust for all purposes as fully as if set forth at length herein, and Lender may charge for a statement regarding the obligation secured hereby, provided

  
 Page 2 of 4

 
the charge therefor does not exceed the maximum allowed by NRS 107.310 or other applicable law. 

  
 Page 3 of 4

 The undersigned Borrower, requests that a copy of any notice of default and any notice of sale hereunder be
mailed to Borrower at the address set forth. 
  

	
	Signature of Borrower
	
	  
	«LEGAL_NAME_1»
	
	  
	«LEGAL_NAME_2»
	
	  
	«LEGAL_NAME_3»
	
	  
	«LEGAL_NAME_4»

 STATE OF
                            ) 
 COUNTY OF                             )

 On                  before me,
                , personally appeared          «LEGAL_NAME_1», «LEGAL_NAME_2»,
«LEGAL_NAME_3», «LEGAL_NAME_4», personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 

WITNESS my hand and official seal. 
  

			
	Signature:	 	 
	NOTARY PUBLIC
	Commission expires:	 	 
	Commission No.:	 	 

  
 Page 4 of 4

 I UNDERSTAND THAT I AM SIGNING THIS NOTE BEFORE THE CLOSING OF THE PURCHASE TO WHICH THIS NOTE APPLIES.
BY SIGNING, I AUTHORIZE THE CLOSING AGENT OR LENDER TO INSERT THE DATE OF THE NOTE, THE DATE OF MY FIRST PAYMENT, THE MONTHLY PAYMENT DATE AND THE FINAL PAYMENT DATE. 
 NEW JERSEY SAMPLE (MVC) 
 This Mortgage Note is made on
                                     BETWEEN the Borrower(s)
«LEGAL_NAME» whose address is «ADR1», «ADR2» «CSZC» referred to as “I,” AND the Lender Marriott Ownership Resorts, Inc. whose address is Post Office Box 8038, Lakeland, Florida 33802 referred
to as the “Lender.” If more than one Borrower signs this Note, the word “I” shall mean each Borrower named above. The word “Lender” means the original Lender and anyone else who takes this note by transfer. 

 

	1.	Borrower’s Promise to Pay Principal and Interest. 

 In return for a loan that I received, I promise to pay «MTG_TXT» U.S. Dollars ($«MTG_AMT») (called principal), plus interest to the order of the Lender. Interest, at a yearly rate
of «INT_RATE»%, will be charged on that part of the principal, which has not been paid from
                             until all principal has been paid. 

 

	2.	Payments. 

 I will pay
principal and interest based on a 360/365 day year payment schedule with monthly payments of $«PAY_AMT» on the
                             day of each month beginning on
                                         
           . I will pay all amounts owed under this Note no later than
                                         
           . All payments will be made to the Lender at the address shown above or to a different place if required by the Lender. I will include a $5.00 service fee with each monthly payment
to offset the Lender’s administrative costs. 
  

	3.	Early Payments. 

 I have the right to make
payments at any time before they are due. These early payments will mean that this Note will be paid in less time. However, unless I pay this Note in full, my monthly payments will remain the same. I may not make partial payments at any time.

  

	4.	Late Charges for Overdue Payments. 

 If the Lender has not received any payment within ten (10) days after its due date, I will pay the Lender a late charge of 6% of the payment. This charge will be paid with the late payment, or else
it will be deducted from the next payment. 
  

	5.	Mortgage to Secure Payment. 

 The Lender has been given a Mortgage dated
                                         
   , to protect the Lender if the promises made in this Note are not kept. I agree to keep all promises made in the Mortgage covering property I own located in Galloway Township, Atlantic County, State of New Jersey and described
as: 
 Timeshare Estate No.             in Unit«MVDATA1» 

of FAIRWAY VILLAS AT SEAVIEW CONDOMINIUM, established by the Master Deed of Fairway Villas at Seaview Condominium, recorded in the Atlantic County
Clerk’s Office in Book 6473, Page 43, and any amendments to the Master Deed. All terms of the Mortgage are made part of this Note. 
  

	6.	Default. 

 If I fail to
make any payment required by this Note within fifteen (15) days after Lender has given me a notice that such payment is due, or if I fail to keep any other promise I make in this Note or in the Mortgage, or if I file for bankruptcy, or if
another creditor institutes bankruptcy proceedings against me, then the Lender may declare that I am in default on the Mortgage and this Note. Upon default, I must immediately pay the full amount of all unpaid principal, interest, other amounts due
on the Mortgage and this Note and the Lender’s costs of collection, reasonable attorney fees and costs of trial and appeal proceedings. 
  

	7.	Waivers. 

 I give up my
right to require that the Lender do the following: (a) to demand payment (called “presentment”); (b) to notify me of nonpayment (called “notice of dishonor”); and (c) to obtain an official certified statement
showing nonpayment (called a “protest”). The Lender may exercise any right under this 

  
 FW.NOTE.6.2.99 

Page 1 of 2 

 
Note, the Mortgage or under any law, even if Lender has delayed in exercising that right or has agreed in an earlier instance not to exercise that right. Lender does not waive its right to
declare that I am in default by making payments or incurring expenses on my behalf. 
  

	8.	Notice: 

 I will accept
any notice from Lender if it is deposited in any U.S. Post Office, with postage paid, and addressed to me at the address, which I have indicated at the top of this Note. I agree to notify Lender in writing if my address changes. Any notice that I
may send to Lender will be mailed certified, return receipt requested, to Lender at the address indicated at the top of this Note. 
  

	9.	Time. 

 I acknowledge that
the times and dates indicated for my payments to Lender are to be strictly followed in order for me to complete my obligations under this Note. 
  

	10.	Each Person Liable. 

 The
Lender may enforce any of the provisions of this Note against any one or more of the Borrowers who sign this Note. 
  

	11.	No Oral Changes. 

 This
Note can only be changed by an agreement in writing signed by both the Borrower(s) and the Lender. 
  

	12.	Signatures. 

 I agree to
the terms of this Note. If the Borrower is a corporation, its proper corporate officers sign and its corporate seal is affixed. 
  

	13.	WAIVER OF JURY TRIAL. 

 I
ACKNOWLEDGE THAT ANY INTERPRETATION OF THIS NOTE WILL BE MADE BY REFERRING TO THE LAWS OF THE STATE OF NEW JERSEY AND ANY LITIGATION REGARDING THIS NOTE WILL BE BROUGHT IN THE COURTS OF THE STATE OF NEW JERSEY. LENDER AND I GIVE UP ANY RIGHT EITHER
OF US MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION RELATING TO THIS NOTE. 
 Time is of the essence in the performance of each
and every obligation represented by this Note. 
  

					
			
	  	 		 	______________________ (Date)
	Borrower: «LEGAL_NAME_1»	 		 	

  

					
			
	  	 		 	Borrower (s) Address:
	Borrower: «LEGAL_NAME_2»	 		 	«ADR1»
		 		 	«CSZC»

  

					
			
	  	 		 	 
	Borrower: «LEGAL_NAME_3»	 		 	

  

					
			
	  	 		 	 
	Borrower: «LEGAL_NAME_4»	 		 	

 (Execute Original Only) 
 DOCUMENTARY STAMP TAXES HAVE BEEN PAID 
 AND THE PROPER AMOUNTS AFFIXED TO
THE MORTGAGE 

  
 FW.NOTE.6.2.99 

Page 2 of 2 

 NEW JERSEY SAMPLE (MVC) 
 (UPON CLOSING OF THE PURCHASE TO WHICH THIS MORTGAGE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT TO COMPLETE THIS MORTGAGE BY INSERTING THE APPROPRIATE DATE OF THE MORTGAGE AND TO
COMPLETE, AS NECESSARY, THE RECORDING INFORMATION RELATING TO THE DOCUMENTS BY WHICH THE TIME-SHARE ESTATE(S) BEING ENCUMBERED BY THIS MORTGAGE WAS(WERE) CREATED) 
 MORTGAGE 
 This Mortgage is made on
                                         
            
 BETWEEN the Borrower(s) «LEGAL_NAME» 

whose address is «ADR1», «ADR2», «CSZC» 
 referred to as “I,” 
 AND the Lender
             Marriott Ownership Resorts, Inc. 
 whose address is
             Post Office Box 8038, Lakeland, Florida 33802 
 referred to as the
“Lender.” 
 If more than one Borrower signs this Note, the word “I” shall mean each Borrower named above. The word
“Lender” means the original Lender and anyone else who takes this Note by transfer. 
 1. MORTGAGE NOTE. In return for a loan that I
received, I promise to pay $«MTG_AMT»(called “Principal”), plus interest in accordance with the terms of a Mortgage Note dated
                                         
            (referred to as the “Note”). The Note provides for monthly payments of $ «PAY_AMT» and a yearly interest rate of «INT_RATE» %. All sums owed
under the Note are due no later than
                                         
   . All terms of the Note are made part of this Mortgage. 
 2. PROPERTY MORTGAGED. The property mortgaged to the Lender
(called the “Property”) is located in the Galloway Township of Atlantic County of the State of New Jersey and described as follows: 

Timeshare Estate No.      in Unit«MVDATA1» 
 of FAIRWAY VILLAS AT SEAVIEW CONDOMINIUM, established by the Master Deed of Fairway Villas at Seaview Condominium, recorded in the Atlantic County Clerk’s Office in Book 6473, Page 43, (referred to
as the “Master Deed”) and any amendments to the Master Deed. 
 3. RIGHTS GIVEN TO LENDER. I mortgage the Property to the Lender. This
means that I give the Lender those rights stated in this Mortgage and also those rights the law gives to Lenders who hold mortgages on real property. When I pay all amounts due to the Lender under the Note and this Mortgage, the Lender’s rights
under this Mortgage will end. The Lender will then cancel this Mortgage at my expense. 
 4. PROMISES. I make the following promises to the
Lender: 
 a. NOTE AND MORTGAGE. I will comply with all of the terms of the Note and this Mortgage. 

b. PAYMENTS. I will make all payments required by the Note and this Mortgage, including the reasonable service charges of Lender for
servicing my loan account. 
 c. OWNERSHIP. I warrant title to the premises (N.J.S.A. 46:9-2). This means I own the Property and
will defend my ownership against all claims. 
 d. LIENS, TAXES, AND ASSESSMENTS. I will pay all liens, taxes, assessments and
other government charges made against the Property when due. I will pay the annual maintenance fee or assessment due under the Master Deed, referred to as “Condominium Assessments”. I will not claim any deduction from the taxable value of
the Property because of this Mortgage. I will not claim any credit against the Principal and interest payable under the Note and this Mortgage for any taxes paid on the Property. 

e. INSURANCE. I must maintain extended coverage insurance on the Property to protect against losses by fire or other hazards. The Lender
may also require that I maintain flood insurance or other types of insurance. The insurance companies, policies, amounts, and types of coverage must be acceptable to the Lender. I will notify the Lender in the event of any substantial loss or
damage. The Lender may then settle the claim on my behalf if I fail to do so. All payments from the insurance company must be payable to the Lender under a “standard mortgage clause” in the insurance policy. The Lender may use any proceeds
to repair and restore the Property or to reduce the amount due under the Note and this Mortgage. This will not delay the due date for any payment under the Note and this Mortgage. My obligation to maintain extended coverage insurance will be
satisfied if the Condominium Association maintains a “blanket” policy on the Property. 
 f. REPAIRS. I will keep the
Property in good repair, neither damaging nor abandoning it. I will allow the Lender to inspect the Property upon reasonable notice to me. 
 g. STATEMENT OF AMOUNT DUE. Upon the request of the Lender, I will certify to the Lender in writing: 
 (a) the amount due on the Note and this Mortgage, and 
 (b) whether
or not I have any defense to my obligations under the Note and this Mortgage. 
 h. CONDOMINIUM. I will perform all obligations
required of me under the Master Deed, as well as under the certificate of incorporation, the by-laws and the regulations of the Fairway Villas at Seaview Condominium Association, Inc., referred to as “Condominium Association”. 

i. LAWFUL USE. I will use the Property in compliance with all laws, ordinances and other requirements of any governmental authority.

 j. CONDOMINIUM ASSESSMENTS. I will pay all Condominium Assessments imposed by the Condominium Association. 

5. EMINENT DOMAIN. All or part of the Property may be taken by a government entity for public use. If this occurs, I agree that any compensation be given
to the Lender. The Lender may use this to repair and restore the Property or to reduce the amount owed on the Note and Mortgage. This will not delay the due date for any further payment under the Note and this Mortgage. Any remaining balance will be
paid to me. 
 6. TAX, INSURANCE AND ASSESSMENT ESCROW. If the Lender requests, I will make regular monthly payments to the Lender of a sum
(herein “Funds”) equal to: (a) 1/12 of the yearly real estate taxes and assessments on the Property; and (b) 1/12 of the annual condominium Assessment due for the Property, all of which Funds have been reasonably estimated by
Lender. These Funds will be held by the Lender without interest to pay the taxes, assessments, and Condominium Assessments as they become due. Upon my request, Lender will give me an annual accounting of the Funds, showing payments and
disbursements. If the Funds paid by me exceed the amounts necessary to pay the taxes and Condominium Assessments, then the excess will, at my option, be returned to me or credited against my next monthly installment of the Funds. If the amount of
Funds paid by me is not sufficient to pay the taxes and Condominium Assessments, I will pay to Lender any amount necessary to make up the difference within thirty (30) days of Lender’s request to me. When the entire Principal of the Note
is paid by me, the Lender will return any remaining Funds to me. If the Property is sold under a foreclosure, as described in Paragraph 11(c), or is acquired by Lender, Lender will apply any Funds held by it against the amounts due under this
Mortgage. 
 7. PAYMENTS MADE FOR BORROWER. If I do not make all of the repairs or payments as agreed in this Mortgage, the Lender may do so for
me. The cost of these repairs and payments will be added to the Principal, will bear interest at the same rate provided in the Note and will be repaid to the Lender upon demand. 

  
 (fw.mort) 09.16.05

 Page 1 of 3 

 8. APPLICATION OF PAYMENT. All payments made by me under the Note and this Mortgage will be applied by
Lender in the following order: 
  

	 	(i)	Escrow for taxes, insurance and Condominium Assessments; 

  

	 	(ii)	Payments made by Lender under Paragraph 7; 

  

	 	(iii)	Loan Service fees; 

  

	 	(iv)	Late charges, if any; 

  

	 	(v)	Costs and expenses paid by Lender because of any default by me; 

  

	 	(vi)	Interest under the Note; and 

  

	 	(vii)	Principal of the Note. 

 9. DEFAULT. The Lender
may declare that I am in default on the Note and this Mortgage if: 
  

	 	a.	I fail to make any payment required by the Note and this Mortgage within five (5) days after its due date; 

 

	 	b.	I fail to keep any other promise I make in this Mortgage; 

  

	 	c.	the ownership of the Property is changed for any reason; 

  

	 	d.	the holder of any lien on the Property starts foreclosure proceedings; or 

  

	 	e.	bankruptcy, insolvency or receivership proceedings are started by or against any of the Borrowers. 

10. PAYMENTS DUE UPON DEFAULT. If the Lender declares that I am in default, and I fail to correct the default within fifteen (15) days after Lender
gives me written notice and an explanation of the default, I must immediately pay the full amount of all unpaid Principal, interest, other amounts due on the Note and this Mortgage and the Lender’s costs of collection and reasonable attorney
fees. 
 11. LENDER’S RIGHTS UPON DEFAULT. If the Lender declares that the Note and this Mortgage are in default, the Lender will have all
rights given by law or set forth in this Mortgage. This includes the right to do any one or more of the following: 
  

	 	a.	take possession of and manage the Property, including the collection of rents and profits; 

 

	 	b.	have a court appoint a receiver to accept rent for the Property (I consent to this); 

 

	 	c.	start a court action, known as foreclosure, which will result in a sale of the Property to reduce my obligations under the Note and this Mortgage; and

  

	 	d.	sue me for any money that I owe the Lender. 

12. NOTICES. All notices must be in writing and personally delivered or sent by certified mail, return receipt requested, to the address given in this
Mortgage. Address changes may be made upon notice to the other party. 
 13. NO WAIVER BY LENDER. Lender may exercise any right under this
Mortgage or under any law, even if Lender has delayed in exercising that right or has agreed in an earlier instance not to exercise that right. Lender does not waive its right to declare that I am in default by making payments or incurring expenses
on my behalf. 
 14. EACH PERSON LIABLE. This Mortgage is legally binding upon each Borrower and all who succeed to their responsibilities (such
as heirs and executors). The Lender may enforce any of the provisions of the Note and this Mortgage against any one or more of the Borrowers who sign this Mortgage. 
 15. NO ORAL CHANGES. This Mortgage can only be changed by an agreement in writing signed by both the Borrower(s) and the Lender. 
 16. BORROWER’S COPY. I understand that I will be given a copy of the Note and this Mortgage either when I sign it or after the Mortgage has been recorded. 

17. LENDER’S PRIOR CONSENT. Unless I have received the prior written consent of Lender, I will not divide my interest in the Property or consent to:
(i) the termination of Fairway Villas at Seaview Condominium; or (ii) any amendment to the Master Deed or the certificate of incorporation, the by-laws and the regulations of the Condominium Association; or (iii) any action that might
make the public liability insurance maintained by the Condominium Association unacceptable to Lender. 
 18. ATTORNEY’S FEES. The term
“attorney’s fees” includes any attorney’s fees and related costs paid by Lender if it has to enforce any of its rights under the Note or this Mortgage, even if a legal action has not been filed. 

19. SIGNATURES. I agree to the terms of this Mortgage. If the Borrower is a corporation, its proper corporate officers sign and its corporate seal is
affixed. 
 IN WITNESS WHEREOF, Borrower(s) has/have executed this Mortgage on the day and year first written above. Signed in the presence of:

  

					
			
	  	 		 	  
	Borrower/Mortgagor: «LEGAL_NAME_1»	 		 	Date

  

					
			
	  	 		 	  
	Borrower/Mortgagor: «LEGAL_NAME_2»	 		 	Date

  

					
			
	  	 		 	  
	Borrower/Mortgagor: «LEGAL_NAME_3»	 		 	Date

  

					
			
	  	 		 	  
	Borrower/Mortgagor: «LEGAL_NAME_4»	 		 	Date

 ACKNOWLEDGMENT 
 STATE OF
                                         
           , COUNTY OF
                                         
                    SS. 
 I CERTIFY that on
                                         
       , «LEGAL_NAME» 
 personally came before me and stated to my satisfaction that this
person (or if more than one, each person): 
 (a) was the maker of the attached instrument; and, 

(b) executed this instrument as his or her own act 
  

			
	
	 
		
	Print Name:	 	 
	NOTARY PUBLIC
	My Commission Expires:
	Commission No.:

  
 (fw.mort) 09.16.05

 Page 2 of 3 

 ADDITIONAL ACKNOWLEDGMENT 
 STATE OF
                                         
           , COUNTY OF
                                         
                SS. 
 I CERTIFY that on
                                         
               , «LEGAL_NAME» 
 personally came
before me and stated to my satisfaction that this person (or if more than one, each person): 
 (a) was the maker of the attached instrument;
and, 
 (b) executed this instrument as his or her own act. 

 

			
	 
		
	Print Name:	 	 
	NOTARY PUBLIC
	My Commission Expires:
	Commission No.:

 STATE OF
                                         
           , COUNTY OF
                                         
                SS. 
 I CERTIFY that on
                                         
           , «LEGAL_NAME» 
 personally came before me and stated
to my satisfaction that this person (or if more than one, each person): 
 (a) was the maker of the attached instrument; and, 

(b) was authorized to and did execute this instrument as
                             of
                                         
           , the entity named in this instrument. 
  

			
	
	 
		
	Print Name:	 	 
	NOTARY PUBLIC
	My Commission Expires:
	Commission No.:

  

					
	MORTGAGE	  		  	Dated:
			
	 	  	Borrower(s)	  	 
			
	 to
	  		  	Record and Return to:
			
	 	  	 Lender(s)
	  	Angela McGee
		  		  	Marriott Resorts Title Company, Inc.
		  		  	P.O. Box 24747
		  		  	Lakeland, Florida 33802

 To the County Recording Officer of
                                         
                County: 
 this Mortgage is fully paid. I
authorize you to cancel it of record. 
  

					
	 Dated: ____________________
	  	 	 	(Seal)
		  	Lender	 	

  
 (fw.mort) 09.16.05

 Page 3 of 3 

 SOUTH CAROLINA SAMPLE (MVC) 
 Upon closing of the purchase to which this Note applies, the undersigned hereby authorize(s) closing agent or Holder to complete this Note by inserting the applicable dates for commencement of payments
due hereunder, the monthly payment date and the final payment date. 
 PROMISSORY NOTE 

 

			
	Time Sharing Interest No.(s): «CFID»	  	SurfWatch Horizontal Property Regime
		
	US$ «MTG_AMT»	  	______________________, __________

 FOR VALUE RECEIVED, the undersigned «LEGAL_NAME» (“Borrower(s)”) promise(s)
to Pay to the order of MARRIOTT OWNERSHIP RESORTS, INC., (said party or any other party to whom Marriott Ownership Resorts, Inc. may transfer and assign this Note and who holds this Note from time to time is hereinafter called the
“Holder”), Post Office Box 24747, Lakeland, Florida 33802, or order, the principal sum of «MTG_TXT» U.S. Dollars (US $«MTG_AMT»), with interest on the unpaid balance from the date of this Note or
                                         
    (whichever is later), until paid, at the rate of «RATE_TXT» percent per annum («INT_RATE»%) (based on a 360-day year and on the actual number of days elapsed). Principal and interest shall be payable in
lawful money of the United States at the Holder’s address set forth above, or such other place as the Holder may, from time to time, designate, in consecutive monthly installments of «PAY_TXT» U.S. Dollars (US
$«PAY_AMT»), on the          day of each month and continuing thereafter on the same day of each month beginning
                                         
   , for a period of «NO_PAY» months with the remaining unpaid principal balance, together with accrued interest thereon, due and payable, if not sooner paid, on
                                         
           . 
 The indebtedness evidenced by this Note is secured by
a Mortgage, dated of even date herewith, creating a lien on the real property described therein (the “Property”). Reference is made to said Mortgage for rights as to acceleration of the indebtedness evidenced by this Note. 

Each monthly payment shall be tendered with a «SFEE» service fee. 

Borrower(s) shall pay to the Holder a late charge of six percent (6%) for any monthly installment not received by the Holder within
ten (10) days after the date the installment is due. The late charge will be deducted from the next payment received. 

Each payment shall be credited first to amounts due pursuant to Paragraph 2 of the Mortgage, then to advances, if any, made by the Lender
(as defined in the Mortgage) pursuant to Paragraph 7 of the Mortgage, then to the costs, fees, expenses and other amounts incurred and advanced by the Holder in the enforcement of its rights hereunder, including, without limitation, costs and
reasonable attorney’s fees described below, then to unpaid service fees, then to interest due hereunder, then to principal due hereunder, then to unpaid late charges, if any, then to interest on any Future Advances made pursuant to Paragraph 20
of the Mortgage, and then to principal of any Future Advances made pursuant to Paragraph 20 of the Mortgage. 
 Borrower(s) may
prepay the principal amount outstanding in whole or in part. Any partial prepayment in excess of the interest then accrued shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly
installments or change the amount of such installments. 
 Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof. This Note shall be joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their heirs, personal representatives, successors and assigns.

 At the option of the Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and
payable without demand or further notice to Borrower(s) upon: 
  

	 	(a)	Failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than fifteen
(15) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	(b)	failure of Borrower(s) to perform any other covenant or agreement of Borrower(s) in this Note or the Mortgage within fifteen (15) days after the mailing of notice
from the Holder to the Borrower(s) specifying the nature of such failure; and 

  

	 	(c)	the insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s). 

  

					
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	  		  	v02012010

  

									
	 Borrower(s) Initials
	  	 	  		  	 	  	
		  	 	  		  	 	  	

 The Holder may exercise this option to accelerate during any default by Borrower(s)
regardless of any prior forbearance. If this Note is not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, reasonable
attorney’s fees, whether or not action be instituted hereon. 
 Except for the notice required pursuant to the default for
failure to make monthly payments outlined in Subparagraph (a) above, any notice to Borrower(s) provided for in this Note shall be deemed to have been given after depositing same in any U.S. post office, postage prepaid, addressed to Borrower(s)
at the address stated below, or to such other address as Borrower(s) may designate by written notice to the Holder. Such address shall also serve as the Borrower’s official “notice” address for purposes of the non-judicial foreclosure
provisions set forth in the Mortgage referenced above. Any notice to the Holder or to the Borrower(s) for defaults relating to non-payment of monthly payments shall be given by mailing such notice by certified mail, return receipt requested, to the
Holder at the address stated in the first paragraph of this Note, or at such other address as may have been designated by written notice to Borrower(s) and to the Borrower(s) as stated above. Any notice provided for in this Note shall be deemed to
have been given to Borrower(s) or the Holder when given in the manner herein designated. 
 Wherever possible, each provision of
this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. 
 It
is the intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is
prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by
Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the
maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of
usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically
deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of interest allowable under applicable law. 
 This Note shall be governed by, construed under and enforced in accordance with the laws of the state of South Carolina. Borrower(s) consents to jurisdiction and venue in the state and federal courts of
the State of South Carolina. 
  

					
	  	 		 	Borrower(s)’ Address:
	«LEGAL_NAME_1»	 		 	«ADR1»

					
	  	 		 	«ADR2»
	«LEGAL_NAME_2»	 		 	«CSZ»

					
	  	 		 	 
	«LEGAL_NAME_3»	 		 	

					
	  	 		 	 
	«LEGAL_NAME_4»	 		 	

 (Execute Original Only) 

  

					
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	 448667-2 (10.08.09)
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 SOUTH CAROLINA SAMPLE (MVC) 
 Upon closing of the purchase to which this Mortgage applies, the undersigned hereby authorize(s) closing agent to complete this Mortgage by inserting the appropriate date of the Mortgage and to
complete, as necessary, the recording information relating to the documents by which the Time Sharing Interest(s) being encumbered by this Mortgage was (were) created. 
 MORTGAGE 
 THIS MORTGAGE is made as of
                                    ,
                                    , between the
Mortgagor(s), «LEGAL_NAME» (herein “Borrower(s)”), and the Mortgagee, MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation, the address of which is Post Office Box 24747, Lakeland, Florida 33802 (said party, its
successors and assigns is herein called “Lender”). 
 TO SECURE to Lender (a) the repayment of the
indebtedness evidenced by a promissory note made by the above-named Borrower(s), payable to Lender in the principal sum of «MTG_TXT» U.S. Dollars (US$«MTG_AMT»), (herein “Note”), providing for monthly installments
of principal and interest, with the balance of indebtedness, if not sooner paid, due and payable on
                                        ;
(b) the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage, and the performance of the covenants and agreements of Borrower(s) herein contained; and (c) the repayment
of any future advances, with interest thereon, made to Borrower(s) by Lender pursuant to Paragraph 20 hereof (herein “Future Advances”), Borrower(s) does hereby mortgage, grant and convey to Lender and Lender’s successors and assigns
the following described property located in the County of Beaufort, State of South Carolina: 
 An undivided «WEEKS_PER_VILLA_52»
fractional interest in Unit No. «VILLA_LIST» respectively, SurfWatch Horizontal Property Regime, lying situate and being in Hilton Head Island, Beaufort County, South Carolina, and being more particularly shown and described by reference
to the Master Deed, establishing the said Horizontal Property Regime, being dated June 17, 2004, and recorded in the Land Records for Beaufort County, South Carolina, on June 22, 2004 in Book 01976 at Page 0001, as further amended from
time to time, the most recent amendment being the Fourth Amendment to the Master Deed dated April 12, 2006, and recorded April 17, 2006, in Deed Book 2357 at Page 166 and by reference to that certain plat entitled “Plat of Phase 1, 2,
3 & 4 SurfWatch Horizontal Property Regime” said plat prepared by Surveying Consultants, Inc., Terry G. Hatchell, S.C.R.L.S. #11059 said plat being dated March 29, 2006, and recorded in the Land Records for Beaufort County, South
Carolina, in Plat Book 112 at Page 175, as may be further revised from time to time. 
 AND ALSO, all of the rights,
privileges, easements, and common areas appertaining to the above-described property as set forth in the Master Deed and By-Laws of SurfWatch Horizontal Property Regime. 

AND ALSO, all right, title, interest and privileges extending to Time Sharing Interest Numbers(s)
«BLDG_UNIT_WEEK_SEA_CODE» in each of the respective aforedescribed Units, as contained in that certain Time Sharing Declaration, dated June 17, 2004, recorded in the Land Records for Beaufort County, South Carolina, on June 22,
2004 in Book 01976 at Page 0082, as amended from time to time. 
 The Property mortgaged herein is the same Property conveyed to
the within Borrower(s) by deed of the Lender dated the date hereof and recorded herewith. 
 TO HAVE AND TO HOLD unto
Lender and Lender’s successors and assigns, forever, together with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water
rights, and water stock, and all fixtures now or hereafter attached to the property, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the
foregoing, together with said property are herein referred to as the “Property”. 
 Borrower(s) covenants that
Borrower(s) is/are lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against
all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender’s interest in the Property. 

Borrower(s) and Lender covenant and agree as follows: 
 1. Payment of Principal, Interest, Late Charges and Service Fees. Borrower(s) shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, late charges as
provided in the Note, reasonable service charges imposed by Lender for servicing the loan account and the principal of and interest on any Future Advances secured by this Mortgage. 

2. Funds for Taxes, Assessments and Insurance. Subject to applicable law, upon written request by Lender to Borrower(s),
Borrower(s) shall pay to Lender on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of Borrower’s share of the yearly
taxes and assessments relating to the subject Property encumbered by this Mortgage and one-twelfth of the annual maintenance fee or assessment due under the Master Deed and/or Time Sharing Declaration (herein “Condominium Assessments”), or
such other amounts or for such other periods other than monthly, e.g., quarterly or one-fourth, etc., all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.

 If Lender exercises the foregoing right, the Funds shall be held in an institution the deposits or accounts of which are
insured or guaranteed by a Federal or state agency. Lender shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes, assessments, and Condominium Assessments. Lender may not charge for so holding and applying the
Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower(s) interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law requires, Lender shall not
be required to pay Borrower(s) any interest on earnings on the Funds. Lender shall give to Borrower(s), without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds was
made. The Funds are hereby pledged as additional security for the sums secured by this Mortgage. 

  

					
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 If the amount of the Funds held by Lender, together with the future monthly installments of
Funds payable prior to the due dates of taxes, assessments, and Condominium Assessments shall exceed the amount required to pay such taxes, assessments, and Condominium Assessments as they fall due, such excess shall be, at Borrower’s option,
either promptly repaid to Borrower(s) or credited to Borrower(s) on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, and Condominium Assessments as they fall due, Borrower(s)
shall pay to Lender any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Lender to Borrower(s) requesting payment thereof, but in no event shall Lender require payment in advance for taxes
and assessments to be held and disbursed as set forth hereunder in an amount which exceeds the estimate of the next year’s amount for same. 
 Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower(s) any funds held by Lender. If under paragraph 16 hereof the Property is sold or the Property is
otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds then held by Lender as a credit against the sums secured by this Mortgage. 

3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and
Paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower(s) under Paragraph 2 hereof, if any, then against advances, if any, made by Lender pursuant to Paragraph 7 of this Mortgage, then to
costs, fees, expenses and other amounts incurred and advanced by the Lender in the enforcement of its rights under the Note and this Mortgage, including, without limitation, costs and reasonable attorneys’ fees, then to unpaid service fees,
then to interest payable on the Note, then to principal under the Note, then to unpaid late charges, if any, then to interest on any Future Advances made at the Lender’s option pursuant to Paragraph 20 hereof, and then to the principal of any
Future Advances, if any, made at Lender’s option pursuant to Paragraph 20 hereof. 
 4. Charges; Liens. Borrower(s)
shall promptly pay, when due, all Condominium Assessments imposed by SurfWatch Owners Association Inc. or other governing body of SurfWatch Horizontal Property Regime (the “Condominium Association”) pursuant to the provisions of the Master
Deed, Time Sharing Declaration, By-Laws, Rules and Regulations or other constituent documents of SurfWatch Horizontal Property Regime. Borrower(s) shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property
which may attain a priority over this Mortgage, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower(s) making payment, when due, directly to the payee thereof. Borrower(s) shall promptly furnish to Lender all
notices of amounts due under this Paragraph, and in the event Borrower(s) shall make payment directly, Borrower(s) shall promptly furnish to Lender receipts evidencing such payments. Borrower(s) shall promptly discharge any lien which has priority
over this Mortgage; provided, that Borrower(s) shall not be required to discharge any such lien so long as Borrower(s) shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender and, if requested by
Lender, immediately post with Lender an amount necessary to satisfy said obligation, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or
forfeiture of the Property or any part thereof and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation. 
 5. Hazard Insurance. Borrower(s) shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended
coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the
sums secured by this Mortgage. This obligation shall be deemed satisfied so long as the Condominium Association maintains a “master” or “blanket” policy in accordance with the terms hereof. 

The insurance carrier providing the insurance shall be chosen by Borrower(s) or the Condominium Association subject to approval by
Lender; provided, that such approval shall not be unreasonably withheld. If required, all premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof, or, if not paid in such manner, by Borrower(s) or the Condominium
Association making payment, when due, directly to the insurance carrier. 
 All insurance policies and renewals thereof shall be
in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Borrower(s) shall give Lender prompt notice of any lapse in hazard insurance coverage. In the event of loss, Borrower(s)
shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower(s). 
 Pursuant to the terms of the Master Deed and/or Time Sharing Declaration, insurance proceeds shall be applied to restoration or repair of the Property damaged, whether the unit or the common elements. To
the extent such insurance proceeds exceed the cost of such restoration or repair and the Board of Directors of the Condominium Association decides to disburse such excess, Borrower’s share of such excess shall be applied to the sums secured by
this Mortgage, with the excess, if any, paid to Borrower(s). 
 Unless Lender and Borrower(s) otherwise agree in writing, any
such application of proceeds to principal shall not exceed or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 17 hereof the Property is acquired
by Lender, all right, title and interest of Borrower(s) in and to any insurance policies and in and to any excess insurance proceeds thereof from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums
secured by this Mortgage immediately prior to such sale or acquisition. 
 6. Preservation and Maintenance of Property;
Condominium. Borrower(s) shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property. Borrower(s) shall perform all of Borrower’s obligations under the Master Deed and/or Time
Sharing Declaration, the By-Laws, Rules and Regulations of the Condominium Association, and constituent documents. Borrower(s) shall take such actions as may be reasonable to insure that the Condominium Association maintains a public liability
insurance policy acceptable in form, amount, and extent of coverage to Lender. 
 7. Protection of Lender’s
Security. If Borrower(s) fail(s) to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to,
eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankruptcy or decedent, then Lender at Lender’s option, upon notice to Borrower(s), may make such appearances, disburse such sums and take such action as
is necessary to protect Lender’s interest, including, but not limited to, disbursement of funds to pay reasonable attorneys’ fees and entry upon the Property to make repairs. 

Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower(s)
secured by this Mortgage. Unless Borrower(s) and Lender agree to other terms or payment, such amount shall be payable upon notice from Lender to Borrower(s) requesting payment thereof, and shall bear interest from the date of disbursement at the
rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law.
Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 

  

					
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	 Loan «LOANID»
	  		  	

 8. Inspection. Lender may make or cause to be made reasonable entries upon and
inspections of the Property, provided that Lender shall give Borrower(s) notice prior to any such inspection specifying reasonable cause therefore related to Lender’s interest in the Property. 

9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower(s) in connection
with any condemnation or other taking of all or any part of the Property, whether of the unit or the common elements or for any conveyance in lieu of condemnation, pursuant to the terms of the Master Deed and/or Time Sharing Declaration, are hereby
assigned and shall be paid to Lender as provided hereunder. 
 Unless Lender and Borrower(s) otherwise agree in writing, any
such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 

10. Borrower(s) Not Released. Extension of the time for payment or modification of amortization of the sums secured by this
Mortgage granted by Lender to any successor in interest of Borrower(s) shall not operate to release, in any manner, the liability of the original Borrower(s) and Borrower’s successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower(s) and Borrower’s successors in interest.

 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender’s
right to accelerate the maturity of the indebtedness secured by this Mortgage. 
 12. Remedies Cumulative. All remedies
provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 

13. Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of paragraph 16
below, the covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower(s). All covenants and agreements of Borrower(s) shall be joint and several. The
captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 
 14. Notice. Except for any notice required under applicable law or under the Note, as applicable, to be given in another manner, (a) any notice to Borrower(s) provided for in this Mortgage
shall be given by mailing such notice by U.S. Mail, postage prepaid, addressed to Borrower(s) at the Borrower’s address as set forth in the Note, or at such other address as Borrower(s) may designate by notice to Lender as provided herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender’s address stated herein or to such other address as Lender may designate by notice to Borrower(s) as provided herein. Any notice provided for in
this Mortgage shall be deemed to have been given to Borrower(s) or Lender when given in the manner designated herein. In the event of a judicial action to enforce this Mortgage, Borrower hereby agrees that any notice required or service of process
made incident thereto shall be sufficient if made to the above address. Borrower may change such address by giving Lender notice of a change of address in writing to Lender’s address stated herein. 

15. Governing Law; Severability. This Mortgage shall be governed by the laws of the state where the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end
the provisions of the Mortgage and the Note are declared to be severable. 
 16. Transfer of the Property; Assumption. If
all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law
upon the death of a joint tenant, or (b) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have
waived such option to accelerate if, and only if, prior to the sale (or lease with option to purchase) or transfer, Lender and the person to whom the Property is to be sold (or leased) or transferred reach agreement in writing that the credit of
such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 16, and if
Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. 

If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with paragraph 14
hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such
period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by paragraph 17 hereof. 

17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower’s breach of any covenant or agreement of
Borrower(s) in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower(s) as provided in paragraph 14 hereof specifying: (1) the breach; (2) the
action required to cure such breach; (3) a date, not less than fifteen (15) days from the date the notice is mailed to Borrower(s), by which such breach must be cured; and (4) that failure to cure such breach on or before the date
specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding or other proceedings consistent with the law, and sale of Property. If the breach is not cured on or before the date
specified in the notice, Lender at Lender’s option, may declare, without further demand, all of the sums secured by this Mortgage to be immediately due and payable and may foreclose this Mortgage by judicial proceedings. Lender shall be
entitled to collect all expenses of collection, including, but not limited to, reasonable attorney’s fees, whether or not action be instituted hereon, court costs, and costs of documentary evidence, abstracts and title reports. As used in this
Mortgage and in the Note, “attorney’s fees” shall include attorney’s fees, if any, which may be awarded by an appellate court. 
 18. Non-Judicial Foreclosure. There is a mortgage lien against your timeshare estate which must be repaid in accordance with this Mortgage. Your failure to make timely payments required by this
Mortgage may result in foreclosure of the mortgage lien. The Borrower (hereinafter in this paragraph 18 referred to as “Mortgagor”) acknowledges that, if the obligations established by this Mortgage are not satisfied and the Mortgagor does
not cure the default in accordance with the terms hereof, the mortgage lien created by this Mortgage may be foreclosed through a nonjudicial procedure in accordance with Article 3 of Chapter 32 of Title 27 of the Code of Laws of South Carolina. The
Mortgagor understands that he or she will not be subject to a deficiency judgment or personal liability for the mortgage lien resulting from a nonjudicial foreclosure procedure even if the sale of his or her timeshare estate resulting from the
foreclosure for the mortgage lien is insufficient to satisfy the amount of the mortgage lien. The Mortgagor further acknowledges that the trustee will send the notice required by this procedure to the Mortgagor’s notice address, and the
Mortgagor agrees to inform the Mortgagee of any change in the Mortgagor’s address. The Mortgagor consents to notification by certified or registered mail and agrees that any person at the Mortgagor’s notice address may acknowledge receipt
of any correspondence received in connection with this procedure. The 

  

					
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	 Loan «LOANID»
	  		  	

 
Mortgagor understands that the trustee may notify Mortgagor of the commencement of the procedure by publication if delivery of the notice is not accepted at the notice address. If the Mortgagor
sends the trustee a written objection to the nonjudicial procedure stating the reasons for such objection, the matter will be transferred to a judicial foreclosure procedure, but the Mortgagor understands and agrees that in the judicial foreclosure
procedure, he or she may be subject to a deficiency judgment or personal liability for the mortgage lien if the sale of his or her timeshare estate resulting from the foreclosure is insufficient to satisfy the amount of the mortgage lien. The
Mortgagor further understands and agrees that in the judicial foreclosure procedure if the court finds that there is a complete absence of a justifiable issue of either law or fact raised by the objection or defense, the Mortgagor may be personally
liable for the costs and attorney’s fees incurred by the Mortgagee in the judicial foreclosure. 
 McNair Law Firm
P.A. is hereby named Trustee of the within conveyed Property for the purposes of the timeshare lien foreclosure pursuant to and in accordance with Article 3 of Chapter 32 of Title 27 Code of Laws of South Carolina. 

19. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower(s) hereby assigns to Lender the rents
of the Property, provided that Borrower(s) shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. 

Upon acceleration of the Note or abandonment of the Property, Lender shall be entitled without notice, to enter upon, take possession of
and manage the Property and to collect the rents of the Property, including those past due. All rents collected shall be appointed first to payment of the costs of management of the Property and collection of rents, including, but not limited to,
management fees, court costs, and reasonable attorneys’ fees and then to the sums secured by this Mortgage. The Lender shall be liable to account only for those rents actually received. Borrower(s) shall not be entitled to possession or
use of the Property after abandonment or after the Lender has accelerated the balance due under the Note. Alternatively, Lender may seek the appointment of a receiver to manage and collect rents from the Property. If a receiver is appointed, any
income from rents from the Property shall be applied first to the costs of receivership, and then in the order set forth above. 

20. Future Advances. Upon request by Borrower(s), Lender, at Lender’s option, may make Future Advances to Borrower(s). Such
Future Advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this Mortgage, not
including sums advanced in accordance herewith to protect the security of this Mortgage, exceed one hundred fifty percent (150%) of the original amount of the Note. 
 21. Lender’s Prior Consent. Borrower(s) shall not, except after notice to Lender and with Lender’s prior written consent, either partition or subdivide the Property or consent to:

 (i) The abandonment or termination of SurfWatch Horizontal Property Regime, except for abandonment or termination required by
law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; 
 (ii) any amendment to any provision of the Master Deed and/or Time Sharing Declaration, By-Laws or Rules and Regulations of the Condominium Association, or equivalent constituent documents of SurfWatch
Horizontal Property Regime which is for the express benefit of Lender; or 
 (iii) any action which would have the effect of
rendering the public liability insurance coverage maintained by the Condominium Association unacceptable to Lender. 
 22.
Attorneys’ Fees. As used in this Mortgage and in the Note, “attorneys’ fees” shall include attorneys’ fees, if any, and related costs incurred by Lender in the enforcement of its rights under the Note and/or Mortgage,
whether or not legal action is instituted, and any fees and costs of trial and appellate proceedings. 
 23. Venue and
Jurisdiction. Borrower hereby consents to the enforcement of the Note and Mortgage in Beaufort County, South Carolina and hereby submits to the jurisdiction of the courts of the state of South Carolina for such purpose. 

IN WITNESS WHEREOF, Borrower(s) has/have executed this Mortgage on the day and year first written above. 

 

									
	Signed in the presence of:	 		 	
					
	(2)	 	 	 		 	(1)	 	 
	First Witness signs here	 		 	Mortgagor: «LEGAL_NAME_1»

  

									
					
	(3)	 	 	 		 	(1)	 	 
	Second Witness signs here	 		 	Mortgagor: «LEGAL_NAME_2»
	(Notary may sign as 2nd witness)	 		 	

  

									
					
		 		 		 	(1)	 	 
		 		 		 	Mortgagor: «LEGAL_NAME_3»

  

									
					
		 		 		 	(1)	 	 
		 		 		 	Mortgagor: «LEGAL_NAME_4»

  

					
	STATE OF _____________	  	)	  	ACKNOWLEDGMENT
			
	 COUNTY OF ___________
	  	)	  	

 I, the undersigned Notary Public do hereby certify that «LEGAL_NAME» personally appeared
before me this day and acknowledged the due execution of the foregoing instrument. 
 Witness my hand and official seal this the
             day of
                                    ,
                . 
  

			
	NOTARY SIGN____________________________
	NOTARY PUBLIC FOR:	 	 
	My commission expires:	 	 

 (SEAL HERE) 

  

					
	 (sf.mort) 01.13.09
	  		  	
	 448664-1 (01.13.09)
	  	Page 4 of 5	  	
	 Loan «LOANID»
	  		  	

 This document prepared and recorded under the supervision of the «SC_ATTY» 

Return to: Marriott Ownership Resorts, Inc., P.O. Box 24747, Lakeland, FL 33802 

  

					
	 (sf.mort) 01.13.09
	  		  	
	 448664-1 (01.13.09)
	  	Page 5 of 5	  	
	 Loan «LOANID»
	  		  	

 UTAH SAMPLE (MVC) 

(INDIVIDUAL) 
 Upon closing of
the purchase to which this Note applies, the undersigned hereby authorize(s) closing agent or Holder to complete this Note by inserting the applicable dates for commencement of payments due hereunder, the monthly payment date and the final payment
date. DO NOT DESTROY THIS NOTE. When paid, this Note, with the Trust Deed securing the same, must be surrendered to the Trustee for cancellation before reconveyance will be made. 

PROMISSORY NOTE 
 Resort Interest No.(s): 
 ______________________________ 

MountainSide Condominium 
  

			
	 US $______________________
	  	___________________, 20__    

 FOR VALUE RECEIVED, the undersigned (“Borrower(s)”) promise(s) to pay to the order of
MARRIOTT OWNERSHIP RESORTS, INC., (said party or any other party to whom this Note may be transferred and assigned is hereinafter called the “Holder”), P.O. Box 8038, Lakeland, Florida 33802, or order, the principal sum of
                                         
    U.S. Dollars (US $                 ), with interest on the unpaid balance from the date of this Note, or
                                 (whichever is later), until paid, at the rate of
             percent (                %) per annum. Interest shall be calculated by applying
the stated annual rate against the unpaid principal for the actual number of days elapsed divided by a 360 day year. Principal and interest shall be payable, without offset, in lawful money of the United States at the Holder’s address set forth
above, or such other place as the Holder may from time to time designate, in consecutive monthly installments of              U.S. Dollars (US
$            ), beginning on the              day of
                                        
and continuing thereafter on the same day of each month, with the remaining unpaid balance, together with accrued interest thereon, due and payable, if not sooner paid, on
                                         
                   . 
 The
indebtedness evidenced by this Note is secured by a Trust Deed, dated of even date herewith, creating a lien on the real property described therein (the “Property”), located in Park City, Summit County, Utah. Reference is made to said
Trust Deed for rights of the Holder upon acceleration of the indebtedness evidenced by this Note. 
 Each monthly payment shall
be tendered with a $5.00 service fee. If any monthly installment is not received by the Holder within ten (10) days after the date the installment is due, Borrower(s) shall pay to the Holder a late charge of six percent (6%) of such late
installment or $15.00, whichever is greater. The Holder may apply any payment received by it to the payment of all late charges then owing before application to interest or principal. Such late charge is in addition to and not in lieu of or
diminution of any other rights and remedies of the Holder of this Note. 
 Each payment made by Borrower(s) shall be credited on
account of amounts due in the order specified in Paragraph 20 of the Trust Deed. 
 Borrower(s) may prepay the principal amount
outstanding in whole or in part without a penalty. Any partial prepayment in excess of the amounts then due shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly installments or
change the amount of such installments. 
 The makers, sureties, guarantors and endorsers hereof severally waive presentment for
payment, demand and notice of dishonor and nonpayment of this Note, and consent to any and all extensions of time, renewals, waivers or modifications that may be granted by the Holder hereof with respect to the payment or other provisions of this
Note, and to the release of any security, or any part thereof, with or without substitution. This Note shall be the joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their respective
heirs, personal representatives, successors and assigns. 
 At the option of the Holder, the entire unpaid principal amount
outstanding and accrued interest thereon shall become due and payable without demand or further notice to Borrower(s) upon: 
  

	 	a.	Failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than fifteen
(15) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b.	The insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s); 

 

	 	c.	The sale (or lease with option to purchase) or transfer of all or any part of the Property or any interest therein without the prior written consent of the Holder,
excluding a transfer by devise, descent or by operation of law upon the death of a joint tenant therein; or 

  

	 	d.	Failure of Borrower(s) to comply with the covenants of the Trust Deed after notice and failure to cure as provided in the Trust Deed. 

The Holder may exercise its option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, attorneys’ fees, whether or not action be instituted hereon.

 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given after mailing same by U.S. mail,
postage prepaid (or such other more expeditious method as may be appropriate in the case of foreign addresses, as Holder may choose in its discretion), addressed to Borrower(s) at the address stated below, or to such other address as Borrower(s) may
designate by written notice to the Holder. Any notice to the Holder shall be deemed to have been given by mailing such notice by U.S. certified mail, return receipt requested, (or in the case of a notice originating in a foreign country, by such
other method that results in the Holder acknowledging in writing receipt of the notice), at 1200 U.S. 98 South, Lakeland, Florida 33801, or at such other address as may be designated by written notice to Borrower(s). 

Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note. 
 It is the intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It
is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if
theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable
law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest
that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake
and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically 

  

					
	 494010-2 (09.14.09)
	  		  	
		  	Page 1 of 2	  	

 
deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of interest allowable under applicable law. 

This Note shall be governed by, construed under and enforced in accordance with the laws of the State of Utah. Borrower(s) consent(s) to
jurisdiction and venue in the state and federal courts within the State of Utah. 
  

							
	BORROWER(S) ADDRESS:	 		 	BORROWER(S):	 	
				
	  	 		 	  	 	(SEAL)
	 	 		 	(Name of Individual)	 	

  

							
	  	 		 	  	 	(SEAL)
		 		 	(Name of additional Individual)	 	

  

							
				
	 	 		 	  	 	(SEAL)
		 		 	(Name of additional Individual)	 	

  

							
				
	 	 		 	  	 	(SEAL)
		 		 	(Name of additional Individual)	 	

 (Execute Original Only) 

  

					
	 494010-2 (09.14.09)
	  		  	
		  	Page 2 of 2	  	

 UTAH SAMPLE (MVC) 
 WHEN RECORDED, MAIL TO: 
 First American Title Insurance Agency, LLC 

81 S. Main Street 
 P.O. Box 160 

Heber City, Utah 84032 
 TRUST
DEED 
 With Assignment of Rents 
 THIS TRUST DEED, made this                  day of
                                , 20    
between
                                         
               , whether one or more, as TRUSTOR, whose address
is                                        
                                         
                                

                       
                                         
                                         
       (Street and number) 

                        
                                         
                   , and First American Title Insurance Agency, LLC, 81 S. Main Street, P.O. Box 160, Heber City, Utah 84032, as TRUSTEE, and
MARRIOTT OWNERSHIP RESORTS, INC., a Delaware Corporation, whose address is 1200 U.S. 98 South, Lakeland, Florida 33801, as BENEFICIARY. 
 WITNESSETH: That Trustor CONVEYS AND WARRANTS TO TRUSTEE IN TRUST, WITH POWER OF SALE, the following described real property (herein the “Property”), lying situate and being in Park City,
Summit County, Utah: 
 Resort Interest
No(s):                ,               ,
                , and                 , together with, for
each such Resort Interest, an undivided interest in the Common Areas and Facilities in MountainSide Condominium, as more particularly shown and described in the Declaration of Condominium establishing the said condominium, being
dated                         and recorded in the Office of the County Recorder for Summit County, Utah on
                        , Entry
No.                    , Book
                    , at Page
                    , as may be amended or supplemented from time to time (the “Declaration”), and by reference to that certain
recorded Record of Survey Map dated                    , and recorded in the Office of the County Recorder for Summit County, Utah as part of
the Declaration, Entry No.                    , as may be further amended or supplemented from time to time; 

TOGETHER WITH all of the rights, title privileges, easements, and common areas and facilities appertaining to the above described
Resort Interest (s), as set forth in the Declaration; 
 TOGETHER WITH all and singular the rights, members,
hereditaments and appurtenances to the said property belonging or in any way incidental or appertaining; 
 TOGETHER WITH
all fixtures and improvements now or hereafter located thereon and all water rights, rights of way, easements, rents, issues, profits, income, tenements, hereditaments, privileges and appurtenances thereunto belonging, now or hereafter used or
enjoyed with the Property, or any part thereof, SUBJECT, HOWEVER, to the right, power and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues, and profits; 

FOR THE PURPOSE OF SECURING (1) payment of the indebtedness evidenced by a promissory note, in the principal sum of
$                            , made by Trustor, payable to the order of the Beneficiary at the times,
in the manner and with interest as therein set forth, and any extensions and/or renewals or modifications thereof (herein the “Note”); (2) the performance of each agreement of Trustor herein contained; (3) the payment of

  

					
	 404008.2 (09.14.09)
	  		  	
		  	Page 1 of 8	  	

 
such additional loans or advances (herein “Future Advances”) as hereafter may be made to Trustor, or his successors or assigns, when evidenced by a promissory note or notes reciting
that they are secured by this Trust Deed; and (4) the payment of all sums expended or advanced by Beneficiary under or pursuant to the terms hereof, together with interest thereon as herein provided. 

Trustor covenants that Trustor is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the
Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to
coverage in any title insurance policy insuring Beneficiary’s interest in the Property. 
 Trustor shall promptly pay when
due the principal of and interest on the indebtedness evidenced by the Note, late charges as provided in the Note, reasonable service charges imposed by Beneficiary for servicing the loan account, and the principal of and interest on any Future
Advances secured by this Trust Deed. 
 TO PROTECT THE SECURITY OF THIS TRUST DEED, TRUSTOR AGREES: 

1. Trustor’s Obligations Concerning Property. To keep the Property in good condition and repair; not to remove or
demolish any building thereon, to restore promptly and in good and workmanlike manner any building thereon which may be damaged or destroyed; to comply with all laws, covenants and restrictions affecting the Property; not to commit or permit waste
thereof; not to commit, suffer or permit any act upon the Property in violation of law; to do all other acts which from the character or use of the Property may be reasonably necessary, including complying with the provisions of the Declaration, the
By-Laws and Rules and Regulations of MountainSide Condominium Association Inc. (“Condominium Association”), and all other documents pertaining to the Condominium Association. 

Trustee, upon presentation to it of an affidavit signed by Beneficiary, setting forth facts showing a default by Trustor under this
numbered paragraph, is authorized to accept as true and conclusive all facts and statements therein, and to act thereon hereunder. 
 2. Insurance. To take such actions as may be reasonable to insure that the Condominium Association each provides and maintains insurance of such types and amounts as the Declaration may
require, covering the improvements now existing or hereafter erected or placed on the Property. Such insurance shall be carried in companies approved by Beneficiary, with loss payable clauses in favor of and in form acceptable to Beneficiary. In
event of loss, Trustor shall give immediate notice to Beneficiary, who may make proof of loss, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Beneficiary instead of Trustor and
Beneficiary jointly. The insurance proceeds, if required by the Declaration or vote of the unit owners, shall be applied by Beneficiary to the restoration or repair of the property damaged. 

To the extent such insurance proceeds exceed the cost of such restoration or repair and the Board of Trustees of the Condominium
Association decides to disburse such excess, Trustor’s share of such excess shall be applied to the sums secured hereby, with the excess, if any, paid to Trustor. Unless Beneficiary and Trustor otherwise agree in writing, any such application
of proceeds to principal shall not postpone the due dates of the monthly installments payable by Trustor hereunder, nor change the amount of such installments. If under the provisions of this Trust Deed, the Property is acquired by Beneficiary, all
right, title and interest of Trustor in and to any insurance policies and in and to any excess insurance proceeds thereof from damage to the Property prior to the sale or acquisition shall pass to Beneficiary to the extent of the sums secured by
this Trust Deed immediately prior to such sale or acquisition. 
 3. Evidence of Title. To deliver to, pay for and
maintain with Beneficiary until the indebtedness secured hereby is paid in full, such evidence of title as Beneficiary may require including a policy of title insurance. 
 4. Trustor to Defend Title. To appear in and defend any action or proceeding purporting to affect the security hereof, the title to the Property, or the rights or powers of Beneficiary or
Trustee; and should Beneficiary or Trustee elect also to appear in or defend any such action or proceeding, to pay all costs and expenses including cost of evidence of title and attorney’s fees in a reasonable sum incurred by Beneficiary or
Trustee. 
 5. Real Estate Taxes; Maintenance Fees; Other Charges. 

(a) To pay at least 10 days before delinquency all taxes and assessments affecting the Property, including all Regular
Resort Assessments and Special Resort Assessments (as those terms are defined in the Declaration) arising under the Declaration (collectively the “Common Assessments”); to pay, when due, all

  
 404008.2 (09.14.09)

 Page 2 of 8 

 
encumbrances, charges, and liens with interest, on the Property or any part thereof, which at any time appear to be prior or superior hereto; to pay all costs, fees, and expenses of this Trust.

 (b) Subject to applicable law, upon written request by Beneficiary to Trustor, Trustor shall pay to
Beneficiary on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of Trustor’s share of the yearly taxes and assessments
relating to the subject Property encumbered by this Trust Deed and one-twelfth of the annual Common Assessment due under the Declaration, or such other amounts or for such other periods other than monthly, e.g. quarterly, etc., all as reasonably
estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof. 
 (c) If Beneficiary exercises the right set forth in b) above, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency.
Beneficiary shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes and Common Assessments. Beneficiary may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said
Common Assessments and bills, unless Beneficiary pays to Trustor interest on the Funds and applicable law permits Beneficiary to make such a charge. Unless applicable law requires, and except as provided above, Beneficiary shall not be required to
pay Trustor any interest on the Funds. Beneficiary shall give to Trustor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds was made. The Funds are hereby
pledged as additional security for the sums secured by this Trust Deed. 
 (d) If the amount of the Funds held by
Beneficiary, together with the future monthly installments of Funds payable prior to the due dates of taxes and Common Assessments, shall exceed the amount required to pay such taxes and Common Assessments as they fall due, such excess shall be, at
Trustor’s option, either promptly repaid to Trustor or credited to Trustor on future monthly installments of Funds. If the amount of the Funds held by Beneficiary shall not be sufficient to pay taxes and Common Assessments as they fall due,
Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Beneficiary to Trustor requesting payment thereof, but in no event shall Beneficiary require payment in
advance for taxes and Common Assessments to be held and disbursed as set forth hereunder in an amount which exceeds the estimate of the next year’s amount for same. 

(e) Upon payment in full of all sums secured by this Trust Deed, Beneficiary shall promptly refund to Trustor any Funds
held by Beneficiary. If in the exercise of Beneficiary’s remedies under this Trust Deed, the Property is sold or the Property is otherwise acquired by Beneficiary, Beneficiary shall apply, no later than immediately prior to the sale of the
Property or its acquisition by Beneficiary, any Funds then held by Beneficiary as a credit against the sums secured by this Trust Deed. 
 6. Protection of Security of Trust Deed. Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without
notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may (i) make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being
authorized to enter upon the Property for such purposes; (ii) commence, appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; (iii) pay, purchase, contest,
or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and (iv) in exercising any such powers, incur any liability, expend whatever amounts in its absolute discretion it may deem
necessary therefor, including cost of evidence of title, employ counsel, and pay his reasonable fees. Trustor agrees to pay immediately and without demand all sums expended hereunder by Beneficiary or Trustee, with interest from date of expenditure
at the rate payable from time to time on outstanding principal under the Note until paid, and the repayment thereof shall be secured hereby. 
 7. Right of Entry. To permit Beneficiary to make or cause to be made reasonable entries upon and inspections of the Property, provided that Beneficiary shall give Trustor notice prior to any
such inspection, specifying reasonable cause. 
 IT IS MUTUALLY AGREED THAT: 

8. Condemnation Awards and Insurance Proceeds. Should the Property or any part thereof be taken or damaged by reason of any
public improvement or condemnation proceeding, or damaged by fire, or earthquake, or in any other manner, Beneficiary shall be entitled to all compensation, awards, and other payments or 

  
 404008.2 (09.14.09)

 Page 3 of 8 

 
relief therefor, and shall be entitled at its option to commence, appear in and prosecute in its own name, any action or proceedings, or to make any compromise or settlement, in connection with
such taking or damage. All such compensation, awards, damages, rights of action and proceeds, including the proceeds of any policies of fire and other insurance affecting the Property, are hereby assigned to Beneficiary, who may, after deducting
therefrom all its expenses, including attorney’s fees, apply the same on any indebtedness secured hereby. Trustor agrees to execute such further assignments of any compensation, award, damages, and rights of action and proceeds as Beneficiary
or Trustee may require. Unless Beneficiary and Trustor otherwise agree in writing, any application of proceeds to the indebtedness secured hereby shall not postpone the due date of the monthly installments payable under the terms of the Note or
pursuant to Paragraph 5 hereof, nor change the amount of such installments. 
 9. Actions by Trustee. At any time
and from time to time upon written request of Beneficiary, payment of its fees and presentation of this Trust Deed and the Note for endorsement (in case of full reconveyance, for cancellation and retention), without affecting the liability of any
person for the payment of the indebtedness secured hereby, Trustee may (a) consent to the making of any map or plat of the Property; (b) join in granting any easement or creating any restriction thereon; (c) join in any subordination
or other agreement affecting this Trust Deed or the lien or charge thereof; (d) reconvey, without warranty, all or any part of the Property. The grantee in any reconveyance may be described as “the person or persons entitled thereto”,
and the recitals therein of any matters or facts shall be conclusive proof of the truthfulness thereof. Trustor agrees to pay reasonable Trustee’s fees for any of the services mentioned in this paragraph. 

10. Conditional Assignment of Rents. As additional security, Trustor hereby assigns to Beneficiary, during the continuance
of these trusts, all rents, issues, royalties, and profits of the Property affected by this Trust Deed and of any personal property located thereon. Until Trustor shall default in the payment of any indebtedness secured hereby or in the performance
of any agreement hereunder, Trustor shall have the right to collect all such rents, issues, royalties, and profits earned prior to default as they become due and payable. From and after any such default by Trustor, Trustor’s right to collect
any of such sums shall cease, and Beneficiary shall have the right, with or without taking possession of the Property, to collect all rents, royalties, issues, and profits. Failure or discontinuance of Beneficiary at any time or from time to time to
collect any such sums shall not in any manner affect the subsequent enforcement by Beneficiary of the right, power, and authority to collect the same. Nothing contained herein, nor the exercise of the right by Beneficiary to collect, shall be, or be
construed to be, an affirmation by Beneficiary of any tenancy, lease or option, nor an assumption of liability under, nor a subordination of the lien or charge of this Trust Deed to, any such tenancy, lease or option. 

11. Receiver. Upon any default by Trustor hereunder, Beneficiary may at any time without notice, either in person, by
agent, or by a receiver to be appointed by a court (Trustor hereby consenting to the appointment of Beneficiary as such receiver), and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession
of the Property or any part thereof, in its own name sue for or otherwise collect any rents, issues, and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable
attorney’s fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. Beneficiary shall be liable to account to Trustor only for those rents actually received. 

12. Exercise of Rights by Beneficiary Shall Not Constitute a Cure. The entering upon and taking possession of the Property,
the collection of such rents, issues, and profits, or the proceeds of fire and other insurance policies, or compensation or awards for any taking of or damage to the Property and the application or release thereof as aforesaid, shall not cure or
waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. 
 13. Notice of
Sale. The Trustor requests that a copy of any notice of sale hereunder be mailed to him at the address hereinbefore set forth. 
 14. Trustor’s Default. Time is of the essence hereof. Upon default by Trustor in the payment of any indebtedness secured hereby or in the performance of any agreement hereunder,
Beneficiary, prior to acceleration of the debt, shall mail notice to Trustor as provided in paragraph 23 hereof, specifying: (i) the breach; (ii) the action required to cure such breach; (iii) a date, not less than fifteen
(15) days from the date the notice is mailed to Trustor by which such breach must be cured; and (iv) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this
Trust Deed and sale of the Property by the Trustee or at foreclosure by judicial proceeding. If the breach is not cured on or before the date specified in the notice, Beneficiary, at Beneficiary’s option, may declare, without further demand,
all of the sums secured by this Trust Deed to be immediately due and payable and may either direct the Trustee to sell the Property or foreclose this Trust Deed 

  
 404008.2 (09.14.09)

 Page 4 of 8 

 
by judicial proceedings. Beneficiary shall be entitled to collect all expenses of collection, including, but not limited to, attorney’s fees, whether or not action be instituted hereon,
court costs, and costs of documentary evidence, abstracts and title reports. As used in this Trust Deed and in the Note, “attorney’s fees” shall include attorney’s fees, if any, which may be awarded by an appellate court.

 15. Power of Sale. In the event of such default and acceleration of the debt, Beneficiary may execute or cause
Trustee to execute a written notice of default and of election to cause the Property to be sold to satisfy the obligations hereof, and Trustee shall file such notice for record in each county wherein the Property is situated. Beneficiary also shall
deposit with Trustee, the Note and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of default and notice of sale having
been given as then required by law; Trustee, without demand on Trustor, shall sell the Property on the date and at the time and place designated in the notice of sale, either as a whole or in separate parcels, and in such order as it may determine
(but subject to any statutory right of Trustor to direct the order in which such property, if consisting of several known lots or parcels, shall be sold) at public auction to the highest bidder, the purchase price payable in lawful money of the
United States at the time of sale. The person conducting the sale may, for any cause he deems expedient, postpone the sale from time to time until it shall be completed and, in every case, notice of postponement shall be given by public declaration
thereof by such person at the time and place last appointed for the sale; provided, however, if the sale is postponed for longer than one day beyond the day designated in the notice of sale, notice thereof shall be given in the same manner as the
original notice of sale. Trustee shall execute and deliver to the purchaser its Deed conveying the Property so sold, but without any covenant or warranty, express or implied. The recitals in the Deed of any matters or facts shall be conclusive proof
of the truthfulness thereof. Any person, including Beneficiary, may bid at the sale. Trustee shall apply the proceeds of the sale to the payment of (i) the costs and expenses of exercising the power of sale and of the sale, including the
payment of the Trustee’s and attorney’s fees (including any which may be awarded by an appellate court); (2) cost of any evidence of title procured in connection with such sale and revenue stamps, if any, on the Trustee’s Deed;
(3) all sums expended under the terms hereof, not then repaid, with accrued interest from date of expenditure at the rate payable from time to time on outstanding principal under the Note; (4) all other sums then secured hereby; and
(5) the remainder, if any, to the person or persons legally entitled thereto, or the Trustee, in its discretion, may deposit the balance of such proceeds with the County Clerk of the county in which the sale took place. 

16. Judicial Foreclosure. Upon the occurrence of any default hereunder, Beneficiary shall have the option to declare all
sums secured hereby immediately due and payable and foreclose this Trust Deed in the manner provided by law for the foreclosure of mortgages on real property and Beneficiary shall be entitled to recover in such proceeding all costs and expenses
incident thereto, including an attorney’s fee in such amount as shall be fixed by the court (including any which may be awarded by an appellate court). 
 17. Successor Trustee. Beneficiary may appoint a successor trustee at any time by filing for record in the office of the County Recorder of the county in which the Property is situated, a
substitution of trustee. From the time the substitution is filed for record, the new trustee shall succeed to all the powers, duties, authority and title of the trustee named herein or of any successor trustee. Each such substitution shall be
executed and acknowledged, and notice thereof shall be given and proof thereof made, in the manner provided by law. 
 18.
Acceptance of Trust. Trustee accepts this Trust when this Trust Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Trust
Deed or of any action or proceeding in which Trustor, Beneficiary, or Trustee shall be a party, unless brought by Trustee. 

19. Parties. This Trust Deed shall apply to, inure to the benefit of, and bind all parties hereto, their heirs, legatees,
devisees, administrators, executors, successors and assigns. All obligations of Trustor hereunder are joint and several. The term “Beneficiary” shall mean the owner and holder, including any pledgee, of the note secured hereby. In this
Trust Deed, whenever the context requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. 
 20. Application of Payments. Unless applicable law provides otherwise, all payments received by Beneficiary from or on behalf of Trustor, other than payments made specifically for the
purpose set forth in paragraph 5 hereof, shall be applied by Beneficiary first in payment of amounts payable to Beneficiary by Trustor under paragraph 5 hereof, if any, then against advances, if any, made by Beneficiary pursuant to paragraph 6 of
this Trust Deed, then to costs, fees, expenses and other amounts incurred and advanced by the Beneficiary in the enforcement of its rights hereunder, including, without limitation, costs and reasonable attorneys’ fees described

  
 404008.2 (09.14.09)

 Page 5 of 8 

 
herein, then to unpaid service fees, then to interest due under the Note, then to principal due under the Note, then to unpaid late charges, if any, then to interest on any Future Advances made
at Beneficiary’s option pursuant to paragraph 24 hereof, then to principal on any Future Advances made at Beneficiary’s option pursuant to Paragraph 24 hereof. 
 21. Acceleration upon Sale. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Trustor without Beneficiary’s
prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, or (b) the creation of a lien or encumbrance subordinate to this Trust Deed, Beneficiary may, at Beneficiary’s
option, declare all the sums secured by this Trust Deed to be immediately due and payable. Beneficiary shall have waived such option to accelerate if, and only if, prior to the sale (or lease with option to purchase) or transfer, Beneficiary and the
person to whom the Property is to be sold (or leased) or transferred reach agreement in writing that the credit of such person is satisfactory to Beneficiary and that the interest payable on the sums secured by this Trust Deed shall be at such rate
as Beneficiary shall request. If Beneficiary has waived the option to accelerate as herein provided, and if Trustor’s successor in interest has executed a written assumption agreement accepted in writing by Beneficiary, Beneficiary shall
release Trustor from all obligations under this Trust Deed and the Note. If Beneficiary exercises such option to accelerate, Beneficiary shall mail Trustor notice of acceleration. Such notice shall provide a period of not less than fifteen
(15) days from the date the notice is mailed within which Trustor may pay the sums declared due. If Trustor fails to pay such sums prior to the expiration of such period, Beneficiary may, without further notice or demand on Trustor, invoke any
remedies provided in this Trust Deed or by law. 
 22. No Waiver; Remedies Cumulative. Any forbearance by
Beneficiary in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy in the future, and the waiver of Beneficiary of any default shall not
constitute a waiver of any other or subsequent default. The procurement of insurance or the payment of taxes or other liens, charges or assessments by Beneficiary shall not be a waiver of Beneficiary’s right to accelerate the maturity of the
indebtedness secured by this Trust Deed. All remedies provided in this Trust Deed are distinct and cumulative to any other right or remedy under this Trust Deed or afforded by law or equity, and may be exercised concurrently, independently or
successively. 
 23. Notices. Except for any notice required under applicable law or under the Note to be given in
another manner, (a) any notice to Trustor provided for in this Trust Deed shall be given by mailing such notice by U.S. Mail, postage prepaid (or such other more expeditious method as may be appropriate in the case of foreign addresses, as
Beneficiary may choose in its discretion), addressed to Trustor at the Trustor’s address as set forth herein or in the Note, or at such other address as Trustor may designate by notice to Beneficiary as provided herein, and (b) any notice
to Beneficiary shall be given by certified mail, return receipt requested, (or in the case of a notice originating in a foreign country, by such other method that results in the Beneficiary acknowledging in writing, receipt of the notice), to
Beneficiary’s address stated herein or to such other address as Beneficiary may designate by notice to Trustor as provided herein. Any notice provided for in this Trust Deed shall be deemed to have been given to Trustor or Beneficiary when
given in the manner designated herein. 
 24. Future Advances. Upon request by Trustor, Beneficiary, at
Beneficiary’s option, may make additional loans to Trustor. Such additional loans (“Future Advances”), with interest thereon, shall be secured by this Trust Deed when evidenced by promissory notes stating that said notes are secured
hereby. At no time shall the principal amount of the indebtedness secured by this Trust Deed, not including sums advanced in accordance herewith to protect the security of this Trust Deed, exceed one hundred fifty percent (150%) of the original
amount of the Note. 
 25. Abandonment; Amendments to Condominium Documents. Trustor shall not, except after
notice to Beneficiary and with Beneficiary’s prior written consent, either partition or subdivide the Property or consent to: 
 (i) The abandonment or termination of MountainSide Condominium, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a
taking by condemnation or eminent domain; 
 (ii) Any amendment to any provision of the Declaration, By-Laws or Rules and
Regulations of the Condominium Association, or equivalent constituent documents of MountainSide Condominium, which is for the express benefit of Beneficiary. 
 26. Provisions Severable. This Trust Deed shall be construed according to the laws of the State of Utah. In the event that any provision or clause of this Trust Deed or the Note conflicts
with applicable law, such 

  
 404008.2 (09.14.09)

 Page 6 of 8 

 
conflict shall not affect other provisions of this Trust Deed or the Note which can be given effect without the conflicting provision. To this end the provisions of the Trust Deed and the Note
are declared to be severable. 
 27. Notice of Sale. The undersigned Trustor requests that a copy of any notice of
sale hereunder be mailed to him at the address hereinbefore set forth. 
 IN WITNESS WHEREOF, Trustor has executed this
Trust Deed on the day and year first written above. 
 Upon closing of the purchase to which this Trust deed applies, the undersigned hereby
authorize(s) closing agent to complete this Trust Deed by inserting the appropriate date of the Trust Deed and to complete, as necessary, the recording information relating to the documents by which the Resort Interest(s) being encumbered by this
Trust Deed was created. 
  

	
	TRUSTOR
	
	  
	(Name of Trust - Please Print or Type)

 
	
	
	  
	(Name of Trustee - Please Print or Type)

 
			
		
	By:	 	 
		 	(Signature of Trustee)
	Print name: _________________________________

 
			
		
	By:	 	 
		 	(Signature of additional Trustee if required by Trust Agreement)
	Print name: _________________________________

 
			
		
	By:	 	 
		 	(Signature of additional Trustee if required by Trust Agreement)
	Print name: _________________________________

 STATE OF
                             
 ss. 
 COUNTY OF
                        
 On                     , personally appeared before me
                                         
   , and
                                         
   , the signer(s) of the above instrument, who duly acknowledged to me that         s/he        executed the same. 

 

	
	  
	Printed Name of Notary:_______________________
	Notary Public, State of ________________________
	Commission No:_____________________________
	Expiration:__________________________________

  
 404008.2 (09.14.09)

 Page 7 of 8 

 REQUEST FOR FULL CONVEYANCE 

(To be used only when indebtedness secured hereby has been paid in full) 

 

	TO:	TRUSTEE 

 The undersigned is the
legal owner and holder of the Note and all other indebtedness secured by the within Trust Deed. Said Note, together with all other indebtedness secured by said Trust Deed has been fully paid and satisfied; and you are hereby requested and directed,
on payment to you of any sums owing to you under the terms of said Trust Deed, to cancel said Note above mentioned, and all other evidences of indebtedness secured by said Trust Deed delivered to you herewith, together with the said Trust Deed, and
to reconvey, without warranty, to the parties designated by the terms of said Trust Deed, all the estate now held by you thereunder. 
 Dated:
                    , 20       

	
	
	  
	Signature of Holder

 Mail Conveyance to: 
 STATE OF                              

ss. 
 COUNTY OF
                        
 On                     , personally appeared before me
                                         
                        the signer(s) of the above instrument, who duly acknowledged to me that he executed the same. 

 

	
	  
	Printed Name of Notary:_______________________
	Notary Public, State of ________________________
	Commission No:_____________________________
	Expiration:__________________________________

  
 404008.2 (09.14.09)

 Page 8 of 8 

 VIRGINIA SAMPLE (MVC) 
 UPON CLOSING OF THE PURCHASE TO WHICH THIS NOTE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT OR HOLDER TO COMPLETE THIS NOTE BY INSERTING THE DATE OF THIS NOTE AND THE APPLICABLE DATES
FOR COMMENCEMENT OF PAYMENTS DUE HEREUNDER, THE MONTHLY PAYMENT DATE AND THE FINAL PAYMENT DATE. 
 DEED OF TRUST NOTE

 Manor Club at Ford’s Colony, a Time-Share Condominium 

Timeshare Estate No(s): «CFID» 
  

			
	US $ «MTG_AMT»	  	                           
 (Date)

 FOR VALUE RECEIVED, the undersigned «LEGAL_NAME» (herein after referred to as
“borrower”) promise(s) to pay to the order of MARRIOTT OWNERSHIP RESORTS, INC., a Delaware Corporation, the principal sum of «Mtg_Amt» U.S. Dollars ($ «MTG_AMT»), with interest on the unpaid balance from
                                    , until paid, at the rate
of «Int_Rate» percent («INT_RATE» %) per annum, both principal and interest being payable, without offset, at P.O. Box 24747, Lakeland, Florida 33802, or at such other place as the Holder of this Deed of Trust Note
(hereinafter referred to as “Holder”) may designate in writing as follows: 
 Principal and interest
shall be due and payable in equal installments of «Pay_Amt» Dollars ($«PAY_AMT»), each on
                                    , and on
the                     day of every month thereafter until
                                    , when the remaining
principal balance and all accrued and unpaid interest thereon shall be due and payable. Interest shall be paid for the actual number of days elapsed based on a 360 - day year. Each payment shall be applied first to interest and other charges due
hereon before application to principal. 
 The principal balance may be prepaid, in whole or in part, at any time
or from time to time without a penalty; provided, however, that Holder may require that any partial prepayments shall be made on the date monthly installments are due. Any partial prepayment in excess of the interest then accrued shall be applied
against the principal amount outstanding but shall not postpone the due date of any subsequent monthly installments or change the amount of such installments. 
 Each monthly payment shall be tendered with a «SFEE» service fee. 
 The undersigned
agree(s) to pay to the Holder of this note a “late charge” of five percent (5%) of any payment which is not paid within ten (10) days after its due date. The Holder may apply any payment received by it to the payment of all late
charges then owing before application to interest or principal. At its option, such late charge is in addition to and not in lieu of or diminution of any other rights and remedies of the Holder of this note. 

Any of the following shall constitute a default hereunder: (i) the failure to make any payment hereunder when due; or (ii) a
default under the deed of trust securing this note. Upon the happening of a default the entire unpaid principal balance of this note and all accrued but unpaid interest, if any, shall, at the option of the Holder, immediately become due and payable.
Any failure of the Holder to exercise such option shall not be deemed a waiver of the right to exercise such option in the event of any subsequent default. 
 Each of the undersigned (i) waives presentment, protest and notice of dishonor; (ii) waives the benefit of the homestead exemption and any other exemption which may lawfully be waived as to the
debt evidenced by this note; (iii) waives any right to require the Holder to proceed against any other person; (iv) agrees that, without notice to any party and without affecting any party’s liability, the Holder may, at any time or
times, grant extensions of time for payment to any party, permit the renewal of this note or the substitution, exchange or release of any security for this note and add or release a party; (v) agrees that the undersigned’s obligations with
respect to this note shall remain in effect notwithstanding any other circumstances which might otherwise constitute a legal or equitable discharge of obligations hereunder; (vi) agrees that this note shall be construed in accordance with the
laws of the Commonwealth of Virginia and that any action to collect this note or any part hereof may be instituted and maintained in a court having appropriate jurisdiction in the County of James City, Virginia; (vii) agrees to pay all
collection expenses, including reasonable attorney’s fees and court costs incurred in the collection of this note or any part hereof; and (viii) WAIVES, TO THE FULL EXTENT PERMITTED BY LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO ENFORCE OR COLLECT THIS NOTE OR RELATING TO THE DEED OF TRUST SECURING THIS NOTE, WHETHER SUCH ACTION OR PROCEEDING IS INSTITUTED BY THE HOLDER, THE UNDERSIGNED OR ANY OTHER PARTY. 

Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note. 
 It is the intention of Borrower(s) and Holder to conform strictly to the applicable usury laws. It
is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be canceled automatically, or, if
theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges constituting interest under applicable
law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest
that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for or collected, it shall be deemed a mistake
and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of
interest allowable under applicable law. 
 This note is secured by a deed of trust bearing the same date from the undersigned
to Jeffrey A. Holdaway, and J. Weili Cheng, Trustees, conveying a Time-Share Estate(s) in Manor Club at Ford’s Colony, a Time-Share Condominium located in the County of James City, Virginia, and which will be recorded in the Clerk’s Office
of the Circuit Court of that jurisdiction. 
 Witness the following signatures(s) and seal(s). 

 

					
	 	  	(SEAL)	  	 BORROWER(S)’ ADDRESS:
 «ADD1»
 «ADD2»
 «CSZC»

	 	  	  
 (SEAL)
	  
	 	  	  
 (SEAL)
	  
	 	  	  
 (SEAL)
	  

 (ma.note.yz) 09.03.09 
 476891_2 
 Loan «LOANID» 

 VIRGINIA SAMPLE (MVC) 
 THIS INSTRUMENT PREPARED BY & RETURN TO: 
 Marriott Resorts Title Company, Inc.

 1200 Bartow Road, Suite 10 

Lakeland, Florida 33801 
 UPON CLOSING OF THE
PURCHASE TO WHICH THIS DEED OF TRUST APPLIES, GRANTOR HEREBY AUTHORIZE(S) CLOSING AGENT OR HOLDER OF THE NOTE TO DATE THIS DEED OF TRUST AND INSERT THE MATURITY DATE OF THE NOTE. 

DEED OF TRUST 
 THIS DEED OF TRUST is made as of
                                        , between
                     whose address is c/o Marriott Resorts Hospitality Corporation, P. O. Box 890 Lakeland, Florida 33802 (“Grantor”,
whether one or more) and                      and
                     whose address is
                                        , either
of whom may act, as Trustees (“Trustee”). 
 W I T N E S S E T H: 

In consideration of the sum of Ten Dollars ($10.00) and other good and valuable considerations, the receipt of which is hereby
acknowledged, Grantor hereby grants and conveys with General Warranty and, except as hereafter set forth, English Covenants of Title, unto the Trustee, the real estate situated in the County of James City, Virginia, and described as follows (the
“Property”): 
 Time-Share Estate(s) In Condominium Unit «MVDATA1» 

in the Time-Share Program located in James City County, Virginia and established by that certain Time-Share Declaration for Manor Club at Ford’s
Colony, a Time-Share Condominium, dated May 11, 1993 and recorded in the Clerk’s Office of the Circuit Court of James City County, Virginia (the “Clerk’s Office”) in Deed Book 619 at page 1 (as amended and supplemented from
time to time and including all Exhibits and Appendices thereto, the “Time-Share Declaration”), and each such Time-Share Estate constituting a one over fifty-one (1/51) undivided interest in the Condominium Unit(s) described above in
the Condominium established by Declaration of Condominium of Manor Club at Ford’s Colony, a Condominium, dated May 11, 1993 and recorded in the Clerk’s Office in Deed Book 618 at page 744 (as amended and supplemented from time to time
and including the Exhibits thereto, the “Declaration of Condominium”). 
 This conveyance is subject to (i) the
Time-Share Declaration, (ii) the Declaration of Condominium and (iii) other easements, conditions and restrictions of record insofar as they may lawfully affect the Property. 

This conveyance is made in trust to secure to the Holder thereof (“Holder”), the payment of all sums owing under a certain note
of even date herewith (the “Note”) in the original principal sum of «MTG_TXT» U.S. Dollars (US $«MTG_AMT»), with interest on the unpaid balance thereof as provided in the Note. The Note was made by
«LEGAL_NAME» payable to the order of Marriott Ownership Resorts, Inc. at P.O. Box 8038, Lakeland, Florida 33802, or at such other place as the Holder may designate in writing. Principal and interest are payable as specified in the Note.
If not sooner paid, the entire indebtedness evidenced by the Note shall be due and payable on                     . 

The Note contains provisions relating to the payment of late charges and attorneys’ fees and the right of prepayment. 

Grantor shall timely pay and perform its obligations under, and shall not violate the terms and provisions of, the Time-Share Declaration
and the Declaration of Condominium and any rules and regulations promulgated in connection therewith. 
 Subject to applicable
law, upon written request by Holder to Grantor, Grantor shall pay to Holder on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to
one-twelfth or such other fractional increments which total 100% of the annual assessments due under the Time-Share Declaration (herein “Maintenance Fees”), as reasonably estimated initially and from time to time by Holder on the basis of
assessments and bills and reasonable estimates thereof. 

  

					
		  	Page 1 of 3	  	

 If Holder exercises the foregoing right, the Funds shall be held in an institution, the
deposits or accounts of which are insured or guaranteed by a Federal or state agency. Holder shall apply the Funds, upon receipt of the appropriate bill or bills, to pay the Maintenance Fees. Holder may not charge for so holding and applying the
Funds, analyzing said account or verifying and compiling said assessments and bills, unless Holder pays to Grantor interest on the Funds and applicable law permits Holder to make such a charge. Unless applicable law requires, Holder shall not be
required to pay Grantor any interest on the Funds. Holder shall give to Grantor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds was made. The Funds are
hereby pledged as additional security for the Note secured by this Deed of Trust. 
 If the amount of the Funds held by Holder,
together with the future monthly installments of Funds payable prior to the due date of Maintenance Fees, shall exceed the amount required to pay such Maintenance Fees as they fall due, such excess shall be, at Grantor’s option, either promptly
repaid to Grantor or credited to Grantor on monthly installments of Funds. If the amount of the Funds held by Holder shall not be sufficient to pay Maintenance Fees as they fall due, Grantor shall pay to Holder any amount necessary to make up the
deficiency within thirty (30) days from the date of a notice mailed by Holder to Grantor requesting payment thereof. 
 Upon
payment in full of all sums secured by this Deed of Trust, Holder shall promptly refund to Grantor any Funds then held by Holder. If the Property is conveyed to Holder or its nominee by deed in lieu of foreclosure, Holder shall apply, no later than
immediately prior to the sale of the Property or its acquisition by Holder or its nominee, any Funds then held by Holder as a credit against the Note secured by this Deed of Trust. 

The indebtedness secured hereby is subject to acceleration or the terms thereof being modified at the option of the Holder should the
Property be sold or conveyed without the prior written consent of Holder, which consent Holder shall not be obligated to grant. Holder’s consent to such sale or conveyance shall not relieve Grantor of Grantor’s obligations under the Note
or hereunder. 
 This Deed of Trust shall be construed to impose and confer upon the parties hereto, and the beneficiaries hereunder, all
duties, rights and obligations prescribed in Section 55-59 and Sections 55-59.1 through 55-59.4 of the Code of Virginia (1950), as amended (the “Code”), and to incorporate the following by short form reference to Sections 55-59.2 and 55-60
of the Code: 
 Deferred purchase money 
 Exemptions waived 
 Advertisement required: once a week for two (2) weeks

 Subject to all (call) upon default 
 Renewal, extension or reinstatement permitted 
 Insurance required: As set forth in
the Time-Share 
 Declaration and the Declaration of Condominium 

Any Trustee may act 
 Substitution of any or all of the Trustees may be made at the discretion of Holder for any reason whatsoever. 
 NOTICE - THE DEBT SECURED HEREBY IS SUBJECT TO CALL IN FULL OR THE TERMS THEREOF BEING MODIFIED IN THE EVENT OF SALE OR CONVEYANCE OF THE PROPERTY CONVEYED. 

All notices to Grantor hereunder or under Va. Code Ann. Sections 55-59.1 or 55-389 shall be in writing and sent by certified mail, return
receipt requested, at the address set forth beneath Grantor’s signature. 

  

					
		  	Page 2 of 3	  	
	  
 (MA.MORT.1) 12.2.2011
	  		  	

 This Deed of Trust shall be construed in accordance with the laws of the Commonwealth of
Virginia and any action in connection with this Deed of Trust or the Note shall be instituted and maintained in a court having appropriate jurisdiction in the County of James City, Virginia. The prevailing party in any such action shall be entitled
to recover payment of all attorney’s fees and court costs. 
 GRANTOR WAIVES, TO THE FULL EXTENT PERMITTED BY LAW, ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR COLLECT THE NOTE OR RELATING TO THIS DEED OF TRUST, WHETHER SUCH ACTION OR PROCEEDING IS INSTITUTED BY THE HOLDER, GRANTOR OR ANY OTHER PARTY. 

Witness the following signature(s) and seal(s). 
  

							
		  	 	  	(SEAL)	  	
				
		  	 	  	(SEAL)	  	
				
		  	 	  	(SEAL)	  	
				
		  	 	  	(SEAL)	  	

 Address for notices: as set forth in the Note 

 

					
	 STATE OF
	 	 	  	
	 COUNTY OF
	 	 	  	

 The foregoing instrument was acknowledged before me this
                    , by                     

  

	
	  
	Notary Public
	
	Print Name:_________________________________
	Registration No. :____________________________
	Commission Expiration Date:__________________

 (Notarial Seal) 
 (not required in Virginia) 
  

 
 Prepared by and return to: Marriott Resorts Title
Company, Inc. 
 1200 Bartow Road, Suite 10, Lakeland, Florida 33801 

 

			
		  	VIRGINIA: City of Williamsburg and County of James City, to-wit:
		  	 This DEED was presented with the certificate annexed and admitted to record on
                    , 20       at
            AM/PM
 In the Clerk’s Office of the Circuit Court for the City of
Williamsburg and County of James City. The taxes imposed by the VA Code Section 58.1-801 802 & 814 have been paid.
 STATE TAX
                        LOCAL TAX
                        ADDITIONAL TAX
 $                                  
          $                               
              $                    

TESTE: BETSY B. WOOLRIDGE, CLERK
  

BY:                         
                                         
              , Deputy Clerk

  

					
		  	Page 3 of 3	  	
	  
 (MA.MORT.1) 12.2.2011
	  		  	

 ARUBA SAMPLE (MVC) 
 Upon closing of the purchase to which this Promissory Note applies, the undersigned hereby authorizes the closing agent or Holder to complete this Promissory Note by inserting the date of the
Promissory Note and applicable dates for commencement of payments due hereunder, the monthly payment date and the final payment date. 
 PROMISSORY NOTE 
 Reference No(s):
                     

[MVCIA Cooperative Association] 
  

			
	US$            	 	            , 20    

 FOR VALUE RECEIVED, the undersigned
                                        
(“Borrower(s)”) promise(s) to pay to the order of MARRIOTT VACATION CLUB INTERNATIONAL OF ARUBA, N.V. (said party or any other party to whom Marriott Vacation Club International of Aruba, N.V. may transfer and assign this Promissory Note
and who holds this Promissory Note from time to time is hereinafter called “Holder”), or order, at P.O. Box 8038, Lakeland, Florida 33802, or such other place as Holder may, from time to time designate, the principal sum of
                                         U.S.
Dollars (US $        ), with interest on the unpaid balance from
                                         until
paid, at the rate of                      percent simple interest per annum (    %) (calculated on the basis of a 360-day
year, collected for the actual number of days principal is outstanding in any calendar year). Principal and interest shall be payable in lawful money of the United States at Holder’s address set forth above, or such other place as Holder may,
from time to time, designate in writing, in consecutive monthly installments of                     
                                         U.S.
Dollars (US $        ), on the                      day of each month and continuing thereafter on the same
day of each month beginning                     
                    , for a period of              months with the remaining unpaid
principal balance, together with accrued interest thereon and any other amounts due and payable to Holder by Borrower(s), if not sooner paid, on
                                        .

 The indebtedness evidenced by this Promissory Note is secured by that certain Collateral as defined in the Pledge and
Security Agreement dated of even date herewith, executed by Borrower(s), as Debtor, in favor of Holder, as Secured Party (the “Pledge and Security Agreement”). Reference is made to the Pledge and Security Agreement for rights upon default
and acceleration of the indebtedness evidenced by this Promissory Note. 
 Each monthly payment shall be tendered with a $4.00
service fee. 
 Borrower(s) shall pay to Holder a late charge of six percent (6%) of any monthly installment not received
by Holder within ten (10) days after the date the installment is due. The late charge shall be payable along with the next payment due and may, at Holder’s option, be deducted from the next monthly installment received by Holder if not
paid by Borrower along such monthly installment. 
 Each payment shall be credited first to amounts due pursuant to
Section 4 of the Pledge and Security Agreement, then to advances, if any, made by Holder pursuant to Section 8 of the Pledge and Security Agreement, then to the costs, fees, expenses and other amounts incurred and advanced by Holder in the
enforcement of its rights hereunder and under the Pledge and Security Agreement, including, without limitation, costs and reasonable attorney’s fees, then to unpaid service fees, if any, then to interest due hereunder, then to principal due
hereunder, then to unpaid late charges, if any, then to interest due on Future Advance, if any, made pursuant to Section 14 of the Pledge and Security Agreement, then to principal of any Future Advances, if any, made pursuant to Section 14
of the Pledge and Security Agreement. 
 Borrower(s) may prepay the principal amount outstanding in whole or in part at any time
without incurring any penalty. Any partial prepayment in excess of the interest then accrued and any other amounts then due, shall be applied against the principal amount outstanding but shall not postpone the due date of any subsequent monthly
installment payment or change the amount of any such installment payment. 
 Demand, presentment, notice of dishonor, notice of
default and protest are hereby waived by all Borrowers, makers, sureties, guarantors and endorsers hereof. This Promissory Note shall be a joint and several obligation of all Borrowers, makers, sureties, guarantors and endorsers, and shall be
binding upon each and each of their heirs, personal representatives, successors and assigns, as applicable. 
 At the option of
Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall become due and payable without demand or further notice to Borrower(s) upon the occurrence of any one of the following events of default: 

 

	 	a)	Failure of Borrower(s) to pay when due any monthly installment or any other sums payable hereunder in accordance with the terms provided herein which remains unpaid
after a date specified in a notice (not less than fifteen (15) days from the date such notice is mailed) from Holder to Borrower(s). 

  

	 	b)	The insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s). 

 

	 	c)	Any default by Borrower(s) under the Pledge and Security Agreement or any of the documents or agreements governing, related to or affecting the Collateral or
Borrower(s)’ interest therein. 

 Holder may exercise its option to accelerate this Promissory Note upon the
occurrence or continuation of any default by Borrower(s) regardless of any prior forbearance. If this Promissory Note is not paid when due, whether at maturity or by acceleration, Holder shall be entitled to collect all reasonable costs and expenses
of collection, including, but not limited to, reasonable attorney’s fees, whether or not action be instituted hereon, and costs of trial and appellate proceedings. 
 In the event of any default by Borrower(s) hereunder, Holder at its sole option, may charge Borrower(s) the highest interest rate allowed by law and/or pursue any and all remedies available to it under
applicable law. 

  
 456992-2 06.19.09 

 Any notice to Borrower(s) provided for in this Promissory Note shall be deemed to have been
given upon depositing same in any U.S. post office, postage prepaid, addressed to Borrower(s) at the address stated below, or to such other address as Borrower(s) may designate by written notice to Holder. Any notice to Holder shall be given by
mailing such notice by certified mail, return receipt requested, to Holder at the address stated in the first paragraph of this Promissory Note, or at such other address as may have been designated by written notice to Borrower(s). Any notice
provided for in this Promissory Note shall be deemed to have been given to Borrower(s) or Holder when given in the manner herein designated. 
 THIS PROMISSORY NOTE SHALL BE GOVERNED BY, CONSTRUED UNDER AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF FLORIDA, UNITED STATES, AND ENGLISH SHALL BE THE GOVERNING LANGUAGE OF THIS
PROMISSORY NOTE. THE COURTS OF ORANGE COUNTY IN THE STATE OF FLORIDA SHALL BE THE EXCLUSIVE COURTS OF JURISDICTION AND VENUE FOR ANY LITIGATION OR OTHER PROCEEDINGS THAT MAY BE BASED ON, ARISING OUT OF, UNDER OR IN CONJUNCTION WITH THIS PROMISSORY
NOTE, UNLESS OTHERWISE REQUIRED BY APPLICABLE LAW. HOLDER AND BORROWER(S) HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN
CONJUNCTION WITH THIS PROMISSORY NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR HOLDER EXTENDING THE LOAN EVIDENCED BY THIS PROMISSORY
NOTE. 
 Wherever possible, each provision of this Promissory Note shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Promissory Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Promissory Note. 
 It is the intention of Borrower(s) and
Holder to conform strictly to the applicable usury laws. It is, therefore, agreed that (i) in the event that the maturity of this Promissory Note is accelerated by reason of an election by Holder or if this Promissory Note is prepaid prior to
maturity, all unearned interest, if any, shall be canceled automatically, or, if theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Promissory Note, whichever remedy is chosen by Holder;
(ii) the aggregate of all interest and other charges constituting interest under applicable law, and contracted for, chargeable or receivable under this Promissory Note or otherwise in connection with this loan transaction shall never exceed
the maximum amount of interest, nor produce a rate in excess of the maximum non-usurious rate of interest, that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of
usury; and (ii) if any excess interest is provided for or collected, it shall be deemed a mistake and the same shall either be refunded to Borrower(s) or credited on the unpaid principal amount hereof, and this Promissory Note shall be
automatically deemed reformed so as to permit only the collection of the maximum non-usurious rate and amount of interest allowable under applicable law. 
 Time is of the essence in the performance of each and every obligation represented by this Promissory Note. 
  

					
	BORROWER’S ADDRESS:	 		 	BORROWER(S):
			
	  
	 		 	
			
	  
	 		 	  

		 		 	(Signature of Borrower)
			
		 		 	  

		 		 	(Printed Name)
			
	  
	 		 	  

		 		 	(Signature of Co-Borrower)
	  
	 		 	
		 		 	  

		 		 	(Printed Name)
	  
	 		 	
	Taxpayer ID Number	 		 	

 (Execute Original Only) 
  

  

					
	456992-2 06.19.09	 	-2-	 	

 ARUBA SAMPLE (MVC) 
 Upon closing of the purchase to which this Agreement applies, the undersigned hereby authorizes the closing agent or Secured Party to complete this Agreement by inserting the appropriate date of this
Agreement. 
 Reference
No(s)                     
 PLEDGE AND SECURITY AGREEMENT 
 (Marriott Vacation Club International
of Aruba, N.V.) 
 THIS PLEDGE AND SECURITY AGREEMENT (“SECURITY AGREEMENT”) is made this
             day of                     ,
20      , between
                                         
                                   , whose address is
                                         
                                    (“Debtor”), and MARRIOTT
VACATION CLUB INTERNATIONAL OF ARUBA, N.V. (“MVCIA), having an address at Post Office Box 8038, Lakeland, Florida 33802, and its successors and/or assigns (“MVCIA” or the “Secured Party”). 

RECITALS 

A. MVCIA has established a timeshare plan (the “Plan”) described in a plan offering statement (“POS”) with respect to
a timeshare project known as Marriott’s Aruba Ocean Club (the “Resort”). 
 B. Debtor has purchased from MVCIA,
             shares (the “Shares”) of Marriott Vacation Club International of Aruba Cooperative Association (the “Association”), together with all rights
associated with, arising out of or related to the Shares and as a member of the Association, including the right to utilize a residential unit of the type and designation described in that certain Share Purchase Agreement between MVCIA and Debtor
dated                      (the “Unit”) and the common facilities at the Resort as described in the POS (collectively the
“Collateral”). 
 C. The Association is governed by Articles of Association, Bylaws and rules, regulations and
procedures established by the Association’s Board of Directors, as may be amended from time to time (the “Governing Documents”). 
 D. As part of the purchase price paid by Debtor to MVCIA for the purchase of the Shares, Debtor has executed and delivered to MVCIA, a Promissory Note dated the date hereof in the amount of
                                         
                U.S. Dollars ($            ) (the “Note”). 

NOW, THEREFORE, in consideration of the mutual covenants and promises set forth herein, Debtor and Secured Party agree as follows:

 1. CREATION OF SECURITY INTEREST. Debtor hereby pledges, assigns and grants to Secured Party, a security interest in
the Collateral, to secure the performance and payment of the Note, all expenditures made or advanced by Secured Party for taxes, insurance, repairs to and for maintenance of the Unit or the other amounts required to be paid by Debtor in the form of
annual dues, assessments, maintenance fees and other financial obligations as set forth in the Governing Documents with respect to, in relation to or for the use of the Unit and the common facilities described in the POS; all costs and expenses
incurred by Secured Party in the collection and enforcement of the Note and other obligations of Debtor; future advances, if any, made pursuant to Section 14 below (“Future Advances”), whether or not evidenced by notes to be made by
Debtor to Secured Party; and all liabilities of Debtor to Secured Party now existing or hereafter incurred, matured or unmatured, direct or contingent, and any renewals and extensions thereof and substitutions therefor. 

2. DELIVERY OF COLLATERAL. Debtor has delivered to Secured Party and Secured Party acknowledges receipt of Debtor’s original
Share certificate(s), to be held by Secured Party pursuant to the terms of this Agreement. Upon the occurrence of an Event of Default as described in Section 11 below, Secured Party shall have the right, as set forth hereinafter, to transfer to
and to register in the name of Secured Party or any of its nominees, any or all of the Shares. For all purposes under the Florida Uniform Commercial Code (including, without limitation, under 

  

					
	 456958-2 06.19.09
	  	-1-	  	

 ARUBA SAMPLE (MVC) 
  

 
§679.503 and §679.505) of the Florida Statutes possession of the original Share certificate(s) by Secured Party shall be deemed possession of all of the Collateral secured under
this Security Agreement, and possession of such original Share certificate(s) shall constitute peaceful possession of the Collateral by Secured Party. Upon execution and delivery of this Agreement, Secured Party shall notify the Association of
Debtor’s pledge of the Shares and Secured Party’s security interest in the Shares. 
 3. GENERAL OBLIGATIONS OF
DEBTOR. 
 (a) Payment. Debtor shall pay to Secured Party, the sums evidenced by the Note or any
renewals or extensions thereof, in accordance with the terms of the Note and shall pay and perform all other obligations that now exist or may hereafter accrue from Debtor to Secured Party and the Association as set forth in the Governing Documents.

 (b) Representations, Warranties, and Covenants. Debtor represents, warrants and covenants that:

 (i) Debtor is the legal and beneficial owner of the Shares and other Collateral, free and clear of any lien,
security interest, option or other charge or encumbrance except for the security interest created by this Agreement. 
 (ii) The pledge of the Shares pursuant to this Agreement creates a valid, first priority security interest in the Shares, which security interest has been perfected upon possession of the Shares by
Secured Party. 
 (iii) Debtor has used the proceeds of the Note solely to purchase the Shares and for no other
purpose. 
 (c) Performance by Debtor. Debtor shall perform all the covenants and agreements set forth in
this Security Agreement, including, but not limited to, prompt payment when due the principal of and interest on the indebtedness evidenced by the Note, late charges as provided in the Note, reasonable service charges imposed by Secured Party for
servicing the loan account and the principal of and interest on any future advances secured by this Security Agreement. 
 (d) Preservation of Collateral. Debtor shall pay promptly when due all assessments, maintenance fees, taxes and membership dues payable with respect to the Shares and do all other things and take
all other actions required to preserve the Collateral. 
 4. ESCROW FUNDS. (a) Subject to applicable law, upon
written request by Secured Party to Debtor, Debtor shall pay to Secured Party on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, an amount (the “Funds”) equal to
one-twelfth (1/12) of Debtor’s share of the yearly taxes and assessments relating to the Unit, and one-twelfth (1/12) of the annual maintenance fees and other assessments and charges due under the Governing Documents, all as
reasonably estimated initially and from time to time by Secured Party. If Secured Party exercises the foregoing right, the Funds shall be held in an institution, the deposits or accounts of which are insured or guaranteed by a federal or state
agency. Lender shall apply the Funds, upon receipt of the appropriate bill(s), to pay said taxes, fees and assessments. Lender may not charge for so holding and applying the Funds, analyzing said account or verifying or compiling said assessments
and bills, unless Secured Party pays to Debtor interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law requires, Secured Party shall not be required to pay Debtor any interest on earnings on the Funds.
Secured Party shall give to Debtor, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes to which each debit to the Funds was made. The Funds are hereby pledged as additional security for the
sums secured by this Security Agreement. 
 (b) If the amount of the Funds held by Secured Party, together with
the future monthly installments of the Funds payable prior to the due dates of taxes, fees, assessments and other charges, shall exceed the amount required to pay such taxes, fees, assessments and charges as they come due, such excess shall be, at
Debtor’s 

  

					
	 456958-2 06.19.09
	  	-2-	  	

 ARUBA SAMPLE (MVC) 
  

 
option, either promptly repaid to Debtor or credited to Debtor’s future monthly installments of the Funds. If the amount of the Funds held by Secured Party shall not be sufficient to pay
taxes, fees, assessments and other charges as they come due, Debtor shall pay to Secured Party any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Secured Party to Debtor requesting payment
thereof, but in no event shall Secured Party require payment in advance for taxes, fees, assessments or other charges to be held and disbursed as set forth hereunder in an amount which exceeds the estimate of the next year’s amount for same.

 (c) Upon payment in full of all sums secured by this Security Agreement, Secured Party shall promptly refund
to Debtor any Funds held by Secured Party. Upon an Event of Default, Secured Party may apply any Funds then held by Secured Party as a credit against the sums secured by this Security Agreement. 

5. APPLICATION OF PAYMENTS. Unless Florida law provides otherwise, all payments received by Secured Party under the Note and this
Security Agreement shall be applied by Secured Party, first in payment of any assessments, maintenance fees, taxes, memberships dues and other charges, if any, required to be paid pursuant to Section 4 of this Security Agreement; then to
repayment of advances, if any, made pursuant to Section 8 of this Security Agreement, which have been paid by Secured Party to protect its security interest; then to the costs, fees, expenses and other amounts incurred and advanced by Secured
Party in the enforcement of its rights hereunder, including, without limitation, costs and reasonable attorneys’ fees; then to unpaid service fees, if any; then to interest payable on the Note; then to the principal of the Note; then to unpaid
late charges pursuant to the Note, if any; then to interest payable on any Future Advances made pursuant to Paragraph 14 hereof; and, then to the principal of any Future Advances made pursuant to Paragraph 14 hereof. 

6. VOTING AND OTHER RIGHTS. 
 (a) Voting Rights. So long as no Event of Default shall have occurred and be continuing under this Security Agreement or the Note, Debtor shall be entitled to exercise any and all voting and other
consensual rights of Debtor, if any, pertaining to the Shares or membership in the Association, for any purpose not inconsistent with the terms of this Security Agreement. 

(b) Other Rights. Upon the occurrence and during the continuance of an Event of Default under this Security
Agreement or the Note, all rights, if any, to exercise the voting and other consensual rights with respect to the Shares which Debtor would otherwise be entitled to exercise shall, upon notice from Secured Party cease, and all such rights shall
thereupon become vested in Secured Party which shall thereafter have the sole right to exercise such voting and corporate rights at any meeting of the members of the Association and exercise any and all rights of conversion, exchange, subscription
or any other rights, privileges or options pertaining to any of the Shares as if it were the absolute owner thereof, including, without limitation, the right to exchange any and all of the Shares upon the merger, consolidation, reorganization,
capitalization or other readjustment of the Association. In order to further evidence the rights provided in this paragraph, this Security Agreement shall be deemed to constitute a proxy from Debtor to Secured Party to be effective immediately upon
the occurrence of an Event of Default. 
 7. ALIENATION OF COLLATERAL. Debtor shall not, without the prior written
consent of Secured Party (which consent may be withheld in the sole discretion of Secured Party), sell, transfer, further encumber or otherwise dispose of the Collateral or any rights therein, until this Security Agreement and all obligations
secured hereby have been fully satisfied. 
 8. REIMBURSEMENT OF EXPENSES. Secured Party may at any time, at its option,
perform or cause to be performed with respect to the Collateral, for and on behalf of Debtor, any actions, obligations or covenants relating to the Collateral that Debtor has failed or refused to perform. All sums so expended shall bear interest
from the date of payment at the interest rate set forth in the Note, shall be payable at the place designated in the Note, and shall be secured by this Security Agreement. 
 9. TIME OF PERFORMANCE. When performing any act under this Security Agreement and the Note secured thereby, time shall be of the essence. 

  

					
	 456958-2 06.19.09
	  	-3-	  	

 ARUBA SAMPLE (MVC) 
  

 10. WAIVER. Failure of Secured Party to exercise any right or remedy, including,
but not limited to, the acceptance of partial or delinquent payments, shall not be a waiver of any obligation of Debtor or right of Secured Party or constitute a waiver of any other similar default subsequently occurring. 

11. EVENTS OF DEFAULT. The following shall be “Events of Default” under this Security Agreement: 

(a) A breach by Debtor of any term, covenant, condition, obligation or agreement under this Security Agreement, the Note
or any of the Governing Documents with respect to the Shares, involving the failure to make any payment, including the payment of principal, interest, assessments, maintenance fees, taxes and membership dues. 

(b) A breach by Debtor of any covenant, condition, obligation or agreement under this Security Agreement, the Note or the
Governing Documents with respect to the Shares, which does not involve the failure to make any payment, and which breach shall continue for thirty (30) days after notice from Secured Party of the occurrence thereof. 

(c) Any representation or warranty by Debtor in this Security Agreement proves to be false, incorrect or misleading in any
material respect. 
 (d) Debtor shall transfer title to or ownership of the Shares unless otherwise permitted by
this Security Agreement. 
 (e) The filing of a petition seeking relief under any federal or state bankruptcy or
insolvency laws or the making of an assignment for the benefit of creditors by Debtor. 
 12. REMEDIES. On any Event of
Default, and at any time thereafter: 
 (a) Secured Party may declare all obligations secured by this Security
Agreement (including, without limitation, pursuant to the Note) immediately due and payable and may proceed to enforce payment of the same and exercise any and all of the rights and remedies provided by Article 9 of the Uniform Commercial Code
of the State of Florida (Section 679.101 et seq., Florida Statutes (1996)) as well as any and all other rights and remedies available to Secured Party whether under the laws of the State of Florida or any other jurisdiction
or otherwise, including without limitation the right to retain the Shares in satisfaction of the payment and performance due to Secured Party, as provided under the Governing Documents or otherwise available to Secured Party. 

(b) Retain all of the Shares and cause the Association’s transfer agent or secretary to transfer title to the Shares
to Secured Party or Secured Party’s nominee. 
 (c) Sell the Collateral at public or private sale conducted
in accordance to such practices as may be permitted by applicable law, upon which Secured Party may add to the obligations owed to Secured Party, the expenses of collection, sale and delivery of the Collateral and any other expenses incurred in
enforcing its rights pursuant to this Security Agreement, including, but not limited to, reasonable attorneys’ fees and disbursements, costs, brokers’ commissions, transfer fees and taxes. 

(d) Any cash received by Secured Party in respect of any sale or other realization upon all or any part of the Collateral
shall be applied first to the payment of all obligations owed to Secured Party as set forth in this Security Agreement and any surplus thereafter remaining shall be paid over to Debtor or whomsoever may lawfully be entitled to receive such surplus.

 (e) Secured Party shall, without any further notice to Debtor, have the power, at its election, to request
that the Association initiate the process of expulsion of Debtor from the Association in accordance with Article 10 of the Association’s Articles of Association. 

(f) The parties hereto hereby acknowledge and agree that the remedies provided in the Note and the Security Agreement are
not the exclusive remedies available to Secured Party as a result of an Event of Default. 

  

					
	 456958-2 06.19.09
	  	-4-	  	

 ARUBA SAMPLE (MVC) 
  

 13. ATTORNEY-IN-FACT. So long as Debtor has any obligation outstanding to Secured
Party under this Security Agreement or the Note, in consideration of Secured Party’s agreement to advance the funds as provided in the Note, Secured Party shall be, irrevocably appointed, from and after the occurrence of an Event of Default,
Debtor’s attorney-in-fact with respect to execution and delivery of any agreements or documents, and with respect to all other rights of Debtor, under or in relation to the Collateral including, without limitation, the Share certificate(s), the
Note and this Security Agreement. 
 14. FUTURE ADVANCES. Upon request by Debtor, Secured Party, at its option, may make
Future Advances to Borrower. Such Future Advances, with interest thereon, shall be secured by this Security Agreement whether or not evidenced by promissory notes stating that said notes are secured hereby. At no time shall the principal amount of
the indebtedness secured by the Security Agreement, not including sums advanced pursuant to Section 8 of this Security Agreement, exceed one hundred fifty percent (150%) of the original principal amount of the Note. 

15. GOVERNING LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, CONSTRUED UNDER AND ENFORCED ACCORDING TO THE LAWS OF THE
STATE OF FLORIDA, ONE OF THE STATES OF THE UNITED STATES OF AMERICA AND ENGLISH SHALL BE THE GOVERNING LANGUAGE OF THIS AGREEMENT. THE PARTIES HEREBY WAIVE ANY RIGHT THEY MAY HAVE UNDER ANY APPLICABLE LAW TO A TRIAL BY JURY WITH RESPECT TO ANY SUIT
OR LEGAL ACTION WHICH MAY BE COMMENCED BY OR AGAINST ANOTHER PARTY CONCERNING THE INTERPRETATION, CONSTRUCTION, VALIDITY, ENFORCEMENT OR PERFORMANCE OF THIS SECURITY AGREEMENT. IN THE EVENT ANY SUCH SUIT OR LEGAL ACTION IS COMMENCED BY A PARTY, THE
OTHER PARTIES HEREBY AGREE, CONSENT AND SUBMIT TO THE PERSONAL JURISDICTION OF THE APPROPRIATE COURTS OF FLORIDA, LOCATED IN ORANGE COUNTY, WITH RESPECT TO SUCH SUIT OR LEGAL ACTION, AND EACH PARTY ALSO HEREBY CONSENTS AND SUBMITS TO AND AGREES THAT
VENUE IN ANY SUCH SUIT OR LEGAL ACTION IS PROPER IN SAID COURT, AND EACH PARTY HEREBY WAIVES ANY AND ALL PERSONAL RIGHTS UNDER APPLICABLE LAW OR IN EQUITY TO OBJECT TO THE JURISDICTION AND VENUE IN SAID COURT AND COUNTY. SUCH JURISDICTION AND VENUE
SHALL BE EXCLUSIVE OF ANY OTHER JURISDICTION AND VENUE. Wherever possible, each provision of this Security Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Security
Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this
Security Agreement. 
 ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH DEBTOR
COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY DEBTOR HEREUNDER. 
 16. CONTINUING SECURITY INTEREST; TRANSFER OF NOTES. This Security Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until
payment in full of all obligations secured hereby, (ii) be binding upon Debtor and its successors and assigns, (iii) inure to the benefit of Secured Party and its successors and assigns. Without limiting the generality of the foregoing,
Secured Party may assign or otherwise transfer the Note to any other person or entity and such other person or entity shall be entitled to all of the benefits of this Security Agreement. 

17. AMENDMENTS. No amendment or waiver of any provision of this Security Agreement nor consent to any departure by the parties
herefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto and in such event such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 18. SEVERABILITY OF PROVISIONS. The provisions of this Security Agreement are severable and if any clause or
provisions shall be held invalid or unenforceable in whole or the payment of any obligations secured hereby or in the terms and conditions of any security held therefor Secured Party is hereby expressly given the right at its

  

					
	 456958-2 06.19.09
	  	-5-	  	

 ARUBA SAMPLE (MVC) 
  

 
option to proceed in the enforcement of this Security Agreement independently of any other remedy or security Secured Party may at any time hold in connection with the allegations secured hereby,
and it shall not be necessary for Secured Party to proceed upon or against and/or exhaust any other security or remedy before proceeding to enforce this Security Agreement. No course or dealing between the parties, nor any failure to exercise, nor
any delay in exercising, on the part of Secured Party, any right, power or privilege hereunder or under the Note, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder or under the
Note preclude any other or future exercise thereof or the exercise of any other right, power or privilege. 
 IN WITNESS
WHEREOF, the parties have executed this Security Agreement as of the day and year first above written. 
  

					
	WITNESSES:	 		 	DEBTOR(S):
			
	  	 		 	  
	Witness signs here	 		 	
			
	  	 		 	  
	Witness printed name	 		 	
			
	  	 		 	  
	2nd Witness signs here	 		 	
			
	  	 		 	  
	2nd Witness’ printed name	 		 	

							
			
	WITNESSES:	 		 	SECURED PARTY:
			
		 		 	 MARRIOTT VACATION CLUB INTER
 NATIONAL OF ARUBA, N.V.

				
	 	 		 	By:	 	 

							
				
	 	 		 	Authorized Representative:	 	 

  

					
	 456958-2 06.19.09
	  	-6-	  	

 USVI SAMPLE (MVC) 
 Upon closing of the purchase to which this Note applies, the undersigned hereby authorize(s) closing agent or Holder to complete this Note by inserting the applicable dates for commencement of payments
due hereunder, the monthly payment date and the final payment date. DO NOT DESTROY THIS NOTE. When paid in full, this Note, with the Mortgage securing the same, will be surrendered to the Borrower marked “CANCELLED” and a Satisfaction of
Mortgage executed and delivered to Borrower. 
 PROMISSORY NOTE 

 

			
	 US $
                                         
     
	  	Reference No.
                                         
           
	
                        
                                [Place of execution]
	  	                           
                                     ,
20      

 FOR VALUE RECEIVED, the undersigned
                                         
                                         
      (“Borrower(s)”) promise(s) to pay to the order of MARRIOTT OWNERSHIP RESORTS (ST. THOMAS), INC., (said party or any other party to whom Marriott Ownership Resorts (St. Thomas), Inc. may transfer and
assign this Note and who holds this Note from time to time is hereinafter called the “Holder”), Post Office Box 24747, Lakeland, Florida 33802, or order, the principal sum of
                                         
            No/100 U.S. Dollars (US
$                                        )
plus interest, on the unpaid balance from the date of this Note, until paid, at the rate of
                                         
    percent (                    %) per annum. Interest shall be calculated by applying the stated annual rate against
the unpaid principal for the actual number of days elapsed divided by a 360 day year. Principal and interest shall be payable, without offset, in lawful money of the United States at the Holder’s address set forth above, or such other place as
the Holder may, from time to time, designate, in                                 
consecutive monthly installments of
                                         
    No/100 U.S. Dollars (US $                    ), beginning on the
                             day of
                    ,              and continuing thereafter on the same
day of each month, with the remaining unpaid balance, together with accrued interest thereon, due and payable, if not sooner paid, on
                                         
                   . The indebtedness evidenced by this Note is secured by a Mortgage, dated of even date herewith, creating a lien on the real
property described therein (the “Property”), located in St. Thomas, Virgin Islands. Reference is made to said Mortgage for rights of the Holder upon acceleration of the indebtedness evidenced by this Note. 

Terms not specifically defined herein shall have the meanings ascribed to them in the Declaration of Condominium (the “Declaration
of Condominium”) or the Mortgage. 
 If any monthly installment is not received by the Holder within fifteen (15) days
after the date the installment is due, Borrower(s) shall pay to the Holder a late charge of five percent (5%) of such late installment. Such late charge is in addition to and not in lieu of or diminution of any other rights and remedies of the
Holder of this Note. 
 Each monthly payment will be applied as of its scheduled due date and will be applied, first to amounts
due pursuant to Paragraph 2 of the Mortgage, then to advances, if any, made by the Holder pursuant to Paragraph 7 of the Mortgage, then to the costs, fees, expenses and other amounts incurred and advanced by the Holder in the enforcement of its
rights hereunder, including, without limitation, costs and reasonable attorneys’ fees, then to unpaid service fees, then to interest due hereunder, then to principal due hereunder, then to unpaid late charges, if any, then to interest on any
Future Advances made pursuant to Paragraph 20 of the Mortgage, then to principal on any Future Advances made pursuant to Paragraph 20 of the Mortgage. 
 The principal balance may be prepaid, in whole or in part, at any time or from time to time without a penalty. Any prepayment shall include interest to the date it is made. Partial prepayments shall be
applied to the installments in the inverse order of their maturity. There will be no changes in the due date or in the amount of the monthly payment unless the Holder agrees in writing to those changes. 

The makers, sureties, guarantors and endorsers hereof severally waive presentment for payment, demand and notice of dishonor and
nonpayment of this Note, and consent to any and all extensions of time, renewals, waivers or modifications that may be granted by the Holder hereof with respect to the payment or other provisions of this Note, and to the release of any security, or
any part thereof, with or without substitution. This Note shall be the joint and several obligation of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their respective heirs, personal representatives, successors
and assigns. 
 At the option of the Holder, the entire unpaid principal amount outstanding and accrued interest thereon shall
become due and payable without demand or further notice to Borrower(s) upon: 
  

	 	a)	Failure of Borrower(s) to pay when due any monthly installment payable hereunder which remains unpaid after a date specified in a notice (not less than thirty
(30) days from the date such notice is mailed) from the Holder to Borrower(s); 

  

	 	b)	The insolvency (however evidenced) of or the institution of proceedings in bankruptcy by or against Borrower(s); 

 

	 	c)	The sale (or lease with option to purchase) or transfer of all or any part of the Property or any interest therein without the prior written consent of the Holder,
excluding a transfer by devise, descent or by operation of law upon the death of a joint tenant therein; or 

  

	 	d)	Failure of Borrower(s) to comply with the covenants of the Mortgage after notice and failure to cure as provided in the Mortgage. 

The Holder may exercise its option to accelerate during any default by Borrower(s) regardless of any prior forbearance. If this Note is
not paid when due, whether at maturity or by acceleration, the Holder shall be entitled to collect all reasonable costs and expenses of collection, including, but not limited to, attorney’s fees, whether or not action be instituted hereon.

 Any notice to Borrower(s) provided for in this Note shall be deemed to have been given after mailing same by U.S. mail,
postage prepaid (or such other more expeditious method as may be appropriate in the case of foreign addresses, as Holder may choose in its discretion), addressed to Borrower(s) at the address stated below, or to such other address as Borrower(s) may
designate by written notice to the Holder. Any notice to the Holder shall be deemed to have been given by mailing such notice by U.S. certified mail, return receipt requested (or in the case of a notice originating in a foreign country, by such
other method that results in the Holder acknowledging in writing receipt of the notice), at 1200 U.S. 98 South, Lakeland, Florida 33801, or at such other address as may be designated by written notice to Borrower(s). 

This Note shall be governed by, construed under and enforced in accordance with the laws of the State of Florida, without regard for its
conflict of law provisions. Borrower(s) consent(s) to jurisdiction and venue in the courts within United States Virgin Islands. 

Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note. 

  

					
	 (uv.note.yz) 474463_6

07.30.09
	  		  	

 It is the intention of Borrower(s) and Holder to conform strictly to the applicable usury
laws. It is, therefore, agreed that (i) in the event that the maturity of this Note is accelerated by reason of an election by Holder or if this Note is prepaid prior to maturity, all unearned interest, if any, shall be canceled
automatically, or, if theretofore paid, shall either be refunded to Borrower(s) or credited to the unpaid principal amount of this Note, whichever remedy is chosen by Holder; (ii) the aggregate of all interest and other charges constituting
interest under applicable law, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction shall neither exceed the maximum amount of interest, nor produce a rate in excess of the maximum
non-usurious rate of interest that Holder may charge Borrower(s) under applicable law and in regard to which Borrower(s) may not successfully assert the claim or defense of usury; and (iii) if any excess interest is provided for or collected,
it shall be deemed a mistake and the same shall either be refunded to Borrower(s) or be credited on the unpaid principal amount hereof, and this Note shall be automatically deemed reformed so as to permit only the collection of the maximum
non-usurious rate and amount of interest allowable under applicable law. 
  

					
			
	  	 		 	BORROWER(S) ADDRESS:
	Borrower	 		 	
			
	  	 		 	  
	Borrower	 		 	
			
	  	 		 	  
	Borrower	 		 	
			
	  	 		 	 
	Borrower	 		 	

 (Execute Original Only) 

  

					
	 (uv.note.yz) 474463_6

07.30.09
	  		  	

 USVI SAMPLE (MVC) 
 [UPON CLOSING OF THE PURCHASE TO WHICH THIS MORTGAGE APPLIES, THE UNDERSIGNED HEREBY AUTHORIZE(S) CLOSING AGENT TO COMPLETE THIS MORTGAGE BY INSERTING THE APPROPRIATE DATE OF THE MORTGAGE AND TO
COMPLETE, AS NECESSARY, THE RECORDING INFORMATION RELATING TO THE DOCUMENTS BY WHICH THE TIMESHARE INTEREST(S) BEING ENCUMBERED BY THIS MORTGAGE WAS (WERE) CREATED] 
 MORTGAGE 
 THIS MORTGAGE, made this
             day of                          ,
20             , by
                                         
                                (“Borrower”) to MARRIOTT OWNERSHIP RESORTS (ST.
THOMAS), INC., a United States Virgin Islands corporation, the address of which is No. 5 Estate Bakkeroe, St. Thomas, Virgin Islands 00802 (said party, its successors and assigns is herein called “Lender”). 

WHEREAS, Borrower is indebted to Lender in the principal sum of
                                         
                                        U.S.
Dollars (US
$                                         
   ), which indebtedness is evidenced by Borrower’s Promissory Note of even date herewith (“Note”), providing for equal monthly installments of principal and interest, with the balance of the indebtedness, due and
payable, if not sooner paid, on
                                         
       . 
 WITNESSETH, To secure for the benefit of the Lender (a) the repayment of
the indebtedness evidenced by the Note, with interest thereon, the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage, and the performance of the covenants and agreements of
Borrower herein contained, and (b) the repayment of any future advances, with interest thereon, made to Borrower by Lender pursuant to Paragraph 20 hereof (“Future Advances”), and also in consideration of One U.S. Dollar (U.S.
$1.00), receipt whereof is hereby acknowledged, Borrower irrevocably does grant, release, assign, transfer, set-over and mortgage to the Lender the following-described mortgaged premises located in St. Thomas, United States Virgin Islands and
identified by that specific Timeshare Interest Number(s) as follows: 
 Timeshare Interest Number
                         with usage of a Unit on
                             [an annual/a biennial] basis within the
                     Season [and...repeat as needed], in Frenchman’s Cove Condominium, located at Parcel
No. 4-C-Rem, Parcel No. 4-C-2, Parcel No. 4-D, Parcel No. 4-E, Parcel No. 4-F, Parcel No. 4-G, Parcel No. 4-H, and Parcel No. 4-J Estate Bakkeroe No. 5 Frenchman’s Bay Quarter, St. Thomas, United
States Virgin Islands according to and as said terms and all other terms not otherwise defined herein are defined in the Declaration of Condominium thereof, as recorded as Document No. 2005006878 on July 14, 2005, respectively, as
subsequently expanded and amended (the “Declaration of Condominium”).
 TOGETHER ALSO WITH the Timeshare
Interest’s percentage interest in the Common Elements as set forth in the Declaration of Condominium; 
 TOGETHER ALSO WITH
the appurtenances and all the estate and rights of the Borrower in and to the Timeshare Interest(s); 
 TOGETHER ALSO WITH the
rents, issues and profits of the above-described Timeshare Interest(s), including, without limitation, the Borrower’s right, title and interest in the common profits. 
 TOGETHER ALSO WITH all awards heretofore and hereafter made for taking by eminent domain the whole or any part of the aforedescribed property, rights and interests or any easement therein, including any
awards for changes of grade of streets, which said awards are hereby assigned to the Lender, which is hereby authorized, subject to the provisions of the Bylaws hereinafter identified, to collect and receive the proceeds of such awards and to give
proper receipts and acquittances therefore, and to apply the same toward the payment of the mortgage debt, notwithstanding the fact that the amount owing thereon may not then be due and payable. 

The above-described Timeshare Interest(s), together with the appurtenances, rights, and other interests hereinabove or as described in
said Declaration of Condominium in connection with the Timeshare Interest(s) now or hereafter vested or attached to or installed in the Unit(s) to which the Timeshare Interest(s) is (are) appurtenant, are hereinafter collectively referred to as the
“Mortgaged Premises”. 
 TO HAVE AND TO HOLD the Mortgaged Premises unto the Lender, its successors and assigns,
forever. 
 PROVIDED, always that if the Borrower shall pay or cause to be paid unto the Lender the said sum of money and the
interest thereon on demand, then these presents and the estate hereby granted shall cease, determine and be void. 
 For the
purposes of this Mortgage, unless the context otherwise requires, the terms used but not defined herein which are defined in the provisions of Chapter 33, Title 28, United States Virgin Islands Code (the “Condominium Act”) or the
aforedescribed Note or Declaration of Condominium shall have the meanings set forth therein. 

        Borrower covenants that Borrower is lawfully seized of the estate hereby mortgaged and has the right to
grant, release, assign, transfer, set-over and mortgage the Mortgaged Premises to Lender, that the Mortgaged Premises is unencumbered, and that Borrower will warrant and defend generally the title to the Mortgaged Premises against all claims and
demands, subject to any declaration, easements, or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender’s interest in the Mortgaged Premises. Borrower further agrees and covenants with the
Lender as follows: 
 1. Payment of Principal, Interest, Late Charges and Service Fees. Borrower shall promptly pay when due all payments
due under the Note. Except as otherwise provided by applicable law, all payments accepted and applied by Lender under the 

  

					
	 (uv.mort.yz) 474465_5

10.27.09
	  		  	

 
Note and Paragraphs 1 and 2 hereof shall be applied in the following order of priority: (a) interest due under the Note and Paragraph 20 hereof; (b) principal due under the Note and
Paragraph 20 hereof; (c) service fees, if any, due under the Note; (d) late charges, if any, due under the Note; (e) amounts due under Paragraph 2 hereof; (f) amounts due under Paragraph 7 hereof. 

2. Funds for Taxes, Assessments and Insurance. Subject to applicable law, upon written request by Lender to Borrower, Borrower shall pay to Lender
on the day when monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds”) equal to one-twelfth of Borrower’s share of the yearly taxes and assessments which may
attain priority over this Mortgage and one-twelfth of the annual Maintenance Fees due under the Declaration of Condominium, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable
estimates thereof. 
 If Lender exercises the foregoing right, the Funds shall be held in an institution, the deposits or
accounts of which are insured or guaranteed by a federal or state agency. Lender shall apply the Funds, upon receipt of the appropriate bill or bills, to pay said taxes and Maintenance Fees. Lender may not charge for so holding and applying the
Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays to Borrower interest on the Funds and applicable law permits Lender to make such a charge. Unless applicable law requires, Lender shall not be
required to pay Borrower any interest on earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposes for which each debit to the Funds was made. The
Funds are hereby pledged as additional security for the sums secured by this Mortgage. 
 If the amount of the Funds held by
Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes and/or Maintenance Fees shall exceed the amount required to pay such taxes and/or Maintenance Fees as they fall due, such excess shall be, at
Borrower’s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes and/or Maintenance Fees as they fall due, Borrower
shall pay to Lender any amount necessary to make up the deficiency within thirty (30) days from the date of a notice mailed by Lender to Borrower requesting payment thereof. 

Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under
Paragraph 17 hereof the Mortgaged Premises is sold or the Mortgaged Premises is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Mortgaged Premises or its acquisition by Lender, any Funds then held
by Lender as a credit against the sums secured by this Mortgage. 
 3. Application of Payments. Unless applicable law provides otherwise,
all payments received by Lender under the Note and Paragraphs 1 and 2 hereof shall be applied by Lender first, in payment of amounts payable to Lender by Borrower(s) under Paragraph 2 hereof, then against advances, if any, made by Lender pursuant to
Paragraph 7 hereof, then to costs, fees, expenses and other amounts incurred and advanced by the Lender in the enforcement of its rights under the Note and this Mortgage, including, without limitation, costs and reasonable attorneys’ fees, then
to unpaid service fees, then to interest payable on the Note, then to the principal of the Note, then to unpaid late charges, if any, then to interest on any Future Advances made at Lender’s option pursuant to Paragraph 20 hereof, and then to
principal on Future Advances, if any, made at Lender’s option pursuant to Paragraph 20 hereof. 
 4. Charges; Liens. Borrower shall
promptly pay, when due, all Maintenance Fees imposed by the Association pursuant to the provisions of the Condominium Documents. Borrower shall pay all taxes, Maintenance Fees and other charges, fines and impositions attributable to the Mortgaged
Premises which may attain a priority over this Mortgage, in the manner provided under Paragraph 1 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender
all notices of amounts due under this Paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over
this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender and if requested by Lender,
immediately post with Lender an amount necessary to satisfy said obligation, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of such lien or forfeiture of
the Mortgaged Premises or any part thereof and, if requested by Lender, immediately post with Lender an amount necessary to satisfy said obligation. 
 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Mortgaged Premises insured against loss by fire, hazards included within the term “extended
coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the
sums secured by this Mortgage. This obligation shall be deemed satisfied so long as the Association maintains a “master” or “blanket” policies for liability and casualty insurance in accordance with the terms hereof. 

The insurance carrier providing the insurance shall be chosen by Borrower or the Association subject to approval by Lender; provided,
that such approval shall not be unreasonably withheld. If required, all premiums on insurance policies shall be paid in the manner provided under Paragraph 2 hereof, or, if not paid in such manner, by Borrower or the Association making payment, when
due, directly to the insurance carrier. 
 All insurance policies and renewals thereof shall be in a form acceptable to Lender
and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Borrower shall give Lender prompt notice of any lapse in hazard insurance coverage. In the event of loss, Borrower shall give prompt notice to the insurance
carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. 
 Pursuant to the terms of the Condominium
Documents, insurance proceeds shall be applied to restoration or repair of the property damaged, whether to the Unit or the Common Elements. To the extent such insurance proceeds exceed the cost of such restoration or repair and the Board of
Directors of the Association decides to disburse such excess, Borrower’s share of such excess shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. 

Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not exceed or postpone the due
date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. If under Paragraph 18 hereof the Mortgaged Premises is acquired by Lender, all right, title and interest of Borrower in and to any
insurance policies and in and to any excess insurance proceeds thereof from damage to the Mortgaged Premises prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition. 
 6. Preservation and Maintenance of Mortgaged Premises. Borrower shall keep the Mortgaged Premises in good repair and
shall not commit waste or permit impairment or deterioration of the Mortgaged Premises. Borrower shall perform all of Borrower’s obligations under the Condominium Documents. Borrower shall take such actions as may be reasonable to insure that
the Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. 

  
 Page 2 of 5

 7. Protection of Lender’s Security. If Borrower fails to perform the covenants and agreements
contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender’s interest in the Mortgaged Premises, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or
proceedings involving a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender’s interest, including, but not
limited to, disbursement of funds to pay reasonable attorneys’ fees and entry upon the Mortgaged Premises to make repairs. 

Any amounts disbursed by Lender pursuant to this Mortgage, with interest thereon, shall become additional indebtedness of Borrower
secured by this Mortgage. Unless Borrower and Lender agree to other terms or payment, such amount shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate
payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law.
Nothing contained in this Paragraph 7 shall require Lender to incur any expense or take any action hereunder. 
 8. Inspection. Lender
may make or cause to be made reasonable entries upon and inspections of the Mortgaged Premises, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefore related to Lender’s interest in
the Mortgaged Premises. 
 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower
in connection with any condemnation or other taking of all or part of the Mortgaged Premises, whether of the Unit(s) to which the Timeshare Interest(s) is appurtenant or the Common Elements or for any conveyance in lieu of condemnation, pursuant to
the terms of the Condominium Documents, shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not
extend or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. 

10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by
Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower’s successors in interest. Lender shall not be required to commence proceedings against such
successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower’s successor in interest. 

11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable
law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender’s right to accelerate the maturity of
the indebtedness secured by this Mortgage. 
 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative
to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 
 13. Successors and Assigns Bound; Joint and Several Liability; Captions. Subject to the terms and provisions of Paragraph 17 below, the covenants and agreements herein contained shall bind, and the
rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the Paragraphs of this Mortgage are for convenience only
and are not to be used to interpret or define the provisions hereof. 
 14. Notice. Except for any notice required under applicable law
to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by U.S. Mail, postage prepaid (or such other more expeditious method as may be appropriate in the case of foreign
addresses, as Lender may choose in its discretion), addressed to Borrower at the Borrower’s address as set forth in the Note, or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to
Lender shall be given by certified mail, return receipt requested (or in the case of a notice originating in a foreign country, by such other method that results in Lender acknowledging in writing receipt of the notice), to Lender’s address
stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice that is provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated
herein. 
 15. Governing Law; Venue; Severability. This Mortgage shall be governed by the laws of the United States Virgin Islands. Venue
for any cause of action brought under this Mortgage shall be in the courts on St. Thomas in the United States Virgin Islands. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall
not affect other provisions of the Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 

16. Borrower’s Copy. Borrower shall be furnished a copy of the Note and this Mortgage at the time of execution or after recordation hereof.

 17. Transfer of the Mortgaged Premises; Assumption. If all or any part of the Mortgaged Premises or an interest therein is sold or
transferred by Borrower without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the creation of a purchase money security interest for household
appliances, (c) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (d) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option,
declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Mortgaged Premises is to be sold or
transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate Lender shall request, and if the assumption fee set by Lender
has been paid. If Lender has waived the option to accelerate provided in this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from
all obligations under this Mortgage, and the Note. Assumption of Borrower’s Mortgage and Note shall be permitted only with written approval of, and at the sole discretion of, Lender. 

If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with Paragraph 14 hereof.
Such notice shall provide a period of not less than thirty (30) days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may,
without further notice or demand on Borrower, invoke any remedies permitted by Paragraph 18 hereof. 
 18. Acceleration; Remedies. Except
as provided in Paragraph 17 hereof, upon Borrower’s breach of any covenant or agreement of Borrower(s) in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender, prior to acceleration, shall mail notice
to Borrower, as provided in Paragraph 14 hereof, specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than thirty (30) days from the date the notice is mailed to Borrower by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may 

  
 Page 3 of 5

 
result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of Mortgaged Premises. If the breach is not cured on or before the date specified in the
notice, Lender at Lender’s option, subject to any right of reinstatement to which Borrower is entitled under applicable law, may declare, without further demand, all of the sums secured by this Mortgage to be immediately due and payable and may
foreclose this Mortgage by judicial proceedings. Lender shall be entitled to collect in such proceedings all expenses of foreclosure, including, but not limited to, reasonable attorneys’ fees, court costs, and costs of documentary evidence,
abstracts and title reports. 
 19. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby
assigns to Lender the rents of the Mortgaged Premises, provided that Borrower shall, prior to acceleration under Paragraph 18 hereof or abandonment of the Mortgaged Premises, have the right to collect and retain such rents as they become due and
payable. Upon acceleration or abandonment of the Mortgaged Premises, Lender shall be entitled, without notice, to enter upon, take possession of, and manage the Mortgaged Premises and to collect the rents of the Mortgaged Premises, including those
that are past due. All rents collected shall be applied first to payment of the costs of management of the Mortgaged Premises and collection of rents, including, but not limited to, management fees, court costs, and reasonable attorneys’ fees,
and then to the sum secured by this Mortgage. The Lender shall be liable to account only for those rents actually received. Borrower shall not be entitled to possession or use of the Mortgaged Premises after abandonment or after the Lender has
accelerated the balance due. Alternatively, Lender may seek the appointment of a receiver to manage and collect rents from the Mortgaged Premises. If a receiver is appointed, any income from rents from the Mortgaged Premises shall be applied first
to the costs of receivership, and then in the order set forth above. 
 20. Future Advances. Upon request by Borrower, Lender, at
Lender’s option, may make future advances (“Future Advances”) to Borrower. Such Future Advances, with interest thereon, shall be secured by this Mortgage whether or not evidenced by promissory notes stating that said notes are secured
hereby. At no time shall the principal amount of the indebtedness secured by this Mortgage, not including sums advanced in accordance herewith to protect the security of this Mortgage, exceed one hundred fifty percent (150%) of the original
amount of the Note. 
 21. Lender’s Prior Consent. Borrower shall not, except after notice to Lender and with Lender’s prior
written consent, which consent may be withheld by Lender in its sole and absolute discretion, either partition or subdivide the Mortgaged Premises or consent to: (i) the abandonment or termination of the Condominium, except for abandonment or
termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Condominium Documents which is for the express
benefit of Lender; (iii) and amendment that could adversely affect the Lender’s security interest in the Mortgaged Premises; or (iv) any action which would have the effect of rendering the public liability insurance coverage
maintained by the Association unacceptable to Lender. 
 22 Remedies. In the event Borrower defaults in payment of the Note secured
hereby or in the performance of any covenants herein set forth, then the Lender shall have all legal and equitable remedies available to it under United States Virgin Islands law. In addition, Lender shall have the automatic right, without the
appointment of a receiver, to have access to and exclusive possession of the Timeshare Interest(s) encumbered hereby or such other Timeshare Interest(s) whose use has been assigned to Borrower by the Association or by any exchange company. This
right to exclusive occupancy and possession shall entitle, but shall not obligate, Lender to receive and retain any rental payments to which Borrower would otherwise be entitled, which are received by Lender or any of its related companies, or by
the Association or any other rental agent. 
 Lender may implement the remedies provided herein by, among other methods, giving
notice of default to the Borrower, the Association and the Management Company responsible for the administration and management of the Mortgaged Premises encumbered hereby. 
 If the Borrower fails to deliver to Lender and to the Management Company an affidavit setting forth facts contesting the default alleged by Lender prior to the date Borrower’s use of a Unit pursuant
to the Condominium Documents commences, then the Management Company shall thereupon be entitled to deliver possession of the Unit or the rental, net only of any rental management fee, if any, to Lender. Lender, the Association and the Management
Company shall be released from any claims by Borrower in connection with the exercise by Lender of remedies herein described. 
 23.
Attorneys’ Fees. As used in this Mortgage and in the Note, “attorneys’ fees” shall include attorneys’ fees, if any, which may be awarded by a trial or an appellate court. 

IN WITNESS WHEREOF, Borrower has executed this Mortgage. 

 

					
	  	 		 	  
	First Witness signs here	 		 	Borrower
	  	 		 	  
	 Second Witness signs here

(Notary may sign as
2nd witness)
	 		 	Borrower
	 	 		 	  
		 		 	Borrower
	 	 		 	  
		 		 	Borrower

  

	
	STATE OF
                                         
                               )
	
	 ss:

	
	COUNTY OF
                                         
                           )

 This foregoing instrument was acknowledged before me this
                     day of
                                         
       , 20             by
                                         
                                         
                      . 
 WITNESS my hand and this official seal. 
  

					
	 	 		 	  
	[ S E A L ]	 		 	Notary Public
			
	WHEN RECORDED RETURN TO:	 		 	
			
		 		 	My commission expires:
                                         
                   

  
 Page 4 of 5

 James H. Hindels, Esq., H.C. 
 Birch, deJongh & Hindels 
 Poinsettia House at Bluebeard’s Castle 

1330 Estate Taarnebjerg 
 St. Thomas, Virgin
Islands 00802 

  
 Page 5 of 5

 Exhibit C 
 Form Of Lost Note Affidavit 
  

			
	STATE OF	 	  

			
		
	COUNTY OF	 	  

              (“Affiant”), on
behalf of and as              of MORI SPC Series Corp., a Delaware special purpose corporation (the “Seller”), being duly sworn, deposes and says: 

1. This Lost Note Affidavit is being delivered by the Affiant pursuant to Section [2(b)] of the Amended and Restated Sale Agreement (the
“Agreement”), dated as of September 1, 2012, by and between the Seller and Marriott Vacations Worldwide Owner Trust 2011-1, a Delaware statutory trust, as the Issuer, which Section requires the Seller to deliver Timeshare Loan
Files to the Custodian on behalf of the Issuer. Unless otherwise defined herein, capitalized terms have the meanings ascribed to such terms in the Agreement and the Standard Definitions thereto. 

2. That                      has
issued an Obligor Note evidencing a Timeshare Loan dated              in the principal amount of $         (the “Original Note”) to
            . 
 3. The Original Note has been lost, destroyed, or
stolen so that it cannot be found or produced, and the Seller has not endorsed, assigned, sold, pledged, hypothecated, negotiated or otherwise transferred the Original Note or an interest therein. 

4. That the Seller has made a diligent effort to find the Original Note. 

5. It is understood by the Seller that if the Original Note is found, that it will surrender said Original Note to the Custodian or its
permitted successors and assigns for cancellation. 
  

	
	  

 The foregoing affidavit was sworn to and subscribed before me this      day of
            ,             , by             , as
                     of [MORI SPC Series Corp.], who is personally known to me or who has produced
                     as identification and who did take an Oath. 
  

					
		 		 	  

									
				
	 (AFFIX NOTARIAL SEAL)
	 		 	Notary Public, State of	 	  

				
		 		 		 	(Name)
				
	Commission Number:	 	  
	 		 	My Commission Expires:

 Exhibit D 
 FORM OF ADDITIONAL TIMESHARE LOAN SUPPLEMENT 
 ADDITIONAL TIMESHARE LOAN
SUPPLEMENT NO.      (this “Supplement”) dated as of             , by and between MORI SPC SERIES Corp., a Delaware special purpose corporation, as
seller (the “Seller”) and MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1, a Delaware statutory trust, as issuer (the “Issuer”), pursuant to the Amended and Restated Sale Agreement referred to below. 

WITNESSETH: 

WHEREAS, the Seller and the Issuer are parties to that certain Amended and Restated Sale Agreement dated as of September 1, 2012 (as
such agreement may have been, or may from time to time be, further amended, supplemented or otherwise modified, the “Sale Agreement”); 
 WHEREAS, pursuant to the Sale Agreement, the Seller wishes to designate Additional Timeshare Loans to be included on the Schedule of Timeshare Loans, and the Seller wishes to sell its right, title and
interest in and to the Additional Timeshare Loans to the Issuer pursuant to this Supplement; and 
 WHEREAS, the Issuer wishes
to purchase such Additional Timeshare Loans subject to the terms and conditions hereof. 
 NOW, THEREFORE, the Seller and the
Issuer hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed
to them in the Sale 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,
            . 
 “Additional Conveyed Timeshare Loan
Assets” shall have the meaning set forth in Section 3(a). 
 “Additional Timeshare Loans” shall
mean the Additional Timeshare Loans that are sold hereby and listed on Schedule 1 attached hereto. 
 2. Designation of
Additional Timeshare Loans. The Seller delivers herewith Schedule 1 containing a true and complete list of the Additional Timeshare Loans. Such Schedule 1 is incorporated into and made part of this Supplement, shall be Schedule 1 to this
Supplement and shall supplement the Schedule of Timeshare Loans. 

 3. Sale of Additional Timeshare Loans. 

The Seller does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse except as provided in
Section 6 and Section 8 of the Sale Agreement, all of the Seller’s right, title and interest in, to and under (i) each Additional Timeshare Loan listed on the Schedule 1 hereto, (ii) the Receivables in respect of such
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 Timeshare Loan, (v) all rights and remedies of the Seller pursuant to the Purchase
Agreement, and (vi) all income, payments, proceeds and other benefits and rights related to any of the foregoing (the “Additional Conveyed Timeshare Loan Assets”). 

In connection with the foregoing sale and if necessary, the Seller agrees to 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 Conveyed Timeshare Loan Assets meeting the requirements of applicable law in such manner and in such jurisdictions
as are necessary to perfect the sale of the Additional Conveyed Timeshare Loan Assets to the Issuer, 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 Issuer. 
 In connection with the foregoing sale, the Seller further agrees, on or prior to the date of this Supplement,
to cause the portions of its computer files relating to the Additional Timeshare Loans sold on such date to the Issuer to be clearly and unambiguously marked to indicate that each such Additional Timeshare Loan and the other Additional Conveyed
Timeshare Assets have been sold on such date to the Issuer pursuant to the Sale Agreement and this Supplement. 
 It is the
express and specific intent of the parties that the transfer of the Additional Timeshare Loans and the other Additional Conveyed Timeshare Assets from the Seller to the Issuer as provided is and shall be construed for all purposes as a true and
absolute sale of such Additional Timeshare Loans and Additional Conveyed Timeshare Assets, shall be absolute and irrevocable and provide the Issuer with the full benefits of ownership of the Additional Timeshare Loans and the other Additional
Conveyed Timeshare Assets. In the event, however, that a court of competent jurisdiction were to hold that any such transfer constitutes a loan and not a sale, it is the intention of the parties that the Seller shall be deemed to have Granted to the
Issuer as of the date of this Supplement, a first priority perfection security interest in all of the Seller’s right, title and interest in, to and under each Timeshare Loan whether now owned or hereafter acquired, and the related property
described in Section 2 of the Sale Agreement. The Seller acknowledges that the Issuer intends to grant to the Indenture Trustee a security interest in the Additional Conveyed Timeshare Assets and that the Additional Timeshare Loans and other
Additional Conveyed Timeshare Assets are subject to the Lien of the Indenture and Servicing Agreement for the benefit of the Indenture Trustee on behalf of the Noteholders and the Hedge Counterparty. 

4. Acceptance by the Issuer. The Issuer hereby acknowledges that, prior to or simultaneously with the execution and delivery of
this Supplement, the Seller delivered to the Issuer the Schedule described in Section 2 of this Supplement with respect to all Additional Timeshare Loans. 

 5. Representations and Warranties of the Seller. The Seller hereby represents and
warrants to the Issuer on the [Funding][Transfer] Date that each representation and warranty to be made by it on such [Funding][Transfer] Date pursuant to the Sale 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 Supplement. 
 6. Ratification of the Sale
Agreement. The Sale Agreement is hereby ratified, and all references to the Sale Agreement shall be deemed from and after the [Funding][Transfer] Date to be references to the Sale Agreement as supplemented and amended by this Supplement. Except
as expressly amended hereby, all the representations, warranties, terms, covenants and conditions of the Sale 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 Sale Agreement. 

7. Counterparts. This Supplement 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 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. 
 8. GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND 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. 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Assignment to be duly
executed by their respective officers as of the day and year first written above. 
  

					
	MORI SPC SERIES CORP., as Seller
		
	 By:
	 	  

		 	Name:	 	
		 	Title:	 	
		 	Address:	 	 6649 Westwood Boulevard

Orlando, Florida 32821

		 	Telephone:	 	(407) 206-6000
		 	Facsimile:	 	(407) 206-6420
	
	MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1
		
	 By:
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not individually but solely in its capacity as Owner Trustee
		
	 By:
	 	  

			
		 	Name:	 	Dante M. Monakil
		 	Title:	 	Vice President
		 	Address:	 	 1220 North Market Street, Suite 202
 Wilmington, Delaware 19801

			
		 	Telephone:	 	(302) 255-4970
		 	Facsimile:	 	(302) 661-2266

 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. 

  
 - 2 -

 “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 

  
 - 4 -

 (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 

  
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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. 

  
 - 20 -

 “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. 

  
 - 22 -

 “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). 

  
 - 26 -

 “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; 

  
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 (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. 

  
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 “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. 

  
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 “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. 

  
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 “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.

  
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